Shanghai
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Shanghai

Shanghai
Shanghai
With a population of more than 24 million, Shanghai, is a major centre for finance, business and economics, science and technology, and fashion, among other disciplines. It is home to the Port of Shanghai, the world’s busiest container port, and Shanghai Pudong International Airport, one of the world’s 10 busiest airports by passenger traffic.
Head of Government
Party Secretary of Shanghai Chen Jining
Sun Lei, China’s deputy permanent representative to the UN, speaks during a Security Council briefing on threats to international peace and security in New York on Tuesday. Venezuela requested a Security Council meeting, citing escalating tensions resulting from “US aggression” against the country. Photo: EPA
SCMP Highlights

China, Russia clash with US at UN; Taipei mayor visit: SCMP daily highlights

From Beijing accusing Washington of violating international law to a study on animal fats, here’s a round-up from today’s coverage.

Taiwan

Taipei mayor cuts Shanghai visit short to oversee security after mass stabbing

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Hong Kong stock market

Hong Kong stocks rise as Wall Street rally boosts confidence in earnings growth

China-Japan relations

China CP comic fan event stripped of Japanese content, dozens of booths affected

Organisers of the weekend convention in Hangzhou did not name Japan directly in its pivot to a ‘Chinese style’ theme.

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The diplomatic row between China and Japan has spread to Chinese fans of Japanese content at a comic event. Photo: AFP
Banking & finance

Exclusive | Old lender, new twist: Shanghai Commercial Bank teams up with HashKey on card

The 75-year-old lender will work with the newly listed digital asset exchange to issue a co-branded Visa card for HashKey traders.

Hong Kong property

2 Deep Water Bay homes sold for US$283 million in biggest deal in years

The two three-storey units at 6 Deep Water Bay Road fetched HK$147,010 per square foot, the highest since HK$150,000 for a 2015 deal.

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Science

Chinese researchers show how a word could let spies take control of a robot army

Demonstration at cybersecurity event highlights a flaw that could turn one robot into a ‘Trojan horse’ that can seize control of others.

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The team that identified the security flaw has urged manufacturers to establish their own security systems or seek external help. Photo: Xinhua
Banking & finance

Gold takes centre stage as Hong Kong builds commodities ecosystem

Hong Kong plans to build an international gold trading centre as part of a wider commodities hub push.

China-Japan relations

China-Japan tension hits holiday travel as flights cancelled on 46 routes

All cancelled flights are operated by Chinese carriers and involve most of the country’s major airlines.

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IPO

Chinese GPU maker Biren kicks off bookbuilding for US$624 million Hong Kong IPO

The company, which is selling 247.7 million shares between HK$17 and HK$19.60 each, will become the first listing of 2026 on January 2.

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Biren’s IPO has attracted 23 cornerstone investors, including major asset management firms, domestic mutual funds and insurers. Photo: Handout
Electric & new energy vehicles

China’s approval for L3 self-driving cars to stimulate slowing mainland market

Chinese carmakers could sell about 270,000 semi-autonomous vehicles next year, representing 1 per cent of the total market, Daiwa says.

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Semi-autonomous cars with L3 technology are likely to spur sales on the mainland next year. Photo: Reuters
US-China relations

US-based scientist Valery Fokin wins Vyzov Prize, beating fierce Chinese rivals

USC chemistry professor is awarded one of Russia’s top science honours, topping competition from 40 countries.

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China consumption

From taboo to trendy: China’s second-hand luxury market cashes in on resale boom

Driven by an uneven recovery and property crisis, value-conscious shoppers are powering a second-hand boom as platforms use tech to verify authenticity and overcome stigma.

Mobile gaming

China’s video game sales reach record amid overseas expansion, AI investment

In 2025, China is expected to surpass the US as the world’s largest gaming market, with revenue of US$53.2 billion, according to Newzoo.

China’s major studios have pivoted towards international markets with the success of titles such as Delta Force. Photo: Handout
Architecture and design

Building on waves: a Chinese triumph in temporary architecture

A Zhejiang pavilion takes top honours at the RIBA Asia Pacific Awards, alongside a Hong Kong finalist celebrating the beauty of impermanence.

GN Architects’ Seaside Pavilion, on Chaishan island, Zhejiang province, clinched the Temporary Architecture prize in the 2025 RIBA Asia Pacific Awards. Photo: courtesy GN Architects
China trade

China jails antimony smugglers in tough stance on critical minerals

Dozens convicted of illegally shipping 166 tonnes of the strategic material, marking a major enforcement of Beijing’s export controls.

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Artificial intelligence

ByteDance AI model usage grows over tenfold on strong demand from Chinese firms

‘AI is being adopted at an unprecedented speed,’ Tan Dai, president at cloud unit Volcano Engine, says.

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Blockchain

Video | How a Shanghai start-up is digitalising Chinese tea

Safety, verification and trust behind start-up company Teakan Technology’s goal to make traditional Chinese tea digitally traceable.

Safety, verification and trust behind start-up company Teakan Technology’s goal to make traditional Chinese tea digitally traceable
Hong Kong stock market

Hong Kong stocks tread water as tech giants stumble on AI bubble jitters

Hang Seng Tech Index slides after US equities slump, while investors await inflation report.

Hong Kong courts

Legal Tales | Despite lapses behind Tai Po fire, Hong Kong’s unity shows in a time of crisis

Catastrophic fires in other places offer lessons in the administration of justice, but Hongkongers’ care and resilience will carry them through.

Artificial intelligence

ByteDance pushes frequent updates to Doubao AI as privacy concerns persist

Strong demand for Doubao AI phone eclipses concerns its agent-like functions pose a security risk.

The first smartphone running on ByteDance’s agentic AI phone assistant sold out on the first day, leading to a temporary stock surge for suppliers. Photo: Handout
China's military weapons

PLA’s Fujian aircraft carrier transits Taiwan Strait as Taipei watches closely

Island’s defence ministry says vessel’s passage through the waterway showed ‘no military intent’ and no aircraft were seen on its deck.

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A surveillance photograph of the Fujian shows no sign of carrier-based aircraft on the vessel’s flight deck during the transit. Photo: Taiwanese Ministry of National Defence
China property

China Vanke unveils proposal to extend US$366 million bond after 3 failed bids

Bondholders will vote on the revised plan from Thursday to Monday, and it requires over 90 per cent of the total voting rights to take effect.

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Hong Kong stock market

Hong Kong stocks rebound as investors reassess US rate-cut outlook

Hang Seng Index swings as odds of a US Federal Reserve rate cut in January now stand at nearly 26 per cent.

MetaX

MetaX stock soars 700% in Shanghai debut as traders snap up Chinese GPU maker

MetaX closes at 829.90 yuan on Wednesday, from its IPO price of 104.66 yuan, after gaining as much as 755 per cent in intraday trading.

People learn about the AI computing power cabinet equipped with MetaX C600 general-purpose GPU chip at the 2025 World Artificial Intelligence Conference in Shanghai. Photo: Getty
IPO

Biren Technology’s Hong Kong IPO gets go-ahead from Beijing

Shanghai-based Biren plans to float about 372 million shares on the Hong Kong stock exchange.

Biren Technology is expected to raise about US$300 million from its Hong Kong listing, according to Chinese media reports. Photo: Handout
IPO

MetaX set for Shanghai debut amid frenzy over AI chip stocks, Nvidia uncertainty

The Shanghai-based graphics processing unit designer plans to raise US$596 million from the sale of 40.1 million shares.

Banking & finance

Opinion | Global finance is quietly moving east

The IMF’s Shanghai Centre will not alter global finance overnight but shows that Asia’s voice in shaping international financial norms is growing louder.

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