Daily Buzz: 6 January 2026

Top China Diplomat Decries 'World Police, Judge'

Chinese Foreign Minister Wang Yi, in his first public comment since the US captured Venezuelan President Nicolas Maduro and said it is taking over the oil-rich nation, said Beijing cannot accept any country acting as the "world's police or judge." He made the remarks in a meeting with his Pakistani counterpart Ishaq Dar. "The sovereignty and security of all countries should be fully protected under international law," Wang said, without mentioning the US by name. US President Donald Trump said American oil companies will invest billions of dollars to fix Venezuela's decaying oil infrastructure and recoup the losses they suffered when Venezuela nationalized the industry in the early 2000s.

Defiant Maduro Pleads Not Guilty to US Drug Charges

Deposed Venezuelan president Nicolas Maduro pleaded not guilty to narcotics charges in a New York federal court on Monday, saying, "I am innocent. I am still president of my country" and claiming he was kidnapped and is a "prisoner of war." Maduro, 63, was captured by US special forces in an attack on Caracas on Saturday. He is accused of overseeing a cocaine-trafficking network that partnered with violent groups including Mexico's Sinaloa and Zetas cartels, Colombian FARC rebels and Venezuela's Tren de Aragua gang. His wife Cilia Flores, who was seized in the same raid, also pleaded not guilty.

In Caracas, Vice President Delcy Rodriguez was sworn in as Venezuela's interim president. She has been warned by the Trump administration that she faces a "fate worse than Maduro" if she fails to cooperate with the US, which now claims temporary control of the country. Venezuela published an emergency order directing police to detain anyone who supported the US attack.

The UN Security Council met to discuss the attack, with permanent members Russia and China condemning US aggression. UN Secretary-General expressed concern about the legality of the US assault under international law protecting sovereignty of nations.

US Annexation of Greenland Would End NATO, Denmark Says

Danish Prime Minister Mette Frederiksen said any attempt by the US to annex Greenland, a semi-autonomous island it controls, would be the end of NATO. Both the US and Denmark are members of the security alliance. Danish fears were roused after the US attacked Venezuela and US President Donald Trump declared "we need Greenland very badly" for national security reasons. Greenland's prime minister Jens-Frederik Nielsen called Trump's ambitions "fantasies."

Top Business

Vanke to Seek Debt Repayment Delay on a Third Bond

China Vanke said it will convene a January 16 meeting of creditors holding a maturing domestic bond of 1.1 billion yuan (US$159 million) to present a plan to postpone repayment. Voting on the plan by bondholders will conclude on January 19. It's the third time the debt-laden property developer has sought to delay repayment on a maturing bond. In the prior two attempts, creditors refused a one-year payment extension but gave the company a longer grace period to fulfill its obligations. The company is saddled with US$50 billion in liabilities amid a four-year slump and liquidity squeeze in the mainland real estate market.

Directive to China Consumer Market: Go Green

Chinese government on Monday issued a notice on improving consumer spending on eco-friendly products. It includes measures on expanding supply of organic farm products, improving standards of energy-efficient home appliances and continuing support for purchase of electric vehicles. It also encourages restaurants to reduce food waste and the industrial use of recycled packaging.

Samsung to Double Gemini AI Application in Mobile Devices

South Korea's Samsung Electronics, a major rival with Chinese domestic firms in consumer electronics, said it plans to double the number of smartphones, tablets and other mobile devices with AI features powered by Google's Gemini to 800 million this year, Reuters reported. "We will apply AI to all products, all functions and all services as quickly as possible," co-Chief Executive T M Roh told the news agency. Samsung is seeking to reclaim the top spot in the global smartphone market lost to Apple last year, and to fend off competition from Chinese rivals not only in mobile devices but also in televisions and home appliances.

Is AI Running Amok?

Chinese tech giant Tencent said it launched an internal review after users complained of abusive language from its Yuanbao AI assistant. The company said the offensive language resulted from a "low probability error" in content generation and there was no human intervention involved. It's not the only company suffering from AI technology causing umbrage. Elon Musk's xAI chatbot Grok stirred a backlash last week when it flooded the social media platform with altered photos of children in sexually explicit clothing. The complaints began after an "edit image" button was added to Grok in mid-December, allowing users to modify any image on the platform, including removal of clothing. Musk said he reviewed the images, calling them "isolated cases," and said safeguards would be added to block such requests.

Economy & Markets

MiniMax Said to Price IPO Shares at Top of Range

Shanghai-based MiniMax, a maker of multimodal AI models, is poised set the price for its Hong Kong IPO at the top of the range, raising at least HK$4.2 billion (US$538 million), the South China Morning Post reported. The company, backed by Alibaba and Tencent, will offer 25.4 million shares at HK$165 each. Heavy institutional demand may see MiniMax exercise an option that would increase the size of the initial public offering to HK$4.8 billion. The shares are expected to start trading on January 9, a day after mainland companies Zhipu AI, Iluvatar CoreX Semiconductor and surgery robot maker Edge Medicine make their debuts in Hong Kong trading.

US Threatens Higher Tariffs on India Unless Russia Oil Imports Curbed

US President Donald Trump warned India that Washington could raise tariffs if New Delhi doesn't further curb purchases of discounted Russian oil – a major source of financing for the war against Ukraine. India is a major buyer of Russian oil. The US slapped 50 percent tariffs on imports of Indian goods last year as a punitive measure. India has curtailed some Russian crude imports, which are expected to dip below 1 million barrels a day, Reuters reported. New Delhi, which has yet to sign a new trade deal with Washington, had no immediate comment on the latest Trump threat.

US Manufacturing Activity Drops to 14-Month Low

US manufacturing activity slumped to a 14-month low in December, its 10th straight month in contraction. The monthly Institute for Supply Management index showed factory activity, which contributes to 10 percent of the economy, dropping to 47.9 from 48.2 in November, below the 50 threshold that separates expansion from contraction. Survey respondents cited Trump administration tariffs for slowing manufacturing. In Japan, December manufacturing activity was on the fence with a 50 reading, according to the S&P Global Japan Manufacturing Purchasing Managers' Index. New orders fell to their lowest since May 2024.

Corporate

ByteDance Poised to Ship Doubao AI Glasses

ByteDance is preparing to ship its Doubao brand AI smart glasses to market according to supply-chain sources cited by Chinese tech outlet Blue Whale Technology. The product, which must be used with the Doubao app, has been developed jointly with Longcheer Technology, a Chinese original design manufacturer. Under the partnership, Longcheer is responsible for the underlying user interface, while ByteDance focuses on app-level development to enhance integration with smartphones. The glasses weigh under 50 grams and use a self-developed spatial algorithm chip. ByteDance plans to offer multiple versions, including models with or without cameras and display functions. The starting price is expected to be below 2,000 yuan (US$285).

Honda Extends Production Halt at 3 China Plants

Honda Motor said it is extending a production halt at three car factories in China by two weeks amid a shortage of semiconductors. Japan's second-largest carmaker, which runs the factories with Guangzhou Auto, was due to resume production on Monday. The supply disruption is believed related to unresolved problems between Dutch-based chipmaker Nexperia and its Chinese parent WingTech.

Foxconn Posts Record Fourth-Quarter Revenue

Taiwan-based Foxconn, the world's largest contract electronics maker and Apple supplier, said fourth-quarter surged 22 percent from a year earlier to a record US$83 billion, exceeding market expectations. The company cited robust demand for AI-related products.

Insilco Enters Deal With French Drugmaker Servier

Insilco Medicine, which debuted on the Hong Kong stock exchange last week, signed a deal valued at up to US$888 million with French drug maker Servier to use Insilco's AI drug-development platform, the South China Morning Post reported. Insilco, based in the US with close ties to Hong Kong and mainland China, raised HK$2.3 billion (US$293 million) in its initial public offering, which was oversubscribed 1,427 times. Insilco claims its AI platform can cut cancer drug development times to 12 to 18 months from an average 4.5 years using traditional methods. Insilico has ties with Shanghai-based Fosun Pharma

Sinovac Wins Exclusive Vaccine Contract in Chile

China's vaccine maker Sinovac Biotech was chosen by Chile as exclusive supplier of influenza vaccines this year in a contract for more than 8 million doses. The value of the contract wasn't disclosed. It's the second straight year Sinovac has won the exclusive rights in the South American country.