Daily Buzz: 23 December 2025

Japan Approves Restart of Biggest Nuclear Power Plant

Japanese authorities approved the restart of the world's biggest nuclear power plant, which has sat idle since the Fukushima nuclear plant disaster in 2011. Many local residents disapprove of plans to allow Tokyo Electric Power to restart one of seven reactors at the Kashiwazaki-Kariwa plant in Niigata prefecture. The powerful earthquake and tsunami that trigged a meltdown at the Fukushima plant remain fresh in the public mind, and the nation's regulators have taken a slow approach in restarting 14 of 33 nuclear reactors that remain operable. The Kashiwazaki-Kariwa plant, which has a combined capacity of about 8,200 megawatts, is located about 320 kilometers north of Tokyo on the island of Honshu.

China Accuses US of Breaking International Law

China called the US seizure of another oil tanker off Venezuela's coast a serious violation of international law. Foreign ministry spokesperson Lin Jian told a daily press briefing that China opposes all "unilateral and illegal" sanctions imposed on shipping. The US Coast Guard intercepted a second crude tanker, which was bound for China, in open waters of the Caribbean over the weekend after President Donald Trump announced a blockade of all sanctioned oil tankers entering and leaving Venezuela. Washington claimed the tanker was operating under a "false flag."

Denmark Sees Red Over US Greenland Envoy

Denmark is incensed that the Trump administration has appointed a Greenland special envoy whose stated goal is US annexation of the island. President Donald Trump announced that Jeff Landry, the Republican governor of Louisiana, will become the new envoy to Denmark's semi-autonomous Arctic region, which is rich in mineral wealth. Since returning to the White House in January, Trump has expressed a desire to take over Greenland.

Top Business

Vanke Creditors Approve Brief Reprieve

China Vanke bondholders for a second time this month rejected a one-year delay on repayment of a 2 billion yuan (US$284 million) bond that came due on December 15, but creditors did agree to grant the property developer a grace period to January 27, according to a filing with the National Association of Financial Market Institutional Investors. The decision at least briefly staves off a default that could lead to China's biggest bankruptcy proceedings. Shenzhen-based Vanke, once China's largest property developer, is saddled with US$50 billion in outstanding foreign and onshore debt. Since a liquidity crisis hit the mainland property market in 2021, the company has been kept afloat by its largest shareholder Shenzhen Metro, but support for state-backed rescues has ebbed. The property crisis has forced most large developers into court-ordered restructuring involving US$130 billion in debt defaults. Shenzhen-based Vanke, founded in 1988, has most of its property assets in China's biggest cities.

Biren Sets HK IPO Target at US$624 Million

Shanghai-based startup Biren Technology is aiming to raise HK$4.85 billion (US$624 million) in an initial public offering in Hong Kong, exceeding market expectations. The company, which would be the first mainland maker of graphics processing units to list in the city, plans to sell 248 million shares at between HK$17 and HK$19.60, hoping to cash in on successful high-profile tech IPOs, both in Hong Kong and in mainland markets. In September, Biren raised about US$207 million in new financing as a prelude to going public. Its cornerstone investors include funds managed by Qiming Venture Partners, Ping An Group, Lion Global Investors, York Capital Management, Prudential and UBS. Biren, founded in 2019 by a team of professionals from Nvidia, Alibaba and Huawei, reported first-half revenue of 59 million yuan (US$8.4 million) in the first half of this year but has continued to show losses in profit. The company said it plans to use proceeds from the sale for research and development

Nvidia Reportedly Plans to Resume Chip Sales to China

Nvidia has told Chinese clients it aims to start shipping its H200 chips, its second-most powerful AI chips, to China before the Lunar New Year holiday in mid-February, Reuters reported. The US chipmaker said it will fulfil initial orders from existing stock and plans to increase production to meet demand. It's not clear if Beijing, which wants to develop national self-reliance in chips, will allow the chips to be used in China. The Trump administration revoked its ban on the H200s, taking a 25 percent cut of all sales, but retains a ban on export of Nvidia's premier Blackwell chips.

US Bans New Chinese-Made Drones

The US said it is adding all foreign-made drone makers, including those of China's DJI and Autel Robotics, to its list of companies that pose national security risks. That decision bans imports of new models of drones but exempts existing models. DJI is the world's largest drone maker, accounting for at least half of commercial drones used in the US.

Economy & Markets

China Keeps Rates Unchanged

China's central bank kept its prime loan rates unchanged for a seventh straight month on Monday despite recent data showing some weakness in the economy and a continuing property market slump. The decision by the People's Bank of China leaves the 1-year rate, used in corporate and household lending, at 3 percent, and the 5-year rate, a benchmark for mortgages, at 3.5 percent.

China Imposes Duties on EU Dairy Goods

China is imposing provisional duties of between 21.9 percent and 42.7 percent on certain dairy products imported from the EU, effective today, the commerce ministry said on Monday, citing the preliminary results an anti-subsidy investigation.

Gold Surges to Record

Gold rose more than 2 percent to a record in New York on Monday, as investors sought a safe haven from US-Venezuela tensions and persistent concerns about a bubble in AI investment. Silver also touched an all-time peak. Spot gold was at US$4,434 in late trading.

Help for People With Poor Credit Records

The People's Bank of China is rolling out a one-time "credit repair" policy to help individuals struggling with impaired credit records but making repayments to rebuild their creditworthiness. The central bank said eligible people will have personal overdue credit information removed from its credit-reporting system after the debts are fully repaid. The policy applies to single overdue amounts of no more than 10,000 yuan (US$1,420), generated between 2020 and the end of this year, provided debts are fully repaid by next March 31.

Corporate

Jacobio, AstraZeneca Sign Drug Licensing Pact

Beijing-based Jacobio Pharmaceuticals has signed a global licensing agreement with UK-based AstraZeneca to develop and market the Chinese company's cancer drug candidate, which is undergoing clinical trials. AstraZeneca obtains exclusive rights to the drug outside of the Chinese mainland. The deal involves an upfront payment of US$100 million and future payments of up to US$1.9 billion based on performance milestones.

Porsche China to Exit Charging Network

Porsche China will gradually shut down its self-built charging network from March 1, affecting around 200 high-end, fast-charging stations nationwide. Porsche said the move follows a review of its charging services amid tough market conditions. The carmaker said charging will still be available at its dealerships and at certain third-party sites integrated into Porsche's charging system. As costs of building and maintaining charging infrastructure rise and utilization rates remain uncertain, many automakers are shifting to partnerships with third-party operators.

Jifeng Auto Parts Adds Another European Client

Ningbo-based Jifeng Auto Parts secured a deal valued at up to 9.8 billion yuan (US$1.4 billion) to supply passenger car seats to a European luxury automaker it didn't identify. Jifeng's German unit will fill the order over an eight-year contract. Jifeng signed a 12 billion yuan contract last year to supply seats to Germany's BMW.

BYD Confirms Pay Raise for Engineers

BYD, China's biggest electric carmaker, confirmed media report of salary increases for technical and research staff, amid growing competition for engineering talent amid heavy investment in technology. The company declined comment on reports that the pay hikes range from 500-3,000 yuan (US$70-$425) a month. The company employs more than 900,000 people, of which nearly 110,000 are engaged in research and development.