Markets

Taobao Vision, Alibaba’s spatial shopping app, is set for offline expansion, aiming to merge online and physical retail. A concept store, piloting at headquarters, features virtual test drives and smart home scenarios, utilizing 3D AI avatars as virtual assistants. The app, which won an Apple Design Award for its immersive 3D product models, offers millions of 3D items and partnerships with major brands, including an upcoming collaboration with an outdoor brand to create a first-of-its-kind virtual assistant experience.

Apple’s WWDC on June 10th will unveil next-generation operating systems, including iOS 26, iPadOS 26, and macOS 26, adopting a year-aligned versioning system. Speculation surrounds potential device support cutoffs, possibly excluding older iPhones, iPads, and Macs. The new systems are also expected to feature a visual overhaul, drawing inspiration from visionOS with rounded corners and translucent elements. Note that these details are currently unconfirmed.

Duluth Trading Company reported Q1 2025 results, with net sales of $102.7 million and a net loss of $15.3 million. New leadership is focused on streamlining operations and optimizing costs. Initiatives include brand focus and product portfolio review. The company reaffirms its 2025 financial guidance.

This article highlights a rapidly growing AI-powered mental wellness platform. By gamifying access to psychological support through personality assessments and AI-driven tools like mood predictions and virtual companions, the platform aims to address unmet mental health needs, especially in China. Its innovative language model, 3D sandplay, and AI Mood Town features offer immersive emotional support, demonstrating a commitment to bridging scientific rigor with engaging user experiences.

Gree Electric’s Chairwoman Dong Mingzhu criticized online marketing tactics that prioritize fleeting buzz over product quality, contrasting them with Gree’s commitment to genuine consumer trust. She emphasized the importance of in-house manufacturing to maintain quality control, rejecting OEM practices despite potential cost benefits. Gree’s strategy focuses on long-term sustainability through its dedication to producing all components, ensuring product reliability and customer satisfaction.

P2P Group Ltd. partners with PQStation, a quantum-resilient cybersecurity leader, to secure critical infrastructure, targeting markets in the US, Canada, and Europe. The collaboration integrates QSTunnel, a post-quantum cryptographic platform, enabling quantum-safe encryption deployment. This initiative addresses growing regulatory demands and military adoption of quantum-safe standards, aiming to equip Wi-Fi networks and chipsets with enhanced security for various sectors while projecting significant revenue growth over three years.

JD.com is aggressively entering the flight and hotel booking market in China. They are aggressively recruiting, offering high salaries and focusing on talent from competitors like Ctrip. The company is also investing in marketing initiatives, including promotional campaigns and offering subsidies to attract customers. This expansion signals a major shift in the online travel landscape, potentially intensifying competition with existing players like Ctrip and Meituan, with a focus on attracting consumers during the summer travel season.

SWZ (formerly The Swiss Helvetia Fund) underwent a strategic shift in February 2025, embracing a total return objective under Bulldog Investors. The $92.4 million portfolio, as of May 2025, now includes Swiss, U.S., and a significant cash component (50.3%). A $3.00 special dividend was distributed in April. The fund’s performance reflecting its new strategy will be closely watched.

Citi is restructuring its technology teams in Shanghai and Dalian, China, leading to approximately 3,500 job cuts. The bank reportedly communicated separation details on June 5th, with compensation exceeding statutory requirements. While the packages may not match those of other multinationals like Microsoft, they are still notably more generous than typical Chinese business severance.

Commerce Secretary Howard Lutnick testified before Congress, indicating potential renegotiations of the Biden administration’s semiconductor subsidies under the CHIPS Act due to concerns of overgenerosity. The administration is reevaluating grants, aiming for better returns on investment, and hinting at cancellation of some deals. TSMC’s increased investment commitment is cited as a positive example. The industry anticipates the impact of revisions impacting future semiconductor independence.