Weekend Buzz: 30-31 May 2026

Top News

Trump Fails to Announce Acceptance of Iran Deal on the Table

US President Donald Trump said in an online post on Friday that he was sitting in a meeting with top national security officials where he would make a final decision on a proposed framework for ending the war in Iran. When the two-hour meeting broke, no announcement was forthcoming. Financial markets bet that he will sign the agreement, with benchmark Brent crude futures closing the week at US$92.05 after rising as high as US$98 days earlier, and US equity markets ending at record highs.

According to US media, the agreement would extend a current ceasefire for 60 days, reopen the Strait of Hormuz without tolls, end the US naval blockade on Iranian ports, and commit Iran to talks on its enriched uranium over the next two months. The proposal also commits the US to discussing sanctions relief and the release of frozen Iranian assets. However, Iran's semi-official Tasnim news agency reported on Friday that no final understanding had been reached and Trump's statements were "in line with his usual pattern of making unilateral and egotistical statements."

The Trump administration took aim at longtime ally and security partner Oman, which borders the Strait of Hormuz, amid Iranian reports that both nations will manage transit through the waterway, including imposition of tolls. US Treasury Secretary Scott Bessent warned Washington will "aggressively" impose sanctions against Oman if it helps Iran, and Trump said, "Oman will behave or we'll have to blow them up."

Bezos Blue Origin Rocket Explodes on Launch Pad

A Blue Origin New Glenn rocket from the Jeff Bezos' commercial space venture exploded on the launchpad during a test on Thursday. No injuries were reported. Bezos, billionaire founder and executive chairman of Amazon, founded Blue Origin in 2020 as a rival to Elon Musk's SpaceX. The explosion cast some doubt on the NASA's timetable to land humans on the lunar surface again in 2028. Blue Origin has a US$188 million NASA contract to deliver rovers to the moon's surface using its uncrewed cargo lunar lander Mark 1.

Russian Drone Hits Romanian Apartment Block

A Russian drone struck a 10-story apartment building in NATO member Romania and exploded, injuring two people. The drone was reportedly aimed at a nearby Ukrainian port. NATO condemned the strike as a "reckless incursion." Romanian President Nicușor Dan said his government has ordered the Russian consulate in the Black Sea port of Constanța to close. Russian President Vladimir Putin questioned whether the drone was Russian. Russian drones have breached Romania's airspace 28 times since Moscow began attacking Ukrainian ports across the Danube River, but this is the first time injuries resulted.

China Warns EU on Trade Curbs

China on Friday warned against rising protectionism after reports the EU is drafting new measures to shield European industries from competition from China. Chinese Foreign Ministry spokesperson Mao Ning said China doesn't deliberately pursue a trade surplus with Europe. "Protectionism will only hurt European consumers and weaken the competitiveness of European industries," Mao said, adding that Beijing is closely monitoring developments and will take "necessary measures" to safeguard its legitimate interests.

Top Business

Innovent Signs US$10.5 Billion Cancer Drug Deal With Pfizer

Suzhou-based Innovent Biologics said it signed a US$10.5 billion deal with US drug giant Pfizer for 12 cancer drug trials, covering eight from Innovent and four from Pfizer, the South China Morning Post reported. Innovent said it will receive an upfront payment of US$650 million and is eligible for up to US$9.85 billion in payments tied to development, regulatory and commercial milestones. It will also receive double-digit royalties for each product that gains approval. Last year, Innovent formed a US$11.4 billion partnership with Japan's Takeda Pharmaceutical related to marketing of cancer drugs outside of China. The company earlier announced first-quarter revenue surged 50 percent to 3.8 billion yuan but didn't disclose profit figures.

SpaceX Valuation in Blockbuster IPO Lowered to US$1.8 Trillion

The valuation of Elon Musk's SpaceX from its initial public offering next month has been lowered to at least US$1.8 trillion from above US$2.5 trillion, Bloomberg News reported. The revaluation came after consultations with advisers and investors. The company's shares are expected to begin trading in June on the Nasdaq in what is expected to be the world's largest-ever public listing. The company hasn't disclosed a price-per share, but estimates of size of the proceeds have ranged as high as US$75 billion.

Anthropic Bumps OpenAI as Most Valuable AI Startup

US AI company Anthropic raised US$65 billion in a new funding round, surpassing OpenAI as the most valuable Silicon Valley AI startup, with a valuation of US$965 billion and heading toward the elite US$1 trillion club of tech companies. Anthropic, which developed the popular Claude coding assistant, has trebled its valuations since February. Both Anthropic and OpenAI are planning initial public offerings in the US.

Economy & Markets

Citic Securities to Raise US$2.4 Billion From Largest Stakeholder

Citic Securities announced a 794 million private share sale to major shareholder Citic Financial Holdings that is expected to raise about 16 billion yuan (US$2.4 billion). Citic Financial has pledged to hold the shares for a minimum four years. The sale will increase its stake in Citic Securities to 24 percent. Citic Securities currently operates branches in 13 countries.

Shanghai Futures Exchange Said to Be Designing AI Token Hedge Tool

The Shanghai Futures Exchange is designing a price-based hedging system for AI tokens, Reuters reported, as US exchanges are preparing to launch futures on graphics processing units tied to renting computing power for AI. All these derivatives are aimed at giving investors a way to hedge cost risks in AI development. Chinese brokerage Baocheng Futures estimates that China will debut the AI futures in three to five years. China sees AI as ‌a strategic ⁠sector and engine of growth, and is accelerating the development of a spot market for computing power, backed by data-center operators, AI models and others who use compute power.

Futu Says Mainland Clients Comprise 17 Percent of Managed Assets

Chinese mainland clients accounted for 17 percent of client assets under management and 20 percent of revenue of online brokerage Futu Holdings at the end of the first quarter, the firm said, following a Chinese regulatory crackdown that fined Futu, Tiger Brokers and Longbridge Securities for cross-border trading violations. Speaking on an earnings call, Chairman Li Hua reiterated that the firm will cooperate with regulators and adhere to all compliance requirements. It faces about US$271 million in fines and confiscated income. The Hong Kong-based Chinese firm reported a 61 percent plunge in first-quarter net profit to HK$831 million (US$100 million) on a 25 percent increase in revenue to HK$6 billion. Despite the regulatory headwinds, Futu maintained its full-year forecast of adding 800,000 new paying clients.

Corporate

BYD to Compensate Motorists for Assisted-Driving Accidents

BYD, China's largest electric carmaker, has addressed consumer concerns about safety of new energy vehicles by offering to compensate motorists for direct losses caused by accidents while using its urban navigation-assisted driving system. Under the new program, BYD said users of its God's Eye A, God's Eye B and God's Eye 5.0 assisted-driving systems will be covered for one year if accidents occur while using the navigation function in compliance with system rules. Compensation will cover repair costs, third-party property damage and personal injury liabilities.

Hygon Unveils Quantum Security Plan

Chinese chipmaker Hygon Information Technology launched what it called the world's first "smooth migration solution" for post-quantum cryptography, as concerns grow over cybersecurity risks posed by quantum computing. The company developed the system jointly with Guotai Haitong Securities and Koal Software. According to Hygon, the solution aims to provide a practical upgrade path for industries facing future quantum threats. The announcement highlights rising attention in China toward quantum-safe cybersecurity technologies.

Creality 3D Tech Shares Rise in HK Trading Debut

Shares in Shenzhen-based Creality 3D Technology rose 21 percent from their offer price in their first day of trading in Hong Kong on Friday. The company raised about HK$1.4 billion (US$178 million) in its initial public offering, which was 3,828 times oversubscribed at the retail level. It is a global leader in consumer 3D printer manufacturing.

OYMotion Expands into Brain Implants

Shanghai-based tech startup OYMotion signed an agreement with MicroPort NeuroScientific to co- develop a brain-computer interface system that moves the company from non-invasive brain-computer interface technologies into the invasive segment as Chinese firms accelerate efforts to commercialize neurotechnology. OYMotion's current products focus mainly on motor function recovery for stroke and spinal cord injury patients. The company said future applications could expand into cognitive disorders and psychiatric conditions.

Honor Releases Middle-range Phone Honor 600

Honor released the mid-range smartphone Honor 600, with a starting price of 2,294 (US$337) after national subsidies. The phone boasts a 200 mega-pixel camera, a big capacity battery and a 4K Live feature optimized for social media like RedNote and Weibo.

Yuewen Opens Store in Singapore

Yuewen, China's top online literature platform, has opened a physical retail shop in Singapore in partnership with Softopia. The store features pop toys and merchandise from Yuewen's hit intellectual properties, including "The King's Avatar" and "Lord of Mysteries." Singapore is Yuewen's overseas headquarters.

Jianglong Shipbuilding Secures US$27 Million in Two Singapore Orders

Jianglong Shipbuilding said it won orders for two vessels valued at US$27 million from Singaporean clients. The ships will be delivered in the second half of 2027. The company is a niche player in China high-performance vessels used in law enforcement, tourism and leisure boating.