Daily Buzz: 19 November 2025

Alphabet Says No One Immune if AI Bubble Pops

The boss of Google parent Alphabet told the BBC that if the bubble in artificial intelligences bursts, no company in the industry will escape unscathed. Chief Executive Sundar Pichai described the growth of AI as an "extraordinary moment," while admitting that investment in the sector contains a degree of "irrationality." His comments come in a week when AI-related stocks are retreating, amid fears they are overvalued when compared with their short-term profit potential. The big tech companies have been pouring huge sums into AI technologies and forming a complicated web of industry deals, many involving significant debt. Alphabet alone has doubled investment in AI to US$90 billion. Its shares have doubled in value in seven months to US$3.5 trillion. Can Alphabet weather a bubble puncture? "I think no company is going to be immune, including us," Pichai said.

China, Russia Pledge Closer Trading Ties

Chinese Premier Li Qiang, on a visit to Moscow, told his Kremlin counterpart Mikhail Mishustin that China wants to deepen its cooperation with Russia in energy, agriculture and other sectors. Li told Mishustin that China would welcome more food imports, Xinhua news agency reported. He also said he hopes Moscow will make it easier for Chinese companies to invest there. Sino-Russian energy ties span oil, gas, coal and nuclear power. China is a major buyer of Russian energy despite US attempts to stop global purchases, claiming they help finance the war in Ukraine.

Ukraine Signs Fighter Jet Deal With France

Ukraine will receive up to 100 of France's Rafale F4 fighter jets and advanced air defense systems as part of a major new deal to buttress its military defenses. Ukrainian President Volodymyr Zelensky signed a letter of intent with French Presicdent Emmanuel Macron in Paris this week, hailing the deal as "historic." Financial details are yet to be finalized, but local reports said France plans to attract EU financing and also hopes to access frozen Russian assets. Deliveries of the Rafale F4s are planned to be completed by 2035.

Winter's Here! Time to Strap on the Skis

China Snow Town, one of the nation's most popular sites for winter tourism, officially opened this week. The first snow of the season has fallen on the picturesque town, which is located in a national forest park in the northeastern province of Heilongjiang. The province also hosts the world-famous annual Harbin International Ice and Snow festival, featuring elaborate ice sculptures. Last winter, the province attracted a record 1.5 million tourists.

Top Business

Xiaomi Beats Forecasts With Record Profit

Smartphone and electric car maker Xiaomi reported a record high profit of 11.3 billion yuan (US$1.6 billion) in the third quarter, up 81 percent from a year earlier and beating market forecasts by a large margin. The revenue rose 22 percent to 1.1 trillion yuan. The electric car business turned a profit for the first time, with income of 700 million yuan on delivery of 108,800 units. In the mobile segment, Xiaomi smartphones mobiles remained No. 3 in the world with a 13.6 percent market share, despite strong competition from other brands such as Apple iPhones. The company warned that smartphone prices will be rising next year as memory chip prices surge. Xiaomi's push into electric cars has suffered some setbacks over safety features after several high-profile crashes. Hong Kong shares of the company, once a market darling, have fallen nearly 30 percent since a September peak.

Baidu Reports Net Loss in 3Q

Baidu, China's largest Internet search engine provider and emerging leader in robotaxis, reported a net loss of 11.2 billion yuan (US$1.58 billion) in the third quarter on increased investment in technologies and a slump in ad revenue. Earnings turned from a profit of 7.6 billion yuan a year earlier. Revenue in the June-September period fell 7 percent to 31.2 billion yuan. However, the company said its AI-related business delivered a strong performance, with revenue up more than 50 percent. Baidu said the introduction of updated products such as omni-modal foundation model Ernie 5.0, MaaS platform Qianfan and general-purpose agent platform GenFlow, and expansion of its robotaxi service Apollo Go globally will provide solid results in coming quarters.

Leapmotor Swings to Profit From Loss

Leapmotor, a Chinese electric car startup, swung to a profit of 150 million yuan (US$21 million) in the third quarter from a loss of 690 million yuan a year earlier. Revenue surged 97 percent to 19.5 billion yuan. The Hangzhou-based company said it doubled deliveries in the quarter to 173,852 units and deliveries in October hit a record high of 70,289. Leapmotor, which launched its first vehicle in 2017, is 20 percent owned by Stellantis and has a partnership with China's FAW automobile group to develop passenger vehicles and collaborate on auto parts. Leapmotor's global footprint continues to expand rapidly. The company exported 17,397 vehicles in the third quarter, bringing total exports for the first nine months to 37,772 units.

Economy & Markets

Bitcoin Slides Amid Selloff in Tech Stocks

Bitcoin fell below the key US$90,000 level on Tuesday for the first time in seven months, touching US$89,673 before recovering to close above US$92,000 in New York. The world's largest cryptocurrency has dropped nearly 30 percent from a record high of US$126,250 in early October, erasing all its gains for 2025 and underscoring how sharply cryptocurrency sentiment has reversed. The selloff has been triggered by investors unwinding riskier positions amid concerns that the boom in AI investment may be coming off the boil. Cryptocurrency and AI investment have become linked because they share many of the same big investors. The tech-heavy Nasdaq index continued its slide, dropping1.2 percent on Tuesday and more than 4 percent this month. Tech giant Nvidia, due report earnings at the close of trading on Wednesday, has plummeted more than 10 percent this month.

Apple Phones Capture a Quarter of China market

Apple iPhone sales in China in October rose 37 percent, taking a 25 percent market share for the first time in three years, Reuters reported, citing research firm Counterpoint. Overall Chinese mainland sales in the month were up 8 percent. Apple's newest iPhone models, launched in September, accounted for 80 percent of the company's sales. Among domestic rivals, Oppo smartphone sales in October rose 19 percent.

Office Occupancy Rate in Shanghai Rises

Occupancy in Shanghai's premium office market in the third quarter rose to nearly 84 percent from 83 percent in the prior three months on lower rents and high demand from financial services and AI-related companies, the South China Morning Post reported, citing property services firm Jones Lang LaSalle. However, JLL said the momentum may not be sustainable amid a clouded economic outlook. Average office rent per square meter for premium office space in the city's central business district dropped 5.3 per cent in the third quarter to 6.6 yuan (93 US cents)

Hongqiao Plans US$1.5 Billion Share Placement

China Hongqiao Group, the nation's largest private aluminum producer, said it raise HK$11.68 billion (US$1.5 billion) in a placement of shares in Hong Kong to raise funds to fund projects and repay debt, the South China Morning Post reported, citing a stock exchange filing. The company plans to sell up to 400 million existing shares for HK$29.20 each, a 9.6 per cent discount to its closing price on Monday. The placed shares would account for about 4 per cent of China Hongqiao's enlarged share capital.

Joy City to Delist in HK

Chinese commercial property company Joy City Property said it will delist its shares on November 27 after 12 years on the Hong Kong stock market, buying back HK$2.9 billion (US$412 million) of its stock, Yicai Global reported. The company, which operated 32 shopping malls in five Chinese city at the end of 2024, is a subsidiary of China Oil & Foodstuffs Corp, a state-owned food processor. Joy City was formerly known as Hong Kong Parkview Group, developer of one of the largest residential projects on southern Hong Kong Island.

Booming Express Delivery Services in China

China's express delivery sector handled 163 billion parcels in the first 10 months of 2025, a 16 percent increase from a year earlier, official data showed on Tuesday. On a demographic basis, that averages out to 160 parcels for every resident in China.

Corporate

Trip.com Posts Strong Earnings

Trip.com, a leading Chinese tourism platform, said net income almost tripled in the third quarter to 20 billion yuan (US$2.8 billion) on strong travel demand and significant gains from investments. Revenue grew 16 percent year to 18.3 billion yuan. Accommodation bookings rose 18 percent, transportation ticketing revenue increased 12 percent and corporate travel services grew 15 percent. Trip.com continued to invest heavily in technology, with research and development spending rising to 4.1 billion yuan as the company positions AI as a core driver of future travel services.

PDD Maintains Solid Growth in 3Q

Nasdaq-listed PDD Holdings Inc, a leading Chinese e-commerce conglomerate, reported a 17 percent profit increase in the third quarter to 29.3 billion yuan (US$4.1 billion). Revenue rose 9 percent to 1.1 trillion yuan although its growth softened from previous quarters due to heightened competition and more investment in research and development. Costs jumped 41 percent. The company's business platforms include domestic sales site Pinduoduo and international site Temu.

Luckin Coffee Profit Slips, Revenue Surges

Luckin Coffee, which has overtaken Starbucks as the mainland's largest coffee retail chain, reported net profit in the third quarter dropped 2.7 percent from a year earlier to 1.28 billion yuan (US$179 million) on higher material and delivery costs. Revenue surged 50 percent to 15.3 billion yuan. The chain said it opened 3,008 new outlets, mostly in China and Hong Kong but including three in the US. At the end of the quarter, Luckin had 29,214 outlets worldwide, with two-thirds operated by the company.

Huawei to Unveil New Smartphones Next Week

China tech giant Huawei will unveil its new flagship foldable smartphone, the Mate X7, the Mate 80 series and a range of other new products at a launch event on November 25, according to a company video posted on Chinese social media.

L'Oreal Takes Stake in China Skincare Brand

French cosmetics giant L'Oreal said it has taken a minority stake in Chinese skincare brand Lan, its second investment in recent months in China, where the US$75 billion beauty and personal care market is thriving. Size and cost of the stake weren't disclosed. Last month, the company paid 442 million yuan (US$62 million) for a 6.67 percent stake in Chando, the Shanghai-based skincare and cosmetics company revealed in its prospectus for an initial public offering in Hong Kong. L'Oreal earlier reported that its China business grew 3 percent in the third quarter, its first increase on the Chinese mainland in two years.

Xpeng to Launch 10 New Models

Chinese new-energy vehicle maker Xpeng will launch three extended range electric vehicle models four new hybrid vehicles and three models designed for foreign markets in the first quarter of 2026, Securities Times reported. The carmaker, which also has businesses in robotics and flying cars, this week reported its third-quarter loss narrowed from a year earlier to 380 million yuan (US$53.5 million) from 1.8 billion yuan a year earlier – the smallest loss in five years. Revenue doubled to 20.4 billion yuan on a 150 percent jump in vehicle deliveries.

Rokid Starts Sales of AI Smart Glasses

Rokid, a Chinese producer of mixed reality glasses, launched its new AI smart glasses under its partnership with China's Bolon Eyewear, aiming to expand to the mass market. The company is predicting sales of at least one million pairs of glasses next year.