Daily Buzz: 13 February 2026

Artificial Intelligence: Two Sides of the Same Coin

Chinese mainland tech companies unveiled new AI-related models this week as government authorities continued to push the industry toward national self-sufficiency in technology. But the AI industry globally is also stoking investor concerns about disruptions it may cause across other sectors.

In Hong Kong on Thursday, shares in mainland tech company Zhipu AI, which trades at Knowledge Atlas Technology, surged 26 percent after the Beijing-based company released its GLM-5 open-source large-language model with enhanced coding capabilities that the company claims approach Anthropic's Claude Opus 4.5. Shares in Shanghai-based MiniMax surged 15 percent after the company launched its M2.5 open-source model on its overseas website. In other developments, Alibaba affiliate Ant released its open-source AI model Ming-Flash-Omni 2.0, Baidu launched an AI-driven rival to Wikipedia called BaiduWiki, and ByteDance caused an industry sensation with the launch of its next-generation AI video model Seedance 2.0.

However, new developments couldn't stanch fears related to AI applications. The Hang Seng Tech Index in Hong Kong lost 1.65 percent on Thursday, triggered by the Chinese market regulator summoning 12 major online platforms, including Trip.com, Meituan, JD.com, Didi and Tencent, for talks over irregularities in online train tickets sales ahead of next week's Chinese Lunar New Year. The summons was triggered by public complaints over add-on charges and booking practices. Shares in tech giants Alibaba, JD, Tencent, Meituan, Baidu and NetEase all fell.

In New York, major Wall Street indexes slumped, with the tech-heavy Nasdaq tumbling 2 percent as concerns about the disruptive side-effects of the super-costly artificial intelligence buildup spread from software, wealth management and legal services to real estate, logistics and other industries. Major tech companies in the US have pledged to spend US$700 billion this year building AI data centers and other infrastructure.

Anbang Reportedly Poised to Sell Iconic Waldorf Astoria

Chinese reinsurance firm Anbang Insurance, owner of the luxury Waldorf Astoria Hotel in New York City, plans to put the Art Deco landmark up for sale after a multimillion-dollar, eight-year refurbishing, the Wall Street Journal reported. The 47-story hotel, completed in 1931, has a history oozing glamour. The hotel has hosted an array of elite visitors over the years, including world leaders, royalty and movie stars. It was home at times to residents that included Marilyn Monroe, Frank Sinatra, songwriter Cole Porter, former US President Herbert Hoover and gangster Bugsy Siegel. Among the many stories associated with the hotel, it's said Fidel Castro once walked into the lobby with several live chickens because he wanted freshly cooked meat. Anbang Insurance bought the iconic site from Hilton Worldwide in 2014 for US$1.95 billion – the world's most expensive hotel purchase at the time.

Trump Repeals Greenhouse Gas Regulations

US President Donald Trump swept away a bedrock scientific finding that greenhouse gas emissions threaten public health. In what the White House called the "largest deregulation in American history," the decision effectively ends federal emission standards for vehicles. That comes in addition to Trump policies rolling back pollution rules on oil and gas production. The president last year called climate change a "con job." Former US climate envoy John Kerry called the latest action un-American, saying it will "not stop a storm and puts more Americans directly in its path."

Nationalist Party Poised for Victory in Bangladesh Election

The Bangladesh Nationalist Party led by Tarique Rahman is poised to win the first general election held since a student-led upraising in 2024 toppled the government of longtime, controversial Prime Minister Sheikh Hasina. Rahman, 60, who returned from 17 years of exile in London after the overthrow, is a member of the Zia family dynasty that controlled the country prior to archrival Hasina's regime. The election also offered a referendum on constitutional changes aimed at fixing what has been called a completely broken political system.

Top Business

Lenovo Posts Profit Decline, Revenue Rise

Lenovo China's Lenovo Group, the world's largest maker of computers, reported a 21 percent drop in profit to US$546 million for its fiscal third quarter ended December 31. Revenue rose 18 percent from a year earlier to a quarterly record of US$22.2 billion. The results included a one-time US$285 million restructuring charge. Lenovo designs, manufactures and markets consumer electronics, personal computers, software and services. It warned about mounting pressure on PC shipments amid a worsening memory-chip shortage. Lenovo Chief Executive Yang Yuanqing told Reuters that the company has had to raise prices to cover accelerating chip costs. Originally called Legend, the company burst on the international scene after the 2005 merger with IBM's PC business. It went on to acquire German electronics firm Medion, Brazil's Digibras and Motorola Mobility.

NetEase Net Income Drops 30 Percent in Quarter

NetEase, a Chinese internet and mobile games giant, said fourth-quarter profit fell 30 percent from a year earlier to 6.2 billion yuan (US$892.6 million) and revenue rose 3 percent to 27.5 billion yuan. Operating expenses increased 11 percent, related to marketing costs. Chief Executive William Ding called it a "health quarter" that reflected the company's successful games, that include the "Fantasy Westward Journey" series and titles like "Eggy Party," "Sword of Justice" and "Where Winds Meet." He cited the incorporation of AI to make its products more interactive for users. Games revenue rose 3.4 percent, revenue from its educational tool Youdao was up 17 percent, and cloud music sales rose 4.6 percent. For 2025, NetEase said revenue rose to 112.6 billion yuan from 105.3 billion yuan a year earlier, and net profit shot up 14 percent to 33.8 billion yuan.

Chinese Regulator Takes Aim at Auto Industry Practices

Chinese regulators released new guidelines for the auto industry aimed at regulating pricing behavior, curbing price wars and preventing unfair competition. The State Administration for Market Regulation directive applies to carmakers, part suppliers and auto dealers. The domestic auto industry has been engaging in periodic price wars amid vehicle stockpiles and weak consumer demand. The regulators warned consumers to beware of risks associated with cut-rate price offers.

Economy & Markets

China, Mexico Hold Trade Talks

Chinese and Mexican officials held talks in Beijing this week to discuss higher tariffs of up to 35 percent imposed by Mexico on Chinese imports. The move by Mexico has been widely interpreted as an attempt to placate US President Donald Trump, who doesn't want Chinese exports to Mexico finding their way into the US to avoid US tariffs. Mexican President Claudia Sheinbaum earlier said the tariffs were aimed at protecting domestic industries. China is Mexico's largest trading partner after the US. Separately, Reuters reported that leading Chinese automakers BYD and Geely are among the finalists in bids to acquire a Nissan-Mercedes-Benz plant in Mexico.

Applied Materials Fined for Exports to China

US semiconductor equipment maker Applied Materials was fined US$252 million by the US Department of Commerce for illegally exporting gear to Semiconductor Manufacturing International (SMIC), mainland China's biggest chipmaker. Beginning in 2020, ion implanters used in chipmaking equipment were sent to South Korea 56 times for assembly before being shipped on to SMIC, which is on an export blacklist because of alleged ties to China's military, Reuters reported.

Russia Blocks Access to WhatsApp

Moscow confirmed it has blocked Meta's WhatsApp messaging service, saying Russians should use a new state-backed platform called Max instead. WhatsApp, which has an estimated 72 million users in Russia, called the new service a "surveillance app." Russia, which already bans Facebook, Instagram and X, has also restricted access to the popular Telegram social media platform.

Corporate

Tesla Brings WeChat to China-Made Cars

Tesla has partnered with China's Tencent to integrate WeChat features into more than 1 million Model 3 and Model Y electric vehicles built at its Shanghai factory. Tencent Cloud said the over-the-air update will allow drivers to send locations from WeChat posts directly to their car navigation system. The upgrade also introduces AI-powered "destination services" that recommend nearby restaurants, parking and charging stations. Payments can be completed via WeChat Pay on a vehicle's central display.

Unisplendour Drops IPO, Plans Private Placement

Shenzhen-listed Unisplendour, a subsidiary of state-backed Tsinghua Holdings, scrapped plans for an initial public offering in Hong Kong and instead will seek to raise up to 5.6 billion yuan (US$800 million) through a private placement of shares on the Shenzhen exchange. The company said the share sales will be used to fund the acquisition of a further 7 per cent stake in H3C Technologies, to buy research and development equipment, and to repay loans, the South China Morning Post reported.

Shuangliang Secures SpaceX-Related Orders

Wuxi-based Shuangliang Eco-Energy System, which makes wafers for solar power, said in a stock exchange filing on Thursday that it has secured overseas orders from a supplier to Elon Musk's SpaceX for 12 heat exchangers, valued at US$2 million. The company said the equipment will be used in the fuel production system supporting the expansion of SpaceX's Starship launch site. Heat exchangers are devices that improve energy efficiency by transferring heat between materials at different temperatures.

Playboy to Sell Half of China Business to UTG

US pleasure, entertainment and fashion company Playboy said it will sell 50 percent of its China business to Shanghai-based sole agent UTG Brands Management for US$122 million. Upon completion of the deal, UTG will manage all operational aspects of Playboy's business activities in the mainland, Hong Kong and Macao. Playboy entered China in the 1990s, marketing trademark brands in garments, footwear, handbags and luggage.

Italy's Recordati Exits China Market

Italian drugmaker Recordati is pulling out of the Chinese market amid poor commercial uptake of its rare disease drugs, Yicai Global reported. The company failed to be included in China's national health insurance reimbursement catalogue in December. Recordati Beijing received approval in 2021 to supply osilodrostat, a treatment for Cushing's syndrome, in a medical tourism pilot zone in the southern province of Hainan, but only 29 patients have used the drug.