Daily Buzz: 27 May 2026

Top News

Iran Warns of Retaliation for US Strikes, With Ceasefire at Risk

Iran warned of retaliation after what the US described as "self-defense strikes" on Iranian missile launch sites and boats around the Strait of Hormuz, accusing Washington of a "gross violation" of the ceasefire agreed to in early April. Global oil prices edged up on concerns about a resumption of tensions just as the two countries were in the process of negotiating a framework for a peace settlement. Benchmark Brent crude futures rose 3 percent to just under US$100 a barrel. US Secretary of State Marco Rubio backpedaled from an earlier statement that an agreement with Iran could come on Monday, saying it could "take a few days." He said the Strait of Hormuz has to be reopened "one way or the other." US investment bank Piper Sandler said it isn't buying talk that an Iran deal is close. It told clients, "We think the Strait of Hormuz will remain largely closed for months yet, meaning oil hits new highs this summer."

In Lebanon: Israeli airstrikes killed 31 people in what Lebanon's health ministry said was one of the deadliest days since a ceasefire took effect in April. It comes as Israel began ground operations push further into southern Lebanon in the fight against Iran ally Hezbollah.

Moscow Warns Foreigners to Leave Kiev

Russia urged foreigners to leave Kiev, including US embassy staff, amid threats of "systematic strikes" on the Ukraine capital after a round of intensive bombing over the weekend that killed four and injured 91. The EU mission in Kiev said it isn't going anywhere, adding that the Kremlin campaign of fear and intimidation won't work. The Russian strikes, which included a hypersonic missile, were in reprisal for a Ukrainian attack in Luhansk, a Russian-dominated stronghold in the east of the country.

Top Business

Xiaomi Profit Plunges on Smartphone Component Costs

Xiaomi, the world's third-largest smartphone maker and a manufacturer of electric cars, reported a 56.5 percent drop in first-quarter profit attributable to shareholders to 4.7 billion yuan (US$692 million). Operating profit, which excludes items related to certain non-cash items and investment transactions, tumbled 43 percent to 6.1 billion yuan. Revenue fell 11 percent to 99.14 billion yuan. In its biggest business segment, smartphone earnings were eroded by higher costs of memory chips used in the devices and stiffer market competition. Xiaomi shipped 34 million smartphones in the first three months, a 19 percent decline from a year earlier, with revenue dropping 12.5 percent to 44.3 billion yuan. Still, the company maintained its global ranking, taking 11 percent of the market. On a post-earnings call, Xiaomi said it would expand further in overseas markets as part of efforts to ⁠offset headwinds. Xiaomi President William Lu said the industry has to adapt to a "new normal" of higher memory costs, though those costs are expected to narrow later this year.

In its car business, Xiaomi said it delivered of 80,856 vehicles, up 6.6 from a year earlier but down 44 percent from the prior quarter. Revenue from its electric car business rose 5.1 percent from a year earlier, but operating loss from new-energy vehicles, AI and other initiatives was 3.1 billion yuan. The company this month released a new, cheaper standard version of its flagship YU7 SUV series.

Retailer Miniso Nearly Triples Q1 Profit

Chinese household goods retailer Miniso Group reported first-quarter profit attributable to shareholders nearly tripled to 1.25 billion yuan (US$174 million) on a 28.5 percent surge in revenue to 5.7 billion yuan. Founded in 2013, the group now runs 8,565 stores across the world, with nearly 5,000 in the Chinese mainland. Revenue from overseas sales rose 22 percent. Sales from its Miniso brand surged27 percent, while its Top Toy brand jumped 51 percent. Gross profit margin declined by almost 1 percentage point to 43 percent. On an earnings call with analysts, Chief Executive Ye Guofu said the company is focusing on high-margin categories and proprietary products to hedge against cost pressures. He said refurbishment of about 80 Chinese mainland stores resulted in a 50 percent increase in average daily sales. On the subject of the mainland consumer market, he said the company's membership program has been "key growth driver."

ByteDance Reportedly to Buy Qualcomm Chips

US-based struck a deal with TikTok owner ByteDance to supply chips for AI data centers, Bloomberg News reported. Under the agreement, Beijing-based ByteDance will buy millions of Qualcomm chips known as application-specific integrated circuits to help support the social media company's AI agent software. The Chinese tech giant is poised to become one of the first major customers for the AI focused chips. The deal will help ByteDance turn an already completed in-house chip design into a semiconductor that is ready for production, according to the report.

China's Telecom Revenue Drops 1.7 Percent

The business revenue of China's telecom sector dropped 1.7 percent to 594 billion yuan (US$87.4 billion) in the first four months of the year, the Ministry of Industry and Information Technology reported. It said the nation had 5 million 5G base stations and 1.3 billion 5G mobile users at the end of April.

Economy & Markets

Six Asian Stock Markets in World's Top 10

Six Asian markets rank in the world's top 10 stock markets, Bloomberg reported, but the US market overshadows all rest with a valuation of US$78 trillion – more than the other nine combined. Taiwan has overtaken India as the fifth-largest, with a value of US$4.95 trillion. China's mainland remains in second place, valued at US$15.6 trillion. Japan is third at US$8.7 trillion, Hong Kong is fourth at US$7.3 trillion, India is sixth at US$4.92 trillion and South Korea is tied for seventh place with Canada at US$4.5 trillion. The remaining markets in the list at the UK at ninth and France at 10th.

Shougang Lanzatech Tech Begins Selling Shares in HK IPO

Beijing-based environmental services company Shougang Lanzatech Technology said it is seeking to raise HK$680 million (US$87 million) an initial public offering scheduled to begin trading on June 2. The listing was postponed twice last year on shareholder disputes. The company is engaged in carbon-capture, utilization and storage. It is offering investors 40 million shares priced between HK$14.60 and HK$17.10.

Top 100 US Companies Operating in China Show Revenue Growth

The top 100 US companies operating in the Chinese market achieved total combined revenue from the Chinese mainland of US$362 billion in 2025, up 1.2 percent from a year earlier, with China the second-largest market for half of them, according to a survey released by the Hurun Research Institute. The Chinese market accounts for 12 percent of the revenues generated by the 100 companies, the report said, with six deriving more than 50 percent of their revenue from China. US semiconductor companies, including Qualcomm, Nvidia, Intel and Broadcom, accounted for the largest industry segment on the list, occupying six of the top 10 spots. Apple, another of the top 100, generated sales of US$64.4 billion in China last year, with about 70 percent of core supplies operating factories on the Chinese mainland. The US has the largest number of companies operating in the Chinese mainland, followed by Japan and Germany.

Corporate

Who Wants to Buy Pupu Supermarket? Potential Buyers Mum

Chinese e-commerce giants Alibaba, Meituan and JD.com are competing to buy mobile Internet Pupu Supermarket platform, valued at up to US$5 billion, Sina Tech reported. JD said it hasn't been in talks with the fresh grocery platform, while the other two companies haven't commented. Pupu, a leading player in China's 30-minute delivery online platforms, relies on own-brand sales. In core markets in its main marketing area of southern China, the company sources 80 percent of fresh produce directly from producers, bypassing wholesalers.

Daijin Heavy Wins Dutch Order for Two Vessels

Dajin Heavy Industry, a leading maker of offshore wind turbine foundations, said it won an order from Dutch shipowner Jumbo for two next-generation, multi-purpose heavy-lift ships valued together at US$156 million. The vessels will be designed to transport gear to offshore wind power projects and deep-sea engineering construction, the Liaoning Province-based company said.

Semcorp Abandons Malaysian Factory Plan

Semcorp aborted a 2 billion (US$295 million) plan to build a new plant in Malaysia. The Chinse company, officially known as Yunnan Energy New Material, said the decision is part of an adjustment in investment strategy, driven by changes in markets and business conditions. The proposed factory was originally planned with annual production capacity for one billion square meters of lithium battery separators. The announcement came less than two weeks after Semcorp unveiled a 4 billion yuan investment in capacity expansion plan in mainland China.

Haidilao Stops 'Pet Friendly' Program

Chinese hotpot chain Haidilao said it is ending a program that allows customers to bring their pets to three of its restaurants. The program was first trialed in one outlet in Shenzhen last September and expanded this year to two more outlets. The trigger for the about-face was a photo that went viral online, showing a pet dog eating cake off a Haidilao plate. The company has been famous for its innovative and considerate services for customers. Its Hong Kong shares dropped 2 percent on Tuesday.