Top News
Russian, North Korean leaders to attend China's big military parade
Russian President Vladimir Putin and North Korean leader Kim Jong Un will be among 26 foreign dignitaries attending next week's massive Victory Day parade in Beijing to mark the 80th anniversary of China's victory over Japanese invaders. Indian Prime Minister Narendra Modi, who will be in China for a regional economic summit just days before the September 3 parade, will not stay on to attend. President Xi Jinping will preside over the 70-minute parade, which will travel down Chang'an Avenue to Tiananmen Square. It will display China's latest high-tech weaponry and precision marching formations by top military units. Other countries that will be represented at the event are Belarus, Iran, Indonesia, Serbia and Slovakia. The UN will be represented by Under Secretary-General Li Junhua. The US, EU and Japan will not attend.
Russian attack on Kiev kills 15, EU says it makes a mockery of peace efforts
Russia's second-largest attack on Ukraine fired 598 drones and 31 missiles into the capital Kiev, killing 21 people, including four children, and damaging buildings housing the EU and British Council. Ukrainian President Volodymyr Zelensky said Moscow is choosing "ballistics instead of the negotiating." EU Commission President Ursula von der Leyen said Russia is "blindly killing civilians." The White House said President Donald Trump is "not happy" but "not surprised" by the strikes. Kremlin spokesman Dmitry Peskov said that Moscow is still interested in peace talks.
Beijing welcomes Trump statement on Chinese students in the US
China said it hopes that President Donald Trump's commitment to double the number of Chinese students in the US to 600,000 is more than just lip service. Foreign Ministry spokesman Guo Jiakun said China welcomes Trump's overture but hopes it will be followed up by action. He added, "We hope the US will stop groundlessly harassing, interrogating or repatriating Chinese students, and protect their legitimate and lawful rights."
Beijing welcomes Trump statement on Chinese students in the US
China said it hopes that President Donald Trump's commitment to double the number of Chinese students in the US to 600,000 is more than just lip service. Foreign Ministry spokesman Guo Jiakun said China welcomes Trump's overture but hopes it will be followed up by action. He added, "We hope the US will stop groundlessly harassing, interrogating or repatriating Chinese students, and protect their legitimate and lawful rights."
Top Business
Li Auto net income slips on tough market competition
Beijing-based Li Auto, a leading Chinse manufacturer of electric vehicles, said second-quarter net income fell 2.3 percent from a year earlier to 1.5 billion yuan (US$205 million) on a 4.5 percent drop in revenue to 30.2 billion yuan. Deliveries rose 2 percent to 111,074 vehicles, but revenue from sales dropped 4.7 percent in a highly competitive domestic market prone to price wars. Chairman Xiang Li said the company's pursuit of user-friendly technology and product innovations have "solidified our position as China's best-selling domestic automotive brand" in the upmarket end of the market. Last month, the company launched its second all-electric vehicle, the Li i8 -- a six-seater equipped with smart driving technology and fast-charging capability. Li Auto said it expects third quarter revenue of at least 24.8 billion yuan on delivery of up to 95,000 vehicles.
CNOOC profit slides on lower oil prices
China National Offshore Oil Corp (CNOOC), China's third-largest oil producer, reported a 13 percent decline in half-year profit to 69.5 billion yuan (US$9.7 billion) from a year earlier as lower oil prices offset a 6 percent rise in production to a record high. The company, in a filing with the Hong Kong Stock Exchange this week, said revenue from sales of offshore oil and gas in the six months tumbled 7 percent to 172 billion yuan. CNOOC said it made five new discoveries offshore this year and began production in several new fields in China and one in Brazil. It also signed a contract for oil exploration in Kazakhstan.
SenseTime narrows loss in first half
SenseTime, a Chinese artificial intelligence software company involved in facial recognition, medical image and voice analysis, autonomous driving technology and remote sensing, narrowed its loss in the first half to 1.2 billion yuan (US$168 million) from 2.3 billion yuan a year earlier. Revenue rose 36 percent to 2.3 billion yuan, driven by a 73 percent expansion in generative AI.
Last year, the company unveiled its AI generative model, SenseNova 5.0. SenseTime said it is aligning its business strategy with the central government's "AI Plus" initiative, which aims for adoption of AI devices to reach 90 percent by 2030. Revenue from what SenseTime calls its X Businesses, which include smart autos, healthcare and robotics, decreased to 106.7 million yuan from 176.5 million yuan a year earlier, while sales in its computer vision business fell 17 percent. Spending on research and development increased 12 percent to 2.1 billion yuan.
Cosco Shipping posts modest rise in profit amid global uncertainties
Cosco Shipping, a Shanghai-based marine transport conglomerate, said first half profit rose 3.9 percent from a year earlier to 17 billion yuan (US$2.4 billion) on a 7.8 percent increase in revenue to 109 billion yuan, despite what the company called a "volatile" shipping market beset by tariff wars and geopolitical tensions. Revenue in its container shipping division rose 7.5 percent, though volume throughput on its biggest route, trans-Pacific transport, rose only 1.8 percent. Revenue in Cosco's terminal business rose nearly 15 percent. The company said the short-term outlook for the container shipping market is still filled with "relatively great uncertainties."
China trade envoy in US
Top China trade representative Li Chenggang is in Washington meeting with US officials, the Ministry of Commerce confirmed, without giving details of the talks. A US government spokesperson said the meetings are not a formal round of trade negotiations. The US and China have yet to agree on a new trade treaty, though most tariffs imposed by both countries have suspended until November to allow for negotiations.
Economy & Markets
Europe car sales rise, BYD market share surpasses Tesla
European new car sales in July rose 5.9 percent, as gains in Germany offset declines in Britain, Italy and France, Reuters reported. Tesla lost market share for a seventh straight month, trailing Chinese electric carmaker BYD, which was included for the first time in data compiled by the European Automobile Manufacturers Association. Tesla's sales dropped 40 percent, narrowing its market share to 0.8 percent from 1.4 percent a year earlier, while BYD sales more than tripled, giving it 1.2 percent of the market.
Tungsten miner's shares soar 134 percent in HK debut
Shares in tungsten miner Jiaxin International Resources closed 134 percent above their offer price at HK$30.34 (US$3.90) in their trading debut in Hong Kong. The shares debuted simultaneously on the stock exchange of Kazakhstan, where Jiaxin is developing what is said to be one of the world's largest open-pit tungsten mines. The HK$1.2 billion initial public offering is the first to ever list in both the city and in Central Asia. Tungsten is an element primarily turned into tungsten carbide, which is used to make knives, drills and tools used in metalworks, mining and petroleum industries.
US economic growth revised upward
The US economy in the second quarter grew at a faster-than-expected 3.3 percent, the Commerce Department said, revising an earlier estimate of 3 percent growth. The higher figure was driven in part by investment in artificial intelligence technologies. Consumer spending was revised up to 1.6 percent from 1.4 percent. Imports tumbled 29.8 percent and exports fell 1.3 percent.
China targets 50 new 5G factories
China unveiled plans to build at least 20 5G factories by 2027 under plans to integrate more fully the fifth-generation wireless mobile network.
Corporate
Shui On Land posts profit drop, says Shanghai luxury property 'resilient'
Hong Kong property developer Shui On Land, which has significant investments in Shanghai, reported first-half net income fell 29 per cent from a year earlier to 51 million yuan (US$7.1 million), though it said Shanghai's luxury market has been resilient in face of a nationwide property slump. Revenue totaled 2.1 billion yuan. Shui On Chairman Vincent Lo Hong-sui said it will take some time for the property market to hit bottom amid uncertainty in the mainland economy, the South China Morning Post reported.
Home appliance maker to expand into electric cars
Chinese home appliance maker Dreame, best known for its robot vacuum cleaners, said Thursday it is expanding into the electric vehicle market with plans to develop a luxury car with performance on par with Bugatti. The company said it has assembled an automotive team of nearly 1,000 people and will unveil its first model in 2027. Dreame said it will leverage its expertise in high-speed motor technology to create one of the world's fastest electric vehicles. Analysts said it's a bold move when the electric car market is already crowded with rivals and engaged in a price war.
China Life posts 6.9 percent profit increase
China Life Insurance, the nation's largest life insurer, reported first-half profit rose 6.9 percent to 41 billion yuan (US$5.7 billion) on a 2.2 percent rise in overall revenue to 239.5 billion yuan, missing market estimates. New life insurance policies written in the six months grew 20 percent. The company's payout rate on policies was a low 16 percent.
Drug developer XtalPi turns to profit on US deal
Shenzhen-based XtalPi said first-half revenue from drug development surged 615 per cent to 435 million yuan (US$61 million), with income turning to a profit of 141.6 million yuan from a year earlier loss of 251 million yuan, the South China Morning Post reported. The company said it has collected an upfront payment of US$51 million, the first installment of a collaborative agreement with US-based DoveTree Medicines that could be worth up to US$5.9 billion. Under the agreement, DoveTree has exclusive global rights to develop and commercialize a portfolio of innovative therapeutics developed by XtalPi.
Thriving pet market in China feeds companies' earnings growth
China's booming pet market is proving a bonanza for companies supplying nutrition and care products to dog and cat owners, Yicai reported. Guaibao Pet Food posted a 23 percent surge in first-half profit on a 33 percent surge in revenue. Tianyuan Pet Products delivered a 20 percent increase in profit on a 15 percent rise in rise in revenue. H&H Group, a global health and nutrition company, has also entered the market, reporting an 8.5 percent rise in China sales. And China Pet Products sales of pet foods soared 86 percent.
JinkoSolar swings to loss from profit
JinkoSolar, a maker of photovoltaic components, turned to a first-half loss of 2.9 billion yuan (US$405 million) from a profit of 1.2 billion a year earlier. Revenue tumbled a third to 32 billion yuan. Its results are in line with other leading solar panel makers that reported interim losses this week amid dropping prices and a supply glut.
Anta Sports reports record half-year revenue
China sportwear giant Anta Sports said first-half profit grew 7.1 percent from a earlier to 6.6 billion yuan (US$922 million) on a 14 percent surge in revenue to a record 38.5 billion yuan. The company announced it will form a joint with South Korea's Musinsa to bring its apparel brand to the mainland.