Daily Buzz: 27 November 2025

Fire Sweeps Hong Kong Housing Complex, Killing at Least 44

Fire engulfed seven of eight high-rise residential buildings at a public housing complex in Hong Kong's Tai Po district on Wednesday afternoon, killing 44 people by now, according to a CCTV report on 8:00 am. According to various media reports, the fire left one firefighter and at least 43 other people dead, 44 hospitalized in serious condition, and about 280 missing. Firefighters were still fighting the fire as dawn broke on Thursday, with blazes in four blocks contained. Hong Kong Chief Executive John Lee called the fire a "massive catastrophe." It's believed to have started in bamboo scaffolding erected around building facades as part of a major renovation project. The 31-story buildings housed 4,600 lower-income people as part of the city's subsidized housing program. Three men were arrested by police for alleged manslaughter in connection with the fire, but no details were immediately available.

China Unveils Plan to Boost Consumer Demand

China, facing weak growth in consumer spending, unveiled a new package of policies aimed at strengthening a sector that is a major contributor to economic growth. It calls for the creation of "three trillion-yuan consumption sectors" and "ten 100-billion-yuan consumption hotspots" by 2027. The measures include accelerating applications of AI and digital tools across consumer goods manufacturing, expanding flexible and personalized production models, and promoting new products ranging from smart home devices and service robots to AI-powered wearables. The plan also calls for faster expansion of low-carbon goods, increased sports and leisure products, and upgrading food, health, and medical-related consumer categories. To capture rising niche spending, authorities will support growth in pet products, anime-themed merchandise and trendy apparel, while revitalizing classic Chinese brands such as silk, tea, handicrafts, and traditional medicine.

Trump Scraps Deadline on Ukraine Peace Plan

US President Donald Trump scrapped his earlier Thursday deadline for Ukraine to accept his 28-point peace plan after talks between Washington and Kiev in Geneva made progress toward a revised plan. He said Russia has agreed to some concessions, without giving any details. The president also brushed off reports that his trade envoy Steve Witkoff had coached the Russians on how to sweet-talk Trump in the negotiation process. Meanwhile, Russia has continued drone attacks on cities in Ukraine, hitting residential areas and energy sites.

Former Brazil President Begins Prison Term

Brazil's Supreme Court ordered former Brazilian right-wing president Jair Bolsonaro to begin his 27-year prison sentence for plotting an attempted coup to overthrow his left-wing successor President Luiz Inacio Lula da Silva. The court said Bolsonaro had exhausted all avenues of appeal. Bolsonaro was an ally of US President Donald Trump, who imposed special tariffs on Brazil over what he said was a "witch hunt" prosecution.

Top Business

Li Auto Posts Q3 Loss, Ending Profit Streak

Li Auto turned to a loss of 624 million yuan (US$87.7 million) in the third quarter from a year-earlier profit of 2.8 billion yuan on a 37 percent drop in sales. It's the carmaker's first quarterly loss after 11 consecutive quarters of profit. Revenue tumbled 36 percent to 27.4 billion yuan. the company said deliveries in the period fell to 93,211 from 152,831 a year earlier. The company didn't reveal the estimated hit to fourth-quarter earnings resulting from the late October recall of 11,000 of its Mega multipurpose electric vehicles on issues related to battery-fire safety. The company's shares in Hong Kong dropped 0.4 percent.

Beijing-based Li Auto was founded by namesake Li Xiang in 2015, an outgrowth of his automotive website PCPop, online store for various electronics and computing equipment. Originally named Chehejia Information Technology, it began operations with low-speed electric vehicles for use in ride-sharing and ride-hailing services. Three years later, it abandoned the project and unveiled its Li One, range-extended hybrid SUV in 2019. In 2022, it revised its model lineup to include three new models, including the Li, L9 and Li8, later adding the Li Mega.

OpenAI Sees 220 Million Paying ChatGPT Users by 2030

US-based OpenAI said it expects about 220 million of ChatGPT's projected 2.6 billion weekly users to pay for the service by 2030, positioning the chatbot among the world's largest subscription platforms, The Information reported. As of July, around 35 million users subscribed to ChatGPT's paid tiers, which are priced at between US$20-US$200. The projected surge in paying users comes as the company faces rising costs. OpenAI's annualized revenue run rate is expected to reach about US$20 billion by year-end, but losses are also mounting due to the high costs of AI model training and the infrastructure required to operate ChatGPT. The company reportedly generated US$4.3 billion in revenue in the first half of 2025 but burned through US$2.5 billion in the same period.

Foxconn to Expand Investment in US Factory

Taiwan-based Foxconn, the world's largest contract maker of consumers electronics, including Apple phones, said it received state regulatory approval to invest an additional US$569 million in a plant in the US state of Wisconsin that makes AI servers. The company cited rising demand for advanced computing systems. Its investment in the US also keeps the company in the good books of the Trump administration, which wants more manufactured goods made domestically instead of importing them. Foxconn, formerly known as Hon Hai Technology, has invested more the US$2 billion in the factory, Reuters reported.

Economy & Markets

China Reportedly Buys US Soybean Cargoes

China bought at least 10 cargoes of US soybeans valued at about US$300 million in contracts signed this week, Reuters reported, citing industry traders. China's embargo on US soybeans in favor of South American suppliers eased after China President Xi Jinping and US President Donald Trump agreed to a set of principals in late October to ease trade tensions. The new contracts came despite higher US prices than soybeans from Brazil. China is the world's largest buyer of soybeans, and was a major purchaser of American beans before bilateral trade hit tariff and protectionist barriers this year. The Chinese purchases are led by state-owned China Oil & Foodstuffs Corp.

Humanoid Robot Market Forecast to Surge as Costs Plummet

Investment bank Bain is forecasting explosive growth in the global market for humanoid robots as mass manufacturing reduces costs by up to 70 percent. The bank's analysts predict the market will grow from thousands of units last year into a "golden development period" in the next decade, with annual worldwide sales of about 6 million units and a market value surpassing US$120 billion. China is a world leader in development of humanoid robots.

Corporate

Kingsoft to Launch Global Version of WPS 365, Challenging Microsoft

Kingsoft Office, a technology company listed on Shanghai's STAR Market, will launch an international edition of its WPS 365 platform by the end of this year. It will support seamless, integrated office operations across different regions and languages, targeting Chinese companies expanding abroad and challenging Microsoft systems. Kingsoft is trying to establish WPS 365 as the first AI-powered collaborative office platform with a full product matrix covering all major global platforms and connecting users worldwide, Chief Executive Zhang Qingyuan said.

Sinovac Signs US$700 Million Vaccine Deal With Brazil

Sinovac Biotech signed a US$700 million vaccine supply agreement with Brazil's health ministry, marking the largest international order ever secured by a Chinese vaccine developer. The deal involves 60 million doses of chickenpox and rabies vaccines.

Great Wall Motor Sets European Output Target

China's Great Wall Motor is targeting annual production of 300,000 vehicles in Europe by 2029 and is scouting locations for its first car plant on the continent, Reuters reported, citing an interview with Parker Shi, president of GMW International. The new factory in Europe will manufacture both conventional fuel and fully electric models, Shi said. Chinese carmakers have been seeking to establish factories in Europe to circumvent EU tariffs on imported vehicles and expand overseas amid domestic overcapacity in China.

CATL Begins Work on Spanish Battery Factory

China's Contemporary Amperex Technology (CATL), the world's largest maker of batteries for electric vehicles, broke ground on a 4.1 billion euro (US$4.8 billion) factory in Spain. The project, a joint venture with Stellantis, is expected to begin production late next year, Reuters reported. CATL has brought in about 2,000 Chinese to construct the new factory, with 3,000 Spanish staff to be added later. Spain, Europe's second-largest automaker, is trying to position itself as an EU hub in battery production. CATL also has a production site in Hungary.

VW Plans to Export More China-Made Vehicles

Volkswagen plans to export cars made in China to more overseas markets but will avoid sales in the Europe, Reuters reported, citing Thomas Ulbrich, chief technology officer of Volkswagen Group China. The German company started exporting China-made, internal-combustion limousines to the Middle East about six weeks ago. Its Chinese factories also manufacture electric vehicles. Ulbrich said Volkswagen is looking at markets that include Southeast Asia and Central Asia. He said China-made cars won't be going to Europe because of differences in electronic and software technology used in smart vehicles.

Dell Lifts Outlook on AI Server Momentum

US-based Dell raised its revenue and profit forecasts for the fourth quarter and full year, betting on accelerating demand for AI-optimized servers as companies expand data-center capacity for artificial intelligence workloads. The company said it expects fourth-quarter revenue of about US$32 billion, well above analysts' estimate of US$27.6 billion, and forecasts US$25 billion in 2026 revenue from AI-server shipments, up from its earlier estimate of US$20 billion.

Aleima Open Second Phase of China Steel Plant

Swedish steelmaker Alleima opened Phase 2 of its cold-finishing plant in the Jiangsu Province city of Zhenjiang, doubling local production capacity and shortening delivery times for Asian customers. The company is investing 193 million yuan (US$27 million) in the factory, which will manufacture high-performance tubular products used in sectors such as petrochemicals, hydrogen energy and papermaking. Alleima entered China in 1985.