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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.

Shanghai Composite^SZSEHKG:1211HKG:9866HKG:9888HKG:9988SGX:NIOSHE:002594
Asia

Chengxin Raises Related-Party Transaction Amounts for 2026; Shares Down 3%

Chengxin Lithium (SHE:002240) raised the estimated transaction amounts with its related parties for the year, according to a Shenzhen bourse filing on Saturday.The lithium company's shares fell 3% during Monday's morning trade.The estimated amounts for Huayou Holding, CALB Group (HKG:3931) and BYD (HKG:1211, SHE:002594) were increased to 4 billion yuan from 3 billion yuan each.Meanwhile, the estimated transactions for Langsheng New Energy and Langsheng New Material were increased to 2 billion yuan from 1 billion yuan.

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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

Market Chatter: Turkiye Suspends BYD's Tax Exemptions, Warns of Repayments If It Fails to Build Promised Factory

Turkiye suspended BYD's (HKG:1211, SHE:002594) import tax exemptions and added the company would pay back taxes if it does not proceed with its commitment to build operations in the country, Nikkei Asia reported Thursday, citing the Industry and Technology Ministry.BYD's incentives were suspended since the beginning of 2026, the report said, citing a ministry official.The removal of the electric car giant's tax exemptions has impacted its sales in Turkiye, with only 152 cars sold in May, down from 3,866 in January, Nikkei said.BYD signed an agreement with the ministry in July 2024 to establish a factory with a yearly capacity of 150,000 electric and plug-in hybrids, 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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Asia

BYD Plans EU Footprint Expansion via Factory Acquisition, Charging Infrastructure Rollout

Chinese automaker BYD (HKG:1211, SHE:002594) is looking to expand its European footprint through the acquisition of an existing factory and investments in charging infrastructure, according to separate media reports on Wednesday.Executive Vice President Stella Li told reporters in Berlin that the company is looking to establish a second assembly plant in southern Europe, preferably by acquiring an existing factory, Reuters reported.Separately, Li said BYD plans to invest 2 billion euros in Europe over the next few years to support ultra-fast charging for its mainstream models, the Financial Times reported.The initiative includes the deployment of 3,000 flash-charging stations across the region by 2027, including 600 in the U.K.

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Asia

Market Chatter: BYD Chairman Predicts Significant Growth Through 2030

BYD Company (HKG:1211, SHE:002594) aims to become the world's largest automaker by scale within five years, Chairman Wang Chuanfu said at the company's annual general meeting, according to a report by state-owned Shanghai Securities News on Tuesday.Wang said BYD's growth will be driven by its second-generation Blade Battery, flash-charging technology, and new products planned over the next two years, with domestic and overseas markets expected to serve as dual growth engines, according to the report.He also said overseas sales are on track to exceed the company's initial target of 1.5 million vehicles, citing strong demand and years of investment in international markets, the report said.Separately, Wang said the company's sales this year will depend largely on battery production capacity, adding that BYD will allocate resources to maximize output.(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

BYD Says 'No Justification' for US Military Label; Hong Kong Shares Fall 3%

BYD (SHE:002594, HKG:1211) said there is "no justification" for its inclusion in the U.S. Department of Defense's list of Chinese military companies.The carmaker is "neither a Chinese military company nor a military-civil fusion contributor to the Chinese defense industrial base," according to a Tuesday filing with the Hong Kong bourse.BYD said its inclusion in the list won't affect its normal business operations.Shares of the company were down 3% in Hong Kong, while its Shenzhen-listed shares fell nearly 2%.

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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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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

Market Chatter: BYD, JD.com-Backed PaXini Technology Mulls Hong Kong IPO

PaXini Technology, a Chinese developer of dexterous robotic hands and humanoid robots, is weighing an initial public offering in Hong Kong, Bloomberg News reported Wednesday, citing people familiar with the matter.The BYD (HKG:1211, SHE:002594)- and JD.com (HKG:9618)-backed company is working with advisers and could submit a listing application in the coming months, according to the report.Key details, including the size and timing of the offering, are still under discussion and have yet to be finalized, Bloomberg said.PaXini raised more than 1 billion yuan in a March funding round, valuing the company at more than 10 billion yuan, the report added.(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

Market Chatter: SAIC, BYD Look to Roll Out All-Solid-State-Battery-Operated EVs in 2027

Chinese car manufacturers SAIC Motor (SHA:600104) and BYD (HKG:1211, SHE:002594) are looking to launch electric vehicles with all-solid-state batteries or ASSBs in 2027, Nikkei Asia reported Tuesday.SAIC and battery startup company Qingtao (Kunshan) Energy Development Group set up a prototype EV equipped with an ASSB, aimed for release in 2027 after testing, accoding to the report.ASSBs use solid materials in place of liquid electrolytes stored in conventional batteries, according to the news outlet.SAIC's MG has rolled out models with semi-solid batteries that have reduced liquid electrolytes to 5%, Nikkei said.BYD has started work on ASSBs as early as 2013 and looks to reach large-scale production in 2030, according to the report.(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

BYD's NEV Sales, Output Rise in May

BYD's (HKG:1211, SHE:002594) sales of new energy vehicles rose to 383,453 units in May from 382,476 units in the year-ago period, according to a Monday filing with the Hong Kong bourse.The Chinese automaker's production jumped to 380,549 units from 349,824 units in the prior year.For the five months ended May 31, sales and output slipped 20% and 21% year over year to 1.4 million vehicles each.

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Asia

Chinese EV Sales Fall 6% in April, Jefferies Says

Chinese electric vehicle sales fell 6% year over year in April, contributing to weaker growth worldwide, Jefferies said in a note Wednesday.Plug-in hybrid EV sales plunged 24% year over year, while that of battery-operated EVs jumped 4% year over year.In the battery EV segment, Li Auto's (HKG:2015) market share increased 4.1% while that of Zhejiang Leapmotor (HKG:9863) jumped 2.9%.BYD's (HKG:1211, SHE:002594) market share fell 4.5% while that of Geely (HKG:0175) slid 3.9% year over year.Electric vehicle penetration surged 830 basis points year over year to 61%.EV sales across Europe, the U.S., and China slipped 0.5% year over year. Market share rose 2.5 percentage points to 33.1%, impacted by a 19% slide in Chinese market share.

Shanghai Composite^SZSEHKG:0175HKG:1211HKG:2015HKG:9863SHE:002594
Asia

China to Lead Drop in Light Vehicle Demand for 2026, S&P Says

S&P Global Ratings sees light vehicle demand declining this year, with China and the US observing the largest drops, according to a recent release.Waning consumer interest and reduced policy incentives will drive the decline in demand, S&P said.Chinese light vehicle sales dropped 20% year on year in the first four months of 2026, although S&P expects a modest recovery in the second half due to better seasonality and availability of new models, the rating agency said.Meanwhile, domestic wholesale volume for Chinese mass-market producers like BYD (HKG:1211, SHE:002594) and Chery Automobile dropped between 40% and 50%, the rating agency said.S&P expects rated manufacturers to leverage scale advantages to sustain stable sales volumes.However, rising cost inflation amid higher commodity prices due to the Middle East war could squeeze profit margins across the sector, S&P said.Chinese carmakers have quickened the pace of overseas expansion to offset intense domestic competition, leading to a 50% jump in passenger vehicle exports during the first quarter, the rating agency said.Chinese producers will also continue to increase prices or scale back incentives on some models amid these pressures, according to the rating agency.

Shanghai Composite^SZSEHKG:1211SHE:002594
Asia

Market Chatter: BYD Launches Upgraded Flagship Denza SUV

BYD (HKG:1211, SHE:002594) introduced an upgraded version of its flagship Denza SUV at a 5% higher initial price at an event in Guangzhou, China, Reuters reported Monday.Li Hui, general manager of Denza, said the new version of the Denza N9 ​plug-in hybrid SUV has over 100 upgrades, including an extended battery range and a fast-charging capability, according to the news outlet.The new model's starting price was set at 409,800 yuan, higher than its predecessor's base price of 389,900 yuan, 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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Asia

Market Chatter: BYD Holds Talks with Stellantis, Others for Underused Europe Factories

Executive Vice President Stella Li said BYD (HKG:1211, SHE:002594) is in talks with Stellantis and other European car manufacturers to take over underused plants in the region, Bloomberg News reported Wednesday.Li made the remarks after Stellantis revealed a plan to work more closely with Zhejiang Leapmotor (HKG:9863), the report added.In response to a request for comment from, Stellantis said the discussions form part of "its normal course of business" as it holds talks with "a range of industry players around the world on various topics." It, however, noted that it does not comment on speculations.(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

BYD's Sales, Output Decline in April

BYD's (HKG:1211, SHE:002594) sales declined to 321,123 units in April from 380,089 units in the year-ago period, according to a Sunday filing with the Hong Kong bourse.The Chinese automaker's Hong Kong shares gained over 1% in late morning trade Monday.Production slipped to 322,298 units from 385,064 units in the prior year.For the four months ended April 30, sales and output slipped 26% and 29% year over year to 1.02 million vehicles and 1.03 million units, respectively.

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Asia

BYD's Q1 Profit Slips 55%

BYD (HKG:1211, SHE:002594) recorded a 55% decline in attributable profit in the first quarter of 2026 to 4.08 billion yuan from 9.15 billion yuan a year prior, according to a Tuesday Hong Kong bourse filing.Earnings per share slipped to 0.448 yuan from 1.0391 yuan in the corresponding period of the previous fiscal year.The Chinese carmaker's operating revenue slid 12% to 150.2 billion yuan from 170.4 billion yuan in the year-ago period.

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Asia

Market Chatter: BYD Focuses on Fast Charging in Bid to Win Customers

BYD (HKG:1211, SHE:002594) is equipping more of its cars with super-fast charging to win over consumers who have traditionally shied away from electric vehicles due to concerns over range and long charging times, Reuters reported Friday.The Chinese carmaker's executive vice president Stella Li reportedly told ​Reuters that so-called flash charging would solve the "last barrier for EV adoption.""This means we now can compete with the gas market," Li reportedly said.The car maker also plans to build about 20,000 flash-charging stations in China and 6,000 overseas within the span of a year, 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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