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MiniMax plans to issue HKD 6.5 billion in guaranteed convertible bonds due in 2027. The bonds carry a 2.75% annual coupon and an initial conversion pr…

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MiniMax plans to issue HKD 6.5 billion in guaranteed convertible bonds due in 2027. The bonds carry a 2.75% annual coupon and an initial conversion price of HKD 335, representing a 25% premium. Morgan Stanley and UBS are arranging the offering, which follows an 18% share-price drop after a lockup period expired.

Card manufacturer Kayou faces a potential RMB 1.35 billion share repurchase obligation as its IPO remains stalled. Despite reporting 2024 revenue of more than RMB 10 billion and a 67.3% gross margin, the company faces regulatory scrutiny over blind box-style card sales to minors and the expiration of key IP licensing agreements.

iQiyi International recorded a 130% YoY increase in total viewership in the first half of 2026. Growth was driven by premium long-form Chinese dramas and micro dramas, supported by localization efforts including 13-language subtitling, localized dubbing, and regional fan engagement events.

MiniMax founder and CEO Yan Junjie said he will stop taking a salary until the company achieves artificial general intelligence. Yan will also allocate 4% of his personal equity to team incentives over the next four years and 1% to support open-source community development.

Shenzhen-based data storage manufacturer Shichuangyi has filed for a ChiNext IPO, aiming to raise RMB 1.84 billion. The company reported 2025 revenue of RMB 4.27 billion and net profit of RMB 577 million, up about 18 times YoY, driven by demand for AI-related storage hardware.

<a href="/company/alibaba">Alibaba</a> Cloud revenue grew 45% in Q1 of fiscal 2027, marking its eighth consecutive quarter of accelerating growth, according to TMTPost. The growth was driven by <a href="/industry/ai">AI</a>-related services and solutions, while Taobao Shangou’s losses narrowed and <a href="/industry/e-commerce">e-commerce</a> profitability improved.

Dtech Technology completed its Hong Kong listing on July 9, raising net proceeds of about HKD 4.67 billion. The PCB drill bit manufacturer faces scrutiny over its roughly 330-fold price-to-earnings ratio and recent share sales by the founding Wang family, which cashed out nearly RMB 2.8 billion before the listing.

<a href="/company/alibaba">Alibaba</a> has invested about RMB 7.6 billion in ChangXin Memory Technologies (CXMT), making it the company’s largest industry investor with a roughly 5% stake. CXMT plans to launch its STAR Market IPO on July 16, aiming to raise RMB 29.5 billion through the issuance of 6.688 billion shares.

<a href="/company/xpeng">Xpeng</a> has launched internal employee testing for its robotaxi service, with public demonstration operations planned for the second half of 2026. The vehicle is based on the Xpeng GX platform and features Level 4 <a href="/industry/autonomous-vehicles">autonomous driving</a> capabilities, four proprietary Turing <a href="/industry/ai">AI</a> chips, and the company’s VLA 2.0 model.

<a href="/company/gac">GAC Group</a> reported 773,100 vehicle sales in the first half of 2026, up 2.35% YoY. Sales of its self-owned brands rose 35.69% YoY to 346,000 units, while self-brand exports surged 132% to 121,500 units. The company expects cumulative production to surpass 30 million units in July.

Tokopedia denied reports of sweeping layoffs, saying it is undergoing restructuring. The e-commerce company, majority-owned by ByteDance, faces scrutiny as analysts warn that Indonesia’s technology downturn shows few signs of easing.

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The tea chain is bringing HPP juices to retail shelves, using its supply chain to compete on price.

GoodMe takes ready-to-drink beverages beyond its own stores

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Iron, the humanoid robot developed by Xpeng, pictured alongside the Xpeng P7 at Indonesia International Motor Show 2026.

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His departure leaves Xpeng without any of the three leaders who guided Iron to its public debut.

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MiniMax plans HKD 6.5 billion bond sale

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