Daily Buzz: 27 August 2026

Nvidia Beats Forecasts With Doubled Profit in Second Quarter

US AI giant Nvidia, the most valuable company in the world by market capitalization, beat forecasts with second-quarter net income doubling from a year earlier to US$54 billion on an 18 percent increase in revenue to US$96 billion. Founder and Chief Executive Jensen Huang declared the AI industry has reached a "golden age." Research and development spending on products such as its next-generation Vera Rubin platform totaled US$7 billion in the quarter. The company said it expects its revenue to grow to US$108 billion by the end of the third quarter. Data center revenue rose 117 percent to US$89 billion. As the manufacturer of the building block of many of the biggest AI labs large language models, Nvidia's earnings reports serve as a proxy for the entire industry. Its shares rose 4.2 percent in extended New York trading after the results were announced.

Meta to Pay US$16.7 Million, Alter Platforms to Settle Child-Harm Lawsuit

Meta, operator of Facebook and Instagram, agreed to pay US$16.7 billion and make changes to mitigate addiction of young users under an out-of-court settlement with 29 states that brought suit alleging the company's social media sites harm children. Under the agreement, Facebook will initiate daily usage limits and "nighttime blocks" for young people who use the company's apps, prevent under-teens from using the sites and create additional tools for parents and guardians to control usage. "Today, we have secured a settlement with Meta that will make social media less dangerous for our kids and make a world of a difference for children and their families," California Attorney General Rob Bonta told a press briefing. "Meta has agreed to make massive transformations that will reduce the risk of harm from its platforms – and will do it within months."

Flash Flooding Kills 150, Leaves Hundreds Missing Near China-Nepal Border

A massive landslide with the force of a 5.2-magnitude earthquake triggered flash flooding in the area bordering China and Nepal, with more than 150 people confirmed dead and hundreds still missing. Villages were submerged and mountain bridges swept away. The affected area in Nepal is popular with foreign trekkers and Hindu pilgrims. Damage and casualties were also reported in Gyirong County of the Xizang Autonomous Region of China. Beijing allocated 100 million yuan (US$14 million) to support emergency recovery efforts. Scientists said they believe the combination of a glacier breaking off and a landslide of mud and ice may have caused a torrent of water to rush downstream.

Xi to Attend Regional Summit in Kyrgyzstan, Also Visit Egypt

Chinese President Xi Jinping will attend the 2026 summit of the Shanghai Cooperation Organization in Kyrgyzstan that begins on Sunday. He also will meet with Kyrgyz officials and will travel on to visit Egypt. The organization is a political, economic and security organization of 10 nations, founded in 2001. Its inaugural meeting was held in Shanghai.

Typhoons, One After Another, Target Chinese Mainland

Typhoon Narra, the 19th typhoon of the year to make landfall in China, caused widespread flooding and mass evacuations in Hainan Province and Guangxi Zhuang Autonomous Region this week. The Mingjiang River in Guangxi hit its highest flood peak since record-keeping began, and 14 rivers surpassed warning levels. Tens of thousands of people were evacuated in the two provinces. Following close on Narra's tail, Typhoon Saudel is forecast to make landfall between Thursday night and Friday morning along the coasts of Zhejiang and Fujian provinces. Emergency preparations are already underway, with some evacuations ordered and some transportation systems suspended. In the city of Ningbo, 39 offshore construction projects have been halted.

Top Business

CNOOC Posts Record Profit on Record Output, Higher Crude Prices

China National Offshore Oil Corp (CNOOC), one of China's top three oil producers, posted record first-half earnings on rising production volumes and elevated global crude prices. Net profit jumped 23 percent from a year earlier to 85.8 billion yuan (US$13 billion), with revenue rising 17 percent to 242.7 billion yuan. The company produced a record 399 million barrels of oil equivalent and maintained its 2026 target of up to 800 million barrels. It said it plans up to122 billion yuan in capital spending this year. Oil and gas sales revenue rose 20 percent to 206 billion yuan. Cnooc operates offshore rigs and exploration sites in Bohai Bay, the South China Sea, Brazil and Indonesia.

Li Auto Swings to Q2 Loss, Quarter-on-Quarter Earnings Improve

Beijing-based new-energy vehicle startup Li Auto reported a net loss of 1.7 billion yuan (US$251.3 million) for the second quarter of 2026, turning from profit of 1.1 billion yuan a year earlier and narrowing from a loss of 2.3 billion yuan in the first quarter. Revenue fell 15 percent from a year earlier to 25.7 billion yuan, but rose 11.7 percent from the previous quarter. Vehicle sales in the latest period dropped 16.7 percent from a year ago but gained 18 percent quarter-on-quarter. For the first half, the carmaker posted a loss of 4 billion yuan, swinging from profit of 1.7 billion yuan a year earlier. Revenue fell 13 percent to 48.6 billion yuan. The company said six-month deliveries dropped 5.1 percent to 193,472 vehicles, with gross margin falling to 9.5 percent from 20.3 percent. The company attributed its performance to the lower vehicle deliveries, lower average selling prices and a shift in product mix. In the first half, its deliveries included the new L8 and L9 model new energy vehicles. Research and development spending rose 3 percent to 5.5 billion yuan. Li Auto said it is leveraging AI throughout its manufacturing process.

MiniMax Narrows Loss on Demand for Cost-Effective AI Models

MiniMax, a leading Chinese AI developer, posted a nearly fourfold surge in first-half revenue, driven by strong demand for its models that offer lower-cost options for deploying AI at scale. The HK-listed company said its loss narrowed to US$358 million from US$402 million from a year earlier. Revenue jumped 283 percent to US$117 million. Chinese AI model developers, including MiniMax, Zhipu AI and DeepSeek, are increasingly challenging Western rivals like OpenAI by offering high-performance, cost-efficient alternatives for global developers and companies.

SenseTime Posts Its First Six-Month Profit on AI Demand

SenseTime, a Chinese AI model and infrastructure firm, reported its first six-month profit, turning to net of 620 million yuan (US$91 billion) from a loss of 1.59 billion yuan a year ago. Revenue rose 23 percent to 2.9 billion yuan. The company attributed its performance to generative AI income of 2.3 billion yuan, or 80 percent of total revenue, and a 127 percent surge in overseas income.

Junshi Posts Headline Profit but Underlying Loss

Shanghai Junshi Biosciences, a Chinese developer and seller of innovative medicines, reported first-half revenue of 1.7 billion yuan (US$250 million), up 4 percent from a year earlier, as sales of its flagship cancer drug rose and licensing income more than doubled. Profit attributable to shareholders turned to 21.7 million yuan from a loss of about 412.7 million yuan. The headline turnaround, however, overstated the improvement in the underlying business. Excluding one-time items, Junshi posted a loss of about 203 million yuan. Drug sales rose 33 percent to 1.4 billion yuan. Domestic sales of toripalimab, its PD-1 cancer treatment, increased 36 percent, and licensing revenue jumped 149 percent, mainly reflecting an upfront payment from Fosun Wanbang for rights to an experimental autoimmune-disease treatment. Research and development spending was about 644 million yuan.

Anta Profit Rises, Premium Outdoor Brands Drive Growth

China's Anta Sports, a leading global sportswear retailer, reported first-half 2026 revenue of 43.5 billion yuan (US$6.4 billion), up 13 percent year on year. Profit attributable to shareholders, excluding a gain from Amer Sports, rose 35 percent to 9.5 billion yuan. Amer is Anta's largest investment. It earlier reported a 32 percent rise in second-quarter revenue to US$1.6 billion, led by Arc'teryx, Salomon and Wilson brands. The core Anta brand showed a 4.8 percent revenue gain. Fila brand revenue rose 6.1 percent and all other brands jumped 44 percent, helped by Descente and, Kolon Sport, and the acquisition of Jack Wolfskin. Notably, Anta is acquiring a 29 percent stake in Puma for 1.5 billion euros (US$1.8 billion), making it the largest shareholder.

Economy & Markets

Huawei, HP Sign WiFi Licensing Agreement

Chinese tech giant Huawei has signed a multiyear global agreement to license certain WiFi patents to US computer and printer maker HP. The deal comes after a 2025 patent dispute involving HP, Huawei and other companies that resulted in a settlement that allows HP to access a pool of 2,000 patents related to wireless network connectivity. Huawei was one of the founding members of the patent pool, called Sisvel WiFi 6. Shenzhen-based Huawei said the deal not only reflects the companies' cooperation in the field of intellectual property licensing but also recognizes Huawei's innovation capabilities and core technological strength.

M&A Deals in China Hit Half-Year Record

Merger and acquisition deals in China in the first half surged 30 percent from a year earlier to a record 7,316, valued at US$241.6 billion, according to a new report from PricewaterhouseCoopers. Twenty-seven of the deals had a transaction value of US$1 billion or more, and 10 of those in the high‑tech sector, including AI, data storage and semiconductors. Private-equity deal volume rose 170 percent, with value rising 86 percent. "We expect China's M&A market to maintain strong momentum in the second half of 2026," the company said.

China Targets 6G Commercialization

China will accelerate 6G technology development, targeting commercial deployment by 2030, the Ministry of Industry and Information Technology said. Plans call for stepped-up research into core 6G technologies, technical trials and standards, while developing an industry ecosystem needed for commercialization.

Display Tech Giants Exhibit Industry Advances at Expo

The opening of the Display Innovation Collaboration Expo in Shanghai is showcasing a major evolution in the global display sector, as tech giants pivot from mature markets like mobile electronics and automotive displays toward high-growth frontiers in semiconductors and optical communications. BOE, a leading Chinese display manufacturer, exhibited high-definition visual tech, naked-eye 3D gaming, foldable display formats and high-aspect-ratio glass core substrates. US-based Corning showcased advanced glass packaging and optical glass solutions engineered for next-generation AI data center infrastructures.

IMF Head Says Global Economic Outlook More Stable but Risks Remain

The managing director of the International Monetary Fund said the global economy has weathered the Iran war energy shock better than feared, but concerns remain about deteriorating fiscal conditions in some countries, exemplified by rising bond yields. Kristalina Georgieva told reporters there is a "tug of war" between the inflationary effects of high oil prices and the strong tailwinds from the AI investment boom. The outlook for the global economy is more stable than a few months back but remains tilted to the downside, she said, warning against complacency by policymakers, including central banks.

Hong Kong Exports Surpass Forecasts

Hong Kong exports in July increased 50.7 percent following a 53.4 gain a month earlier. The data beat economists' forecasts. Imports rose 41 percent from a year earlier. The city reported a trade deficit of

HK$4.9 billion (US$628 million). Exports to Asia grew by 54.6 percent and shipments to the US nearly doubled.

Corporate

Sugon Profit Rises 33 Percent in First Half

Chinese computing company Sugon Information Industry said revenue in the first half jumped 28 percent from a year earlier 7.5 billion yuan (US$1.1 billion), delivering a one-third increase in net profit to 971.4 million yuan. Sugon said it continued to expand its product portfolio and solutions in intelligent computing, strengthening its competitiveness and improving operating quality. The company also benefited from improved performance at an invested company, which boosted its investment income during the period.

Meitu Net Profit Surges on AI App Demand, International Expansion

Meitu, a photo-editing and retouch-app company, reported a 40 percent gain in first-half profit to 619 million yuan (US$91 million). Revenue grew 22 percent to 2.2 billion yuan. AI-driven productivity apps and international markets drove subscriber and revenue growth. Meitu's paid subscriber growth outside the Chinese mainland expanded at double the pace of the domestic market, with growth in East Asia, Latin America and Europe.

Wus Printed Circuit Reports Higher Profit on AI Capex Boom

Wus Printed Circuit Co, a printed circuit board maker, said first-half net profit jumped 74 percent from a year earlier to 2.9 billion yuan (US$410 million). Revenue rose 61 percent to 13.7 billion yuan. The result was driven by accelerating global AI infrastructure spending beyond traditional chips and optical components into high-end printed circuit boards.

Zai Lab Loss Widens on Decline in Sales of Some Drugs

Shanghai-based biopharma company Zai Lab said its first-half loss widened to US$101.8 million from US$89.2 million a year earlier. Revenue fell 6 percent to 205.9 million, reflecting a 31 percent drop in sales of the cancer drug Zejula due to a shift in hospital use patterns. Sales of its Vyvgart drug also fell 7 percent on a pricing adjustment related to the national reimbursement program in China. Research and development spending rose 14 percent to US$127.4 million. The company earlier this month reported a second-quarter loss of US$50.8 million on revenue of US$106.3 million. Zai Lab operates in China and the US and is listed on New York and Hong Kong exchanges.

Jingko Solar Loss Widens

Jingko Solar, a leading manufacturer of photovoltaic products, reported a net loss of 3.1 billion yuan (US$458 million) in the first half, widening from a loss of 2.8 billion yuan a year earlier. Revenue slumped 22 percent to 24.7 billion yuan on "weakening domestic demand and a more complicated environment in overseas markets because of protectionism." Jingko Solar said it has increased efforts in research and development, with upgraded r services that include its Tiger Neo 3 platform and TOPCon batteries.

Dairy Giant Mengniu's Profit Rises

Chinese dairy giant Mengniu said first-half profit rose 16 percent from a year earlier to 2.4 billion yuan (US$357 million) on a 7 percent rise in revenue to 44.8 billion yuan. Its liquid milk, cheese and milk formula businesses all showed growth of 30 percent. The company said its promotions during the 2026 Winter Olympics and the FIFA World Cup helped sales and lifted the company's international profile. Mengniu has focused on changing consumer trends with the introduction of new products such as lactose-free milk and campaigns combining sports and dairy products.

Enlight Media Posts Profit Plunge After Year-Earlier Box Office Hit

Chinese movie giant Enlight Media posted a 99 percent plunge in first-half net profit to 33 million (US$4.6 million), reflecting high earnings a year earlier from the box office hit film "Ne Zha 2." Revenue in the six months fell 90 percent.