Daily Buzz: 21 November 2025

Ukraine Mulls New US Peace Plan

Ukraine President Volodymyr Zelensky said he plans to speak to US President Donald Trump after he was presented with a draft peace plan drawn up Washington and Moscow without Ukraine or EU involvement. He said Kiev will support any "substantive proposals" that bring peace, but it's doubtful Ukraine will embrace a plan that reportedly would require it to cede large areas of territory now occupied by Russia and calls for Ukraine to reduce its military forces. Although the newest plan reportedly lays out concessions Kiev would have to make, it doesn't shed any light on what, if any, concessions Russia would make.

NetEase Profit Rises on Game Popularity

Hangzhou-based NetEase, a Chinese technology company and global leader in Internet and mobile video games, posted third quarter revenue of 28.4 billion (US$4 billion), up 8.2 percent from a year earlier. Net income rose by nearly a third to 8.6 billion yuan. Revenue from games and related services rose 12 percent on the popularity of established titles such as "Fantasy Westward Journey," "Identity V," "Eggy Party" and "Sword of Justice." NetEase said new titles, such as "Destiny: Rising," released in August, topped download charts in Western markets. The company also operates Youdao, a smart learning and advertising solutions provider; the NetEase Cloud Music online platform; and Yanxuan, a private-label consumer lifestyle brand.

Last year, NetEase renewed its licensing agreement with US game developer Blizzard after an 18-month suspension amid a contract dispute in their 14-year partnership. Since renewing their ties, they have launched "World of Warcraft," "Hearthstone," and "Overwatch" in China. NetEase continues its overseas penetration. More than 2 million people played the martial arts video game "Where Winds Meet" within 24 hours of its recent overseas release.

Nvidia Rally Fizzles, Focus Returns to Valuations

The Nvidia relief rally in technology shares fizzled as quickly as it started, with the Nasdaq in New York dropping 2 percent on Thursday. Nvidia shares reversed an early surge to end 3 percent down, a day after the company released third-quarter earnings that beat expectations and fanned rallies in Asian and European markets. Hopes that the results would put to rest, at least temporarily, to fears about risky overvaluations in big tech stocks faded, even after Nvidia Chief Executive Jensen Huang rejected talk of an AI bubble. Bitcoin, which has been tracking the wobbles in AI-related shares, dropped 2.2 percent to its lowest level since April. It closed in New York at US$87,198.

Asian markets outside of China rebounded on Thursday after the Nvidia earnings report. The gains were led by Japan's Nikkei, which rose 2.7 percent, and South Korea's Kospi, which closed 1.9 percent higher. Samsung Electronics advanced 4.3 percent and Tokyo Electron rose 5 percent. However, the benchmark Shanghai Composite Index slipped 0.4 percent, and Hong Kong's Hang Seng pared early gains to close flat.

In Hong Kong, shares in China's Contemporary Amperex Technology, the world's largest maker of batteries for electric cars, dropped 3 percent as a six-month, lock-up period on 77.5 million shares held by 23 cornerstone investors like Sinopec and UBS Asset Management expired, leading to some profit-taking. CATL was Hong Kong's largest initial public offering this year, raising HK$35.7 billion (US$4.6 billion).

Top Business

Lenovo Posts Surge in Revenue, Profit

Chinese computer maker Lenovo said revenue in its second fiscal quarter ended September 30 surged 15 percent from a year earlier to a record US$20.5 billion but net profit attributable to shareholders fell 5 percent to US$340 million. The company said revenue growth was driven by AI PCs, servers and smartphones. Formerly known as Legend, Lenovo rebranded itself and formed a new holding company in 2005 under a merger with IBM's personal computer business. Lenovo makes desktop computers, laptops, tablets, workstations, servers, supercomputers, data storage devices and smart televisions. One of its best-known products is the ThinkPad. It also has a venture with NEC to make computers fir the Japanese market. The company said has signed long-term contracts for memory chips amid escalating AI demand and rising prices.

Kuaishou Quarterly Profit Rises Over a Third

Beijing-based short-video company Kuaishou Technology said third-quarter profit rose 36 percent from a year earlier to 4.5 billion yuan (US$759 million) on a 14 percent revenue increase to 35.6 billion yuan. Average daily users were up 2.1 percent to 416 million. The company said it ramped up investment in artificial intelligence, which helped boost earnings. Online marketing services contributed to 57 percent of revenue and livestreaming comprised 27 percent. The company said it repurchased about 41 million Hong Long shares in the period.

ByteDance Valuation Surges

Chinese investment firm Capital Today bought a block of ByteDance shares from Bank of China Investment in a seven-bidder auction, raising the valuation of the unlisted technology company and TikTok owner to US$480 billion from a previous US$330 billion, Bloomberg News reported. Capital Today paid a reported US$300 million for the stake.

Economy & Markets

China International Capital to Acquire 2 Rivals

Investment bank and securities firm China International Capital said it plans to acquire rivals Dongxing Securities and Cinda Securities via share swaps, creating China's fourth-largest brokerage. The consolidation is part of the government's efforts to reform financial markets and improve shareholder returns. The deal would give China International Capital assets exceeding 1 trillion yuan (US$140 billion), trailing Citic Securities, Guotai Haitong Securities and Huatai Securities. Dongxing and Cinda operate across brokerage, investment banking and advisory businesses. The Ministry of Finance earlier shifted its stakes in Dongxing and Cinda to Central Huijin, China's sovereign investment arm and CICC's controlling shareholder.

US Jobs Report Doesn't Shift Dial on Rate Debate

The US economy added a more-than-expected 119,000 jobs in September, according to a Bureau of Labor report delayed by the government shutdown. The gain followed a loss of 4,000 jobs in August. Unemployed rose to 4.4 percent, its highest in four years. The bureau said it will release data on October and November employment after the Federal Reserve's next meeting in December, leaving the current debate about interest rates tilted toward no rate cut.

China Central Bank Holds Rates Steady

The People's Bank of China left benchmark lending rates unchanged on Thursday for the six straight months, in line with market expectations, despite some soft spots in the economy.

The one-year loan prime rate, used on corporate and consumer loans, remains at 3 percent, while the five-year rate, used as a benchmark for mortgages, says at 3.5 percent.

China Soybean Purchases from South America

China imported no soybeans from the US for a second straight month in October but continued buying from South American suppliers, according to data from China's General Administration of Customs. Imports from Brazil last month rose 29 percent from a year earlier to 7 million tons, and shipments from Argentina increased 15 percent to 1.6 million tons. A year earlier, China bought 542,400 tons from the US in October. China, the world's biggest soybean importer, suspended purchases from the US amid a tariff dispute earlier this year but is expected to resume shipments after a new trade agreement in late October. China Oil & Foodstuffs Corp, buying agent for soybeans, is said to have booked more than 1 million tons of US soybeans since the agreement, Reuters reported.

Corporate

ZTO Profit Rose 6.7 Percent in 3Q

ZTO Shanghai-based courier service ZTO Express said third-quarter net profit rose 6.7 percent to 2.5 billion yuan (US$357 million) from a year earlier. Revenue increased 11 percent to 11.9 billion yuan. The company said parcel volume rose 9.8 percent to 9.6 billion packages, and its number of pickup-and-delivery outlets stood at 31,000 at the end of September. It had 95 sorting hubs. However, ZTO lowered its forecast for annual parcel volume to a maximum of 38.7 billion, amid a government crackdown on industry price wars.

Amer Sports, Stung by Fireworks Flap, Posts Higher China Sales

Finnish-based Amer Sports, which owns the Arc'teryx, Salomon and Wilson brands, said China sales in the third quarter rose 47 percent from a year earlier to US$462 million, despite the public backlash against a fireworks display staged in the Himalayan foothills of China by Arc'teryx two months ago. Amer Sports apologized for environmental damage caused by the pyrotechnics display. "We regret our involvement and are working closely with local authorities to address the impacts," Amer Chief Executive James Zheng said on a conference call with analysts.

Triumph to Exit Mainland Lingerie Market

Swiss-based lingerie brand Triumph will close all its brick-and-mortar stores on the Chinese mainland by the end of this year, ending more than three decades of operations, according to local Chinese media. Triumph, a leading global lingerie maker, began sales in China in 1979, one of the first brands to popularize underwire bras on the mainland, but those less comfortable undergarments have lost their appeal in a contemporary market seeking comfort. Triumph has been facing increase competition from domestic brands. Its share of the domestic market fell to just 1 percent last year.

Google Opens New AI Hub in Taiwan

Google opened a new center in Taiwan, its biggest facility for artificial intelligence (AI) infrastructure hardware engineering outside of the US. Google, which is owned by Alphabet, said the proximity of Taiwan Semiconductor Manufacturing, the world's largest contract chipmaker, was a consideration in choosing the island province for the location.

A Bit of Bah-Humbug in Paris

Paris officials said the BHV department store will not be allowed to host outdoor Christmas events this year as in the past, citing the "highly controversial context" of BHV allowing Chinese fast-fashion platform Shein to open its first physical store on its premises. French regulators earlier this month threatened to suspend the online platform's sales in France after finding child-like sex dolls and banned weapons for sale, but it withdrew the warning after Shein removed the items.