Weekend Buzz: 15-16 November 2025

Chinese Astronauts Return After Delay

The Shenzhou-20 spacecraft crew returned to Earth from the Tiangong space station on Friday after a delay caused by impact with space debris that caused tiny cracks in one spacecraft window, the China Manned Space Agency said. The return was originally scheduled after the Shenzhou-21 spacecraft docked with a relief crew on November 5.

Ukraine Strikes Russian Oil Hub

Ukraine stepped up attacks on Russia oil facilities, with drone strikes on one of its biggest export terminals on the Black Sea. Global oil prices climbed more than 2 percent on fears of tightened supplies. Benchmark Brent crude closed in New York at US$64.39 a barrel. Ukrainian drones have struck at least 17 major refineries. Despite the attacks, Russian oil processing has fallen only 3 percent this year as refineries tap spare capacity, Reuters reported. Moscow overnight launched a wave of attacks on the capital Kiev, damaging apartment blocks and killing six residents.

US Eyes Division of Gaza Into Two Zones

The US is drawing up plans for a long-term division of Gaza into a "green zone" under Israeli and international military control, where reconstruction would start, and a "red zone" to be left in ruins, the Guardian reported, citing Pentagon documents. Plans for postwar Gaza have changed frequently, from creating a Riveria-style resort area to fenced-in "safe communities" for small groups of Palestinians. The creation of a foreign peacekeeping force has yet to gel. The US has said it won't put any boots on the ground but has sought forces drawn from European and Arab countries.

Switzerland, US Reach Trade Accord

Switzerland, which was under one of the highest US tariffs, has reached a framework trade agreement with Washington that will reduce duties on imports of Swiss products to 15 percent from 39 percent. It also calls for Swiss companies to invest US$200 billion in the US within three years. Pharmaceuticals are the biggest Swiss exports to the US.

Top Business

Nexperia Row Erupts in War of Words

Ahead of talks scheduled in Beijing to resolve a Sino-Dutch row involving chipmaker Nexperia, a war of words broke out between the Netherlands-based parent and the company's units on the Chinese mainland. Nexperia China is owned by China's WingTech. The row broke out after the Dutch government seized Nexperia in late September on grounds of national security and suspended wafer supplies to mainland factories. Beijing responded by banning export of chips from mainland factories – chips critical in car making. A joint letter sent on Friday by Nexperia's nine mainland facilities to all employees of the Dutch chipmaker accused senior management of "maliciously sabotaging Nexperia China's production and operations." The letter was in response to a letter sent to mainland employees on November 12 by the Dutch parent that the Chinese side said "distorted the facts and confused the issue."

Bilibili Turns to Profit From Loss

Nasdaq-listed Chinese video-sharing platform Bilibili swung to net profit of 469.4 million yuan (US$65 million) in the third quarter from a loss of 79.8 million yuan a year earlier. Revenue rose 5 percent to 7.69 billion yuan. The Shanghai-based company reported average daily active users totaled a record 117 million in the period, up 9 percent, and paying subscribers grew 17 percent to 35 million.

Revenue drivers included value-added services, which grew 7 percent to 3.02 billion yuan, and a 23 percent rise in advertising sales to 2.57 billion yuan. Mobile game revenue, however, declined by 17 percent to 1.51 billion yuan.

Samsung Raises Chip Prices on AI Demand

Samsung Electronics, one of the world's largest chipmakers, has raised prices by as much as 60 percent on certain memory chips in short supply as the global race to build AI data centers creates a surge in demand, Reuters reported. Soaring prices for memory chips mainly used in servers are likely to add stress to companies building data infrastructure and also threaten to increase the cost of other products that use them, like smartphones and computers.

France Widens Net on Illegal Sex Doll Sales

France's consumer watchdog said Chinese fast-fashion retailer Shein isn't the only online platform found to have been selling illicit products. A spokesman for the commerce minister said on Friday that Chinese e-commerce sites Temu and AliExpress, along with Amazon, eBay and Joom, also offered child-like sex dolls on their platforms. Shein earlier removed the dolls and also weapons like brass knuckles, under threat of closure by the government.

Economy & Markets

China's Retail Sales, Factory Output Growth Soften

China's factory output and retail sales in October grew at their weakest pace in a year, according to data released on Friday by the Bureau of Statistics. Retail sales softened to a 2.9 percent gain from 3 percent increase in September, and industrial production slowed to expansion of 4.9 percent from a 6.5 percent gain a month earlier. Fixed-asset investment, which includes real estate, contracted 1.7 percent in the first 10 months of the year, compared with a decline of 0.5 percent in the first nine months. Goldman Sachs extrapolated from 10-month figures that investment fell 11.4 percent in October alone. Urban-based unemployment notched down to 5.1 percent from 5.2 percent in the prior month.

Investment in real estate in the January-October period shrank 14.7 percent, widening from a 13.9 percent drop in the first nine months. New home price in October fell at their fastest pace in a year, dropping 2.2 percent from the same month in 2024 and 0.5 percent from September. New home prices in China's four biggest cities dropped 0.8 percent despite a 5.7 percent increase in Shanghai. Some developers are trying to entice homebuyers by offering a free trial stay in an apartment for sale. Citibank this week said stronger government stimulus measures are needed to reverse a property slump that has dragged on for four years, triggered by developer defaults.

Syntun Estimates Singles Day Sales Rose 14 Percent

Chinese consumer research firm Syntun issued preliminary estimates showing that this year's Singles Day shopping festival, which technically ended on November 12, probably had sales of 1.7 trillion yuan (US$238 billion). That would be a 14 percent increase from a year earlier but below the 27 percent growth of the 2024 e-commerce shopping extravaganza. Singles Day, also known as the Double 11 festival, is the biggest online event of its kind in the world in terms of value of goods. Syntun estimated e-commerce platforms Alibaba and JD.com, along with the TikTok shop, probably earned 67 billion yuan from fast-delivery sales. Chinese companies are generally reticent about releasing exact sales figures.

Chuangxin Industries Sets Hong Kong IPO

Chinese aluminum smelter Chuangxin Industries Holdings is seeking to raise as much as HK$5.5 billion (US$707 million) in an initial public offering in Hong Kong, the South China Morning Post reported. The company plans to offer 500 million shares priced at between HK$10.18 and HK$10.99 each, with 90 per cent allocated to institutional investors and the remainder to retail investors. The stock is expected to start trading on November 24.

China Yuan Loans Decline

China's new yuan-denominated loans in October fell short of expectations, dropping to 220 billion yuan (US$31 billion) from 280 billion yuan a year earlier. Aggregate financing, which includes loans, bonds and off-balance-sheet credit, totaled 815 billion yuan, short of an expected 1.2 trillion yuan. The People's Bank of Chinas also reported that M2, the broadest measure of money supply, rose 8.2 percent in October from a year earlier to 335 trillion yuan. M2 covers cash in circulation and all deposits.

Deep Dive

Can Collectible Design Become a Real Market in China?

Market research firms estimate the global design collectibles segment will grow steadily over the next decade, driven by high-net-worth interest, brand collaborations, and shifting consumer values. What about China?

European Firms Seize Opportunities in Changing, More Open China Market

Northern.tech's entry reflects a strategic pivot of many European companies who are waking up to significant changes and new opportunities in the Chinese market, particularly in technology and consumer segments.

Corporate

Jinjiang Hotels Profit Surges

Shanghai-based Jinjiang Hotels, one of the largest hotel chains in China, posted a 46 percent jump in third-quarter net profit to 375 million yuan (US$53 million) despite a 4.7 percent decline in revenue to 3.7 billion yuan. The company said its profit growth stemmed from internal management improvements and debt restructuring. The chain operates 1,200 hotels in China.

Singapore Air Net Drops on Air India Losses

Singapore Airlines reported net income in its fiscal first half ended September 30 fell 68 percent to S$239 million (US$185 million) on higher costs and losses related to its associate Air India. Revenue rose 1.9 percent to a six-month record of S$9.7 billion on resilient demand for air travel. Interest income was lower by S$103 million due to smaller cash balances and interest rate cuts.

Applied Materials Sees Slowdown in China Sales

US chip-equipment maker Applied Materials said it expects sales in China to drop next year as tighter US export controls limit its access. The company said shipments valued at US$110 million were delayed in its fiscal fourth quarter ended September 20, but it said it hoped they will be sent in the new year after the US-China trade agreement reached in late October. The company's revenue from China has dropped to the mid-20 percent range from nearly 40 percent in recent years.

Apple Launches Mini App Program

Apple has launched the App Store Mini Apps Partner Program in China, allowing developers of mini apps and mini games to sell in-app purchases with a reduced 15 percent commission. The move is designed to expand Apple's ecosystem in China, where users primarily access services through WeChat's mini apps rather than separate App Store downloads. Mini apps are lightweight "experiences" built using HTML5, JavaScript or approved programming languages. To qualify for the reduced commission, developers must support Apple technologies.

Unitree, Six Others Added to Forbes Innovation List

Unitree Robotics, AgiBot and EngineAI were among seven Chinese robotics startups added to the list of this year's 50 most innovative company by Forbes China.