Manycore to list in Hong Kong
Manycore Tech Inc., a Chinese firm which operates what it claims is the world’s largest spatial design platform powered by artificial intelligence, launched its initial public offering Thursday and plans to list on the Hong Kong Stock Exchange on April 17 under the ticker 0068. The company aims to issue around 161 million shares globally at a maximum price of HK$7.62 apiece, expecting to raise up to HK$1.23 billion.
China enforces new pricing rules for internet platforms
China’s market regulator, top economic planner and cyberspace administration held a joint compliance meeting on Wednesday to guide internet platforms in implementing the new Internet Platform Pricing Behavior Rules, which took effect Friday. Authorities emphasized that companies must regulate subsidy practices, avoid vicious price competition and refrain from exaggerating discounts. Platforms are also prohibited from interfering with the independent pricing rights of merchants on their sites or forcing them to participate in promotional events.
Douyin refers over 50 employees to police in anti-graft sweep
ByteDance Ltd.’s Chinese short-video hit Douyin Group reported Thursday that it has handed over more than 50 employees to judicial authorities in 2025 for suspected criminal offenses. The company internally disciplined staff in 24 cases involving commercial bribery, fraud and embezzlement across its e-commerce, local services and advertising units. The offenses primarily involved employees abusing their positions to favor suppliers or secure illicit benefits for agents in exchange for kickbacks. Douyin has permanently blacklisted 23 partner companies involved in these cases.
Satellite maker Spacety raises 1.3 billion yuan
Chinese commercial satellite developer Spacety Co. Ltd. has raised 1.3 billion yuan ($190 million) in equity financing to scale up production as it advances plans for an initial public offering. The multi-round fundraising drew participation from institutional investors including Wuxi Liangxi Sci-Tech Innovation Phase II Fund, Turing Ventures, Puhua Capital, China Reform Securities Capital Co. Ltd., and Xiangjiang State Capital Investment, the company said Thursday. The fresh capital will be used to optimize manufacturing technologies for mass production, lower costs and accelerate commercialization of satellite data services across industries.
