Top News
China among countries upbeat on Ukraine peace talks, Russian reaction uncertain
China's foreign ministry said Beijing welcomes all efforts to reach a peaceful agreement as soon as possible to end the crisis in Ukraine. The comments came after the leaders of Ukraine and Europe met with President Donald Trump at the White House to discuss steps toward a permanent peace.
Ukraine President Volodymyr Zelensky said the meeting was "the best so far." UK Prime Minister Keir Starmer said he was "very pleased" with the outcome, but Finnish President Alexander Stubb warned that Putin "cannot be trusted."
After the meeting on Monday, Trump said preparations for a face-to-face meeting between Zelensky and Russian President Vladimir Putin are underway. He also indicated the US will back Europe in giving Ukraine security guarantees to be activated in the event of future Russian attacks. Though the shape of guarantees is unclear. French President Emmanuel Macron suggested they might involve "boots on the ground."
Russian reaction to the idea of one-on-one talks with Zelensky remains unclear. Though Putin told Trump in a phone call that he is open to the idea, the Kremlin hasn't publicly confirmed participation. Trump conceded on Tuesday that it's possible the Russian president isn't really interested in ending the war and would face a "rough situation" in that event.
China, India pledge closer ties
China and India agreed to maintain momentum in restoring bilateral ties during talks between Indian Foreign Minister Subrahmanyam Jaishankar and visiting Chinese Foreign Minister Wang Yi. Relations between Asia's two biggest countries strained after skirmishes along a disputed border five years ago. Noting this is the 75th anniversary of establishing diplomatic relations, Wang said both countries should demonstrate a sense of global responsibility, act as major powers, set an example for developing and contribute to promoting a multipolar world. He added that the two countries will gradually resume exchanges and dialogue at all levels.
Xiaomi profit surges as revenue from electric cars soars 230 percent
Chinese smartphone and electric carmaker Xiaomi reported second-quarter net profit surged 75 percent from a year earlier to 10.8 billion yuan (US$1.5 billion) on a 31 percent increase in revenue to 116 billion yuan. The Hong Kong-listed company said revenue from smartphones fell 2 percent to 45.5 billion yuan on price reductions. Global shipments of 42 million phones ranked the company third in the world, after Samsung and Apple, with a 15 percent market share.
Revenue from autos surged 230 percent to 21 billion yuan on a doubling of deliveries of 81,300 vehicles. Xiaomi launched its second electric vehicle, the YU7 SUV, in June, with deliveries beginning last month. Xiaomi President Lu Weibing said the company plans to enter the European market in 2027. The company's shares have risen 52 percent this year.
Top Business
Pop Mart profit skyrockets on popularity of collectible plush toys
Pop Mart International, the Chinese company behind the Labubu doll craze, said half-year profit surged 363 percent to 4.71 billion yuan (US$658.3 million) on a tripling of revenue to 14 billion yuan. The company, which is the world's largest toy company by capitalization, sells collectible toy series such as Monsters, Skullpanda, Crybaby and Molly, both online and off. Revenue from plush toys surged nearly 13-fold. The Monsters series, which includes Labubu dolls, was the biggest money-spinner, with revenue surging nearly sevenfold to 4.8 billion yuan and accounting for 35 percent of sales. In the six months, Pop Mart launched nearly 20 new plush toy products. The company also operates a theme park in Beijing.
Leapmotor turns to profit from loss
Chinese electric carmaker Leapmotor swung to a first-half net profit of 30 million yuan (US$4.2 million) from a year earlier loss of 2.2 billion yuan on a 174 percent surge in revenue to 24.3 billion yuan. The turnaround comes despite intense competition among domestic carmakers that has erupted at times into an industry price war. The Hangzhou-based company said deliveries surged to a record 221,600 vehicles in the six months. Leapmotor raised its full-year sales target for 2025 to up to 650,000 units and said it is aiming for annual sales of 1 million vehicles next year.
The company, founded in 2015, is 20 percent owned by Dutch-based Stellantis, the world's fifth largest automaker by sales volumes. In March, Leapmotor entered into a partnership with China automaker FAW to develop a model under the Hongqi brand to target overseas markets.
Japan's SoftBank will invest US$2 billion in Intel
Japanese multinational investment company SoftBank will invest US$2 billion to take about a 2 percent stake in ailing US chipmaker Intel amid reports the US government is in talks to buy up to a 10 percent stake. For years, Intel has struggled under management problems that held it back from joining the ranks of major players in the booming AI chip sector now dominated by Nvidia. Intel shares dropped 60 percent last year. Intel's new Chief Executive Lip-Bu Tan met with President Donald Trump last week. Trump called for his resignation over his close ties to China.
Economy & Markets
US broadens tariffs on steel, aluminum products
The US Commerce Department added 407 categories to its regime of 50 percent import tariffs on steel and aluminum products. The revised list includes wind turbines, mobile cranes, appliances, heavy equipment, railcars, motorcycles and furniture.
Stamp duty surges
China's collection of stamp duty on securities in July trading doubled from a year earlier to 15 billion yuan and rose 29 percent from June, according to the Ministry of Finance. The surge coincided with bullish stocks markets, where volume across Shanghai, Shenzhen and Beijing exchanges topped 2 trillion yuan (US$2 trillion) for a fifth straight day on Tuesday.
East Buy Holding shares plunge
Hong Kong-listed shares of East Buy Holding, a Chinese investment holding company primarily engaged in livestreaming e-commerce, swung wildly on Tuesday, surging 23 percent in mid-session before tumbling over 20 percent to close at HK$34.32 (US$4.40). The drop followed rumors linking New Oriental CEO Zhou Chenggang to alleged related-party transactions, which the company denied as false in a statement to Shanghai Securities News. Analysts say the stock's volatility is largely driven by short-term funds, with rapid sell-offs once profit targets are met.
Public revenue hits highest increase this year
China's general public budget revenue in July rose 2.6 percent from a year earlier to 2 trillion yuan (US$278 billion), its highest monthly increase this year. Central government revenue grew 2.2 percent and local government revenue gained 3.1 percent. Tax revenue rose 5 percent to 1.8 trillion yuan, with equipment manufacturing, information technology and research services showing double-digit increases. Personal income tax revenue grew 8.8 percent.
Corporate
Meitu posts profit surge on popularity of selfie and photo-sharing apps
Xiamen-based technology company Meitu reported first-half profit surged 71 percent from a year earlier to 467 million yuan (US$65 million) on a 12 percent rise in revenue to 1.8 billion yuan. The company makes popular selfie-apps and photo editing and sharing software for smartphones, with an estimated 6 billion photos shared every month. Meitu attributed its strong six-month results to breakthroughs in artificial intelligence apps, an increase in global subscribers and expansion of its subscription-based imaging and design product business. At the end of June, the company said it had a record 15.4 million paid subscribers and 280 million global monthly active users.
Tesla takes orders for new, longer model
Electric carmaker Tesla began taking orders for its new Model Y L in China at a starting price of 339,000 yuan (US$47,184). The new version of the Model Y is longer and comes with a redesigned interior. Tesla is hoping to recapture lost market in China, after July sales of its China-made vehicles fell 8.4 percent amid rising competition from mainland rivals. Tesla operates a mega-factory in Shanghai.
Ping An Healthcare first-half profit up 137 percent
Shanghai-based Ping An Healthcare reported first-half profit surged 137 percent to 134 million yuan (US$18.6 million) from a year earlier on growth driven by expanding corporate customers and the successful adoption of artificial intelligence. Revenue rose 19.5 percent to 2.5 billion yuan.
Country Garden reaches accord with some creditors on restructuring
Struggling Chinese property developer Country Garden said it has reached agreement with bank creditors who hold 49 percent of its offshore debt as part of a US$14.1 billion restructuring plan. The company defaulted on US$11 billion of offshore bonds in 2023 – part of a meltdown in the mainland property market that affected major developers. The company, based in Guangdong Province, remains under possible liquidation, with the next court hearing scheduled for January.
Nongfu Spring joins top three in global beverage market
Nongfu Spring, China's largest bottled water company, now ranks just below Coca-Cola and Pepsi among the world's most valuable non-alcoholic beverage brands, according to London-based Brand Finance. The Hangzhou-based company produces natural spring water, tea drinks and juices. Its value climbed 34 percent in the new ranking to US$11 billion. Brand Finance rankings are based on valuations of beverage brands in 193 countries.