Daily Buzz: 21 May 2026

Top News

China, Russia Sign 20 Accords To Keep Close Ties

Chinese President Xi Jinping and visiting Russian President Vladmir Putin pledged to maintain close ties in a changing world. The two leaders signed 20 accords ranging across trade, education, science and technology. Putin, on his 25th visit to China, was welcomed with fanfare outside the Great Hall of the People, where he held what were described as "warm and cordial" talks with Xi. During their meeting, Xi said China wants to see an end to fighting in the Middle East and negotiations should resolve the conflict. Putin said that relations between Russia and China play a stabilizing role in global affairs, and are especially important amid worldwide crises. The two nations issued a joint statement promoting a multipolar world and a new framework for international relations. Putin's visit came just days after US President Donald Trump visited China.

Nvidia Posts Surge in Quarterly Profit

US chip giant Nvidia said net income in its fiscal first quarter ended April 27 rose 210 percent to US$58.3 billion from a year earlier on an 85-percent increase in revenue to US$81.6 billion. Revenue from the data center unit surged 92 percent to a record US$75.2 billion. Spending on research and development rose to US$6.3 billion from US$4 billion. The company announced a US$80 billion share buyback. Its second-quarter forecast for US$91 billion in revenue exceeded analysts' expectations. "Nvidia is the practically the only company serving physical AI today, and we've been working on physical AI for a long time," said Chief Executive Jensen Huang. "So our share of inference is growing very quickly."

SpaceX Files IPO Prospectus, Revealing Company Finances

Elon Musk's SpaceX filed for a blockbuster initial public offering, scheduled to debut on the Nasdaq on June 18. The company didn't reveal how much it intends to raise, amid reports of a US$75 billion share sale, which would rank it the world's largest-ever IPO. In its prospectus filed with the US Securities and Exchange Commission, it reported first-quarter revenue of US$4.7 billion and an operational loss of US$1.9 billion. The prospectus, revealing company finances for the first time, said 69 percent of revenue came from the Starlink satellite program, and US$131 million was spent on Tesla Cybertrucks. SpaceX also said it bought US$697 million worth of Tesla's Megapack battery energy storage systems in the past two years. The filing said Musk was awarded 1 billion of performance-based, restricted shares in January, contingent on the company establishing a "permanent human colony on Mars."

Alibaba Launches New, More Powerful AI Chip

Chinese tech giant Alibaba unveiled a new artificial intelligence chip three times as powerful as its predecessor. The Zhenwu M890 supersedes the current Zhenwu 810E chip, with a 144-gigabyte graphics processing memory and inter-chip bandwidth of 800 gigabytes per second. Alibaba said it had already delivered 560,000 Zhenwu units to more than 400 customers across 20 industries. The advance comes as Nvidia is still struggling to get its China-tailored H200 chips into the nation, amid US and China roadblocks, and comes as Beijing pursues its goal of self-sufficiency in semiconductors. Alibaba also revealed its next generation large language model, Qwen3.7-Max, would soon be released. Last month, Alibaba and China Telecom said they were launching a data center in southern China powered by the Alibaba chips.

The US Files Criminal Indictment Against Former Cuban President

The US Justice Department filed criminal charges against former Cuban president Raúl Castro, 94, related to the shooting down of two US civilian planes 30 year ago when Castro was defense minister. The aircraft were operated by an anti-Cuba organization in Florida. Four people died. The indictment is seen as the latest salvo in US attempts to topple the island's communist government and takes on added significance after the US invaded Venezuela earlier this year and whisked then president Nicolas Maduro to the US to face criminal charges.

Top Business

Maker of AI Robotic 'Dogs' Seeks US$368 Million Shanghai IPO

Hangzhou-based Deep Robotics, which makes four-legged "dog robots," is seeking to raise 2.5 billion yuan (US$368 million) from a listing on Shanghai's STAR Market. The company turned profitable last year on a tripling of revenue. Deep Robotics is considered one of Hangzhou's "six little dragons" in technology development. Founded in 2017, the company focuses on embodied intelligence, with an emphasis on products for "real world" uses. Robotic dogs can be deployed in situations inaccessible to humans, in firefighting, in security patrols and in rescue missions. Its Jueying quadruped robot series was the first in the world to achieve fully autonomous substation inspections.

Samsung Electronics Workers Postpone Strike Today

The scheduled strike by Samsung Electronics workers is reportedly to get postponed at the last-minute negotiations. Earlier, workers have declared an 18-day strike after Samsung rejected a union proposal to submit the dispute to South Korea's National Labor Relations Commission. The union had asked the company to remove a cap that limits bonuses to 50 percent and to allocate 15 percent of annual operating profit to a bonus pool. Samsung, one of the world's biggest chipmakers, called union demands "excessive." Samsung has posted record profits on rising chip prices. The company accounts for nearly a quarter of South Korea's exports.

Nio Says China Carmakers Should Focus on Profit, Not Price Wars

Chinese electric vehicle maker Nio said Chinese mainland carmakers must prioritize profits as material costs rise instead of continuing to operate at losses among a price war to pursue market share. "The recent spike in raw material prices has had a severe impact on auto assemblers," Nio Senior Vice President Ji Huaqiang told a media briefing. His remarks came after rival Li Auto slashed the price of its new L9 SUV by about 10 percent, Reuters reported. Nio is set to start selling its full-size electric ES9 SUV at the end of this month, with a price tag of 528,000 yuan (US$77,600) – about 3.6 percent higher than the L9. Paul Gong, head of China auto research at UBS, said on Tuesday that excessive and self-defeating competition – called "involution" in China – remains an "enemy within" the domestic car market.

China Defends Rare Earth Controls

China said its export controls on rare earths and other critical minerals are lawful and will remain in place, while signaling willingness to address what it called "reasonable and legitimate concerns" of the US. In a statement on Wednesday, the Ministry of Commerce said Chinese and US trade teams have held extensive discussions on export controls and agreed to continue talks. The ministry said Beijing reviews export license applications exports related to peaceful use. Meanwhile, the ministry confirmed China's purchase of 200 Boeing aircraft.

Economy & Markets

Top Numerical Control Shares Surge in HK Debut, Uisee Falters

Shares of Shanghai-based aviation and aerospace parts supplier Top Numerical Control Technology ended 80 percent higher on their debut in Hong Kong on Wednesday. The company's initial public offering raised HK$1.7 billion (US$220 million.) The IPO was 3,764 times oversubscribed at the retail level and 29 times oversubscribed by institutional investors. The company specializes in research, design, production and distribution of five-axis computer numerical control machine tools for high-precision aerospace manufacturing equipment. Its client base spans the aerospace, automotive, energy and medical engineering sectors. The company said it plans to dedicate almost two-thirds of sales proceeds to research and development.

Separately, shares in Uisee Technology, a Chinese autonomous driving solutions provider, closed down 4.6 percent on their first training day in Hong Kong, the South China Morning Post reported. The company raised nearly HK$872 million in the IPO.

Asian Stocks Drop, Iran War and Rising Bond Yields Spook Investors

Asian stock markets tumbled Wednesday amid concerns about an extended conflict in the Middle East and a surge in bond yields as high oil prices fan inflation fears. The benchmark Shanghai Composite Index dropped 0.18 percent, the Hang Seng in Hong Kong shed 0.57 percent, and in Japan, the Nikkei tumbled 1.23 percent. South Korea's Kospi lost 0.86 percent as talks to avert a major strike by workers at Samsung Electronics failed. However, Wall Street stocks later in the day closed higher after US Treasury yields slipped from 19-year highs and oil prices abated after US President Donald Trump said talks with Iran on a peace settlement were in their final stages. Global benchmark Brent crude futures traded at US$105 a barrel late in New York.

China Leaves Benchmark Lending Rates Unchanged

China's central bank left benchmark lending rates unchanged for the 12th consecutive month, which was expected, while one-year loan prime rate, used for corporate and consumer loans, remains at 3 percent, and the five-year rate, used to benchmark mortgages, is ⁠unchanged at 3.5 percent. The People's Bank of China has said it will maintain stable money policy, even as economic activity and lending show signs of softness.

Yangtze Memory Begins IPO Process

Wuhan-based Yangtze Memory Technologies, China's top flash memory chipmaker, took the first steps toward a Chinese mainland initial public offering. The company is entering the phase of formal pre-IPO guidance from Citic Securities, according to a regulatory filing on Tuesday, Reuters reported. It has not disclosed how much it will seek in the IPO. The company makes NAND flash memory chips that store data in ⁠smartphones and computers in two existing factories. A third factory, located in Wuhan, is due to open this year.

Corporate

BYD Mum on Formula 1 Reports

BYD, China's biggest electric carmaker, declined to comment on media reports that it's in talks to buy 25 percent of Renault's Alpine Formula 1 racing team from private equity firm Otro Capital and is also seeking to take over Renault's engine plant in France, Yicai reported.

Bio-Thera Gets US Approval for Arthritis Drug

Guangzhou-based Bio-Thera Solutions said it has received regulatory approval from the US for its company's BAT2506 drug to treat rheumatoid arthritis. Its golimumab antibody drug is similar to versions marketed by Johnson & Johnson in the US and European biopharma firm Alvotech. Through licensing agreements with five overseas pharmaceutical companies, BAT2506 has been approved for use in the EU, UK, Canada, Latin America and Russia.

GM Shifting Some Production to Mexico From China

General Motors said it will shift assembly of its Groove and Aveo models in Mexico from China but continue to produce car parts for them on the Chinese mainland, Reuters reported. The US automaker has been exporting the models to Mexico from China, where sales have declined in recent years.

OpenAI Picks Singapore First AI Lab Outside US

OpenAI has chosen Singapore as the site of its first AI lab outside the US, with initial investment of S$300 million (US$235 million). The city-state is aiming to become a regional hub for artificial intelligence. It also signed an agreement with Google to advance AI technologies, but no funding figure was disclosed. Singapore has committed more than S$1 billion toward strengthening AI research capability.

Meta Begins Global Layoff Notices in Singapore

Tech giant Meta, owner of platforms like Facebook, Instagram and WhatsApp, has begun notifying 8,000 workers around the world that their jobs are being eliminated, starting with Singapore. The job cuts are aimed primarily at engineering and product teams. The company has also announced that 7,000 workers will be reassigned to new teams focusing on AI initiatives. The company is seeking savings to finance the skyrocketing costs of AI development to keep pace with rivals like Alphabet and OpenAI.

GoPro Explores Sale Amid Losses

US action camera maker GoPro said it is exploring a potential sale as the company struggles with mounting losses and intensifying competition. Potential buyers reportedly include major technology firms, outdoor brands and US defense contractors. The move comes weeks after GoPro announced plans to cut about 1 23 percent of its workforce, as part of a restructuring aimed at reducing costs. GoPro has posted declining revenue for four consecutive years. Last year, revenue fell 19 percent to US$652 million, while net losses widened to US$93.5 million.