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Markets

What CXMT must do to grow global memory market share and build on its surge: analysts

Company’s wafer expansion and AI demand could lift its DRAM share and more than double the stock’s value, analysts say The listing of CXMT, the country’s top maker of DRAM chips, sparked investor momentum as its shares surged 466 per cent to close at 49 yuan. It has become the most valuable company listed on the mainland Chinese market. Its market cap of 3.28 trillion yuan (US$484.6 billion) is larger than US chip giant Intel, valued at about US$464 billion. Nomura on Monday estimated its share of the global DRAM market could rise from about 10 per cent now to about 18 per cent by the end of 2028. That growth would be supported by monthly capacity expanding from 280,000 12-inch wafers in Hefei and Beijing at the end of 2025 to 350,000 by the end of 2026 and 550,000 by the end of 2028, with new lines added in Shanghai, it added.

July 27, 2026

Markets

Big Short trader Michael Burry’s rising bearish AI positions test China’s stock support

Burry’s increasing bearish wagers put pressure on Beijing’s stock market intervention as Moody’s flags mounting debt risks Moody’s cautioned last week that heavy capital spending was eroding cash flows at US hyperscalers including Microsoft and Amazon.com. The global AI trade, alongside a bull run on Chinese technology stocks, has faltered amid doubts over whether data-centre and cloud spending will translate into real cash flows and justify stretched equity valuations. “I believe much of current and future demand is not driven by end customers, end demand,” said Burry in a post on Substack. The high-profile investor was featured prominently in the 2010 nonfiction book The Big Short, as well as its 2015 film adaptation. “Much and possibly most is financed, off-balance sheet and not lit. Future revenues are majority financed in a circular arrangement, per the 2026 BIS [Bank for International Settlements] annual report.”

July 27, 2026

Markets

CXMT surge shows why China stock buyers see IPOs as one-way bet

Chipmaker CXMT surged more than fivefold on its Shanghai trading debut to become the largest mainland-listed company by market value as the artificial intelligence boom stokes demand for memory chips. The stock closed at 49 yuan, versus a sale price of 8.66 yuan. That gave the Hefei-based company a market capitalisation of 3.3 trillion yuan, surpassing Industrial and Commercial Bank of China. It traded as high as 55.03 yuan during the day on the tech-heavy Star Market. CXMT raised 57.92 billion...

July 27, 2026

Markets

7 Hong Kong developers bid for waterfront project as Kowloon renewal gathers pace

Site for 1,200 flats, worth at least US$688 million, is part of urban renewal initiative linking Kowloon neighbourhoods to Kai Tak Hong Kong’s Urban Renewal Authority (URA) received seven tender submissions for a major waterfront residential redevelopment project in Hung Hom, drawing bids from some of the city’s largest developers despite a subdued land market. The authority said on Monday that seven developers submitted tenders for the project before the noon deadline. A tender review panel under the URA board will assess the bids before making recommendations, with the board to decide on the successful developer. Wheelock Properties and Chinachem Group confirmed to the South China Morning Post that they had submitted a tender, while Sino Land said it had formed a consortium with Kerry Properties and Great Eagle Holdings to bid for the project. Other bidders include CK Asset Holdings, Sun Hung Kai Properties, K. Wah International, and China Overseas Land & Investment, according to local Chinese media reports and sources.

July 27, 2026

Markets

Quant funds blamed for driving Chinese equities slump, but data shows they were net buyers

Some investors accuse quant funds of accelerating the July decline through share dumping, reigniting suspicions rooted in the 2015 crash Industry data, however, tells a different story. Several major quant funds were net buyers during some of the market’s weakest sessions this month, according to the Private Securities Investment Fund Professional Committee under the China Securities Investment Fund Association, as reported by domestic media last week. Market participants said the buying pattern reflected the way quantitative strategies were designed to operate. “Quant funds actually provide market liquidity rather than making one-sided directional bets,” said Wang Zheng, chief investment officer at Shanghai-based venture capital investment firm Jingxi Investment Management. However, he noted that similarities among quantitative models could sometimes amplify market movements.

July 27, 2026

Markets

How UOB is turning regional scale into customer relevance

The bank uses sharper customer segmentation, regional connectivity and partnerships to support customers in Asean as their needs evolve When UOB decided in early 2022 to proceed with the acquisition of Citigroup’s consumer banking businesses in four Asean markets, there was a clear strategic intent behind the deal. The goal for the Singapore-based financial institution was to scale up its business and advance its position as a leading regional bank by tapping into rising affluence in Asean, acquiring customers through its digital capabilities, and meeting their financial needs as they move up the wealth continuum. To reach that point, though, it was first necessary to complete a multi-year integration of the businesses acquired in Malaysia, Thailand, Indonesia and Vietnam, which went far beyond a basic transfer of management controls and portfolios. Each aspect of the replicable migration model was planned and executed to ensure definite benefits could be realised while also taking full account of client expectations, languages and banking preferences in four very distinct markets.

July 27, 2026

Markets

Hong Kong home sales recovery expected to boost developers’ earnings

Despite the brighter residential market outlook, commercial real estate continues to be weighed down by a lack of demand in non-core areas Hong Kong property developers are expected to report stronger first-half earnings in the coming weeks, buoyed by a rebound in home sales and improving development margins, as investors look for clues on whether the sector’s recovery is sustainable. Bank of America Global Research expected Hong Kong developers and conglomerates to post average core net profit growth of 8 per cent year on year, excluding New World Development, according to a report published on July 15. “We expect the Hong Kong [property] sector to deliver a solid set of first-half 2026 results, driven by a strong recovery in depository participant margins, an early rental earnings rebound, and the foreign exchange tailwind from the yuan’s 6 per cent year-on-year appreciation,” said Karl Choi, a research analyst at Merrill Lynch (Hong Kong). Citi Research estimated that new-home registrations rose 34 per cent year on year to about 12,500 units, the highest first-half tally since 2004 and a 22-year high. Meanwhile, secondary home volume climbed 43 per cent year on year to a five-year high.

July 27, 2026

Markets

Fast-fashion giant Shein swings to US$99m first-quarter loss ahead of Hong Kong listing

Tariffs, war and rising costs squeeze company’s margins as IPO looms, testing investor appetite for fast-fashion The Singapore-headquartered fast-fashion retailer, founded in China, recorded a US$99 million loss in the three months to March, reversing a US$395 million profit a year earlier. Net revenue edged up 1.1 per cent to US$9.05 billion in the same period. For full-year 2025, Shein’s net revenue rose nearly 8 per cent to US$41.85 billion, while net profit slumped 38.7 per cent to US$2 billion. The filing showed Shein was facing multiple risks in 2026, warning that net revenue, operating profit and net profit were being pressured by tariffs, potential pricing pressures, weaker regional demand and higher logistics and material costs. The European Union, accounting for about a third of Shein’s net revenue in 2025 and the first quarter of 2026, imposed a €3 (US$3.42) fee on low-value e-commerce imports this month, raising selling costs and likely hurting short-term volumes, Shein said.

July 27, 2026

Markets

China cracks down on offshore trusts with new tax rules for the wealthy

Beijing’s new tax rules aim to close loopholes and boost fiscal revenue amid slowing economic growth and rising fiscal burdens China will impose personal-income taxes on offshore trusts owned by wealthy individuals, plugging a loophole leveraged by rich mainland families to avoid taxation. Effective immediately, the tax will be levied on gains made from asset values, such as stocks and properties, after having initially been put into trusts, the Ministry of Finance said in a statement on Friday. Incomes generated from the trusts will be taxed annually, it added.

July 27, 2026

Markets

Burberry sales jump: are luxury goods back in fashion in China amid tech wealth?

Burberry and Cartier see sales surge in China, driven by Gen Z and tech wealth, but recovery remains uncertain amid economic challenges British luxury brand Burberry saw 5 per cent year-on-year sales growth to £455 million (US$606 million) in the first quarter of fiscal 2027 ending June 27, led by continued strength in the Americas and Greater China, the company said in its quarterly earnings report on July 17. Sales in Greater China, including the Chinese mainland, Hong Kong, Macau and Taiwan, rose by 9 per cent year on year, in line with the previous quarter, driven by local demand and outsize growth from Gen Z consumers, the London-listed brand said. “I do see good long-term potential for Chinese demand alongside some pent-up demand from unspent Covid-19 times savings, once the sentiment improves,” said Jelena Sokolova, a London-based senior equity analyst at Morningstar. She added that these were tepid signs of recovery, but it was too early to judge how sustainable it was and whether it would be limited to certain brands or broad-based.

July 26, 2026

Markets

Why do mainland Chinese firms refuse to give up on Wall Street IPOs?

As the first half of 2026 sees record-low US debuts for Chinese firms, CSRC data shows a steadfast pipeline of firms keen to list in the US Only two mainland Chinese companies completed US debuts in the first half of the year, raising a combined US$59.5 million – a five-year low for deal volume and total proceeds, according to a June report by accounting firm EY. The persistent push raises a crucial question for global investors: why do Chinese entrepreneurs refuse to give up on New York? “A US listing is still seen as highly prestigious,” said Hong Hao, chief investment officer at Hong Kong-based Lotus Asset Management. He noted that New York remained the world’s largest capital market, offering deep liquidity and direct access to an unmatched pool of global institutional investors that regional exchanges could not easily replicate.

July 26, 2026

Markets

Demand for Dubai homes cools as Middle East conflict drags on

Sales volumes fell markedly in May and June, according to Knight Frank, with rising costs adding to developers’ woes The hostilities began in February with strikes in Tehran and later developed into a wider regional conflict. “With the onset of the historically quieter summer months, we anticipate a further slowing in deal volumes.” In some cases, the conflict triggered “panicked calls” from buyers, according to property portal Juwai IQI. Dubai had been the world’s most active luxury housing market.

July 26, 2026