China

China’s national football team faces a critical World Cup qualifier against Indonesia. Trailing 1-0 at halftime due to a penalty and no shots on target, China must win to stay in the competition. A loss would eliminate them. They also need to defeat Bahrain to reach the playoffs. The match is available for free live broadcast.

Citi is restructuring its technology teams in Shanghai and Dalian, China, leading to approximately 3,500 job cuts. The bank reportedly communicated separation details on June 5th, with compensation exceeding statutory requirements. While the packages may not match those of other multinationals like Microsoft, they are still notably more generous than typical Chinese business severance.

HUTCHMED and Innovent Biologics announced the NMPA acceptance of a New Drug Application for fruquintinib and sintilimab combination therapy. This targets advanced renal cell carcinoma patients who failed prior tyrosine kinase inhibitor treatment. Based on positive FRUSICA-2 trial results, it met its primary endpoint of progression-free survival. The therapy may address the unmet needs for second-line treatment, with ongoing research to expand its applications and indications in immuno-oncology.

GDS Holdings Limited announced its Annual General Meeting of Shareholders on June 26, 2025, in Shanghai. The company, a key player in China’s data center market, will cover resolutions and details on its website and through SEC/HKEX filings. Shareholders of record as of June 4, 2025, are eligible. ADS holders will receive voting instructions from JPMorgan Chase Bank, N.A.

The People’s Daily criticizes the ongoing price war in China’s EV market, highlighting concerns about its long-term impact. The article urges automakers to shift focus from price to value, emphasizing technological innovation and high-quality offerings. It observes a transition towards a value-driven market, driven by consumer demand for advanced features and personalized options, advocating for sustainable growth over short-term gains and inflated valuations.

POP MART’s LABUBU designer toys are experiencing immense global popularity, particularly in the US, fueled by celebrity endorsements and social media trends. Sales in the US market are booming, rivaling luxury goods. The craze has led to customization, high demand, and even the development of secondary industries. While successful, the company faces challenges in IP development and balancing product scarcity with market responsiveness.

According to IDC’s latest report on China’s Passive Optical LAN market, Huawei remains the market leader for the sixth consecutive year. The study projects steady growth with a 7.3% expansion in 2025 and an estimated RMB 2.52 billion market by 2029. Huawei’s F5G-A all-optical campus solution, featuring 50G PON and Wi-Fi 7, and its AI-powered FTTO Planner are key drivers of this growth.

Nvidia’s Chief Scientist Bill Dally suggests U.S. export restrictions on China’s AI sector may have unintentionally boosted China’s capabilities. He notes skilled Chinese researchers are now working for Huawei, fostering indigenous AI solutions. Restrictions have created a localized ecosystem, increasing China’s share of high-end AI researchers. Though China may lag in hardware, it possesses significant intellectual capital. The policy has propelled Huawei’s growth, eliminating key rivals and fostering competitive software solutions.

Ctrip CEO James Liang advocates for policies to boost China’s birth rate, viewing children as crucial for the nation’s future. His plan focuses on financial incentives: monthly cash stipends per child, tax relief for families with multiple children, and mortgage interest rebates. He proposes a lump-sum payment per child and emphasizes the need for a holistic approach encompassing childcare and education.

Xiaomi partner Pan Jiutang commented on China’s EV market, highlighting the diverse approaches of key players like SAIC, BYD, Huawei, and Xiaomi itself. He emphasized the importance of market forces and consumer choice over internal evaluations of competitors. This followed public comments from another tech executive, reflecting the intense competition and evolving dynamics of the burgeoning Chinese EV industry.