Daily Buzz: 29 October 2026

Unitree Profit Drops on Heavy Research Spending

Unitree, China's most high-profile robot maker, said third-quarter profit dropped 17 percent from a year earlier to 113 million yuan (US$17 million) as capital expenditure surged. Excluding one-time items, core profit fell to 105 million yuan. Revenue rose 70 percent to 665 million yuan. Research and development spending jumped 250 percent to 127 million yuan. For the first nine months of the year, revenue rose 56 percent to 1.8 billion yuan, with net profit up 270.5 percent to 387 million yuan. Excluding one-time items profit fell 19 percent. The company, one of China's few profitable robot makers, reported nine-month gross profit margin of 60.3 percent. Unitree's shares have surged over 65 percent in the past two weeks after slumping almost 55 percent from their August debut in Shanghai. US investment ⁠bank JPMorgan raised its rating on the stock earlier this week. In robotics. Unitree competes with Tesla and Boston Dynamics.

Separately, Unitree Robotics and private equity fund HSG, a longtime backer, jointly launched an investment program to provide robotics startups with funding and industry resources. The initiative takes a "engineer + investor" approach to fast-tracking innovative development. HSG first backed Unitree in 2019 with a seed investment of 15 million yuan and increased that over the years to a total of 102 million yuan.

Alphabet Q3 Net Tumbles 25 Percent, Shares Plummet

Alphabet, operator of Google, reported net income in the third quarter fell 25 percent from a year earlier to US$26.2 billion, largely on an US$8.2 billion loss on equity securities. Revenue grew 25 percent to US$127.6 billion but missed analysts' forecasts. The company's debt climbed to US$125 billion from US$21.6 billion a year earlier. Operating income totaled US$40.6 billion. Google reported a negative free cash flow of US$9.1 billion. Revenue from Google Cloud doubled to US$30.7 billion. Spending on AI buildout rose to US$51.4 billion. Capex this year is forecast to top US$200 billion, expanding to US$300 billion in 2027. Alphabet shares plunged 10 percent in after-hours trading in New York after the results were announced.

Oil Prices Rise Amid Fears of Renewed of Attacks on Iran

Oil prices rose after Iran-backed Houthi rebels in Yemen attacked a refinery in Saudi Arabia and the Wall Street Journal reported that the Trump administration has told Gulf Arab countries to be ready for a short but intense military campaign after November 3 midterms, citing people briefed on the conversations. Benchmark Brent crude futures rose 1.3 percent to close at US$115.32 a barrel in New York. US President Donald Trump said this week that the Iran war will end "whenever I want it to."

Israel in Deadlock After Fractious Election Results

Israeli Prime Minister Benjamin Netanyahu's right-wing coalition lost seats in Wednesday's fractured election results, but analysts aren't ruling out a path for the longtime survivor of the nation's tumultuous politics to retain power. Netanyahu's bloc won 53 seats in the 120-member Knesset, and the centrist opposition coalition led by former military chief of staff Gadi Eisenkot took 48 seats. But avenues for forming a government are problematical. The biggest election surprise came from Israel's Arab parties, who took a record 19 seats and could potentially influence what comes next. Netanyahu accused them of "stealing" the election and demanded the police and security service investigate the results. Turnout in the election, which was called one of the most pivotal in Israeli history, was 88.6 percent.

Spain Suffers Worst Rail Collision in 13 Years

At least 68 people were killed and dozens more injured after a Spanish high-speed train collided with another train south of Madrid in the nation's worst rail disaster in 13 years. It was the second deadly train crash on the same line in less than a year. Spain's transport minister said an "inexplicable" decision by a control center led to the collision after a computer failure initially caused the trains to halt. More than 500 passengers were travelling on the two trains at the time.

PetroChina Profit Surges on High Oil Prices

PetroChina, Asia's largest oil and gas producer, reported third-quarter profit attributable to shareholders surged 22 percent from a year earlier to 51.8 billion yuan on high energy prices. Revenue rose 10 percent to 793.6 billion yuan. For the first nine months, profit increased 22 percent to 155.8 billion yuan, while revenue grew 7 percent to 2.3 trillion yuan. The company's average realized crude price rose 18.5 percent to US$77.65 a barrel over the nine months. Operating profit in its oil, gas and new energy segment increased 20 percent to 152 billion yuan, which the company attributed to higher crude prices, increased natural gas output and production cost controls. Domestic fuel demand remained a pressure point. Sales of gasoline, kerosene and diesel in China fell 5.7 percent in the first nine months. PetroChina cited an accelerating transition to renewable energy from traditional sources, noting it has expanded its liquefied natural gas vehicle refueling and its battery-charging and swapping businesses.

Moore Threads Turns Profitable on Surging Demand

Moore Threads, a designer of graphics processing units and one of the so-called "China Nvidia firms," swung to net profit of 49.3 million yuan (US$7.2 million) in the third quarter from a year-earlier loss on the back of surging demand for AI computing infrastructure. Revenue surged 17.7 times to 1.6 billion yuan. For the first nine months of the year, total revenue reached 3.3 billion yuan with cumulative net profit of 37.7 million yuan.

The company attributed the turnaround to expanding market share for its full-function graphic processing units among cloud service providers, AI innovators, telecom carriers and national data centers.

Microsoft Beats Forecasts as Revenue Surges

Microsoft reported a 32 percent increase in net income to US$36.6 billion for its fiscal first quarter ended September 30, on a surge in cloud and Azure platform revenue. Revenue rose 19 percent to US$92.3 billion, beating estimates. Cloud revenue increased 30 percent and Asure's rose 48 percent. Microsoft is undergoing a major personnel restructuring, offering buyout packages to about 60,000 employees, or 27 percent of its workforce, this week as it moves into AI assistance. The company has sunk nearly US$200 billion into its artificial intelligence capacity. The number of people using the Microsoft 365 Copilot AI assistant rose 50 percent from the prior quarter, Chief Executive Satya Nadella said on a conference call with analysts. Sales of devices and Windows licenses declined 22 percent as higher memory and storage costs elevated prices. Microsoft shares rose 3 percent in New York extended-hours trading after the results were announced.

Huawei, Xiaomi Release New Phones for Double 11 Festival

Chinese tech giants Huawei and Xiaomi expanded their smartphone lineups with major new releases focused on ultra-long battery life, advanced hardware features and competitive pricing. The new models come during the Double 11 festival, China's biggest online shopping event. Huawei launched the Enjoy 100 Pro Max, targeting the budget-to-midrange market. Powered by its Kirin 8200 series processor and running on its HarmonyOS 7, the phone uses an 8,800 milliampere-hour battery. It also features one-touch BeiDou satellite connectivity and enhanced anti-fraud security tools. Starting price is 1,999 yuan (US$294).

Xiaomi launched the Redmi, an entry-level sub-brand. It brings major upgrades across performance, battery life, display and user experience. For the first time, a standard K-series model features the AI display chip. The device is powered by a 10,000 milliampere-hour battery and a refresh rate of 165 per second. It comes pre-installed with the Xiaomi HyperOS 4 system. The company is offering a discount price of 2,999 yuan for the Double 11 festival.

StanChart Income Jumps, Helped by Record Wealth Management Revenue

UK-based Standard Chartered, Hong Kong's third-largest lender by assets, reported third-quarter operating income grew 13 percent to US$5.8 billion, with pretax profit up 21 percent from a year earlier at US$2.37 billion. The bank said its wealth management business delivered record revenue. The bank, which derives most of its income from Asia and Africa, said net interest income climbed 9 percent to US$3 billion and its net interest margin rose 0.09 percentage point to 2.03 percent. Credit impairment fell to US$90 million, and operating expenses increased 9 percent. The bank raised its 2026 target for operating income growth to more than 7 percent.

Airbus Earnings Drop on Slower Aircraft Deliveries

Airbus third-quarter revenue slipped 2 percent from a year earlier to 17.5 billion euros (US$19.5 billion) as commercial aircraft deliveries slowed and its product mix weakened. Adjusted earnings fell 9 percent to 1.77 billion euros. The plane-making giant reaffirmed its 2026 targets, including around 870 commercial deliveries. China is Airbus' largest single market.

Economy & Markets

Insurers Ping An, China Pacific Post Profit Drop

Shenzhen-based Ping An Insurance reported that third-quarter net profit attributable to shareholders plunged 93.7 percent from a year earlier to 4.06 billion yuan (US$609 million), reflecting capital-market volatility and a high comparison base. For the first nine months, attributable net profit fell 27.3 percent to 96.65 billion yuan. However, operating profit attributable to shareholders rose 8.3 percent to 125.91 billion yuan over the nine-month period.

China Pacific Insurance reported a sharp decline in third-quarter earnings, citing volatility in capital markets. Net profit fell 68 percent to 5.6 billion yuan in the third quarter, with revenue dropping 45 percent to 79 billion yuan. Compared with the second quarter, net profit plunged about 73 percent. For the first nine months, the insurer posted revenue of 292 billion yuan, down 15.5 percent from a year earlier. Net profit declined 20 percent to 36 billion yuan.

Dongshan Precision Debuts at Below IPO Offer Price

Shares in Suzhou-based printed circuit board maker Dongshan Precision Manufacturing closed down 0.75 percent from their offer price in their Hong Kong debut on Wednesday, following an initial public offer that raised HK$9.9 billion (US$1.3 billion) but suffered tepid investor interest during the share-subscription period. Tech shares have come under pressure amid concerns about the stability of an AI sector that is increasing development spending without a clear path to showing comparable returns on investment. Dongshan priced its Hong Kong IPO at a discount to its Shenzhen-listed shares, which had plunged 63 percent from a July peak. Other Chinese mainland printed circuit board makers listed in Hong Kong have slumped this year, with Victory Giant Technology and Guanghe Technology Co losing about 70 per cent and trading below IPO prices.

Sinochem-Owned Syngenta Targets Pre-IPO Valuation Up to US$88 billion

Swiss-based agrochemical firm Syngenta, which is owned by China's Sinochem, is targeting a valuation of up to US$88 billion in its planned initial public offering early next year in Hong Kong, Reuters reported, citing people familiar with the matter. The company has already filed for the flotation, which could raise US$5 billion to US$10 billion. China International Capital Corp is valuing the maker of seeds and crop-protection products at 15 to 20 times expected 2026 core earnings as Syngenta moves to position itself more as a biotech company than a chemicals maker. Sinochem acquired Syngenta for US$43 billion in 2017.

US Fed Holds Rates Steady

The US Federal Reserve kept benchmark interest rates on hold, adopting a patient approach amid inflationary pressures. The decision keeps the overnight funds rate in a range between 3.75 percent-4 percent after the central bank lifted it a quarter percentage point in September. In a statement, the Fed said, "Inflation remains elevated. The accumulation of more information will help determine policy appropriate to ensure a timely return of inflation to the 2 percent goal."

China 5G Subscribers Grow

China had 1.3 billion 5G mobile subscribers at the end of September, as the country continued expanding its next-generation telecoms infrastructure, the Ministry of Industry and Information Technology said. The number of 5G base stations reached 5.3 million, accounting for 40 percent of China's total mobile base stations. The country's three carriers – China Mobile, China Telecom and China Unicom -- had a combined 1.85 billion mobile subscribers at the end of September. Fixed broadband subscribers totaled 709 million, and mobile internet data traffic rose 17 percent year from a year earlier in the first nine months of the year.

Meituan Selling US$1.2 Billion in Offshore Yuan Debt

Chinese food delivery giant Meituan (3690) began the sale of 8 billion yuan (US$1.2 billion) in dual-tranche offshore debt, comprising a five-year yuan bond with a yield of 2.5 percent and 10-year debt with a yield of 3.1 percent. Meituan plans to use the proceeds to refinance existing offshore debt and for general corporate purposes, Reuters reported. The bonds are senior unsecured debt, not backed by specific assets.

Corporate

Tsingtao Brewery Posts 17 Percent Drop in Q3 Profit

Qingdao-based Tsingtao Brewery, the most popular Chinese beer brand overseas, reported a 17 percent decline in third-quarter net profit as revenue fell and the domestic beer market remained weak. Net profit attributable to shareholders fell to 1.1 billion yuan (US$169 million), while revenue declined 5.6 percent to 8.4 billion yuan. Profit excluding one-time items dropped 25 percent to 964 million yuan. For the first nine months, revenue fell 4.5 percent to 28 billion yuan, and net profit declined 4.2 percent to 5.1 billion yuan. Tsingtao sold 6.47 million kiloliters of brewery products during the nine-month period. Sales of mid-to-high-end and premium products under its flagship Tsingtao brand rose 2 percent to 3 million kiloliters.

Great Wall Motor to Build Car-Making Plant in Bulgaria

China's Great Wall Motor said it will build a factory in Bulgaria to manufacture its Ora 5 compact SUV. The carmaker said the facility will have a planned capacity of 50,000 vehicles a year, with production scheduled to start in the first quarter of next year. It is partnering with Bulgaria Automotive Industry. Great Wall is among Chinese carmakers seeking to make vehicles in the EU to circumvent a 20.7 percent anti-subsidy import tax on vehicles and the block's 10 percent tariff on vehicle imports. Great Wall sells the Ora 5 in Europe with electric, hybrid and petrol powertrains models.

Rokid Introduces Next-Generation Smart Glasses

Chinese smart glasses maker Rokid unveiled its next-generation Rokid Glasses 2 and its first full-color display model Rokid Color, priced from 3,699 (US$555) and 4,999 yuan, respectively. The Chinese firm also released Rokid Ring, which enables micro-gesture inputs, such as swipes and taps, as well as health monitoring for heart rate, body temperature, blood oxygen and sleep.

DaMao Launches AI Energy Platform for Green Power Markets

Chinese energy startup DaMao AI, backed by investors including CATL, SenseTime and Cambricon, launched a 2.0 platform for the green power market, leveraging AI foundation models and multi-agent systems to streamline green electricity trading and grid dispatch. The startup addresses key bottlenecks in China's renewable infrastructure. While hundreds of direct green-power connections have received regulatory approval, commercial rollout remains slow, said Chief Executive Jian Yumin.

Camera Maker Insta360's Profit Falls, Research Spending Rises

Camera Maker China's Insta360, a designer and manufacturer of 360-degree action cameras, said third-quarter profit fell 94 percent to 17.4 million yuan (US$2.6 million) on revenue of 4 billion yuan. The company cited increased spending on research and development and rising costs of memory components. For the first nine months of the year, profit dropped 94 percent to 47.8 million yuan, though revenue rose 43 percent to 9.4 billion. Spending on research totaled 1.7 billion yuan,

Neuroxess Secures Funding for Brain-Computer Interface Trials

Neuroxess, a leading Chinese neurotech company specializing in implantable brain-computer interface systems, said it secured 700 million yuan (US$105 million) in a fundraising round led by SDIC Juli, Shenzhen Capital Group and Qinzhi Capital. Proceeds will fund clinical trials. The company has already completed 65 clinical trial cases as it seeks to commercialize the technology.

World's Biggest Pork Producer Posts Profit Decline in Tough Market

Hong Kong-based WH Group, the world's largest pork producer with significant interests in China, the US and Europe, said net profit in the first nine months of this year fell 13 percent to US$1 billion. Profit after adjustment for the value of animal assets fell more than 27 percent. Revenue edged up 0.6 percent to US$20.6 billion. Sales of pork products rose 3 percent. WH said the global pork market is facing a price slump on regional oversupply and weaker consumer demand. The company formerly traded under the name Shuanghui.