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<a href="/company/alibaba">Alibaba</a> plans to spin off Banma, its smart vehicle tech unit, through a Hong Kong IPO that would reduce its stake to 30%. The listing, which has received initial approval, would mark Alibaba’s first spinoff in years after scrapping Cainiao’s listing plans in 2024.

<a href="/company/nvidia">Nvidia</a> has reportedly told suppliers including Amkor and Samsung to suspend production of its H20 <a href="/industry/ai">AI</a> chip for China. The pause follows scrutiny from Chinese authorities, who summoned domestic tech firms over data security and information risks linked to the chip’s use.

<a href="/company/openai">OpenAI’s</a> chief people officer Julia Villagra will exit the company on August 23, just months after her promotion. She joined in February 2024 and is leaving to pursue art and storytelling projects related to artificial general intelligence. Her departure comes as OpenAI navigates fierce talent competition. A replacement is being sought.

Anthropic is close to securing up to USD 10 billion in a new funding round led by Iconiq Capital, with participation from TPG, GIC, and other investors, sources said. The round could push the <a href="/industry/ai">AI</a> firm’s valuation to USD 170 billion, well above the USD 61.5 billion it reached earlier this year.

<a href="/company/nio">Nio</a> unveiled its all-new ES8 electric SUV on August 21, with preorders now open and deliveries set to begin in late September. Priced from RMB 416,800 or RMB 308,800 with a battery subscription plan, the six- and seven-seater flagship model features a 102 kWh battery, <a href="/industry/ai">AI</a>-assisted driving, and luxury comfort upgrades.

Didi Chuxing, CaoCao Mobility, and T3 Mobility have reportedly lowered their maximum commission rates to 27% or less, aiming to improve driver income and address regulatory calls for transparency. Didi also introduced monthly rebates, though analysts warn platform margins may tighten as a result.

<a href="/company/tencent">Tencent</a> plans to expand its <a href="/industry/ai">generative AI</a> offerings into Japan and Southeast Asia, building on technology refined in China. Vice president Wu Yunsheng said the rollout may include biometric tools and autonomous AI agents, as Tencent shifts focus from LLMs to service design and real-world applications.

<a href="/company/deepseek">DeepSeek</a> said its V3.1 <a href="/industry/ai">AI</a> model was built for undisclosed Chinese-developed chips using UE8M0 FP8 formatting, set for release soon. The update signals potential progress in China’s push for a self-reliant AI stack, though the chip vendor and intended use uses remain unspecified.

<a href="/company/miniso">Miniso</a> founder Ye Guofu said the “Miniso Land” store concept has exceeded expectations and will be expanded globally. At an investor meeting, Ye added that the company now views proprietary IP as equally important as licensed IP and aims to deepen development in both.

<a href="/company/bilibili">Bilibili</a> reported Q2 2025 net profit of RMB 218.3 million, reversing a loss from a year earlier, as total revenue rose 20% YoY to RMB 7.34 billion. Growth was led by mobile games, up 60%, and advertising, up 20%. Gross margin improved to 36.5%, with adjusted profit at RMB 561.3 million.

<a href="/company/bytedance">ByteDance</a> has released Seed-OSS-36B, a 36-billion-parameter open-source <a href="/industry/ai">AI</a> model, on Hugging Face. Designed for general-purpose and reasoning tasks, it reportedly matches or outperforms rival offerings from <a href="/company/alibaba">Alibaba Cloud</a>, Google, and <a href="/company/openai">OpenAI</a> despite its smaller size.

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Chinese food chains are moving beyond diaspora enclaves to attract mainstream international diners.

Hotpot, malatang, bubble tea: Chinese dining chains expand abroad to win over global palates

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Alibaba to spin off Banma via IPO

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Hotpot, malatang, bubble tea: Chinese dining chains expand abroad to win over global palates

Beyond the cloud, Houmo.AI sees AI compute shifting to the edge

Deals in brief: WeRide secures Grab’s backing for robotaxis, Foxconn invests in Robocore, seven China deals, and more