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StepFun nears USD 2.5 billion pre-IPO round as industrial investors join

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Amos Food files for Hong Kong IPO

just now
Huxiu
Amos Food has filed for a Hong Kong IPO after reporting 2025 revenue of RMB 2.8 billion and net profit of RMB 600 million. Its prospectus highlights concentration risk: North America generated 52.7% of revenue and incurred RMB 108 million in tariffs in 2025. The company also paid a RMB 530 million pre-IPO dividend, distributing more than half of its recent cumulative profits to shareholders.

Xiwang Food writes off Iovate stake

just now
Huxiu
Xiwang Food has written off its entire investment in Iovate after a court-approved restructuring in the US and Canada. The company acquired the sports nutrition brand for RMB 4.9 billion in 2016, but its shares will be canceled after the subsidiary’s net assets turned negative. Xiwang Food now plans to refocus on its core edible oil business.

Kuaishou plans Kling AI spinoff

just now
Jiemian News
Kuaishou plans to spin off Kling AI, its video generation unit, for a separate listing at a target valuation of USD 20 billion. The unit reported monthly revenue of more than USD 20 million in December 2025, implying ARR of USD 240 million. The plan would move Kling closer to operating as an independent AI-native platform.

Sun Art Retail expects fiscal 2026 loss

just now
Jiemian News
Sun Art Retail expects a loss of RMB 300–350 million for fiscal 2026. The retailer, now controlled by DCP Capital, continues to face weaker foot traffic and store closures. It plans to renovate 500 stores over three years, shift toward a community-focused model, and expand private-label offerings to address falling sales.

Agibot debuts Expedition A3 robot in Hong Kong

just now
IT Zhijia
Agibot showcased its Expedition A3 robot performing martial arts movements at its partner conference in Hong Kong on May 12. The robot features a proprietary joint architecture and weighs 55 kilograms. It offers a ten-hour battery life and supports ten-second battery swaps.

Chinese EVs enter Canada after tariff cut

just now
IT Zhijia
Chinese automakers Chery and Geely have delivered their first batches of electric and plug-in hybrid vehicles to Canada after tariffs were reduced to 6.1%. Chery imported 150 vehicles for testing and certification, with plans to ship 1,000 more within three months. Geely’s Lotus brand exported 18 Eletre SUVs, after prices for the model fell by nearly half.

China car sales dip in April

just now
36Kr
China’s automotive production and sales fell 1.7% and 2.5% YoY in April to 2.58 million and 2.53 million units, respectively, according to the China Association of Automobile Manufacturers. Domestic demand remained soft, but the new energy vehicle market was reportedly stable and vehicle exports continued to grow.

Li Auto to launch L9 Livis in Q2

just now
TMTPost
Li Auto will launch the Li L9 Livis in the second quarter of 2026, making it the company’s first mass produced vehicle with a fully wire-controlled chassis. The system integrates steer-by-wire, rear-wheel steering, and electromechanical braking to improve response times and safety. The company said it has completed more than four million kilometers of road testing to validate the platform’s reliability.

DJI launches Romo 2 robot vacuum

just now
DoNews
DJI has launched the Romo 2 series of AI-powered robot vacuums, featuring a 123-degree mechanical arm, 36,000 Pa suction, and advanced obstacle avoidance. The series includes the P2 and A2 models, priced at RMB 5,499–6,499. The units are available for reservation through DJI’s official online channels and authorized retail stores.

Oppo demotes executive over ad scandal

just now
Lianhe Zaobao
Oppo demoted China senior vice president Duan Yaohui by two ranks after public backlash over a Mother’s Day marketing campaign. The company issued its second apology in four days on May 11, saying the content violated its values and harmed public sentiment. Oppo removed all related materials and disciplined additional marketing staff involved in the project.

Nio files for new trademarks

just now
36Kr
Nio has applied to register multiple trademarks, including “Niobot,” “Nomibot,” and “Neobot,” according to IP filings. The applications cover several categories, including lodging services, and are awaiting substantive examination.

Hisense unveils hardware beyond TVs

just now
Huxiu
Hisense unveiled six new hardware products on May 8, including smart glasses and laser projectors, as it seeks to diversify beyond televisions. TVs accounted for 78% of its 2025 revenue, but the company is shifting focus after China’s television market hit a 16-year low in 2025, with 32.89 million units shipped.

TikTok to launch ad-free UK tier

just now
IT Zhijia
TikTok will launch an ad-free subscription service in the UK for GBP 3.99 per month. The option will become available to users aged 18 and older over the coming months. Users who do not subscribe can continue to access the platform with personalized ads, and the company said the core experience will remain unchanged.

Xiaomi publishes collision risk detection patent

just now
36Kr
Xiaomi has published a patent for a vehicle collision risk detection method that verifies obstacle intrusion before triggering avoidance strategies. The technology is designed to reduce false activations of obstacle avoidance functions caused by sensor errors, improving the driving experience.

Bambu Lab launches food-grade PLA

just now
IT Zhijia
Bambu Lab has released a food-grade pure PLA filament for 3D printing, priced from RMB 75 per unit. The material is made from five raw materials and holds EU safety certification, allowing it to be used for items such as children’s toys.

Chery to launch EVs in Japan by 2027

just now
IT Zhijia
Chery has partnered with Japan’s Autobacs Seven and other firms to sell Chinese-made EVs in Japan. The joint venture plans to deliver its first model in 2027, using Yueda Auto’s Chinese manufacturing facilities. The company aims to release four models by 2029 and use Autobacs’ retail network to establish hundreds of sales and service locations.

Xiaomi sells 36,702 cars in April

just now
IT Zhijia
Xiaomi recorded 36,702 domestic retail car sales in April, according to the China Passenger Car Association. During the same period, Tesla’s China unit exported 53,522 vehicles. China’s new energy vehicle market reached a 61.4% retail penetration rate, while the broader passenger car market saw total retail volume fall 21.5% YoY.

ByteDance ups AI budget to RMB 200 billion

just now
Jiemian News
ByteDance has increased its latest AI infrastructure budget by 25% to about RMB 200 billion, up from an initial estimate of RMB 160 billion. The company plans to allocate a larger share of the spending to Chinese-made AI chips, signaling a shift in demand as AI applications drive more procurement of local hardware.

BYD launches 2026 Seagull

just now
IT Zhijia
BYD launched the 2026 Seagull on May 11, making it the first model in its class to offer an optional LiDAR-based driver assistance system. Priced at RMB 69,900–97,900, the model offers 305- and 405-kilometer range options, a 55-kilowatt motor, and upgraded safety features, including standard front airbags and panoramic imaging.

Alibaba integrates Qwen with Taobao

just now
36Kr
Alibaba has integrated its Qwen model family with the Taobao app to improve online shopping. According to the company, users can now use AI for product selection, price comparison, and order placement, alongside features for virtual try-ons, discount calculations, and automated deal searching.
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