Daily Buzz: 3 December 2025

Moscow Peace Talks Yield No Breakthrough

US negotiators met with Russian President Vladmir Putin in Moscow for nearly five hours on Tuesday, trying to sell a revised peace plan less onerous to Ukraine. A Putin aide said no compromise on the plan was reached and territorial issues remain at the heart of any solution. Russia has consistently demanded that Ukraine cede the 19 percent of its territory now occupied by Russian forces. Zelensky has said surrendering territory would reward Russian aggression, but he is under pressure to make concessions. Putin earlier rejected a peace plan offered by Ukraine's European allies, saying Moscow is not looking for war with Europe but is ready to fight one. The European plan stresses strong security guarantees for Ukraine to prevent Russian attacks in the future. Meanwhile, Russia claimed it has captured the strategic frontline city of Pokrovsk in eastern Ukrainian, a claim Kiev denied.

Hong Kong Orders Independent Probe Into Deadly Fire

Hong Kong leader John Lee said an independent panel led by a judge will be set up to investigate the residential complex fire that killed at least 151 people, amid public calls for transparency and accountability in the aftermath of the deadliest blaze in 77 years. Fifteen people associated with contracting work at the site have already been arrested on charges of suspected manslaughter, and 12 people have been detained in a probe of possible graft in renovation contracts. Initial investigations have pointed at substandard plastic mesh and foam insulation used in the renovation work as possible causes. The search for some 30 people still believed missing moved to the last two of seven charred apartment blocks.

Maduro Dances, Trump Administration Squirms

While Venezuelan President Nicolás Maduro danced with supporters in the streets of Caracas, the Trump administration that wants to oust him found itself embroiled in accusations of war crimes related to an attack on an alleged drug-trafficking vessel off Venezuela in September. Defense Secretary Pete Hegseth is accused of ordering a follow-up air strike on the vessel to kill any crew members who survived the first strike. Hegseth said he watched the first strike live and "knew they took out the boat" but didn't see survivors and didn't order a coup de grace. The US military has killed 83 people in strikes that destroyed 22 boats as part of a campaign that Washington says is aimed at curtailing the flow of drugs into the US, and President Donald Trump is threatening a land assault on Venezuela if Maduro doesn't step down.

Russia's Visa-Free Policy Buoys Chinese Interest

Russia has introduced visa-free, 30-day entry for visitors from China, reciprocating China's relaxed entry rules for Russians. Heilongjiang Province, which abuts Russia, reported an increase in cross-border travel, and online travel sites reported increased searches for flights to Russia.

Top Business

DeepSeek Unveils New Models to Rival Google, OpenAI

Hangzhou-based technology startup DeepSeek, which stormed onto the global AI stage almost a year ago with a much cheaper open-source chatbot version, has unveiled the DeepSeek-V3.2-Speciale, said to rival Google's new Gemini 3 Pro model in certain tasks. DeepSeek has also introduced the V3.2-Speciale base model to rival OpenAI's GPT-5, claiming it achieved a gold-medal performance in a simulated Math Olympiad test. DeepSeek noted in its technical specs for the new models that gains came despite the company's limited access to advanced semiconductor chips, the South China Morning Post said.

Shein, Temu Face New Probes in the US

Chinese online cheap-goods platforms Shein and Temu, beset by regulatory probes in Europe, may now face pushback in the US after a US senator asked the Department of Justice to probe both digital retailers for selling counterfeit goods. Shein is a private company originally founded in China but now based in Singapore; Temu is owned by Chinese online retail giant PDD. Both companies source most of their merchandise from China. The Trump administration took aim at both platforms earlier this year by removing the duty-free status of small parcels that underpinned their fast delivery services. The European commission in July said Temu was violating EU rules by selling copycat goods on its platform, and France has asked a Paris judge to suspend Shein operations after the platform was found to be selling child-like sex dolls. Separately, the Texas attorney general said his agency is investigating whether Shein violated laws related to unethical labor practices and product safety.

Vanke Seeks One-Year Debt Repayment Extension

Vanke, once China's largest property developer and a bellwether in the industry, has asked creditors for a one-year extension on repayment of a 2 billion yuan (US$280 million) onshore bond due on December 15. The debt-laden company's announcement last week that it would seek creditor approval for a delay in repayment triggered market fears of a default. Like many other Chinese mainland developers, Vanke has suffered from a liquidity crunch that began in 2021. Ratings agencies lowered their already "below investment grade" ratings on Vanke debt. The company has outstanding liabilities of 364.3 billion yuan.

Economy & Markets

Bitcoin Stages a Comeback

Bitcoin reversed its recent slump to rise 7 percent in New York trading on Tuesday. The cryptocurrency, which investors link to sentiment on artificial intelligence shares, bounced back above US$90,000 in late afternoon trading. The Nasdaq index, which hosts the top AI companies, closed up 0.6 percent.

China Biopharma Firm 3SBio Plans HK Share Placement

Chinese drug maker 3SBio said it plans to raise HK$3.12 billion (US$401 million) by selling a 4.14 percent stake in the company. The Shenyang-based biopharma share placement will sell 105.1 million new shares at HK$29.62 each, a 6.5 percent discount to Monday's closing price. The company, whose shares have surged fourfold this year, said fresh capital is needed for research, development, manufacturing and marketing of its drugs in its pipeline.

Foreign-Issues of Yuan Debt Expanding

Foreign governments, including Hungary, Indonesia and the United Arab Emirates, have raised 13 billion yuan (US$1.8 billion) this year from the issuance of yuan-denominate bonds, citing its own analytics. Russia is poised to issue yuan debt in two tranches with coupons of 6.25-6.5 per cent for 3.2-year debt and a cap of 7.5 percent for a 7.5-year portion. Foreign issuance of yuan debt is a boost for China's ambitions to internationalize its currency.

US Lowers Tariffs on South Korean Autos

The US said it is lowering import duties on South Korean autos to 15 percent and removing duties on aircraft parts, in line with changes to tariffs imposed on Japan and the EU. South Korea's Kospi stock index rose 1.9 percent on the news. Separately, South Korean headline inflation rose a bigger-than-expected 2.4 percent in November, fueling speculation that the central bank will leave interest rates unchanged.

US Holiday Online Sales Off to Strong Start

US consumers seized on deep discounts and spent US$14 billion in online shopping on Cyber Monday, pushing total online sales over the long holiday shopping weekend to US$44.2 billion, citing an Adobe Analytics report. That was a 7.7 percent rise from a year earlier. The Christmas shopping season is being closely watched amid rising prices and surveys showing weak consumer sentiment.

Corporate

New ZTE Phone With Doubao AI Sells Out

China's first smartphone equipped with ByteDance's Doubao AI assistant sold out within hours. ZTE, which makes the new Nubia M153, said initial sales were aimed at "industry users" and technology geeks to give the phone a market test, and the phones may lack final refined features. Software updates will be issued every two weeks. The Nubia M153 is priced at 3,499 yuan (US$495) but rose as high as 7,000 yuan on some secondhand platforms as enthusiasm over the phone spilled across the consumer market.

The phone features ByteDance's large language model and Qualcomm's Snapdragon 8 Elite platform. The Doubao assistant allows users to activate AI functions via voice, a side key or compatible earphones, and it can answer questions based on any on-screen content. ByteDance said it is negotiating with multiple phone brands to integrate the assistant but has no plans to develop its own smartphones.

Tesla Sales of China-Made Cars Rise

Tesla sales of electric vehicles manufactured in Shanghai rose 9.9 percent in November from a year earlier. Sales of Model 3 and Model Y vehicles include both Chinese mainland and foreign deliveries. Exports of the cars rose 41 percent from October, according to the China Passenger Car Association. Separately, rival BYD, China's largest maker of electric vehicles, said vehicle sales in November fell 5.3 percent from a year earlier to 480,186 but sales in the first 11 months of the year rose 11 percent to 4 million.

Samsung Unveils Tri-Fold Smartphone

Samsung Electronics introduced its first tri-fold smartphone as competition with Chinese rivals increases on the Chinese mainland. The Galaxy Z TriFold, priced at US$2,440, features a 10-inch screen and is a quarter larger than the Galaxy Z Fold 7 model.

Apparel Maker Toread to Invest in Chip Technology

Beijing-based Chinese outdoor apparel maker Toread Holdings said it plans to invest 678 million yuan (US$96 million) to acquire controlling stakes in two chip companies. The Shenzhen-listed company said it will pay 321 million yuan for a 51 percent stake in Betterlife Science & Technology, which makes fingerprint recognition systems, and 357 million yuan for 51 percent equity in Tongtu Semiconductor Technology, an image and video processing chip developer.

Semcorp Eyes Takeover in Lithium Battery Components

Yunnan Energy New Material, also known as Semcorp, said it plans to acquire equipment supplier Zhongkehualian New Material to enhance its competitive edge and announced a private share placement to fund the acquisition. No details of the takeover were given. Semcorp began as a cigarette-packaging company in 1996 and later switched into the new energy industry. It is the world's largest supplier of lithium battery components that separate positive and negative charges to prevent short circuits. Zongkehualian supplies technology used in making separators.