Daily Buzz: 19 June 2026

Top News

With the Ink Barely Dry on US-Iran Peace Pact, Appraisals Begin

Iran and the US are hailing their preliminary peace agreement a victory for their side.

The accord calls for an immediate cessation of attacks, including Lebanon, reopens the Strait of Hormuz to oil tanker traffic, lifts the US blockade on Iranian ports, signals US$300 billion in redevelopment funding for Iran and opens a 60-day period of negotiations on Iran's nuclear program as part of a final peace plan. President Donald Trump said the agreement is a "major win" for the US that will prevent a "worldwide depression." Iran's chief negotiator Mohammad Bagher Ghalibaf said the agreement is a "record of US failure." Critics in the US said the plan essentially restores the prewar status quo. Israel says the plan doesn't achieve the goals set when it joined the US in attacking Iran on February 28. Most countries welcomed the interim agreement. The foreign ministry in China said it hopes both countries will approach their upcoming negotiations "rationally and pragmatically." Energy analysts said it will be some months before oil and gas supplies from the Persian Gulf return to normal. Global oil prices remained just below US$80 a barrel.

Ukraine Hits Moscow Amid Drone Attacks Across Russia

Ukraine launched its largest drone attack on Moscow since the start of the war with Russia, damaging a major oil refinery on the outskirts of the city and sending dark smoke billowing over the parts of the capital. Russian air defenses shot down at least 194 drones, according to Moscow Mayor Sergei Sobyanin. Flights at major Moscow airports were temporarily suspended on Thursday. The strikes on Mosco were part of a larger Ukrainian offensive that injured 17 people across Russia. The Kremlin has promised a "massive" retaliation. Ukrainian President Volodymyr Zelensky said the offensive was a "justified response" to recent Russian strikes on civilian targets in Ukraine. Kiev has been stepping up long-range attacks, especially targeting Russian energy infrastructure, in hopes of forcing the Kremlin to end a war that has entered its fifth year.

US to Review Its Commitments to NATO Defense in Europe

US Defense Secretary Pete Hegseth launched a blistering attack on NATO allies, announcing a six-month review of the deployment of US forces in Europe amid longstanding Trump administration warnings that Europe should be responsible for its own defense. US President Trump has doubled down on criticism of "free-loading" European allies after they refused to join the US in its war against Iran.

Widely Watched UK By-Election May Seal Fate of Prime Minister

Ballot-counting began in a British by-election that may affect the future of UK Prime Minister Keir Starmer. Popular Manchester Mayor Andy Burnham is seeking a return to Parliament, where he is expected to mount a leadership challenge against Starmer. The prime minister has come under heavy criticism for his appointment of a Jeffery Epstein associate as US ambassador and last week's resignation of the defense minister, who said Starmer's government is starving the military in a time of heightened risks.

Top Business

China Regulators Seek to Tighten Reins on Food-Delivery Services

Chinese regulators are again taking aim at food-delivery services, proposing new rules to crack down on "irrational" use of subsidies in the hotly competitive market. The rules issued by the State Administration for Market Regulation would place tighter restrictions on subsidy promotions and the practice of selling meals at below cost, the South China Morning Post reported. The rules would require major players such as Meituan, Alibaba and JD.com to publicly disclose details of subsidy campaign and identify related legal obligations. Meituan, which blamed its 6.8 billion yuan (US$940 million) first-quarter loss largely on costs related to its on-demand food delivery business, welcomed the new rules. "Irrational competition in the food-delivery industry has disrupted normal market order," the company said in a statement. In April, the regulator fined seven e-commerce and food-delivery platforms 3.6 billion yuan for failing to properly verify food-vendor licenses and allowing so-called "ghost" kitchens to provide meals.

Lenovo seeks to Raise US$2 Billion in Convertible Bond Issue

Beijing-based Lenovo, the world's biggest personal-computer vendor, said it plans to issue US$2 billion in bonds convertible to shares and buy back US$675 of convertible bonds due in 2029. Estimated net proceeds will be used for refinancing existing debt, including the buyback, and general operating expenses. The company said the buyback is aimed at limiting the dilution of share value for existing stockholders when new bonds are converted. The company posted a 479 surge in profit for its fiscal fourth quarter ended March 31, ending its strongest earnings year in history.

Novo Nordisk to Seek Regulatory Approval for China Sales of Wegovy

Danish pharmaceutical giant Novo Nordisk said it is seeking regulatory approval to sell its Wegovy weight-loss drug in China. In an interview with Yicai during a visit to China, Chief Executive Mike Doustdar said China is the company's second-largest market. Wegovy is among the most high-profile drugs used for obesity and diabetes control. Doustdar declined to say if the company might be considering production in China.

Economy & Markets

Eight Chinese Companies Begin Hong Kong IPOs

Chinese companies opened subscriptions for initial public offerings this week to list in Hong Kong. The largest IPO is from Shenzhen-listed Lingyi iTech, a supplier of precision parts and hardware for AI devices. The company seeks to raise as much as HK$8.26 billion (US$1.1 billion) through the offer of 810 million shares. Beijing-based SG Micro, an analog integrated circuit company, is aiming to raise about HK$4.6 billion through the sale of 54 million shares globally. The company, already listed on the ChiNext board in Shenzhen, said it expects the shares to debut on June 26.

Circuit Fabology Microelectronics Equipment, a semiconductor equipment maker, plans to raise up to HK$3.24 billion by offering 12.84 million shares, and Crealights Technology, a manufacturer of high-speed optoelectronic components, is seeking HK$1.5 billion through the offer of 13.4 million shares.

Alebund Pharmaceuticals, a Jiangsu-based biopharma company providing therapies for kidney disease, is aiming to raise about HK$1.3 billion by selling 56.7 million shares. The company said it expects the shares to start trading on June 29. Beijing-based Zhongke WengeAI Science & Technology plans to offer 14.8 million shares to raise HK$900 million, and Xiamen-based Baige Online Digital Technology, a leading insurance technology company, is offering 33.4 million shares to raise HK$680 million. Also Xiamen-based, Keytop Parking, a ticket-less, smart parking systems provider, plans to offer 10.1 million shares, with an eye to raising at most HK$400 million.

China Drafts Plan for Unified AI Grid

China is drafting a plan that could direct roughly 2 trillion yuan (US$295 billion) of investment toward a nationwide AI computing network. The blueprint being developed by the National Development and Reform Commission would connect data centers across the country into a unified computing grid operated largely by state-backed telecoms, including China Mobile and China Telecom. Chinese media reported that officials want at least 80 percent of the underlying technology, including AI chips and related infrastructure, to come from Chinese suppliers. When energy infrastructure is calculated in, the estimated cost could rise beyond 5 trillion yuan.

Separately, the development and reform agency said the nation's energy system can meet peak summer demand for electricity, with coal stockpiles at regulated power plants reaching 2.1 billion tons, or about 34 days of supply. It said inter-provincial electricity trading programs are expanding and plans to accelerate adoption of green energy sources are on track.

Japan Consumer Prices Rise, Factory-Gate Inflation Surges

Japan consumer prices in May edged up to 1.5 percent from 1.4 percent in April, but the core inflation rate that strips out volatile fresh food prices held steady at 1.4 percent. Energy prices fell 2.5 percent last month as government support measures blunted the full force of higher global oil prices for consumers. The producer price index rose 6.3 percent, its fastest growth in more than three years, as higher oil prices hit businesses. Japan is a major importer of Middle East oil. The Bank of Japan this week raised its benchmark interest rate to 1 percent as a weaker yen against the US dollar makes imports, including oil, more expensive.

China Exports of Rare Earths Rise 37 Percent

China exports of rare earth and related products in May rose 37 percent to 10,900 tons. Rare earths, a group of 15 elements vital in production of electric vehicles, wind turbines, smart phones and technologies seeking to make products lighter and smaller, were a major sticking point in last year's trade war between the US and China, which leads the world in production and refining. China's May exports of alumina, which is used to make aluminum, increased 36 percent to 280,000 tons, while imports of unwrought aluminum and other aluminum products fell 16 percent to 300,000 tons. Steel imports fell 7 percent to 450,000 tons.

Corporate

WeRide, Uber to Launch Robotaxis in Zurich

Chinese robotaxi services provider WeRide said it and partner Uber plan to launch commercial self-driving taxi services in Zurich, marking the second EU city of their collaboration after Madrid. WeRide and Uber have completed deployment in five international cities, which include the Middle East.

Evoken Fundraiser Values Company at US$2 Billion

Evoken, the parent company of Chinese AI image creation and sharing platform LiblibAI, completed a US$300 million funding round, valuing the company at more than US$2 billion.

The financing was led by Singapore-based Granite Asia, Tencent Holdings and Shunwei Capital, the venture capital firm founded by Xiaomi Chairman Lei Jun, Yicai reported. Existing investors, including Ant Group and Hongshan Capital Group, also participated. The Beijing-based company said it will allocate proceeds to investment in research and development, and global expansion.

Dongshan Precision Unit to Invest US$1.2 Billion in Expanded Capacity

Dongshan Precision Manufacturing subsidiary Source Photonics plans to invest US$1.2 billion to increase its production capacity of optical chips and modules. The Chinese company has factories in Taiwan, Changzhou and Chengdu.

Biemlofen to Take Over Management of Snow Peak Brand in China

Chinese sportswear brand Biemlofen, which specializes in golf apparel and casual wear, entered into an agreement with Japanese outdoor label Snow Peak and its South Korean operating partner Gamsung to take over the management of Snow Peak's business in China. Under the pact, Biemlofen will oversee Snow Peak branded apparel and camping equipment in the crowded China market for outdoor gear. Biemlofen's net profit plunged 30 percent last year.

Alibaba Logistics Unit Sets Up Second Dutch Warehouse

Alibaba logistics arm Cainiao said it is setting up a European supply chain center in the Netherlands, which will deploy 100 of its climbing robots. It's Cainiao's second warehouse in Holland. The company said it has signed a 10-year lease for the facility.

Lululemon Rival Enters China Market

US premium sportwear brand Alo Yoga, a rival of Lululemon, is entering the China market, with its first Chinese mainland store planned for Shanghai's Jing'an Kerry Center or Beijing's Sanlitun Taikoo Li.