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China’s 2D fandom market hit RMB 597.7 billion in 2024, doubling since 2019 as demand for both domestic and international IP surges. At Shanghai’s Bil…

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China’s 2D fandom market hit RMB 597.7 billion in 2024, doubling since 2019 as demand for both domestic and international IP surges. At Shanghai’s Bilibili World carnival, 300,000 fans gathered in cosplay to celebrate games, anime, and virtual idols, underscoring the sector’s cultural and commercial ascent.

Sino Biopharmaceutical plans to acquire the remaining 95.09% of LaNova Medicines for up to USD 951 million, raising its stake to 100%. After accounting for LaNova’s estimated USD 450 million in cash, the net payment will be about USD 500 million. The deal strengthens Sino Biopharm’s pipeline as it targets the launch of 30 new drugs by 2027.

<a href="/company/minimax">MiniMax</a>, one of China’s leading <a href="/industry/ai">AI</a> startups, is reportedly closing a nearly USD 300 million funding round that would push its valuation above USD 4 billion. Founded by former <a href="/company/sensetime">SenseTime</a> executive Yan Junjie, the company recently launched its <a href="https://kr-asia.com/minimax-finds-its-aha-moment-and-a-way-to-challenge-the-ai-status-quo">MiniMax-M1 foundation model and multimodal agents</a>. The company declined to confirm the raise, and is also said to be <a href="https://www.wsj.com/tech/ai/chinese-ai-startup-minimax-files-for-hong-kong-ipo-sources-say-bbc88c91">nearing a Hong Kong IPO</a>.

<a href="/company/bytedance">ByteDance</a> has denied reports that it applied to purchase <a href="/company/nvidia">Nvidia’s</a> H20 chip, which was recently cleared by US authorities for export to China. A company spokesperson said no request had been made and called the reports inaccurate. <a href="/company/tencent">Tencent</a>, also named in the reports, has yet to respond.

Citigroup CEO Jane Fraser said the bank is exploring the launch of a Citi stablecoin and is actively developing tokenized deposit solutions. The bank is also assessing crypto custody and reserve management. The announcement came as Citi shares rose on strong Q2 earnings and a planned USD 4 billion stock buyback.

xAI’s Grok chatbot has introduced a “companions” feature that turns it into anime-style personas like Ani and Bad Rudy. Available to SuperGrok subscribers, the update has drawn criticism over NSFW content and the potential for emotional overreliance. Critics point to past risks, including a teen suicide linked to prolonged <a href="/industry/ai">AI</a> interaction.

JPMorgan CEO Jamie Dimon said the bank will engage with stablecoins and its own JPMD token “to understand it, to be good at it,” despite his longstanding skepticism of crypto. The blockchain-based deposit token will be piloted on Coinbase’s Base network for institutional use, reflecting Wall Street’s growing embrace of digital assets.

Thinking Machines Lab, the <a href="/industry/ai">AI</a> startup founded by former <a href="/company/openai">OpenAI</a> CTO Mira Murati, has closed a USD 2 billion seed funding round led by Andreessen Horowitz, with backing from <a href="/company/nvidia">Nvidia</a>, Accel, ServiceNow, Cisco, AMD, and Jane Street. The deal values the company at USD 12 billion, with its first product set to launch in the coming months.

<a href="/company/tesla">Tesla</a> has launched the Model Y in India, starting at nearly USD 70,000, well above US pricing, due to high import duties and taxes. The debut coincides with the opening of its first showroom in Mumbai, with more locations planned. Analysts say Tesla is testing the premium <a href="/industry/ev">EV</a> market before committing to local manufacturing.

<p data-start="580" data-end="910">AMD said it will resume shipments of its MI308 chips to China after US authorities agreed to review license applications, reversing earlier export curbs. The move follows similar approval for Nvidia’s H20 chip and could soften the USD 800 million hit AMD had previously projected.</p>

CMB International Securities has received a virtual asset licence from Hong Kong’s Securities and Futures Commission, becoming the first mainland Chinese broker approved to offer crypto trading, custody, and advisory services in the city. The move aligns with Beijing’s support for Hong Kong’s crypto ambitions but maintains restrictions on mainland investor access.

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With chip access in flux and scrutiny mounting, Manus has left China for Singapore, betting that neutrality offers a safer path forward.

Has China become too risky a home for AI startups? Manus thinks so

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A single Saturday saw Taobao Shangou, Meituan, and JD.com log a combined 200 million orders, testing subsidy strength, logistics, and supply chains in real time.

China’s 2D fandom market doubles in size

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