Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- China’s Answer to Nvidia Soars 425% in Market Debut — AI chip maker Moore Threads—founded by a former Nvidia executive—surged in its first day of trading after a $1 billion-plus IPO.
- Alarm Over Hypersonic Missile Gap Fuels Startup Boom — With $350 million in new funding, Castelion is among the companies racing to make the U.S. competitive with Russia and China in Mach 5 warfare.
- Chinese Forces Battle Dizzying Altitudes to Expand Military Footprint — A Wall Street Journal analysis of more than 100 satellite images shows clear evidence of the country’s expanding air power and reach.
The Financial Times
- Chinese challenger to Nvidia surges 425% in market debut — Investors bet Moore Threads will benefit from Beijing’s drive to reduce dependence on US chipmaker.
- Taiwan bans one of China’s most popular social media apps — Move against Xiaohongshu over online scams, amid concerns over Beijing’s influence campaigns.
- US senators seek to block Nvidia sales of advanced chips to China — Bipartisan bill is part of effort to stop Beijing from getting critical AI-related technology.
- EU to review tariffs on Volkswagen’s EVs made in China — Move could offer German carmaker respite from anti-subsidy measures.
The New York Times
- How the Hong Kong High-Rise Fire Became So Deadly — Hazardous construction materials, the buildings’ design and a series of safety failures likely enabled the blaze to spread with devastating speed.
Caixin
- BYD Overhauls Payment System as China Tightens Oversight — Company to phase out digital receivables certificates as regulators clean up supply-chain finance.
- China ‘Bad Bank’ Sues Solar Tycoon in U.S. — Case could become a test of whether Chinese bad-debt managers can use American courts to recover assets overseas.
- Analysis: Is It Time to Go Long China’s Government Bonds? — Long-term yields have climbed on profit-taking and heavy supply, but some valuation signals suggest the sell-off may be creating room for long positions.
- Alibaba Retires Ele.me Brand in Shift to Instant Retail — The 16-year-old food delivery pioneer is fully integrated into the e-commerce giant’s instant retail operations.
- How a Sinopec-Led Merger Could Upend China’s Jet Fuel Market — A proposed tie-up of state-owned giants would fuse refineries with the company running the country’s near-monopoly on the fuel, reshaping competition in the industry.
South China Morning Post
- China’s regions roll out 5-year plan priorities, with tech topping the list — Following Beijing’s proposals for its next half-decade of policymaking, localities are following suit, with a focus on emerging fields.
- Huawei’s founder makes subtle dig at lofty pursuits in AI by the US — Ren’s subtle dig at the US approach to AI reflect the strategy behind Huawei’s own AI investments.
- China says it is working ‘with all parties’ to prevent escalation in Venezuela — Beijing’s outreach comes amid a US naval build-up and a rare phone call between Trump and Maduro.
Nikkei Asia
- China chases economic rally with giant Hainan free trade port — Tropical southern island becomes testing ground for Xi’s liberalization ambitions amid tariff turmoil.
- Japan-China-South Korea summit falls victim to diplomatic row over Taiwan — Key meeting pushed back despite need for regional stability in East Asia.
- Opinion: Trump’s Ukraine peace drive is a warning shot at Beijing — The US increasingly views China, not Russia, as this century’s defining challenge. By Brahma Chellaney.
Bloomberg
- China Shakes Off Tariff Scare to Stick With Export-Driven Growth — China’s leaders are widely expected to stick with its manufacturing-led growth strategy in key policy meetings this month, even as calls grow for a more urgent shift toward consumption.
- China’s Shadow Banks Back in Spotlight After Xi’s Crackdown — China’s crackdown on borrowing by local governments is forcing state-run entities to tap credit from non-bank lenders, a stopgap that’s building up risks in an opaque corner of the financial system.
- Opinion: China Vanke’s Endgame: The Bad and the Very Ugly — China Vanke Co. is an oddity. Whereas its peers have largely resolved their debt overhang, the real estate developer is staring at a potential default and restructuring. By Shuli Ren.
Reuters
- Baidu’s Kunlunxin, valued at close to $3 billion, eyes Hong Kong IPO, sources say — The move comes as China pushes to develop domestic alternatives to U.S. semiconductors amid escalating Washington export restrictions on advanced chips.
- Chinese-linked hackers use back door for potential ‘sabotage,’ US and Canada say — Chinese-linked hackers have been targeting U.S. and global telecoms companies and other sensitive targets in recent years, according to government warnings.
- Taiwan, Japan voice concern over Chinese military movements — China’s military has not commented, but a spokesperson of its foreign ministry, said navy and coast guard activities in “relevant maritime areas” adhered strictly to domestic and international law.
Other Publications
- Foreign Policy: Africa Was the Biggest Loser of China’s COP30 Triumph — Decisions about the continent’s future are being made in foreign capitals.
- The Washington Post: Inside the White House and congressional war over AI exports to China — Congress failed to legislate this year. The executive branch is now trying to regroup.
- The Economist: To halt their decline, VW and others are turning Chinese — Foreign carmakers are localising their operations in the country.
- The Guardian: How three Uyghur brothers fled China – to spend 12 years in an Indian prison — Arrested in 2013 on India’s border after fleeing Beijing’s ‘genocide’ against Muslims in Xinjiang, the siblings have been imprisoned indefinitely ever since then.
