Weekend Buzz: 7-8 February 2026

Iran-US Talks Seek to Avert Military Conflict

Indirect talks in Oman between senior US and Iranian officials ended on Friday with Iranian Foreign Minister Abbas Araghchi saying it was a "good beginning" and further negotiations will be held. There was no immediate reaction from the US side, which was led by special envoys Steve Witkoff and Jared Kushner. It isn't clear if the talks concentrated on US demands that Iran end its nuclear weapons development or were widened to include limitations on ballistic missiles. Iran denies development of nuclear weapons and has said the issue of ballistic missiles isn't negotiable. US President Donald Trump has sent a military strike force to the Middle East and threatened to attack Iran if no deal is agreed. Araghchi said after the talks, "any dialogue requires refraining from threats and pressure." Tehran has indicated willingness to lower the level of purity of its nuclear enrichment program in exchange for a lifting of US sanctions on the country, one insider said.

Japanese Prime Minister Gets Trump's Vote

US President Donald Trump endorsed Japanese Prime Minister Sanae Takaichi ahead of the nation's snap parliamentary election on Sunday. It's rare for US presidents to declare their preferences in foreign elections, though Trump has previously endorsed the candidacies of Argentina's Javier Milei and Hungary's Viktor Orban. Trump and Takaichi met after she assumed leadership of the country in October, becoming Japan's first woman Prime Minister. She favors lower taxes, bigger government spending and a stronger military. Relations with China have soured after remarks she made about Taiwan. Polls suggest a big win for her Liberal Democratic Party and its coalition partner, the Japan Innovation Party.

Suicide Bomber Kills 31 in Pakistan Capital

An attacker opened fire at the gates of a Shi'ite Muslim mosque in Islamabad on Friday before setting off a suicide bomb and killing at least 31 people. It was the deadliest attack of its kind in Pakistan's capital in over a decade, Reuters reported. More than 170 others were wounded in the explosion. Shi'ites are a minority in the predominantly Sunni Muslim nation.

Russian General Wounded in Moscow Gun Attack

Vladimir Alekseyev, a top Russian general, was shot and critically wounded in a gun attack in Moscow, the Kremlin said. He remains hospitalized in a coma. Alekseyev is a deputy director of Russia's military intelligence unit. Moscow called it a terrorist attack intended to derail peace talks between the US, Russia and Ukraine to end the four-year war, but stopped short of outright blaming Kiev for the shooting.

Winter Olympics Open With Fanfare

The lavish opening ceremony opened the 25th Winter Olympic games in Milan, kicking off a 16-day event that challenges athletes, thrills winter sports fans and delights advertising sponsors. It is the third time Italy has hosted the winter games. Co-hosts are Milan and the mountain ski resort of town of Cortina, with events scheduled across the Italian Alps. About 3,000 athletes from 92 countries will be competing for gold in 116 medal events.

Top Business

Intel, AMD Warn Chinese Clients of Chip Supply Strains

US chipmakers Intel and AMD have notified Chinese customers of supply shortages for server graphics processing units (GPUs), with Intel warning of delivery delays of up to six months and AMD warning of lead times of eight to 10 weeks, Reuters reported. The two companies together dominate the global server CPU market, with major Chinese mainland clients that include tech giants Alibaba and Tencent. The supply squeeze has driven up Intel prices in China by as much as 10 percent. The global industry supply chain has been disrupted by soaring demand for AI-specific chips. Smartphone makers have been among the first to be hardest hit. Intel has about 60 percent of the Chinese market for the servers, with AMD holding 20 percent.

World's Largest Vertical-Takeoff Electric Plane Debuts

China's V5000 Tianjilong, the world's largest electric vertical takeoff-and-landing aircraft developed by AutoFlight, successfully completed its maiden public flight. The low-altitude hybrid aircraft has a maximum takeoff weight of 5,700 kilograms and a range of 1,500 kilometers. A passenger version can carry up to 10 people. The craft is designed for short-distance passenger transport, commercial logistics and emergency rescues. Chinese policies are encouraging the development of low-altitude aircraft for urban use.

Stellantis Vows to Stay Intact After Huge Restructuring Charge

Stellantis, the world's fourth-largest carmaker, which owns the Fiat, Alfa Romeo, Chrysler and Jeep brands, said the company has no plans to split up its holdings, after the company's shares plunged 24 percent on Friday following the announcement of a 22 billion euro (US$26 billion) restructuring charge for the fourth quarter. Speculation rose that the company would be better off selling brands or splitting up. The restructuring charge relates to scaling back plans for electric vehicle production, the reintroduction of V8 engines in some US models and resizing the company's supply chain. Stellantis has been grappling with lower vehicle sales.

Economy & Markets

Syngenta Considers Up to US$10 billion IPO in HK

Agricultural technology firm Syngenta Group, which was acquired by Hebei Province-based Sinochem in 2017, is considering a Hong Kong listing that could raise as much as US$10 billion what could rank as the city's largest initial public offering in recent years, the South China Morning Post reported. Syngenta was founded in Switzerland in 2000 through the merger of the agri-businesses of Novartis and AstraZeneca. It was delisted from stock exchanges in the US and Switzerland after Sinochem's US$43 billion takeover. The listing in Hong Kong could be the biggest since Alibaba's US$12.9 billion IPO in 2019.

China Pig Breeder Has Lean Start in Trading Debut

Shares in Muyuan Foods, China's biggest pig breeder, closed flat in their Hong Kong debut on Friday, the second poor start for a large Chinese IPO this week. The shares closed up 0.04 percent from their offer price after an initial public offering that raised HK$10.7 billion (US$1.4 billion). Investor sentiment was influenced by low pork prices on the Chinese mainland, with Muyuan reporting a 12 percent drop in January revenue. Earlier this week, shares in snack and beverage retailer Eastroc had a flat debut as Hong Kong's long run of strong first-day trading began showing signs of weakening. However, shares in smaller companies that started trading on Friday fared better. Printed circuit board equipment maker Han's CNC Technology gained 15 percent following a HK$4.8 billion share sale, and private healthcare services provider Distinct Healthcare Holdings, which raised HK$284.53 million, rose about 13 percent.

China Tightens Ban on Unauthorized Cryptocurrency

The People's Bank of China issued a circular prohibiting real world asset tokenization and the issuance of offshore virtual currencies or yuan-pegged stablecoins by domestic entities without approval. The notice clarifies that digital currencies lack legal tender status and classifies related business activities as illegal financial activities. Financial institutions are barred from providing clearing or insurance services for these assets. The measures aim to curb speculation and prevent money laundering to ensure national financial stability.

Goldman Sachs Strategist Positive on Chinese Stocks

Peter Oppenheimer, chief global equity strategist for US investment bank Goldman Sachs, told Yicai Global that Chinese stocks look attractive, with good profit prospects and market undervaluation. He also said Goldman doesn't believe there is a risky global bubble in AI investment.

China to Phase Out Insurance Licenses

China's National Financial Regulatory Administration said it will abolish insurance licenses from June 1, moving insurers to the financial licensing system used for banks. The move is aimed at simplifying licensing categories. Firms currently holding insurance licenses must apply for the new licenses within two years.

Deep Dive

Sam's Club Struggles to Stand Out in a Changing Chinese Market

Sam's Club in China has a membership surpassing 5 million, generating over 1.3 billion yuan in annual membership fees. However, discerning consumers, especially middle-class shoppers with strong spending power, are beginning to say that the qualities that first drew them to Sam's Club have changed.

Corporate

Tesla Deliveries From Shanghai Plant Rise 9 Percent

Tesla's deliveries from its Shanghai mega-factory last month rose 9 percent from a year earlier, placing the US-based carmaker third among China's new energy vehicle makers. Tesla delivered 69,129 vehicles, though it was overshadowed by domestic rivals BYD, with 205,518 shipments, and Geely with 124,252 units, according to the China Passenger Car Association. Tesla's figures reflect both Chinese mainland and overseas deliveries of its Model 3 and Model Y vehicles. Its Model 3 sedan sticker prices is nearly three times that of BYD's Seal base model. Last year, Xiaomi topped Tesla in mainland electric car sales, Volkswagen overtook Tesla in sales of fully electric cars in Europe. Separately, Tesla China Vice President Tao Lin said the automaker has opened a dedicated AI training hub in Shanghai to develop China-specific assisted driving technologies.

Alibaba's Milk Tea Giveaway Intensifies Holiday AI Battle

Alibaba began offering free milk tea through its Qwen app as part of a 3 billion yuan (US$420 million) promotional campaign to woo consumers to its AI app during the annual Spring Festival holiday season this month. Within three hours of the announcement, users placed over one million orders. The offer provides vouchers worth 525 yuan per person at over 300,000 beverage shops, including Luckin Coffee and Mixue. Alibaba is in a holiday battle with rivals ByteDance, Tencent, and Baidu in AI model promotion.

Luckin's Largest Stakeholder Consolidates Control

Chinese private equity firm Centurium Capital consolidated its holding in Luckin Coffee, Chinese mainland's largest coffee chain. Centurium, the largest Luckin shareholder, acquired 136.2 million Class B shares from its Lucky Cup Holdings fund, Bloomberg News reported. The transaction allows Centurium to streamline its ownership structure, without changing its stake in Luckin.

Following the deal, Centurium and its founder David Hui Li will hold a 23.28 percent equity interest in Luckin, which has 29,000 outlets.

Pirelli Board Knocks Back Sinochem Proposal

The board of Italian tiremaker Pirelli said it is opposed to any spin-off of its cyber tire business, rejecting a plan proposed by Chinese shareholder Sinochem to settle a governance dispute. The decision was a split vote, with five Chinese-appointed directors voting against it. Sinochem is Pirelli's largest shareholder with a 34.1 percent, followed by Camfin, the fund of Italian businessman Marco Tronchetti Provera holding 25.3 percent. Pirelli and Camfin want to reduce Sinochem's stake to a passive shareholder because a Chinese company as the main shareholder poses a hurdle to the group's US expansion plans.

China Logistics Launches Revamped Automotive Venture

China Logistics Group Automotive Supply Chain Technology emerged as a new company after a major restructuring. Under the revamp, China Logistics Group became the controlling shareholder with a 51 percent stake. The remaining shares are held by two subsidiaries of state-owned automaker FAW Group. The new venture integrates China Logistics' nationwide infrastructure with FAW's manufacturing expertise.

Aiko Solar, Maxeon Reach Patent Deal

Shanghai-based Aiko Solar Energy signed a patent licensing agreement with Singapore-based Maxeon Solar Technologies that ends a series of intellectual property disputes between the two solar power giants. Under the agreement, Aiko will gain access to all of Maxeon's existing and future patents for the next five years in return for 1.65 billion yuan (US$230 million) in payments from Aiko.