Daily Buzz: 30 March 2026

Yemen's Houthis Enter War, Peace Efforts Struggle, Oil Prices Rise

Yemen's Houthis, a longtime ally of Iran and supporter of Lebanon's Hezbollah faction, entered the Middle East war with two missile strikes against Israel over the weekend and vowed to continue attacks this week. That raised concerns about possible disruption of oil and natural gas shipping through the Bab el-Mandeb Strait that borders Yemen and connects the Red Sea and the Indian Ocean. Saudi Arabia has been redirecting some oil from its port on the Strait of Hormuz through a pipeline to the Red Sea, with tankers then exiting through Bal E-Mandeb. The Houthis have attacked vessels there in the past. Iran has effectively closed the Strait of Hormuz, which normally carries a fifth of global oil and gas shipments, to all but a few vessels from "friendly" countries. The price of Benchmark Brent crude open higher at US$115.80 a barrel in New York when trading resumed after the weekend break.

Pakistan, which is involved in efforts to broker an end to the war, hosted a meeting with the foreign ministers of Saudi Arabia, Turkey and Egypt on Sunday, which ended with hopes that the US and Iran will meet in Karachi "in coming days" for formal negotiations. The White House has yet to signal any such talks are forthcoming.

The first two contingents of US Marines arrived in the Middle East aboard an amphibious assault ship. The New York Times said US troop presence in the region, where the US has multiple bases, now numbers 50,000. Reports persist that the US is preparing ground offense, possibly including raids on Kharg Island, Iran's main oil base. Tehran said its forces are "waiting" for US ground forces to arrive to "rain fire upon them."

The United Arab Emirates reported a rise in Iranian drone and missile attacks over the weekend, and multiple drones struck Kuwait International Airport, damaging its radar system. Drone activity and explosions were also reported in Oman's port of Salalah, where Iran said it was targeting a US logistics vessel. The Pentagon has confirmed reports that only about a third of Iran's vast missile and drone arsenal has been destroyed or damaged.

The Israeli military continued bombarding Tehran, damaging military sites, residential areas and civilian infrastructure. Iran's Revolutionary Guard threatened to target US and Israeli universities in the Middle East after claiming that aerial attacks deliberately targeted two Iranian universities. The International Atomic Energy Agency confirmed that Iran's heavy-water production plant at Khondab, which Israel attacked on Friday, has "sustained severe damage and is no longer operational," but said the site "contains no declared nuclear material."

Israel said it is expanding its controversial ground invasion of southern Lebanon, where it wants to carve out a large new "security buffer zone." The World Health Organization said more than 50 field paramedics and other health workers there have been killed this month by Israeli attacks.

Top Business

Guotai Haitong 2025 Profit Jumps

Guotai Haitong Securities, China's biggest brokerage firm, reported a 113.5 percent surge in 2025 net profit to 27.81 billion yuan (US$4.02 billion), driven by a strong rally in Chinese mainland equities fueled by AI-related stocks and robust initial public offerings. Revenue rose 87.4 percent to 63.1 billion yuan, with brokerage income nearly doubling. Net commission income from brokerage services climbed 93 percent to 15.1 billion yuan, while investment gains more than doubled to 13.7 billion yuan. Investment banking fees gained 59 percent, and fees from revenue from asset management fees rose 64 percent. China's benchmark Shanghai Composite Index gained 18.4 percent in 2025, reflecting improved investor sentiment and increased retail participation. An employee at Guotai Haitong's Hong Kong office was among eight people arrested earlier this month in a raid by Hong Kong authorities, following an investigation of insider trading involving two brokerages and a hedge fund.

China Tests Hybrid Drone Engine System

China has successfully tested a 60-kilowatt hybrid electric propulsion system for drones, marking a step forward in domestic aviation engine technology, state broadcaster CCTV reported. The system combines fuel-powered generation with electric propulsion. A gas turbine drives a generator to charge onboard batteries, while thrust is provided by an electric ducted fan rather than direct combustion. This "range-extender" design aims to address a long-standing trade-off in drone technology. The compact system allows aircraft to recharge mid-flight and switch to pure electric mode when needed, reducing noise and heat emissions.

Great Wall Motor Profit Falls 22 Percent

China's Great Wall Motor, which primarily manufactures SUVs and pick-up trucks, said 2005 profit fell 22 percent to 9.86 billion yuan (US$1.4 billion), on a 10 percent increase in revenue to 222.8 billion yuan. The company sold a record 1.3 million vehicles in 2025, up 7.3 percent from a year earlier. Overseas sales rose 12 percent to 506,000 vehicles, of which 406,000 were new energy models. The company operates under the major brands Haval, Wey, Tank, Ora and GWM. Havel brand model sales rose 7.7 percent, and GWM pickups remained China's best-selling in that category, with sales of 178,936 vehicles. The Wey premium plug-in hybrid series posted the biggest growth last year at 79 percent.

Akeso Biopharma Loss Widens, Revenue Surges

Akeso Biopharma, a world-leading Chinese company in bispecific antibody drugs, widened its loss in 2025 to 1.1 billion yuan (US$159 million) from 501.1 million yuan a year earlier, largely on one-time losses on its equity investment in collaboration partner Summit Therapeutics and share-based employee options expenses. Revenue, encompassing commercial sales and license income, rose 44 percent to 3 billion yuan. The company said it has 50 innovative drug programs covering oncology, autoimmune, metabolic diseases, and neurodegenerative disorders. Its two flagship immunotherapy drugs – cadonilimab and ivonescimab – were added to China's national reimbursement drug list last year, boosting revenue. Spending on research and development rose a third from year earlier to 1.6 billion yuan, and selling and marketing expenses fell 2.7 percent to 1.4 billion yuan.

XtalPi Delivers First Full-Year Profit in 2025

Shenzhen-based drug developer XtalPi reported 2025 profit of 134.6 million yuan (US$19.7 million), its first-ever full-year profit, turning from a loss of 1.5 billion yuan last year. Revenue tripled to 802.6 million yuan, with revenue from its drug discovery solutions segment surging by 419 percent to 538 million yuan. The company said spending on research and development rose 36 percent to 569 million yuan. Revenue included an upfront payment of US$51 million, the first installment of a collaborative agreement with US-based DoveTree Medicines that could ultimately generate earnings of up to US$5.9 billion. The company's pipeline includes drugs spanning oncology, autoimmune diseases, neurodegenerative disorders and chronic diseases. It has collaborative projects with Pfizer and Eli Lilly and said it is integrating AI into its operations.

China Achieves Mass Production of Alpha Isotopes

China has, for the first time, achieved curie-level mass production of medical-grade alpha isotopes, a breakthrough expected to accelerate the clinical use of domestically developed radiopharmaceuticals. The milestone was reached at the China Spallation Neutron Source. The facility can now produce key isotopes used in targeted cancer therapies at scale. Alpha-emitting isotopes are valued for their ability to deliver high-energy radiation over short distances, enabling precise destruction of cancer cells while minimizing damage to surrounding tissue. However, global supply has been limited due to technical barriers in large-scale production and China has had to rely on imports.

Economy & Markets

Pop Mart Continues Share Buyback

Chinese Toy maker Pop Mart, creator of the Labubu doll craze, has repurchased 5.9 million shares at a cost of HK$899 million (US$115 million) to shore up its share price. That brings to HK$1.2 billion spent on buybacks this year. Pop Mart shares have fallen about 20 percent this year as the Labubu fad continues to fade.

Shanghai Moves Up in Finance-Hub Rankings

Shanghai moved up two places to rank sixth among the world's most competitive financial centers. The rankings, which cover 137 global finance centers, including 12 in China, are compiled by the China Development Institute and Z/Yen Group. Shanghai moved ahead of Chicago and Los Angeles, which dropped to 14th and 12th.

Business AI Spending Turns to Disappointment

Nine of 10 businesses in a December survey conducted by consulting firm Roland Berger expressed deep disappointment with their investments in artificial intelligence, Yicai Global reported. Denis Depoux, Roland Berget global managing director, told the annual Boao Forum for Asia in China that many companies jumped into the AI trend for fear of missing out, spending heavily on developing models and building data architecture, but returns have yet to materialize as expected. He said nearly two-thirds of businesses lack a unified AI strategy, focusing on the technology itself rather than on its overall value.

US Consumer Sentiment Flags as Gasoline Price Surges

A widely watched index on US consumer sentiment fell more than forecast in March, after gasoline prices at the pump jumped US$1 to US$4 a gallon and stock markets plunged. The University of Michigan monthly survey dropped to a reading of 53.3, its lowest in three months.

Corporate

Shui On Land Reports First Loss in Five Years

Hong Kong property developer Shui On Land, which focuses heavily on the luxury residential market in Chinese mainland, reported its first loss in nearly five years, largely on write-downs of property values and on unsold inventory, Yicai reported. The company reported a loss of 1.8 billion yuan (US$260.4 million) for 2025, turning from profit of 180 million yuan a year earlier. Revenue plummeted 50 percent to 4.1 billion yuan. Property sales revenue plunged 89 percent, while rental and related income, excluding joint ventures, dived 21 percent. In the year, no new residential properties were completed or handed over, Douglas Sung, chief investment officer at Shui On Land, said an earnings call with analysts and investors. The mainland has been in a property slump since 2021, triggered by domestic developer defaults.

PDD to Set Up Its Own Brand

E-commerce giant PDD Holdings said it will invest 100 billion (US$14.5 billion) over three years integrating supply chains of both its e-retail platform Pinduoduo and its global shopping platform Temu to set up its own brand called Xinpinmu. The company has established a dedicated company in Shanghai for the new brand, with initial investment of 15 billion yuan. The announcement came after PDD reported profit for 2025 fell 12 percent to 99.4 billion yuan.

Cainiao Signs Pact for Instant Retail Logistics in SE Asia

Alibaba logistics arm Cainiao signed an agreement with Thailand's CP Axtra to develop an integrated instant-retail logistics network across Southeast Asia. Cainiao is a logistics service that ensures delivery within 24 hours to any region of China.