Top News
China, North Korea hold talks
Chinese President Xi Jinping held talks with North Korean leader Kim Jong Un during Kim's first trip to Beijing in six years. The two allies discussed bilateral relations and "issues of common concern," Foreign Ministry spokesperson Guo Jiakun said on Thursday. Kim told Xi that his country will continue to support Chinese sovereignty, territory and development interests, North Korean state news service KCNA reported.
No sign of momentum in Ukraine peace efforts
Movement toward talks to end the 42-month war in Ukraine remained elusive amid European efforts to pin US President Donald Trump down on where he stands. Ukraine President Volodymyr Zelensky was in Paris, where French President Emmanuel Macron hosted a teleconference with other countries on a proposal to provide peacekeeping forces to Ukraine under any ceasefire deal. The UK and France have agreed; Germany, Spain and Italy have not. The phone conference was followed by a call to Trump, who remained vague. He said Russian President Vladimir Putin "knows where I stand and will make a decision one way or the other." He also said Europe must stop purchasing Russian oil. Putin this week said Russia is willing to fight to achieve all its objectives if Ukraine does not agree to a deal, presumably on Kremlin terms. He said Moscow hasn't ruled out a meeting with Zelensky, proposed by Trump, but questioned whether there is any point to it.
Afghan aftershocks continue, more than 2,200 dead
Afghanistan was hit by a magnitude 6.2 earthquake, the third major one in a series of aftershocks this week. The nation's deadliest quakes in years have killed more than 2,200 people, injured more than 3,600 and left tens of thousands homeless in a mountainous area where landslides have cut off aid routes. The UN and humanitarian agencies said there is a critical need for food, medical supplies and shelter.
Top Business
Nasdaq proposes tighter listing requirements, taking aim at Chinese companies
The Nasdaq market in New York said it will require companies, primarily operating in China, to raise a minimum US$25 million in initial public offerings and will accelerate the process of delisting companies that are thinly traded or have a market capitalization of US$5 million or less, Reuters reported. It has forwarded its proposals to the US Securities Exchange Commission. In June, the Wall Street regulator singled out China in efforts to raise disclosure requirements for companies seeking listings. A record number of Chinese companies have applied this year to list in New York. Among those already listed there are Chinese tech giants Alibaba, JD.com and Baidu.
US slaps sanctions on China's Tengyue over fentanyl accusation
Guangzhou-based Tengyue Chemical was hit with US sanctions over allegations that it is manufacturing fentanyl and coordinating shipments of the illicit opioid to the US. The Trump administration has accused China of not doing enough to stop the fentanyl trade, a claim Beijing denies. The US has imposed a 20 percent punitive tariff on China related to fentanyl. A US Treasury Department statement said the FBI has initiated federal criminal indictments against the company and two of its officials.
BYD may be cutting its 2025 sales target
Chinese electric carmaker BYD, one of the world's largest new vehicle manufacturers, is cutting its sales target for this year by as much as 16 percent to 4.6 million vehicles, CNBC reported, citing industry sources familiar with the matter. BYD declined comment. The company said in its recent report on second-quarter earnings that it has a sales target of 5.5 million autos this year, but it was short of the halfway mark at the end of June. Any rollback in the target may signal that the sizzling market for electric cars is coming off the boil. BYD reported a 30 percent drop in quarterly profit amid a price war in the mainland car industry. The company's China auto sales in July fell for a third consecutive month.
Shein lands in hot water over edited image of accused murderer
Fast-fashion online retail giant Shein, which originated in China but moved its headquarters to Singapore three years ago, found itself embroiled in yet another controversy after a US$11.99 shirt on its website was shown being modeled by a computer-generated image of Luigi Mangione, the man now on trial for the murder of UnitedHealthcare Chief Executive Brian Thompson in New York last year. In a statement to CNN, Shein said the image was provided by a third-party vendor and has since been removed. The company has been involved in earlier controversies over tax evasion, trademark infringement, design theft and data security concerns. This week, the company received a US$175 million fine from France's data protection authority over the improper use of cookies. Shein filed to list on the London Stock Exchange but has failed to win approval, amid reports it is switching its listing focus to Hong Kong.
Economy & Markets
Mainland markets slip on talk of regulatory cool-down
Shanghai and Shenzhen main stock exchanges tumbled for a second day on Thursday amid speculation that regulators may be considering measures to cool a recent hot market rally that has added over US$1 trillion yuan in value. The Shanghai Composite Index fell 1.25 percent after a 1.16 percent drop a day earlier, and the Shenzhen index lost 2.8 percent following a 0.65 decline on Wednesday. Shanghai-listed AI chipmaker Cambricon, a recent market darling after reporting first half revenue surged 4,347 percent, has plunged 18 percent in two days. Analysts said regulators may consider steps like curbs on short-selling, amid memories of 2015, when share prices skyrocketed, then collapsed as quickly.
Hensai gets green-light for HK share sale
Shanghai-based Hesai Group, one of the world's largest makers of light detection and ranging sensors for automobiles, received approval from the China Securities Regulatory Commission for an initial public offering in Hong Kong. The IPO is expected to seek to raise about US$300 million. The company is already listed on the Nasdaq market in New York, where its shares rose 14 percent this week. The company has denied US allegations that it sells products to the Chinese or any other military.
Gold jewelry prices hit record
Gold jewelry prices in China, the world's largest gold market, surged to a record on a rally in global bullion. Retailer Chow Sang Sang quoted a price of 1,062 yuan (US$149) per gram for 24-karat gold, up 37 yuan in three days, while Chow Tai Fook listed a price of 1,060 yuan and Lao Feng Xiang, 1,058 yuan. Gold in New York trading fell slightly on Thursday from record highs to close at US$3,596. Citic Securities is forecasting gold could top US$3,730 an ounce by year's end.
Brazil becomes third-largest recipient of Chinese investment
Brazil has become the third-largest destination for Chinese global investment as the investment doubled last year, Reuters reported, citing a Brazil-China Business Council report. Last year, Chinese investment rose to US$4.2 billion across automotive, energy and food delivery sectors. Brazil and China, founding members of the Brics economic group of countries, have both been the target of trade tensions initiated by the US. Last year, Chinese investment in the US ebbed to US$2.2 billion as Beijing shifts its focus to other world markets.
Nidec shares plunge in Japan on probe of malpractice at its China's subsidiary
Shares of Japan's Nidec Corp, one of the world's largest makers of brushless motors used in electric cars, factory robots and appliances, plunged 22 percent after the company announced an investigation into allegations of improper accounting and false country-of-origin reports at its China subsidiary Nidec Techno Motor. The parent recently opened the Nidec Qingdao Industrial Park in Shandong Province.
World Cup fever takes hold at Yiwu export hub
There's nothing like a global sporting event to boost sales of game-related merchandise, and next year's World Cup jointly hosted by the US, Canada and Mexican is no exception. Merchants at the big export hub of Yiwu in Zhejiang Province say they have been doing a roaring trade in cup merchandise in the first seven months of this year, with sports gear shipments up 17 percent from a year earlier to 6.8 billion yuan (US$952 million). Some 400 businesses in Yiwi are turning out an average 4,000 footballs a day, mainly for Southern American and European markets, Yicai reported. Yiwu is also making sports clothing and gear, and World Cup souvenirs. Tickets for the World Cup, to be held June 11-19, go on sale this month.
Corporate
UBTech secures record robot deal
China's UBTech said it signed a 250 million yuan (US$35 million) contract with an undisclosed mainland company to supply its flagship robot Walker S2, an advanced humanoid robot that can change its own batteries. The deal is the largest-ever single order in the global embodied intelligence robotics industry. Orders to date this year have topped 400 million yuan. Clients have included automakers such as BYD, Geely and FAW-Volkswagen, as well as logistics giant SF Express. UBTech's first-half revenue rose 27.5 percent to 621 million yuan, while losses narrowed 18.5 percent to 440 million yuan.
Huawei launches new foldable phones, leads in smartwatches
Huawei Technologies launched its second trifold phone, the Mate XTs, just days before Apple is scheduled to its new iPhone 17 series. The Mate XT uses the company's self-developed chipset and runs on its HarmonyOS ecosystem. The company said the phone has a performance improvement of 26 percent. The phones various version are priced between 17,999 yuan (US$2,520) and 21,999 yuan.
In the smartwatch market, Huawei has overtaken Apple as the world's leading supplier for the first time, Yicai reported, citing Counterpoint Research. Huawei's smartwatch shipments in the second quarter surged 52 percent from a year earlier, raising its market share to 21 percent, mostly on deliveries in China. Apple's global deliveries in the three months slipped 3 percent, the seventh straight month of declines, giving the US company a 17 percent market share.
Four Chinese companies top global list of consumer robot suppliers
Chinese companies Roborock, Ecovacs, Dreame Technology and Xiaomi took the top four spots as global suppliers of consumer robots for housecleaning, mowing lawns and cleaning pools in the first half of this year, Yicai reported, citing market research firm International Data Corp. Their combined six-month shipments rose a third from a year earlier to 15.4 million units. Roborock dominated the global market with a 15 percent share, followed by Ecovacs, with 14 percent; Dreame, with 10 percent; and Xiaomi, 7 percent. US manufacturer iRobot ranked fifth, with a 5.8 percent share.
Madame Tussauds to close wax museum in Beijing
Madame Tussauds Beijing, which opened 11 years ago, will close on October 1 due to an expiring lease and brand strategy adjustments, its operator said. Most wax celebrity figures in the museum will be moved to other locations in China, including Shanghai and Wuhan.