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A view of Exchange Square, home of bourse operator Hong Kong Exchanges and Clearing, on December 30, 2025. Photo: Sun Yeung

China Business

Hong Kong stocks drop as mainland tech firms, metals and crypto slide

Hang Seng Index follows overnight US declines as AI worries and falling prices for gold, silver and cryptocurrency rattle investors.

China’s biggest pork producer Muyuan flat in Hong Kong share debut

How Elon Musk’s space-based AI vision sparked a Chinese solar stock frenzy

6

Companies

Pizza shut: iconic chain to close 250 US locations

Yum! Brands targets underperforming restaurants as it conducts a strategic review for Pizza Hut.

The restaurant chain opened nearly 1,200 outlets across 65 countries last year. Photo: Facebook / @Pizza Hut Taiwan
The restaurant chain opened nearly 1,200 outlets across 65 countries last year. Photo: Facebook / @Pizza Hut Taiwan

United States & Canada

Bitcoin drops, driving US$2 trillion slide in crypto market value

The world’s largest cryptocurrency fell to a low of US$66,675.12, its weakest since October 2024, a month before Trump won the US election.

Business

Expanded Hong Kong scheme allows resale homebuyers to pay sellers directly

HKMA launches a direct transfer option for second-hand property transactions, replacing the traditional escrow system managed by law firms.

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Business

Meituan snaps up Dingdong to deepen push into fresh grocery retail

The US$717 million Dingdong acquisition highlights Meituan’s long-term bet on grocery e-commerce and on-demand consumption in China.

China’s food delivery giant Meituan has aquired Dingdong for US$717 million. Photo: Handout
China’s food delivery giant Meituan has aquired Dingdong for US$717 million. Photo: Handout

China Economy

China’s clean power energising economy, adding a Brazil’s worth of GDP: report

Clean energy industries drove more than one-third of China’s economic growth in 2025, as they continue to expand rapidly, study finds.

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China EVs

Why CATL’s sodium-ion breakthrough could be a game changer for China’s EV market

The Naxtra battery, more price-stable and cold-resistant than the lithium-ion units now powering most EVs, will undergo its first tests this week.

China Business

KFC operator Yum China to expand faster amid ‘early signs’ of spending thaw

After earnings exceed estimates, company will add outlets at faster pace than last year, with focus on second-tier cities.

A couple walks out of a KFC restaurant in an urban shopping district on February 22, 2025, in the southwestern Chinese city of Chongqing. Photo: Getty Images

Tech

Baidu unveils first-ever dividend and US$5 billion buy-back amid AI race

In a move designed to steady investor nerves, Baidu signalled a shift towards more predictable payouts as AI spending continues to rise.

Baidu’s first-ever dividend programme comes as the company fights an uphill battle in the fiercely contested Chinese AI sector. Photo: Shutterstock
Baidu’s first-ever dividend programme comes as the company fights an uphill battle in the fiercely contested Chinese AI sector. Photo: Shutterstock

Business

Hong Kong property back as a top choice for foreign investors, study says

Commercial sector rebounds after missing top 10 a year ago, CBRE says, as Knight Frank research shows recovery in luxury residential deals.

China Business

Hong Kong stocks eke out gain as mainland investors overpower tech jitters

Southbound Stock Connect inflows provide late-session support, helping the benchmark reverse earlier losses.

Banking & Finance

Morgan Stanley sees another record year for Hong Kong IPOs as pipeline hits 450

Mainland China’s issuers will still dominate city’s IPO market, executive says, but US and Southeast Asian companies are also joining in.

Mainland China’s issuers will still dominate city’s IPO market, Morgan Stanley executive says. Photo: Reuters

China Economy

China’s outbound investment surges to 7-year high amid data centre, energy boom

Chinese investment is increasingly focusing on energy and raw materials projects in low and middle-income regions, report finds.

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Construction workers walk to a data centre under construction in Malaysia. Chinese investment in data centres in Southeast Asia surged last year, according to a new report. Photo: AP
Construction workers walk to a data centre under construction in Malaysia. Chinese investment in data centres in Southeast Asia surged last year, according to a new report. Photo: AP

China Business

China’s turbocharged EV market hits a speed bump amid falling sales

After years at full throttle, China’s EV sector is slowing sharply, with sales sliding in January as tax breaks fade and costs rise.

Business

HKEX eyes expansion into fixed income as global investors reassess US exposure

Global investors want more than equities, prompting HKEX to expand into bonds and commodities, says CEO.

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Tech Trends

Chinese firms set for market growth as the global memory super cycle heats up

Eye-watering DRAM prices are bad news for consumers and smartphone brands, but present an opportunity for Chinese firms led by CXMT and YMTC.

4

China Business

From labs to listings: capital markets are the next battleground in the AI race

Stock exchanges have become another barometer in the US-China tech rivalry as markets assess a wave of start-ups in real time.

Big Tech

China curbs US AI chips, shuns foreign capital in pursuit of tech self-reliance

These restrictions signify a new phase in the US-China tech war where ‘offensive and defensive roles have shifted’, says an analyst.

18

Banking & Finance

What does HSBC’s buyout of Hang Seng Bank mean for its future and investors?

HSBC’s historic US$13.6 billion buyout of Hang Seng Bank aims to cut costs, tackle bad debts and fuel growth, but challenges abound.

Illustration by Henry Wong
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OPINION
Nicholas Spiro

Macroscope | Blame Trump, not Asian investors, for gold and silver volatility

Nicholas Spiro
Matteo Giovannini

Opinion | Talk of digital yuan challenging dollar dominance misses real power shift

Matteo Giovannini
Wang Huiyao

Opinion | As China and Canada reset ties, they must strike while the iron is hot

Wang Huiyao
Roberto Bocca

Opinion | Clean energy works at scale. Now it must be coordinated

Roberto Bocca
Alex Lo

As I see it | Thank you, David Webb, you made Hong Kong a better place

Alex Lo
Jun Yu Chan

Opinion | From tea to TikTok: the middleman’s return is reshaping China trade

Jun Yu Chan
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MULTIMEDIA
Video

Pony.ai set to further open China’s autonomous-driving frontier

Pony.ai
07:39
Video

What’s behind HSBC’s privatisation of Hang Seng Bank?

HAng Seng
04:37
Video

Taiwan firm creates clothing from banana waste

Banana
01:00
Video

Gold scams in China and changing global politics

Wire
08:22
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