Daily Buzz: 13 November 2025

Singles Day Sales: Sizzling or Subdued?

China's Singles Day, or Double 11, online shopping extravaganza is winding down, with some merchants saying consumer response may have been more tepid than usual. Many e-tailers kicked off sales in mid-October, making the event the longest since Alibaba in 2009 turned a campus gift-sharing tradition into the world's biggest online sales event. "It is a mixed bag," Josh Gardner, chief executive of Kung Fu Data, which manages online stores in China for over a dozen global brands, told Reuters. "Muted might be a good word to describe sentiment. We have some brands that have done extremely well, far exceeding expectations; others are flat or maybe down slightly over last year."

The annual shopping bonanza is closely watched as a barometer of the strength of Chinese consumer spending, Global Times said. Participating e-commerce platforms have become coy about announcing sales totals in recent years, but they do offer insights into hot sales items. Alibaba reported sales of smart glasses on its Tmall platform jumped 25-fold, and Ubtech said it had double-digit growth in robotic sales. JD.com, which said it had record sales but gave no figures, said consumer electronics with AI features, including cameras, drew strong demand. Retailer Suning said its AI-operated home appliances like air conditioners were among its best-sellers.

Analysts estimated Singles Day sales in 2024 topped 1.4 trillion yuan (US$202 billion). Investment bank Bain, in a report released in late October, said China's e-commerce companies need to look for global growth given tepid consumer sentiment domestically. Alibaba's Taobao platform rolled out Singles Day-related sales in over 20 countries this year.

Discord Over US Strikes on Alleged Drug Vessels

The UK has suspended sharing intelligence with the US about suspected drug-trafficking vessels in the Caribbean because it believes ongoing US military strikes against suspected illicit-drug boats are illegal, CNN reported. The US began deadly strikes on alleged drug speedboats in Caribbean and eastern Pacific international waters in September, killing about 75 seamen to date and blaming Venezuela for the illegal activities. This week, the largest US warship, the USS Gerald Ford aircraft carrier, arrived in the Caribbean. Venezuela President Nicolas Maduro mobilized the nation's military, accusing the US of "fabricating" a crisis to topple his socialist government.

The UN High Commissioner for Human Rights last week called in the US to stop what it called "unacceptable attacks, saying it could find "no justification under international law." This week, Colombian President Gustavo Petro ordered his nation's security forces to stop sharing intelligence with the US until the Trump administration stops its military attacks.

US House Sets Vote to Reopen Government

The US House of Representatives has scheduled a vote Wednesday evening, Washington time, on the Senate's stopgap spending plan to end the nation's longest government shutdown in history. The measure is expected to pass and be sent to President Donald Trump for his signature. Republicans control the lower house by a thin majority. The measure provides funding for the government through the end of January. The Dow Jones Average hit a new record high on expectations the shutdown is ending.

Ukraine Ministers Resign Amid Graft Scandal

The justice and energy ministers in Ukraine's government have resigned amid a probe into a US$100 million embezzlement and kickback corruption scandal related to the state-owned nuclear power company. Those named in the investigation include an associate of President Volodymyr Zelensky. The graft revelations come as Ukraine is struggling to repel a major Russian offensive and keep international support for its war against Russia.

Top Business

Foxconn Posts 17 Percent Profit Growth

Taiwan-based Foxconn, the world's largest contract electronics maker, said third-quarter profit rose 17 percent from a year earlier to NT$57.67 billion (US$1.86 billion) on an 11 percent increase in revenue to a record NT$2.06 trillion. Profit exceeded analysts' forecasts. The company, formally known as Hon Hai Precision Industry, is the world's largest assembler of Apple iPhones and a major supplier of AI servers for Nvidia. In a breakdown of business segments, the company said revenue from smart consumer electronics, including iPhones declined on exchange-rate fluctuations, but sales in cloud and networking products, which include AI servers, was strong. The company operates multiple production sites on the Chinese mainland.

Tencent Music Posts Earnings Gain

Online platform Tencent Music Entertainment said third-quarter net income increased a third from a year earlier to 2.4 billion yuan (US$1.2 billion) on a 21 percent rise in revenue to 8.5 billion yuan. Sales from music subscriptions rose 17 percent to 4.5 billion yuan. The company expanded its global reach by partnering with international labels and elevating its live music presence at multiple sold-out concerts and industry awards ceremonies.

Lukin Coffee Eyes Nasdaq Relisting

Luckin Coffee Chief Executive Guo Jinyi said the Chinese coffee chain is preparing to relist in the US, CNBC reported. The Xiamen-based company was delisted from the Nasdaq in 2020 after admitting to fabricating revenue. It was fined US$180 million by the US Securities and Exchange Commission and filed for bankruptcy a year later. However, the company went from strength to strength after emerging from bankruptcy proceedings, opening hundreds of outlets, overtaking Starbucks as China's largest coffee retailer and launching its first two outlets in the US. Luckin still trades on the over-the-counter market in the US, where it has a market capitalization of US$10 billion. Its shares have surged 47 percent this year. As of July, Luckin had 26,206 coffee outlets.

Geely's Polestar Stock Split to Preserve Listing

Swedish-based electric carmaker Polestar, majority owned by China's Geely Holding and its chairman Li Shufu, reported a third-quarter loss of US$365 million and said it will conduct a reverse stock split to increase the value of its shares by reducing their numbers, in an attempt to retain its listing on the Nasdaq. The New York exchange has warned the shares will be delisted if they continue to trade below the US$1 minimum threshold. Polestar shares dropped 16 percent on Wednesday to a 52-week low of 67 US cents.

Economy & Markets

China Regulator Vows to Curb Market Volatility

China's securities regulator said it will aim to prevent sharp market swings while deepening reforms and expanding access to foreign investors. Li Ming, vice chairman of the China Securities Regulatory Commission, told a conference that reforms on Shanghai's STAR Market for technology startups will continue, and the agency will expand the role of pension and insurance funds in capital markets. Market access, he said, will become "increasingly open," with improved rules for qualified foreign investors and access to new futures and options products for global players.

Permira in Talks with HongShan on Golden Goose Sale

UK-based private equity firm Permira is in advanced talks with China's HongShan Capital Group to sell Italian footwear and apparel maker Golden Goose at a valuation of over 2.5 billion euros (US$3 billion), Reuters reported, citing Italian newspapers. HongShan, formerly called Sequoia Capital China, invests globally in the technology healthcare and consumer sectors. Venice-based Golden Goose, which sells sneakers for more than 500 euros a pair, has undergone multiple leveraged buyouts by private equity firms in the last decade. It was acquired by Permira in 2020.

China Pushes Integration of Distributed Renewables

China issued guidelines to promote the integrated development of distributed renewable energy across multiple sectors, including transportation, construction and the rural economy. The National Energy Administration said it will encourage the deployment of renewable facilities in transport hubs related to highways, railways, airports and ports, and will support deployment of electric trucks. It also pledged to promote green heating systems in industrial parks through solar, geothermal and biomass energy.

Corporate

Volcano Engine Introduces Coding Agent at Cut-Rate Price

ByteDance cloud unit Volcano Engine launched a new AI coding assistant priced at just 9.9 yuan (US$1.30) for the first month of subscription – underscoring the fierce competition in China's booming AI developer tools market, the South China Morning Post reported. The Doubao-Seed-Code model will carry a standard monthly fee of 40 yuan after the introductory discount ends. The new model agent is on par with mainstream systems like US-based Anthropic's Claude Sonnet, according to SWE-Bench Verified test.

Huawei Spends Heavily on R&D

China tech giant Huawei spent 170 billion yuan (US$24 billion) on research and development last year, Sina Tech reported. Over the past five years, the company has allocated a fifth of annual sales to revenue to research and development, with total spending in the last decade of up to 1.2 trillion yuan. The Shenzhen-based company is involved in AI technologies, smartphones, telecom equipment, autonomous driving and consumer electronics, among other businesses.

GM China Appoints New Chief

John Roth, currently vice president of Cadillac global, will become president of General Motors China, effective next month. He succeeds Steve Hill, who is taking a driving, global position for GM in exports and retail innovation. Under Hill's leadership, GM China managed profitability for four consecutive quarters. It delivered nearly 470,000 units in the third quarter, a 10 percent increase from a year earlier.