Markets

China’s upcoming eight-day National Day and Mid-Autumn Festival holiday in October 2025 has sparked online debate. While the extended break is welcomed by some, many express discontent over the required “make-up” workdays. This follows revised holiday regulations from November 2024, aiming for strategic holiday allocation. Officials highlight the importance of these adjustments for family visits and domestic tourism, balancing economic benefit with worker well-being. The policy reflects ongoing discussions about holiday arrangements in China.

Portland General Electric reported GAAP net income of $62 million for Q2 2025, driven by data center demand growth. Non-GAAP net income was $73 million, excluding business transformation expenses. The company is seeking regulatory approval for a holding company reorganization and cost recovery for its Distribution System Plan and Seaside Battery project. PGE reaffirmed its 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share, based on energy delivery growth of 2.5% to 3.5%.

Xiaomi has won a five-year patent battle against GE Video Compression, a former member of the HEVC Advance patent pool. China’s Supreme People’s Court upheld the invalidation of GE’s patent, shielding Xiaomi from infringement claims related to the technology. This decision stems from a dispute initiated in 2020, when GE filed an infringement lawsuit against Xiaomi in Germany. Xiaomi strategically challenged the patent’s validity, leading to this final victory. The court determined the patent lacked an inventive step.

Pang Donglai founder Yu Donglai addressed high employment interest in the company’s new store via livestream. He warned that competition for positions will be fierce, estimating 100 applicants per job. Pang Donglai, known for excellent customer service and innovative retail, has already hired 239 people in 2024, requiring at least a Bachelor’s degree. The company’s employee compensation, averaging RMB 9,000 monthly after-tax, and benefits are considered “best-in-class,” attracting significant attention after Pang Donglai’s nationwide success.

Evercore is expanding its European advisory business by hiring Luigi de Vecchi as senior managing director and chairman of its continental European operations, starting September 2025. De Vecchi, a veteran investment banker from Citigroup and Credit Suisse, will be based in Evercore’s new Milan office, focusing on growth across Italy and Europe. His experience is expected to strengthen Evercore’s European presence and service to clients.

Weibo is cracking down on online “malicious attacks” and misinformation targeting entrepreneurs and EV brands. Several users, including @不严肃的克拉拉, @猪倌玩电车不养猪, and @Remi雷米侃电车, have been suspended for violating platform guidelines, such as product disparagement and personal attacks. Weibo aims to promote objective reviews and industry analysis, warning against defamatory tactics, citing similar action against blogger @Blood旌旗 for attacking companies and energy policies.

Ele.me launched the X3 AI-powered smart helmet for its delivery riders (“Blue Knights”), featuring an industry-first AI assistant (“Xiao E”) controllable via voice prompts. The helmet includes collision and posture detection, triggering rapid response in emergencies. It also introduces indoor mapping and navigation, initially covering 30 malls and expanding to 300 within six months, improving efficiency in complex environments. Riders can purchase the helmet at a discount or earn a free one, supported by Ele.me’s “Smart Equipment Care” initiative.

Yu Minhong announced the suspension of New Oriental’s livestreaming channels “Oriental Select Looking at the World” and “Yu Ni Tong Xing” for July 25th. This is to mourn the tragic deaths of six Northeastern University students who fell into a flotation tank at a copper-molybdenum mine on July 23rd. An instructor was also injured. Investigations reveal a possible deviation from the designated tour path and a lack of specific safety protocols for the large group visit.

Chinese authorities in Zhejiang Province warned against sophisticated telecom fraud after police in Tongxiang City rescued a woman, Ms. Li, from a scam. Fraudsters, posing as “Douyin customer service,” tricked her into installing a screen-sharing app, gaining control of her phone and linking her bank cards to online platforms. The scam began with a false claim about unwanted live-streaming fees. Police intervened, seizing the remotely controlled phone and preventing financial loss by removing the SIM card. Authorities emphasize similar scams target users across various platforms.

A debate sparked by tech blogger @Fenng centers on Zhejiang province’s initiative to reduce excessive PowerPoint use in government, aiming to combat unproductive “internal involution.” He criticizes wasted resources on superficial presentations and screens lacking genuine informational value. Tencent’s Zhang Jun argues the core problem is a culture of excessive reporting, suggesting a ban will simply shift the problem elsewhere. Zhejiang’s review of official PPTs and videos has shown early success, with one subdistrict reducing PPT/video volume and costs by over 70%.