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Markets

‘Explosive demand’ for cooling continues as Europe swelters, China’s Midea says

Two factories receive orders for 200,000 units in a month from the continent, company says Chinese home appliance maker Midea reported that European demand for its air conditioners continues to soar amid recurrent heatwaves, with two of its factories receiving hundreds of thousands of new orders in a month. The factories, in the eastern city of Wuhu and the southern port city Guangzhou, received new European orders for 200,000 units within a month amid “explosive demand”, the company said in a statement on Wednesday on the Shenzhen Stock Exchange’s investor Q&A platform. Many cities restrict exterior-wall modifications such as drilling for external AC units under strict historic urban preservation rules. Unlike conventional split systems, the PortaSplit uses a window bracket to suspend the outdoor unit without the need for permanent installation. To meet surging demand, Midea opened a new production line at its Wuhu factory on July 7, manufactured 20,000 units in just three and a half days and started the first shipment to France within seven days, the Foshan, Guangdong-headquartered company said earlier this month. Historic heatwaves have gripped Europe since late May, sending residents scrambling for fans and air conditioners.

July 29, 2026

Markets

Hong Kong expands CMU’s global reach with Swiss, Spanish securities link

The HKMA connects its securities settlement platform with Switzerland’s SIX exchange, while also launching equity post-trade services Hong Kong’s de facto central bank has linked its securities settlement platform with Switzerland’s SIX stock exchange, giving its members direct access to securities in the Swiss and Spanish markets. The Hong Kong Monetary Authority (HKMA) announced the new connection between SIX and its Central Moneymarkets Unit (CMU) platform on Wednesday, while also launching equity post-trade services on the platform for the first time. The changes are set to boost the CMU’s global reach, as well as expand the platform’s role beyond its traditional focus on the bond market. They also mark the debut of equity post-trade services by CMU OmniClear, a company established in 2024 to commercialise and expand the CMU’s operations. The move is part of the HKMA’s effort to develop the CMU into a broader post-trade platform that supports multiple asset classes and cross-border investment. The CMU serves as Hong Kong’s central securities depository, providing custody and settlement services primarily for debt securities.

July 29, 2026

Markets

The CXMT shock: how China’s viable alternatives punch Nvidia, Micron, SK Hynix shares

Advances in chips, chipmaking equipment and AI models disrupt stocks by threatening the edges of existing leaders, investors say China’s increasing clout in the global semiconductor supply chain is accelerating the unravelling of the artificial-intelligence trade, as expectations grow that the Asian nation will challenge foreign tech juggernauts by supplying the world with cheaper alternative products. The episodes add to the unwinding of the frenzy on global AI and technology stocks, which have already been taking a beating amid growing jitters over whether massive capital expenditure will generate cash flows to justify their lofty valuations. China’s advances on the technological frontier should translate to more supply of low-cost substitutes that will reshape the industry by eroding the advantages and margins of existing leaders, according to analysts. “The message for global investors is that AI is becoming a two-sided trade,” said Gary Dugan, CEO of The Global CIO Office.

July 29, 2026

Markets

Chinese MLCC firms’ profits and stock prices fatten on hunger for electronic ‘rice’

Shares in Guangdong Fenghua, Suzhou GYZ, Chaozhou Three-Circle and upstream suppliers shoot up as relentless AI demand reshapes market Chinese manufacturers of multilayer ceramic capacitors (MLCCs) – tiny components required in great numbers to regulate electrical flow in electronic devices – are riding a stock rally on the back of explosive first-half earnings, fuelled by insatiable global demand for artificial intelligence infrastructure. Shares of Shenzhen-listed Guangdong Fenghua Advanced Technology, one of the country’s leading producers of consumer-grade MLCCs, surged by the exchange-imposed 10 per cent daily limit on Wednesday morning. It marked the second time the stock hit the ceiling this week, capping a rally of more than 180 per cent so far this year. Meanwhile, Suzhou GYZ Electronic Technology jumped 20 per cent to hit the daily limit on Shanghai’s Nasdaq-style Star Market, and Chaozhou Three-Circle, a major domestic manufacturer of high-capacitance MLCCs, saw its Shenzhen-traded shares climb around 8 per cent, putting its year-to-date gain above 130 per cent. Its Hong Kong shares also rose 5 per cent on Wednesday.

July 29, 2026

Markets

Why has the China-US profit gap widened on the Fortune Global 500?

Despite posting strong revenues, China’s multinationals logged average profits of US$4.5 billion in 2025, just 40 per cent of US counterparts’ figure Since 2021, the average profit of Chinese companies has climbed by 27 per cent. While average profits across all 500 firms rose by 105 per cent, those of US companies jumped 110 per cent. “Falling profits among Chinese firms in recent years are largely an economic structural problem. New growth-driven investment is mainly led by the government, while private investment is on the decline. And soft consumption growth has hampered overall economic momentum and affected profits for traditional industries,” Tang said. Amazon has become the world’s top firm by revenue, ending Walmart’s 12-year reign and putting the retail giant in second place, while China’s State Grid retained its spot at third. UnitedHealth Group and Saudi Aramco took fourth and fifth place, respectively.

July 29, 2026

Markets

Chinese AI start-up Moonshot seeks influential ambassadors to widen Kimi’s global reach

Start-up is recruiting entrepreneurs, developers, creators and students who use Kimi to share their experiences with broader communities The Beijing-based start-up on Tuesday launched the “Kimi Ambassador Program”, aimed at “passionate Kimi users to build up communities and the future of AI”, according to its website. The move comes as Moonshot seeks to turn the growing attention around Kimi K3 into broader adoption among developers and creators. Unlike traditional software products, AI models often need users to adapt them to specific workflows, making external developers and communities an increasingly important channel for discovering new use cases. The company was recruiting entrepreneurs, developers, content creators and university students who were “influential” in their own communities, had integrated Kimi into products or workflows and were willing to share their experiences and passions to a broader community, it said. The application process reflects the type of users Moonshot hopes to attract.

July 29, 2026

Markets

Why is Zhongji unveiling US$1.2 billion in buy-backs before its Hong Kong debut?

The optical-module maker plans to buy back shares denominated in yuan to anchor pricing before its initial public offering in the city The buy-back came on the heels of a sell-off in Zhongji’s yuan-denominated stock, which was closing in on the offer price of HK$980 for the Hong Kong initial public offering (IPO). A further decline in the onshore stock would increase the risk that its Hong Kong-listed shares dip below the IPO price on the first day of trading, a setback for the company as it banks on an offshore listing to expand its overseas business and build up a corporate image among global investors. “Zhongji’s buy-back plan comes at a sensitive time, namely just ahead of its Hong Kong listing,” said Dai Ming, a fund manager at Huichen Asset Management. “The most plausible reason for doing this is to bolster sentiment before the Hong Kong debut,” he added.

July 29, 2026

Markets

How ‘Hoe Hin White Flower Embrocation’ keeps a century-old family legacy in bloom

The family’s fourth generation will drive medicinal oil business forward by protecting its trusted qualities that are unchanged since 1927 For any family business built up over many decades, succession is rarely as simple as passing down a title. Each generation must understand the values and qualities that have made the company popular with customers, while finding ways to carry on its legacy and ensure it endures. That process often requires both emotional and practical preparation for family-owner businesses, says Christine Wong, Bank of Singapore’s head of wealth planning for Greater China and North Asia. “Succession is not only about deciding who will lead next, but also about putting the right structures in place so a family’s values, responsibilities and long-term vision can be preserved and continue to guide the business in the years ahead,” she says. For Hoe Hin Pak Fah Yeow – Cantonese for “Harmonious and Prosperous White Flower Oil” – which is known on its packaging as Hoe Hin White Flower Embrocation, that question carries almost a century of history.

July 29, 2026

Markets

China’s ATRenew has big plans for Hong Kong’s little-known phone trading hub

New York-listed firm aims to modernise the city’s opaque wholesale market, which sits at the centre of a vast global network for used devices China’s largest second-hand electronics platform, ATRenew, plans to use its technology and trading standards to modernise Hong Kong’s huge wholesale market for pre-owned devices, as it seeks to make the city a springboard for its global expansion. The New York-listed company on Tuesday launched FoneSquare – a cross-border business-to-business online marketplace for used electronics – as well as ReRe, a new consumer brand making its debut with a store in Hong Kong. While the bricks-and-mortar outlet will test demand for certified second-hand products in Hong Kong, executives said the wholesale platform would be central to the group’s international growth strategy. “We’ve already proven the model in what is probably the world’s most complex second-hand electronics market,” Ji said, adding the company had built a mature sourcing network, merchant ecosystem, automated inspection system and unified grading standards. Hong Kong is ATRenew’s first stop because it already sits at the heart of the global used-phone trade, according to the company.

July 29, 2026

Markets

Chinese AI chip giant Cambricon sets US$14.8b revenue goal tied to staff incentive plan

Initiative reflects push to retain core talent amid intensifying competition to develop and commercialise domestic AI chips The goal marked a nearly 20-fold increase from its previous plan set three years ago, which aimed for 4.6 billion yuan in cumulative revenue from 2024 to 2026. The Shanghai-listed company said on Tuesday that it planned to grant 5 million restricted shares – equal to 0.8 per cent of the company’s total share capital – at a grant price of 750 yuan per share, according to stock exchange filings. Cambricon shares traded at 1,146.90 yuan as of market close on Wednesday. The initiative covers more than 85 per cent of its 1,107-person workforce as of the end of 2025. Eligible staff included board directors, senior executives and core technical personnel, alongside mid-level managers, Cambricon said. It set a target of more than 13.5 billion yuan in revenue for 2026 alone, and 40.5 billion yuan for 2026 and 2027 combined. Shares would be granted to employees upon meeting these milestones, alongside the broader three‑year goal.

July 29, 2026

Markets

China’s Pop Mart opens new store in Singapore’s Sentosa amid slowing domestic sales

Popular toymaker targets global expansion and revenue diversification, looking beyond just collectibles Chinese toymaker Pop Mart International ramped up its global expansion on Wednesday by opening a new store on Singapore’s Sentosa Island – alongside its first overseas Pop Bakery dessert store in the same venue – with observers predicting that more overseas locations would help drive growth, especially those in underpenetrated markets. The launch comes amid softer domestic sales and normalising demand after a strong intellectual property cycle in 2025. Analysts said improved inventory availability has also reduced the scarcity-driven traffic that helped form the brand’s identity. After spending the past half-decade expanding in Singapore, Pop Mart opened its new stand-alone store directly opposite Universal Studios Singapore. The two-floor space houses Pop Mart on the ground floor and its Pop Bakery line upstairs. “The Sentosa store represents the future form of retailing for Pop Mart, with mixed-type offerings,” said Jeff Zhang, a senior equity analyst for Morningstar. “We expect Pop Mart to open more duplexes over the next few years.

July 29, 2026

Markets

Standard Chartered posts 10% rise in first-half profit, launches US$1b buy-back

Share price surges on 38 per cent rise in wealth-management revenue, even as Middle East tensions and bad debt temper profit growth Standard Chartered shares rose 3.9 per cent to HK$231.40 on Wednesday after the bank announced strong first-half results and a US$1 billion share buy-back programme. Net profit climbed 10 per cent in the first six months of 2026 to a record US$3.37 billion, or 151.6 US cents per share, from US$3.07 billion a year earlier. The result was better than the analysts’ estimate of US$3.01 billion. Pre-tax profit increased by 9 per cent to US$4.78 billion in the first half, compared with US$4.38 billion a year earlier. The bank announced an interim dividend of 20.4 US cents a share, up 66 per cent from a year earlier. “Our performance demonstrates the strength of our differentiated international network and the disciplined execution of our strategy. Clients continue to turn to us to facilitate trade, investment and wealth flows across the world’s most dynamic markets,” said CEO Bill Winters in an earnings statement to the Hong Kong stock exchange.

July 29, 2026