Markets

A recent dispute highlights the ambiguities of China’s ride-sharing “hitch” services. A passenger delayed by a shared ride demanded compensation from the driver for missing a train. Public debate ensued, with users questioning driver accountability for delays inherent to shared services. The incident underscores the need for clearer terms of service in China’s rapidly expanding ride-sharing market to define responsibilities and manage expectations for both riders and drivers.

Customs at Wuhan Tianhe Airport seized 144 Pop Mart Labubu figurines from two individuals attempting to smuggle them. The figures, part of the popular Labubu 3.0 blind box series, were intended for resale, capitalizing on their high secondary market value. This incident highlights the increasing demand for Labubu, a character created by Kasing Lung, as well as the soaring popularity of Pop Mart.

CSG and AWS are collaborating to accelerate cloud transformations for telecom and financial services. This partnership aims to reduce total cost of ownership (TCO) by up to 60% by leveraging cloud-native technologies and innovation. The initiative will see CSG’s mediation capabilities available via AWS Marketplace, enabling businesses to modernize, drive down costs, and utilize advanced technologies like AI.

Huabei, Ant Group’s consumer credit arm, launched “Little Red Flower,” allowing users to potentially increase their credit limits by submitting over 1,000 types of certifications, including professional, vocational, and even informal credentials. This AI-powered feature analyzes credentials with high accuracy and rewards users for demonstrating skills, resulting in lower delinquency rates among participants. The initiative aims to expand credit assessments beyond traditional metrics, fostering financial health and promoting responsible financial behavior.

A drone incident at Nanchang’s iconic Pavilion of Prince Teng injured a tourist, highlighting growing safety concerns around increasing drone activity. Despite the area being a no-fly zone, a drone operator caused the accident and faced an administrative penalty. This incident underscores China’s push to regulate unmanned aircraft operations, reflected in the “Interim Provisions on the Administration of the Flight of Unmanned Aircraft,” which came into effect in January 2024 and impose penalties for unauthorized flights.

BEST SPAC I Acquisition Corp. completed its $55 million IPO, priced at $10 per unit, on Nasdaq under the symbol BSAAU. The British Virgin Islands-based SPAC’s offering, managed by Maxim Group LLC, includes an over-allotment option. With focus on the consumer goods sector, the company aims to merge with a suitable target. The SEC declared the registration statement effective on June 12, 2025.

Actress Yifan Shao, known for “I Will Find You a Better Home,” criticized Xiaohongshu’s (RED) content moderation. She detailed issues with delayed visibility and a perceived reliance on keyword-based AI, leading to user frustration. Shao fears the system’s flaws could lead to self-censorship and a platform dominated by AI-generated content, echoing concerns from other users. Her background includes degrees and work experience in varied fields before her acting career.

TSMC’s 2nm process has achieved a production yield exceeding 60%, solidifying its leadership in semiconductor manufacturing. This puts them far ahead of Samsung, whose 2nm yield is around 40%. TSMC’s 2nm technology, leveraging GAA, promises significant performance and efficiency gains. Key clients like Apple, NVIDIA, and AMD are expected to adopt it, while Samsung is targeting 2nm production for its Exynos 2600 processor later this year.

Think Academy launches the TalPad T100, an AI-powered tablet designed to boost children’s academic performance. Targeting parents, the device features a “Genius Tutor” for 24/7 homework help and offers various educational content beyond standard tablet features. It aims to be an affordable, multi-purpose tool for homeschooling and traditional learning, offering personalized learning plans with a monthly subscription under $9.99.

Shenzhen Metro Line 11 experienced service disruption due to a train’s electrical system malfunction, leading to reports of smoke and delays. Social media users speculated about an explosion, but the official Shenzhen Metro refuted these claims. Normal service is resuming after the affected train was removed. Passengers affected can obtain delay certificates and refunds.