--- date: 2026-06-01 subject: "State Council tightens outbound investment | Shanghai 15FYP names industrial software | MiniMax files STAR IPO" --- **The State Council issued outbound investment regulations** on June 1 covering corporate overseas investment, financing, M&A and personal asset allocation, with sensitive industries facing export restrictions on goods, technology, data and services, and penalties including a 5% to 10% multiplier on investment principal plus market bans of 1 to 3 years for serious cases. **MiniMax moved toward a STAR Market listing** after its board on May 31 resolved to study an A-share issuance, following a May 29 tutoring agreement with CITIC Securities, while its Hong Kong shares closed at HK$840 that day, up over 400% from the January 9 IPO price of HK$165. **Shanghai released its 15th Five-Year Plan** for the service industry on June 1, targeting about 3 trillion yuan in 2030 software and information services revenue with value-added above 1 trillion yuan, and prioritizing breakthroughs in industrial software and basic software alongside AI integration across the software lifecycle. # 1. Top Stories - **State Council issues outbound investment regulation covering institutions and individuals** — The State Council promulgated regulations on outbound investment on June 1, covering corporate overseas investment, financing, M&A and personal overseas asset allocation, per Huxiu reporting on the official text. Sensitive industries face explicit export restrictions on goods, technology, data and services. The penalty structure applies a 5% to 10% multiplier on the investment principal with full disgorgement of returns, and market bans of 1 to 3 years for serious or uncooperative cases. Applications under review at the time of issuance are expected to require fresh review, with individual outbound investment management to be governed by separate forthcoming rules. [Huxiu](https://www.huxiu.com/article/4863361.html) - **MiniMax files for STAR Market listing as M3 flagship launches** — MiniMax (00100.HK) board on May 31 resolved to study an issuance of RMB-denominated A-shares for the STAR Market, Caixin reported, following a tutoring agreement signed with CITIC Securities on May 29. Hong Kong shares closed at HK$840 that day, up over 400% from the January 9 IPO price of HK$165, for a market capitalization of about HK$260 billion. MiniMax released its M3 multimodal flagship on June 1, with claimed 1M-token context, agentic capabilities, coding and native multimodal processing in a single architecture per Pandaily. The Hong Kong stock peaked at HK$1,238 on March 18 for a market capitalization of about HK$390 billion. [Caixin](https://www.caixin.com/2026-06-01/102449721.html) [Pandaily](https://pandaily.com/minimax-m3-model-2026) - **Shanghai 15FYP names industrial and basic software as breakthrough priorities** — Shanghai Municipal Commission of Economy and Informatization deputy director Ge Dongbo presented the 15th Five-Year Plan for the Service Industry at a June 1 press conference, ITHome reported. The plan targets about 3 trillion yuan in 2030 software and information services revenue, with value-added above 1 trillion yuan. Shanghai will concentrate efforts on underlying core technology breakthroughs in industrial software, basic software and related fields. The plan applies AI across the software lifecycle covering requirements analysis, code generation and test validation, and names "Agent-as-a-Service" and "Result-as-a-Service" as emerging business models. [ITHome](https://www.ithome.com/0/958/152.htm) [govt] - **Multi-ministry "Scan-to-Fly" pilot designates dedicated drone airspace in Shanghai and Sichuan** — The Central Air Traffic Management Office, together with the NDRC, the Ministry of Public Security and the Civil Aviation Administration of China, designated fixed dedicated airspace within drone-controlled airspace in Shanghai and Sichuan Province, Jiemian News reported via a Xinhua bulletin. The framework places civil drone airspace under cross-ministerial coordination rather than Civil Aviation Administration management alone. The initiative adopts a "government coordinated management, industry guidance and supervision, user fly-on-demand" operating model branded "Scan-to-Fly." [Jiemian News](https://www.jiemian.com/article/14515551.html) [state media] - **Unitree's STAR Market listing committee hearing scheduled for June 1** — Unitree Robotics' STAR Market listing committee hearing is set for June 1. Huxiu views approval as highly likely, citing the November 2025 closure of Silicon Valley humanoid startup K-Scale Labs and the unprofitability of listed UBTECH and unlisted Lejoy as evidence of sector strain. Q1 2026 revenue rose 68.49% year over year to 423 million yuan, while deducted net profit fell 52.55% year over year to 40.25 million yuan from 84.84 million yuan a year earlier. [Huxiu](https://www.huxiu.com/article/4863274.html) # 2. AI & Foundation Models - **SenseTime releases SenseNova U1 open-source multimodal model with VAE-less architecture** — SenseTime released SenseNova U1, an 8 billion parameter model with a NEO-unify architecture that removes the variational autoencoder used in Stable Diffusion-class diffusion models and models language and vision end-to-end at the pixel layer, Leiphone reported. The model is open-sourced under Apache 2.0 with commercial use permitted, and reached more than 1,500 GitHub stars and HuggingFace trending in the first weeks after release. Released variants include 8-step inference, LoRA fine-tuning, GGUF quantization and a low-VRAM layer-offload inference mode. [Leiphone](https://www.leiphone.com/category/industrynews/hBRYpm9vvt6sWbhJ.html) - **Moore Threads open-sources MTClaw agent framework with claimed 7x execution speedup** — Moore Threads open-sourced MTClaw, an AI agent framework for desktop control scenarios that the company says boosts single-task execution speed approximately 7 times with a success rate up to 100% in disclosed tests, CSDN AI reported. The framework inserts a "front desk assistant" layer running a lightweight model and a Function Router between agent operations and the backend large model, deferring routine actions to local execution. Full code, evaluation data and plugins are published on Moore Threads' GitHub repository and the OpenClaw ClawHub plugin marketplace. [CSDN AI](https://blog.csdn.net/csdnnews/article/details/161597421) - **iFlytek reports Q1 2026 net loss as overseas revenue rises 167%** — iFlytek Q1 2026 revenue rose 13.23% year over year to 5.274 billion yuan, with contract value up 28.16% and overseas revenue up 167%, Huxiu reported citing disclosed financials. Q1 net loss attributable to shareholders was 170 million yuan, non-GAAP net loss was 430 million yuan (down 88.58% year over year), and operating cash flow was negative 1.069 billion yuan (down 50.06% year over year). The gap reflects iFlytek's half-finished position in consumer hardware, the Spark large model's limited consumer user base, and DeepSeek and Huawei competition in the enterprise channel. [Huxiu](https://www.huxiu.com/article/4863390.html) # 3. Chips & Semiconductors - **ByteDance reportedly to procure millions of Qualcomm ASICs for AI agent inference** — ByteDance plans to procure millions of Qualcomm ASIC chips for AI data centers supporting its AI Agent software, with Qualcomm shares moving up roughly 5% on the news, Huxiu reported citing foreign-media coverage. The deal will reportedly help advance an internal ByteDance chip design into a mass-producible semiconductor product. ByteDance did not respond to requests for comment. [Huxiu](https://www.huxiu.com/article/4863374.html) - **Huawei nova 16 line launches with Kirin 9010S processor** — Huawei nova 16, nova 16 Pro and nova 16 Ultra all use the Kirin 9010S processor, ITHome reported from the company's June 1 launch event. The phones use an ice-bridge cooling architecture that the company says improves thermal conductivity by 25%. Kirin 9010S paired with HarmonyOS 6.1 delivers a 10% overall performance improvement and supports 120fps in major MOBA mobile games, per the launch announcement. [ITHome](https://www.ithome.com/0/958/179.htm) # 4. Robotics & Autonomous Systems - **Jianzhi Robotics raises hundreds of millions of yuan from Ant Group and Didi for embodied AI data infrastructure** — Jianzhi Robotics closed multiple consecutive funding rounds totaling hundreds of millions of yuan for its embodied AI data infrastructure business, Leiphone reported. The rounds were co-led by Ant Group, Didi and DLG Capital, with follow-on participation from Shunwei Capital, Baidu Ventures and Jiuzhi Intelligent. The company markets a perception matrix of six 200-megapixel RGB cameras with sub-1ms multi-device synchronization for high-fidelity human-skill data capture, and reports cumulative orders for its Fingers, Dex and Gripper hardware series exceeding 10,000 units. [Leiphone](https://www.leiphone.com/category/industrynews/QrM9kQS2werl2oJO.html) - **Agibot integration with Swancor sparks A-share speculative trading** — Agibot (Zhiyuan Robotics) founder Peng Zhihui, the engineer known as Zhihui Jun, led the company's integration with Swancor (688585.SH), with the listed company's stock becoming the hottest speculative name on the A-share market following the integration, TMTPost reported. Agibot's value extends beyond founder Peng Zhihui, framed against the embodied AI capital frenzy. Agibot/Zhiyuan separately released the tau0-WM open-source embodied world model on May 31. [TMTPost](https://www.tmtpost.com/8009907.html) - **Li Auto adds three embodied intelligence sub-departments inside foundation model division** — Li Auto's foundation model division completed an organizational restructuring, adding Embodied Engineering, Embodied Interaction and Embodied Behavior as three new sub-departments, ITHome reported citing National Business Daily sources. Autonomous Driving has been carved out as a separate sub-department. CEO Li Xiang has framed autonomous driving as the "first half" and general-purpose humanoid robots as the "second half" of embodied intelligence, and on the Q1 earnings call estimated humanoid robot commercialization at industrial scale would require at least three years. [ITHome](https://www.ithome.com/0/958/264.htm)