Markets

Zhuhai Gree Group announced Zou Hui as its new Party Secretary and Chairman, succeeding Kang Hong. Zou Hui, born in 1982, previously held key roles in Zhuhai’s municipal government and SASAC, gaining familiarity with Gree Group’s operations. Kang Hong had led the conglomerate since February 2024. Gree Group is Zhuhai’s primary state-owned capital investment platform.

Baidu founder Robin Li announced a leadership shake-up, appointing He Haijian as the new CFO and Jackson He to head HR and Administration. Cui Shanshan will focus on her role as Secretary-General of the Culture Committee. He Haijian brings extensive financial experience from Kingsoft Cloud and major financial institutions.

KKR has launched Ascend Asia, a new financial advisory platform in Singapore, led by former Prudential Singapore CEO Tomas Urbanec. Ascend Asia acquired finexis advisory, making it the platform’s first member. The initiative aims to elevate financial advisory services in Singapore through enhanced client service, best practices, and strategic resources for member firms.

Tencent’s 2024 Sustainable Social Value Report showcases its commitment to “AI for good.” Through internal development and open-source contributions, Tencent leverages its large models, like Hunyuan, across sectors like education, healthcare, rural revitalization, and cultural preservation. The report highlights AI applications from predicting altitude sickness to aiding medical diagnoses and deciphering ancient inscriptions, demonstrating Tencent’s strategy to integrate AI for societal benefit and foster a collaborative ecosystem for sustainable development.

DAMAI.cn faces widespread criticism despite significant revenue growth, with a high volume of complaints. Issues include a flawed ticketing system, opaque refund policies, and alleged “fake shipments.” Workarounds like “breaking through the shield” lead to phantom attendees, disrupting events. Repeated fines highlight management problems, and the platform’s simplistic approach to ticketing harms consumer trust and hinders its market development.

Golden Goliath Resources Ltd. announced the immediate resignation of Mr. Daniel Nofrietta Fernandez from its Board of Directors. The company expressed gratitude for his contributions and is actively seeking replacements as part of a strategic review to enhance shareholder value and guide future growth.

A customer received a Labubu blind box order from ZTO Express with the individual boxes and bags missing, only leaving the figures. ZTO cited a delivery error and offered compensation, acknowledging similar issues with collectible deliveries. The incident highlights the importance of secure delivery, proper documentation for consumers, and choosing reliable shipping services, especially for valuable items.

Luckin Coffee has officially launched in the United States, opening its first two stores in New York City. This move marks a significant expansion for the Chinese coffee giant, which has overtaken Starbucks domestically. The strategic Manhattan locations are positioned to attract the Chinese student demographic. With over 24,000 global stores, Luckin’s U.S. entry escalates the international coffee competition.

TELUS Corporation has finalized pricing for its cash tender offers to repurchase outstanding notes. This strategic debt management move specifies terms for various series of senior notes maturing between 2030 and 2051. The company expects to settle these transactions on July 3, 2025. RBC Dominion Securities Inc. and others are managing the offers.

China’s men’s national football team announced its squad for the East Asian Football Championship, featuring new talent. This follows the contract termination of former head coach Branko Ivanković after the team’s failure to advance in the 2026 FIFA World Cup qualifiers. The CFA confirmed Ivanković’s departure after an expert panel review.