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Leo Pang

DeepSeek Posts 10x Revenue Surge, 82.9% API Margin as Valuation Nears $70B

DeepSeek is demonstrating that China's most closely watched AI startup can generate Silicon Valley-grade unit economics at a fraction of Western rivals' scale, with new financial disclosures showing an 82.9% gross margin on its API business even as it closes in on a second fundraising

Li Auto’s Q2 Margin Halves as In-House Tech Bet Deepens

Li Auto delivered a rare combination on Tuesday: a top-line beat and a bottom-line implosion, as China's premium EV maker reported Q2 2026 gross margins that were nearly halved year-on-year and issued forward guidance that fell as much as 22% short of Wall Street&

Sugon’s Q2 Profit Jumps 226% as AI Growth Tests Cash Conversion

China Sugon Information Industry (603019.SH) posted its strongest quarterly profit acceleration in recent memory for H1 2026, with Q2 net income leaping 226% sequentially—yet a near-doubling of inventory to RMB 67.92 billion (US$9.43 billion) and a still-negative operating cash flow signal that the

Why China's Tech Giants Are Selling Off Their Gaming Assets

Alibaba and ByteDance have exited major gaming investments. Here's the structural logic behind the retreat — and what it reveals about where Chinese tech is heading. What Is Happening? Two of China's largest internet conglomerates have divested significant gaming assets within a short window of time. Alibaba

Alibaba's Wan3.0 Reframes AI Video Competition Around Industrial Output, Not Visual Spectacle

Alibaba has commercially launched Wan3.0, its third-generation AI video model, setting a new competitive benchmark that prioritizes consistency and throughput over single-frame aesthetics—a pivot that could accelerate displacement of human labor across China's short-drama, advertising, and enterprise content industries. The model went live

XPeng’s $900M Robotics Raise Signals a New Phase in China’s Embodied AI Race

XPeng has completed a record-breaking fundraise for its humanoid robotics subsidiary, drawing simultaneous backing from China's two largest internet rivals and setting a new benchmark for private capital deployment in the country's embodied AI sector. The robotics unit, operating under Dogotix closed its Series A

China's AI Healthcare Market: A ¥150B Industry Still Searching for a Business Model

What Is AI Healthcare — and Why Does It Keep Attracting Capital? AI healthcare refers to the application of artificial intelligence across the medical value chain: helping doctors read scans, accelerating drug discovery, guiding surgical planning, and managing chronic conditions at scale. In China, the sector has attracted successive waves of

China’s Mobile Gaming Surges as MiHoYo Jumps 71% and Publishers Capture 42.6% of Revenue

China's mobile gaming industry recorded a broad-based summer rally in July 2026, with 38 Chinese publishers collectively generating US$2.3 billion in global revenue — equivalent to 42.6% of the worldwide top-100 mobile publishers' combined earnings — as synchronized anniversary events and IP collaborations converted

From World Records to Real-World Deployment: Honor’s Humanoid Robot Faces Its Harder Test

A humanoid robot built by Shenzhen-based Honor has, in a single evening, rendered obsolete every major human speed benchmark from the 100-meter dash to the half-marathon—raising urgent questions about when lab-validated athletic performance translates into commercial-grade deployability. On the night of August 23, 2026,

ChinaBiz Briefing | Alibaba's AI Inflection, Pop Mart's Hangover, NetEase's Earnings Split

China's earnings season is delivering a consistent signal: AI investment is reshaping capital allocation across every major sector, while consumer-facing businesses face a harder reckoning with post-hype normalization. From Alibaba's cloud acceleration to Pop Mart's inventory overhang, the week's results