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Dora Zhang

Editor covering China's business and technology, focused on AI, electric vehicles, autonomous driving, and robotics, tracking industry developments, innovation, and market dynamics.

Alibaba's Qwen3.7-Max Tops China AI Rankings, Closes Gap With Claude and GPT in Agentic Benchmarks

Alibaba latest flagship model claims the top spot among domestic large language models, delivering benchmark scores that rival Anthropic's Claude and OpenAI's GPT while demonstrating autonomous task execution capabilities that could reshape enterprise AI deployment economics. The model, unveiled May 20 at the 2026 Alibaba Cloud

Goldman Sachs Keeps Buy on MiniMax as ARR Doubles in Two Months, M3 and Hailuo 3 Set to Test Monetization Ceiling

Goldman Sachs reaffirms a HK$1,000 price target on MiniMax Group (0100.HK) — implying 25% upside from current levels — after the Hong Kong-listed AI model company disclosed that April annualized recurring revenue surged 100% versus February, with API revenue now commanding more than half of total sales, a

Alibaba-Backed Optical Module Firm Tests HK IPO Market as AI Price Wars Squeeze Margins

Beijing Haiguang Xinzheng Technology, a silicon photonics optical module manufacturer backed by Alibaba and Xiaomi, has filed for a Hong Kong initial public offering, testing investor appetite for Tier-2 AI infrastructure plays grappling with severe margin compression. The filing, marking the company’s third attempt at a public listing

ChinaBiz Briefing | Baidu’s AI Milestone, EV Price War Stalls, and Tech IPO Reality Checks

Today’s developments across China’s technology landscape highlight a definitive shift from growth-at-all-costs to margin preservation and commercial viability. Whether it is automakers quietly ending a brutal EV price war, Baidu crossing a historic AI revenue threshold, or deep-tech IPOs facing scrutiny over profitability, the

Insta360 Hits RMB 9.7B Revenue—But Its Core Market Is Only a RMB 6B Pond

Insta360 delivered its strongest revenue year on record in 2025, but a forensic look at market-size data and competitive share shifts reveals a company outgrowing the very pond it dominates—a structural tension that its roughly 80x price-to-earnings valuation on China's STAR Market cannot indefinitely

Pop Mart Deliberately Pumps the Brakes on Its Own Hypergrowth

Pop Mart is doing something almost unheard of in China's consumer sector: voluntarily decelerating at the peak of its momentum, betting that restraint today is worth more than a revenue spike tomorrow. The Beijing-based designer toy company set its 2026 revenue growth target at approximately 20%—a

China EV Price War Stalls as Surging Supply Chain Costs Squeeze Profit Margins

After a brutal two-year price war that reshaped the global automotive landscape, China’s electric vehicle manufacturers are quietly reversing course in mid-2026, driven by a margin-crushing cocktail of surging raw material costs, expensive autonomous driving silicon, and fading government subsidies. More than 15 automakers, including Tesla,

China's First Private Satellite IPO Candidate Reveals a Low-Margin Engineering Business Beneath Its High-Tech Halo

Beijing Minospace Technology files for STAR Market listing at a RMB 7.5 billion valuation, but three years of cumulative losses totaling RMB 1.09 billion and a core product gross margin of just 5.05% expose the structural tension between orbital ambition and earthbound economics. The Shanghai Stock Exchange

Tencent Cements Mobile Gaming Dominance as Chinese Publishers Capture 43% of Global Revenue

Chinese mobile game publishers accounted for nearly half of the world's top-grossing mobile revenues in April 2026, generating approximately RMB 16.2 billion (US$2.25 billion) as industry titans leverage aggressive live-operations and casual-strategy exports to offset broader macroeconomic headwinds. Data released by market

Deep Robotics Files $347M STAR Market IPO as Industrial Quadruped Sales Drive Profitability

Hangzhou Deep Robotics is seeking to raise RMB 2.5 billion (US$347.2 million) in a Shanghai STAR Market initial public offering, leveraging its 2025 transition to profitability to test public market appetite for embodied artificial intelligence. The Shanghai Stock Exchange accepted the company’s application on May 18,