Top News
China's fast-delivery food war burns through cash
China's online fast-food delivery giants Alibaba's Ele.me, JD.com, and Meituan face financial strain and investor jitters amid a fierce price war that cost them an estimated 25 billion yuan (US$3.5 billion) in consumer discounts and merchant subsidies in the second quarter alone, according to investment bank Goldman Sachs. The aggressive marketing has attracted customers and boosted order volumes but squeezed margins and eroded platform profits. Profit per delivery often hovers near a mere 1 yuan. Wang Puzhong, Meituan's local commercial business head, admitted "no battle that defies business logic produces winners." Regulators on July 18 summoned the firms to a meeting to warn them against below-cost sales, opaque algorithms and market distortion. The intervention signals tighter oversight and could accelerate the industry's pivot to sustainable models after years of cash-burning growth.
Japan's ruling coalition faces defeat in upper house
Japanese Prime Minister Shigeru Ishiba's ruling coalition is projected to lose its majority in the upper house in Sunday's election, according to national broadcaster NHK. The defeat, which could signal political deadlock or Ishiba's resignation, comes as the world's fourth-largest economy is facing serious economic problems and an August 1 deadline to complete a new trade deal with the US. Ishiba, head of the Liberal Democratic Party, lost his majority in the lower house last October in the party's worst showing in 15 years and was forced to form a coalition government with Komeito. Ishiba told NHK after exit polls pointed to defeat that he will accept a "harsh result."
China lambastes US remarks about Panama Canal
The Chinese Embassy in Panama castigated US Ambassador to Panama Kevin Marino Cabrera for his comments that China exerts a "malign influence" over the Panama Canal. China, an embassy spokesman said, has always respected the neutrality of Panama's sovereignty over the vital shipping lane linking the Pacific and Atlantic oceans.
Under pressure from the Trump administration, which claims Chinese interests in the canal pose a security threat, Hong Kong-based CK Hutchison agreed in March to sell its 80 percent control in Panama Ports Co and its 80 percent control over 43 other ports in 23 countries for US$23 billion to a consortium led by US investment firm BlackRock and Geneva-based Mediterranean Shipping Co. China has warned it may block the sale if state-owned shipping giant Cosco isn't included as an equal partner in the agreement.
Top Business
Hydropower giant breaks ground
China has begun construction on what will be the world's largest hydroelectric dam project. Premier Li Qiang attended a Saturday launch ceremony at the site of the 1.2 trillion yuan (US$168 billion) project on the lower reaches of the Yarlung Zangbo River in the Xizang Autonomous Region in the far southwest. The massive project, led by Power Construction Corp of China, will have an estimated annual generating capacity of 300 billion kilowatt-hours of electricity via five cascade stations. China Yajiang Group has been formed to oversee its construction and operation. The project reflects Beijing's push to expand capacity of hydropower and other renewable energy sources to curb use of coal.
China develops first robot that can change its own batteries
Shenzhen-based UBTech Robotics said it has developed a humanoid robot called Walker S2 that can change its own batteries, creating a robot that can function 24/7 without human intervention. It's another milestone for the Chinese industry. The company released a video showing the robot in an industrial setting, detaching a depleted power pack, popping it into a charger and installing a fresh one – all in three minutes. In May 2025, UBTech and Huawei Technologies entered a partnership to accelerate adoption of humanoid robots across China's factories and households.
Zeekr, Neta car models accused of inflating sales figures
Geely's Zeekr and Hozon Auto's Neta brands of electric vehicles inflated sales by insuring cars before they were sold, enabling them to be categorized as sold, according to China Securities Journal. Vehicles booked as sold before reaching a buyer are called "zero-mileage cars." The report claims Zeekr used the insurance ruse to show December 2024 sales in the cities of Shenzhen and Xiamen surged 377 percent and 648 percent, respectively. Neta is alleged to have booked "early sales" in more than half the vehicles it sold in the 15 months ending December 31. Geely denied the reports; Hozon declined to comment.
Amid a cutthroat price war and a large inventory backlog in the electric car industry, Chinese market regulators on Friday summoned 17 major players to meeting, warning that they will adopt measures to curb irrational market behavior.
Economy & Markets
China per-capital disposable income rises 5.3 percent
China's per-capita disposable income rose 5.3 percent in the first half from a year earlier to 21,840 yuan (US$3,040). Disposal income is money remaining after taxes and points to the purchasing power of consumers. Urban disposable income per person increased 4.7 percent to 28,844 yuan, while that for rural residents gained 5.9 percent to 11,936 yuan. Shanghai residents had the nation's top purchasing power at an average of 48,805 yuan.
Cryptocurrencies hit record value
The value of the cryptocurrency market topped a record US$4 trillion at the end of last week, according to CoinGecko, signaling a shift from a fringe asset class to a major player in trade and finance. President Donald Trump, a self-declared supporter of digital currency, signed into law last week new legislation that creates a regulatory framework for stablecoins to be pegged to the US dollar. Cryptocurrencies rose on the news. Among digital currencies, Bitcoin is forecast by some analysts to hit US$200,000 by the end of the year, up from its Friday close of US$118,156.
Listed gold miners predict profit surge
Eight leading listed Chinese gold mining companies are predicting first-half profits will be 50 percent higher than a year earlier after prices of the precious metal soared to records on market volatility caused by US tariff tensions. The three biggest miners, Zijin Mining, Zhongjin Gold and Shandong Gold are forecasting combined net profit of at least 28.3 billion yuan (US$3.9 billion), accounting for around 89 percent of the sector's total.
Corporate
Chipmaker Vastai plans public share sale
Vastai Technologies, a Shanghai-based developer of graphic processing units, is preparing for an initial public offering on the mainland, joining a surge of domestic chipmakers racing to raise capital as China accelerates its push for self-reliance in advanced semiconductors. The company has filed for IPO guidance, the first step in the process, with the China Securities Regulatory Commission, with Citic Securities as its sponsor. Founded in 2018, Vastai designs high-end GPU chips for data centers, graphics rendering and edge computing. It has developed two generations of proprietary chips.
BMW to set up new China technology center
German automaker BMW signed an agreement to establish its first information technology research and development center in China, to be located in Nanjing. The center, BMW's largest hub of the kind in Asia, will focus on artificial intelligence and intelligent manufacturing. "China not only leads the world in the application of digital technologies, but also demonstrates remarkable vitality in building a thriving ecosystem for digital innovation," said Franz Decker, president and chief executive of the BMW Brilliance Automotive joint venture at the signing ceremony.
Sunrise receives investment capital
Sunrise, the chip spinoff of Chinese AI company SenseTime, raised 1 billion yuan (US$139 million) to fund accelerated product production in a Series A fundraising from investors that included Huaxu Capital, 4Paradigm and Yoozoo Interactive. Sunrise has already produced its first two graphics processing unit chips, with a third scheduled to go into mass production next year.
KKR to take majority stake in Dayao beverage brand
Chongqing officials have approved plans by US private equity firm KKR to take an 85 percent stake in Vista International, which owns the Chinese beverage brand Dayao, according to municipal documents. Dayao told local media that there will be no change in its strategy of focus on expanding domestic sales and catering to the younger generation. Dayao has annual sales of 3 billion yuan (US$417 million), ranking third after Coca-Cola and Pepsi in the mainland market.
Linyang Energy plans overseas expansion in Europe
Jiangsu Province-based Linyang Energy said it is planning to expand overseas energy storage facilities, with Europe as a primary target. The company said it views Poland as beachhead and has already set up a sales and technical-support center in Warsaw. Linyang has also set up some operations in Southeast Asia and the Middle East. The global energy-storage market is projected to achieve a compound annual growth rate of 17 percent by 2035.