Daily Buzz: 20 August 2026

Top News

China Completes First Land-Based Reusable Rocket Recovery

China successfully completed its first land-based recovery of a reusable rocket. The Zhuque-3 Y2 carrier rocket lifted off from the Jiuquan Satellite Launch Center in northwestern China, and after reaching orbit, the rocket's first stage was recovered at a site in landlocked Gansu province. The Zhuque-3 is a new-generation, reusable liquid oxygen-methane carrier rocket independently developed by Beijing commercial space launch provider LandSpace Technology. Reusable rocketry is the forefront of space development because it cuts costs of launches and increases their frequency. Reusable rockets are considered crucial to the deployment of AI satellite networks.

Trump Threatens Iran with 'Economic D-Day'

US Donald Trump threatened Iran with an "economic D-Day," repeating an earlier warning of the most "crushing economic operation ever taken against any country" in an online post, as Tehran continues to reject US terms for a peace deal. The six-month conflict with Iran has shifted in recent weeks to rhetoric from attacks, with no end in sight. Trump said "these maniacs are on the ropes" and that his economic operation would "cripple them." A 60-day ceasefire signed by both countries in June expired this week. With the Hormuz Strait essentially closed to Gulf oil transport, global benchmark Brent crude futures remained above US$90 a barrel, closing New York trading at US$91.62.

China Opposes Against AI 'Bloc' Rivalry

China said it opposes any efforts to create rival camps or force countries to take sides in the race to develop AI. The comments came after US reports suggested the Trump administration will tell nations they have to decide which country they support Saif they want to join a US-backed AI partnership agreement. Foreign Ministry spokesman Lin Jian said AI is a shared achievement of humanity and called for broader international cooperation. China has repeatedly called for international collaboration on AI development while criticizing technology restrictions and geopolitical competition in the sector.

Sacked Ukrainian Defense Chief Calls for Elections

Mykhailo Fedorov, fired as Ukrainian defense minister by President Volodymyr Zelensky last month because of friction with the army's top commander, called for wartime elections in a possible bid to challenge Zelensky, who has consistently said elections aren't possible while Russian continues to wage war against the nation. "Democracy cannot be held hostage by Russia," said Fedorov in a YouTube video. He added that the country is facing a "systemic crisis of governance" and corruption that is hurting the war effort. Since the war began more than four years ago, Ukraine has technically been under martial law, which means elections that were due in the spring of 2024 remain suspended. Fedorov, 35, was considered a driving force behind Ukraine's drone development and warfare. A popular public figure, his dismissal caused protests across the country.

AMEC Profit Surges Fourfold, Company Plans Expansion

Advanced Micro-Fabrication Equipment (AMEC), one of China's leading semiconductor equipment makers, said net profit in the first half surged fourfold to 2.8 billion yuan (US$420 million) on a 35 percent increase in revenue to 6.7 billion yuan. The Shanghai-based company attributed its strong performance to expanded shipments and commercial-scale mass production of high-end etch tools used in advanced logic and memory chip manufacturing. AMEC also announced it will invest 3.5 billion yuan to upgrade its facilities in Shanghai, focusing on etch, metrology, inspection and thin-film deposition equipment. The project is forecast to generate 3 billion yuan in annual sales upon reaching full capacity.

Top Business

Kuaishou Posts Profit Decline, Revenue Edges Up

Kuaishou Technology, a leading Chinese short-video platform and developer of the AI video generation tool Kling AI, reported second-quarter profit fell 36 percent to 3.2 billion yuan (US$480 million) on a 1.4 percent increase in revenue to 35.5 billion yuan. Kling AI emerged as the primary growth engine during the quarter, doubling revenue to 850 million yuan. The company said it spent 4.5 billion yuan on research and development. For the first half, profit fell to 6.1 billion yuan from 8.9 billion yuan a year earlier. Revenue rose to 69.3 billion from 67.6 billion.

Weibo Q2 Net Profit Drops 46 Percent

Weibo, the popular Chinese version of X, reported revenue of US$453.8 million in the second quarter, up 2 percent year-on-year. Net profit fell 46 percent to US$67 million, impacted by increased advertising production and marketing expenses. Advertising and marketing revenues totaled US$381 million, representing a slight 1 percent decrease. On the user front, Weibo said it had 561 million monthly active users in the quarter.

Seres Auto Narrows Loss in First Half

Chongqing-based Seres Auto narrowed its first half loss to 1.7 billion yuan (US$253 million) from 2.9 billion yuan a year earlier. The company said the loss reflects changes in its product mix, with key models undergoing transition, and rising prices of materials such as batteries and chips. Revenue fell 7.9 percent to 57.4 billion yuan. Research and development spending rose 27 percent to 3.7 billion yuan. The company said it sold 178,800 new energy vehicles in the period, an increase of 3.9 percent. About 1.8 percent of revenue came from overseas; the rest from the Chinese mainland. Seres models showed a gain of 5.6 percent, and deliveries of the new Aito M9 model were more than 20,000 since they began in mid-June. The starting price of the Aito M9 has been raised to 600,000 yuan. The company has rapidly transformed into a new energy vehicle powerhouse, largely driven by its 2021 alliance with Huawei. Together, they co-developed the Aito brand.

AI Drug Maker XtalPi Turns to Loss, Revenue Drops

Shenzhen-based biotech company XtalPi, which uses AI technology to discover new drugs, said it turned to a first-half loss of 251.9 million yuan (US$37.4 million) from a year-earlier profit of 82.8 million yuan, partly on a 6.6 percent increase in research and development spending to 367.8 million yuan. Revenue fell 24 percent to 393 million, largely reflecting a big licensing payment a year earlier. Excluding licensing payments, revenue rose 74 percent. The company's pipeline includes drugs spanning oncology, autoimmune diseases, neurodegenerative disorders and chronic diseases. It has collaborative projects with Pfizer and Eli Lilly and said it is integrating AI technologies and robotics into its operations.

Major Global Miner CMOC Posts Profit, Revenue Jumps

CMOC, one of the world's largest producers of molybdenum, tungsten, cobalt, niobium and copper, reported an 86 percent jump in first half profit to 16.2 billion (US$2.4 billion) on a 43 percent surge in operating income to 135.3 billion yuan, amid tight global supplies and higher prices for commodities like copper and tungsten The company operates across Asia, South America and Africa, mining metals and minerals vital in industrial production, and it also produces phosphate for fertilizer. It's the world's biggest cobalt miner, holds about a third of the global tungsten market, and is the second-largest miner of niobium, which is used in jet rockets, building girders, oil rigs and gas and oil pipelines and MRI scanners. The company said global prices for copper rose 39 percent in the six months and cobalt prices nearly doubled.

Kingsoft Office Posts Gains in Profit, Revenue

Shanghai-listed Kingsoft Office, a Chinese software maker and competitor to Microsoft Office, reported net profit soar 237 percent to 2.52 billion yuan (US$370.6 million) in the first half. Its adjusted net profit excluding investment income reached 1.09 billion yuan, a 28.29 percent year-on-year increase. The revenue reached 3.31 billion yuan, up 24.69 percent year-on-year. Top-line and earnings growth were propelled by accelerated conversion of individual paying users driven by AI-powered capabilities, pushing the domestic annual paying user base past the 48 million mark.

HK-listed Kingsoft Corp, which owns shares of Kingsoft Office and gaming business, reported second-quarter profit rose 3 percent to 548 million yuan on a 9 percent increase in revenue to 2.5 billion yuan. First-half profit doubled to 1.6 billion yuan on a 6 percent revenue gain to 4.9 billion yuan.

Economy

In Stellar Debut, Unitree Shares Surge 460 Percent

Unitree, the first humanoid robot maker to list on the Chinese mainland, didn't disappoint investors expecting a big pop in its share price on its Wednesday debut. The stock surged to close 460 percent above its offer price after a heavily oversubscribed 6.1 billion yuan (US$905 million) initial public offering on Shanghai's STAR Market. The stellar performance was in contrast to bearish trading in the wider market, with the Shanghai composite Index shedding2.4 percent. The debut came after a 1-in-5525 lottery chance of securing retail shares created unmet demand for the stock, despite an aggressive price-to-earnings ratio of 219 times. The Hangzhou-based company, the world's largest maker of humanoid robots, is heavily investing in AI brain technology for robots, moving beyond expertise in manufacturing mechanical bodies.

Yangtze Memory Advances IPO Plan

Yangtze Memory Technologies, a leading Chinese memory chip maker, moved closer to a potential Chinese mainland listing after completing an initial public offering advisory process, according to the China Securities Regulatory Commission's website. The IPO's sponsors are Citic Securities and China Securities. Research firm Counterpoint said Yangtze Memory accounted for 14 percent of global NAND flash shipment capacity in the second quarter of 2026, ranking third worldwide behind Samsung Electronics and SK Hynix.

US Doubles Bond Buybacks to Ease Surging Debt Yields

The US Treasury Department announced it will double its buyback of government debt to address surging debt yields that drive up the costs of government borrowing and have roiled global markets this week. The 30-year Treasury bond yield shed more than 10 basis points to 5.184 percent on the news, the 10-year U.S. Treasury yield lost more than 6 basis points. Bond prices around the world have been under pressure in part due to elevated oil prices and fears that inflation will increase. Japan's 10-year bond yield reached its highest level in three decades this week, Germany's 30-year bond yields hit their highest point since 2011, and yields on long bonds in France reached their highest since 2008. The US government budget deficit rose to US$432.3 billion in July, its highest monthly total since March 2021. Interest paid on the nation's nearly US$40 trillion national debt has cost the government about US$1.2 trillion this year.

Robots Take Center Stage in Beijing

The World Robot Conference 2026 opened in Beijing this week, showcasing the latest technologies in the industry. The five-day event features more than 70 related activities, with more than 300 companies exhibiting. Humanoid robot makers are drawing the biggest attention as they demonstrate applications across manufacturing, retail, healthcare, elderly care and emergency response. As AI advances development, robotics have become a strategic tech realm for companies and governments worldwide.

LimX Dynamics Seeks Listing in Hong Kong

Chinese robot manufacturer LimX Dynamics, backed by Alibaba, JD and IDG Capital, has filed a confidential application to list on the Hong Kong exchange, Bloomberg News reported. The company, which focuses on embodied AI robots, will seek to raise several hundred million US dollars in the IPO, which it is discussing with Citic Securities. Its robot models include fully autonomous humanoid robots Oli and Luna, as well as the Tron modular robot. The company secured US$200 million in a July funding round, valuing the company at 15 billion yuan (US$2.2 billion).

China Relaxes Rules on Withdrawals From Housing Provident Funds

China has expanded the scope for withdrawal and use of housing provident funds to spur the residential property market. The State Council, China's cabinet, announced the new rules will take effect on September 20. Under the revisions, the rules limiting eligibility to use the funds to pay rent will be eliminated. New eligible provident fund uses will include home renovation and paying property management fees. The decision also broadens investment channels for provident funds to include some bonds.

Corporate

Hengrui Pharma Revenue Slips as Q2 Growth Falters

Chinese drugmaker Hengrui Pharma reported weaker first-half results as declining sales of generic medicines and slower revenue streams from licensing deals outweighed growth in its innovative-drug portfolio. Revenue fell 1.9 percent from a year earlier to 15.5 billion yuan (US$2.3 billion), while net profit edged up 0.3 percent to 4.5 billion yuan. Profit excluding one-time items dropped 12.7 percent to 3.7 billion yuan. For the second quarter, the pharma company posted a 14.5 percent decline in revenue and a 15 percent drop in net profit. Hengrui has been shifting away from production of generic drugs to focus on innovative discoveries and overseas licensing. Innovative-drug sales rose 16.4 percent in the first half, accounting for more than 60 percent of pharma sales. Operating cash flow dropped 54 percent to 2 billion yuan. Hengrui also announced plans to repurchase between 1 billion yuan and 2 billion yuan of shares.

China Resources Beer Posts Profit Slump

China Resources Beer, the biggest Chinese mainland beer company by sales volume, said first-half profit slumped 10.7 percent to 5.2 billion yuan (US$772 million), with revenue rising 1.2 percent from a year earlier to 24.2 billion yuan. The company, a listed arm of state-owned China Resources Group, markets Heineken and Amstel brands in China, along with in-house brands that include Snow Gold Crown and Brave the World. The company reported production of 6.6 kiloliters in the six months, up 1.7 percent. China Resources Beer described a changing beer market on the Chinese mainland as consumer tastes diversify, consumption shifts from traditional on-premises drinking to other channels and the industry continues to evolve from scale-driven expansion to value-driven growth.

Anta-Owned Amer Sports Posts Profit Surge, Plans Expansion in China

Finland-based Amer Sports, majority owned by China's Anta Sports, said second-quarter revenue rose 32 percent to US$1.6 billion, with profit surging nearly sixfold to US$107 million. After the better-than-forecast results, the company raised its full-year revenue growth forecast to 24 percent. Amer Sports said revenue in China increased 36 percent to US$556 million in the second quarter and 40 percent to US$1.2 billion in the first half. Its Arc'teryx brand, the largest premium outdoor brand on the Chinese mainland, plans a net 12 new stores this year in China, adding to an existing 140 outlets.

LinkedIn Expands Chinese Head Leadership Role to Drive Regional Growth

Networking platform LinkedIn has named Nancy Wang as country manager for China, which will include her leading its "talent solutions" business across Southeast Asia and South Korea. The appointment highlights the central role of China in LinkedIn's broader Asia-Pacific growth strategy.

To date, LinkedIn has empowered over 3,000 Chinese companies expanding internationally.

Ping An Good Doctor H1 Net Profit Jumps as AI Integration Boosts Profitability

HK-listed Ping An Good Doctor posted first-half net profit of 219 million yuan (US$365 million), a 63.5 percent increase from a year ago. Revenue slipped 0.7 percent to 2.5 billion yuan. Chief Executive He Mingke highlighted the integration of AI medical technology across the company's full business chain to deliver one-stop healthcare and elderly care solutions.

Nokia to Severely Curtail Business in China

Finland-based telecom equipment maker Nokia plans to eliminate most ‌of its workforce in the Chinese mainland and close sites in stages by year's end, the South China Morning Post reported. The company earlier acknowledged that its China business has steadily declined in recent years. A Nokia spokesperson said only "we are adjusting our operational footprint in China to address this reality." No further details were given. The company has faced stiff competition from domestic rivals.

Hengan Profit Declines, Profit Margin Increases

Hengan International, China's largest producer of diapers, sanitary napkins and other personal hygiene products, said half-year profit declined 8.7 percent from a year earlier to 1.3 billion yuan (US$193 million) on a 6.1 percent drop in revenue to 11.1 billion yuan. The company said lower raw material prices and a higher contribution from premium, high-margin products helped offset an overall decline in sales. Gross profit margin increased by 3 percentage points to 35.3 percent.