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12 stories mentioning HKG:9888

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Asia

Market Chatter: Iluvatar Reportedly Eyes AI Chip Sale Deal with ByteDance

Shanghai Iluvatar CoreX Semiconductor (HKG:9903) is in talks for the potential sale of AI chips for inference tasks to technology group ByteDance, Reuters reported Monday citing two people familiar with the matter.A similar supply deal with Baidu (HKG:9888) is also on the cards, the people said and Reuters reported. Details of both deals are yet to be finalized.Baidu, Iluvatar and ByteDance did not immediately respond to requests fromfor comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Beijing Slams US for 'Military' Designation of Large Chinese Firms

China's Commerce Ministry expressed "strong dissatisfaction and firm opposition" to the U.S. government's action to include several large Chinese firms on a list of those aiding its military, it said Saturday.The statements come after the U.S. Defense Department named Chinese companies such as Alibaba (HKG:9988), Baidu (HKG:9888), and BYD (HKG:1211, SHE:002594), and Nio (HKG:9866, SGX:NIO) as supporters of the People's Liberation Army.Beijing called on Washington to stop its "erroneous practices" and provide non-discriminatory treatment to Chinese firms.

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China Threatens Retaliation After Pentagon Adds Alibaba, Baidu, BYD to Military Blacklist
US Markets

China Threatens Retaliation After Pentagon Adds Alibaba, Baidu, BYD to Military Blacklist

China's Ministry of Commerce on Saturday threatened to retaliate after the US Defense Department added a number of Chinese companies, including Alibaba (HKG:9988), Baidu (HKG:9888) and BYD (HKG:1211, SHE:002594), to its list of firms it deems linked with the Chinese military."China will resolutely and forcefully retaliate, and the US will bear full responsibility for the consequences," a spokesperson for the Ministry of Commerce said over the weekend, adding that "China expresses its strong dissatisfaction and firm opposition" to the designations.The Pentagon published its updated Section 1260H list on June 8, which supersedes an earlier version from January 2025. The updated roster now also includes electric-vehicle maker Nio (HKG:9866), pharmaceutical research and manufacturing services provider WuXi AppTec (HKG:2359, SHA:603259), AI robotics company Robosense Technology (HKG:2498), and Unitree Robotics, which is currently pursuing an initial public offering in Shanghai. Nvidia recently said it plans to collaborate with Unitree to build robots.The list also names telcos China Mobile (HKG:0941, SHA:600941), China Telecom (HKG:0728, SHA:601728), and China Unicom (HKG:0762), as well as chipmaker Semiconductor Manufacturing International (HKG:0981, SHA:688981), Huawei Technologies, Contemporary Amperex Technology (SHE:300750, HKG:3750) and Tencent (HKG:0700), most of which were added in January.The June update also reinstated ChangXin Memory Technologies and Yangtze Memory Technologies on the list after they were withdrawn from the February version. Both companies are among China's leading memory chipmakers and are currently pursuing public listings.As the Pentagon noted, being on the list means an entity is identified as a contributor to China's "Military-Civil Fusion strategy," supporting the modernization goals of the People's Liberation Army "by ensuring it can acquire advanced technologies and expertise developed by PRC companies, universities, and research programs that appear to be civilian entities."While these Chinese companies face no formal sanctions under the list, the Pentagon is prohibited from entering into, renewing or extending contracts with them or acquiring their products starting June 30, 2026.Several newly listed companies pushed back, with Alibaba saying it is "not a Chinese military company nor part of any military-civil fusion strategy." The company warned that it will take "all available legal action against attempts to misrepresent the company."Baidu said there was "no justification" for its inclusion, adding that it does not expect the designation to impact its business.BYD, which recently toppled Tesla as the world's top electric vehicle seller, echoed Alibaba and Baidu's statements, adding that the move will not impact its business.Meanwhile, analysts from Jefferies said the update was largely anticipated, noting that an earlier version of the list had briefly appeared in February before being withdrawn without explanation.Jefferies also noted on June 9 that while the Defense Department is prohibited from procurement of goods and services from entities in the list, "it does not restrict US citizens from engaging in trading activity with the listed companies."In a separate Jefferies note on June 9, analysts from the bank said 10 companies were removed from the list, including, most notably, CNOOC (HKG:0883, SHA:600938)."The immediate implication for companies on the 1260H list is that they are prohibited from providing any goods or services to the US military directly or via contractors. We believe the final decision-maker is the US president," said Jefferies."President Trump has just concluded his China trip, and, in our view, the US-China relationship is moving in an incrementally positive direction. In our view, President Trump is largely occupied with Iran, the high oil price (thus higher inflation risk), and the upcoming mid-term election, implying there will be less motivation for the US to escalate geopolitical tension with China."

Shanghai Composite^SZSEHKG:0700HKG:0728HKG:0762HKG:0883HKG:0941HKG:0981HKG:1211HKG:2359HKG:2498HKG:3750HKG:9866HKG:9888HKG:9988SHA:600938SHA:600941SHA:601728SHA:603259SHA:688981SHE:002594SHE:300750
Asia

Hong Kong Stocks End Mixed; Alibaba, Baidu Push Back on Pentagon List

Hong Kong stocks ended mixed Tuesday as investors weighed a fragile Israel-Iran truce and fresh Pentagon scrutiny of major Chinese companies.The Hang Seng Index fell 0.4%, or 91.16 points, to close at 24,565.90, while the Hang Seng China Enterprises Index slipped 0.2%, or 16.77 points, to finish at 8,324.59.Oil prices settled higher after swinging sharply during Monday's session, when both Iran and Israel indicated they would halt attacks following an appeal from U.S. President Donald Trump.Tehran, however, warned it could resume military action if Israel continued strikes against Hezbollah in Lebanon, signaling the fragility of the truce.In corporate news, the Pentagon added several major Chinese companies, including Alibaba, Baidu, BYD (HKG:1211, SHE:002594), and Nio, to a list of entities it alleges have links to China's military.Alibaba (HKG:9988), Baidu (HKG:9888), and Nio (HKG:9866) rejected the designation, saying they were neither Chinese military companies nor participants in China's military-civil fusion program.The companies also said the move would not have a material impact on their operations.Alibaba closed over 1% lower, while Baidu and Nio ended nearly 1% higher.

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Asia

Several Chinese Firms Push Back Against Deemed Ties to Chinese Military

A number of Hong Kong-listed entities on Tuesday pushed back on the U.S. Department of Defense's decision to include their names in the Chinese military companies list.Among those listed, Alibaba (HKG:9988), Baidu (HKG:9888), and Nio (HKG:9866) said there was no basis or justification for their inclusion on the list.Each of the companies said that they were neither a Chinese military company nor a military-civil fusion contributor to the Chinese defense industrial base.All three went on to say the designation would not impact their business.For its part, the U.S. Department of Defense said the companies were designated under Section 1260H, which requires the agency to identify entities it deems linked to China's military or supporting military-civil fusion efforts.While the designation carries limited immediate legal consequences, the Pentagon has increasingly used the list to restrict companies' access to U.S. military contracts and research funding, Bloomberg previously reported.A 1260H designation is also reportedly viewed as a warning to U.S. investors and can precede tougher trade or regulatory restrictions.

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Pentagon Accuses Alibaba, Tencent, BYD, CATL of China Military Links
US Markets

Pentagon Accuses Alibaba, Tencent, BYD, CATL of China Military Links

The U.S. added dozens of Chinese companies to a list of firms it says support Beijing's military, a move that could heighten tensions between the world's two largest economies.The Pentagon added several major Chinese technology, electric-vehicle, and battery companies, including Alibaba (HKG:9988), Tencent (HKG:0700), BYD (HKG:1211, SHE:002594), CATL (HKG:3750, SHE:300750), Baidu (HKG:9888), and Nio (HKG:9866), to its list of "Chinese military companies," according to a notice published Monday.The U.S. Department of Defense said the companies were designated under Section 1260H of the National Defense Authorization Act, which requires the Pentagon to identify entities it deems linked to China's military or that support military-civil fusion efforts.The Pentagon briefly published the updated list in February, when President Donald Trump's planned visit to China was still under consideration, before withdrawing it without explanation.It later asked the Federal Register to remove the notice from public inspection and withdraw it from publication, stating: "We would like to remove this notice from public inspection and withdraw the notice from publication," without providing a reason.The list was released less than a month after Trump met Chinese President Xi Jinping in Beijing, where the two leaders discussed trade and technology issues.The updated list also includes Huawei Technologies, DJI, Semiconductor Manufacturing International (HKG:0981, SHA:688981), China Mobile (HKG:0941, SHA:600941), China Telecom (HKG:0728), China Unicom (HKG:0762), Hikvision (SHE:002415), SenseTime (HKG:0020), Unitree Robotics, TP-Link, among others.Also included was WuXi AppTec (HKG:2359, SHA:603259), one of China's largest pharmaceutical research and manufacturing services providers.WuXi AppTec said separately in a statement on Tuesday that its inclusion on the list was "clearly a mistake" and that it would take immediate steps to challenge the designation.The company said it does not meet the statutory criteria for a "Chinese military company" and is not owned, controlled by, or affiliated with any Chinese military or government entity.China's embassy in Washington criticized the designation, saying Beijing opposed "making discriminatory lists to go after Chinese companies.""The U.S. should stop its wrong practice and create a fair, just, and non-discriminatory environment for Chinese companies," an embassy spokesperson said in a statement to Reuters.The spokesperson added that Chinese companies operate in accordance with local laws and regulations.The new list is largely unchanged from the withdrawn February version, except for the addition of memory chipmakers CXMT and YMTC, whose earlier removal had sparked criticism from U.S. lawmakers.Bloomberg News reported earlier that the Pentagon's decision to initially remove YMTC and CXMT prompted the list's swift withdrawal in February.The notice also removed several entities from the previous list, including CNOOC China and CNOOC International Trading, both of which are owned by state-controlled oil producer CNOOC.However, the Pentagon added CNOOC subsidiary China BlueChemical (HKG:3983) to the updated list and said in the filing that CNOOC is directly owned and controlled by China.The notice also removed several entities from the previous list, including Anhui Sun Create Electronics, China International Information Services, China National Chemical Engineering, China Traffic Construction USA, COSCO Shipping Finance, among others.Companies designated under the program may seek reconsideration by submitting information to challenge their inclusion on the list, according to the notice.While the designation carries limited immediate legal consequences, the Pentagon has increasingly used the list to restrict companies' access to U.S. military contracts and research funding.The designation is also viewed by investors as a warning signal that can precede broader U.S. trade, investment, or regulatory restrictions.

HKG:0700HKG:0728HKG:0762HKG:0883HKG:0941HKG:1211HKG:2359HKG:3750HKG:9866HKG:9888HKG:9988SHA:600938SHA:600941SHA:603259SHE:002594SHE:300750
Asia

Pentagon Accuses Alibaba, Tencent, BYD of Ties to Chinese Military

The Pentagon added several major Chinese companies, including Alibaba (HKG:9988), Tencent (HKG:0700), BYD (HKG:1211, SHE:002594), CATL (SHE:300750, HKG:3750), Baidu (HKG:9888), and Nio (HKG:9866), to its list of "Chinese military companies," according to a notice published on MondayThe U.S. Department of Defense said the companies were designated under Section 1260H, which requires the agency to identify entities it deems linked to China's military or supporting military-civil fusion efforts.The updated list also includes Huawei Technologies, DJI, Semiconductor Manufacturing International (HKG:0981, SHA:688981), China Mobile (HKG:0941, SHA:600941), China Telecom (HKG:0728), and China Unicom (HKG:0762), among others.Also included on the list was WuXi AppTec (HKG:2359, SHA:603259), one of China's largest pharmaceutical research and manufacturing services providers.The companies were included in a previous version of the list that was briefly posted in February before being withdrawn minutes later without explanation, Bloomberg News reported separately.WuXi AppTec said separately in a statement that its inclusion on the list was "clearly a mistake" and that it would take immediate steps to challenge the designation.The company said it does not meet the statutory criteria for a "Chinese military company" and is not owned, controlled by, or affiliated with any Chinese military or government entity.While the designation carries limited immediate legal consequences, the Pentagon has increasingly used the list to restrict companies' access to U.S. military contracts and research funding, Bloomberg said.A 1260H designation is also reportedly viewed as a warning to U.S. investors and can precede tougher trade or regulatory restrictions.

HKG:0700HKG:0728HKG:0762HKG:0941HKG:0981HKG:1211HKG:2359HKG:9866HKG:9888HKG:9988SHA:600941SHA:603259SHA:688981SHE:002594SHE:300750
Asia

Jefferies Adjusts Baidu's Price Target to HK$179 from HK$176, Keeps at Buy

HKG:9888
Baidu's Attributable Profit Slides 55% Despite Surge in AI Business
US Markets

Baidu's Attributable Profit Slides 55% Despite Surge in AI Business

Baidu's (HKG:9888) attributable profit plunged about 55% in the first quarter despite a boost in revenue for the Chinese search engine operator's cloud computing services.Net attributable profit slid to 3.45 billion yuan in the three months through March 31 from 7.72 billion yuan in the year-ago period, according to a Monday after-hours filing with the Hong Kong bourse.Earnings per share slid to 1.17 yuan from 2.73 yuan a year earlier.Revenue slipped to 32.1 billion yuan from 32.5 billion yuan a year earlier, with Baidu Core AI-powered Business surging 49% to about 13.6 billion yuan.Artificial intelligence cloud infrastructure revenue soared 79% year over year to 8.8 billion yuan in the first quarter, while the top line from AI applications stayed flat at 2.5 billion yuan."In Q1, our Core AI-powered Business exceeded half of Baidu General Business revenue for the first time, marking a clear signal that AI has become the core driver of Baidu," according to a Monday statement.The surge in its core AI-powered business helped general business revenue jump 2% year over year, marking a return to positive growth, the company said.The Apollo Go robotaxi service saw total rides reach 3.2 million, with weekly rides peaking at more than 350,000 in March. Total rides surged 120% year over year, Baidu said.AI-native advertising revenue increased 36% year over year to 2.3 billion yuan.Online marketing slid 22% to 12.6 billion yuan in the quarter from 16 billion yuan a year earlier.Total costs jumped 3.4% year over year to 28.9 billion yuan from 27.9 billion yuan

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Asia

Baidu's Q1 Attributable Net Income Drops

Baidu (HKG:9888) recorded an attributable net income of 3.45 billion yuan in the first quarter, down from 7.72 billion yuan a year prior, according to a Monday Hong Kong bourse filing.The Chinese search engine operator's earnings per share slipped to 1.10 yuan from 2.70 yuan in the corresponding period of the previous fiscal year.Revenue decreased to 32.08 billion yuan from 32.45 billion yuan in the year-ago period.

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Asia

Baidu Chip Unit Kunlunxin Seeks Additional Listing in Shanghai

Baidu's (HKG:9888) artificial-intelligence chip unit Kunlunxin (Beijing) Technology is working with China International Capital Corp. to seek an additional listing in Shanghai, Bloomberg News reported Friday, citing a regulatory filing.Kunlunxin (Beijing) Technology filed for a public listing in Hong Kong earlier this year and is now working with the investment bank to also list on Shanghai's STAR board, the report said.Baidu holds a 58% stake in Kunlunxin (Beijing) Technology, which could be valued at no less than $3 billion, the news agency reported earlier.Jefferies analysts expect Kunlunxin's Hong Kong listing to happen in the third quarter, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:9888
Asia

Market Chatter: South Korean AI Chip Firm DeepX Eyes 2026 IPO, May List in the US

South Korean on-device AI chip company DeepX is planning an initial public offering (IPO) after concluding its ongoing funding round ​in the ​first ⁠half of 2026, Reuters reported Wednesday.DeepX plans to appoint banks for its IPO, and may also seek a US listing after its domestic listing, according to Reuters.DeepX makes semiconductor chips that run AI tasks on devices, and has partnered with companies such as Hyundai Motor (KRX:005380) and Baidu (HKG:9888), the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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