Markets

Taobao Flash Sale’s July-launched ¥50 billion subsidy program significantly boosted consumption. Initial results showed restaurant brands achieving record sales, while 2,318 non-restaurant categories doubled orders. Non-restaurant orders surged 143%, indicating a structural demand shift. Responding to summer heat, appliance orders like air coolers soared over tenfold. Daily active users hit 200 million, translating to physical sales across numerous cities. The program drove a milestone of daily orders surpassing 80 million for the first time, significantly expanding the market. Furthermore, it attracted 140,000 new physical stores and helped over 210,000 existing stores double orders via its integrated platform, powerfully catalyzing service-led consumption growth nationwide.

Gray Media priced $900 million in 9.625% senior secured second lien notes maturing in 2032 at par, a $150 million increase from its initial target. The proceeds, upon closing July 18, 2025, will refinance its 7.000% 2027 notes, partially repay its 2029 Term Loan F, and cover fees. Guaranteed by restricted subsidiaries, the notes are being offered exclusively to qualified institutional buyers and non-U.S. investors.

Avenir Intelligence, under Huawei’s HarmonyOS, unveiled a redesigned emblem for its Zhijie EV brand, sparking public feedback. A social media post tagging Xiaomi’s CEO Lei Jun was deleted, fueling industry buzz. The metal hexagonal design echoes Tesla but adds Chinese elements. Free retrofits for owners aim to boost loyalty, aligning with Q4 vehicle plans in China’s competitive $150B market. (82 words)

Huawei’s Yu Chengdong clarified that viral footage showing him appearing asleep while driving occurred when he was distracted by smartphone use during vehicle’s Intelligent Driving mode. He emphasized the system’s reliability, explaining its stability leads to uneventful manual operation. Yu received a traffic fine after misinterpreting a passerby’s interaction triggered an investigation. Advocating regulatory evolution, he proposed legal frameworks for Level 3 autonomy allowing device use during driving, with vehicles autonomously pulling over and activating non-intrusive alerts (seatbelt tensioning/massage) if intervention is needed, prioritizing safety during occupant distraction.

Delixy Holdings priced its Nasdaq IPO at $4.00/share, raising $5.4 million from 1.35M primary and 650K secondary shares. Trading begins July 9, 2025 (ticker DLXY) at an $8M valuation, with Bancroft Capital underwriting. Proceeds will target expansion in Southeast Asia and Middle East oil markets. Positives include capital for growth and Nasdaq credibility, while concerns involve the modest scale and significant secondary offering (32.5% of IPO shares).

Apple COO Jeff Williams to retire later this year after 27 years. Instrumental in global operations, launching the Apple Watch, and leading the design team, he will stay in transition until year-end. Tim Cook praised Williams’ immense contributions. Sabih Khan, current head of global supply chain, will succeed Williams as COO, ensuring a seamless transition. Williams plans to dedicate more time to family. (98 words)

Cathie Wood reaffirms strong support for Elon Musk and Tesla, emphasizing Musk’s critical hands-on role in sales operations during a transition phase. She maintains ARK Invest’s $2,600 price target by 2028, based on autonomous ride-hailing dominance. Wood dismissed distractions from Musk’s politics, analyzing fundamentals instead. Additionally, she critiqued Apple’s vulnerability from AI talent loss to competitors like Meta, while questioning Meta’s ability to gain sustainable advantage through its open-source AI strategy.

California American Water and the American Water Charitable Foundation awarded a $25,000 grant to the San Marino Fire Department for Southern California’s first all-electric emergency response vehicle, enabling multi-agency coordination across 23 municipalities. This EV mobile command center, supported by the LAFD Foundation, aligns with California’s 2035 zero-emission mandate and enhances climate-resilient disaster preparedness. The initiative reinforces partnerships between water utilities and emergency services, with the Foundation’s “Keep Communities Flowing” program investing over $20 million since 2012 in water security and infrastructure resilience nationwide.

Emergent BioSolutions secured a $51.9M U.S. government contract extension to supply smallpox vaccine complication treatment CNJ-016®, reinforcing its role in national biodefense. The 10-year ASPR partnership highlights Emergent’s dominance in the $10B U.S. medical countermeasures market, where government deals drive 85% of its revenue. While the deal boosts supply chain security and manufacturing credibility, VIGIV carries clinical risks including thrombosis, renal issues, and blood product transmission concerns. The contract underscores Emergent’s strategic positioning in pandemic preparedness amid growing demand for specialized, domestically produced countermeasures, balancing revenue stability with operational challenges.

PPG (NYSE: PPG) announced its Q2 2025 earnings will be released July 29 after market close, followed by an earnings call July 30 at 8 a.m. ET, featuring Chairman & CEO Tim Knavish and CFO Vince Morales. Investors can access the call via webcast or teleconference. Analysts are focused on PPG’s performance amid volatile raw material costs (particularly titanium dioxide), automotive demand shifts, and progress in key areas like EV coatings, aerospace materials, and digital color tech. PPG, a global coatings bellwether, emphasized transparent shareholder communication alongside its results.