DeepSeek Fundraising: China’s AI darling DeepSeek is reportedly set to raise about 50 billion yuan (~US$7.4b) in its first round, with Tencent and CATL among the biggest backers, valuing it at roughly 350–400 billion yuan. Hong Kong AI Research: HKUST and CalmCar have signed on to create a Physical AI Innovation Center aimed at full-stack physical AI for robotics, autonomous driving and smart manufacturing. Workplace Tech in HK: HR and IT leaders are pushing for more reliable, secure, and “AI-ready” workplace devices, arguing hardware reliability and security directly shape employee experience. HK Markets & Flows: Chinese investors are pulling money out of Hong Kong-listed stocks in record fashion as they rotate toward mainland AI-linked shares; Goldman also trimmed its view on H shares. Space & IPO Watch: SpaceX plans an IPO at a fixed $135 per share to raise about $75b, a move that could reshape how major tech listings price risk. HK–Central Asia Push: Chief Executive John Lee is touring Kazakhstan and Uzbekistan with a large delegation, positioning Hong Kong as a “super-connector” for trade, finance and tech services. China Outbound Rules: Beijing expanded outbound investment curbs to explicitly include individual investors, raising compliance pressure for tech founders and everyday investors. Real Estate Spillover: China’s property service firms are struggling to collect management fees as the housing slump drags on, threatening revenue and upkeep.