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Alibaba dials back designer toy ambitions, shuts Koitake to sharpen focus

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Pulses

MegaRobo files for HKEX listing

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MegaRobo
MegaRobo Technologies, a life sciences automation and robotics company, has filed for a potential listing on the Hong Kong Stock Exchange, appointing Morgan Stanley, Huatai Financial, Deutsche Bank, and CCB International as overall coordinators. No public offering is currently underway, and the listing remains subject to regulatory approval.

Casbot bags funding for humanoid robots

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KrASIA
Casbot, a Chinese startup focused on humanoid robots, has raised nearly RMB 100 million in an angel plus funding round. Backers include Lens Technology, Tianjin Jiayi, and existing investors SDIC Unity Capital and Henan Asset Management. The funds will support mass production and R&D as Casbot expands in industrial and mining applications.

FWD revives IPO plan in Hong Kong

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Bloomberg
FWD Group, backed by billionaire Richard Li, is seeking HKD 3.5 billion in a Hong Kong IPO by offering 91.3 million shares at HKD 38 each. Trading is set to begin on July 7, marking a long-awaited debut after a scrapped US listing in 2021 and multiple postponements. The deal is backed by Morgan Stanley and Goldman Sachs.

Nvidia CEO sees robotics as next frontier

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Quartz
Nvidia CEO Jensen Huang said robotics is the company’s next priority after chips. Speaking to shareholders, he outlined plans to power billions of autonomous systems, including self-driving cars and robotic factories, expanding Nvidia’s focus to cover virtual simulation, motion training, and real-world deployment, among other areas.

Tesla’s robotaxi pilot draws scrutiny

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Reuters
Tesla's robotaxi pilot in Austin, Texas has revealed multiple issues, including erratic lane changes, abrupt stops, and unsafe alighting points, according to videos from riders. Despite the presence of safety monitors, the footage has drawn scrutiny from road safety experts and local officials. Tesla has not publicly addressed the incidents.

Alibaba’s Damai shuts Koitake toy unit

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KrASIA
Koitake, a designer toy unit under Damai Entertainment (formerly Alibaba Pictures), has been shut down due to low revenue and limited market traction. The brand contributed just 2% of fiscal 2025 revenue for Hujing, Alibaba’s rebranded digital media and entertainment division. The move aligns with a broader pivot toward live events and IP merchandising.

Nvidia rallies to record market cap

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Bloomberg
Nvidia shares hit an all-time high on June 25, rising 4.3% to USD 154.31 and lifting its market cap to USD 3.77 trillion, surpassing Microsoft as the world’s most valuable public company. The chipmaker has gained 63% since April, fueled by strong earnings and sustained demand for AI infrastructure.

Microsoft, OpenAI clash over AGI clause

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The Information
Microsoft and OpenAI are at odds over a contract clause that would end Microsoft’s access to artificial general intelligence if OpenAI achieves it. Microsoft has pushed to remove the provision, but OpenAI has refused. Both companies said talks are ongoing and that they remain optimistic about continuing their partnership.

China’s toy exports rise on holiday demand

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Securities Times
Toy manufacturers in Chenghai, China’s largest plastic toy hub, are ramping up production to meet holiday demand. The district exported RMB 10.24 billion in toys last year and now reports rising overseas orders despite higher freight costs to Europe and South America. US shipping rates have eased but remain 30% above early-year contract levels.

BYD inks Hungary steel supply deal

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Reuters
Chinese automaker BYD signed a supply agreement on June 24 with Austrian steelmaker Voestalpine for its passenger vehicle plant in Hungary. The deal marks progress in BYD’s localization strategy as it expands production in Europe, the company said in a statement posted online.

Google launches Gemini CLI tool

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Bloomberg
Google has launched Gemini CLI, an open-source AI assistant that lets developers use natural language in terminal environments to code, create content, and automate tasks. Powered by Gemini 2.5 Pro, the tool is free for personal Google accounts and offers high daily query limits, with expanded access available through paid plans.

Grab halts incentive changes after outcry

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CNA
Grab has paused planned changes to its driver incentive schemes after feedback from the National Private Hire Vehicles Association and drivers, who said the updates could reduce earnings and limit access to bonuses. The new system was originally set to launch on July 1 but has been put on hold for further review.

Yangtze River Delta logs trade surge

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21st Century Business Herald
Foreign trade in China’s Yangtze River Delta reached RMB 6.73 trillion from January to May 2024, up 5.2% year over year. Zhejiang contributed 20.7% of national export growth, the highest share among all provinces. Since the region’s integration became a national strategy in 2018, cumulative trade has surpassed RMB 101.2 trillion, according to Shanghai Customs.    

FDI to China drops 29% in 2024

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UNCTAD
Foreign direct investment into China fell 29% in 2024, contributing significantly to the 11% global FDI decline, according to UNCTAD’s latest investment report. The drop, driven by investor caution amid geopolitical and regulatory uncertainty, weighed on Asia’s average despite stable inflows to other major economies in the region.

Gero debuts sequence-first drug model

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Gero
Singapore-based biotech company Gero has launched ProtoBind-Diff, an open-source AI model that generates small molecules based solely on protein sequences, without requiring 3D structure data. Trained on over one million protein-ligand pairs, the model matches or outperforms structure-based tools like Pocket2Mol on low-data targets. A GitHub release and demo waitlist are now available.

Geely enters Greece with EV launch

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36Kr Chuhai
Geely Auto launched its electric SUV, the EX5, in Athens on June 24, marking its official entry into the Greek market. Vehicles will be imported and sold through GEO Mobility Hellas, a subsidiary of Union Group. Geely now operates in over 15 European countries and plans to expand further.

Li Qiang downplays slowdown fears

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Nikkei Asia
At the World Economic Forum, premier Li Qiang reaffirmed China’s confidence in long-term growth despite deflationary pressure and trade tensions. He cited efforts to boost consumption and stabilize housing, while warning of rising supply chain risks amid global fragmentation.

Tencent brings Supercell games to WeChat

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Bloomberg
Tencent will bring Supercell games like Brawl Stars to WeChat as mini games, expanding the app’s entertainment features and monetization efforts. Supercell, which Tencent owns, posted a 77% revenue jump in 2024 and plans to launch Clash Royale on WeChat in September.

China’s AI spending could hit RMB 700 billion

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SCMP
China’s AI spending is projected to reach RMB 600–700 billion in 2025, according to a Bank of America report. Most of the investment will go toward data centers and energy infrastructure, backed by government and major tech firms. The buildout comes as China seeks to compete with US efforts like the Stargate project amid rising tech restrictions.

US judge backs Anthropic in copyright case

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Semafor
A US judge ruled that Anthropic’s use of copyrighted books to train AI models without author consent qualifies as “fair use,” marking the first court endorsement of such practices by a major tech firm. The decision sets a precedent in ongoing legal battles over AI training data.
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