Daily Buzz: 28 November 2025

Death Toll Rises in HK Fire, Search Continues for Missing

Hong Kong authorities said the death toll from the city's deadliest fire in more than 100 years has risen to at least 94, with 12 of about 50 hospitalized people in critical condition. The inferno that engulfed the eight-block Wang Fuk Court public housing complex in the Tai Po district took about 30 hours to fully contain, leaving one fireman dead and 11 others injured. The South China Morning Post said rescue efforts are continuing to find missing people. The fire apparently started in bamboo scaffolding on building facades and spread quickly because of flammable netting and foam material used in the renovation work. A criminal investigation has begun, with three people – two directors and a consultant from the construction contractor – initially arrested on charges of manslaughter.

The residential complex, built in 1983, was undergoing a HK$300 million (US$39 million) upgrade, led by Prestige Construction & Engineering. The complex contained 1,984 apartments in eight blocks, each 31 stories high. The renovation, which involved façade upgrades, structural repairs and waterproofing work, began almost two years ago and was scheduled to be completed by mid-2026.

Putin Gives Tepid Nod to Ukraine Peace Plan

Russian President Vladimir Putin said Moscow is ready for "serious discussions" on the US peace plan to end the nearly four-year war in Ukraine but insisted that Moscow will lay down arms only if Ukrainian troops withdraw from territory claimed by Moscow. "If they don't withdraw," he said, "we will achieve this through military means." Putin is due to meet US officials in Moscow next week. The initial 28-point plan put forth by US President Donald Trump was revised in talks earlier this week with Ukraine, apparently removing some Russian demands related to barring Ukraine from membership in NATO and reducing the size of Ukraine's military. But the revision didn't address the knotty issue of occupied territory. Amid Trump euphoria that a peace deal is nigh, Putin press secretary Dmitry Peskov warned earlier this week that it's "premature" to say a peace deal is close.

Trump Urges Japan to Tone Down China Provocation

US President Donald Trump, in a phone call with Japanese Prime Minister Sanae Takaichi this week, urged Tokyo to dial down tensions with China and not provoke Beijing with comments on Taiwan, the Wall Street Journal reported. China has lashed out at Japan over comments it said crossed a red line, and it has suspended seafood imports, discouraged travel to Japan and curtailed airline flights between the two neighbors.

Asia Dominates UN List of World's Most Populous Cities

Jakarta has overtaken Tokyo as the world's most populous city, the Guardian reported, citing a new report from the UN. The Indonesian capital is home to 42 million people, followed by the Bangladeshi capital of Dhaka with 37 million, and Japan's capital slipping to third with 33 million. Nine of the world's most populated cities are in Asia, also including New Delhi, Shanghai, Guangzhou, Manila, Kolkata and Seoul. The only non-Asian city on the list is Cairo. The UN Department of Economic, which publishes the annual World Urbanization Prospects report, is using a new methodology to more accurately define and standardize what constitutes an urban area. The report also said that the number of urban dwellers as a percentage of the world's population has risen to half from 20 percent in 1950. It put 2025 global population at 8.2 billion.

Top Business

Vanke Seeks to Delay Debt Repayment

Debt-laden Vanke, once China's largest property developer, is seeking creditor approval to delay paying principal on a 2 billion yuan (US$283 million) bond due on December 15, Bloomberg News reported. Two banks reportedly have rejected any extension, as Vanke bonds plunge amid default fears. The Shenzhen exchange suspended trading in six Vanke bonds this week after losses up to 40 percent. Any default by Vanke on debt obligations would deliver a serious blow to the ailing mainland housing sector, which is struggling to recover from a years-long slump after defaults by China Evergrande, Country Garden and other developers. Vanke also has a 3.7 billion yuan bond due on December 28. Its largest shareholder, Shenzhen Metro Group Co., has extended about 30 billion yuan in loans to the cash-strapped builder but has signaled less willingness to continue bailouts amid calls to force Vanke into court-controlled debt restructuring. Vanke has outstanding liabilities of 364.3 billion yuan.

ByteDance Revives Plans to Sell Moonton

ByteDance, owner of TikTok, is in talks to sell its Shanghai-based gaming studio Moonton to Saudi Arabia's Savvy Games Group, Bloomberg News reported. Moonton, founded in 2014, is known for the popular "Mobile Legends: Bang Bang" game. ByteDance acquired the studio in 2021 for around US$4 billion. Savvy Games, part of Saudi Arabia's Public Investment Fund, aims to develop the country into a gaming hub. The fund, along with Silver Lake Management and US President Donald Trump son-in-law Jared Kushner's Affinity Partners, recently agreed to acquire Electronic Arts for US$55 billion. ByteDance has been scaling back in video games after unsuccessful attempts to compete with Tencent Holdings.

China Flags Risk of Bubble in Robotics

China flagged the risk of an emerging bubble from the rapid growth and investment frenzy in humanoid robots, with 150 players already jumping into the industry. "Frontier industries have long grappled with the challenge of balancing the speed of growth against the risk of bubbles, an issue now confronting the humanoid robot sector as well," Li Chao, spokeswoman for the National Development and Reform Commission, told a press briefing. She said a flood of "highly similar" models must be prevented from overwhelming the market and squeezing out space for research and development. The humanoid industry has been expanding at a rate of 50 percent a year, with projections of a 100 billion yuan (US$14 billion) industry value by 2030.

Economy & Markets

China Industrial Profits Drop

China industrial profits in October declined 5.5 percent from a year earlier, the National Bureau of Statistics said. Analysts said the drop reflected disrupted global supply chains and the nation's campaign to rein in excess manufacturing capacity. The decline came after nearly a 22 percent surge in September. For the first 10 months of the year, industrial profits rose 2 percent. China's manufacturing activity in the month slowed more than expected, with a reading of 49 – one point below the 50 mark that separates expansion from contraction.

China Auto Profit Margins Hit Five-Year Low

Profit margins in China's auto industry dropped to a five-year low of 3.9 percent in October, according to Cui Dongshu, secretary-general of the China Passenger Car Association. The figure represents a 0.5 percentage point decline from September. Year-to-date, costs in an industry bruised by price wars have risen 8 percent, while profits were up only 4 percent, putting carmakers under growing financial pressure.

California Noses Out Japan as World's Fourth-Largest Economy

California has edged out Japan to become the world's fourth-biggest economy, according to a new ranking based on 2024 gross domestic product compiled by the International Monetary Fund. The US remains at the top spot, followed by China and Germany. Japan fell to fifth place. Preliminary IMF data suggest India is poised surpass California next year.

Corporate

China's Anta Said to Mull Bid for Puma

Chinese sportswear maker Anta Sports Products is considering a bid to take over German brand Puma, Bloomberg News reported. Other potential bidders could include Chinese sportswear group Li Ning and Japan's Asics, insiders said. Puma's biggest shareholder is Artemis, a private holding company of the Pinault family that has said it's mulling options for its 29 percent controlling stake. Puma has been losing ground in the competitive global sportswear market.

Apple Seen Surpassing Samsung in Phone Deliveries

Apple is set to surpass Samsung in smartphones shipments this year for the first time in 14 years, Reuters reported, cited Counterpoint Research. The firm forecasts the US company will ship 243 million iPhones to retailers, compared with 235 million from Samsung. That would give Apple a 19 percent global share and Samsung, 18.7 percent. Apple's re-emergence as No. 1 in the world is largely based on sales of the successful iPhone 17 series released in September. The iPhone 17 was a hit seller in China's Singles Day shopping festival earlier this month.

Alibaba Begins Sale of Quark AI Glasses

Alibaba began sales of its new Quark artificial intelligence glasses in China, its first foray into the AI wearables market dominated by Meta. Prices for the glasses start at1,899 yuan (US$268). Unlike some rival wear, the Quark glasses look like regular eyeglasses.

JD.com Supply Chain Advances IPO

Jingdong Industrials, the supply-chain technology arm of e-commerce giant JD.com, will seek to raise up to US$500 million in an initial public offering in Hong Kong, Securities Times reported. The company would use the proceeds to enhance its position in the industry. It is the third attempt by the company to list in Hong Kong. It has passed listing vetting on its way to becoming the fourth JD unit to go public. JD Industrials will announce its IPO issue price on December 8 and plans to begin trading three days later.

Baopharma Plans Listing in Hong Kong

Shanghai-based Baopharma has cleared the hearing process for an initial public offering in Hong Kong. The clinical-stage biotech company, with an estimated valuation of nearly 5 billion yuan (US$706 million), develops recombinant biologics to address conditions with limited treatment options. The company hasn't disclosed how much it will seek to raise in the share sale but said proceeds will support development and commercialization of core therapies.