On 24 August, SHEIN (00625.HK) formally opened its global offer. Goldman Sachs, Morgan Stanley and JPMorgan act as joint sponsors and overall coordinators. Cornerstone investors include Boyu, Tiger Global, General Atlantic, Tencent, Greenwoods, Taikang Life and UBS Asset Management Singapore. Industry observers say the line-up reflects broad recognition from mainstream global capital markets of the … Read more
On 12 August, Tencent reported a second-quarter result that split the market. Revenue reached 204.785 billion yuan, up 11 per cent and past 200 billion for the first time, but capital expenditure hit 52.784 billion yuan, up 176 per cent year on year and 65 per cent quarter on quarter, far above the 32.1 billion … Read more
Bloomberg reports Paul Meade, the Apple vice president who led the Vision Pro team, is leaving to join OpenAI’s hardware group. The move follows a contested reorganisation after John Ternus succeeded Tim Cook as the next CEO and promoted Johny Srouji to chief hardware officer. Srouji rebuilt hardware engineering so Meade and several other VPs … Read more
AI large models are evolving from a product into the infrastructure a company runs on. Xiaomi recently reorganised XiaoAI and its AI business: the near-decade-old assistant is shifting from a standalone team to one backed by the base-model team, a cloud engineering team and an on-device OS team. Reporting says the MiMo base-model team led … Read more
When typhoon White Dolphin landed in early August, cities from Shanghai to Beijing flooded and thousands of cars sat submerged. The annual question returned: can a car actually ford standing water? For petrol cars the answer is fixed by the air-intake height. For electric cars, the answer has quietly moved. Lei Jun posted that drivers … Read more
On 18 August, Xiaomi president Lu Weibing and chief financial officer Lin Shiwei took an earnings call to answer questions on the group’s second-quarter results and, above all, its car business. The headline number was a deepening loss in the unit that holds Xiaomi’s smart electric vehicles and artificial-intelligence work, even as volume kept climbing. … Read more
Alibaba has set a five-year goal for AI and cloud revenue to break $100 billion, about 690 billion yuan, a target that would require roughly sevenfold growth from a base of about 100 billion yuan, some 14.5 billion dollars, in external commercial revenue, implying a compound annual rate near 47 per cent. Alibaba Cloud is … Read more
Mifeng Technology, a one-stop physical-AI data service platform, has closed a new several-hundred-million-yuan round led by China Telecom, with Zhangjiang Group following and Sequoia China and Yuanqi Innovation topping up. Founded about half a year ago, the company has now raised multiple rounds from state platforms, top funds and industry players. MEgo devices collect physical … Read more
A quiet migration is reshaping Chinese robotics. By one tally, nearly 40 core autonomous-driving executives and technical leads have moved into embodied AI. The names leaving Li Auto alone lost eight senior people in half a year, most to robotics. Former autonomous-driving president Lang Xianpeng founded Kunlun Robotics, raising three rounds in 90 days to … Read more
On 20 August local time, Uber said its platform had gone live in Dubai with Baidu’s Apollo Go driverless vehicles, operated by UAE firm New Horizon Luxury Transport. Riders choosing UberX or Uber Comfort can now be matched to an Apollo Go, and an ‘autonomous’ option in the app raises the odds. Service starts in … Read more