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May 29, 2025

OKX sees tipping point for blockchain tech amid rising crypto sentiment

OKX, one of the world’s largest cryptocurrency exchanges by trading volume, is preparing for explosive growth in blockchain adoption in the coming years, according to chief commercial officer Lennix Lai, although plans for the Hong Kong market remain on the back burner. In a report co-produced by OKX and Blockworks Research, the companies outline a bright future for the adoption of blockchain technology across myriad industries, from traditional finance to video gaming. Many of the use cases...

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May 28, 2025

PDD faces profit challenge amid Trump tariffs, domestic e-commerce competition

Chinese discount e-commerce giant PDD Holdings, operator of Temu and Pinduoduo, faces increased profitability challenges amid US President Donald Trump’s trade policies and heightened competition in its home market, according to analysts. PDD on Tuesday reported a 47 per cent slump in first-quarter earnings amid slower sales growth, with results trailing market consensus. PDD’s Nasdaq-listed shares tumbled as much as 18 per cent in New York overnight, as the company’s poor report card suggested...

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May 27, 2025

Delivery war: Alibaba vies for Meituan’s on-demand throne in China

Chinese e-commerce giants Alibaba Group Holding, Meituan and JD.com are intensifying their costly rivalry in the on-demand fast-delivery sector, with each touting significant gains in user base and order volume. Alibaba, owner of the South China Morning Post, saw combined daily orders on its freshly launched Taobao Instant Commerce initiative and Ele.me food delivery service surpass 40 million within a month, according to data released by the company on Monday. The new service, which has...

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May 27, 2025

Beijing asks carmakers, trading platforms to clean up used-vehicle market

Beijing has stepped in to monitor the trading of used cars as mainland China’s automotive sector, saddled with overcapacity, is under pressure to improve profitability amid an escalating price war. On Tuesday afternoon, the Ministry of Commerce gathered industry groups, major carmakers and trading platforms for second-hand cars to discuss issues surrounding the sale of “used vehicles with zero mileage”, according to Reuters. The ministry was seeking to stabilise car prices in the world’s largest...

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May 27, 2025

Xiaomi posts record earnings in first quarter amid push into EVs, chips

Xiaomi’s first-quarter revenue surged nearly 50 per cent, as the Chinese smartphone giant doubled down on new initiatives, including electric vehicles (EVs) and semiconductors. Revenue for the three months ended March 31 reached 111.2 billion yuan (US$16.46 billion), up 47.4 per cent year on year, the company said on Tuesday. Adjusted net profit reached a record high of 10.68 billion yuan, up 64.5 per cent from the year-earlier period. The results came in slightly above analysts’ expectations of...

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May 27, 2025

ByteDance upgrades Doubao AI app with real-time interactive video call function

TikTok parent ByteDance has upgraded its Doubao chatbot, one of China’s most popular consumer-facing artificial intelligence (AI) apps, with the recent launch of a real-time video call function that turns the app into an interactive digital assistant. The function allows users to engage in an interactive video conversation with the AI technology behind the chatbot, according to an announcement last Friday via Doubao’s WeChat account. Users can activate the function by simply turning on their...

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May 27, 2025

Xiaomi refutes claims of using Arm-designed chip for XRing O1

Xiaomi has clarified that its advanced 3-nanometre XRing O1 system-on-a-chip (SoC) is not a customised solution from Arm, pushing back against speculation as the Chinese smartphone maker seeks to design its own integrated circuits (ICs) in-house to rival industry leaders Apple, Samsung Electronics and Huawei Technologies. “[XRing O1 SoC] is not based on a complete solution provided by Arm, and claims about it being an Arm-customised chip are groundless,” Xiaomi said on Monday in a post to its...

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May 27, 2025

Huawei pushes Ascend AI chip-based ‘Supernode’ architecture to developers

Huawei Technologies is pushing for wider support of its Ascend artificial intelligence (AI) processor-based, high-performance computing architecture – called Supernode 384 – that is touted as a rival to the structure used in US semiconductor firm Nvidia’s NVL72 system in alleviating bottlenecks for data centres. “As the scale of parallel processing grows, cross-machine bandwidth in traditional server architectures has become a critical bottleneck for training,” said Zhang Dixuan, president of...

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May 26, 2025

Meituan revenue jumps 18% in first quarter

Chinese on-demand local services giant Meituan posted an 18.1 per cent year-on-year surge in revenue for the first quarter, as it seeks to maintain its dominant position on the mainland in the food delivery market amid new competition. Meituan’s revenue for the three months through March was 86.6 billion yuan (US$12 billion). Net profit reached 10.1 billion yuan, up 87.3 per cent year on year. The Beijing-based firm said in a statement that its instant commerce business, Instashopping,...

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May 25, 2025

Alibaba’s Amap offers ride-hailing function catering to China’s foreign visitors

Amap, the mapping and local services business under Alibaba Group Holding, has introduced a ride-hailing feature on the platform’s English version, allowing foreign visitors in mainland China to get transport in more than 360 domestic cities. The new feature, which comes months after Amap’s English-language version was launched in February, is accessible via a button on the homepage. Initially, the app will accept users’ registered mainland, Hong Kong and Macau phone numbers. Payments can be...

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