Weekend Buzz: 6-7 June 2026

Top News

Iran Says US Talks in Deadlock, Frozen Assets a Bone of Contention

Iran said a potential peace deal with the US hinges on the Trump administration's agreement to release US$24 billion in frozen Iranian assets, CNN reported, citing a military advisor to supreme leader Ayatollah Mojtaba Khamenei. "Negotiations are at a deadlock," advisor Mohsen Rezaei said in an exclusive interview in Tehran. "The ball is in Trump's court." Iran has reportedly demanded the release of half of the funds as soon as an interim agreement is signed. He also said Iran will "drag the war" beyond the Persian Gulf if the US resumes attacks on Iran and reiterated Tehran's claim of sovereignty over the Strait of Hormuz, a vital global oil transit point.

On day 96 of the war, the US military says it shot down four Iranian drones that were launched toward the Strait of Hormuz on Friday and retaliated with strikes on Iranian coastal radar sites. Despite a ceasefire technically in place, both sides have been engaging in tit-for-tat strikes without resuming full-scale warfare.

Global oil prices remained below what is viewed as the critical US$100 a barrel threshold as investors take heart from US restraint so far in resuming all-out attacks on Iran. Benchmark Brent crude futures in New York ended the week at US$93.09.

Putin Rejects Ukraine Proposal for Leaders' Meeting

Russian President Vladimir Putin said he "glanced" at an open letter from Ukrainian President Volodymyr Zelensky suggesting a face-to-face meeting to discuss an end to their four-year war but found no merit in the idea. Zelensky in response said Putin is once again choosing war over peace. It was not the first time that such a Ukrainian proposal has been rejected.

Separately, five residents of Azerbaijan were killed in a drone attack on vessels in the Azov Sea. Ukraine said it was targeting ships carrying "illegal cargo" to Russian-occupied ports in Ukraine. A Ukrainian naval drone exploded in Romania's Black Sea port of Constanta. No injuries were reported. Kiev said Russian jamming altered the course of the drones.

US Republican Lawmakers Break Ranks With Trump

The US House of Representatives, in a rebuke to President Donald Trump with 18 Republican lawmakers breaking ranks to side with Democrats, passed a bill allocating US$8 billion of arms sales to Ukraine and imposing steeper sanctions on Russia. It's the second time in a week that the Republican-controlled House has defied Trump as his popularity plunges in polls on the Iran war and mid-term November elections loom, with all House seats at stake. The measure includes strict sanctions on Russian leaders and institutions, including top banks, oil and mining companies. It also includes 500 percent tariffs on all Russian goods imported to the US and an import ban on Russian crude oil. The bill faces an uncertain future in the Senate and a certain veto by Trump.

Top Business

AI Stocks Lose Luster in Biggest Selloff in a Year

The sizzling trade in AI-related chip stocks is showing cracks, with some of the biggest market darlings in New York on Friday suffering their worst rout in a year, erasing more than US$1 trillion in market value. The tech-heavy Nasdaq market in New York plunged 4.2 percent. Nvidia shares fell 6.2 percent, Broadcom lost 8 percent, and Taiwan Semiconductor Manufacturing shed 6.7 percent.

Earlier in Asian trading, South Korea's Kospi index plunged 5.5 percent, led by chip giants Samsung Electronics and SK Hynix. Hong Kong's Hang Seng Tech Index dropped 1.8 percent, and the tech-focused Shanghai STAR Market 50 index lost 4 percent. Traders said it's too early to tell whether the losses are a temporary aberration or the start of a longer-term trend, amid persistent concerns that the frenzy over AI companies is overdone.

Bitcoin, sometimes seen as a bellwether of the tech boom, tumbled below US$60,000 for the first time since October 2024, Bloomberg News reported. Bitcoin reached a peak above US$126,000 last October. The cryptocurrency ended New York trading at US$61,387. Investors have been withdrawing money from cryptocurrency-related exchange-traded funds in favor of dispersing risk strategy across a wider range of speculative assets.

Dajin Heavy Shares Flat in Hong Kong Trading Debut

Shares in Dajin Heavy Industry, a leading Chinese wind power equipment maker that's expanding into shipbuilding, closed unchanged from their offer price of HK$66.40 in their trading debut in Hong Kong on Friday, following a HK$6.6 billion (US$848 million) initial public offering. The biggest new listing in Hong Kong in more than six weeks came on down day for the Hong Kong market, with the Hang Seng index dropping 1.2 percent. Dajin Heavy said it plans to use most of the proceeds to upgrade deep-sea wind power services and finance a production site in Europe. The Beijing-based company announced earlier this week that it secured orders for four bulk carriers from Greek and Norwegian shipowners in two deals valued at US$300 million, after earlier securing three other major orders in a month. Dajin Heavy reported net profit last year more than doubled to 1.1 billion yuan (US$162 million) on a 63 percent jump in revenue to 6.2 billion yuan.

Nvidia Certifies Chip Suppliers for Next-Gen HBM4

Nvidia has certified Samsung Electronics, SK Hynix and Micron Technology to supply its next-generation, high-bandwidth HBM4 memory chip for AI accelerators. Chief Executive Jensen Huang confirmed all three are in production, competing to supply Nvidia's upcoming Vera Rubin platform to be launched later this year. On a visit to Seoul, he also announced Nvidia's plans to expand its South Korean footprint, including a new research and development center.

CATL Validates Expansion Into Energy Storage

China's Contemporary Ampere Technologies (CATL), the world's biggest battery maker, said it expects energy storage to account for half of its global sales by 2030, up from 25 percent now, Reuters reported. The company began as a specialist in lithium-ion batteries for electric vehicles, which currently make up about three-quarters of its sales, but Kevin Tang, company director for CATL storage systems in Europe, told the news agency, "Once we have more renewable energy, we need energy storage." Europe is the company's third-largest energy storage market after China and the US, with manufacturing plants in Germany and Hungary, and a third planned in Spain. CATL said this week it would invest 3 billion yuan (HK$3.5 billion) in an energy storage testing center. Such systems store renewable energy when supplies are ample and release it when supplies run low.

Anta Sports to Tap ZXMoto's Motorcycle Racing Success

Chinese sportswear retailer Anta Sports announced a partnership with motorcycle brand ZXMoto, which rose to prominence with triumphs on the international racing circuit this year. Under the deal, Anta will support ZXMoto's race participations and is selling a co-branded line of sports footwear and apparel inspired by ZXMoto 's championship-winning 820RR bike. In Anta's Tmall flagship store, prices for ZXMoto tee shirts start at 299 yuan (US$44) and racing-style shoes cost at least 469 yuan.

Economy & Markets

SpaceX Bars Chinese Mainland, HK Investors From Buying Shares in IPO

SpaceX underwriters have barred investors on the Chinese mainland and Hong Kong from participating in this month's initial ‌public offering, Bloomberg News reported, citing people familiar with the matter. Lead banks managing the offering, including Goldman ⁠Sachs and Morgan Stanley, have instructed that no orders be accepted from clients in either market, including private banking customers, due to regulatory and compliance concerns. IPO documents for the US$75 billion share sale weren't available in either market. The SpaceX IPO is the largest in history.

US Job Growth Unexpectedly Surges in May

The US labor market grew faster than expected in May, with the nonfarm economy adding a seasonally adjusted 172,000 jobs. April payrolls were adjusted to growth of 179,000. The May unemployment rate held steady at 4.3 percent. The strong labor market has raised bets on the Federal Reserve raising interest rates on higher inflation triggered by the Iran war.

China Tightens Regulation on Private Funds

China released tightened regulations on the private investment fund industry in a crackdown on illegal lending that includes raising penalties for violators. The policies are aimed at fostering healthy growth in the industry and encouraging investment of capital for long returns, not quick gains. They also support private equity and venture capital funds that invest in early-stage tech companies.

Yuan Usage Increases Globally

Standard Chartered's Renminbi Globalization Index rose to 224.8 in April from 212.1 in January, reflecting a Charterer's sharp increase in global use of the Chinese yuan. Hong Kong remains the central hub for offshore circulation of the currency, fueled by rising dim sum bond issuance and expanding offshore investment products. Despite mainland capital controls, Standard Chartered said it expects use of the yuan to continue to rise as authorities broaden yuan asset offerings and deepen financial market connectivity.

Soochow Securities to Pay US$1.7 Billion for Control of Donghai

Shanghai-listed Soochow Securities said it plans to spend 11.5 billion yuan (US$1.7 billion) to acquire an 84 percent stake in Donghai Securities as consolidation of China's fragmented brokerage industry continues. Both broking houses are based in Jiangsu Province. The deal values Donghai, which is listed on China's over-the-counter market, at 13.8 billion yuan. Soochow said it would finance the transaction with stock, cash on hand and the issue of new shares to Donghai shareholders. The acquisition will boost Soochow assets by nearly a third to 282.8 billion yuan, the South China Morning Post reported.

Yongguan Adhesive Plans Share Placement to Fund New Factory

Shanghai-listed Yongguan Adhesive Products is planning a 927 million yuan (US$140 million) private share placement to finance a new electronic-grade glass fiber cloth factory. The plant will have annual production capacity of 2,000 tons of glass fiber cloth and 16,500 tons of harness adhesive tape. The company operates globally and has two existing production sites in China and one in Vietnam,

Deep Dive

Chinese AI Lawnmowers Gaining Ground in Europe

Robotic lawnmowers are becoming the new standard in smart gardening. According to data from LeadLeo Research Institute, China's intelligent robotic lawnmower exports reached US$1.01 billion in the first quarter of 2025, up nearly 60% year-on-year.

Corporate

Alibaba Releases NBA Chatbot

Alibaba unveiled NBA Chat, a large language model co-developed with the National Basketball Association of the US. The chatbot features game and post-game analysis, Q&As and information on players, based on the league's full history. The NBA has many fans in China, especially after Chinese player Yao Ming's successful eight-year career in the league.

Nissan's UK Plant to Manufacture Chery Autos

Japan's Nissan Motor will start producing passenger cars for Chinese carmaker Chery at its British factory in Sunderland. Under the agreement, Nissan will retain complete ownership and operational control of the plant, and all current employees will keep their positions.

Tencent, Guoxing Team Up in Space AI

Tencent Cloud and Guoxing Aerospace Technology have partnered to develop the Star Computing AI cloud service system. It will integrate Tencent cloud computing with Guoxing's newly launched satellite constellation, which is described as the world's first space-based computing network. The companies will also focus on AI agent applications and digital transformation across various industrial sectors.

DeepSeek Tops US Corporate Software Growth List

Chinese AI startup DeepSeek topped the latest Software Trends List compiled by US platform Ramp, which tracks first-time corporate purchases from software providers. Ara Kharazian, chief economist at Ramp Economics Lab, said DeepSeek's prominence signals that US companies are seeking lower-cost alternatives to OpenAI and Anthropic and are increasingly receptive to adopting more affordable large language models from China.

Huawei Releases CloudRobo for Beta Testing

Huawei Cloud has released its embodied intelligence development platform CloudRobo for beta testing this month. It also announced the Industry AI DreamWorks - Embodied Intelligence Zone, a one-stop platform offering developers ready-to-use data and more than 20 Ascend model assets to support humanoid robot development. The platform enables robots to migrate to the cloud within hours and deploy models within minutes.

Red Note Removes Illicit Financial Content

Chinese lifestyle platform RedNote (Xiaohongshu) said it has removed more than 31,000 accounts and posts since May as part of a campaign targeting illicit financial content. The monitoring focuses on illegal cross-border investment promotions and stricter adherence to financial certification and account rules.

Bilibili Announces Creativity Contest

Chinese video platform Bilibili, seeking to rev up its user base, launched an AI competition offering 1-million-yuan (US$147,600) prize. Participants are required to use AI tools to create interactive products and publish videos of that process on the platform, where users will vote to decide the winner.