HOT TOPICS
China announces trade countermeasures against the U.S.
China’s commerce ministry and other departments announced a series of countermeasures on Aug. 5 against the U.S in response to the latter's trade sanctions. The measures include tightening export controls on drones, launching a national security investigation into imported office printing and copying equipment, and imposing sanctions on six U.S. entities.
China widens tax net to offshore insurance
Chinese mainland tax authorities have started levying personal income tax on the returns of offshore insurance policies, closing a longstanding regulatory loophole as global financial data sharing improves, Caixin has learned. Early enforcement cases in Beijing and Hangzhou show authorities applying a 20% tax rate to returns from Hong Kong policies, tax lawyers and insurance insiders told Caixin. The levies target dividend payouts and interest earned on prepaid premiums.
Moonshot AI seeks $50 billion valuation in new funding round
Chinese artificial intelligence (AI) startup Moonshot AI has launched its Series G funding round targeting a $50 billion valuation, with investment quotas tightly contested following the release of its K3 model.
Unitree Robotics eyes IPO with 42 billion yuan valuation
Humanoid robot developer Unitree Robotics is preparing for an initial public offering with an estimated valuation of 42 billion yuan ($6.2 billion). Aside from founder Wang Xingxing and his wholly owned firm, food delivery giant Meituan is the largest shareholder, while tech heavyweights including Xiaomi Corp., Tencent Holdings Ltd. and Alibaba Group Holding Ltd. hold indirect stakes in the company.
NEWS SUMMARY
Domestic
Multiple banks have reinstated five-year large-denomination certificates of deposit.
The price of a real estate investment trust backed by industrial parks in the Guangzhou Development District has halved from its issue price, as the occupancy rate of its underlying assets fell to 67%.
Duty-free sales in the island province of Hainan exceeded 21 billion yuan in the first seven months of the year.
Companies
General Motors Co. and SAIC Motor Corp. Ltd. have extended their China joint venture by 20 years to 2047, amid speculation that the Chevrolet brand may exit the Chinese market.
Chinese AI startup DeepSeek has relaunched fundraising at a pre-money valuation of 500 billion yuan.
Contact editor Kelsey Cheng (kelseycheng@caixin.com)
