The Shanghai GPU developer is preparing for a possible listing by year-end with Huatai International, but the offering remains unannounced and its terms have not been disclosed.
Wells Fargo beat quarterly profit expectations as stronger loan growth lifted net interest income and volatile markets supported trading. The results show how the bank is trying to turn balance-sheet expansion into earnings momentum after the removal of a long-standing asset cap.
Lazard reported a steep second-quarter profit decline as a higher tax rate and weaker financial advisory revenue overshadowed growth in asset management. The investment bank is cutting senior advisory roles while trying to redirect resources toward sectors with stronger fee potential.
JPMorgan Chase reported stronger-than-expected quarterly earnings, with record-level profit, robust markets revenue and resilient consumer activity. The results reinforce how large U.S. banks are benefiting from active trading desks, investment banking momentum and household spending despite a still complex macroeconomic backdrop.
BNP Paribas reported a sharp rise in second-quarter profit after a record performance in equity and prime services, reinforcing the role of trading income in European banks' earnings as the group reaffirmed its 2026 and 2028 financial targets.
Zhang Yichen, chairman and CEO of Citic Capital Holdings, argues that buyout funds and M&A, rather than IPOs, will define China's next capital market cycle as the country seeks to establish "patient capital" and resolve the exit bottleneck for private equity funds. A proposed national M&A fund and regulatory reforms could reshape the landscape.
The U.S. will impose 25% tariffs on Brazilian imports starting July 22, following a yearlong investigation into unfair trade practices. The order exempts coffee, beef, oranges and aerospace parts. President Lula called the move unjustifiable and vowed retaliation, while Secretary Rubio accused Brazil of bad-faith negotiations.
Australian business conditions held steady at +3 in June for a third consecutive month, while confidence jumped to -5 from -14 in May, according to NAB survey. Easing cost pressures from a U.S.-Iran peace deal drove the improvement, though renewed Gulf hostilities have since pushed oil prices higher again.
