Daily Buzz: 06 November 2025

China Burnishes Free Trade Credentials at Shanghai Expo

Chinese Premier Li Qiang said China is resolved to open wider its huge consumer market to international businesses. In a keynote address opening the 8th China International Import Expo in Shanghai, he said all nations must embrace free markets during a time of global economic slowdown and geopolitical disputes. "China is willing to work with all parties to create an open and inclusive development environment, enhance trade and investment, and ensure the stability of global supply chains," he said, adding that the agreement reached at the recent South Korean summit between President Xi Jinping and US President Donald Trump was a significant step in trying to restore normalcy. The trade expo, largest of its kind in the world, runs from November 5-10, aiming to burnish China's free trade credentials and encourage foreign participation in domestic markets.

Separately, Commerce Minister Wang Wentao announced a new initiative to increase imports, promoting China as a huge market opportunity for foreign producers. On the eve of the expo opening, he said the campaign will include 10 major events a year, featuring five or six countries each time.

US Supreme Court Dubious About Legality of US Tariffs

US Supreme Court justices, hearing oral arguments in a case challenging the legality of President Donald Trump's sweeping tariffs, appeared skeptical of the administration justification for the import duties, multiple US media reported. It will issue a decision in the case later. The case, brought by a group of states and small businesses, argued that import duties are effectively a tax and the Constitution reserves the power of taxation only to Congress. The plaintiffs also argued that a law granting a president power to act in an economic emergency, which the Trump administration used to justify tariffs, doesn't mention tariffs and, beyond that, there is no economic emergency.

US Voters Rebuff Trump in Elections

US voters thumbed their noses at candidates and causes backed by US President Donald Trump in Tuesday's off-year elections in what many analysts are calling a rebuke of his policies and leadership. In the most high-profile defeat for the president, socialist Democrat Zohran Mamdani, a Muslim born of Indian parents in Uganda, won the race for New York City mayor, even after Trump threatened to withhold federal funds for the city if he won. Democrats also swept to victory in key governors' races, and California voters resoundingly approved a redistricting plan opposed by Trump. The Tuesday elections were considered a litmus test of 2026 congressional elections that will determine if Trump supporters retain control.

Chinese Astronauts' Return Delayed by Space Debris

China's space agency said the scheduled return to Earth of the Shenzhou-20 crew from the orbiting Tiangong space station was delayed on Wednesday after the spacecraft was possibly hit by bits of space debris. An analysis and risk assessment are being undertaken, the agency. The crew of Shenzhou-20 were due to return after the Shenzhou-21 spacecraft successfully docked last week with a relief crew of astronauts. Global concern about mounting space debris created by so many countries launching satellites prompted Chinese President Xi Jinping last year to suggest China and Arab countries jointly build a "space debris observation center."

Top Business

Automaker Seres Makes Flat Debut in Hong Kong

Shares in Huawei-backed electric carmaker Seres, which produces Aito brand vehicles, closed unchanged from their issue price on their first day of trading in Hong Kong on Wednesday. The Chongqing-based company raised HK$14.3 billion (US$1.8 billion) in an initial public offering that was 132 times oversubscribed. The company, also listed in Shanghai, was founded as an auto-parts maker in 1986, later expanding into production of motorcycles and minivans. It entered the electric-car market in 2016, turning into one of the China's most profitable electric carmakers.

Unitree Bets Big on Humanoid Robots

China's robotics startup Unitree Robotics is betting that humanoid robots are nearing a "ChatGPT moment," as demand for intelligent machines accelerates. Unitree founder Wang Xingxing Wang, speaking at the Hongqiao International Economic Forum on Wednesday, defined that "moment" as the point when robots can complete about 80 percent of user tasks in 80 percent of unfamiliar environments. He said winning the race to reach that benchmark may come down to "luck and timing." Wang forecast the smart robotics industry in China will grow 50 percent to 100 percent this year, amid soaring investor and customer interest. He called the current stage of humanoid robot development promising but not yet transformative. Looking ahead, he said the company's next-generation R1 robot may become the world's best-selling small humanoid next year.

IBM Plans Job Cuts Amid AI Shift

IBM will lay off thousands of employees as the 113-year-old tech company continues to realign operations around artificial intelligence. The cuts are expected to involve about 2,700 positions. The reductions mark IBM's latest step to boost efficiency through automation. Earlier this year, AI agents replaced about 200 roles in human resources, with the company redirecting headcount toward sales and software development. IBM joins a wave of layoffs in the tech industry. Amazon announced 14,000 layoffs in October, while Meta cut 600 workers from its AI unit.

Economy & Markets

China, US Discuss Farm Trade Stability

China and the US held talks in Beijing this week aimed at stabilizing agricultural trade and improving economic ties amid persistent tensions. Li Chenggang, vice minister of commerce, met a US agricultural trade delegation to discuss bilateral issues, calling on Washington to create an environment of pragmatic cooperation to foster progress in trade relations. On Wednesday, the tariff commission of the State Council, China's cabinet, announced that Beijing will suspend 15 percent tariffs on some US farm products, beginning on November 10, as part of the recent trade agreement with the US. It also confirmed the suspension of its 24 percent general tariff on imports of US goods for one year but said it will retain a 10 percent duty.

Mininglamp's Shares Plunge Days After Debut

Shares of Mininglamp Technology, an artificial intelligence-driven software provider backed by Tencent Holdings, doubled from their offer price of HK$141 (US$18.14) in their Hong Kong trading debut on Monday but plunged 22 percent on Wednesday. The company raised HK$1 billion in the share sale, which was heavily oversubscribed. It said it plans to use the proceeds to finance research into multimodal large language models. The company is the world's first publicly traded AI agent firm. The company's shares closed at HK$197.90 on Wednesday.

Corporate

Cathay Pacific to Buy Stake of 3rd Largest Shareholder

Hong Kong flagship carrier Cathay Pacific Airways said it has agreed to repurchase the 9.57 percent stake held by Qatar Airways, its third largest shareholder, for US$897 million, Reuters reported. The deal values Cathay shares at about a 4 percent discount to their last closing price. The Gulf carrier bought the stake in 2017, its first investment in an Asian airline.

VW, Horizon Robotics Form Smart Chip Partnership

German carmaker Volkswagen said on Wednesday its Carizon joint venture with China's Horizon Robotics will develop the company's first in-house chip to power smart driving in its next generation of cars for China. The chip will be used for processing data from cameras and sensors with computing power of around 500-700 terabit operations per second. VW has been striving to get back at the forefront of the Chinese market after annual sales on the mainland last year declined 2.8 percent. The company said 80 percent of VW cars sold in China by 2030 will be powered by a third-generation system powered by the Horizon J-series chip.

AMD Reports Better-than-expected Results in 3Q

US chipmaker AMD reported net profit growth of 61 percent in the third quarter, thanks to booming data center and AI PC demands. Revenue increased 36 percent to US$9.6 billion, while net profit climbed to US$1.24 billion. For the fourth quarter, AMD said it expects 25 percent revenue growth.

Xpeng Enters Robotaxis, Pony.ai Begins Southern Service

Chinese electric car company Xpeng said it plans to launch robotaxis next year, with three models using its self-developed Turing AI chips. It also announced a partnership with Alibaba's Amaps to use its digital guidance system and ride-hailing portal. Xpeng said it plans to start testing robotaxis in Guangzhou and other Chinese cities next year. Its strategy aims for development of both commercial self-driving robotaxis and fully autonomous shared personal cars for family use.

Separately, autonomous driving firm Pony.ai is officially launching its seventh-generation robotaxi for commercial operations today in the southern cities of Guangzhou and Shenzhen. The new model was globally unveiled in April and began road testing in June. It has set an ambitious target to scale its operational fleet to 1,000 vehicles by the end of this year.

Funding for Battery-Swap Venture

The battery leasing joint venture between electric carmaker Nio and battery manufacturer Contemporary Amperex Technology (CATL) has raised an additional 670 million yuan (US$94 million) to fund research and development, and business expansion. The Weineng venture was set up five years ago to promote a system whereby electric car motorists rent batteries and exchange old batteries for new when they run out of charge. That's a convenience for drivers who don't want to spend time powering up at charging stations. Nio, the first Chinese carmaker to pioneer the battery-swap model, now has more than 3,500 swap stations.

TikTok Under French Probe Over Impact on Mental Health

TikTok, the popular video platform owned by China's ByteDance, is under investigation by French judicial authorities over concerns that its algorithms could push young people to commit suicide.

Paris prosecutor Laure Beccuau said the probe was in response to a request from a French parliamentary committee probing the psychological impact of TikTok on the mental health of teenage users and whether the platform is taking adequate steps to address the issue. TikTok denied any allegations of mismanagement and said it will "vigorously" defend its performance.

Kingdee Unveils New AI Agent Service

HK-listed tech firm Kingdee unveiled its new AI agent service Xiao K at a Shanghai conference, showcasing full-stack AI from foundation to over 20 business apps covering finance, human resources, manufacturing, supply chain and marketing sectors. Xu Shaochun, chairman of the Shenzhen-based company, said Kingdee is doing upgrading its business from resource planning software to cloud computing, and now to AI.