Weekend Buzz: 27-28 June 2026

Top News

US, Iran Attacks Test Latest Ceasefire

The new 60-day ceasefire between the Washington and Tehran frayed at the edges as the US military struck targets in Iran after accusing Iran of a drone attack on a Singapore-flagged cargo ship in the Strait of Hormuz. US President Donald Trump accused Iran of a "foolish violation" of the truce. The US Central Command said on Friday it had struck missile and drone storage facilities and coastal radar positions. Iran vowed retaliation in the first real test of the ceasefire agreed to on June 17 as part of a preliminary peace accord. Control of the oil-vital strait has been a sticking point in efforts to reach a final peace settlement. Benchmark Brent crude futures that have been dropping as tanker traffic through the strait, now temporarily suspended, slowly resumed, closed New York trading on Friday, at US$71.99.

Death Toll From Venezuela Earthquakes Nears 1,000 and Rising

The death toll from powerful back-to-back earthquakes that hit Venezuela on Wednesday rose to 920, with more than 3,000 injured and hundreds of people still missing. The search for survivors amid the rubble of collapsed buildings continues in Caracas and cities along the northern coastline. China, the US and other countries are sending help, including humanitarian aid, search teams and rescue equipment. Xinhua reported at least seven Chinese among the dead.

Israel Agrees to Withdraw Forces From Two Areas of Lebanon

Israel agreed to withdraw its forces from two areas of southern Lebanon after US-brokered talks with the government in Beirut. The new peace framework, witch also includes another ceasefire after past truces have failed, is contingent on complete cessation of attacks by the Hezbollah paramilitary group. Hezbollah is not a party to the talks, so it's unclear if it will abide by the agreement. Israel had said earlier it intends to retain occupied areas in Lebanon, which Hezbollah and the Lebanese government oppose, and Iran says must end as part of any final peace settlement with the US.

Top Business

Five Chinese Tech Stocks Begin Trading in a Slumping HK Market

Shares in five Chinese companies began trading in Hong Kong on Friday as the Hang Seng index dropped 1.8 percent to a one-year low and its tech index lost 3.4 percent. Shares in Apple supplier Lingyi iTech closed down 4.6 percent from their offer price after a HK$8.3 billion (US$1.1 billion) initial public offering. Lingyi, which also supplies Huawei and Samsung Electronics, said it will allocate proceeds from the share sale to expand production of AI servers, humanoid robot hardware and AI optical communication infrastructure.

In other debuts, analog chip designer SG Micro rose 47 percent after raising HK$4.6 billion. Circuit Fabology Microelectronics Equipment, which makes imaging equipment used in printed circuit board and semiconductor production, gained nearly 104 percent after a HK$3.25 billion share sale. Zhongke Wenge AI Science & Technology gained 84 percent after a HK$827 million IPO.

Keytop Parking, a provider of smart parking systems, rose 204 percent following a HK$340 million share sale.

Geely-Controlled Carmaker Polestar Banned From Selling in US

The US has banned Polestar, a Swedish-based electric carmaker controlled by China's Geely Holding, from selling new vehicles in the country. Polestar said it will continue to sell off its existing inventory in the US and will maintain after-sales services. The US had previously announced that it would bar vehicles using Chinese software. Polestar said it had attempted to reconfigure its cars to the meet the new regulations. It said it will now focus on Europe, which accounts for 80 percent of sales. In contrast, Volvo Cars, which is also owned by Geely, received authorization in May to continue operating in the US.

China Eastern to Buy 25 Airbus Widebody Jets

Shanghai-based China Eastern Airlines said on Friday it signed a contract with Airbus to buy 25 A330neo jets from Airbus, which together have a catalogue list price of about US$9.35 billion, to expand its widebody fleet on international routes. The aircraft are scheduled to be delivered between 2029 and 2033, China Eastern said in a filing to the Shanghai Stock Exchange. In March, the airline signed a separate agreement with the European plane maker to purchase 101 A320neo aircraft at a list price of about US$15.8 billion.

Microsoft Hikes Prices of Xbox Consoles

Microsoft is raising the price of its Xbox gaming consoles by up to US$150 worldwide, citing the rising cost of memory chips and storage that has stung the global consumer electronics industry. Rival Sony raised the prices of its PlayStation 5 consoles earlier this year. Microsoft's announcement followed Apple's raising of prices on iPad and MacBook on Thursday, with the company saying it can no longer shield consumers from component price spikes caused by booming competition for chips from AI data centers.

Economy & Markets

China Regulators Restrict Trading in Certain Cross-Border Swaps

China's securities regulator has implemented new curbs on Chinese mainland investors using derivatives as a back-door to access global markets, Reuters reported. The China Securities Regulatory Commission told brokers to stop offering clients new foreign exposure via what are known as total return swaps. The move followed Beijing's crackdown last month on what it said was illegal cross-border stock trading facilitated by online brokers such as Tiger and Futu. The new restriction means that existing swaps cannot be rolled over at expiry. Some 10 brokers in China are licensed to conduct business in such swaps.

China to Sell US$5.7 Billion of Euro-Denominated Bonds

China's finance ministry has launched a 5-billion-euro (US$5.7 billion) bond sale, Reuters reported. The sale includes 2.5 billion euros of five-year debt, 1.5 billion euros of eight-year securities and 1 billion euros of 12-year bonds. Allocations and pricing are expected shortly. Proceeds will be used for general government purposes, the term sheet for the sale shows. The nation last sold euro-denominated bonds in November 2025, raising 4 billion euros on strong investor demand.

Tong Ren Tang Healthcare Opens Hong Kong IPO Subscriptions

Tong Ren Tang Healthcare, a subsidiary of the legendary Tong Ren Tang Group of traditional Chinese medicine purveyors, is seeking to list on the Hong Kong stock exchange in an initial public offering of up to HK$671 million (US$86 million) The company has begun accepting subscriptions for a global sale of 108.2 million shares, expected to begin trading on July 7. The Beijing-based parent was founded by a court physician in the Qing Dynasty 300 years ago, and its products are a household name in China. Tong Ren Tang Healthcare provides traditional medical services through 11 offline medical institutions and an online hospital.

US Goods Trade Deficit in Goods Widens to 14-Month High

The US trade deficit in goods surged 27.4 percent in May to a 14-month high of US$105.8 billion, exceeding economists' forecasts. A 5.4 percent drop in exports drove the widening gap, weighed down by shipments of consumer goods and industrial books. Meanwhile, imports rose 3.6 percent, led by autos, food, feedstock and beverages, despite US tariffs.

China Allocates Funds for Consumer Subsidies

China's National Development and Reform Commission has allocated 62.5 billion yuan (US$8.6 billion) in a third round of ultra-long-term special sovereign bonds this year to support an ongoing program that subsidizes consumer trade-ins of old goods for new. As of June 20, the trade-in program this year has benefited 136 million consumers and generated over 1 trillion yuan (US$138 billion) in sales.

Consumer Sentiment in US Improves a Tad

Consumer sentiment in the US rebounded slightly in June to 49.5, up from an historic low in May. The June reading in the widely watched survey by the University of Michigan was still the second lowest since the 1970s. Sentiment improved largely because of a drop in gasoline prices, which cooled concerns over inflation.

Deep Dive

Wave of Buybacks Engulfs Chinese Biotech Sector, Reasons Vary

In recent weeks, a string of drugmakers and healthcare companies listed in Hong Kong and on the Chinese mainland have announced share repurchase plans or insider purchases, adding fresh momentum to a sector that has struggled for years with weak valuations and fragile investor confidence.

For EU Companies, the Bets on China Haven't Changed, the Odds Have

China has quietly become something it was never expected to be for many foreign companies – a serious technological competitor.

The 2026 Business Confidence Survey by the EU Chamber of Commerce in China, released earlier this year, offers a barometer of this shifting reality.

Corporate

Huawei-backed HIMA Car Sales Hit 1.43 Million Units

Sales of cars made by the Huawei-backed Harmony Intelligent Mobility Alliance (HIMA) have surpassed 1.4 million units, making it the fastest-growing new player in the market. The vehicles are equipped with Huawei's Qiankun advanced driving system, which has logged cumulative mileage of 12.2 billion kilometers. Huawei launched its ultra-luxury Maextro S800 Grand Design model in Shanghai, with prices starting at 1.38 million yuan (US$202,800). The Maextro S800 series has been the No. 1 best-selling car in the million-yuan-plus class for nine consecutive months.

JCET to Build Chip Packaging, Testing Plant in Shanghai

JCET Group, Chinese mainland's largest chip packaging and testing company, said it plans to invest 7.8 billion yuan (US$1.2 billion) to build a plant in Shanghai to expand capacity. The facility will be built in two phases in the Lingang area of the city's free-trade zone. JCET holds more than a third of the domestic market and 12 percent share of the global market.

Lenovo Says It Has Secured Chip Supplies Amid Global Shortages

China's Lenovo, the world's largest computer maker, said it has locked in ample supplies of memory chips amid a global shortage but it can't avoid soaring prices as demand for chips for AI from data centers squeezes availability. However, Lenovo said it expects to show improved margins going forward. Chairman and Chief Executive Yang Yuanqing told an investor's day event that the company's technology partnership with the FIFA World Cup is diversifying the company's international footprint.

Labubu Series Meets Cool Reception

Pop Mart launched its Labubu Retro Barber Shop series of blind boxes online this week, but instead of the high resale market prices that normally greet new series, prices on the secondary market dropped below the official retail price. The unprecedented drop in the usually bulletproof market for the collectible series comes as the craze over Labubu dolls cools.

Deye Tech to Invest US$181 Million in Next Phase of Energy Storage Plant

Ningbo-based Deye Technology said it will invest at least 1.2 billion yuan (US$181 million) in the second phase of its commercial and industrial energy storage system base in Zhejiang Province. The additional production line will have an output of 9 gigawatt-hours of commercial and industrial storage, adding to the 7 gigawatt-hour design capacity of the first phase, which is already in preparation stages. Deye began as maker of plastic molds and injection molding parts for heat exchangers and air conditioning. Its main products now are energy storage inverters, photovoltaic inverters and energy storage battery packs, Yicai reported.

Midea Starts Work on New Smart Manufacturing Facility

China's Midea Group, a leading global supplier of smart home appliances, said it began construction on its 1-billion-yuan (US$147 million) liquid cooling smart manufacturing plant in the Guangdong Province city of Shunde. The project is expected to begin operation in August 2027.