Daily Buzz: 27 March 2026

Trump Delays Strikes on Iran Energy Sites, Oil Prices Climb

US President Donald Trump delayed what he earlier called the "obliteration" of Iran's energy infrastructure for a second time, extending to April 6 as his deadline for Tehran to open the Strait of Hormuz shipping lane. He repeated his claim that talks underway with Iran are going "very well" and said media reports to the contrary are "fake news." However, Iran continues to deny any negotiations. Iran's state broadcaster Press TV quoted an unidentified senior security official as saying that Iran has rejected a US 15-point plan delivered via Pakistan. "Iran will end the war when it decides to do so and when its own conditions are met," the official told the broadcaster. US President Donald Trump continued to insist that talks are being held, saying Tehran is "afraid" to admit it and is eager to end the war. He warned Iran better "get serious soon before it's too late."

Amid the rhetorical dichotomy, the price of Benchmark Brent crude in New York rose to US$106 a barrel, and stock markets in Asia, Europe and the US slumped again. The Nasdaq tumbled 2.4 percent into a technical correction. The benchmark Shanghai Composite Index lost 1.1 percent. In the US, fears of inflation from prolonged high oil prices has caused some Wall Street forecasters to raise recession expectations. Moody's Analytics now puts the probability of a US recession this year at 49 percent, while Goldman Sachs boosted its estimate to 30 percent.

Israel has continued to bomb sites in Lebanon and Iran. The head of the UN nuclear watchdog has expressed "deep concern" over recent military strikes near Iran's Bushehr nuclear power plant, warning that any damage to the facility could cause a "major radiological accident" affecting areas well beyond Iran. Israel said it killed Alireza Tangsiri, naval commander of the Revolutionary Guards, who it said was directly responsible for blocking the Hormuz waterway. Iran launched two rounds of missiles at Israel, wounding at least six people in the central part of the nation. The United Arab Emirate said it engaged 15 ballistic missiles and 11 drones fired by Iran on Thursday.

Meituan Turns to Q4, 2025 Losses on Food-Delivery War

Meituan, China's biggest food-delivery service, reported an operating loss of 16.7 billion yuan (US$2.4 billion) in the fourth quarter, turning from net profit of 6.9 billion yuan a year earlier. The company blamed the result on "intensified industry" competition. The loss reflects cash burn as Meituan sought to defend its 70 percent market share against rivals Alibaba and JD.com in a food-delivery war that promises a meal on the doorstep within an hour of an order. Meituan's local commerce segment, which encompasses food delivery, posted a loss of 10 billion yuan. Selling and marketing expenses for "user incentives, promotion and advertising" rose 83 percent to 31.7 billion yuan. Revenue in the quarter rose a modest 4.1 percent to 92.1 billion yuan. Chairman Xing Wang, on a conference call with analysts, said the company opposes reckless competition and believes the focus is shifting from "pure subsidy wars toward innovation, service experience and efficiency." The company acknowledged rising competition from ByteDance's Duoyin, which has increased subsidies for its in-store business, saying it could affect short-term profitability. It also defended its US$717 million acquisition of e-commerce grocery company Dingdong, now in progress, as a boost to on-demand grocery retailing and supply chain.

For the year, Meituan turned to a loss of 23.4 billion yuan from a year-earlier profit of 35.8 billion. Revenue rose 8.1 percent to 854.9 billion yuan. The Beijing-based company also has business interests in travel bookings, restaurant reviews, bike and power-bank sharing, drones and self-driving delivery vehicles.

Meituan has been expanding its business overseas, with its Keeta food delivery unit operating in Brazil, Saudi Arabia and the United Arab Emirates. The loss in its new initiatives segment that hosts overseas operations widened to 10.1 billion yuan from 7.3 billion a year earlier, attributed to increased foreign investment and some stiff competition in Brazil.

The company said it is committed to AI transformation and developing in-house large language models. It said it has made "significant investments" in the technology and has launched AI assistants for users.

US Makes Security Guarantees Contingent on Ukraine Ceding Territory

The US is making its offer of security guarantees for Ukraine conditional on the nation ceding the entire eastern Donbas region to Russia, President Volodymyr Zelensky told Reuters. Ukraine has been particularly adamant against giving up territory in the industrial region that it still holds and has defended at a huge toll in military deaths. Ukraine has long maintained that it shouldn't have to cede any territory to Russia because Moscow was the aggressor in the four-year war, and Kiev argues that Moscow hasn't made any concessions to end it. However, President Donald Trump has been applying pressure on Ukraine for a quick end to the bloodiest conflict in Europe since World War II. Ukraine has said robust security guarantees are needed to deter any future Russian attacks.

Top Business

Innovent Turns Profitable Amid Deal Surge

Innovent Biologics, a Chinese drug maker accelerating commercialization and global partnerships, said it turned to a profit of 814 million yuan (US$118 million) in 2025 from a loss of 94.6 million yuan a year earlier. Revenue jumped 38 percent to 13 billion yuan, driven by a 46 percent increase in product revenue. Since launching its first drug in 2019, Innovent has secured approval for 18 drugs and surpassed 10 billion yuan in annual revenue within seven years, setting a rapid growth benchmark in China's biotech sector. The company has also strengthened its pipeline and global ties. Its GLP-1 drug Mazdutide won approval in China in June. Subsequent deals included a US$307.9 million oncology partnership with Sanofi and an US$11.4 billion licensing agreement with Takeda Pharmaceutical to advance cancer therapies.

Tsingtao Brewery Profit Rises Despite Flat Chinese Mainland Sales

Tsingtao Brewery, whose namesake brand is the largest selling Chinese beer in the US, said first 2025 net profit rose 5.6 percent from a year earlier to 4.6 billion yuan (US$665 million) on 1 percent increase in revenue to 32.5 billion yuan. The Qingdao-based company, China's second-largest brewer, has been hit by slowing beer consumption in China. Mainland revenue was flat at 31.8 billion, while overseas sales rose about 15 percent to 446 million yuan. Product sales volume rose 1.5 percent to 7.65 million kiloliters. Hong Kong-listed Tsingtao said it introduced several new products to capture a wider consumer market, including Light Dry, Cherry Blossom White Beer and Hazy IPA. Tsingtao, founded in 1930 by German brewers, claims to be the top selling brand in China. It entered the US market in 1972.

China Mobile Profit Slips, AI to Be Growth Driver

China Mobile, the nation's biggest wireless carrier, reported a 0.9 percent decline in 2025 profit as traditional telecom growth slowed, while emerging businesses such as AI computing gained momentum. Net profit attributable to shareholders fell to 137.1 billion yuan (US$19.8 billion), while total revenue edged up 0.9 percent to 1.05 trillion yuan. Core telecommunications service revenue rose 0.7 percent to 895.5 billion yuan. The company highlighted strong expansion in computing power services, with revenue from the segment increasing 11 percent. Revenue from AI-driven smart computing surged 279 percent, becoming a key new growth driver. The carrier said it is navigating an industry in transition as traditional drivers weaken. It said it will focus on three pillars of growth: connectivity, computing power and smart technology.

Cnooc Post Record Production, Lower Profits

China National Offshore Oil (Cnooc), the nation's third-largest oil producer, reported a 11.49 percent drop in 2025 profit to 122.1 billion yuan (US$17.7 billion) despite a 7 percent increase in production to a record 2.13 million barrels of oil equivalent. Revenue dropped 5.3 percent to 398.22 billion yuan on weaker energy prices in the year, before the start of the Middle East war. Cnooc reported six new oil and gas discoveries last year and successful appraisal of 28 oil and gas bearing structures. In addition, it acquired four new exploration projects in Iraq, Kazakhstan and Indonesia, further diversifying its overseas asset portfolio. The company is making a transition to greener energy. Without specifically mentioning the Iran war, Cnooc said its 2026 focus will be on its core oil and gas business as it faces the challenge of volatile prices. Annual production is targeted at up to 800 million barrel equivalents.

Pony AI Posts First Quarterly Profit, Partners with Uber

Chinese robotaxi firm Pony AI reported its first-ever quarterly profit, with fourth-quarter net income of 528 million yuan (US$75.4 million), driven by what it called successful strategic investments. Annual revenue reached 629 million yuan, 20 percent higher than a year earlier. The robotaxi division had a 129 percent annual surge in revenue to 116 million yuan. Moving into 2026, the company said it has initiated a "dual-engine strategy" to deepen its domestic presence in China while accelerating international expansion. As of March, its robotaxi fleet exceeded 1,400 vehicles, with plans to surpass 3,000 vehicles by the end of the year. Pony AI announced a strategic collaboration with Verne and Uber, which will launch Europe's first commercial robotaxi service in Zagreb, the capital of Croatia.

Air China Loss Widens as Costs Increase

Air China, the nation's flagship carrier, reported a 2025 net loss of 1.77 billion yuan (US$246 million), widening from a loss of 237 million yuan a year earlier. Revenue rose 2.9 percent to 171.5 billion yuan. Domestic passenger traffic rose 5.5 percent, while international passenger numbers increased 22 percent amid a recovery in global travel demand. The carrier said it operated a fleet of around 500 aircraft by the end of the year. Jet fuel, maintenance, catering, marketing and airport-related costs all increased as flight activity expanded. The airline said it implemented cost-control measures during the year.

Economy & Markets

Vanke, Once Again, Seeks Delays in Debt Repayments

China Vanke, a debt-troubled property developer, is again seeking extensions to debt payments as 11 billion yuan (US$1.6 billion) of bonds mature in coming months, Bloomberg News reported. The company is telling debtholders that it is considering a broader restructuring to handle its obligations. Company representatives held meetings last week with selected holders of a yuan-denominated bond that comes due on April 23. Once among the biggest developers in China, Vanke was bitten, along with other developers, by a liquidity crunch that began five years ago and led to defaults and a continuing property market slump. Delaying payments helps Vanke avoid a default that would likely be the biggest in China's history. Vanke has earlier negotiated some delays on payments after offering to repay 40 percent of the principal. Vanke's biggest shareholder, Shenzhen Metro Group, has bailed the company out on several occasions in recent years with loans to service its debt, but there have been signs that support may be easing.

China Exports of New Energy Vehicles Rise

China exported about 670,000 new energy vehicles in the first two months of the year, up 88 percent from a year earlier, according to the China Passenger Car Association. Brazil, the UK, and Belgium were the biggest foreign markets in the period.

Shanghai, Beijing Existing Home Markets Show Strength

Existing home sales in Shanghai this month are on track to top 30,000 for the first time in five years. That level would reinforce the city's status as a standout exception in the mainland's housing market slump. The Beijing real estate market is also picking up steam as pent-up demand and government policies lead to more buying activity. Some 23,000 existing homes were sold online in the capital in January and February, exceeding the 10-year average by 2,000 units, according to city housing authorities. Last month, new home prices in Beijing rose 0.2 percent from January and existing home prices climbed 0.3 percent.

China Poised to Become Biggest World Economy Within a Decade

A Chinese academic said China is on course to overtake the US as the world's largest economy in within the next decade, amid a shift in the global balance of power toward Asia and US "self-defeating" policies. Speaking at the annual Bao Ao Asia Forum in Hainan Province this week, Li Cheng, founding director of the Centre on Contemporary China and the World in Hong Kong, said the Chinese economy is undergoing a big structural transition for the future while the US continues to be mired in political, cultural and trade policies that alienate the rest of the world, the South China Morning Post reported.

Corporate

Haier Smart Home Profit, Revenue Increase

Qingdao-based household appliance maker Haier Smart Home, the listed arm of the Haier Group, announced net profit for 2025 rose 4.39 percent from a year earlier to 19.55 billion yuan (US$2.7 billion). Revenue increased 5.71 percent to 302.35 billion yuan. In the domestic market, revenue growth was affected by weaker consumer demand, while overseas sales gained 8.3 percent. The company said operating cash flow reached 26 billion yuan, reflecting solid earnings quality.

In addition to its namesake brand, Haier also markets under the labels of Casarte, Leader, GE Appliances, Fisher & Paykel, Aqua, Candy and Evo.

Ping An Insurance Posts Gain on Life Policies

Ping An Insurance, China's most valuable insurance company, reported 2025 net profit attributable to shareholders reached 134.8 billion yuan (US$20 billion), up 6.5 percent from 2024. Revenue rose 2.1 percent to 1.1 trillion yuan. New business value in its life and health insurance segment, which measures the profitability of new policies sold, grew 29 percent from the.previous year. Profit from property and casualty slipped 0.3 percent. Banking business was down 4 percent, and the loss in its asset management business narrowed to 3 billion yuan from 11 billion yuan a year earlier. The company said it had 251 million retail customers at the end of the year.

PICC Profit Rises on Policy, Investment Growth

People's Insurance Co of China (PICC) reported a 2025 net profit of 62.5 billion yuan (US$9 billion), up 10 percent from a year earlier, supported by steady growth in both insurance and investment operations. Revenue rose 7.6 percent from a year earlier to 669.25 billion yuan, with insurance services adding 6.1 percent to 570.7 billion yuan. The insurer's investment asset portfolio expanded 15.8 percent to exceed 1.9 trillion yuan, underscoring stronger capital deployment. Total assets climbed 14.8 percent to 2.03 trillion yuan by year-end. Founded in 1949, PICC operates across life, health, and property and casualty insurance, as well as reinsurance and asset management.

Baozun Posts Profit Surge as Gap Brand Breaks Even

Shanghai-based Baozun, which operates the Gap brand in China, reported Gap achieved its first break-even quarter in the last three months of the year, turning to an operating profit of 1.8 million yuan (US$260,000) from a 34.2 million yuan loss a year earlier. For all segments of its business in the quarter, Baozun posted a 20 percent rise in revenue to 3.2 billion yuan and a 91 percent surge in operating profit to 198 million yuan. Vincent Qiu, Baozun chief executive, told Bloomberg News that Gap plans to open 50 new stores on the mainland this year and reopen shops in Hong Kong. He said the company is "ready to accelerate the business and scale to a bigger size" in a domestic consumer market that is recovering "a little." The Nasdaq-listed company, which specializes in brand e-commerce solutions, reported full-year revenue rose 5.6 percent to 9.95 billion yuan, yielding an 11-fold surge in operating profit to 126.2 million yuan. The company's turnaround model in China has relied on a strategy of tuning in" to local culture and trends. Baozun, which acquired Gap in 2022, had 64 brand shops at the end of last year. The company also operates the Hunter boot label in China.

Skoda to Exit China Car Market

Czech carmaker Skoda, which is owned by Volkswagen, said it will withdraw from the mainland Chinese market by midyear amid poor sales and the nation's shift to electric vehicles. For years, China was the company's largest market with peak sales of 300,000 in 2016-18, but that volume shrank to 15,000 in 2025. Skoda said it is instead shifting its market focus to India and Southeast said.