Daily Buzz: 28 July 2026

CXMT Validates IPO Hype with Surge in Trading Debut

Shares in Changxin Memory Technologies (CXMT), the largest-ever IPO on Shanghai's Nasdaq-style Star Market and the biggest listing this year in Asia, closed up 465 percent from their offer price in their trading debut on Monday. The strong performance catapulted CXMT to China's most valuable listed company ahead of financial giant Industrial and Commercial Bank of China.

CXMT, the world's fourth-largest maker of dynamic random-access memory (DRAM) chips used for data processing in AI models, raised 57.9 billion yuan (US$8.6 billion) in a heavily oversubscribed IPO. An over-allotment provision, if fully exercised, could take the IPO size to US$9.8 billion, just a whisker below the US$10 billion record Chinese mainland IPO by Agricultural Bank of China in 2010.

"We are positive over the long-term growth of CXMT because of huge demand for memory chips driven by rapid AI development," said Fan Zhiyuan, an analyst with Sinolink Securities. "As one of the very few self-reliant DRAM manufacturers, CXMT has the capability to change a market territory currently dominated by Samsung, SK Hynix and Micron Technology."

Hefei-based CXMT burst on the world scene this year as a major player in the DRAM making industry, closing the gap with global rivals as it adopts a strategy that relies on domestic demand to power its overall performance. "I have no doubt the company is going to grow to be a global leader," Theodore Shou, chief executive of Yiyi Capital, told CNBC. "It's maybe just a question of time."

US, Iran Continue Lull in Fighting, Differ on Prospect of Peace Talks

President Donald Trump said the US is having "good talks" with Iran and there was a chance of a deal to end their conflict. During a three-day lull in fighting, Iran said it won't resume attacks as long as the US does likewise but said it is not seeking to resume peace talks. Saudi Arabia said it intercepted drones fired by Iran-backed militias in Iraq. The Trump administration is said to be mulling its next step after advisors expressed concerns that Trump's threatened plans to heavily escalate attacks on Iran might drain US munitions stockpiles. Pakistan and other third-party mediators are trying to negotiate another ceasefire in the five-month war and get both sides back to peace talks. Global Brent crude futures dropped 9 percent in New York to below US$88 a barrel.

Wildfire in France Advances to Within 15 Kilometers of Bordeaux

French authorities said a massive wildfire out of control is within 15 kilometers of the city of Bordeaux, which sits in a famed wine-growing region and has a metropolitan population of 1 million residents. Tens of thousands of people under immediate threat have been evacuated. Rising temperatures and variable strong winds are hampering firefighting efforts. The blaze is one of many still burning across France and Spain.

Ukraine Reports Deadliest Month of Civilian Casualties

Ukraine said the number of civilian casualties in the war with Russia this month is the highest monthly toll since the war started more than four years ago. The government said Russian attacks this month have so-far killed at least 377 civilians and injured 2,129. The attacks, many from ballistic missiles that Ukraine is ill-equipped to intercept, have targeted densely populated Kiev several times. The government report said Russia targeted 1,700 drones, 1,630 guided aerial bombs and more than 50 ballistic missiles at the country last week.

Top Business

SK Hynix Shares Drop Below IPO Price in New York

SK Hynix's newly US-listed shares fell 7.5 percent in New York on Monday to close below their IPO price as investors continued to dump high-profile AI-related stocks. The shares ended at US$143.02 compared to their offer price of US$149 after the South Korean chip giant's US$26.5 billion initial public offering earlier this month. The company joined SpaceX among high-flying IPO shares underwater after strong trading debuts.

Nvidia, Other Tech Giants Form AI Safety Alliance

Nvidia and an array of global tech giants launched a new artificial intelligence safety initiative focused on open models as the fallout from a cyberattack by rogue OpenAI agent continued to reverberate, CNBC reported. Last week, startup Hugging Face revealed it was unable to defend itself with US models and had to turn for help to an open-weight Chinese model from Zhipu (Z.ai) not bound by US restrictions. Open models can be downloaded, modified and self-hosted, in contrast to closed models – including frontier systems built by Anthropic and OpenAI – that can be accessed only through specific infrastructure. "The Open Secure AI Alliance will work to remediate and disclose vulnerabilities using open technologies," Nvidia said in a statement. "The recent Hugging Face security incident delivered a clear reminder: cyber defenders need open, frontier agentic systems for self-defense." Other members of the alliance include Microsoft, SpaceX and Palantir, alongside other tech companies from the US and Europe.

AstraZeneca Earnings from China Decline

AstraZeneca's net profit in the second quarter rose 2 percent from a year earlier to US$2.5 billion on 4 percent increase in revenue to US$15.4 billion. The UK company said it spent 26 percent of revenue on research and development. Revenue from China, the company's second-largest market, fell 7 percent to US$1.6 billion, mainly due to generic competition and the impact of China's volume-based procurement policy. Despite the decline, AstraZeneca said it is deepening its engagement with China's biotech sector. It recently signed a collaboration agreement with CSPC Pharmaceutical worth up to US$1.77 billion to develop experimental kidney disease therapies using AI-enabled drug discovery technology. The deal follows multiple recent licensing agreements in obesity, respiratory disease and oncology, underscoring a shift toward sourcing innovative drugs from China.

IMAX China Profit Falls in Absence of Chinese Film Blockbusters

IMAX China Holding, the Hong Kong-listed company that provides digital and film-based motion picture technologies in China's mainland, Hong Kong, Taiwan and Macao, said first half profit fell about threefold to US$8.1 million, reflecting the strong year-earlier gain from hit films like "Pegasus." Revenue decreased to US$34.4 million from US$57.8 million. The company, an arm of Canadian-based IMAX Corp, operates about 800 IMAX theaters in the region and also digitally remasters Hollywood and Chinese-language films into the IMAX format. Receipts from Chinese-language box office fell. The company said it released 41 IMAX-formatted films in the first six months, including 20 Hollywood movies and nine Chinese-language films.

AI-Driven Drug Platform XtalPi Flags First-Half Loss

China biotech company XtalPi, which uses AI for drug discovery, said it expects to report a loss of up to 275 million yuan (US$41 million) for the first half, turning from net profit of 82.8 million a year earlier. It forecasts revenue will drop to about 380 million yuan from 400 million yuan. Research and development spending in the period is forecast at no less than 340 million, up 50 percent.

Nvidia to Invest in South Korean Internet Giant Naver

South Korean internet giant Naver said Nvidia will acquire US$1 billion (HK$7.8 billion) of its new share placement to finance a project to expand an AI data center. The investment comes after the two firms and investment group Brookfield earlier announced plans to expand Naver's AI data center in the city of Sejong with up to US$10 billion in funding. Nvidia's investment will give it a 4.5 percent stake in Naver, which will use Nvidia's Vera Rubin and Blackwell chip platforms.

Economy & Markets

China's Industrial Profits Surge 15.1 Percent

China's industrial profits in June surged 15.1 percent from a year earlier, the National Bureau of Statistics reported. That slowed from a 21.1 percent gain in May. For the first half, profits rose 18.7 percent. Industrial earnings have rebounded this year on the boom in artificial intelligence chips and equipment manufacturing, helping end years of factory-gate deflation. However, industrial profit growth was patchy, with export-oriented companies outperforming those tied to domestic spending. Profits in auto manufacturing fell 19.5 percent. Official industrial profit figures cover companies with annual revenue of 20 million yuan (US$3 million) or more from main operations.

China's Central Bank Injects Liquidity into Market

The People's Bank of China announced it will inject 2.1 trillion yuan (US$310 billion) into money markets through overnight reverse repurchase operations between the end of this month and the beginning of August. Analysts said the move reflects a targeted, short-term liquidity adjustment rather than interest rate management. The central bank earlier this month began adding net liquidity to the market after four months of net draining.

SoftBank Bridge Loan for OpenAI Adds 21 Investors

SoftBank Group's US$40 billion bridge loan for its investment in US tech giant OpenAI has attracted 21 new lenders in a broad syndication, Bloomberg News reported. The new group has been allocated around US$7 billion of the facility. Out of that First Abu Dhabi Bank, GIC and Standard Chartered Bank have each taken a nearly US$1 billion share, according to people familiar with the deal.

Corporate

CaoCao Mobility Launches Tests of Robotaxis Without Safety Drivers

Geely-backed CaoCao Mobility launched robotaxi trials without a safety driver behind the wheel in the city of Hangzhou under real-world urban traffic conditions. All vehicles participating in the test have been connected to a remote safety service platform.

Burberry, Cartier Credit China Sales for Quarterly Growth

Luxury brands including Burberry and Cartier posted robust sales growth in China in their latest quarters, headlining global sales growth, the South China Morning Post reported. UK-based Burberry reported sales in its fiscal first-quarter ended June 27 grew 5 percent from a year earlier to 455 million pounds (US$606 million). Sales in China's mainland, Hong Kong, Macau and Taiwan rose 9 percent, but sales in Japan fell 2 percent. Swiss luxury group Richemont, parent of jewelry brands Cartier and Van Cleef & Arpels, said first-quarter Asia-Pacific sales jumped 21 per cent on double-digit growth in the Greater China area.

Kuaishou Declares War on Vulgar Content

Beijing-based short-video platform Kuaishou said it has shut down about 1,957 accounts as it seeks to root out pornographic and vulgar content. The company said its security center recently conducted routine inspections and found a number of organized illicit groups choosing late-night livestreaming sessions to broadcast suggestive and borderline content. The center alerted authorities, resulting in 15 arrests.

Snack Maker Want Want Flags Profit Decline

Chinese snack and beverage maker Want Want said it expects to report a 38 percent drop in profit for the three months ended June 30 on a 6 percent drop in revenue and higher operating expenses. The Hong Kong-listed company cited weaker sales through traditional wholesale channels, which accounted for over half of the group's revenue, due to weaker demand at the consumer level.

Avary, Redboard Announce Investment in Circuit-Board Expansion

Printed circuit board makers Avary and Redboard have announced investments totaling 16 billion yuan (US$2.4 billion) to expand capacity. More than 20 makers of the boards have announced investment in expansion since the start of the year. Avary said it will invest 10 billion yuan to build its third manufacturing facility, and Redboard announced 6 billion yuan in new investment, including 5 billion yuan to expand an existing production site.

Luckin Coffee Wins Thai Trademark Battle

Chinese coffee chain Luckin Coffee said it won a trademark infringement lawsuit in Thailand against local copycat operator Royal 50R Group. A Thai court ordered 50R Group to immediately cancel its registered "Luckin Coffee" trademarks, cease using the brand name and iconic deer-head logo, and pay over 10 million baht (US$300,000) in damages.