Daily Buzz: 13 May 2026

Top News

US Tech Heavyweights Accompany Trump on China Visit

President Trump arrives in Beijing this evening for a two-day visit, flanked by a delegation of some of the top names in US technology. He has invited along executives like Tesla's Elon Musk, Apple's Tim Cook, Meta's Dina McCormick, Qualcomm's Cristiano Amon and Micron's Michael Miebach. The delegation also includes heavyweights from BlackRock, Goldman Sachs, Citi, Boeing, GE Aerospace and Visa. Notably absent from the announced lineup are Nvidia's Jensen Huang and representatives from Disney, Alphabet and General Motors, CNBC noted. The configuration of the delegation suggests a strong emphasis on US competition with China in advanced technologies such as artificial intelligence. Trade, export controls, the Iran war and US arms sales to Taiwan are also expected to dominate the agenda when Trump meets on Thursday with Chinese President Xi Jinping.

JD.com Reports First-Quarter Profit Decline

Beijing-based e-commerce giant JD.com, China's largest retailer by revenue, announced first-quarter profit halved from a year earlier to 5.1 billion yuan (US$700 million) on a 4.9 percent increase in revenue to 315 billion yuan. The performance was an improvement from a 2.7 million yuan loss in the fourth quarter of 2025 as a regulatory crackdown eased unbridled competition in the food-delivery market dominated by JD, Alibaba and Meituan. Revenue from JD Retail rose 1.8 percent, and JD Logistics was up 29 percent. Its "new business" category, which includes its fast food-delivery operations, narrowed its loss to 1.3 billion yuan from 10.3 billion yuan a year earlier. JD Chief Executive Sandy Xu called it "a solid first quarter to kick off 2026."

Trump Said to Be Considering Resumption of Attacks on Iran

US President Donald Trump, calling the latest counter peace proposal from Iran "garbage," is considering a resumption of attacks on Iran after a monthlong ceasefire, CNN reported, citing unidentified presidential aides. Any announcement of US intentions is likely to await the end of Trump's two-day visit to China, which begins today. An adviser to Iran's supreme leader said Trump should not mistake the current lull in fighting for victory as he heads to Beijing. Global oil prices rose again as hopes for an end to the war fade. Benchmark Brent crude futures traded at US$107.69 a barrel in New York.

Top Business

Pop Mart Flags Slower Revenue Growth

Pop Mart International, creator of the Labubu collectible doll craze, said in an earnings update that it expects first-quarter revenue to rise up to 80 percent, a sharply slower pace than the 185 percent surge for all of 2025. In the domestic market, offline channel sales are expected to be up by 80 percent, with online sales surging up to 155 percent compared with the same period last year. In the Asia-Pacific region, revenue growth is seen slowing to at least 25 percent, revenue in the US gaining as much as 60 percent, and European sales exceeding 60 percent. Pop Mart has been seeking to counter the fading Labubu craze with new collectible toys in Skullpanda and Twinkle series.

Self-Driving Car Specialist Uisee Begins HK Share Sale

Beijing-based Uisee Technologies, which focuses on Level 4 autonomous driving, began offering shares for a listing in Hong Kong. The company is seeking to raise about HK$872 million (US$111 million) in the sale of about 14.5 million shares. About 5 percent of shares are reserved for retail investors, with the rest earmarked for institutional investors. The shares are expected to begin trading on May 20. Uisee last year began trials of self-driving baggage tractors at Pudong International Airport in Shanghai. Level 4 autonomous driving, one of six tiers of self-driving categories, requires vehicles to intervene automatically when problems arise or systems fail. The Chinese government has not yet approved use of Level 4 cars by the general public.

Shanghai to Build AI-powered Sci-Fi Park

Shanghai to Build AI-powered Sci-Fi ParkA science-fiction theme park will be built in Shanghai, designed around AI-powered immersive experiences. The project, located on a site equivalent in area to 11 football pitches, will combine mixed-reality technologies and include attractions like airlock cabin transitions, MR cockpit interaction systems and visual effects simulating space carrier operations. The park will open in August 2027.

Economy & Markets

Saudis Reportedly Cutting Crude Exports to China

Saudi Arabian crude oil exports to China for loading in June are set to plunge as low as 13 million barrels from 20 barrels this month, Bloomberg News reported, citing traders informed by Saudi Aramaco. Prior to the start of the Iran war, Saudi Arabia was exporting up to 50 million barrels a month to China, the world's biggest crude importer. The war has impinged on Saudi exports despite the use of an east-west pipeline to carry crude from the Persian Gulf to the Red Sea for overseas transport. Aramco's official selling prices for June were above spot-market levels for other of crude grades coming from the Middle East, traders said.

Vanke Gets Loans Lifeline in Struggle to Avoid Default

Property firm China Vanke, saddled with an estimated US$50 billion of debt, received additional bailout loan guarantees from its biggest shareholder, Shenzhen Metro Group. The loan quota this year has a cap of 2.5 billion yuan (US$368 million). Once a high-flier in the Chinese mainland property market, Vanke has so far skirted default by convincing creditors to accept delayed payment on maturing debt. The company reported an 88.6-billion-yuan loss for 2025. A default on debt would trigger China's biggest company collapse, which would have a ripple effect across the banking sector.

US Consumer Prices Hit Three-Year High on Gasoline Prices

US consumer prices in April rose 3.8 percent, their highest level in almost three years, as the Iran war pushed up prices of fuel and other goods. Gasoline prices surged 28 percent, airline fares jumped 21 percent and food costs rose 2.9 percent. The April figure widened from inflation of 3.3 percent in March, the first month of the war.

China's Central Bank Monitoring Risk of Imported Inflation

The People's Bank of China cautioned about the risk of imported inflation, pledging to monitor the situation and keep its policies flexible enough to address any global uncertainties. In a quarterly report on monetary policy, the central bank said demand and prices in the domestic economy are gradually recovering, but acknowledged that the Middle East conflict is driving up oil and commodity prices. In the first quarter, which covered only the first month of the conflict, consumer prices rose 0.9 percent from zero for the whole of 2025. In April, consumer inflation rose 1.2 percent from a year earlier.

Corporate

Hengrui Pharma Signs Co-Development Deal with Bristol Myers

Hengrui Pharmaceutical signed a deal valued at up to US$15.2 billion with US-based Bristol Myers Squibb to co-develop innovative drugs under an agreement comprising four of Hengrui's cancer and hematology drugs, four of Bristol Myes immunology drugs, and five other innovative drug projects in the pipeline. Under the agreement, Hengrui will receive exclusive rights to the 13 drugs in the Chinese mainland, Hong Kong and Macau, while Bristol Myers will get the rights for the rest of the world.

Unitree Launches Manned Mecha

Chinese robotics company Unitree Robotics unveiled what it calls the world's first transformable mecha, as the firm pushes deeper into high-end humanoid robotics and prepares for a potential initial public offering. In science fiction, mechas – shorthand for "mechanical" – are giant robots. Unitree's new GD01 robot resembles something out of the movie "Transformers." It has a torso-mounted cockpit to carry a human pilot. The robot stands about 2.7 meters tall, weighs about 500 kilograms, including the operator, and carries a starting price of 3.9 million yuan (US$650,000). The device can switch within seconds from human form to a four-legged model designed for rough terrain. The launch adds to the rapid expansion of China's humanoid robot industry. Research firm Omdia estimated 2025 global shipments of humanoid robots at about 13,000 units in 2025, with Chinese firms dominating the market. Unitree ranked second globally in shipments behind AgiBot.

Shantui Construction Files for Listing in Hong Kong

Shantui Construction Machinery, a major Chinese supplier of construction and mining equipment, has applied for an initial public offering in Hong Kong for a second time. The listing is backed by backed by Weichai Power and parent Shandong Heavy Industry. No figure was given for the amount the company hopes to raise. According to Frost & Sullivan, Shenzhen-listed Shantui was China's biggest bulldozer manufacturer and the world's third-largest last year. The company has benefitted from the boom in building of data centers in China. Shantui was involved in landmark construction project like including the Three Gorges Dam, the West-to-East Gas Pipeline Project and the Beijing-Shanghai High-Speed Railway. It reported 2025 revenue of 14.6 billion yuan (US$2.2 billion) and profit of 1.2 billion yuan.

Hanbang Tech Signs US$412 Million Contract for GPU Servers

Beijing-based Hanbang Technology, a provider of AI computing power services, said it signed a 2.8 billion yuan (US$412 million) contract to provide graphics processing unit servers, software and maintenance to Qimingxinghan Technology. The size of the deal is equivalent to 15 times Hanbang's 2025 operating revenue, Yicai Global reported. Earlier this month fintech service provider Tansun Technology said it signed a contract with Qimingxinghan to provide full funding for the server contract in exchange for a 75 percent stake.

Kuaishou Reportedly Seeks to Spin Off Kling AI

Kuaishou, a Chinese short video social media platform, is reportedly in talks with Tencent and other companies to spin off its AI video-generation model Kling and take it public next year, with a target valuation of US$20 billion. Chief Executive Cheng Yixiao said Kling AI is on track to more than double its revenue this year. Kling AI was launched in 2024 with the pitch: type in text, get back a high-quality video. The tool generates videos up to two minutes long. Kuaishou's Hong Kong shares rose 1.94 percent on the reports.