Weekend Buzz: 13-14 June 2026

Top News

SpaceX Makes History as Shares Surge 19 Percent in Record IPO

Elon Musk's SpaceX made the biggest stock market debut in history on Friday, with shares surging 19 percent from their offer price to US$161 in Nasdaq trading. The closing price valued the company at US$2.1 trillion. The IPO was 2½ times larger than the previous largest listing – the US$29.4 billion share sale by Saudi Aramco in 2019. Musk, from his stakes in SpaceX and Tesla, became the world's first trillionaire, at least on paper. "It's certainly hard to believe that a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever," Musk said, repeating that the mission of SpaceX is to make humanity "multiplanetary" and "take the fiction out of science fiction." He said the proceeds from the sale will help SpaceX move toward its goal of creating human colonies on other planets.

The SpaceX conglomeration includes a rocket business, the startup xAI, social media platform X and orbital satellite service Starlink, which is the company's only profitable arm to date. Overall, SpaceX posted a US$4.3 billion loss for 2025. However, the IPO comes in a year of investor zeal for AI-related companies, whether profitable or not. Rivals OpenAI and Anthropic have also filed applications to go public this year with what are also expected to be blockbuster share sales.

US-Iran Framework for Peace Appears to Gel, Oil Prices Lower

US President Donald Trump said a framework for peace with Iran could be signed this weekend, with the basic text agreed to, but an administration official later moved that timeline to "within a week." Iranian media quoted Foreign Minister Abbas Araqchi as saying a deal has never been closer, but it's not over the line yet. The US said the memorandum of understanding would reopen the Strait of Hormuz, lift the US blockade on Iranian ports and commit Iran to neither develop nor procure nuclear weapons. It also provides for a 60-day period for negotiations on technical details related to nuclear disarmament. Araghchi, appearing on state TV, confirmed that the deal on the table includes reopening the waterway that formerly carried 20 percent of global oil supplies, but said, "Our sword will always hang over the Strait of Hormuz." Iranian media later said Tehran has not stepped back from red line issues, such as an upfront payment of US$24 billion, or half of frozen Iranian assets, and the withdrawal of Israeli troops from Lebanon.

Global oil prices remained under US$90 a barrel amid optimism that the strait will soon reopen to transport of oil, gas, fertilizer and other commodities shipped from the Persian Gulf states. Prices dropped 6 percent this week but remained 20 percent above prewar levels. Benchmark Brent crude futures ended New York trading at US$87.33.

US Reportedly Planning to Pull Fighter Jets From NATO

The US is planning to pull a third of the fighter jets provided to NATO for European defense, the New York Times reported. President Donald Trump, a longtime skeptic of NATO's usefulness, has been threatening to force Europe to go it alone in its self-defense after NATO allies declined to back his war against Iran. Plans to reduce US forces in Germany were announced earlier. A summit of NATO leaders is scheduled in Turkey later this month.

Former South Korea President Draws Second Prison Sentence

Former South Korean president Yoon Suk Yeol was sentenced to 30 years in prison on Friday on charges related to military drones sent over the North Korean capital of Pyongyang in late 2024 to create a pretext for his December martial law declaration, which failed and ultimately led to his ouster, Yonhap news agency reported. A court found him guilty of abuse of power and aiding the enemy, charges that Yoon denied. In February, a court sentenced Yoon to life in prison after he was found guilty of leading an insurrection related to his martial law declaration.

Top Business

WuXi AppTec Files US Lawsuit to Overturn Inclusion on Pentagon Blacklist

China biotech firm WuXi AppTec filed a lawsuit in the US seeking to have its name removed from a Pentagon blacklist of Chinese companies with alleged ties to China's military. The US Department of Defense added dozens of companies to this list this week, including tech giants Alibaba and Baidu, and carmakers BYD and Nio. All the companies denied the allegation and some have also threatened to take legal action. WuXi AppTec said in the court filing that the allegation of military ties lacks factual grounds and fails to meet legal criteria set forth in applicable statutes and case law. The Pentagon designation doesn't trigger sanctions or export controls but it prohibits the US Department of Defense from doing any business with the companies and can complicate access to US capital markets. The Chinese foreign ministry this week called the list discriminatory and arbitrary, aimed at undermining the legitimate rights of Chinese companies.

Alibaba Sets Sights on Online Grocer Pupu

E-commerce giant Alibaba is seeking to acquire grocery delivery platform Pupu for US$1.5 billion, doubling an earlier offer from Sun Art Retail, Bloomberg reported. The move is seen as an effort by Alibaba to capture a larger share of the online fast food-delivery market from major rival Meituan, which earlier this year announced it would acquire the Chinese business of fresh grocery online retailer Dingdong for US$717 million. Pupu, based in Fujian Province, has annual revenue exceeding 30 billion yuan (US$4.4 billion) and is one of a handful off online grocery platforms in China yet to be swallowed up by bigger players.

Dreame Technology Sets Sights on HK Listing and Beyond

Dreame Technology, a Chinese maker of robotic vacuum cleaners and other smart home appliances, is considering a Hong Kong initial public offering as soon as next year, Bloomberg reported The IPO could potentially seek to raise several hundreds of thousands of dollars. Earlier this month, the company opened a pre-IPO funding round with a target valuation of up to 70 billion yuan (US$9.6 billion).

Dreame was the world's largest robotic vacuum maker by sales in the first quarter, according to research firm International Data Corp. Its operations in 120 countries accounted for about 80 percent of 2025 sales. Dreame's ambition stretch beyond floor cleaning. The company has expanded into smartphones, humanoid robots, electric vehicle segments, bubble tea and satellite networks through a network of corporate affiliates, CNBC reported. Founder Yu Hao said earlier this year he is building an ecosystem that will become the "first US$100 trillion company in human history."

Economy & Markets

CATL Ventures Into Nuclear Fusion Industry

Chinese battery giant Contemporary Ampere Technologies (CATL) is making its first investment in the nuclear fusion industry, leading a funding round for startup Beta Fusion that aims to raise several hundreds of millions of yuan, Chinese media reported. Founded in 2025, Beta Fusion's core team comes from China's top fusion research institutes. The company aims to achieve 50-100 megawatts of grid-connected power generation within 6 to 8 years. It's betting on the same field reversed configuration route to commercializing nuclear fusion that has been adopted by US-based Helion Energy. Nuclear fusion is the process by which two atomic nuclei are forced to fuse, releasing massive amounts of clean energy.

China Credit Growth Rebounds

China's credit growth rebounded in May, signaling a recovery in financing demand after an unexpected contraction in bank lending the previous month. New yuan loans rose by 520 billion yuan (US$77 billion) in May, exceeding market expectations and reversing a 10 billion yuan decline in April, which marked the first monthly contraction since July 2025. China's broad money supply, M2, grew 8.6 percent year on year to 353.67 trillion yuan by the end of May.

Banks Curb Hedge Fund Leverage on Chipmakers

Global banks are tightening restrictions on leveraged bets by hedge funds in Asia's top chipmakers, amid overheating concerns. Investment banks that include Citigroup, JPMorgan Chase and Goldman Sachs have raised financing costs for swap-based bullish positions in South Korea's SK Hynix and Samsung Electronics. They have also cut trade sizes, while Morgan Stanley reportedly halted new swap trades for both stocks. Some restrictions have extended to Taiwan Semiconductor Manufacturing.

The move follows an AI-driven surge that tripled SK Hynix shares and sent Samsung stock up over 175 percent this year. Both stocks have come off record highs as the broader technology rally cooled.

World Bank Lowers Global Growth Forecast, Retains China Outlook

The World Bank lowered its forecast for global growth this year to 2.5 percent from 2.9 percent on higher energy costs triggered by the Middle East conflict. It warned that the estimate could drop to 1.3 percent if energy supply disruptions prove longer and more severe than expected and stress hits financial markets. The bank retained its forecasts for China growth of 4.2 percent this year and 4.3 percent in 2027.

Deep Dive

Chinese Drug Developers Attract Interest at Global Cancer Meeting

Global cancer research has spent more than a decade orbiting around one idea: helping the immune system recognize and attack tumors. That idea has turned PD-1 inhibitor drugs such as Merck's Keytruda into some of the most commercially successful therapies in the world.

But at last week's annual meeting of the American Society of Clinical Oncology in Chicago, Chinese biotech companies arrived with a different focus. Instead of simply proving they could make competitive PD-1 drugs, several presented therapies designed to move beyond them.

AI Agents Aid E-Commerce, But Risks of One-Person Company Remain

Alibaba's new agent Accio Work already has 10 million users, but startup companies say such help doesn't guarantee marketplace success.

Corporate

United Nova to Build US$3 Billion Chip Plant

Chinese chipmaker United Nova Technology said it plans to invest 20 billion yuan (US$3 billion) with government and private partners to build a wafer manufacturing plant in its home base in the Zhejiang Province city of Shaoxing. The project will deepen United Nova's push into high-end analog integrated circuit chips, Yicai reported. Designed monthly capacity is 50,000 wafers.

Nvidia Pitches New Vera Chip to Potential Chinese Buyers

US chip giant Nvidia is pitching its new Vera central processors for AI data centers to prospective clients in China, Reuters reported. Shipments could come as early as August. The sale pitch comes as sales of Nvidia's H200 chip, its second-most powerful, have stalled in China on US regulatory roadblocks and China's policy of seeking self-sufficiency in semiconductors. Nvidia says the Vera chip is up to 1.8 faster than comparable processors from rivals.

DJI, Insta360 Patent Fight Escalates

Chinese camera makers DJI and Insta360 have launched competing patent lawsuits in the US, escalating their handheld gimbal market rivalry. DJI filed infringement claims in a Texas court against Insta360's new Luna series, alleging violations of six patents covering design, gimbal control and tracking. DJI is seeking a permanent injunction and financial damages. Insta360 responded with a countersuit related to five patents covering stabilization algorithms, camera control and panoramic imaging. The court battle follows Insta360's launch of a dual-camera gimbal, the Luna Ultra, and reports that DJI is planning a competing model. A gimbal is a pivoted support that permits rotation of an object about an axis.

Tencent Cloud Slashes AI Model Prices on TokenHub

Tencent Cloud announced price cuts for large language models on its TokenHub platform. The price for the Hy-MT2-Pro model will be reduced, with input costs slashed by 67 percent and output costs dropped by 56 percent. Additionally, starting Monday, TokenHub will lower the rates for the MiniMax-M3 model. Fees for inference input, inference output and cache hits will all be cut by half. The price reductions reflect intensifying competition in the cloud-based AI services market.

Google in Talks with Samsung Electronics on New Chip

Alphabet-owned Google is in talks with Samsung Electronics to manufacture part of its next-generation chip, Reuters reported. It's expected to have the main chip part made by Taiwan Semiconductor Manufacturing, with the South Korean chipmaker producing a component that links it to memory. The new chip, called Icefish, is the design stage, with mass production expected in 2028.

Two Chinese Companies Move Toward HK IPOs

Biotech firm HJ Science and Senior Technology Material, a maker of lithium-ion battery separators, began bookbuilding toward initial public offerings in Hong Kong. Chengdu-based HJ is seeking to raise HK$1.1 billion (US$162.7 million) through the offer of 13.6 million shares. Shenzhen-based Senior Technology will sell 150 million shares, aiming to raise about HK$1.3 billion. Both Chinese companies are expected to debut share trading on June 23. Bookbuilding is the process to determine an IPO price by gathering bids from institutional investors.

Skyworth Solar to Expand Services and Markets

China's Skyworth Solar will base its European focus in Germany and Italy as part of plans to expand its services to more markets. Thailand will be its base in Southeast Asia. Earlier this month, the company announced a partnership with Joybuy, JD.com's global online site to explore new channels for sales of China new energy solutions.