Daily Buzz: 18 December 2025

Trump to Announce New FED Chief Soon

US President Donald Trump addresses the nation in prime-time speech, claiming the administration had brought high prices down very fast and wages are going up much faster than inflation. Speaking of the tariff war he waged on the world, Trump credited tariffs for foreign investment announcements. He also said the new Federal Reserve chief will be named very soon, and is a person who believes in low interest rates.

The president also said drug price cuts would be available beginning in January, making insurance companies losers. He will announce "aggressive" housing reforms next year.

China Rebukes US 'Bullying' Toward Venezuela

China Foreign Minister Wang Yi told his Venezuelan counterpart in a phone call that Beijing rejects "unilateral bullying" and supports countries safeguarding their sovereignty, the Ministry of Foreign Affairs said in a statement. The comments came after US President Donald Trump ordered a complete blockade of all sanctioned oil tankers going in and out of Venezuelan ports and declared the government of President Nicolás Maduro a terrorist regime. Venezuela has dispatched its navy to escort oil tankers, threatening a further confrontation with the US.

OPEC member Venezuela relies on oil exports to finance its tottering economy. Global oil prices rose on the blockade news, with benchmark Brent crude 2.9 percent higher in late New York trading. The US has beefed up the presence of its military in the Caribbean. At least 90 people have been killed in US strikes on boats alleged to be carrying illegal drugs to the US.

Putin Signals 'Nyet" on Latest Peace Plan

Russian President Vladimir Putin indicated Moscoe may reject the latest US-brokered proposal for peace in Ukraine, apparently unwilling to compromise even as US President Donald Trump tightens the screws on both combatants for a speedy deal. In a speech in Moscow, Putin called Ukraine's European allies "little pigs" and repeated threats that Russia will take Ukrainian territory it wants by force if peace talks fail. Russian occupies most of Ukraine's eastern Donbas region but wants all of it. Russia is also angry with Europe's move toward using frozen Russian assets for aid to Ukraine.

The US is preparing a fresh round of sanctions on Russia's energy sector if Putin rejects a peace agreement with Ukraine, Bloomberg News reported. Options include targeting the so-called "shadow fleet" of tankers used to transport Russian oil.

Battle for Control of Panama Canal Hits Impasse

The long-running battle between the US and China over the Panama Canal has hit an impasse, the Wall Street Journal reported. The US is seeking to wrest control of ports at either end of the canal from Chinese-linked interests, citing national security concerns. A US-backed consortium led by private equity firm BlackRock and Italian conglomerate Mediterranean Shipping Co earlier this year agreed to pay US$22.8 billion to buy the two canal ports and 40 others around the world from Hong Kong-based CK Hutchison. Beijing balked at the terms of the agreement, insisting that Cosco, China's largest shipping company, be included among the stakeholders. The Journal reported this week that China is now demanding that Cosco get a majority stake.

Top Business

MetaX Shares Skyrocket in Shanghai Trading Debut

Shares in MetaX, a mainland AI chipmaker, soared 693 percent above their offer price in the first day of trading on the Shanghai STAR market on Wednesday. The Shanghai-based company raised 4.2 billion yuan (US$596 million) in an initial public offering that was 4,000 times oversubscribed by retail investors. "It's another IPO tale in China that turns a crow into a phoenix," Tongheng Investment fund manager Yang Tingwu told Reuters. The debut surpassed that of Shanghai AI chip firm Moore Threads last week, which produced a 400 percent price surge in its trading debut.

Chinese investors are betting that the government's efforts to reduce reliance on foreign chipmakers like Nvidia will enhance the profitability of domestic rivals supplying the development of artificial intelligence. MetaX, which makes integrated circuits, has only about 1 percent of China's AI chip market, but the company projects sales to more than double this year and forecasts it will break even next year. The STAR market hosts promising technology startups whether or not they have made a profit yet. In the first nine months of the year, MetaX posted a loss of 345.5 million yuan because of big spending on research and development, However, revenue in the first half surpassed the revenue for the whole of 2024.

Vanke Creditors to Receive Revised Debt Plan

China Vanke creditors will meet today to discuss a revised debt-repayment extension plan from the property developer after its initial proposal for a one-year delay on a 2 million yuan (US$366 million) bond due December 15 was rejected. The revision still asks for a 12-month delay on repayment but offers to pay 60 million yuan in interest due this month. Vanke also asked for the grace period on repayment to be widened to 30 days from five, with no penalty charged. Vanke, once a leading Chinese property development company, was stung by the liquidity crisis that first hit the mainland real estate industry in 2021. Now saddled with US$50 million in outstanding domestic and offshore liabilities, it has been kept afloat by loans from its largest shareholder, Shenzhen Metro Group. Its default could lead to China's biggest insolvency proceedings.

SenseTime Unveils New AI Agents

Hong Kong-listed SenseTime has launched new industry-focused AI agents as it seeks to expand commercial applications of generative artificial intelligence across content creation, office productivity and e-commerce. The releases include Seko 2.0, which the company described as the industry's first intelligent agent capable of generating multi-episode video content with consistent characters and storylines. The tool targets creators and studios producing short dramas and animated series. SenseTime also unveiled an upgraded Little Raccoon office agent, designed to handle million-level data analysis and automatically generate presentation slides for corporate users.

Economy & Markets

Crypto Exchange Has Tepid Hong Kong Trading Debut

Shares in HashKey, Hong Kong's largest licensed cryptocurrency exchange, met lukewarm response in their trading debut on the city's stock exchange on Wednesday. HashKey raised HK$1.6 billion (US$206 million) from its initial share offer. The shares closed down 0.2 percent.

Hong Kong has been trying to establish itself as an Asian hub for digital assets despite Chinese mainland's blanket ban on digital currencies outside of its own experimental version.

Some Foreign Carmakers May Pull Plug on China

Foreign auto brands in China with annual sales of less than 300,000 units are likely to exit the market, Yicai Global said, citing a report from think tank China EV100. The report said there's a 50-80 percent chance that at least four to six carmakers will pull the plug on sales in China. Among foreign automakers with joint ventures that have sold 100,000 vehicles or less this year in China are: Peugeot-Citroën, Jaguar Land Rover, Lincoln and Mazda. Domestic brands have captured 65 percent of market sales.

Japan Export Rise Exceeds Expectations

Japanese exports in November surpassed market expectations with 6.1 percent growth from a year earlier, despite 15 percent US tariffs on imports from the country. That followed a 3.6 percent gain in October. Exports to the US rose 8.8 percent, the first time they have risen since March. Shipments to Europe increased nearly 24 percent.

Platinum Futures Rally in China

Platinum contracts on the Guangzhou Futures Exchange are soaring on tight supplies and rising industrial demand, Yicai Global reported. The rally is part of a global increase in the price of the precious metal used in catalytic converters, new energy vehicles, electrodes, chemotherapy, dentistry and glassmaking. Platinum contracts were listed on the exchange in late November with a benchmark price of 405 yuan (US$57) per gram. They were trading as high as 485.75 yuan this week.

Corporate

Luckin Mulls Bid for Blue Bottle Coffee

China coffeehouse chain Luckin is considering a bid to acquire Nestle's premium roaster Blue Bottle Coffee to challenge Starbucks in the high end of the market, Bloomberg News reported. Lukin has already overtaken the US coffee giant in number of outlets on the mainland. China's biggest coffee chain and its backer Centurium Capital are also evaluating other acquisition targets. In 2017, Swiss-based Nestle bought a 68 percent stake in Blue Bottle, which has outlets in China, Hong Kong Japan, Singapore and South Korea, but is considering sale of the unit.

Sieyuan Electric Plans to List in Hong Kong

Shenzhen-listed Sieyuan Electric, a maker of electric grid equipment maker, is planning a secondary listing in Hong Kong, the South China Morning Post reported. The company's shares have surged about 665 per cent over the past five years. The company said it plans to issue Class H shares in Hong Kong equal to no more than 15 percent of its 778 million outstanding shares. It gave no timetable. Citibank said the listing could take place in the second half of next year, raising as much as 20 billion yuan (US$2.84 billion).

McDonald's China Price Increases Rile Consumers

McDonald's China has raised the prices of some items by up to 1 yuan (14 US cents) in the highly competitive fast-food market, as cost of raw ingredients rises. The increases triggered a backlash from consumers on mainland social media, the South China Morning Post reported. McDonald's operates 7,100 mainland outlets. Other fast-food chains have also been raising prices.

Fosun Pharma Seeks Majority Stake in Green Valley

Shanghai-based Fosun Pharmaceutical said it plans to spend 1.4 billion (US$199 million) to acquire a 51 percent stake in Green Valley Shanghai Pharmaceuticals, which has developed a therapy to treat milder cases of Alzheimer's disease, Yicai Global reported. Fosun said it will acquire existing equity and inject new capital into Green Valley, whose GV-971 drug targets improved cognitive function in patients. The drug was included on the National Reimbursement Drug List in 2021, but the company had to cease production last year after regulators refused to approve an extension because mandatory post-marketing trials weren't completed.

Astro Bot Debuts on Chinese Mainland

Sony's PlayStation officially launched the Chinese mainland version of Astro Bot, with the game selling at a retail price of 298 yuan (US$42.30), the company said. It's the first "Game of the Year" winner to be released through China's official console market. Astro Bot won top prize in the 2024 The Game Awards, often referred to as the "Oscars of the gaming industry." The launch underscores Sony's continued efforts to expand high-profile console content in China's tightly regulated gaming market, where approvals for foreign titles remain limited and highly competitive.

Hello Adds Tuneful Touch to Rental Bikes

Bike sharing platform Hello is partnering with the Shanghai Culture Square Theater for return performances of the French musical "Roméo et Juliette." Shanghai Hello bike users can listen to the two Shakespearean lovers sing when unlocking a rental bike. The company's theatrical sponsorship is part of efforts to compete with rivals like Meituan and Didi in the a highly competitive bike-sharing market.