Daily Buzz: 18 February 2026

Moonshot Shoots for US$10 Billion Valuation

Moonshot, the Chinese developer of the Kimi AI chatbot, is targeting a valuation of US$10-12 billion in the expansion of a funding round already backed by tech giants Alibaba and Tencent, China Star Market Daily reported. In January, the Beijing-based company secured US$500 million in funding, giving it a US$4.3 billion valuation. Alibaba, Tencent and 5Y Capital have committed to US$700 million in additional funding in the latest round, the report said. Moonshot released the Kimi K2.5 model last month. It is already among the most-used large language models on distribution platform OpenRouter, ahead of rivals like Deepseek and Alphabet's Google Gemini. Moonshot hasn't commented on speculation that it is positioning itself for an initial public offering.

Iran, US Agree on 'Principles' to End Nuclear Dispute

Iran and the US agreed on a possible but tentative framework for resolving a tense dispute over Tehran's nuclear program in indirect talks on Tuesday, but there's still a long way to go, said Oman Foreign Minister Badr al-Busaidi, a mediator in negotiations. "Different ideas have been presented and discussed," Iranian Foreign Minister Abbas Araqchi said. "Uultimately, we've been able to reach a general agreement on some guiding principles." A US official told Reuters that "progress was made, but there are still a lot of details to discuss" and Washington is awaiting detailed proposals from Tehran in the next two weeks.

As the talks began in Geneva, Iran state media said parts of the Strait of Hormuz, a supply route for a fifth of the world's oil, would be temporarily closed due to military drills by Iran's elite Revolutionary Guards. It was a reminder of the threat of war that hangs over the nuclear talks. US President Donald Trump, who has moved military warships to the region, said Iran will face attacks if no deal is reach. Iran has said it is prepared for war. Oil prices fell in New York as investors chose to be optimistic rather pessimistic. Benchmark Brent crude was down 1.9 percent at US$67.35 in late trading.

Ukraine, Russia, US Resume Peace Talks

Ukraine, Russia and the US ended the first of two days of peace talks in Geneva with Kiev under pressure to reach a deal ending the four-year war, Reuters reported. "Ukraine better come to the table fast. That's all I'm telling you," Trump told reporters aboard Air Force One. Ukrainian President Volodymyr, in his nightly nationwide address, said, "We are ready to move quickly toward a worthy end to the war. The question for the Russians is: Just what do they want?" The two sides remain deadlocked over control of eastern Ukrainian territory. Zelensky complained over the weekend that his nation is expected to make all the compromises. Russian airstrikes, meanwhile, continued to bomb Ukraine infrastructure, leaving residents without heat or water.

India's AI Summit Starts Amid Chaos

India apologized for "any issue or inconvenience" on the opening day of the five-day AI Impact Summit, when participants found themselves stranded for hours, with limited access to food or water, because of a sudden security lockdown when Prime Minister Narendra Modi arrived. Some 250,000 people have registered for the event, which includes major global tech companies and dignitaries like French President Emmanuel Macron. The second day of the summit on Tuesday was held without problems. India is considered an emerging country in artificial intelligence development.

Top Business

Chinese Silver Investors Stung by UBS Fund Valuation Switch

More than 200,000 Chinese retail investors have filed complaints against UBS SDIC Fund Management, Chinese mainland's only silver fund, after a February 2 valuation change by the fund caused them losses, the South China Morning Post reported, citing the online consumer protection platform Xiaofei Bao. The valuation change came after a global crash in silver prices on January 30, when Shanghai futures contracts, under a 17 percent daily cap on price declines, couldn't keep pace with more than a 30 percent worldwide price plunge. The bank then switched the valuation benchmark for the open-ended fund to the international price without prior notice, turning a 17 percent loss for investors into a 31.5 percent loss. On February 15, the fund said it would fully compensate the more than 90 percent of investors who suffered losses of less than 1,000 yuan (US$145) and would cover a percentage of losses on amounts exceeding 1,000 yuan.

Nexperia Gets US$60 Million Loan from Dutch Lender

Dutch financial institution Invest International said it will provide chipmaker Nexperia with a US$60 million loan to support investment in its production sites, Reuters reported. Nexperia is owned by Chinese chipmaker Wingtech. The parent and subsidiary are in a corporate standoff over control after the Dutch government seized Nexperia last year and installed a European management team following a US decision to put subsidiaries on the same trade blacklist as their parents. Wingtech was already on the list. A Dutch court recently let stand the current management team while Nexperia is investigated for mismanagement.

Economy & Markets

US Exports to China Through LA Port Sag

Exports from the Port of Los Angeles, the busiest US gateway for ocean trade, fell 8 percent to a three-year low in January, Reuters reported. Port Executive Director Gene Seroka said "exports to China look dismal." The drop reflects Trump administration trade policies that have fanned tensions between China and the US. Soybean shipments from the port to China dropped 80 percent last year, Seroka said, adding there were no signs of improvement in the last two months of the year. So far this year, imports at the port have been relatively flat from a year earlier.

China Year-End Bonuses Disappoint Many Workers

Chinese companies pared back year-end bonuses for workers amid pinched profit margins, the South China Morning Post reported. Bonuses became smaller and rarer, with many companies cautioning employees not to talk about it publicly. In the past, workers looked forward to generous bonuses and sometimes lavish gifts at the end of a year. A market and salary report released last month by consulting firm Randstad found 26 percent of respondents saying they will receive no bonuses to cap 2025; nearly half said bonuses were equivalent to one or two months of salary.

"Beyond a handful of profitable AI and internet companies, bonuses are unlikely to be distributed in most other industries or will be extremely limited," Echo Luo, a Guangzhou-based worker was quoted as saying.

UK Mulls Accounting Change for Chinese Companies

Britain's Financial Reporting Council said it is considering a rule change that would temporarily permit auditors of Chinese firms listed in London to use Chinese accounting standards to report earnings, Reuters reported. The US and most Western stock markets require earnings reports using the uniform international standard known as GAAP, or generally accepted accounting principles. Chinese accounting standards are non-GAAP, allowing the exemption of one-time or extraordinary items and the exclusion of non-operational costs related to activities such as acquisitions. Non-GAAP earnings often look stronger than those calculated under GAAP.

Corporate

BHP Beats Profit Forecasts on Record Copper Prices

BHP, the world's largest mining company, beat analyst forecasts with a 28 percent surge profit in its fiscal first-half profit to US$5.6 billion, largely driven by soaring copper prices amid demand for AI applications. Revenue for the six months ended December 31 rose 11 percent to US$27.9 billion. For the first time, copper outweighed iron ore in the Australian company's earnings, contributing to 51 percent of earnings. Prices of copper, used in AI data centers and green industries, soared to a record last year. BHP said China's copper demand grew 8.8 percent in the period and is expected to remain strong. Globally, the company said it expects the supply of copper to continue to fall short of demand over the next few years. BHP holds 57.5 percent of the Escondida copper mine in Chile the largest copper mine in the world, and also has copper assets in South America and Australia. In addition to copper and iron ore, the company also mines coal, nickel and potash.

Self-Driving Mining Truck Maker Boonray Poised to Go Public

Shanghai-based Boonray Intelligent Technology, which produces self-driving trucks for the mining industry, is heading for an initial public offering in Hong Kong. The company said in its prospectus that it delivered 259 trucks in the first nine months of last year, resulting in revenue of 290 million yuan (US$42 million). The size and date of its IPO haven't been made public. Boonray appointed CLSA and China Securities (International) as sponsors for the share sale, and BOCI Asia and First Fidelity Capital (International) as overall coordinators. Its shareholders include BYD, China's largest electric carmaker.