Daily Buzz: 9 January 2026

Zhipu AI Leads Trio of Successful Trading Debuts

Chinese start-up Zhipu AI led a trio of technology debuts on the Hong Kong stock exchange on Thursday that highlighted continuing investor enthusiasm for the sector. The three IPOs underscore China's push to become self-reliant in technology and encourage companies to raise development funds by going public. Shares of Beijing-based Zhipu, the third-largest player in China's large language model market, closed up 13 percent from its offer price after an IPO that raised HK$4.35 billion (US$550 million). Shanghai-based Iluvatar CoreX Semiconductor, a maker of graphic processing units, rose 8.4 percent after raising HK$3.7 billion in its share sale, and Edge Medical, a maker of surgical robots, gained 31 percent after a fundraising of HK$1.2 billion. Shanghai-based MiniMax, a developer of AI large language models, starts trading today in Hong Kong.

US to Withdraw From Climate Change Cornerstone

The Trump administration is pulling the US out of the bedrock treaty that underpins international cooperation on climate change, CNN reported. It would be the first country to withdraw from the 1992 UN Framework Convention on Climate Change, ratified by almost every nation. The convention doesn't set limits on use of fossil fuels but establishes a common goal of addressing pollutants that affect climate. It set the stage for subsequent years of climate summits that produced the Kyoto Protocol in 1995 and the Paris Agreement in 2015. The White House announced that the US will withdraw from 66 UN and international organizations, identifying them only as major forums related to climate change, peace and democracy.

On Thursday, Chinese foreign ministry spokeswoman Mao Ning warned that Washington's continued pullback from multilateralism undermines global governance that prevents "the spread of the law of the jungle" and threatens a return to "might makes right" geopolitics.

Trump Again Threatens Action Against Iran Over Protest Deaths

US President Donald Trump repeated his threat to take action against Iran if security police continue to kill citizens protesting the nation's soaring cost of living. "If they do it, we are going to hit them very hard," Trump said on Thursday. The Norway-based Iran Human Rights group said Iranian security forces have killed at least 45 protesters since demonstrations began nearly two weeks ago in cities across the country, which was plunged into an internet blackout on Thursday. The protests have come as food prices soared more than 70 percent since last year.

Columbians Take to the Streets to Denounce US

Large street protests erupted across Colombia, denouncing US President Donald Trump's threats to expand his military campaign in Venezuela to its western neighbor. In the capital Bogota, thousands turned out, holding placards lambasting the raid in Caracas that captured Venezuelan President Nicolas Maduro and took over the country's oil industry. Columbian left-wing President Gustavo Petro talked with Trump by phone, saying he is willing to accept the president's invitation for talks in the White House but "we cannot lower our guard." Trump had earlier called Petro a "a sick man who likes making cocaine and selling it to the US." Columbia is the world's largest producer of the drug but there has been no evidence of government involvement.

Top Business

Vanke Gets Reprieve on Bank Loans

Vanke, once China's largest property developer, this week struck a deal with domestic lenders including Bank of China, to defer loan interest payments to September as the company scrambles to avoid default, Reuters reported. As of the end of last June, Vanke had 264 billion yuan (US$38 billion) of bank loans The new arrangement came after the developer missed quarterly loan repayments last month. The lenders have agreed to let the cash-strapped company make annual instead of quarterly interest payments, beginning in September.

Vanke is negotiating repayment terms on a range of debt, with more than 13 billion yuan (US$1.9 billion) in bonds maturing in the first half of this year. The developer asked creditors on three domestic yuan bonds to agree to one-year postponements in repayment. Two groups of bondholders rejected the delay late last year but agreed to extend the grace period for meeting the obligations; a third group is due to vote this month.

UK bank Barclays in a report this week warned that foreign bondholders of Vanke debt could recoup only 10 percent of their investment in the worst-case scenario, the South China Morning Post reported. Vanke has outstanding foreign and domestic liabilities estimated at US$50 billion. Like other developers, it fell victim to a liquidity squeeze that began in 2021.

Sinopec-China Aviation Oil merger

The State Council, China's cabinet, approved the consolidation of China Petroleum & Chemical (Sinopec) and China National Aviation Fuel Group to streamline operations of the two state-owned industry giants in oil refining and jet-fuel distribution. The asset restructuring, part of government efforts to improve efficiency among large state-controlled industries, brings aviation fuel management under one roof. National Aviation Fuel controls the refueling network at Chinese airports, using jet fuel supplied by Sinopec. Exact details of the restructuring weren't disclosed. China uses about 40 million tons of jet fuel a year.

Space Epoch Building China's First Reusable Rocket Hub

Space Epoch has started construction of China's first reusable rocket hub in Hangzhou, supported by a partnership with BosonQ, among others. The hub will serve as an assembly, testing and recovery center for liquid-fueled rockets, aiming at annual production of 25 rockets. Space Epoch has unveiled its first rocket, the Qiantang, capable of lifting 14 tons into low earth orbit and designed for up to 20 reuses.

AmCham China Chairman Urges Dialogue Over Confrontation

James Zimmerman, in his fifth term as chairman of the American Chamber of Commerce in China, said it's time for China-US relations to be based on dialogue and engagement rather than intense competition and confrontation. In an interview with CNBC, he said, "The US and China have been experimenting with competition, experimenting with calls for decoupling and de-risking. Has that worked? Not really." American companies operating in China still see China as a critical market and essential link in the global supply chain, he said. "Dialogue matters. Regular, ongoing engagement helps reduce any potential misunderstandings and lowers the risk of unexpected policy shocks, like the back-and-forth over tariffs," he explained. Both sides need to stop viewing every slight as a national security issue, he suggested.

Economy & Markets

India to Reopen Government Contract Bids to China Firms

India plans to abolish its five-year-old restrictions on Chinese firms bidding for government contracts, Reuters reported. The curbs, which came into effect after deadly border clashes, barred Chinese participation on contracts estimated in value at about US$700 billion. The lifting of restrictions would be a step in normalizing trade relations with China. Last year, Indian Prime Minister Narendra Modi visited China for the first time in seven years, and both nations agreed to foster deeper commercial ties amid US tariff policies targeting both countries. The thaw in relations restored direct flights between both countries.

Is That AI Companion Your Friend or Foe?

China is moving to regulate chatbots designed to provide emotional companionship to users, warning that they could cause psychological harm. New draft rules for seek to restrict the way AI "virtual friends" can influence users' feelings, especially around issues such as suicide, self-harm or addiction, and how they may target vulnerable groups such as children and the elderly. The emergence of such devices as romantic partners or substitutes for family relationships has alarmed some therapists. The regulations focus on human-like chatbots that simulate human personalities, voices or faces and maintain ongoing conversations with users.

Shanghai Sweetens Incentives for Foreign Reinvestment

Shanghai unveiled 20 measures to boost domestic reinvestment by foreign-funded companies to reinvest profits domestically. Major initiatives include stronger support for various reinvestment models, such as issuance of so-called Panda bonds, yuan debt issued by foreign entities. They also related to land allocation, technology upgrades and streamlining administrative processes.

Separately, Shanghai announced the formation of a task force to tackle the problem of delayed payments to thousands of supply-chain vendors in the manufacturing sector, the South China Morning Post reported. The city said money owed to vendors should be paid promptly. Among manufacturers delaying payments are electric vehicle makers pinched by an industry price war

Central Bank Maintains Liquidity in Banking System

China's central bank conducted a 1.1 trillion yuan (US$157 billion) outright reverse repo operation on Thursday to maintain ample liquidity in the banking system. The People's Bank of China said the operation involved products with three-month durations. Reverse repos are carried out monthly to adjust the credit availability for banks.

Corporate

Anta Reportedly Offers to Buy 29 Percent of Puma

China's Anta Sports has offered to buy 29 percent of German sportswear firm Puma from Artemis, a company run by Kering Chairman Francois-Henri Pinault, Reuters reported. The offer has secured financing should the deal through. Puma has been struggling in a highly competitive market, with its market capitalization dropping about 50 percent in the last year.

Samsung Forecasts Record Quarterly Profit

South Korea's Samsung Electronics, the world's largest memory chip maker, said it expects profit to have tripled in the final three months of the year to a quarterly record as prices for its chips surged amid heavy demand related to the artificial intelligence applications. The company released guidance on Thursday estimating sales of 93 trillion won (US$64 billion) in the fourth quarter, yielding an operating profit of 20 trillion won.

Nestle Recall of Some Baby Formula Extends to China

Swiss-based food giant Nestle's global recall of batches of baby formula powder has stretched to Asia, including China. The recall is related to possible contamination by cereulide, a toxin that can cause nausea and vomiting. Global Times in China reported that the mainland market has joined more than 30 other countries issuing recall notices for specific Nestle formula products.

Dongfeng Motor in Talks on Turkey Factory

Wuhan-based Dongfeng Motor is in talks with an investor about manufacturing passenger cars in Turkey, Reuters said, citing the company's Turkish distributor Marcar. Turkey has annual sales of 1.4 million vehicles, but car imports from China are subject to extra taxes. Under the proposed deal,

Marcar would oversee local sales and provide maintenance support for Dongfeng vehicles. The potential investor wasn't identified.

Rolex to Open Mainland Centers Authenticating Secondhand Watches

Swiss luxury watchmaker Rolex said it will open its first center in China to certify the authenticity of second-hand timepieces in the market. The service center will be located in Nanjing Deji Plaza, with a second location in the works for Shanghai's HKRI Taikoo Hui shopping center.

Greenland Holdings Opens Global Center in Shanghai

Greenland Holdings open its Greenland Bund International Convention Center, a major urban complex in Shanghai. Designed to provide a premium, "one-stop" destination for global events, the center includes the Ritz-Carlton Grand Ballroom, private salons, a large central garden and panoramic views of the Huangpu River. The site has been designated as the permanent venue for the World Women's Expo in China.

Pizza Hut Opens First Shenzhen Burger Outlets

Pizza Hut, operated by Yum China Holdings on the Chinese mainland, opened its first two burger outlets in the southern Chinese city of Shenzhen, just when some foreign fast-food chains are scaling back operations due to intense market competition. The burger segment in China is saturated with 10,000 outlets, both domestic and foreign, across the country, Yicai reported.