[Overview]: Elon Musk's Neuralink Secures 650 Mn USD in Series E Funding；China Implements Visa-Free Policy for Citizens of Brazil and Four Other Countries；CHAGEE: Accelerates Global Expansion, Overseas Market GMV Grows 85.3% Year-on-Year in 2025 NIO: Reports Q1 Revenue of 12.03 Bn CNY, Up 21.5% YoY, but Net Loss Continues to Widen；Pop Mart: Labubu Drives Stock Price to New Peaks, Market Value Surpasses HKD 310 Bn
Event Highlights & Commentary
1. Elon Musk's Neuralink Secures 650 Mn USD in Series E Funding
【Event】On June 2, Elon Musk announced via social media that his brain-machine interface startup, Neuralink, has successfully raised 650 million USD (approximately 4.68 billion CNY) in Series E funding. Investors in this round include ARK Invest, Founders Fund, Sequoia Capital, and others.
Neuralink is a neurotechnology company co-founded by Elon Musk with the primary goal of developing implantable brain-machine interface (BMI) technology. The company aims to read and stimulate neural signals by implanting microchips and motor technologies in the human brain to treat various neurological disorders such as Parkinson's disease and Alzheimer's. Beyond medical applications, Neuralink also hopes its technology will lay the foundation for a comprehensive integration between the human brain and artificial intelligence, enhancing human brain capabilities.
Neuralink's first product, named "Telepathy", consists of 64 wires thinner than a human hair that are directly inserted into the brain to record neural signals. These signals can be converted into commands for external devices, allowing users to control digital or physical devices using their thoughts. The primary objective of this technology is to assist individuals with severe paralysis in regaining some degree of independence. So far, five patients have undergone the implantation procedure, and Neuralink is simultaneously advancing four clinical projects to validate the feasibility of Telepathy.
In addition, Neuralink’s "Blindsight" implant received breakthrough device designation from the U.S. Food and Drug Administration (FDA) in September 2024. The implant works in conjunction with the brain’s visual cortex to stimulate neurons and create visual images, helping to restore sight for blind individuals at low resolution. In the initial stage, the implant will provide low-resolution vision, but in the future, the technology may expand human sensory boundaries, including the ability to see infrared and ultraviolet light.
Brain-machine interfaces are not a unique concept to Neuralink, as the academic community has been researching this technology for decades. Apart from Neuralink, several other companies, such as Synchron, Paradromics, and Precision Neuroscience, are actively developing similar technologies. Paradromics also announced on Monday that it had successfully implanted its brain-machine interface system in a human for the first time, marking further intensification of the competitive landscape.
On a global scale, China is also accelerating its strategy for brain-like intelligence. The wireless brain-machine interface NEO, developed by Tsinghua University in collaboration with Neuracle, has entered clinical trials and helps paralyzed patients control robotic arms. Additionally, the "Beinao No.1" smart brain-machine interface system, jointly developed by the Chinese Institute for Brain Research, Beijing and NeuCyber NeuroTech, has completed the first three human implants, with the patients recovering well post-surgery. Formal clinical trials are planned for next year.
【Comment】Despite significant progress in brain-like intelligence globally, the commercialization of brain-machine interface technology still has a long road ahead. From clinical trials to widespread application, challenges such as safety, ethical controversies, regulatory reviews, and user acceptance must all be overcome for the technology to become widely adopted.
2. China Implements Visa-Free Policy for Citizens of Brazil and Four Other Countries
【Event】Starting June 1, China implements a visa-free policy for ordinary passport holders from Brazil, Argentina, Chile, Peru, and Uruguay. Under this policy, from June 1, 2025, to May 31, 2026, citizens of these five countries can enter China for business, tourism, visiting relatives and friends, cultural exchanges, or transit purposes for up to 30 days without the need for a visa.
This marks the first time that China's visa-free policy has been extended to countries in Latin America and the Caribbean. As of now, the number of countries eligible for China's unilateral visa-free policy has expanded to 43.
China's unilateral visa-free policy has attracted a large number of foreign visitors, significantly boosting the development of the cross-border tourism industry. Since December 2023, China has introduced unilateral visa exemptions for countries including France, Switzerland, New Zealand, Portugal, and Slovakia. In 2024 alone, the number of foreign visitors entering China through the visa-free policy reached 3.39 million, marking a 1200.6% increase compared to the previous year. Nearly 60% of these foreign visitors came for trips, and according to the The People's Republic of China Shanghai Exit-Entry Frontier Inspection Station, about 1.15 million foreign travelers entered China through the visa-free policy at the Shanghai port, accounting for roughly 50% of the total number of inbound foreign visitors, with a 2.4-fold increase year-on-year. Inbound tourism has helped drive spending in food, accommodation, transportation, shopping, entertainment, and other tourism-related services, contributing to the growth of cross-border service consumption, cultural experience economy consumption, and the upgrading of tourism consumption structures.
Moreover, the unilateral visa-free policy also presents an opportunity to challenge longstanding Western biases toward China. This policy sends a message to the world that China is an open and inclusive country, eager to welcome people from around the globe to experience its culture and charm. It provides foreigners with an opportunity to gain deeper insights into China, while laying the foundation for future economic cooperation.
【Comment】It is worth noting that the implementation of this visa-free policy comes at a time when Western countries, particularly the United States, are pushing for a “decoupling” strategy. In recent years, the U.S. has attempted to weaken China’s international influence through trade wars and high-tech blockades, while China's visa-free policy is clearly a form of “soft diplomacy” in response—using an open stance to attract neighboring countries, foster regional cooperation, and weaken the effectiveness of Western blockades. Relying solely on tourism is clearly not enough to support long-term economic cooperation, and in the future, China may need to explore deeper forms of cooperation, such as promoting tax incentives and technological innovation collaborations, to further expand the depth and breadth of its economic openness.
3. CHAGEE Accelerates Global Expansion, Overseas Market GMV Grows 85.3% Year-on-Year in 2025
【Event】On May 30, CHAGEE (NASDAQ: CHA) released its first earnings report since going public. According to the report, for the first quarter of 2025 ending March 31, CHAGEE’s total GMV reached 8.23 billion CNY, a 38% increase year-on-year. Total net revenue reached 3.39 billion CNY, up 35.4% compared to the previous year, and net profit was 677 million CNY, an increase of 13.8%. The number of registered members on its mini-program surpassed 190 million.
(Source: CHAGEE 2025 Q1 Financial Report)
Additionally, the company’s overseas market performance was notable. As of March 31, CHAGEE’s total GMV from overseas markets reached 178 million CNY, an 85.3% year-on-year increase. The number of overseas stores grew by 13, bringing the total amount to 169, with 157 stores located in Malaysia, 10 in Singapore, and 2 in Thailand.
The expansion of overseas business is considered one of the new growth points for the tea beverage industry and a key development focus for CHAGEE. In 2018, the company established its overseas business department in its second year and chose Southeast Asia as the first step in its global expansion. In 2019, CHAGEE opened its first store in Malaysia, marking the beginning of its global journey. In the same year, the company expanded into the Singapore and Thailand markets. In August 2024, CHAGEE opened three stores in Singapore, with the first three days attracting more than 10,000 visitors. On April 11, 2025, CHAGEE opened its first flagship store in Jakarta, Indonesia, where more than 11,000 cups were sold within the first three days. In May, CHAGEE formed a strategic partnership with hotel giant Magma in Malaysia, with plans to open 300 new stores across the country over the next three years.
After securing a foothold in the Southeast Asian market, CHAGEE quickly turned its attention to mature markets in Europe and the Americas. In 2023, the brand began a two-year market research phase in the United States. In July 2024, it established a localized team and chose Los Angeles as the site for its first North American store. In April 2025, CHAGEE officially opened its first North American store at the popular Westfield Century City mall in Los Angeles. On the opening day, the store sold more than 5,000 cups.
The global expansion strategy helps CHAGEE reduce its reliance on any single market while creating new growth opportunities and effectively responding to market uncertainties. Although the overseas business, which is still in its growth phase, remains in a loss-making position, it has shown potential for consumer demand and profitability in certain markets. Huang Hongfei, the global CFO of CHAGEE, stated that, at this stage, the company is more focused on quality and key performance indicators rather than merely pursuing rapid expansion when opening new overseas stores.
CHAGEE, founded in 2017, aims to present tea lovers with fresh-made quality oriental tea that is "refreshing, healthy, and low in calories and sugar". Its brand philosophy is “Connecting the world through tea”.
【Comment】In recent years, as new tea beverage companies gradually accumulate brand experience and supply chain capabilities, "Chinese tea" has gained recognition in global markets. However, the “going global” strategy places higher demands on a company's supply chain, organizational management, business model, and cultural adaptability. The local policy environment and the counteractions from local brands also present challenges for “going global” companies. Whether CHAGEE’s overseas business can continue to grow remains to be seen.
4. NIO Reports Q1 Revenue of 12.03 Bn CNY, Up 21.5% YoY, but Net Loss Continues to Widen
【Event】On June 3, Chinese EV maker NIO officially released its financial results for the first quarter of 2025. According to the report, NIO generated total revenue of 12.035 billion CNY in Q1, marking a year-on-year increase of 21%, though representing a quarter-on-quarter decline of 38.9%. Gross profit reached 920 million CNY, up 88.5% YoY, but down 60.2% QoQ. The gross margin stood at 7.6%, up 2.7 percentage points YoY but down 4.1 percentage points QoQ.
（Source: NIO Q1 2025 Financial Report）
NIO’s Q1 losses raise concerns. The report reveals a net loss of 6.75 billion CNY, up 30.2% from the same period last year, with a loss per share of 3.29 CNY. Even excluding share-based compensation, the adjusted net loss still reached 6.28 billion CNY, reflecting a 28.1% increase year-on-year. In addition, NIO’s shareholder equity fell into negative territory at -272 million CNY, signaling a critical juncture where continued operations may increasingly rely on external financing.
Nevertheless, NIO’s management expressed confidence in the company’s liquidity. CFO Qu Yu noted that NIO has already implemented several cost-control measures in Q1 and expects continued progress in operational efficiency in Q2. Management further stated that existing cash reserves are sufficient to support operations for the next 12 months.
In overseas markets, Autocar reported on June 3 that NIO has confirmed its entry-level EV model, the Firefly, will be launched in Europe, with sales in the UK expected to begin soon. The compact EV, which debuted in China this April, starts at approximately 12,500 GBP (roughly 122,000 CNY). May marked its first full month of sales, with 3,680 units sold, making it a key driver behind NIO’s 13.1% YoY sales growth that month. NIO President Qin Lihong stated that a right-hand-drive version for the UK market will be available before October.
NIO is aggressively expanding its footprint in Europe, with plans to enter 16 new overseas markets this year, seven of which are confirmed to be European countries—Austria, Belgium, Czech Republic, Hungary, Luxembourg, Poland, and Romania. However, the Firefly’s reception in these markets remains uncertain due to diverse consumer preferences and regulatory environments.
Founded in November 2014, NIO designs, develops, manufactures and sells smart electric vehicles, driving innovations in next-generation core technologies. NIO provides premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand.
【Comment】Currently, the new energy vehicle market is entering its maturity stage, and market competition is gradually shifting towards a battle for existing market share. For NIO to achieve its profitability goals as planned, the key lies not only in enhancing its product competitiveness but also in maintaining a pragmatic attitude, shifting towards refined operations, and finding a path for sustainable development.
5. Pop Mart: Labubu Drives Stock Price to New Peaks, Market Value Surpasses HKD 310 Bn
【Event】On June 3rd, Chinese trendy toy brand Pop Mart reached a historic high in its stock price, touching HKD 235.6 per share, with its market value surpassing HKD 310 billion for the first time.
The recent surge in Pop Mart's stock price is closely linked to the global success of its original IP, Labubu. At the end of April this year, Labubu 3.0 was officially released, sparking a global buying frenzy. On April 25th, the POP MART app topped the shopping chart in the U.S. App Store; by May, the search popularity of Labubu surpassed that of the classic IP, Hello Kitty. JPMorgan forecasts that sales of the MONSTERS series will rise from HKD 3 billion to HKD 14 billion in the next three years, with overseas market growth reaching 152% this year. By 2027, Pop Mart’s overseas revenue is expected to account for 65% of total sales.
Source: Pop Mart Official Website
Represented by Labubu, Pop Mart is making strong progress in international markets. Pop Mart's journey abroad began in 2018 and has since expanded to 23 overseas countries and regions, including South Korea, Japan, and Singapore, with physical stores now open in the U.S., U.K., Canada, and New Zealand.
According to the Q1 2025 report, overseas revenue increased by 475% year-on-year. The Americas region saw the fastest growth, followed by Europe, emerging as new performance drivers after the Asia-Pacific market. As of May 29th, Pop Mart's market value surpassed HKD 300 billion, with its stock price soaring from HKD 16 at the beginning of 2024 to over HKD 200 by May 2025, marking a tenfold increase.
Source: Pop Mart Q1 2025 Latest Business Update Announcement
Founded in 2010, Pop Mart is a Chinese trendy cultural and entertainment brand, with a business scope that includes global artist discovery, IP incubation and operations, consumer engagement, promotion of trendy toy culture, and innovation in business incubation and investment. Currently, Pop Mart’s global success may signify the emergence of a new global IP ecosystem led by Chinese companies.
【Comment】JPMorgan notes that Pop Mart's core competitiveness lies in offering "affordable enjoyment" and "real-time emotional connection." Pop Mart's success validates the shift in consumer logic in the post-materialistic era—consumers are not only buying physical toys but also emotional projections, community belonging, and social currency.