Markets

The early 2010s in China witnessed a fierce e-commerce battle between JD.com and Dangdang for book market dominance. Driven by ambition and strategic price wars, led by Liu Qiangdong and Li Guoqing, JD.com ultimately prevailed, prioritizing market share over immediate profits. Recent interviews reveal the intensity of the rivalry and the emotional toll it took. The rivalry’s conclusion is symbolized by Li Guoqing’s use of JD.com for food delivery, signifying a decade-long competitive saga’s end.

PT Bank Rakyat Indonesia (BRI) launched its inaugural IDR 5 trillion Sustainable Social Bond, attracting IDR 6.57 trillion in subscriptions, and becoming the first Indonesian bank to issue such a bond. The offering, part of a larger IDR 20 trillion program, aims to support inclusive and sustainable financing. The bond received a Triple A rating and features varied tenors and interest rates. This move reinforces BRI’s commitment to ESG and sustainable financial practices.

Rokid and Lens Technology have launched the Rokid Glasses, an AI-powered AR device, marking a shift towards commercialized AI-integrated AR. The glasses, with over 250,000 pre-orders, are the first mass-produced consumer AI+AR glasses. This partnership combines Rokid’s software and hardware expertise with Lens Technology’s manufacturing capabilities, creating a lightweight, feature-rich device. The collaboration fuels an ecosystem supporting AR applications and aims at leading the growing AR market.

China’s “500 Richest” list reveals a thriving economic landscape driven by technology and consumer trends. ByteDance’s Zhang Yiming leads, while others like Pony Ma (Guangdong) and Zhong Shanshan (Zhejiang) also rank high. Collective wealth increased 11% to 13.7 trillion yuan, with average net worth at 27.38 billion. The TMT sector, especially AI and semiconductors, dominates the list, showcasing significant growth and influencing the wealth of many entrepreneurs.

Torrid Holdings Inc. announced a public offering of 10,000,000 shares of common stock at $3.50, led by selling stockholders, with a closing expected around June 26, 2025. Underwriters have an option to purchase more shares. Concurrently, Torrid will repurchase $20.0 million of its stock from Sycamore Partners. Torrid will not receive proceeds from the offering. BofA Securities, Jefferies, and William Blair are managing the offering. Detailed information can be found in SEC filings.

UBS reports significant wealth creation, especially in China. The nation is averaging 380 new millionaires daily in 2024, fueled by economic growth, and is projected to add over 5 million more by 2029. Globally, the US adds around 1,000 new millionaires daily. Moreover, a “Great Wealth Transfer” of over $80 trillion is underway, with women poised to become significant beneficiaries, potentially influencing future investment trends.

Foxconn Chairman Branden Cheng predicts AI will revolutionize not only industries like autonomous driving and cosmetics, but also everyday experiences. He believes AI will enhance the taste of Moutai and improve the effectiveness of cosmetics via increased precision, by replicating artisan techniques. Cheng sees AI as a tireless tool to improve efficiency and iteration in various tasks, replacing human labor in repetitive or inefficient processes.

Woodside has finalized the sale of a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak. Stonepeak will inject $5.7 billion into the project, contributing 75% of the CAPEX in 2025 and 2026. Woodside received approximately $1.9 billion upon closing and aims to boost shareholder returns. The partnership will accelerate LNG development and leverage Stonepeak’s investment expertise in the US gas infrastructure market. Louisiana LNG has a total permitted capacity of 27.6 Mtpa.

China’s automotive market is witnessing public spats between executives amid intense competition. Analysts suggest this shift reflects unsustainable price wars and squeezed margins. Car manufacturers are publicly criticizing rivals to shape perception, protect brand image, and maintain consumer interest. An industry expert underscores the importance of maintaining at least 20% gross profit margins for ethical and long-term business viability, crucial in the current cutthroat environment.

The Beijing Tax Bureau details the tax treatment of retirement income. Traditional pensions are exempt from individual income tax. Personal pension plans, capped at 12,000 yuan annual contributions with pre-tax deduction benefits, are taxed at a flat 3% rate upon withdrawal. This rate applies to the total withdrawal amount, including contributions and investment gains, promoting the utilization of these supplemental retirement schemes.