Weekend Long Read: Hong Kong Bids Farewell to Legendary Investor and Transparency Advocate

All night robotaxis: WeRide Inc. has launched a 24-hour robotaxi pilot in its hometown of Guangzhou, which it said is the first time such round-the-clock services have been offered in a major Chinese city’s urban core. The vehicles will shuttle passengers between the city’s Baiyun airport, one of its railway stations and several landmarks. China’s robotaxi firms are inching closer to full commercialization as local governments around the country have continued to approve expansions of their services.

Urban renewal drive: China has unveiled a sweeping national initiative focusing on revitalizing aging neighborhoods and redeveloping underutilized land. A newly released policy document by the General Offices of the Communist Party and the State Council outlines objectives through 2030, aiming to enhance infrastructure, expand affordable housing, improve public services and modernize urban planning systems. Key tasks include renovating dilapidated housing, upgrading utilities, restoring ecological systems and preserving cultural heritage. The strategy emphasizes a project-driven approach aligned with spatial planning, seeking to convert low-efficiency land into hubs for housing and industrial development. By the end of 2024, China had launched more than 60,000 urban renewal projects, with investment totaling 2.9 trillion yuan ($402 billion).

Improved menu: On Friday, China’s Ministry of Commerce and the National Development and Reform Commission introduced new regulations aimed at revitalizing the restaurant industry. Taking effect on June 15, the updated measures add provisions to support sector growth, curb food waste and enhance safety standards. The rules ban restaurants from imposing minimum spending thresholds and require prompt responses to customer complaints. Officials emphasized the sector’s critical role in driving consumption, improving livelihoods and supporting employment, noting that dining revenue for 2024 reached 5.57 trillion yuan ($773 billion), over 11% of total retail sales.

Alibaba’s profits jump: Alibaba Group Holding Ltd. reported a sharp jump in profitability for the March quarter, driven by investment gains and improved operational margins. While revenue expanded by a modest 7% year-on-year to over 236 billion yuan, its net income rose 1,203% to nearly 12 billion yuan. In a press release, the company said its strong financials showed the success of its “user first, AI-driven strategy.” Last year, the company reset its business strategy after several years of dwindling growth.

Xiaomi chip launch: Xiaomi Corp. will later this month launch the Xring 01 mobile phone chip, which it developed in-house, according to the company’s founder Lei Jun. While the company hasn’t released any details about it, a Beijing government official previously said that Xiaomi had designed China’s first 3-nanometer system-on-a-chip for mobile phones. Xiaomi has been developing chips for around a decade, but its chips have so far been well behind the competition.