Xiaomi Group (01810.HK) announced Xuanjie D100, described as China’s first domestically developed 3nm high-compute autonomous-driving AI chip. The chip uses a 3nm process, pairs a 20-core CPU with a 16-core high-compute NPU, supports up to 160GB unified memory and can locally host 200B-parameter models. Xiaomi says development is complete and commercial deployment is planned for next year.

FTSE China A50 index futures extended losses to 1%.

Michael Burry, the investor known as the 'Big Short', said Alibaba is overvalued and has sold his entire Alibaba (BABA.N) stake, reallocating into JD.com (JD.O). He had planned to repurchase most Alibaba shares in one to two months but has changed plans; he said he will not be interested unless Alibaba's share price falls by about 50%. Burry also said he does not support Alibaba's rights issue to raise roughly HKD80 billion to fund AI investment.