Daily Buzz: 4 June 2026

Top News

Iran War Nears Day 100 With No End in Sight

Kuwait said Iranian drones hit its international airport, killing one person, injuring 60 and causing significant building damage. The attack came after the US military launched "self-defense" strikes on Iran overnight, and shot down ballistic missiles and drones fired at ships and Gulf countries. The exchange of attacks came amid a fraying ceasefire between the US and Iran and stalled peace talks.

US President Donald Trump said Iran has agreed to allow the US into the country, once a peace deal is signed, to retrieve its stockpiles of enriched uranium. Iran hasn't commented on that claim yet, but Foreign Minister Abbas Araghchi said no progress has been made in negotiations with the US. Israeli strikes killed at least nine people in southern Lebanon on Wednesday after Iran-backed Hezbollah said it fired rockets into northern Israel. An agreement by Israel not to resume bombing of Beirut is holding.

The US House of Representatives for the first time approved a war powers resolution that would halt US military attacks on Iran in a rebuke to Trump. It passed with the defection of four Republicans to the Democratic bill. Displeasure with the continuing war is increasing at November mid-term elections near and public opinion polls show a majority of Americans oppose the war, which is driving up gasoline and other costs for consumers. The vote was largely symbolic given presidential veto power.

Oil prices remained largely steady. Benchmark Brent futures were trading at about US$97 a barrel in New York, ahead of the start of Asian trading.

Ukrainian Drones Hit St Petersburg Ahead of Major Forum

Ukrainian drones struck a Russian oil depot and naval facility on the outskirts of St Petersburg, hours before the opening of a major economic forum designed to attract foreign investment to Russia. Local authorities said they shot down 59 drones over the city. Black smoke from fires at the oil facility billowed over the city, closing the airport for a time. President Vladimir Putin is scheduled to address thousands of guests from 130 countries later this week at the St Petersburg Economic Forum.

US Resorts to New Channel to Impose Tariffs on Imports

The US is proposing additional tariffs of up to 12.5 percent on imports from 60 economies, including China, the EU and Japan, citing their failure to ban goods made from "forced labor."

"The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable, creating a dynamic where American workers are forced to compete globally on an unlevel playing field," said US Trade Representative Jamieson Greer. China's foreign ministry said the US claims are a pretext for "political manipulation," and the EU termed them "utterly absurd." The Trump administration has been seeking alternate ways of levying import tariffs after the Supreme Court struck down most of President Donald Trump's across-the-board tariffs earlier this year, leaving a 10 percent global baseline in place. The administration has since turned a different law to justify tariffs.

Top News

DeepSeek May Raise About US$7.4 Billion in Maiden Funding Round

Chinese AI startup DeepSeek is set to ​raise about 50 billion yuan (US$7.4 billion) in its first funding round from outsider said to include Tencent ‌Holdings, Reuters reported, citing people with knowledge of the matter. That level of investment would value the company at between 350 billion yuan and 400 billion yuan. DeepSeek shot to global fame with its V3 and R1 large language models developed and selling at lower costs than overseas rivals. Company founder Liang Wenfeng, who has until now financed the company through his private investment fund,​ has committed 20 billion yuan to the fundraising. Insiders say tech conglomerate Tencent is ​considering an investment of 10 billion yuan and battery giant Contemporary Ampere Technologies is looking at 5 billion yuan. Other possible investors include NetEase, JD.com, IDG Capital and Monolith Capital. DeepSeek is expected to complete the fundraising round in the next couple of weeks.

SpaceX Sets IPO Share Price at US$135, Valuing Company at US$1.77 Trillion

Elon Musk's SpaceX set a price of US$135 a share for initial public offering in New York, aiming to raise a world-setting record US$75 billion IPO, Reuters and Bloomberg News reported, citing industry insiders. That price would value the company at about US$1.77 trillion and be triple the size of the reigning largest IPO, the share sale by Saudi Aramco in 2019. The company said it plans to sell 555.6 million shares, with underwriters having an option to purchase an additional 83.33 million shares. Musk will own over 82 percent voting control after the offering

The SpaceX listing is drawing widespread attention, not only for its size but also as a test of investor appetite for AI and advanced technology companies amid concerns about the billions they are spending on debt-financed research and development. The SpaceX IPO on the Nasdaq will be followed by initial share sales from AI giants Anthropic and OpenAI. SpaceX shares are scheduled to begin trading on June 12.

Didi Global Posts Second Quarterly Loss on Higher Marketing Costs

Chinese ride-hailing giant Didi Global reported its second consecutive quarterly for the first three months of the year as sales and marketing expenses nearly doubled. Its first-quarter net loss widened to 1.2 billion yuan (US$177 million) from 338 million yuan in the fourth quarter of 2025, swinging from a profit of 2.4 billion yuan a year earlier. Revenue rose 10 percent to 58.7 billion yuan. Its core platform orders rose 13 percent to reached 4.8 billion. The company launched its AI ride assistant in the first quarter and said upgraded safety management. Research and development expenses jumped 26 percent to 2.4 billion yuan. Didi said it is increasing investment in autonomous driving technologies both for the Chinese and its 14 overseas markets. The company, which is listed on the over-the-counter market in New York, said its Brazilian food delivery arm 99 Food is "recovering rapidly."

Microsoft Announces Quantum Leap

Microsoft unveiled its new Majorana 2 quantum computing chip, saying the technology could pave the way for commercially useful quantum computers by 2029. The company said the chip represents a major step toward scalable quantum computing, with qubit reliability improving 1,000-fold compared with the previous generation. Quantum computers work on the principles of quantum mechanics to process vast numbers of possibilities simultaneously, potentially solving complex problems far faster than conventional computers. At a developers' conference. Microsoft also highlighted the role of its AI-powered research platform Microsoft Discovery in accelerating quantum research by analyzing decades of experimental data.

Economy & Markets

CXMT Poised for Biggest Chinese Mainland IPO in Four Years

Chengxin Memory Technology (CXMT) won Shanghai Stock Exchange approval for what will be the mainland's biggest initial public offering since China Mobile's 2022 IPO. The Hefei-based maker of dynamic random-access memory chips is seeking to raise 29.5 billion (US$4.4 billion) through the sale of 10.6 billion shares on the tech-focused Shanghai STAR market. CXMT ranks first in DRAM production capacity in China and fourth worldwide. DRAM prices have surged globally on heavy demand from AI industries and data centers. The company reported first quarter profit attributed to shareholders of 24.8 billion yuan on an eight-fold jump in revenue to 50.8 billion yuan.

China Services Sector Expands at Fastest Rate in Three Months

An index compiled by S&P Global showed China's services sector in May expanded at the fastest pace in three months on strong growth of new ​business and a rebound in overseas demand. The RatingDog China General Services Purchasing ​Managers' Index registered 54.4, up from 52.6 in April. Anything above 50 indicates expansion; anything below signals contraction. The expansion was fueled by business innovations and new client acquisitions, while export businesses returned to growth after ​contracting in ​April. Service providers added ⁠jobs for the first time in four months. Business confidence about activity ⁠over ​the coming year remained positive.

Shanghai Tin Futures Surge on Technology Demand

Tin contracts on the Shanghai Futures Exchange have surged by a third this year amid rising global prices for the metal, which is used in AI servers, optical models and chip packaging, Yicai reported. The most actively traded Shanghai tin futures contract rose to a record 439,000 yuan (US$64,886) a ton. However, demand for tin in more traditional soldering segment is weaker. Mining and refining tin isn't a major industry in China, but companies engaged in the sector are reaping the benefits of higher prices. Yunnan Tin Group reported first-quarter net profit surged 74 percent to 870 million yuan from a year earlier on a 60 percent increase in revenue to 15.5 billion yuan.

Pony.ai Joins Stock Connect, Unveiling Self-Driving Target

Chinese robotaxi pioneer Pony.ai has been officially included in the Shanghai-Hong Kong Stock Connect program, giving Chinese mainland investors direct access to trading in Level 4 self-driving technology. The move is expected to broaden the company's shareholder base, enhance stock liquidity and secure diversified long-term capital to fund its commercial expansion. Pony.ai said it plans to increase its fleet size beyond 3,500 vehicles across more than 20 global cities this year, boosting annual robotaxi revenue 3.5 times.

GenScript Pushes Back on US Concerns About Security Risk

China's GenScript Biotech Holdings issued a statement rebutting US concerns of alleged national security risk, the South China Morning Post reported. The Nanjing-based company, listed in Hong Kong, said it has always operated transparently and adhered to the highest standards of data security and protection of intellectual property. The statement came after US lawmakers warned that Chinese contract research, development and manufacturing firms could provide Beijing with access to sensitive technologies and intellectual property developed by American pharmaceutical companies and asked for a probe. "We are aware of ongoing discussions involving (China's) biotechnology industry," GenScript said. "While our name was included in the context of these broader conversations, there have been no actions, allegations or findings directly related to our company."

China Rejects Subsidy Criticism

China rejected claims that state subsidies are the main driver of its industrial competitiveness, after the Organization for Economic Cooperation and Development (OECD) said Chinese support accounted for more than half of global industrial subsidies in 2024. Foreign Ministry spokesperson Mao Ning said Chinese competitiveness stems from market competition, technological innovation, global operations and economies of scale generated by the country's large domestic market. The OECD said global subsidies spanned 15 industries, including automotive, shipbuilding and solar energy, with 52 percent of them from China.

Corporate

Tesla's Deliveries From Shanghai Factory Surge 39 Percent

Tesla, which operates a mega-factory in Shanghai, posted a 39 percent jump in China-made vehicle sales in May, its seventh consecutive month ‌of growth. Deliveries of Tesla Model 3 and Model Y vehicles from its ​Shanghai plant, including exports, totaled 85,982, according to the China Passenger Car Association. The export gains came as registrations of new Teslas rebounded across several ​European markets as some consumers sought an alternative to gasoline-powered cars amid higher oil prices triggered by the Iran war.

Separately, Leapmotor in May retained its crown as the best-selling Chinese new energy vehicle startup after setting a new sales record for the second consecutive month. Hangzhou-based Leapmotor sold 81,569 new energy vehicles last month, up 81 percent from a year earlier. Among other automakers classed as startups, Nio ranked second with 37,705 vehicles sold.

Jinko Aims to Double Shipment of Energy Storage Systems

Shanghai-based China's Jinko Solar Holding, one of the world's biggest solar-panel makers, said it plans to double shipments of energy storage shipments this year in terms of gigawatt-hours. The company estimated it will ship 10 gigawatt-hours of the systems, which store electricity during periods of ample supplies and release it when supplies are lower. Jinko noted high electricity prices across the Asia-Pacific region are driving up demand for storage, Yicai reported.

CSSC Unit Secures US$1.5 Billion Contract From Greece

Shanghai-based Hudong-Zhonghua Shipbuilding, a unit of global leader China State Shipbuilding (CSSC), said it signed a10-billion-yuan (US$1.5 billion) contract to build 12 very large crude carriers for Greece-based Dynacom Tankers Management. Construction is expected to start next year, utilizing the latest design from the Marine Design and Research Institute of China, Yicai reported. Part of the payment for the vessels is expected to be in yuan.

Separately, a unit of Chinese giant Cosco Shipping said it plans to invest 6.4 billion yuan in four liquefied natural gas carriers, to be leased to Shell Tankers Singapore. Once delivered to Shell, the deal will generate income of about 5.4 billion yuan for subsidiary Cosco Shipping Energy.

SAIC's First European Electric Car Plant to Cost an Initial US$232 Million

Shanghai-based SAIC Motor's first European electric car factory, to be built in Spain, will involve an initial investment of 200 million euros (US$232 million). The facility is expected to begin production by the end of 2028, with annual capacity of 120,000 vehicles, Xinhua reported.

Moonix Launches Lightweight AI Glasses

Chinese technology startup Moonix has launched lightweight smart glasses weighing 14.9 grams, aiming to make wearable AI devices more comfortable for everyday use. The company said the glasses break the 15-gram threshold that has traditionally limited user comfort, bringing wearing closer to that of conventional optical products. Moonix plans to sell the glasses at a price of about 2,500 yuan (US$370), with the standard version scheduled to go on sale in late June and a higher Pro version to come by the end of August.

AI on Guard: Humanoid Robots Take Over School Traffic Duty

DuoLun Technology humanoid robots are protecting school zones in the city of Ningbo in a robotic guard system blending traffic safety technology with advanced AI. The robots are tailored specifically for times of day before schools open and after they close. The robots track vehicle and pedestrian flow, detect suspicious loitering and autonomously flag safety hazards. School zones suffer from intense congestion and illegal parking. Traditional guard systems have been patchy in effectiveness, sometimes forcing parents to take up traffic-duty shifts.

Pokémon Meets Urban Nature in Shanghai

The month-long Pokémon Floral Roaming festival ended in Shanghai, after transforming Zhongshan Park into a vibrant hub linking urban green spaces, historic districts and commercial hubs. The event's floral landscapes drew about 155,000 visitors.