China suspends U.S. tariffs and lifts sanctions
China announced adjustments to trade measures against the U.S. to implement a consensus reached in recent bilateral talks. On Nov. 5, the State Council’s Customs Tariff Commission said that starting Nov. 10, it will stop one set of retaliatory tariffs on U.S. imports and adjust another. The adjustment involves keeping a 10% additional tariff rate while continuing to suspend a 24% rate for one year.
On the same day, China’s Ministry of Commerce said that starting Nov. 10, it will pause for one year the measures against certain U.S. firms on its unreliable entity list. The ministry also lifted sanctions imposed on other entities in March. Domestic companies can now apply for approval to conduct business with the affected firms.
Nexperia denies rumored China-EU deal
Dutch chipmaker Nexperia Holding BV has denied rumors of a comprehensive agreement between China and the European Union covering rare earths, semiconductors, and Nexperia itself. “We are aware of this news circulating in media yet can state fairly that this news is fake,” a spokesperson told Caixin on Nov. 5. On Nov. 4, social media posts claimed that China and the EU had reached a provisional coordination memorandum on rare earth and semiconductor supply chains on Nov. 3.
Seres shares debut flat in Hong Kong
Shares of Seres Group Co. Ltd. ended their first day of trading in Hong Kong on Nov. 5 at HK$131.5 ($16.85), unchanged from their IPO price. The stock had opened below the issue price at HK$128.9. Seres, which is already listed in Shanghai, partners with Huawei Technologies Co. Ltd. to produce the Aito electric-vehicle brand.
Hong Kong charges 16 people in crypto fraud case
Hong Kong police announced on Nov. 5 that they have formally charged 16 people, including six core members of the non-licensed virtual asset trading platform JPEX, in a fraud case involving over HK$1.6 billion. Three other core members who have fled overseas are now subject to an Interpol red notice. The case first came to light in 2023.
SoftBank and OpenAI announce Japan joint venture
SoftBank Corp. announced on Nov. 5 that its parent SoftBank Group Corp. has formed a joint venture with OpenAI, named SB OAI Japan GK. The venture will leverage OpenAI’s technology to launch an enterprise AI solution package called "Crystal intelligence." The package will integrate OpenAI’s latest products and provide customized implementation and system integration services. The solution is expected to launch in Japan in 2026 to support the digital transformation of Japanese companies.
