On March 12, 2025, NIO and XPeng saw significant gains at the Hong Kong market open, rising 7.49% and 5.49%, respectively. Alibaba's stock opened up 3.3%, while a strategic partnership was announced between Manus and Alibaba's Tongyi Qianwen. In the broader market, turnover on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) exceeded 1 trillion yuan for the 36th consecutive trading day. However, the Hang Seng Tech Index dropped over 2%, with Tencent Music falling 9%, and the Hang Seng Index declining by 1%. By the afternoon, all major indices in China turned positive, with the Shanghai Composite Index rising above the 3,400 mark for the first time since December 31, 2024. Additionally, Hesai Technology secured a multi-year exclusive deal with Mercedes-Benz to supply lidar sensors, marking the first instance of a foreign automaker utilizing Chinese-made technology for models sold outside of China. This development is expected to enhance the smart driving capabilities of Mercedes-Benz vehicles globally.