Daily Buzz: 26 January 2026

Chinese Mainland IPOs May Face Tighter Rules for HK Listing

A Bloomberg report stirred market speculations that Chinese mainland companies seeking initial public offerings in Hong Kong may face a higher bar amid talk that Chinese regulators may require a minimum market capitalization of 30 billion yuan (US$4.3 billion). Chinese media Cailian Press, citing market participants, said no such rule has been finalized nor did they receive any guidance to set a 30 billion yuan minimum, adding that the mooted threshold would be excessively high.

The proposals, which remain unclear, would be aimed at curbing speculative IPOs and ensuring high-quality share issues, the Singapore Straits Times said, citing Bloomberg News. At least one Chinese brokerage was guided to set a 30 billion yuan minimum, it said. The China Securities Regulatory Commission hasn't commented publicly on the speculation.

A mainland limit could cool a listing frenzy that helped catapult Hong Kong to global IPO leader in 2025. The city's stock exchange now has 350 companies lined up to sell shares, with secondary listings from mainland company comprising a large portion, according to exchange Chief Executive Bonnie Chan. The city hosted 11 IPOs valued at about US$4 billion in the first three weeks of 2026. Chan said IPO quality is "non-negotiable" and that "speed has to go parallel with quality." The Hong Kong exchange did recently return one application, from Beijing-based Deltaphone Technology, she said.

Chinese officials have supported mainland companies fundraising in Hong Kong for research and expansion. However, regulators are concerned that some smaller and mid-sized applicants lack core technologies and suffer poor revenue prospects. More than 30 companies seeking Hong Kong listings were required to submit additional documents in the past three weeks, the Straits Times reported. The Hong Kong exchange has eased listing requirements over the past few years, offering an easier path for "specialist technology" companies with a minimum capitalization of HK$6 billion (US$770 million).

China-Canada Trade Deal Sparks Trump Tariff Threat

US President Donald Trump threatened to impose a 100 percent tariff on all imports from Canada if Ottawa proceeds with a new trade deal with China that includes a reduction of duties on electric cars. Canadian Prime Minister Mark Carney responded by urging residents to "buy Canadian" amid a "threat from abroad." Carney got on Trump's wrong side – again – last week in a speech he gave at the Davos forum declaring the old world order irrevocably broken and urging mid-sized nations like Canada to band together to avoid being gobbled up by aggressive big powers. In turn, Trump rescinded his invitation to Canada to join his new "Board of Peace," though it wasn't clear that Carney had any intention of joining. The Canadian leader recently returned from a trip to China that strengthened bilateral trade ties.

Three-Way Talks on Ukraine End Without a Deal

Ukraine, Russia and the US ended a second day of their first trilateral talks over the weekend any without signs of a breakthrough. The negotiations were marred by continuing Russian airstrikes that disrupted power to more than a million Ukrainians in below-freezing winter temperatures. Ukraine President Volodymyr Zelensky said the meeting discussed "possible parameters" for ending the four-year war that will now be taken back to respective capitals for consideration. The talks were held in Abu Dhabi.

Trump, Facing Backlash, Praises British Soldiers

US President Donald Trump praised the valor of UK soldiers who fought with the US-led coalition in the Afghan war after outrage in Europe and the US over his remark that non-US troops were too fainthearted to fight at the frontlines. NATO nations lost hundreds of lost soldiers in the war. UK Prime Minister Keir Starmer called Trump's slur "insulting and appalling," and some in Britain clamored for King Charles' trip to the US this year to be canceled. Trump posted on his social media account that UK troops are "among the greatest warriors in the world."

Top Business

Xiaomi Is China's First 'Tesla Killer'

China has finally produced a domestic "Tesla killer," the South China Morning Post reported. Beijing-based electric carmaker Xiaomi sold 258,164 of its SU7 model last year, compared with Tesla's mainland deliveries of 200,361 Tesla Model 3s, according to the China Passenger Car Association. The Model 3, which is about 9 percent more expensive than the SU7, is assembled at the Tesla superfactory in Shanghai. Tesla is also facing competition from other domestic carmakers, like Nio and Xpeng, that are rolling out cheaper-priced models aimed at Tesla. Xiaomi unveiled an updated version of the SU7 this month, expected to hit the market soon. The company, which started as a phone and consumer electronics firm, moved into car-making in 2024.

Nvidia Boss Visits Shanghai

Nvidia Chief Executive Jensen Huang was in Shanghai over the weekend, Tencent News in China reported. He is on a trip to China to gauge China's interest in the company's advanced H200 chips, after Washington recently approved their export to the mainland. On Saturday, he was spotted by locals visiting a wet market in the city before he was due to attend a pre-Lunar New Year party with company employees, according to ThePaper.cn. China has made no official comment on whether the H200 chips, the second most advanced made by Nvidia, are welcome amid the nation's intense efforts to develop its own chip industry and end reliance on foreign suppliers.

China Denies Tesla Close to a 'Full Self-Driving' License

China denied recent media reports of imminent government approval for Tesla's "full self-driving" technology, China Daily reported, citing an unidentified Chinese official. Tesla Chief Executive Elon Musk last week said he was expecting approval soon from both Europe and China. Chinese regulators have been cautious about allowing the introduction of self-driving consumer vehicles, even with supervision required from motorists, citing safety concerns and hype in the industry that leads some drivers to place too much trust in autopilot systems.

US Government to Invest in Rare Earth Miner

The US is government is planning to invest US$1.6 billion into Oklahoma-based miner USA Rare Earth and receive a 10 percent stake in the company, the Financial Times reported. The Trump administration has taken an active role in investing government money in private sectors it considers vital to the national interest. Last year, it invested in chip making giant Intel. Rare earths, vital elements in production of advanced electronics, have become a focus as the US tries to wean itself off dependence on China, which dominates global production of the minerals.

Economy & Markets

Ruifengda Fined in Crackdown on Private-Fund Irregularities

Ruifengda Asset Management and several affiliated private fund institutions were fined more than 41 million yuan (US$6 million) amid allegations of serious breaches of securities laws and regulations. The firm's key executive Sun Wei got a lifetime market ban. The penalties are believed to be among the heaviest levied so far by the China Security Regulatory Commission as it seeks to clean up misbehavior in the sector. Ruifengda, founded in 2016 in Zhejiang Province, is headquartered in Shanghai. Fraud allegations first surfaced in May 2024, when customers found the firm's Shanghai offices empty. At its peak, the company managed over 70 products, with only 13 full-time employees, promising a minimum 8 percent annual return.

China's Central Bank Ensures Liquidity During Holiday

The People's Bank of China pumped 700 billion yuan (US$100 billion) of net liquidity into the economy through its medium-term lending facility, assuring sufficient cash in circulation for the Lunar New Year that begins February 15. The one-week holiday is a period when millions of Chinese travel, and spending on food and gifts surges.

Japan Issues Warning Against Market 'Abnormalities'

Japanese Prime Minister Sanae Takaichi warned financial markets that authorities stand ready to take action as the yen weakens and bond yields surge. "We will take all necessary measures to address speculative and highly abnormal movements," she said, amid speculation that the government may be preparing to buy yen in foreign-exchange markets, Bloomberg News reported. Investors have been concerned about the state of Japan's finances, especially with Takaichi policies favoring big spending, low interest rates and reductions in taxes. She has called a snap election for February 8.

South Korea President Withdraws Nomination for Budget Minister

South Korean President Lee Jae Myung has withdrawn Lee Hye-Hoon's nomination to lead the newly established Ministry of Planning and Budget amid controversy over allegations of suspicious real-estate deals by family members and mistreatment of subordinates. He didn't name a replacement.

Corporate

Automated Robot-Joint Line Goes Live

Eyou Robot Technology launched what it said is the world's first fully automated production line making robot joint modules, marking a big step forward in the development of China's humanoid robot industry. Joint modules have been a longstanding bottleneck in the sector. They account for nearly half the cost of a humanoid robot and are critical to motion precision, stability and reliability. Eyou said it has plans to expand annual production at the Shanghai site to 100,000.

Michelin Expands Production in Shanghai

French-based tire maker Michelin began expanded production at its plant in Shanghai, which was upgraded with a 3 billion yuan (US$430 million) investment. The factory has annual output capacity of 9.5 million tires. Michelin called the site its first global "factory of the future." Its advanced systems are aimed at suppling China's expanding new energy vehicle manufacturing. The company has been operating in China since the 1980s and now holds 30 percent of the market for tires used in the nation's automotive sector.

Airbus Warns of Repercussions From Geopolitical Tensions

Airbus warned that staff that the European-based plane maker must be ready to adapt to new risks after suffering financial damage from US protectionism and US-China trade tensions last year, Reuters reported. Chief Executive Guillaume Faury said in an internal memo that "the beginning of 2026 is marked by an unprecedented number of crises and by unsettling geopolitical developments. We should proceed in a spirit of solidarity and self-reliance." Last year, Washington temporarily froze exports of engines and other key components to China, which uses them for its domestically manufactured C919 jet. Faury also said it is crucial that Airbus learn lessons from its biggest ever recall in November, which involved a software upgrade.