China's AI startup Zhipu completed a HK$31.4 billion (US$4 billion) H-share placement on July 13, pricing 19.78 million new shares at HK$1,588 each. In other major developments, Honor and Alibaba are set to announce a partnership focused on next-generation terminal operating systems with AI agent capabilities, while Xiaomi's humanoid robot achieved long-duration flexible workpiece operations in an auto factory for the first time.
Zhipu Completes HK$31.4 Billion H-Share Placement
Zhipu announced on July 13 that it had successfully placed 19.78 million new H-shares to at least six placees, representing about 4.25% of its enlarged issued H-share capital. The placement raised gross proceeds of approximately HK$31.411 billion, with net proceeds of about HK$31.375 billion. The company had previously disclosed plans to issue up to 19.78 million new H-shares.
Honor and Alibaba to Collaborate on AI Agentic OS
Honor will host a forum titled "From Digital Screen to Embodied Intelligence" at the 2026 World AI Conference on July 18. The company has confirmed that Kevin Kelly, a renowned futurist, will speak, and Alibaba Group Vice President Xu Zhuhong will also attend, sparking speculation about a partnership. Sources close to both companies revealed that Honor and Alibaba are expected to announce a major collaboration, likely focusing on the development of an Agentic OS for next-generation terminal devices, moving AI from a tool to a companion.
Xiaomi Robot Achieves Breakthrough in Auto Factory
On July 14, Xiaomi disclosed the latest progress of its humanoid robot's "internship" in an auto factory. After four months of iteration, the robot's success rate for bilateral operations at a self-tapping nut station improved from 90.2% to 98%, just 1 percentage point below human worker levels. The robot also unlocked two new tasks—center console side cover sorting and bin folding recycling—both achieving 90% success rates. The center console side cover sorting station marked the first time a robot achieved long-duration continuous operation with flexible workpieces in an auto factory.
Major Companies Report Strong Earnings
China Shenhua Energy expects first-half 2026 net profit to rise 6.9%-21.1% year-on-year to between RMB 26.3 billion and RMB 29.8 billion, driven by increased coal chemical, railway, port, and shipping volumes. China Life Insurance forecast a 215%-235% surge in first-half net profit to RMB 128.9 billion-RMB 137.1 billion, citing improved asset allocation and investment performance. Accelink Technologies projected a 50%-65.15% jump in first-half net profit to RMB 559 million-RMB 615 million, benefiting from AI-driven demand for optical modules and data center investments. Ganfeng Lithium expects to swing to a first-half net profit of RMB 3.65 billion-RMB 4.6 billion, versus a loss of RMB 531 million a year earlier, thanks to higher lithium salt prices and growing energy storage demand.
Meta Plans $50B+ Data Center in Louisiana
Meta announced on July 13 that it will significantly expand its "Hyperion" data center supercluster project in Richland Parish, Louisiana, increasing planned capacity to 5 GW with an estimated total investment exceeding US$50 billion. Analysts noted that Meta, along with Microsoft, Google, and Amazon, is accelerating global AI infrastructure deployment amid the AI investment boom.
Tencent Cloud Slashes AI Retrieval Pricing
Tencent Cloud announced that from July 27, 2026, it will cut prices for its Data万象 MetaInsight intelligent retrieval service: scalar retrieval drops from RMB 2 to RMB 0.04 per 1,000 queries, hybrid retrieval from RMB 5 to RMB 0.08 per 1,000 queries, and scalar storage from RMB 0.06 to RMB 0.04 per 1,000 items per month.
De Beers to Halt South Africa's Largest Diamond Mine
De Beers announced on July 13 that it will suspend production at its Venetia diamond mine in Limpopo province, South Africa, for two years to cut costs. The mine accounts for about 40% of South Africa's annual diamond output and has been operating for over 30 years. The company said other mines will maintain current production levels, and overall production guidance remains unchanged. Since 2024, De Beers has reduced annual management expenses by over US$100 million and sold or closed some non-core assets.
Funding Rounds
Desktop CNC machine maker Qisu Technology closed nearly RMB 100 million in angel funding from investors including SenseTime Guoxiang, Shouxing Technology, Quanshixin, and Qiji Chuangtan. The funds will support R&D, production, and marketing of desktop CNC hardware and software. Xinqi Robot completed an A+ round within six months of its first market fundraising, with investors including Matrix Partners, Wofu Ventures, Yunhui Capital, Thick Snow Capital, Synstellation Capital, and strategic investors such as Zhiyuan Robot and福然德, as well as state-backed funds. Spatial intelligence firm Dayan Technology raised tens of millions of RMB in angel funding led by Songhe Capital, with participation from Zhejiang Provincial Financial Holdings and Guangzhou Panyu Innovation Fund, to develop tactile large models and robot data production lines.
Bilibili Launches AI Creation Contest Coin Ranking
Bilibili launched the "Build in Bilibili AI Creation Open Contest" coin ranking on July 14. Within a month of launch, nearly 5,000 creators submitted entries, and daily searches for "vibe coding" surged sixfold. Notably, about half of the top 10 coin-ranked creators have fewer than 10,000 followers and no professional development experience, while two to three spots are held by startup teams.
Miniature Brain Implant Uses Temperature to Modulate Neural Activity
Researchers at Korea University College of Medicine developed a novel brain implant that uses temperature to bidirectionally regulate neural activity, offering new possibilities for next-generation brain-computer interfaces and neurological disease treatments. The study was published in the journal Science Advances.
Quant Firms Dismiss 'Korea Factor' Rumor
A market rumor on July 13 claimed that Chinese quant strategies had incorporated Korean tech stock trends into factor models, causing cascading effects in A-share tech sectors. Multiple leading quant firms refuted this. A quant fund with over RMB 20 billion in assets called the rumor "nonsense from outsiders," noting that few top quant firms use Korean data. Another firm said relying on overseas tech stocks would lead to negative alpha long-term. They attributed recent A-share adjustments to global market correlations and high crowding in tech assets, adding that valuations remain reasonable with limited downside.
California Launches EV Subsidy to Counter Federal Cuts
California Governor Gavin Newsom signed SB 168 on July 13, launching a new zero-emission vehicle instant rebate program. The state will allocate US$135.5 million, with automakers required to match funds, creating a total of about US$270 million in subsidies for first-time EV buyers. The program offers instant rebates at the point of sale, bypassing the need for later tax refunds, in response to the federal government's cancellation of EV tax credits.