Markets

At the China Automotive Forum 2025, Yin Tongyue, chairman of Chery Automobile, urged auto industry leaders to increase face-to-face meetings to prevent misunderstandings. He called for associations to facilitate more informal gatherings, with a moderate relaxation of anti-alcohol policies. Yin humorously noted AI advances make decision-making challenging, leading companies like Chery to act cautiously and sometimes follow others. (66 words)

At Shanghai BW Anime Expo (through July 13th), Nintendo debuts the Switch 2 console. The Hong Kong variant launches on JD.com, priced from CNY 4,099 with an initial CNY 150 discount and possible subsidies. Key features include a 7.9-inch 1080P portable display, 4K TV output, TV/tabletop/handheld modes, an adjustable kickstand, dual USB-C ports, and improved Joy-Con controllers with magnetic attachment and motion sensors. The console is backward compatible with original Switch games. JD.com hosts the official flagship store for its launch.

Aker Solutions reported robust Q2/H1 2025 results. Q2 EBITDA margin was 8.3%, EPS NOK 1.46, net cash NOK 2.1bn, with order intake NOK 10.9bn and backlog NOK 68.0bn. H1 EPS was NOK 2.81. Revenue rose to NOK 15.2bn in Q2, driven by Life Cycle growth despite renewables margin pressure. The CEO highlighted project milestones and tech advances (e.g., autonomous drones). The company maintains its 2025 guidance: revenue exceeding NOK 55bn and underlying EBITDA margin (ex-OneSubsea) of 7.0-7.5%.

Chinese high school graduates seeking summer jobs faced exploitation through an employment agency. Placed at a facility using the STO Express logo, they were promised 200 yuan for an 11-hour shift sorting packages. After just four hours, the station dismissed them, citing “excessive sweating” and unsuitability, paying only 10 yuan for bus fare home instead. The agency challenged them, “Report it to the police if you want money.” STO Express pledged to investigate potential franchisee violations. Authorities separately noted the case highlights youth labor oversight issues, including failure to register underage workers.

The Chinese Football Association announced a public tender for its “Forward Plan” AI project, aiming to build a foundational Big Data Analysis Platform using artificial intelligence. This platform will process football data to support national team preparation, youth development, coaching, and referee training, addressing persistent performance challenges. The project has a strict cost ceiling of RMB 10.68 million. It follows the men’s national team’s recent 0-3 loss to South Korea, extending their winless streak against that opponent to six matches.

360 Digital Security Group and Bijie Vocational College partnered on July 10, 2024, establishing the Bijie Vocational-360 Digital Intelligence Security Industry College in Guizhou. This collaboration aims to accelerate talent development for the region’s digital economy through an integrated teaching-research-application system. The initiative features a “three-centers, one-platform” structure focusing on industry-aligned training, dual-qualified faculty, and technological innovation. Executives emphasize bridging academia-industry gaps to support Guizhou’s digital industrialization goals and create a sustainable talent pipeline, positioning it as a model for Western China’s development during the province’s 14th Five-Year Plan implementation. (100 words)

Civista Bancshares (NASDAQ: CIVB) priced an offering of 3.29 million common shares at $21.25 each, aiming to raise ~$70 million. With an underwriters’ option, proceeds could reach $80.5 million. The capital, expected to close July 14, will fund organic growth and potential acquisitions in Midwest markets. Piper Sandler leads the transaction under Civista’s existing SEC shelf registration.

Huawei is expanding into the global AI chip market, targeting the Middle East (UAE, Saudi Arabia) and Southeast Asia (Thailand) with its Ascend 910B chip, challenging NVIDIA. To attract clients, it’s promoting its CloudMatrix 384 super AI server, powered by the Ascend 910C chip. This server integrates 384 Ascend NPUs and 192 Kunpeng CPUs, offering high throughput (2,300 tokens/sec) and massive scalability (up to 160,000 cards). It supports stable, resilient operation. While highlighting its AI cloud services as ideal for large models, Huawei is not exporting the Ascend 910C overseas due to supply constraints, prioritizing Chinese firms impacted by US restrictions. (98 words)

Faraday Future launches its FX Super One MPV and AI tech on July 17th. Concurrently, verified FFAI shareholders (as of July 10, 2025) gain exclusive pre-ordering access and tiered perks via Stockperks. These include a $3,500 purchase voucher for Futurist tier holders (1+ shares) and extensive benefits like lifetime warranty/maintenance for Prestige holders (100,000+ shares), alongside priority delivery and customization. Targeted US deliveries start late 2025. (98 words)

Luxeed (Chery-Huawei JV) faces owner backlash and plummeting sales. Despite Chery Chairman’s promise to prioritize Huawei during disagreements, owners accuse Chery of neglect: using Luxeed’s channel for Chery events, omitting standard features, listing Luxeed last in sales reports, inconsistent pricing, and internal restructuring lacking Luxeed clarity. Sales crashed to 2,459 units in June amidst these controversies. Despite multiple apologies and hints at Luxeed’s future independence, overcoming low sales and mistrust remains a major challenge.