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ByteDance raises Volcano Engine’s MaaS revenue target on Seedance 2.0 growth

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Pulses

Luxeed hires Ferrari, BMW talent

just now
IT Zhijia
Luxeed has recruited a former Ferrari chief designer and a chassis tuning team with experience at BMW and Aston Martin, according to executive vice president Zhao Changjiang. The brand, part of the Harmony Intelligent Mobility Alliance (HIMA), currently offers the S7, R7, and V9 models and plans to expand its lineup.

ZTE, Tencent to launch AI cloud computer

just now
Jiemian News
ZTE has announced a partnership with Tencent to launch an AI cloud computer featuring the latter's WorkBuddy agent. The device integrates Tencent Cloud computing power and the Hunyuan large model, targeting students, professionals, and small teams.

Sany, XCMG raise crane prices

just now
Jiemian News
Sany Heavy Industry and XCMG will raise prices for several crane models by 2–5% starting July 1. The companies cited rising raw material and manufacturing costs.

China challenges Japan’s car export lead

just now
IT Zhijia
Chinese vehicle shipments to Australia surpassed Japanese imports in February, ending Japan’s 28-year lead in the market. In South Korea, BYD sold 2,023 vehicles in April, marking the first time a single Chinese brand outsold the combined registrations of Lexus, Toyota, and Honda. China’s total car exports rose 61.5% YoY to 3.13 million units from January to April.

Fubei seeks Hong Kong IPO

just now
Banma Xiaofei
Fubei is seeking a Hong Kong IPO after reporting 2025 net profit of RMB 98.24 million, down more than 40% YoY. The company ranks second in China’s third-party pet food manufacturing market, but faces stagnant revenue growth and increased competition as it balances its ODM manufacturing business with its OBM operations.

LongBio Pharma closes IPO offering

just now
Yiyao
LongBio Pharma closed its Hong Kong IPO on June 2 with a 4,470-fold oversubscription, setting a recent market record. The clinical-stage company, which develops allergy and autoimmune disease treatments, plans to use the proceeds to advance its LP-003 and LP-005 drug pipelines.

Anker files for Hong Kong IPO

just now
IT Zhijia
Anker Innovations has filed for an IPO on the Hong Kong Stock Exchange, appointing CICC, Goldman Sachs, and JPMorgan as joint sponsors. In Q1 2026, the company reported RMB 7.61 billion in revenue, up 26.93% YoY.

JD.com launches JoyAI-Echo framework

just now
IT Zhijia
JD.com has launched JoyAI-Echo, an open-source framework for long-form audio and video generation. The tool supports conversational editing and uses a memory-driven architecture to maintain character and voice consistency across videos up to five minutes long.

HongShan bids for Leica stake

just now
DoNews
HongShan is in advanced talks to acquire a 45% stake in Leica Camera from Blackstone, in a deal that could value the German camera maker at about USD 1.2 billion. If completed, HongShan may also seek to acquire the remaining 55% stake held by Andreas Kaufmann.

PaXini weighs Hong Kong IPO

just now
Bloomberg
PaXini Tech is working with banks on a potential Hong Kong IPO and could file in the coming months, people familiar with the matter said. The Shenzhen-based robotics firm, backed by BYD and JD.com, raised over RMB 1 billion in March, valuing it at more than RMB 10 billion.

DeepSeek seeks USD 7 billion funding

just now
36Kr
DeepSeek reportedly plans to raise about USD 7 billion in its first funding round at a valuation of up to USD 59 billion. Tencent and CATL are expected to be the largest external investors, with NetEase and JD.com also expected to participate.

Alibaba CTO joins partnership committee

just now
The Time Weekly
Alibaba Group CTO Wu Zeming has joined the company’s five-member partnership committee, replacing retiring Shao Xiaofeng. The appointment raises the number of technology-focused executives in the top decision-making body to three. Wu previously led Taobao Shangou, which captured 45.2% of the market in Q4 2025.

Taobao blocks AI-generated product photos

just now
Jiemian News
Taobao has blocked nearly 100,000 AI-generated product images in one month using a new detection model. The Alibaba-owned platform is tightening rules against misleading listings that do not accurately represent garment materials, fit, or quality, as consumers report growing distrust of AI-generated photos.

China Literature raises YHKT stake

just now
The Paper
China Literature acquired an additional 28.22% stake in animation studio YHKT Entertainment for RMB 400 million, raising its ownership to 59.7%. The investment is intended to strengthen China Literature’s IP value chain by combining YHKT’s animation production capabilities with its own content library.

Aistaland GT7 uses Huawei’s “Tau” law

just now
21st Century Business Herald
Huawei has incorporated principles of the “Tau scaling law” into the semiconductor technology used in the Aistaland GT7, reportedly achieving deterministic latency, or predictable response delay, of one millisecond. Introduced by Yinwang CEO Jin Yuzhi, the technology is designed to optimize processing time across four layers and improve vehicle performance through the Qiankun Chitu platform.

Didi Q1 GTV rises 21%

just now
Guandian
Didi reported a 21% YoY increase in gross transaction value, or GTV, to RMB 123.3 billion for Q1 2026. Adjusted EBITDA reached RMB 913 million, supported by a 13% rise in core platform transactions to 4.8 billion orders. International GTV grew 60% to RMB 37.6 billion, accounting for 30% of the company’s total.

CATL opens Xiamen battery site

just now
Nikkei Asia
CATL opened a ten-hectare battery storage testing facility in Xiamen on May 28. It invested USD 440 million in the site to improve the safety and reliability of high-capacity products by simulating severe operating conditions.

ChaPanda shares fall 69% since IPO

just now
Economic Daily
ChaPanda shares have fallen more than 69% since the company’s April 2024 IPO, closing at HKD 5.36 on June 2. The decline has reduced its market capitalization by HKD 17.94 billion, while founders Wang Xiaokun and Liu Weihong’s holdings have lost HKD 14.84 billion in value.

Deep Robotics files for Star Market IPO

just now
The Paper
Deep Robotics has filed for a Star Market IPO, with its prospectus showing quadruped robot sales reached 2,908 units in 2025. The filing said industrial adoption remains in a validation phase, with high costs and complex integration requirements delaying large-scale deployment compared with consumer electronics.

Stephen Curry signs with Li-Ning

just now
NYTimes
NBA star Stephen Curry has signed a ten-year endorsement deal with Chinese sportswear brand Li-Ning, giving the company a new path into the US market. The partnership covers basketball, athleisure, and golf products, as well as physical Curry Brand stores in the US and China. Curry ended a 12-year partnership with Under Armour in 2025.
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