Markets

Alibaba is undergoing a significant strategic shift towards AI, spurred by internal reflections on past missteps and the rise of competitors. Executives, including Joe Tsai, admitted to overexpansion and are now laser-focused on AI and cloud infrastructure to regain dominance. This triggered rapid development of the Qwen series, now a top-ranked open-source model, and a massive investment of over 380 billion yuan in AI infrastructure. The company aims to democratize AI through open-sourcing Qwen.

MINISO Group (MNSO) successfully held its annual general meeting in Hong Kong on June 12, 2025, with shareholders approving all resolutions. This crucial event reaffirms MINISO’s commitment to strong corporate governance and shareholder engagement. The positive outcome boosts investor confidence in the company’s sustainable growth and its position in the global retail market.

China unveiled two new international standards for refrigeration compressors in Zhuhai, the first such ISO standards in two decades. 格力电器’s Chairwoman, Dong Mingzhu, acknowledged the standards’ development, also addressing public perception of her demanding management style, revealing a commitment to detail while recognizing criticisms. Her reflections included past experiences as a single mother, leading to online observations about her “tough” exterior and “soft heart.”

CNBC reports that consumers are experiencing issues using prepaid credit on Tmall Supermarket during the 618 shopping festival. One user, with over 10,000 yuan remaining on a gift card, faced purchase failures and expiring coupons. Multiple similar complaints have been filed. While Tmall cites potential system issues and high traffic, the affected consumer denies any wrongdoing, highlighting the urgency to resolve the issue.

NXP Semiconductors and Rimac Technology are collaborating to accelerate software-defined vehicle (SDV) architectures. Rimac will integrate NXP’s S32E2 processors into its next-gen ECU platform, consolidating functionalities and reducing ECUs. This enables improved safety, efficiency, and agile development for vehicle applications. The solution leverages the S32E2’s real-time processing capabilities, meeting the demands of modern SDVs, and includes comprehensive system support from NXP. Rimac will launch this platform via a hypercar program with expansion planned for other sectors.

Kuaishou and China Literature are partnering to dominate the short-form drama market. The “Kuaiyue Plan,” backed by millions in investment and traffic, aims to attract creators and boost user consumption. With Kuaishou’s massive user base and the rapid growth of novel-based content, the partnership leverages China Literature’s IP library, streamlining content creation and monetization through tools, subsidies, and cross-platform distribution. This alliance targets premium IP development and establishes a blueprint for future integration in the evolving entertainment landscape.

Donald Trump launched a website for his proposed “Golden Visa” program, offering U.S. residency for $5 million. He claims the program could eliminate the national debt by selling 10 million visas. The initiative, first announced in February, grants holders rights similar to green card holders, potentially leading to citizenship. The plan has faced skepticism due to its revenue claims.

Alibaba-backed Quark has launched an AI model to assist students with college applications. The tool features comprehensive exam search, application report generation, and intelligent college selection. It provides personalized advice, generates detailed reports with strategic suggestions, and recommends application plans. Quark has significantly increased its computing power to support free access to this service, including a specialized knowledge base and live expert broadcasts.

Faraday Future will unveil its FX Super One, the first model for its FX brand, on June 29, 2025, in Los Angeles. The event targets stockholders, partners, and influencers aiming to redefine luxury mobility with an AI-powered, mass-market MPV. A public launch follows on July 17 with production slated by the end of 2025.

Sennheiser celebrates its 80th anniversary, reflecting on its history of audio innovation and engineering excellence. The company, founded in 1945, pioneered wireless technology and continues to push boundaries with products like Spectera. Sennheiser emphasizes its commitment to exceptional sound experiences, driven by a passion for sound and a dedication to constant innovation, shaping the future of audio.