Markets

GSR IV Acquisition Corp. (GSRF) has closed its $230 million IPO, including the full exercise of the over-allotment option. The offering consisted of 23 million units at $10.00 each. Each unit includes one Class A ordinary share and one-seventh of a right, convertible into shares upon a business combination. Units trade on Nasdaq under “GSRFU,” with shares and rights to follow under “GSRF” and “GSRFR.” Polaris Advisory Partners and The Benchmark Company were joint bookrunners; the latter acting as qualified independent underwriter. GSRF is a blank check company seeking a merger target.

Alibaba, JD.com, and Meituan are intensifying competition in China’s hard discount retail sector. Meituan recently launched “Happy Monkey,” a self-operated supermarket, joining Alibaba’s rebranded “Super Hema Suan NB” and JD.com’s quietly launched discount supermarkets. This model focuses on offering high-quality products at significantly lower prices by streamlining product selection, negotiating directly with suppliers, and emphasizing private label brands. Unlike traditional retail, hard discount prioritizes cost control and efficient supply chains, potentially benefiting consumers with lower prices and increased value.

On September 5, 2025, KBRA assigned preliminary ratings to Upstart Securitization Trust 2025-3, a $320 million consumer loan ABS. The notes, backed by unsecured consumer loans from Upstart’s platform, feature tiered credit enhancement levels ranging from 20.50% to 56.45%. The ratings reflect overcollateralization, excess spread, cash reserve, and subordination. This is Upstart’s 47th ABS securitization, signaling ongoing confidence in its lending model. KBRA’s ratings are based on consumer loan ABS, structured finance, and ESG methodologies, considering portfolio data, underwriting practices, and economic conditions.

Boeing and the Royal Australian Air Force (RAAF) have successfully concluded MQ-28 Ghost Bat Collaborative Combat Aircraft (CCA) demonstrations ahead of schedule. The tests validated autonomous behaviors, multi-ship coordination, and seamless integration with manned platforms like the E-7A Wedgetail. Data fusion and transfer between MQ-28s and manned aircraft were also demonstrated. These capabilities will be incorporated into Block 2 aircraft, paving the way for future operational capability. A planned air-to-air weapon shot is scheduled for later this year or early 2026.

Malu, a millennial entrepreneur, left a traditional Japanese corporation due to its rigid seniority system (nenkō joretsu). She now runs a new media advertising company, observing that Japan’s market lags behind China’s. Key challenges include acquiring local clients, navigating cultural nuances (like omotenashi), and understanding platform preferences such as Amazon and Rakuten. Success in Japan requires a different approach, emphasizing service quality over cost and adapting strategies for platforms like TikTok Shop, avoiding direct replication of Chinese methods.

Acadian Asset Management is gaining attention as it shifts to a pure-play public systematic manager. Chairman John Paulson reaffirmed commitment after a stock sale driven by investor interest. Acadian’s quantitative models and algorithms are key to identifying market inefficiencies, offering a data-driven approach. This strategy faces risks, including model over-optimization and the evolving sophistication of market algorithms. Acadian managed $151 billion in assets as of June 30, 2025, offering systematic strategies for institutional investors. Risks associated with forward-looking statements are noted.

Curaleaf has opened a new dispensary near New Albany, Ohio, expanding its nationwide footprint to 155 locations. This strategic move strengthens Curaleaf’s presence in Ohio’s growing cannabis market, offering a range of products including vapes, flower, and edibles. The grand opening is scheduled for September 12, 2025, with local vendors and promotions. Curaleaf is also engaged in local community initiatives. In addition, Curaleaf rebranded its Reef Dispensary in Las Vegas and relocated its Payson, Utah Pharmacy.

Ahead of the Xuzhou-Nanjing soccer match, Ant Insurance and Alipay, both Ant Group subsidiaries, have engaged in a playful marketing rivalry. Ant Insurance sent “Guardian Ducks” to support Nanjing, while Alipay countered with China’s “Four Great Chickens” to back Xuzhou. Alipay is also offering a one million yuan subsidy for every Xuzhou goal to residents of supporting provinces. The humorous exchange leverages regional culinary specialties and aims to boost local economies and user engagement, particularly promoting Alipay’s “Touch and Pay” feature for post-game celebrations.

Qualcomm and BMW have unveiled the Snapdragon Ride Pilot AD system in the BMW iX3 at IAA Mobility 2025. This scalable platform, co-engineered over three years, supports AD levels from NCAP to Level 2+ highway and urban navigation. It features AI-powered automation, 360-degree perception, and a data-driven approach validated in 60 countries, expanding to over 100 by 2026. The system offers customizable AD solutions with a focus on safety, aiming for broader accessibility across the automotive industry.

Himax Technologies will showcase its automotive display technologies at the 2025 SID Vehicle Displays and Interfaces Symposium in Detroit, September 9-10. Demonstrations include a single-chip TDDI with local dimming, automotive TDDI with user-aware touch, OLED touch IC with Knob-on-Display, and a new local dimming Tcon. Also featured are the 3D Time-of-Flight vision processor, Liqxtal® Dim smart light control, micro-pattern design services, and Sparkle Elimination Film. These innovations target smart cabins with advanced displays in electric and conventional vehicles.