China's Data Bureau Explores Token-Based Subscriptions; XPeng Robot Raises $900M

This week's hard-tech investment landscape saw active moves. Shanghai released the application guide for the 2026 key technology R&D program 'Smart Computing Optical Network', a next-generation optical communication project, aiming to boost advanced optical tech development.

In capital activity, Guanglian Xinke completed a nearly 1 billion yuan Series A+ financing, while Changxin Technology fully exercised its over-allotment option from the IPO. XPeng Robot secured over $900 million in its first funding round, marking one of the week's largest deals.

On the policy front, Liu Liehong, head of the National Data Bureau, stated that new business models such as token-based value-added subscriptions and pay-for-performance should be explored around major national economic scenarios, offering fresh approaches for the data element market.