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Leapmotor rebounds in Q1 on strong EV sales, but Europe remains a looming test

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Pulses

Headline Asia raises USD 145 million for fifth fund

just now
TechCrunch
Tokyo-based Headline Asia has closed its fifth fund at USD 145 million to back early-stage tech startups across Japan, Taiwan, Southeast Asia, and selectively in South Korea. Backers include JIC, Taiwan’s NDF, South Korea’s KVIC, and SME Support Japan. The fund targets seed to Series A rounds in sectors such as e-commerce, fintech, AI, and logistics, and has already invested in 17 companies.

Leapmotor sees record Q1 sales, ups margin

just now
Leapmotor
Leapmotor reported record Q1 2025 revenue of RMB 10.02 billion, up 187.1% YoY, as vehicle deliveries surged 162.1% to 87,552 units. Gross margin improved to 14.9%, supported by increased scale, cost controls, and a stronger product mix. Net loss narrowed to RMB 130 million from RMB 1.01 billion, with cash and equivalents totaling RMB 25.7 billion as of March 31.

Cainiao sees cross-border surge in Americas

just now
Securities Times
Cainiao is expanding its logistics operations in the Americas to meet rising cross-border e-commerce demand. Parcel volume to Brazil surged 80% in April, while Mexico and the US recorded strong weekly growth in May. Recent upgrades include new distribution hubs in Los Angeles, New York, Miami, and Chicago, along with a three-day delivery service across Mexico.

CATL opens at HKD 296 in HK listing

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KrASIA
Shares of Chinese battery giant CATL opened at HKD 296 in their Hong Kong debut, rising 12.5% from the IPO price of HKD 263. The listing raised USD 4.6 billion, making it the largest global IPO so far in 2025. As of 11 a.m. local time, the stock had edged up to HKD 298.8.

Phase Scientific raises Series A funding

just now
Phase Scientific
Biotechnology firm Phase Scientific has completed a USD 34 million Series A funding round led by a private equity fund managed by Value Partners Group, with support from undisclosed new and existing investors. The funds will be used to accelerate R&D and commercialization of the company’s urine-based diagnostic technology, aimed at making early disease detection more accessible through at-home testing.

Qifu grows revenue in Q1, expands capital-light model

just now
Qifu Technology
Qifu Technology reported Q1 2025 revenue of RMB 4.69 billion and non-GAAP net income of RMB 1.93 billion, up roughly 12.9% and 59.9% YoY, respectively. The company facilitated RMB 88.9 billion in loans across 24.4 million transactions. Nearly half of its lending volume now comes from capital-light models, with funding provided by partners through automated systems and third-party platforms.

Ant International hits USD 3 billion topline

just now
Bloomberg
Ant Group’s international division generated nearly USD 3 billion in revenue in 2024 and recorded its second consecutive year of adjusted profit. Headquartered in Singapore, the unit is expanding across Southeast Asia through platforms such as Alipay+, Antom, WorldFirst, and other cross-border financial solutions.

MilikiRumah launches rent-to-own housing fund

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MilikiRumah
Prop tech startup MilikiRumah has launched a USD 50 million rent-to-own housing fund, achieving a first close of USD 10 million. Backed by Ruifeng Wealth Management, Tembusu Partners, and Trigger Asset Management, along with angel investors, the four-year closed-end fund aims to deliver freehold homes to Indonesia's underbanked. It targets a 20% IRR and will focus on municipalities across Greater Jakarta.

HK, China to link customs platforms by 2026

just now
GovHK
Officials from Hong Kong and mainland China have signed a new agreement to link their respective digital customs clearance platforms. The deal aims to enhance cross-border trade efficiency through data sharing, document reuse, and phased system integration by 2026.

Apple supplier Foxconn boosts India shift

just now
Bloomberg
Hon Hai Precision, also known as Foxconn, invested USD 1.5 billion into its India unit to support new factories and increased production. The move is part of Apple’s broader strategy to diversify its supply chain, with plans to manufacture most US-bound iPhones in India by late 2026. Apple assembled USD 22 billion worth of iPhones in India over the past year, marking a 60% YoY increase.

Geely delivers 150 Emgrands to Egypt

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36Kr Chuhai
Geely’s Egyptian distributor Abou Ghaly Motors has delivered 150 locally assembled Emgrand sedans to the National Bank of Egypt under a new fleet agreement. The vehicles were produced at Geely’s plant in 6th of October (city), which began operations in January 2025 and sources approximately 45% of key components locally.

Whale raises USD 60 million to scale AI globally

just now
Whale
Singapore-based Whale has raised over USD 60 million across its Series C1 and C2 funding rounds, with the latest backed by new investors including Bosch Ventures, MTR Lab, Singtel Innov8, MDI Ventures, and Gentree Fund. The company will use the capital to scale its enterprise AI suite and expand its global presence, focusing on Asia, Europe, and North America.

Firsty raises SGD 7.5 million, partners with GlobalTix

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Firsty
Firsty, a Singapore-based provider of free mobile data, has raised SGD 7.5 million to scale its freemium model and expand across Asia. The funding coincides with a new partnership with travel tech firm GlobalTix to offer travelers app access without roaming charges or SIM swaps.

01.AI co-founder Gu Xuemei exits firm

just now
36Kr
Gu Xuemei, co-founder of 01.AI, has left the company and is preparing to launch a new venture. At 01.AI, she led AI model training and consumer-facing products. Her departure signals a shift for the firm, which is moving away from tools like Wanzhi and Mona after lackluster performance, and refocusing on enterprise-oriented offerings.

China’s robot output jumps 51.5% in April

just now
SCMP
China produced 71,547 industrial robots in April 2025, marking a 51.5% YoY icrease. Total output for the first four months reached over 221,000 units, up 34.1% from the same period last year. Companies like UBTech and Unitree are scaling up production of humanoid and quadruped robots to meet automation-driven demand, with China now ranking third globally in robot density, behind South Korea and Singapore.

Huya loses copyright appeal in music case

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The Paper
A final ruling upheld Huya’s liability for the unauthorized use of music on its live streaming platform. Guangzhou’s IP court confirmed the platform used protected songs without permission and affirmed a compensation order of RMB 22,000, underscoring growing concerns over copyright violations in live streaming.

Douyin cracks down on AI account abuse

just now
The Paper
Douyin has clamped down on the misuse of AI to mass produce misleading or sensational content. Recent enforcement actions included banning 15 major accounts and removing 311 posts that promoted fake personas, content farming tactics, and AI account sales. The platform urged creators to label AI-generated content and warned against account transfers or monetization schemes.

Meituan rolls out label for real eateries

just now
Ebrun
To enhance transparency and address ghost kitchen concerns, Meituan Waimai has upgraded its "open kitchen" initiative with an in-app label system that highlights verified brick-and-mortar eateries. Merchants can obtain the label through consumer data analysis or by submitting video footage of their dine-in environment. The initiative includes subsidies for eligible hardware and installation costs.

Xiaomi to launch YU7 SUV on May 22

just now
Reuters
On May 22, Xiaomi will unveil the electric YU7 SUV, aimed at competing with Tesla’s Model Y in China. The company also plans to introduce its XringO1 chip and Xiaomi 15S Pro smartphone as part of a broader product push.

CrediLinq raises funding to scale embedded finance

just now
CrediLinq
Singapore-based CrediLinq has closed an USD 8.5 million Series A round led by OMVC and MS&AD Ventures, with participation from Citi and other new and returning investors. The B2B embedded finance platform will use the funds to expand into the US, UK, and Australia, with planned investments in hiring and technology upgrades.
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