Top News
Global AI conference opens in Shanghai in industry rife with competition
With artificial intelligence the hot topic in global technology and the industry expected to hit a value of US$4.8 trillion by 2033, the three-day 2025 World Artificial Intelligence Conference began today in Shanghai. Premier Li Qiang delivered opening remarks in the morning. The theme of the conference, "Global Solidarity in the AI Era," belies the fierce competition among companies and countries to dominate the market. Some 800 companies are participating with exhibits of more than 3,000 of the latest innovations spanning large language models, AI-powered devices and smart robots.
Among industry luminaries expected to attend are Geoffrey Hinton, Nobel laureate and acknowledged "godfather of AI," Turing Award winner Andrew Yao, and executives from industry leaders like Alibaba, Google, Huawei, Tencent, ByteDance, MiniMax, SenseTime, iFlytek and Siemens. Venture capitalists will also be on hand looking for hot investment prospects.
Just days before, President Donald Trump released a US action plan that he said would propel the US to supremacy over China in AI development and application.
Thailand declares martial law
China's Foreign Ministry urged Thailand and Cambodia to resolve their differences through dialogue, not armaments, as fresh clashes broke out along the border of the two nations. Authorities in Thailand declared martial law in eight districts. Acting Thai Prime Minister Phumtham Wechayachai warned the conflict could escalate into "war." Thai officials reported attacks in 12 locations and said 15 people have been killed so far in Thailand. Cambodia has not released any casualty figures but officials in one province near the border said at least one person was killed. More than 100,000 people living near the border in Thailand have been displaced, with a reported 1,500 families evacuated in Cambodia. Each nation accuses the other for the flareup of hostilities.
Gazan starvation continuing, UN reports
Almost one in three people in Gaza goes days without eating, the UN's food aid program said, as talks on a ceasefire for the coastal enclave appear to collapse. The World Food Program said 90,000 women and children are in urgent need of help, as daily reports of death from starvation rise. Israel, which controls access to Gaza, denied blocking aid deliveries and blamed Hamas for any malnutrition. Local media reports said United Arab Emirates and Jordan plan to conduct aerial food drops in Gaza. The US and Israel walked away from peace talks with Hamas a day ago, accusing the group of acting in bad faith.
Top Business
Shanghai issues robotaxi licenses
Shanghai has issued its first licenses for paid autonomous taxi services to coincide with the 2025 World Artificial Intelligence Conference being held in the city this weekend. The decision is another step forward in the city's self-driving push after test-phase licenses were issued last year for road trials in designated areas. The new permits will allow robotaxi services to charge passengers within designated areas of Pudong, excluding the financial district of Lujiazui. Traditional taxi companies will partner with technology firms under a "license-plus-technology" model, combining operational know-how with autonomous driving systems. Shanghai has already opened 1,800 kilometers of roads for autonomous vehicle testing.
Food delivery price war wages on, merchants unhappy
Merchants participating in Meituan's online food fast-delivery service said the price war involving Meituan, Alibaba's Taobao Flash Buy and JD.com is cutting their income by as much as 15 percent and urged an end to the fierce competition. China's State Administration for Market Regulation on July 18 demanded rational competition in a meeting with the three platforms, but its warning shows no signs yet of being heeded. Earlier this month, Taobao launched a 50 billion yuan (US$7 billion) one-year program that offers big discounts to consumers and some subsidies to merchants. Meituan responding by rolling out its own big subsidies.
'Wuchang: Fallen Feathers' a game hit despite some bad reviews
Widely anticipated "Wuchang: Fallen Feathers," a Chinese action role-playing game developed by Leenzee and published by 505 Games, began appearing on PlayStation 5, Xbox X/S and Windows platforms this week, peaking at over 130,000 players on its first day. That came despite negatives reviews from some players that cited PC performance issues, which Leenzee acknowledged and promised to fix. China's game developers have been enjoying increasing success in world markets.
Economy & Markets
Leads Biolabs shares surge in HK debut
Shares of Nanjing-based Leads Biolabs surged 92 percent from their offer price in their Hong Kong trading debut on Friday, underscoring investor appetite for biotech listings despite the company's lack of revenue. The company raise HK$1.18 billion (US$150 million) from the oversubscribed sale of 36.9 million shares. Leads Biolabs, which focuses on clinical-stage drug development, reported narrowing losses for the first quarter but warned in its prospectus that it expects to remain unprofitable "for the foreseeable future" due to high research and development costs. About two-thirds of the sale proceeds will used for clinical trials and regulatory work.
Shanghai welcomes rise in high-yield corporate bond issues
The Shanghai Stock Exchange's new framework to encourage more companies to issue bonds has already generated 53 debt sales, Securities Times reported, as China looks to widen funding options for the private sector to revive the nation's economy. Bond issuances under the system raised 37 billion yuan (US$5.2 billion) as of June 30 this year, with average yields of 2.9 percent, a 45 percent premium over state-backed bonds. The exchange is aiming for a total of 100 debt sales by the end of the year.
Separately, the Shanghai branch of the People's Bank of China said overseas investors expanded their allocations of yuan-denominated assets in the first half of the year, with purchases of domestic bonds followed by a rebound in stock purchases. It said the net inflow of funds shows foreign confidence in capital markets and the stability of China's long-term economic outlook.
Shanghai port is first in Asia to offer cleaner marine fuel
Shanghai has become the first port in Asia to offer bunkering services of cleaner-burning ultra-low sulfur marine fuel. The first loading of 875 tons of the domestically produced fuel was loaded by PetroChina Fuel Oil onto a Cosco container ship. The International Maritime Organization recently changed the regulations for vessels sailing in the Mediterranean, dropping allowable sulfur content in fuels to below 0.1 percent from 0.5 percent.
Real estate loans point to a stabilizing market
Outstanding property-related loans in China at the end of the second quarter were up 0.4 percent from a year earlier to 53 trillion yuan (US$7.5 trillion), according to the People's Bank of China, signaling signs of stabilization in the troubled sector. For the first half of the year, real estate loans increased by 417 billion yuan, and property development loans rose by 293 billion yuan. Outstanding household mortgages stood at 38 trillion yuan, down 0.1 percent from a year earlier.
Corporate
ByteDance develops robotic "brain" for household chores
TikTok owner ByteDance, a Chinese company turning its focus to artificial intelligence, said has developed a 'brain" for robots that enables them to do household chores like hanging out the wash and cleaning tables. Its GR-3, a vision-language-action robotics model, has been installed in a robot called ByteMini.
Chery denies India tech deal
Chinese automaker Chery denied reports that it will license electric-vehicle technology to India's JSW Group for a planned brand launch in 2027, saying its role is limited to supplying components. Bloomberg reported earlier that JSW, aiming to build India's largest electric-vehicle plant in Maharashtra, with a 400,000-car annual capacity, was in talks to license Chery's technology in exchange for upfront and royalty payments. India has restricted foreign stakes in sectors, like automobiles, that it considers strategic. JSW emphasized that core technology would be developed domestically, with support from Indian firms KPIT Technologies and LTIMindtree.
OSL sells shares to finance crypto development
Hong Kong-based cryptocurrency platform OSL Group said it has completed a US$300 million round of equity financing via a series of share placements. It comes just days before the city's new stablecoin licensing law takes effect on August 1 and as Hong Kong monetary authorities issued a warning against growing market froth related to stablecoins. OSL said proceeds from the share sale will finance global initiatives, including stablecoins, and development of a digital payments network.
Titan Scientific to take over UK company
Shanghai-based Titan Scientific, a producer of chemical reagents, said it plans to acquire UK-based Apollo Scientific from its parent Central Glass for 5.7 million pounds (US$7.8 million) to broaden its product lineup and expand its global footprint. Apollo, a specialty chemicals concern, posted a loss of US$769,000 in 2024.
Golden Dragon to take stake in Bornsales
Shenzhen-listed Golden Dragon Development said it plans to acquire almost 30 percent of domestic company Bornsales Science and Technology, which runs smart data centers, to facilitate its business transformation. Bornsales, based in Shenzhen, counts Internet giants Tencent Holdings, Alibaba Group and Baidu among its clients.
Home decorator chain files for bankruptcy
LJJ Home, a popular interior décor chain with over 100 stores in southern China, initiated bankruptcy proceedings, citing the downturn in China's real estate market. It said losses have led to insolvency. No debt figures were made public.