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Shein suppliers closing “all over the place” in this China garment district

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Pulses

Tencent Music Q1 earnings boosted by 15.9% surge in online services

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Tencent Music Entertainment Group
Tencent Music Entertainment Group reported Q1 2025 revenue of RMB 7.36 billion (USD 1.01 billion), reflecting an 8.7% year-over-year increase. Online music services led growth with a 15.9% rise to RMB 5.8 billion (USD 800 million), driven by strong gains in music subscriptions. Paying users grew 8.3% to 122.9 million, while average revenue per paying user (ARPPU) climbed to RMB 11.4 from RMB 10.6 a year earlier.

JD Logistics, JD Health report strong Q1 gains on global and digital expansion

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JD.com
JD Logistics reported Q1 adjusted profit of RMB 750 million (USD 104 million), up 13.4% year-on-year, supported by new facilities in Warsaw and Hong Kong and a Shenzhen–Bangkok air cargo route. JD Health saw revenue rise 25.5% to RMB 16.65 billion (USD 2.34 billion), fueled by demand for AI-powered healthcare and new drug listings.

JD.com Q1 revenue rises 16%, led by strong segment growth

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JD.com
JD.com reported Q1 2025 net income of RMB 301.1 billion (USD 41.5 billion), a 15.8% year-over-year increase fueled by strong segment performance. Electronics sales grew 17.1%, while daily essentials rose 14.9%. The supermarket category marked its fifth consecutive quarter of double-digit growth. Operating profit climbed 36% to RMB 10.5 billion (USD 1.5 billion), and adjusted EBITDA reached RMB 13.7 billion (USD 1.9 billion), surpassing market expectations.

BYD overtakes Tesla in European EV market share

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Gelonghui
BYD topped Tesla in European sales for April 2025, achieving 11,123 units sold across 14 markets, including Spain, Italy, France, the UK, and Germany. Tesla recorded 6,253 units by comparison. BYD's market share climbed sharply in the UK with a 654% year-over-year rise, and it captured 10% of Italy's market with 5,646 units sold from January to April.

Qianxing AI launches Zoe for foreign trade automation

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36Kr
Qianxing AI has introduced Zoe, China’s first AI-driven Agent for foreign trade. Zoe automates the entire sales pipeline—from market analysis and client sourcing to outreach and conversion tracking. According to Qianxing AI, Zoe achieves conversion rates more than ten times higher than traditional methods, signaling a breakthrough in trade development efficiency.

Tencent upgrades ima.copilot with Knowledge Hub

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36Kr
Tencent’s ima.copilot introduced a refreshed homepage featuring a Knowledge Hub for seamless database access, targeted Q&A, smart recommendations, and quick previews of original text. The update strengthens Tencent's knowledge ecosystem by integrating public knowledge bases with real-time search, enhancing visibility and simplifying information discovery.

XPeng showcases AI cars and flying vehicle in Milan

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Xpeng
XPeng Motors entered the Italian market during Milan Design Week, showcasing its P7+ sedan, AeroHT Voyager X2 flying car, and a humanoid robot at the ADI Design Museum. As Italy targets 1.3 million EVs by 2025 with state-backed incentives, XPeng’s presence in Italy cements its Southern Europe coverage, building on its foothold in Spain and over ten other countries.

Moonshot AI advances Kimi with medical capabilities

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36Kr
Moonshot AI is expanding Kimi’s capabilities into medical AI, aiming to improve search reliability in specialized fields. This move marks part of its broader strategy to optimize Kimi's ecosystem and explore Agent solutions. Industry insiders describe the medical application as early-stage, with core efforts on enhancing Kimi's data trustworthiness.

BYD Brazil factory delayed, now set to be fully operational by end-2026

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Reuters
BYD's Brazil plant will be fully functional by December 2026 after delays linked to labour abuse investigations, according to Bahia officials. Assembly from imported kits will begin in 2025. The project, expected to generate 20,000 jobs, is key to BYD’s plan to turn a former Ford site into a 150,000-unit EV hub.

Transsion faces rising pressure abroad

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KrASIA
Transsion posted 10.3% revenue growth in 2024, but profits stagnated as rising supply chain costs and tighter competition squeezed margins. Once dominant in Africa, the smartphone maker now faces mounting pressure from Xiaomi, Realme, and others replicating its strategy in emerging markets.

AI agent platform Manus drops invite-only barrier

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Jiemian News
Manus, the AI agent platform once infamous for invite codes reselling at up to USD 10,000, is now open for global registration, offering free daily tasks and expanded paid plans. The platform, built on Qwen models, aims to scale its AI-driven task automation globally. It also plans to expand into major markets, including the US, Japan, and the Middle East.

Chery, NTU launch first overseas hub under open-source auto program

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IT Zhijia
Chery’s open-source auto initiative has landed its first overseas innovation hub through a partnership between its Kaiyang Lab and Singapore’s Nanyang Technological University. The collaboration will focus on EV, low-carbon, and smart vehicle R&D, with shared patents, talent programs, and cross-border tech development.

Meituan’s Keeta set for Brazil debut with USD 1B push

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36Kr
At the China-Brazil Business Seminar in Beijing, Brazilian President Lula met with Meituan founder and CEO Wang Xing to witness the signing of an investment agreement. Meituan announced plans to introduce its food delivery service Keeta in Brazil within the coming months, committing USD 1 billion over the next five years to support the project's growth.

Goodme adds RMB 1 iced water to menu

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Dao Insights
Goodme has quietly added a RMB 1 iced water to its menu, offering a full-sized cup with a straw and sticker. The move echoes Mixue Bingcheng’s ice cup launch and has sparked online debate. Some praised the low price and convenience, while others questioned charging for water at all.

US stocks rally on US-China tariff pause

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KrASIA
US markets soared on May 12 after a 90-day tariff rollback deal between the US and China eased fears of a prolonged trade conflict. The S&P 500 rose 3.3%, the Nasdaq jumped 4.3%, and the Dow added over 1,100 points. Tech giants led the rally as investors responded to the unexpectedly deep tariff cuts.

Perplexity eyes USD 500 million raise

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WSJ
Perplexity is in advanced talks to raise USD 500 million in a round led by Accel, which would lift its valuation to USD 14 billion, up from USD 9 billion in November 2024. The deal highlights growing investor interest in generative AI startups aiming to challenge Google’s dominance in search. Perplexity is also developing an “agentic search” browser called Comet.

Brinc acquires Next Stage to launch in South Korea

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Brinc
Brinc has acquired South Korea’s Next Stage Venture Studio, marking its entry into the market and expanding its presence across APAC. Leveraging Next Stage’s local expertise and investment experience, Brinc Korea will provide startups with funding, mentorship, and structured access to global markets through cross-border accelerator programs.

China holds firm on Germany FDI push

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Xinhua
China launched 199 FDI projects in Germany in 2024, just below the previous year’s peak. It ranked third among source countries, behind the US and Switzerland, with nearly a quarter of its projects targeting high-tech industries such as renewable energy and robotics.

BYD’s Brazil factory to ramp up by 2026

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Reuters
BYD’s new factory in Bahia, Brazil will begin phased operations in 2025 with vehicle assembly from imported kits, reaching full production by December 2026. Originally set to open this year, the project was delayed by labor probes and bad weather. BYD estimates it could generate up to 20,000 jobs over time.

US, China slash tariffs in trade truce

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Reuters
The US and China agreed to cut tariffs for 90 days in a surprise deal aimed at easing trade tensions. US duties on Chinese imports will drop to 30% from 145%, while China will lower its tariffs on US goods to 10% from 125%. The move follows high-level talks in Geneva and lifted global markets.
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