Daily Buzz: 23 April 2026

Top News

Alibaba, Tencent Circle DeepSeek, Doubling Its Possible Valuation

Alibaba and Tencent are reportedly in discussions to invest in DeepSeek, following reports the Hangzhou-based AI startup is seeking external funding for the first time. The interest by two of China's biggest technology companies has shifted expectations of DeepSeek's valuation to US$20 billion yuan – twice earlier speculation, according to Chinese and foreign media reports. DeepSeek caused a sensation in the tech world in January 2025 when it released an OpenAI style chatbot that cost a fraction of Western large language models to build and operate. Earlier this week, reports said that DeepSeek was aiming to raise US$300 million in outside funding, valuing the company at US$10 billion, which would make it one of the most valuable AI startups in the world.

DeepSeek was founded in 2023 by entrepreneur and Chief Executive Liang Wenfeng and has been funded solely his hedge fund High Flyer. Reports said DeepSeek has resisted outside investment approaches in the past, preferring to maintain its independence, but the intense capital required to develop and operate cutting-edge AI ‌models may have forced a change in strategy. Outside speculation over external investment in the startup has joined industry buzz about the next-generation AI model DeepSeek is expected to release soon. It's expected to integrate more closely with China's AI infrastructure ecosystem, including chipmaker Huawei.

Stalemate Continues in US-Iran War

A stalemate in the Iran war continued, with no timetable for new talks, no resumption of US attacks on Iran and no reopening of the oil-vital Strait of Hormuz, now blockaded by both countries. Iran claimed it seized two international ships in the strait and forced them to an Iranian port. Reuters reported that US naval forces have intercepted at least three Iranian-flagged tankers in Asian waters near India. The White House said the US blockade of Iranian ports is "strangling" the nation's oil-export dependent economy. President Donald Trump this week extended a ceasefire with Iran for an indeterminate time, giving peace mediation efforts led by Pakistan some breathing space. In Lebanon, Israel and Hezbollah exchanged fire, tearing a 10-day ceasefire in that conflict.

Top Business

Tesla Increases Capex Plans in Shift to Robotaxis, Humanoid Robots

Elon Musk, founder and chief executive of US electric car giant Tesla, told investors on a conference that the company's capital expenditure will rise "substantially in the future" after Tesla surprised the market with positive ​cash flow of US$1.4 billion in the first quarter, Reuters reported. Investors have been focused on Tesla's plans more than its first-quarter financial results, which showed revenue up 16 percent from a year earlier to US$22.4 billion. Net income increased to US$477 million from US$409 million. Tesla car deliveries in the quarter rose 6.3 percent. Tesla is developing smaller, cheaper versions of its electric SUV, with plans to start production on them at its mega-factory in Shanghai. The company lifted its capital spending forecast for 2026 to US$25 billion from an earlier prediction of US$20 billion. Tesla is pivoting its focus to AI-powered robotaxis and humanoid robots. It said the company will experience negative cash flow for the rest of this year.

Hengrui Profit Rises on Drug Successes

Hengrui Pharmaceuticals reported a 21.8 percent rise in first-quarter net profit on steady growth in innovative drug sales and licensing income. Net profit attributable to shareholders reached 2.28 billion yuan (US$334 million) for the three months ended March, while revenue increased 13 percent from a year earlier to 8.14 billion yuan, the company said in a filing on Wednesday. Sales of innovative medicines remained the main driver. Revenue from oncology products rose 11.6 percent to 3.31 billion yuan, while non-oncology innovative drugs surged 92.1 percent to 1.21 billion yuan. The company also booked 787 million yuan in income from external licensing of innovative drugs during the quarter. Sales of generic drugs declined during the period, reflecting the impact of China's centralized procurement programs and the company's strategic shift toward innovation-focused investments.

Han's CNC Technology Q1 Profit Surges

Han's CNC Technology, China's largest specialized printed circuit board equipment manufacturer, reported first-quarter profit surged 177 percent from a year earlier to 322.9 million yuan (US$48.8 million) on a doubling of revenue to 1.9 billion yuan. The Shenzhen-based company designs, produces and sells specialized computer-controlled equipment used to make the boards that wire components to one another in the circuitry of nearly all electronics products. Han's credited the strong results to growing demand from AI computing centers, with next-generation AI servers, high-speed switches and high-speed optical modules driving growth in market size and in the company's advanced specialized products. Han's raised HK$4.8 billion (US$618 million) in an initial public offering in Hong Kong in February, becoming the first in the printed circuit board equipment sector to achieve a dual listing in both the Chinese mainland and Hong Kong.

Economy & Markets

Tech Rally Lifts ChiNext to Record

China's Nasdaq-style ChiNext index in Shenzhen rose to a record on Wednesday, amid a rally in mainland stock markets. The benchmark Shanghai Composite Index edged above the technical resistance level of 4,000, to 4,100, after a 0.5 percent rise. The Shenzhen Component Index climbed 1.3 percent. Markets gains reflected continued investor interest in technology stocks, among them those related to computing infrastructure and hardware, and optical fibers. Combined volume on the Shanghai and Shenzhen exchanges rose 151 billion yuan from a day earlier to 2.6 trillion yuan (US$380 billion).

BHP, China Mineral Resources Settle Dispute

Australia's BHP, the world's largest miner by market capitalization, said it has reached a settlement with China Mineral Resources Group, the state-owned iron ore buyer, in a long-running dispute that banned procurement of the certain grades of the steel-making ore from BHP. The agreement came after BHP incoming chief executive Brandon Craig visited China two weeks ago. In the past, BHP's annual negotiations with China set a global benchmark for iron ore prices, but last year's talks bogged down in a dispute over prices. Iron ore is a principal source of revenue for the Australian company, which also produces copper, coal, nickel and potash.

Shanghai Opens Nickel Trading to Foreign Investors

The Shanghai Futures Exchange has opened nickel futures and options to overseas traders and qualified foreign investors, making them the first futures and options listed on the exchange opened to global markets. JP Morgan Futures was one of the first foreign institutions to participate in the new trading opportunity, Yicai reported.

Shanghai Ranks Top in Disposable Income

Average per capita disposable income in Shanghai in the first quarter ranked first in the nation at 26,689 yuan (US$3,912), followed by Beijing, the National Bureau of Statistics reported. Disposable income is what's left for people to spend after all taxes and other mandatory charges are deducted and is a prime factor in discretionary consumer spending. Nationwide, per-capital disposable income in about half of China's provinces averaged out at 10,000 yuan.

Japan Exports Rise Despite Middle East Trade Disruptions

Japanese exports rose 11.7 percent in March, the seventh consecutive monthly gain, despite disruptions caused by the Middle East conflict, on higher global demand and rising prices. Exports to China increased 17.7 percent from a year earlier, while those to the US nudged up 3.4 percent. Imports climbed 10.9 percent. For the month, Japan posted a trade surplus of 667 billion yen (US$4.2 billion).

China Expands Social Programs for Youth, Families

China unveiled a broad set of measures aimed at families and children to address a shrinking birth date and aging demographic. The policies aim to expand childcare subsidies and improve maternal and child healthcare services. Additional measures include greater after-school programs and holiday childcare services to accommodate working parents and the encouragement of educational opportunities for children of migrant workers.

Corporate

AI Tool Lingzhu Debuts: a Zero-Threshold Creation Tool for Everyone

Shanghai-based AI incubation platform Genora Science launched Lingzhu, an AI creation tool designed to eliminate the need for a deep understanding of code or programming by less tech-savvy users. Unlike "vibe coding" tools like Cursor or Claude Code -- which still largely cater to developers -- Lingzhu promises a "zero-threshold experience." It can instantly create usable applications, including mini-games, web apps, posters and travel itineraries. During initial beta testing, users have already utilized the platform to solve hyper-specific personal needs, such as annual gala lucky draw systems, personalized child development trackers and relative title calculators for complex family trees.

Boston Scientific Doubles Q1 Profit

US medical device giant Boston Scientific, which has a smart factory in Shanghai, reported first-quarter global profit doubled to US$1.3 billion on an 11.6 percent increase in revenue to US$5.2 billion. It didn't break out figures for China, but said net sales growth in the Asia-Pacific region grew 15 percent. The biotech manufacturer entered China in 1997 and operates research and development centers in Shanghai, Beijing and Guangzhou.

X Square Robot Secures Additional Investment

X Square Robot, a general embodied intelligence startup, raised about 2 billion yuan (US$276 million) in a funding round led by the investment arm of car and phone maker Xiaomi. The company's earlier backers include 's Alibaba and ByteDance. The company is poised to release a next-generation Wall-B robot next month, designed to do daily household chores without remote control.

Roborock Post Profit Surge in Q1

Shanghai STAR market-listed Roborock, the world's leading robotic vacuum manufacturer, said

first quarter net profit hit 323 million yuan (US$47 million), up 21 percent from a year earlier, on a 23.3 percent increase in revenue to 4.23 billion yuan. The company invested 1.4 billion yuan in research and development last year, yielding results in deploying large-language model AI and smart navigation into its products.