Luckin’s fresh $1 billion infusion hints at M&A ahead
The coffee giant could try to purchase a domestic or international rival, following the big new investment by its controlling stakeholder Centurium and Mubadala Investment Key Takeaways: Luckin looks likely…
Tencent sells down its Bilibili stake but retains debt links
The video platform is planning a $700 million capital restructuring that turns Tencent from a core shareholder into a creditor through an equity-to-debt deal Key Takeaways: Bilibili’s move would pretty…
BILI.US
Jollibee dines close to home with Hong Kong selection for IPO spinoff
With 20 brands in 33 countries, the Philippine fast-food operator has abandoned earlier plans to list its international operation in New York in favor of its nearby neighbor Key Takeaways:…
China gains ground in open AI race, but can its models turn adoption into revenue?
Nvidia is moving beyond chips into AI model gateways, while Chinese models are expanding their global reach, as competition shifts to other areas By Lee Shih Ta Chip giant…
Salubris refiles for Hong Kong IPO as generics lose steam
The producer of cardiovascular drugs is accelerating its shift towards innovative pharmaceuticals, under pressure from price cuts and expiring patents Key Takeaways: Salubris built its early success on generics, but…
002294.SHE
Shein’s U.S. buyout hits a political wall, as China’s fintech lenders face ruin
“There’s been a very definite trend of what I would call re-transferring part of the economy from the private sector to the state sector.” — on Beijing’s regulatory retreat from…
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IPO 
Jollibee dines close to home with Hong Kong selection for IPO spinoff
With 20 brands in 33 countries, the Philippine fast-food operator has abandoned earlier plans to list its international operation in New York in favor of its nearby neighbor Key Takeaways:…
Moonshot aims for meteoric valuation with a $3 billion Hong Kong IPO plan
Following back-to-back listings by Z.AI and MiniMax, the startup behind the Kimi chatbot is reportedly seeking a $50 billion valuation through a Hong Kong IPO Key Takeaways: Moonshot has reportedly…
Shanghai Vision Star aims for global spotlight with Hong Kong IPO
The marketing services company has abandoned its listing on Beijing’s NEEQ market and is looking to Hong Kong in a bid to attract international capital Key Takeaways: Shanghai Vision Star…
Vatai delivers new e-commerce story with focus on cross-border trade
The provider of compliance services for cross-border e-commerce companies has filed to list in Hong Kong, boasting 66% revenue growth in the first half of this year Key Takeaways: Vatai…
New Energy 
Nio’s stock stuck in a rut despite steadily improving performance
The new energy vehicle maker has recorded adjusted profits in the last three quarters, yet its stock now trades near a 52-week low Key Takeaways: Nio reported an adjusted profit…
Xpeng holds its ground in China’s EV slog, looks to robots
The company’s flat second-quarter deliveries outperformed a shrinking home market, while overseas expansion and a major robotics initiative offer new paths to growth Key Takeaways: Xpeng’s EV deliveries held steady…
Nickel prices polish up its profits, but CNGR pivots towards phosphates
The producer of battery materials posted higher first-half earnings, helped by a rebound in nickel prices, as it expands into new technologies for energy storage Key Takeaways: To keep pace…
Consumer 
Luckin’s fresh $1 billion infusion hints at M&A ahead
The coffee giant could try to purchase a domestic or international rival, following the big new investment by its controlling stakeholder Centurium and Mubadala Investment Key Takeaways: Luckin looks likely…
Jollibee dines close to home with Hong Kong selection for IPO spinoff
With 20 brands in 33 countries, the Philippine fast-food operator has abandoned earlier plans to list its international operation in New York in favor of its nearby neighbor Key Takeaways:…
Shein’s U.S. buyout hits a political wall, as China’s fintech lenders face ruin
“There’s been a very definite trend of what I would call re-transferring part of the economy from the private sector to the state sector.” — on Beijing’s regulatory retreat from…
Nio’s stock stuck in a rut despite steadily improving performance
The new energy vehicle maker has recorded adjusted profits in the last three quarters, yet its stock now trades near a 52-week low Key Takeaways: Nio reported an adjusted profit…
Bleeding cash and mired in debt, Haichang teeters on the brink of collapse
The struggling marine theme park operator’s revenue slid in the first half of the year and its loss widened, as its massive debt load continued to swell Key Takeaways: Haichang…
Healthcare/biotech 
Salubris refiles for Hong Kong IPO as generics lose steam
The producer of cardiovascular drugs is accelerating its shift towards innovative pharmaceuticals, under pressure from price cuts and expiring patents Key Takeaways: Salubris built its early success on generics, but…
Bulging order book for bioconjugates lifts WuXi XDC profits
The provider of outsourced pharmaceutical services has delivered unexpectedly strong half-year earnings and has launched its first overseas production hub Key Takeaways: WuXi XDC began operations in August at a…
Cancer drug sales power up Kelun-Biotech’s profit engine
The firm made more money from precision oncology treatments than from licensing deals in the first half, after gaining insurance coverage for its core drugs in China Key Takeaways: The…
Cash-strapped Sirnaomics seeks lifeline in cosmetic treatments
The biotech is suing its former CEO over an ill-fated $20 million investment as it pursues a short-term pivot from skin cancer drugs to body-contouring therapies Key Takeaways: After the…
Finance 
Shein’s U.S. buyout hits a political wall, as China’s fintech lenders face ruin
“There’s been a very definite trend of what I would call re-transferring part of the economy from the private sector to the state sector.” — on Beijing’s regulatory retreat from…
Qfin gets frostbite as fintech winter intensifies
The fintech loan facilitator’s second-quarter profit plunged as a funding squeeze in the wake of two major sector scandals forced it to scale back its business Key Takeaways: Qfin’s net…
FinVolution finds balance with prudence at home, growth abroad
The credit-tech platform reinforced its China business with improved risk metrics in the second quarter, while turning its overseas business into a more meaningful profit source Key Takeaways: FinVolution’s risk…
Linklogis swings back to the black amid pivot away from property
The company returned to profitability in the first half of 2026 after three years of annual losses, but whether it can sustain that momentum remains to be seen Key Takeaways:…
Ecommerce 
Vatai delivers new e-commerce story with focus on cross-border trade
The provider of compliance services for cross-border e-commerce companies has filed to list in Hong Kong, boasting 66% revenue growth in the first half of this year Key Takeaways: Vatai…
JD.com slows its bleeding, but investors want growth
The e-commerce giant has reduced the pain from its entry to food delivery, but weak retail sales and crowded new battlefields show its next growth engine remains elusive Key Takeaways:…
State subsidies and partner panic: What the latest cross-border deals reveal about business in China
From European regulatory scrutiny to sudden licensee changes, multinational deals are facing new tests of trust and transparency Key Takeaways: European regulatory scrutiny over JD.com’s Ceconomy acquisition reflects a new…
TikTok, Southeast Asia boost prospects for Miduoduo IPO
China’s fifth-largest marketing services provider for cross-border e-commerce customers is shifting to social media platforms and its own direct sales for growth Key Takeaways: Miduoduo has chalked up three years…
AI/Infrastructure/Resources 
Moonshot aims for meteoric valuation with a $3 billion Hong Kong IPO plan
Following back-to-back listings by Z.AI and MiniMax, the startup behind the Kimi chatbot is reportedly seeking a $50 billion valuation through a Hong Kong IPO Key Takeaways: Moonshot has reportedly…
China’s state playbook fuels humanoid robot boom, resolves Evergrande crisis
"With things like this in China, there's always an element of surprise to some extent simply because the system is so opaque that nobody knows what's going on." – on…
Kanzhun eyes Brazil, Argentina and Vietnam as growth slows at home
The recruitment app operator’s revenue has slowed steadily over the last three years as it solidifies its dominant position in China Key Takeaways: Kanzhun’s revenue grew 14.1% in the second…
Nickel prices polish up its profits, but CNGR pivots towards phosphates
The producer of battery materials posted higher first-half earnings, helped by a rebound in nickel prices, as it expands into new technologies for energy storage Key Takeaways: To keep pace…
