Daily Buzz: 24 July 2026

Crypto Traders Ramp Up CXMT Market Value to US$425 Billion

Crypto traders are pricing China's largest memory chipmaker, ChangXin Memory Technologies (CXMT) at levels that would make it the most valuable Chinese mainland company ahead of its trading debut in Shanghai on Monday, CNBC reported. Crypto startup Trade.xyz is offering a CXMT-linked contract on Hyperliquid, a decentralized derivatives exchange, enabling investors to speculate on the chipmaker's market capitalization ahead of its official debut. The futures contract tracking CXMT traded near US$6.35 per share on Thursday after peaking at US$8.60. That compares with the IPO price of 8.66 yuan (US$1.28) a share and implies a market capitalization of about 2.9 trillion yuan (US$425 billion), exceeding the value of financial giant Industrial and Commercial Bank of China, the mainland's largest listed company, which has a market cap of 2.6 trillion yuan. The outsized premium on Hyperliquid reflects offshore investors who have no access to the highly anticipated listing. CXMT is the world's fourth-largest maker of dynamic random-access memory chips. Its 57.9-billion-yuan IPO is the largest-ever on the Nasdaq-style Shanghai STAR market and the second largest ever in Chinese mainland.

Oil Prices Surge Above US$100 as War Expands to Red Sea

Global oil prices shot up above US$100 a barrel for the first time since May 26 after reports of attacks on Saudi oil tankers in the Red Sea by Iran-backed Houthi rebels in Yemen and after US President Donald Trump vowed a "massive" retaliation against Iran. Oil prices have surged more than 30 percent this month as the Middle East conflict escalates following the collapse of a 60-day ceasefire. The spread of hostilities to the Red Sea threatens an important trade route alternative to the Strait of Hormuz, now effectively blocked for Persian Gulf oil and gas shipments. Saudi Arabia has been sending oil from a Gulf port to a Red Sea terminal via an overland pipeline. Houthi rebels, longtime foes of the Saudi, said they targeted the oil tankers with drones and missiles for violating a maritime blockade declared against Riyadh this week.Trump said the US holds Iran responsible for any Houthi attacks on ships in the Red Sea, which connects the Suez Canal with the Gulf of Aden.

Trump told Axios he is near to a decision on the biggest-ever attack on Iran. UN Secretary-General António Guterres told the Security Council that the Middle East situation is running "out of control and teetering on the edge of the unimaginable." Global benchmark Brent crude futures closed New York trading at US$100.69 a barrel, and Wall Street stock markets plunged, with the Nasdaq losing 2.2 percent.

India Joins China, US in Commercial Space Race

India has joined China and the US in the elite private commercial space market after startup Skyroot successfully test-launched a low-orbit rocket carrying a payload of 350 kilograms. The Indian company is planning to start commercial operations in 2027, with one launch every month. Skyroot will be competing in the sub-1,000 kilogram-payload market with US startups such as Rocket Lab, Firefly Aerospace and Astra Space, as well as Chinese private firms i-Space, Galactic Energy and CAS Space.

Top Business

Zhipu Model Comes the Rescue After OpenAI Rogue Hack

Use of the GLM-5.2 open-weight AI model from China's Zhipu AI (Zai.ai) helped rein in a rogue agent built with OpenAI technology, raising the profile of Chinese cybersecurity and questions about US guardrails. US startup Hugging Face turned to Zhipu's model to analyze data related to the hack after US models declined the task, unable to distinguish between a defender and an attacker, according to the companys statement on aftermyth of the hack. OpenAI said an autonomous AI agent went rogue during a security test and triggered a hack that compromised the infrastructure of Hugging Face. Chinese open-source models like GLM-5.2 are gaining traction in Silicon Valley with coding and agentic capabilities that nearly rival those of OpenAI and Anthropic at lower costs.

US Imposes New Tariffs on 60 Trading Partners

The Trump administration said it is imposing new tariffs of up to 12.5 percent on some 60 countries, including top trading partners, beginning on Friday, effectively replacing 10 percent global tariffs concurrently expiring. The tariffs will cover 99.4 percent of US trade, officials said. As justification, Washington is using a section of US trade law related to forced labor, after the Supreme Court earlier struck down a tariff regime levied under a different US law. The White House recently imposed 25 percent tariffs on most imports from Brazil and 50 percent tariffs on a wide range of goods from Canada.

Samsung Launches New Foldable Lineup in China

Samsung Electronics unveiled its latest Galaxy foldable lineup in China, introducing a passport-sized model alongside upgraded AI capabilities powered by local Chinese tech partners. Models sold in the Chinese mainland integrate AI services from ByteDance's Volcano Engine, Baidu, Alibaba's Qwen, Meitu and ModelBest. The launch comes amid intensifying competition in China from Huawei and Apple. Pricing for Samsung's new lineup starts at 12,999 yuan (US$1,918) for the Galaxy Z Fold 8, marking a price increase over previous generations because of the rising cost of memory chips.

Vanke Secures Another Lifeline to Stave Off Default

Debt-ridden property developer China Vanke received a 519-million-yuan (US$77 million) from its largest shareholder, Shenzhen Metro, to meet bond repayment obligations and stave off default. It's the fifth bailout by Shenzhen Metro this year, bringing 2026 support to 4.5 billion yuan. Vanke, once a leader in mainland property development, was caught in a liquidity squeeze in 2021 that sent many of its rival into default. Vanke has been negotiating new repayment terms with holders of maturing debt. If the company were to default, it would likely be China's biggest ever bankruptcy proceedings.

Economy & Markets

Zhongji Innolight IPO Has HK's Highest-Ever Subscription Threshold

Zhongji Innolight's US$8 billion IPO in Hong Kong, the largest in the city in seven years, has set the highest subscription threshold in the city's history, pricing its offer at a maximum of HK$1,010 (US$149) a share and requiring 50 shares per board lot, raising the minimum threshold to HK$51,009, the South China Morning Post reported. The company began accepting subscriptions for 54.4 million shares on Wednesday, though the 10 per cent allocated to retail investors may suffer from the high entry threshold. Shandong Province-based Innolight, the world's largest producer of optical transceivers, is a supplier to companies that include Nvidia, Alphabet and Meta.

China Investment Heavyweight Pivots to AI From Consumer Stocks

One of China's largest investment funds is cutting its holdings in liquor distillery and e-commerce stocks in a pivot to AI shares. The 21-billion-yuan (US$3.1 billion) E Fund Blue Chip Selected Mixed Fund, managed by Zhang Kun, said in second-quarter report that it reduced stakes in distillers like Kweichow Moutai and Wuliangye, and also in online retail giant Alibaba, switching to mainland shares like chipmaker Semiconductor Manufacturing Internation and Dongshan Precision, which makes optical modules for AI data centers. Zhang had maintained consumer stocks as his core focus for years.

US Carmakers Purging Chinese-Related Car Parts

American automakers are accelerating efforts to replace Chinese connectivity hardware and software ahead of a US federal ban on components that takes effect next January, Reuters reported. The costly supply-chain overhaul is creating opportunities for US suppliers while raising engineering and procurement expenses for legacy car manufacturers.

China, US Discuss New Tariff Framework

China and the US are discussing the structure of proposed trade and investment boards, and exploring a framework for mutual tariff reductions of US$30 billion by each nation, according to Meng Huating, head of foreign investment at the Ministry of Commerce. The talks are an offshoot of the summit between Chinese President Xi Jinping and US President Donald Trump in Beijing in May and signal bilateral willingness to step away from trade tensions that roiled relations last year. Meng said China is seeking input from mainland companies, business associations, local governments and US business groups on proposed tariff cuts.

China Issues AI Agent IDs

China has issued the first batch of identity codes for AI agents, marking a step toward a national standard for agent interconnection. The system provides AI agents with verifiable digital identities, enabling cross-platform cooperation while improving security and accountability. More than 200 companies have applied for AI agent identity codes, including Huawei, Xiaomi, Alibaba, Meituan and China Southern Power Grid. The standards cover areas such as agent architecture, identity management, discovery and tool interaction.

Shanghai to Increase Port Capacity, Upgrade Container Logistics

Shanghai plans to cement its standing as the world's top container port by throughput by increasing capacity to 58 million twenty-foot equivalent units over the next five years. Twenty-foot equivalent units are the measurement of container cargo. The city's throughput last year was 55.1 million units. As part plans to strengthen Shanghai status as a global shipping hub, the city is moving forward with an upgrading of shipping logistics based on low-carbon technologies, implementation of more port automation and development of services-related industries.

World Bank Says Global Growth Could Drop to as Low as 1.3 Percent

The World Bank said escalating hostilities between the US and Iran could accelerate inflation, drive interest rates higher and knock global growth back to as low as 1.3 percent this year. That would compare with growth of 2.9 percent last year. A June ceasefire in the Middle East has collapsed amid two weeks of intensifying attack, with earlier peace talks suspended.

Corporate

Geely, Ford to Make Electric SUVs at Spanish Factory

China's Geely Auto will build two electric SUV models in partnership with Ford at a Spanish plant owned by the US automaker. Under a joint venture that will be 66 percent ‌owned by Ford and 34 percent held by Geely, the first Geely brand SUVs will roll off the Valencia plant's production line in 2028, Reuter reported. The two carmakers' relationship dates back to the 2010 acquisition of Volvo Cars by Geely from Ford.

Jereh Oilfield Inks US$1.5 Billion Gas-Turbine Deal

China's Jereh Oilfield Services said it secured a US$1.5 billion order to supply gas turbine generators to a well-known cloud services provider it didn't identify. Under the five-year agreement, which involves its joint venture partner FTAI Aviation, the first shipments will be completed by November 2027. The value of the order is equivalent to about 61 percent of Jereh's 2025 operating revenue, Yicai reported.

Semight Instruments Looking at HK IPO

China's Semight Instruments is considering an initial public offering in Hong Kong, Bloomberg News reported. Discussions are still at an early stage. The Suzhou-based company, a global supplier of high-end semiconductor-testing equipment, is already listed on Shanghai's STAR market, where its market cap is approaching US$29 billion.

Hyundai Reports Profit Decline on Weaker Sales

South Korea's Hyundai Motor posted a 21 percent decline in second-quarter operating profit to 2.9 trillion won (US$2 billion) on Thursday, reflecting weaker vehicle sales, production disruptions and higher costs. The results were below market forecasts. Revenue rose 2 percent from a year earlier to 48.3 trillion won.

Lifestyle Platform RedNote Denies IPO Delay Reports

Popular Chinese lifestyle platform RedNote (Xiaohongshu) denied recent reports that a potential Hong Kong listing was delayed by a former employee's complaint. The company told media outlet Caixin that market speculation about an IPO filing is inaccurate. Reports had suggested RedNote was planning to submit a confidential listing application by the end of June but faced obstacles after a former employee named Chen Hao filed a complaint with the Hong Kong stock exchange alleging potential disclosure issues related to RedNote's offshore listing structure. The Hong Kong exchange confirmed receipt of his email but said it would take no further action.

Sands China Profit Drops as Bettors Turn Attention to World Cup

Macao casino and hospitality giant Sands China reported second-quarter net income dropped 50 percent from a year earlier to US$107 million, with a 0.8 decline in revenue to US$1.78 billion. The Hong Kong-listed company cited a decrease in number of high-roller VIP customers, especially noticeable during World Cup matches in June.

Titan Wind Wins First Shipbuilding Order

Suzhou-based Titan Wind Energy, which makes equipment for offshore oil and gas production, has won its first order for crude oil tanker manufacture in a deal valued at up to 1.8 billion yuan (US$259 million). The company said its engineering unit will build two 113,800-deadweight-ton tankers for an undisclosed international shipowner, with an option for another two.