https://www.scmp.com/rss/520975/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Ben Jiang,Iris Deng Ben Jiang,Iris Deng Baidu has reached a historic milestone as its artificial intelligence businesses surged to become its primary revenue driver in the first quarter, despite a 2 per cent dip in overall income, the Chinese tech giant said on Monday. The company’s AI-related businesses, including AI cloud, AI applications and AI marketing services, saw revenue grow to 13.6 billion yuan (US$2 billion), a 49 per cent year-on-year increase. “AI-powered business exceeded half of Baidu’s general business revenue for the... https://www.scmp.com/tech/big-tech/article/3353928/baidu-says-ai-now-primary-revenue-driver-despite-2-drop-first-quarter-revenue?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3353928/baidu-says-ai-now-primary-revenue-driver-despite-2-drop-first-quarter-revenue?utm_source=rss_feed Mon, 18 May 2026 09:57:52 +0000 Sylvia Ma Sylvia Ma China’s gold recycling industry is expanding at its fastest pace in a decade amid sustained fervour in the bullion market and strong investment demand that have fuelled a wave of new entrants into the market, latest data showed. Business registrations in the sector – which involves firms buying gold bars and jewellery and reselling it – surged 78.74 per cent in 2025 from a year earlier to 740, according to a report published by Chinese corporate data tracker Qichacha. That marked the fastest... https://www.scmp.com/economy/china-economy/article/3353731/explosive-why-chinas-gold-recycling-industry-growing-record-speed?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3353731/explosive-why-chinas-gold-recycling-industry-growing-record-speed?utm_source=rss_feed Sun, 17 May 2026 06:00:10 +0000 Karen Tian Karen Tian China’s April lending data points to persistently weak borrowing demand among households and businesses, despite a relatively loose monetary policy and strong industrial activity and profits. Banks extended a total of 8.59 trillion yuan (US$1.26 trillion) in new yuan loans in the first four months of this year, with lending barely rising in April, according to data released by the People’s Bank of China (PBOC) on Thursday. The rare monthly fall in April – only the second in the past decade –... https://www.scmp.com/economy/china-economy/article/3353585/chinas-credit-demand-weak-april-despite-policy-support-and-strong-industrial-profits?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3353585/chinas-credit-demand-weak-april-despite-policy-support-and-strong-industrial-profits?utm_source=rss_feed Thu, 14 May 2026 11:05:54 +0000 Karen Tian Karen Tian German companies in China have grown more optimistic about the country’s economic outlook, even as the Iran war and persistent trade tensions continue to weigh on their operations, according to the German Chamber of Commerce in China. In a survey released on Tuesday, the chamber found that 37 per cent of respondents expected China’s economy to improve over the next six months. That was up 22 percentage points from last year, with only 17 per cent anticipating a deterioration – a sharp reversal... https://www.scmp.com/economy/china-economy/article/3353294/german-firms-china-more-upbeat-about-economy-despite-iran-war-trade-headwinds-survey?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3353294/german-firms-china-more-upbeat-about-economy-despite-iran-war-trade-headwinds-survey?utm_source=rss_feed Tue, 12 May 2026 11:01:04 +0000 Julie Zhang Julie Zhang Jiangsu Hengrui Pharmaceutical, China’s largest drug company by market capitalisation, has signed a global collaboration and licensing agreement with US pharmaceutical giant Bristol Myers Squibb (BMS) worth up to US$15.2 billion. Hengrui’s Hong Kong-traded shares climbed 5.3 per cent to HK$69.55 on Tuesday, while its Shenzhen stock rose 4.84 per cent to 56.11 yuan. The deal adds credibility to China’s growing reputation for innovative drug development. Industry players, however, said the country... https://www.scmp.com/business/china-business/article/3353263/chinas-hengrui-seals-us152-billion-deal-us-pharmaceutical-giant-bms?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3353263/chinas-hengrui-seals-us152-billion-deal-us-pharmaceutical-giant-bms?utm_source=rss_feed Tue, 12 May 2026 10:00:19 +0000 Zhu Wenqian Zhu Wenqian The majority shareholder of Shenzhen-listed Wuliangye Yibin (Wuliangye) – China’s iconic premium baijiu producer – plans to increase its equity stake in the listed unit by purchasing between 3 billion yuan (US$441 million) and 5 billion yuan worth of shares over the next six months, in a move aimed at bolstering investor confidence after the stock slid to a six-year low. Analysts said the stake increase followed a prolonged downturn in China’s baijiu sector and growing unease among investors... https://www.scmp.com/business/article/3352780/wuliangye-majority-shareholder-steps-large-scale-stake-purchase?utm_source=rss_feed https://www.scmp.com/business/article/3352780/wuliangye-majority-shareholder-steps-large-scale-stake-purchase?utm_source=rss_feed Thu, 07 May 2026 11:04:40 +0000 Minxiao Chang,Coco Feng Minxiao Chang,Coco Feng Chinese artificial intelligence start-up Moonshot AI has raised about US$2 billion in a new funding round, boosting its valuation to more than US$20 billion as it navigates Beijing’s new listing rules for companies registered overseas. The funding was led by Long-Z Investments, Meituan’s venture arm, and involved China Mobile. Over the past six months, Moonshot had raised a total of US$3.9 billion, according to a statement by the deal’s financial adviser HF Capital on Thursday. The Beijing-based... https://www.scmp.com/tech/article/3352751/kimi-developer-moonshot-ai-valued-us20b-it-navigates-chinas-new-ipo-rules?utm_source=rss_feed https://www.scmp.com/tech/article/3352751/kimi-developer-moonshot-ai-valued-us20b-it-navigates-chinas-new-ipo-rules?utm_source=rss_feed Thu, 07 May 2026 10:27:37 +0000 Peggy Ye Peggy Ye CK Hutchison Holdings said on Tuesday it has agreed to exit its 49 per cent stake in UK mobile operator VodafoneThree in a £4.3 billion (US$5.82 billion) deal that will see it fully divest from the country’s largest carrier by subscribers. The announcement, made after the morning trading session in Hong Kong, lifted its shares by 4.13 per cent to close at HK$68, after rising to an intraday high of HK$68.45 from an opening price of HK$64.60. The transaction would allow the Hong Kong-listed... https://www.scmp.com/business/companies/article/3352451/ck-hutchison-exits-uks-largest-mobile-network-operator-vodafonethree-ps43-billion-deal?utm_source=rss_feed https://www.scmp.com/business/companies/article/3352451/ck-hutchison-exits-uks-largest-mobile-network-operator-vodafonethree-ps43-billion-deal?utm_source=rss_feed Tue, 05 May 2026 05:27:31 +0000 Themis Qi Themis Qi China’s drug maker WuXi AppTec reported record first-quarter revenue, as a robust order backlog and sustained demand from global pharmaceutical companies supported growth. For the three months ended March 31, the Shanghai- and Hong Kong-listed company posted revenue of 12.44 billion yuan (US$1.72 billion), up 28.81 per cent year on year, according to a filing released on Monday. Net profit climbed nearly 27 per cent to 4.65 billion yuan in the quarter. Both revenue and net profit exceeded market... https://www.scmp.com/business/china-business/article/3351591/wuxi-apptec-posts-record-first-quarter-revenue-strong-global-demand?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3351591/wuxi-apptec-posts-record-first-quarter-revenue-strong-global-demand?utm_source=rss_feed Mon, 27 Apr 2026 11:30:12 +0000 Themis Qi Themis Qi China’s recycling platform Zhuanzhuan is preparing to expand into Europe and the US by the end of the year, betting that demand for second-hand goods will continue to rise amid economic uncertainty despite geopolitical tensions. Backed by tech giants Tencent Holdings and Xiaomi, the Beijing-based company plans to export its model – which combines advanced quality inspection technology with door-to-door services – to get a slice of overseas markets. A dedicated international website was expected... https://www.scmp.com/business/china-business/article/3351394/turning-cast-offs-cash-chinas-zhuanzhuan-looks-europe-and-us-growth?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3351394/turning-cast-offs-cash-chinas-zhuanzhuan-looks-europe-and-us-growth?utm_source=rss_feed Mon, 27 Apr 2026 01:00:32 +0000 Ralph Jennings Ralph Jennings After an hour’s drive through the jungle of Borneo, you reach more jungle. Your rental van from the Balikpapan city airport shakes precariously, navigating a partial bridge washout. A roadside sign admonishes against poaching the endangered sun bears. By hour three you’ve arrived at Indonesia’s new capital, which is due to start taking over from gridlocked, polluted and seaward-sinking Jakarta in 2028. Welcome to Ibu Kota Nusantara, known locally as just Nusantara or IKN. Eventually, if all goes... https://www.scmp.com/economy/china-economy/article/3350981/muddy-yet-clear-cut-how-chinese-investors-are-turning-jungle-indonesias-new-capital?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3350981/muddy-yet-clear-cut-how-chinese-investors-are-turning-jungle-indonesias-new-capital?utm_source=rss_feed Sun, 26 Apr 2026 01:00:13 +0000 Julie Zhang Julie Zhang The State Council, China’s cabinet, has published guidelines on innovative drug pricing that a bank analyst has described as the “most significant” in a decade, as they aim to reward drug innovation and ease pricing tension for domestic and multinational pharmaceutical companies. The framework document published this month said patented innovative drugs would be supported through value-based pricing, while the prices of generic drugs would be driven down through market competition and... https://www.scmp.com/business/banking-finance/article/3350956/multinational-pharmaceutical-companies-benefit-new-china-guidelines-analysts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3350956/multinational-pharmaceutical-companies-benefit-new-china-guidelines-analysts?utm_source=rss_feed Wed, 22 Apr 2026 05:00:09 +0000 Julie Zhang Julie Zhang Chinese biomedical companies deploying cutting-edge technologies are emerging as serious competitors to Western dominance in the race to treat Parkinson’s disease, in a market that could reach US$16 billion over the next decade. The firms are developing a range of approaches – from autologous cell therapies made from a patient’s own cells and ready-made cell products to gene therapies and non-invasive ultrasounds – although many of these candidates are still in early-stage trials. Many patients... https://www.scmp.com/business/china-business/article/3350615/how-chinese-drug-makers-are-tackling-western-dominance-us16-billion-parkinsons-race?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3350615/how-chinese-drug-makers-are-tackling-western-dominance-us16-billion-parkinsons-race?utm_source=rss_feed Sun, 19 Apr 2026 09:00:11 +0000 Julie Zhang Julie Zhang A quarter featuring multiple eye-popping deals is no longer unusual for China’s pharmaceutical industry – in fact, it may soon be considered a slow season. In recent months, companies including CSPC Pharmaceutical and RemeGen have struck out-licensing agreements worth up to US$18.5 billion and US$5.6 billion respectively, while Haisco Pharmaceutical Group has added two of its own — most recently a deal worth up to US$745 million. Under the terms of the deal, the Beijing-based Haisco granted US... https://www.scmp.com/business/china-business/article/3350421/chinas-biotech-firms-shift-gears-can-ai-floor-accelerator?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3350421/chinas-biotech-firms-shift-gears-can-ai-floor-accelerator?utm_source=rss_feed Sat, 18 Apr 2026 03:00:12 +0000 Zhu Wenqian,Daniel Ren Zhu Wenqian,Daniel Ren Chinese companies – from sectors as diverse as bubble tea, budget retail and cars – are expanding their presence in Brazil, with analysts saying the robust trade ties between China and Latin America’s biggest economy could help pave the way for further investment. Mixue Group, known for its affordable ice cream and beverages, opened its first Brazil outlet on Saturday, drawing large crowds in Sao Paulo, the country’s largest city. The opening marked its third store in the Americas after... https://www.scmp.com/business/china-business/article/3349982/chinese-firms-target-brazil-it-becomes-magnet-expansion?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3349982/chinese-firms-target-brazil-it-becomes-magnet-expansion?utm_source=rss_feed Tue, 14 Apr 2026 06:57:44 +0000 Daniel Ren Daniel Ren China’s tea-drink market, with estimated annual sales of 370 billion yuan (US$54.2 billion), has become yet another example of involution as brutal price competition threatens to expel thousands of unprofitable small players. The dire scenario represents a rude reminder to those who hope to strike it rich by investing in a fast-growing business in mainland China’s vast consumer market, which abounds with boom-to-bust cycles. “Bubble tea is a dynamic market, and it is never easy to make money... https://www.scmp.com/business/china-business/article/3349847/chinas-tea-drink-shops-thirst-profits-price-wars-dry-prospects?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3349847/chinas-tea-drink-shops-thirst-profits-price-wars-dry-prospects?utm_source=rss_feed Mon, 13 Apr 2026 04:35:43 +0000 Zhu Wenqian Zhu Wenqian French luxury brand Louis Vuitton has recently launched a watering can-shaped handbag in China targeting male customers, helping the brand stay in the public eye. The men’s bag is shaped like a gardening watering can and is priced at 36,000 yuan (US$5,217), while a matching watering can ornament retails for 7,750 yuan. The item sparked discussion on Chinese social media platforms, with consumers noting that Louis Vuitton frequently released such whimsical, quirky designs. The brand’s customer... https://www.scmp.com/business/article/3348830/eye-catching-design-meets-eye-watering-prices-lv-launches-watering-can-man-bag?utm_source=rss_feed https://www.scmp.com/business/article/3348830/eye-catching-design-meets-eye-watering-prices-lv-launches-watering-can-man-bag?utm_source=rss_feed Fri, 03 Apr 2026 01:30:11 +0000 Zhu Wenqian Zhu Wenqian With Chinese coffee brands eyeing overseas expansion, analysts said those seeking to succeed as global players must move beyond low-price strategies and a narrow focus on operational efficiency. “Overseas consumers have long associated Chinese brands mainly with cost performance,” said Fu Yifu, a special research fellow at Su Merchants Bank in Nanjing, in the eastern Jiangsu province. “To succeed globally, the core is to build a presence rooted in China’s operational efficiency while blending... https://www.scmp.com/business/china-business/article/3348412/chinese-coffee-brands-need-more-low-prices-compete-global-players-analysts?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3348412/chinese-coffee-brands-need-more-low-prices-compete-global-players-analysts?utm_source=rss_feed Mon, 30 Mar 2026 23:30:09 +0000 Julie Zhang Julie Zhang CK Life Sciences, a unit of Li Ka-shing-backed CK Group, plans to bring its cancer vaccine candidates to mainland China through a “fast track” channel as Beijing moves to accelerate early-stage drug development. “We are planning to run investigator-initiated trials [IITs], hopefully, in the next year,” CK Life Sciences’ vice-president and chief scientific officer Dr Melvin Toh Kean-meng said in a recent interview. His comments came as CK Life Sciences set up Sequencio Therapeutics in Hong Kong... https://www.scmp.com/business/china-business/article/3348317/li-ka-shings-ck-life-unit-eyes-china-fast-track-cancer-vaccine-pipeline?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3348317/li-ka-shings-ck-life-unit-eyes-china-fast-track-cancer-vaccine-pipeline?utm_source=rss_feed Sun, 29 Mar 2026 23:00:32 +0000 Mia Nurmamat,Xinyi Wu Mia Nurmamat,Xinyi Wu Germany’s chemical giant BASF has launched operations at its China production base – its largest overseas investment to date – with a total outlay of €8.7 billion (US$10 billion), and the country’s first wholly foreign-owned large-scale Verbund site. The company on Thursday inaugurated the world-scale complex in Zhanjiang, Guangdong province, designed to run entirely on renewable electricity. A Verbund site is an integrated chemical complex where plants, energy use and materials are... https://www.scmp.com/business/article/3348021/basf-launches-biggest-overseas-project-china-green-powered-mega-site?utm_source=rss_feed https://www.scmp.com/business/article/3348021/basf-launches-biggest-overseas-project-china-green-powered-mega-site?utm_source=rss_feed Thu, 26 Mar 2026 14:00:12 +0000 Kandy Wong Kandy Wong Jiangsu Aidea Pharmaceutical, which develops anti-HIV and Aids treatments, plans to tap Hong Kong’s initial public offering (IPO) market as it sets its sights on expansion into the US and Europe in the coming years, an executive said. The company, listed on the Shanghai Stock Exchange’s Star Market, described Hong Kong as a “good window” for going global, citing the city’s “flexible” fundraising environment. Many Chinese corporations – including those in the pharmaceutical sector – would... https://www.scmp.com/business/banking-finance/article/3347933/chinas-jiangsu-aidea-eyes-hong-kong-listing-gateway-us-and-european-aids-markets?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3347933/chinas-jiangsu-aidea-eyes-hong-kong-listing-gateway-us-and-european-aids-markets?utm_source=rss_feed Thu, 26 Mar 2026 04:00:19 +0000 Julie Zhang Julie Zhang At least 10 weight-loss injections and oral pills are lining up for regulatory approval in China, in a market projected to reach about US$14 billion by 2030. Novo Nordisk’s blockbuster semaglutide, which generated about US$35 billion in global revenue last year, lost patent protection in China on March 20, clearing the way for rivals. The rush comes as China’s drug regulator accelerates approvals of innovative therapies, helped by a surge in out-licensing deals with global pharmaceutical... https://www.scmp.com/business/china-business/article/3347869/chinas-weight-loss-drug-makers-take-global-giants-novo-nordisk-patent-expires?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3347869/chinas-weight-loss-drug-makers-take-global-giants-novo-nordisk-patent-expires?utm_source=rss_feed Thu, 26 Mar 2026 03:00:08 +0000 Mia Nurmamat Mia Nurmamat China Mobile has invested nearly HK$10 billion (US$1.28 billion) over five years to help turn Hong Kong into a global computing hub, integrating the city into China’s national network. The world’s largest telecoms operator by subscribers on Wednesday opened a new data centre in northern Hong Kong and said it would step up investment in next-generation submarine cables. The state-owned group aims to bring Hong Kong into China’s national computing network, which has the world’s second-largest... https://www.scmp.com/business/companies/article/3347877/china-mobile-bets-hong-kong-gateway-global-computing-flows?utm_source=rss_feed https://www.scmp.com/business/companies/article/3347877/china-mobile-bets-hong-kong-gateway-global-computing-flows?utm_source=rss_feed Wed, 25 Mar 2026 11:30:08 +0000 Zhu Wenqian Zhu Wenqian China’s luxury hotel sector has unlocked new avenues for business growth, fuelled by a boom in inbound tourism and a growing number of foreign business travellers and holidaymakers who favour high-end accommodation. International tourists generally spend more than domestic ones, except for wealthy Chinese travellers. Most visa-free visitors to China are from developed countries with much higher living costs. Even spending at their usual levels, they would generate considerable revenue for... https://www.scmp.com/business/china-business/article/3347704/visa-free-travel-rising-foreign-visitors-boost-luxury-hotel-growth-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3347704/visa-free-travel-rising-foreign-visitors-boost-luxury-hotel-growth-china?utm_source=rss_feed Wed, 25 Mar 2026 04:30:08 +0000 Julie Zhang Julie Zhang US biopharmaceutical company Gilead Sciences agreed to buy Ouro Medicines, which is developing an antibody-based medicine for autoimmune diseases licensed from China’s Keymed Biosciences, in a deal worth up to US$2.18 billion. Gilead Sciences is among a group of global drug makers facing patent expirations and turning to mergers, acquisitions and licensing deals to refill their drug pipelines. Under the agreement, Gilead Sciences would pay shareholders of US-based Ouro Medicines US$1.675 billion... https://www.scmp.com/business/china-business/article/3347693/rights-antibody-drug-chinas-keymed-change-hands-gilead-acquisition-ouro?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3347693/rights-antibody-drug-chinas-keymed-change-hands-gilead-acquisition-ouro?utm_source=rss_feed Tue, 24 Mar 2026 07:51:07 +0000 Coco Feng Coco Feng Steven Li sells cosmetics to overseas customers from the eastern Chinese province of Jiangsu. This month, amid the popularity of the OpenClaw AI agent framework, he expanded the business by “hiring” four “AI employees”. On the front lines, the AI customer service manages real-time inquiries 24/7 on WhatsApp, while a “digital sales” agent provides price quotes. Behind the scenes, a third role ensures operational transparency by providing tracking status for every order, while an “operations... https://www.scmp.com/tech/article/3347416/openclaw-government-support-fuels-rise-one-person-companies-china?utm_source=rss_feed https://www.scmp.com/tech/article/3347416/openclaw-government-support-fuels-rise-one-person-companies-china?utm_source=rss_feed Sun, 22 Mar 2026 10:00:26 +0000 He Huifeng He Huifeng Shanghai certified 30 new regional headquarters of multinational corporations and 15 research and development centres funded by overseas entities on Wednesday – a sign of continued interest in the Chinese financial hub despite an overall decline in the country’s foreign direct investment (FDI). Of the companies whose headquarters and R&D centres were certified this week in a ceremony hosted by the city’s mayor, Gong Zheng, eight are on the Fortune 500 list, according to a statement from the... https://www.scmp.com/economy/china-economy/article/3347178/shanghai-certifies-30-overseas-offices-amid-chinas-investment-sales-pitch?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3347178/shanghai-certifies-30-overseas-offices-amid-chinas-investment-sales-pitch?utm_source=rss_feed Thu, 19 Mar 2026 10:30:09 +0000 Julie Zhang Julie Zhang Chinese contract drug makers – including WuXi AppTec, WuXi Biologics and WuXi XDC – face a less certain long-term revenue outlook as US pharmaceutical companies bring production in-house and reconfigure supply chains amid rising US-China tensions. While near-term earnings remained largely locked in, visibility beyond that was limited, according to Cui Cui, head of healthcare research for Asia at Jefferies. “Earnings visibility for 2026 and 2027 is still very strong – revenue momentum is largely... https://www.scmp.com/business/china-business/article/3346911/us-reshoring-drive-casts-shadow-over-chinas-contract-drug-makers-analyst?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3346911/us-reshoring-drive-casts-shadow-over-chinas-contract-drug-makers-analyst?utm_source=rss_feed Tue, 17 Mar 2026 11:48:41 +0000 Themis Qi,Julie Zhang Themis Qi,Julie Zhang Eli Lilly has pledged an additional US$3 billion investment in China over the next decade to strengthen its local supply chain and manufacturing capabilities, deepening the footprint of foreign pharmaceutical giants in the world’s second-largest healthcare market. The move would bring the total cumulative investment of Eli Lilly, the world’s largest pharmaceutical company by market capitalisation, in China to nearly US$6 billion, according to a statement released on its WeChat account on... https://www.scmp.com/business/banking-finance/article/3346260/eli-lilly-boosts-china-footprint-us3-billion-plan-expand-supply-chain?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3346260/eli-lilly-boosts-china-footprint-us3-billion-plan-expand-supply-chain?utm_source=rss_feed Wed, 11 Mar 2026 13:39:53 +0000 Frank Chen Frank Chen With its cutting-edge humanoid robots busting moves on the world’s most-watched television programme and German Chancellor Friedrich Merz touring a company factory during a state visit, both within the last month, Unitree Robotics – already a household name in China – has seen its profile move into the stratosphere. And local government officials, eager to burnish their economies by strengthening ties to up-and-coming businesses, have made the domestic start-up’s founder and CEO Wang Xingxing a... https://www.scmp.com/economy/china-economy/article/3346115/why-chinas-red-hot-tech-push-leaving-some-traditional-sectors-out-cold?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3346115/why-chinas-red-hot-tech-push-leaving-some-traditional-sectors-out-cold?utm_source=rss_feed Tue, 10 Mar 2026 22:00:13 +0000 Cao Li Cao Li While oil dominates headlines amid the escalating US-Iran conflict, Chinese retail investors are zeroing in on a different concern: peppering listed companies with questions about how the turmoil could disrupt supplies of everything from fertilisers to pharmaceutical products that contain the prized spice saffron. “Given that Iran accounts for more than 90 per cent of global saffron exports, which have now been suspended, will your company continue producing saffron-containing footbath packs and... https://www.scmp.com/business/article/3345805/oil-saffron-how-us-iran-conflict-rattling-chinese-investors?utm_source=rss_feed https://www.scmp.com/business/article/3345805/oil-saffron-how-us-iran-conflict-rattling-chinese-investors?utm_source=rss_feed Sun, 08 Mar 2026 03:30:10 +0000 Mia Nurmamat,Ben Jiang Mia Nurmamat,Ben Jiang In an unprecedented Chinese New Year marketing blitz, Alibaba Group Holding, Baidu, ByteDance and Tencent Holdings spent an estimated 8 billion yuan (US$1.1 billion) to turn their artificial intelligence assistants into household names, according to Morgan Stanley. Now the dust is settling. A week after the holiday ended, early data offers a first glimpse into how China’s AI landscape is evolving and which players gained lasting traction from the spending spree. Morgan Stanley said all platforms... https://www.scmp.com/business/article/3345301/chinas-ai-red-packet-battle-burns-through-us1-billion-will-users-stick-around?utm_source=rss_feed https://www.scmp.com/business/article/3345301/chinas-ai-red-packet-battle-burns-through-us1-billion-will-users-stick-around?utm_source=rss_feed Tue, 03 Mar 2026 13:00:11 +0000 Xinyi Wu Xinyi Wu Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the fourth entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. China’s private businesses, many still facing cash flow problems amid a prolonged property slump, want treasury bonds and legal obligations on state-owned enterprises and... https://www.scmp.com/economy/china-economy/article/3344906/whats-wish-list-chinas-private-sector-ahead-two-sessions?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344906/whats-wish-list-chinas-private-sector-ahead-two-sessions?utm_source=rss_feed Mon, 02 Mar 2026 03:00:10 +0000 Cao Li Cao Li China’s major sportswear makers have shrugged off soft consumer spending and a warm winter, according to analysts. Retail sales in China’s sportswear sector picked up in the first two months of 2026 and beat expectations, helped by fresh policy support and Chinese New Year demand, analysts said. Separately, Chinese households also tuned into the Winter Olympics, where domestic sportswear giants Li Ning and Anta had high visibility. “We are turning more positive on the China sportswear industry... https://www.scmp.com/business/article/3345011/warm-winter-no-match-chinas-sportswear-sector-posts-surprise-growth?utm_source=rss_feed https://www.scmp.com/business/article/3345011/warm-winter-no-match-chinas-sportswear-sector-posts-surprise-growth?utm_source=rss_feed Sun, 01 Mar 2026 10:00:18 +0000 Aileen Chuang Aileen Chuang China’s Harbour BioMed has struck a deal worth more than US$1.2 billion with a clinical-stage biotechnology company to develop and commercialise an antibody outside China, as the country’s novel drug makers increasingly secure not only upfront licensing fees but also long-term international partnerships. The Shanghai-based company announced a licence and equity agreement on Monday with Solstice Oncology, a firm established by a syndicate of venture capital investors, for the exclusive... https://www.scmp.com/business/china-business/article/3344311/wave-chinese-biotech-deals-builds-harbour-biomed-solstice-sign-us12-billion-pact?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3344311/wave-chinese-biotech-deals-builds-harbour-biomed-solstice-sign-us12-billion-pact?utm_source=rss_feed Mon, 23 Feb 2026 07:15:13 +0000 Daniel Ren Daniel Ren Rising battery costs and a cooling car market are likely to tilt China’s electric-vehicle race in favour of hybrids this year, as budget-conscious consumers turn away from fully electric models, analysts say. Material cost inflation is expected to slow momentum for battery-electric vehicles (BEVs), allowing plug-in hybrids to regain market share after years of rapid electrification in the world’s largest car market. “A loss of pure electric car sales can be expected this year due to consumers’... https://www.scmp.com/tech/article/3343905/chinas-ev-momentum-slows-pricier-batteries-steer-drivers-hybrids?utm_source=rss_feed https://www.scmp.com/tech/article/3343905/chinas-ev-momentum-slows-pricier-batteries-steer-drivers-hybrids?utm_source=rss_feed Thu, 19 Feb 2026 11:00:09 +0000 Julie Zhang Julie Zhang A surge in drug research in China has driven the cost of a laboratory monkey to about 140,000 yuan (US$20,260), a sum that exceeds the country’s average annual wage. Official government procurement records showed that prices had doubled in the last five years for such monkeys, which are widely used in the preclinical stage to check whether a drug is safe and how it is absorbed, broken down and cleared by the body. Analysts said the soaring cost was underpinned by a flood of drug-licensing deals... https://www.scmp.com/business/china-business/article/3343819/chinas-biotech-boom-sends-price-lab-monkeys-drug-tests-climbing?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3343819/chinas-biotech-boom-sends-price-lab-monkeys-drug-tests-climbing?utm_source=rss_feed Wed, 18 Feb 2026 09:00:08 +0000 Xinyi Wu Xinyi Wu In the latest sign of China’s push to channel private capital into infrastructure, several local governments have begun actively seeking private investors for two major ultra-high-voltage power line projects – the first schemes of their kind to open up to non-state funding since a Beijing directive encouraging the practice last November. China is building a series of vast power lines to funnel clean energy from its resource-rich but sparsely populated western regions to power-hungry industrial... https://www.scmp.com/economy/china-economy/article/3343495/chinese-power-line-projects-seek-private-capital-sign-infrastructure-shift?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343495/chinese-power-line-projects-seek-private-capital-sign-infrastructure-shift?utm_source=rss_feed Fri, 13 Feb 2026 13:00:11 +0000 Luna Sun Luna Sun AstraZeneca’s former China head has been formally charged with medical insurance fraud, illegal trading and unlawful collection of personal information, more than a year after he first came under investigation – casting a shadow over the Swedish-British drug maker’s expansion in its second-largest market. The pharmaceutical giant confirmed to the Financial Times and Reuters that Leon Wang was one of two individuals indicted, as referenced in its latest earnings report published on Tuesday. The... https://www.scmp.com/economy/china-economy/article/3343522/china-charges-former-astrazeneca-executive-what-it-means-global-pharmaceutical-firms?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343522/china-charges-former-astrazeneca-executive-what-it-means-global-pharmaceutical-firms?utm_source=rss_feed Fri, 13 Feb 2026 12:00:12 +0000 Wency Chen Wency Chen Before humanoid robots realise their longer-term potential as efficient industrial workers, a more immediate role is emerging in China: on-demand entertainment. For 999 yuan (US$145), customers can now rent a humanoid robot to dance, perform and pose to order. That proposition is being trialled by Botshare – known in Chinese as Qingtianzu, or “Optimus rent” – which last weekend rolled out a “999 yuan robot experience programme for everyone” ahead of Valentine’s Day and the Lunar New... https://www.scmp.com/business/article/3342943/factory-floor-dance-floor-humanoids-find-path-market-us145?utm_source=rss_feed https://www.scmp.com/business/article/3342943/factory-floor-dance-floor-humanoids-find-path-market-us145?utm_source=rss_feed Tue, 10 Feb 2026 00:00:15 +0000 Zhu Wenqian Zhu Wenqian Luckin Coffee, mainland China’s largest coffee chain by store count, marked its milestone 30,000th outlet on Sunday in Shenzhen, with plans to boost global supply chain integration by sourcing premium beans from top producing regions worldwide. Headquartered in Xiamen, southeast China’s Fujian province, Luckin’s store network spans more than 300 cities nationwide, and its international footprint is expanding fast, with operations in overseas markets like Singapore, Malaysia and the US. It... https://www.scmp.com/business/china-business/article/3342941/luckins-30000th-store-milestone-adds-buzz-chinas-brewing-coffee-battle?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3342941/luckins-30000th-store-milestone-adds-buzz-chinas-brewing-coffee-battle?utm_source=rss_feed Mon, 09 Feb 2026 11:04:28 +0000 Iris Deng Iris Deng Chinese electronics companies Insta360 and Vivo are preparing aggressive moves into the gimbal-stabilised camera market, setting up a direct challenge to DJI’s dominance, though analysts warn the newcomers may struggle to match the drone maker’s entrenched content ecosystem. Insta360, a key rival to GoPro, is planning a handheld gimbal camera aimed at DJI’s popular Pocket series, currently slated for release in the first half of the year, according to people familiar with the matter. Separately,... https://www.scmp.com/business/article/3342930/insta360-vivo-challenge-djis-turf-eyeing-slice-gimbal-camera-boom?utm_source=rss_feed https://www.scmp.com/business/article/3342930/insta360-vivo-challenge-djis-turf-eyeing-slice-gimbal-camera-boom?utm_source=rss_feed Mon, 09 Feb 2026 11:00:11 +0000 Cao Li Cao Li Pop Mart’s shares climbed on Monday after the Chinese toymaker highlighted strong operating momentum at its annual gathering, reinforcing investor confidence ahead of earnings. The company’s Hong Kong-listed stock rose 8.6 per cent to HK$264.20 in afternoon trading before edging down to close 5.8 per cent up at HK$257.20. Shares are now up more than 37 per cent year to date, though still about 24 per cent below their August peak of HK$339.80. Founder Wang Ning said at the company’s annual party... https://www.scmp.com/business/article/3342884/chinas-pop-mart-gains-earnings-hopes-investors-eye-growth-beyond-labubu?utm_source=rss_feed https://www.scmp.com/business/article/3342884/chinas-pop-mart-gains-earnings-hopes-investors-eye-growth-beyond-labubu?utm_source=rss_feed Mon, 09 Feb 2026 05:15:40 +0000 Julie Zhang,Alice Li Julie Zhang,Alice Li In barely a decade, China has transformed from a maker of cheap generic copies of Western medicines into a global powerhouse of pharmaceutical innovation. The country now only trails the United States in novel drugs under development, with a 29 per cent share, according to McKinsey. International pharmaceutical companies are beating a path to China’s shores to license next-generation treatments for cancer, autoimmune diseases and other disorders. Government support, including regulatory and... https://www.scmp.com/plus/business/china-business/article/3342868/china-challenges-us-new-drugs-after-industry-transformation?utm_source=rss_feed https://www.scmp.com/plus/business/china-business/article/3342868/china-challenges-us-new-drugs-after-industry-transformation?utm_source=rss_feed Mon, 09 Feb 2026 04:45:08 +0000 He Huifeng He Huifeng Over 10 million students graduate from Chinese universities every year, straining an already crowded labour market. Yet the “micro drama” industry is emerging as a crucial lifeline for hundreds of thousands of young jobseekers: offering the chance to turn creativity into a stable pay cheque. The sector was estimated to directly generate about 690,000 jobs in 2025 – mostly for young people – and over 2 million positions when counting upstream and downstream roles, according to a recent report by... https://www.scmp.com/economy/china-economy/article/3342809/chinas-micro-drama-industry-emerges-jobs-lifeline-tough-graduate-labour-market?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3342809/chinas-micro-drama-industry-emerges-jobs-lifeline-tough-graduate-labour-market?utm_source=rss_feed Sun, 08 Feb 2026 09:00:08 +0000 Zhu Wenqian Zhu Wenqian As the Year of the Horse approaches, Chinese consumers are hunting online for mascots, dolls and charms themed after the zodiac animal, favouring soft, round and playful designs over formal styles, in what industry observers say places more weight on emotional fulfilment than on material possessions or brand prestige. This craze is boosting retail sales for plush toys and gold accessories, as is evident in toymaker Pop Mart’s sold-out Have a Good Run series of plush pendants, as well as brisk... https://www.scmp.com/business/china-business/article/3342795/chinas-year-horse-shoppers-let-emotional-satisfaction-take-reins?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3342795/chinas-year-horse-shoppers-let-emotional-satisfaction-take-reins?utm_source=rss_feed Sun, 08 Feb 2026 02:30:09 +0000 Cao Li Cao Li “Three Starbucks peach lattes for 84.90 yuan [US$12]”, a live streaming host tells viewers on Douyin, China’s popular short-video platform. “Three, two, one – the link is up. Don’t miss this deal, babes.” As Starbucks’ planned sale of a majority stake in its China business to Boyu Capital, announced three months ago, awaits regulatory clearance, the US coffee chain has stepped up its push into China’s heated live streaming shopping race, using discounts to bring down the cost per cup. The... https://www.scmp.com/business/article/3342682/waning-fortunes-how-western-brands-are-adapting-chinas-changing-consumer-landscape?utm_source=rss_feed https://www.scmp.com/business/article/3342682/waning-fortunes-how-western-brands-are-adapting-chinas-changing-consumer-landscape?utm_source=rss_feed Sat, 07 Feb 2026 02:00:10 +0000 Iris Deng Iris Deng China’s internet watchdog has fined Kuaishou Technology 119.1 million yuan (US$17 million) for hosting explicit live-streaming content, just days after the operator of the country’s second-largest short-video platform was penalised over e-commerce violations. Beijing’s Cyberspace Administration launched an investigation following reports of a surge in pornographic and vulgar streams. The probe found the platform had failed to meet its cybersecurity obligations, fix system vulnerabilities in... https://www.scmp.com/business/article/3342690/watchdog-slaps-chinas-kuaishou-us17-million-fine-after-explicit-content-probe?utm_source=rss_feed https://www.scmp.com/business/article/3342690/watchdog-slaps-chinas-kuaishou-us17-million-fine-after-explicit-content-probe?utm_source=rss_feed Fri, 06 Feb 2026 10:55:10 +0000 Cao Li,Daniel Ren,Ann Cao Cao Li,Daniel Ren,Ann Cao China’s food delivery giant Meituan said on Thursday that it had agreed to acquire Dingdong, a leading on-demand commerce platform in China specialising in fresh groceries. Meituan said it would purchase all issued shares of Dingdong Fresh Holding, wholly owned by New York-listed Dingdong (Cayman) Limited, for an initial consideration of US$717 million, subject to adjustment, according to a filing with the Hong Kong stock exchange. The deal is subject to conditions including antitrust clearance... https://www.scmp.com/business/article/3342537/chinas-meituan-snaps-dingdong-deepen-push-fresh-grocery-retail?utm_source=rss_feed https://www.scmp.com/business/article/3342537/chinas-meituan-snaps-dingdong-deepen-push-fresh-grocery-retail?utm_source=rss_feed Thu, 05 Feb 2026 10:54:35 +0000 Kandy Wong Kandy Wong Beijing has recently targeted tax incentives in telecoms and other select industries after fiscal revenue dropped sharply in late 2025, fuelling market speculation of similar, larger-scale moves and triggering volatility. Here, we examine the latest developments and outline how economists view the changes. What has the Chinese government announced? Beijing has moved to boost government finances by tightening tax incentives and raising preferential rates across several sectors, following a sharp... https://www.scmp.com/economy/china-economy/article/3342339/china-raises-taxes-some-sectors-boost-finances-one-fix-or-tough-times-ahead?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3342339/china-raises-taxes-some-sectors-boost-finances-one-fix-or-tough-times-ahead?utm_source=rss_feed Wed, 04 Feb 2026 06:40:20 +0000