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Aihua Group plans 1.88 billion yuan private placement to expand high-end capacitor capacity, first refinancing in eight years
After market close on September 18, Aihua Group disclosed its 2026 plan to issue A-shares to specific investors, aiming to raise no more than 1.88 billion yuan for an integrated high-end capacitor capacity expansion project and to supplement working capital. This marks the company's first refinancing in eight years. The previous fundraising was through publicly issued convertible corporate bonds in 2018, with net proceeds of about 677 million yuan, all of which have been fully used. The number of subscribers will not exceed 35, and the number of shares to be issued will not exceed 30 percent of the company's total share capital before the issuance, namely 119,633,958 shares. The integrated high-end capacitor capacity expansion project has a total investment of about 1.507 billion yuan and a construction period of 24 months, located in the Electronic Information Industrial Park in Heshan District, Yiyang City, Hunan Province. In the first half of 2026, the company achieved operating revenue of 2.27 billion yuan, up 15.35 percent year on year, and net profit attributable to the parent company of 170 million yuan, up 17.21 percent year on year. Revenue from industrial control and new energy products has risen to 54 percent of the total. The issuance still needs to be approved by the company's shareholders' meeting, reviewed and approved by the Shanghai Stock Exchange, and registered with the China Securities Regulatory Commission before implementation.
Dowstone Technology announced on the evening of September 18 that the fourth meeting of the company's sixth board of directors in 2026 reviewed and approved a proposal to re-evaluate and temporarily suspend the Congo (DRC) annual 30,000-tonne copper cathode hydrometallurgical smelter project. The project's raised funds were originally planned to be 1.104 billion yuan, with an 18-month construction period. As of June 30, 2026, cumulative investment was 131.35 million yuan, representing an investment progress of 11.89%. The company said that due to geopolitical conflicts driving up energy and commodity prices, rising logistics costs, and changes in the security situation in the project area, the project faces significant uncertainty in proceeding as planned. Singapore FOB diesel prices rose from around 75 to 95 US dollars per barrel before the conflict to a peak of 291.62 US dollars per barrel, and as of September 17, 2026, still stood at 191.08 US dollars per barrel. The mid-price of sulphur, FOB Middle East, on September 17, 2026, was about 875 US dollars per tonne, up nearly 70% from before the conflict. The company plans to properly handle procurement contracts already signed for the project, mainly by terminating relevant contracts. Any subsequent costs such as breach-of-contract penalties or progress payments due will be paid with the company's own funds, and any raised funds that need to be returned will be returned to the special account for raised funds. The company stated that this suspension will not have a material adverse impact on current production and operations, and it will focus on ensuring the safe and stable operation of its existing MJM and MMT production bases in Congo (DRC) while prudently controlling new investment.
Chinese Automakers Seek European Production Sites as EU Weighs Local Content Rules, BYD Adviser Says
Chinese automakers are scouting locations for production bases in Europe after the EU signaled it will introduce local content requirements. Alfredo Altavilla, BYD's adviser for Europe, told Reuters at the opening ceremony of a Denza premium brand dealership in Turin, Italy, that companies are focusing their efforts on inspecting existing auto assembly plants, which can start production faster than building factories from scratch. The European Commission is drafting a "Made in Europe" policy that favors industrial parts and products made within the bloc, and is expected to set minimum local content thresholds for EVs sold in the region, possibly as early as next year. BYD aims to acquire existing plants, take full ownership and then retrofit them; its first European passenger car plant in Hungary is in the early stages of production, and the company is expected to select a second European site within the year. Altavilla said that to grow while meeting EU regulations, BYD will eventually need "three assembly plants and one battery plant" in Europe, adding that Spain and France offer "clearly simpler situations" and are the "most feasible" options. Italy is a "second-best" choice because Stellantis is reluctant to sell plants, he said. Chinese manufacturers have already begun partnerships to share production lines at underutilized European plants: Leapmotor is teaming up with Stellantis in Spain, Dongfeng Motor with Stellantis in France, Geely with Ford Motor in Spain, and Chery has bought a plant in Spain previously owned by Nissan.
China Railway Assembly Under CSRC Investigation for Suspected Information Disclosure Violations
China Railway Assembly announced on September 18 that it had received a case filing notice from the China Securities Regulatory Commission that day. Because the company is suspected of violating laws and regulations on information disclosure, the CSRC has decided to open an investigation. After conducting an internal review, the company said the case may involve related business carried out before a change in its actual controller. After the change, the company stopped carrying out such business in accordance with relevant regulations, and it has not yet received the CSRC's final investigation conclusion. The company said all production and operating activities are proceeding normally, the above matter will not have a material impact on normal production and operations, and it will actively cooperate with the CSRC in all work during the investigation. China Railway Assembly is the only high-tech innovative prefabricated construction business platform under China Railway Group, with its actual controller being the State-owned Assets Supervision and Administration Commission of the State Council. In the first half of 2026, it achieved operating revenue of 882 million yuan, up 1.28 percent year on year, while net profit attributable to shareholders of the listed company was negative 49 million yuan, down 31.64 percent year on year. As of the close on September 18, the company's share price had fallen 31.72 percent cumulatively since the start of the year.
China Nerin Signs Nearly $500 Million Contract for Zambia Copper Tailings Leach Plant Project
China Nerin signed a contract with KONKOLA COPPER MINES PLC for a new 70,000-tonne-per-year copper tailings leach plant project in Zambia, with a contract value of approximately $498 million, equivalent to about 3.378 billion yuan. The project uses a hydrometallurgical leaching process to recover valuable metals from existing copper tailings, with China Nerin responsible for design, procurement, construction and installation, commissioning, and technical support services. On the same day, the controlling shareholder of Fujian Expressway plans to increase its shareholding by no less than 130 million yuan and no more than 230 million yuan, with the increase not exceeding 2% of total share capital. Fulongma signed a sanitation autonomous driving technology development contract with Huawei Cloud Computing, with a total contract value of 200 million yuan and a term of three years, under which Huawei Cloud Computing will exclusively develop and deploy the Fulongma sanitation autonomous driving system for the company. Xianghe Industrial signed a railway fastener system component purchase and sale contract with Zhongyuan Lida Railway Track Technology Development Co., Ltd., with a total contract value of 178 million yuan, accounting for approximately 21.32% of the company's audited 2025 revenue.
Guoke Holdings Leads Restructuring of ST Infi with 2.841 Billion Yuan Investment to Take Control
Guoke Holdings has led six restructuring investors in signing a restructuring investment agreement, planning to subscribe to ST Infi's capital reserve shares at 2.61 yuan per share, with total investment of approximately 2.841 billion yuan. After the restructuring is completed, Guoke Holdings will become the largest shareholder and gain control. ST Infi announced on the evening of September 17 that the company held a board meeting on September 16 and approved the relevant proposals. Based on the subscription price, the restructuring investors will subscribe to approximately 1.088 billion shares in total. The lead investor is Hunan Guoke Holdings Co., Ltd., and other members of the consortium include Hainan Xinchen Jingwei Technology Co., Ltd., Changsha Huashi Semiconductor Co., Ltd., Wuhan Qianchen Enterprise Management Consulting Partnership, Hubei Chuliuguang Technology Investment Partnership, and Shenzhen Zhongtou Strategic Emerging Industry Private Equity Fund Partnership. Guoke Holdings is an industrial holding platform deeply engaged in the integrated circuit sector and is the controlling shareholder of Goke Micro, holding 17.98% of its shares. In the first half of 2026, Goke Micro achieved revenue of 1.378 billion yuan, up 85.81% year on year, and net profit attributable to the parent of 196 million yuan, up 872.78% year on year. ST Infi stated that bringing in restructuring investors will inject incremental capital and leverage industrial resources to drive the transformation and upgrading of its main business toward the integrated circuit industry. The restructuring investment is tentatively set at 2.841 billion yuan, and the overall repayment rate for ordinary claims is targeted at 80%. The company is still in the pre-restructuring stage. The Shenzhen Intermediate People's Court has decided to initiate the pre-restructuring process but has not yet formally accepted the restructuring application. If the restructuring fails, there is a risk of bankruptcy declaration and delisting of the stock. On September 17, ST Infi's share price surged during trading and hit the daily limit, closing at 7.18 yuan per share, up 9.95%, with a total market value of approximately 8.6 billion yuan.
Cinda Securities submits voluntary delisting application after absorption by CICC
Cinda Securities announced that, due to its absorption and merger by CICC, it will no longer have independent legal entity status and will be deregistered. It submitted an application for voluntary delisting of its A-shares to the Shanghai Stock Exchange on September 18, 2026. The company will publish relevant announcements after the exchange accepts the application, and will publish the delisting announcement after approval by the exchange. Subsequently, the company will be delisted, and CICC will begin the share swap.
Sante Cableway fined 10.5 million yuan for disclosure violations; former actual controller Ai Luming banned from securities market for life
Sante Cableway announced after market close on September 18 that the company and five responsible persons, including former actual controller Ai Luming, had received an administrative penalty decision from the Hubei Securities Regulatory Bureau. For failing to promptly disclose non-operating fund occupation by related parties and for material omissions in its 2019 and 2020 annual reports, the company was given a warning and fined a total of 10.5 million yuan. Ai Luming was fined a total of 11 million yuan and banned from the securities market for life, while the other four responsible persons were fined a combined 11.4 million yuan. The investigation found that Dangdai Group is the indirect controlling shareholder of Sante Cableway. Since 2019, due to Dangdai Group's funding needs, Sante Cableway transferred funds to designated recipients and ultimately to Dangdai Group and its related and cooperative parties, creating non-operating fund occupation by related parties. Of this, the amount not disclosed in a timely manner from August to December 2020 was 340 million yuan, accounting for 31.89 percent of the most recent audited net assets. In 2021, the amount not disclosed in a timely manner reached 1.904 billion yuan, accounting for 131.67 percent, and in January 2022 the amount was 500 million yuan, accounting for 34.58 percent. Regarding annual reports, in 2019 Sante Cableway had non-operating fund occupation with Dangdai Group of 1.423 billion yuan, accounting for 133.49 percent of the net assets recorded in that year's annual report, and in 2020 the amount was 370 million yuan, accounting for 25.59 percent. The company failed to disclose these matters in its 2019 and 2020 annual reports, resulting in material omissions in both reports. The Hubei Securities Regulatory Bureau determined that Ai Luming repeatedly asked the company to provide financial support to Dangdai Group from 2020 to 2022, and that he instigated the company's information disclosure violations. His conduct was egregious, the violations were serious, and he had previously been subject to a securities market ban. Among the other responsible persons, then chairman Lu Sheng was warned and fined 3 million yuan, then chairman and president Zhang Quan was warned and fined 4.1 million yuan, then director and president Wang Lili was warned and fined 2.1 million yuan, and then chief accountant Zhang Yunyun was warned and fined 2.2 million yuan. The fund occupation was not disclosed in relevant announcements until April 30, 2022, and by April 2022 the company had fully recovered the occupied funds and interest from Dangdai Group. Sante Cableway said the company has not triggered mandatory delisting for major violations, nor has it triggered other risk warning conditions. It has already made provision for the fine, and its production and operating activities are currently normal.
Moonshot launches Kimi for financial services with Wall Street data partners
Beijing-based AI startup Moonshot said Thursday it is launching Kimi for financial services, connecting its Kimi models to major industry data providers. Investment bank CICC and venture capital firms including Sequoia China, now rebranded as Hong Shan, are among the companies using Kimi on AI tools, the company said. Kimi users can directly access information commonly used for analysis and reports through data partners such as S&P Global Market Intelligence, Crunchbase, Wind, local financial news leaders and business database Tianyancha, according to Moonshot. The startup said Kimi can also directly access the U.S. Securities and Exchange Commission's EDGAR system for public companies' financial filings, the IMF, World Bank and the U.S. Federal Reserve Economic Data site, known as FRED. Subscriptions to Kimi start at 49 yuan, or $7.31, a month and can go up to 699 yuan, or $104.23. Samuel Fischer, Beijing branch manager at Deutsche Bank, said in a promotional video published by Moonshot on Thursday that the real inflection point is the combination of stronger AI capabilities with professional expertise, adding that AI companies that understand real financial workflows and can deliver reliability and data security will be particularly well positioned. It was not immediately clear whether Deutsche Bank was a client, and the bank did not immediately respond to a request for comment. The Kimi K3 model, released by Moonshot in July, competes with models from leading U.S. companies, and the Chinese startup has reportedly filed confidentially for a Hong Kong IPO, though the company has said it does not comment on market rumors or speculation.
Rhodium: Chinese AI Firms Earn About 10% of OpenAI's Revenue
China's major artificial intelligence companies together generate only about 10% of the revenue that OpenAI alone reports, according to a new analysis from Rhodium Group that raises questions about how investors are valuing the country's AI startups. Rhodium Group published estimates on Thursday using annual recurring revenue, an industry metric calculated by multiplying a recent monthly revenue figure by 12. OpenAI's ARR stands at $40 billion, while Anthropic's reaches $65 billion, the firm said, and among Chinese companies ByteDance led with $4 billion, followed by Alibaba at $2.4 billion, Z.AI at $1.8 billion, Moonshot at $1 billion, MiniMax at $800 million, and DeepSeek at $500 million. The gap is starker when set against the valuations investors have placed on Chinese AI startups, with Rhodium estimating that Moonshot carries a valuation-to-revenue ratio of 50x and DeepSeek one of 163x, both well above OpenAI's 34x and Anthropic's 21x. Logan Wright, a partner at Rhodium Group who co-authored the report with research analyst Endeavour Tian, said the financing gap means it will be far more difficult for Chinese frontier AI labs to scale sustainably and that they will be heavily dependent upon a favorable climate in the equity market. Several of the companies covered in the report are moving toward public markets, with Moonshot filing confidentially for a Hong Kong IPO and aiming to raise $3 billion, and DeepSeek engaging CITIC Securities to prepare for a listing on Shanghai's STAR Market, while Z.AI told investors Wednesday that it has raised its year-end ARR target to $3 billion, compared with the $2.4 billion it had previously projected.
AstraZeneca's $15bn China bet tests West's fragile drug alliance
AstraZeneca has pledged to invest $15bn in China, deepening Western pharmaceutical ties with a country that has become a bona fide drug superpower even as Washington moves to sever them. The company's chief executive, Sir Pascal Soriot, announced the investment during Sir Keir Starmer's Beijing visit, building on existing manufacturing and research sites in Beijing, Shanghai, Wuxi, Taizhou and Qingdao; China is now AstraZeneca's second-largest market, accounting for roughly 12pc of global turnover, with around 17,000 employees and four advanced manufacturing sites. GSK has struck a series of partnerships with Chinese labs, including a $1.3bn pact with Hutchmed for the bulk of licensing rights to what it called first-in-class cancer treatments, and an alliance with Hengrui Pharma worth up to $12bn. Industry-wide licensing deals totalled $138bn last year, a nearly tenfold jump since 2021, according to PharmCube. The US Biosecure Act, signed into law in December, bars companies reliant on federal contracts from working with Chinese biotech firms tied to the military, and the proposed Biotech Investment National Security Act would subject licensing deals involving Chinese companies to national security reviews. China had 1,255 drugs at the research stage by 2024, a nearly eight-fold jump in less than a decade, against 1,441 in America and 400 in Europe.
AMATA draws Chinese firm Homa to invest 3.1 billion baht, setting up refrigerator production base to supply Europe
Amata Corporation Public Company Limited, or AMATA, disclosed that Homa, a major global refrigerator and freezer manufacturer from China, will establish a production base in Amata Industrial Estate in Chonburi with an investment budget of over 3.1 billion baht, a production capacity of approximately 1.5 million units per year, and is expected to generate export value of up to 12 billion baht per year. The production base will focus on manufacturing high-efficiency refrigerators, smart refrigerators, and high-standard freezers that comply with European Union energy regulations. Michael Yao, President of Homa Appliance (Thailand) Company Limited, said this investment will create approximately 1,400 jobs in the first phase and is expected to rise to 3,000 jobs within one to two years, with a goal of increasing the use of domestic components to 50 to 60 percent. Meanwhile, Vikrom Kromadit, Chief Executive Officer of AMATA, stated that Chinese investors remain continuously interested in investing in Thailand, increasingly viewing the country as a production base for exporting to global markets, shifting from a previous focus on production for the domestic market.
BYD Chairman Wang May Join Xi's US Visit, Corporate Delegation Candidates Number Over a Dozen
Bloomberg reported on the 16th that BYD Chairman Wang Chuanfu may accompany Chinese President Xi Jinping on his visit to the United States, expected to coincide with a US-China summit on the 24th of next week. Candidates for the corporate delegation number more than a dozen companies spanning sectors including high technology and agriculture, with the apparent aim of promoting increased purchases of American goods and investment in the United States. US President Trump said in an interview with Fox News on the 11th that if China wants to come to the United States and open automobile production plants, that is fine with him. BYD already operates an electric bus production plant in California, and accompanying the delegation would provide a foothold for expanding local production. Cai Qi, the fifth-ranked member of the Chinese Communist Party's Politburo Standing Committee, and others are scrutinizing the list of accompanying companies, and the situation remains fluid. The United States imposes tariffs of more than 100 percent on Chinese EVs, effectively shutting out Chinese passenger cars, and the US Department of Defense has designated BYD as a Chinese military company, so domestic opposition to its entry into the US market runs deep.
Oppein Home's first-half net profit halved and operating cash flow fell 94.45%, Chairman Yao Liangsong admits misjudgment at the start of the year
Oppein Home Chairman and President Yao Liangsong admitted in two investor exchanges within half a month that the company misjudged the market at the start of the year, and that the company is in its most severe deep adjustment period in more than 30 years since its founding. In the first half, Oppein Home achieved operating revenue of 5.95 billion yuan, down 27.79% year on year, and net profit attributable to the parent of 442 million yuan, down 56.62% year on year. Net cash flow from operating activities fell from 1.667 billion yuan in the same period last year to 92 million yuan, a drop of 94.45%. Wardrobes and supporting furniture products, which contribute nearly half of revenue as the core business, posted first-half operating revenue of 2.776 billion yuan, down 34.51% year on year, a larger decline than the company's overall revenue decline. As of the end of June, the total number of stores was 6,903, a net decrease of 442 from the end of 2025. Yao Liangsong admitted that reforms in the main business fell short of expectations and did not give a clear timetable for when profit would stop falling and stabilise, while finance chief Zhao Lili said there is a possibility that full-year results will decline year on year.
Kanghui Co., Ltd. subsidiary signs five-year computing power service contract worth 1.72 billion yuan
Kanghui Co., Ltd. announced on the evening of September 16 that its wholly owned subsidiary Beijing Kanghui Zhichuang recently signed a Computing Power Service Contract with Company A. The total contract value is approximately 1.72 billion yuan including tax, with a contract term of five years. This amount is the total for the five-year period, and Beijing Kanghui Zhichuang will recognize revenue over five years. The contract stipulates that Beijing Kanghui Zhichuang is responsible for procuring high-performance computing servers, networking, storage, and other hardware infrastructure, and will provide Company A with computing resource services meeting agreed performance indicators as well as full-cycle operation and maintenance services. Company A will pay computing power service fees on a monthly basis. The announcement said that if the computing power services under the contract can be delivered on schedule, it is expected to add approximately 30 million yuan in revenue for the company in 2026, while the impact on net profit for 2026 cannot yet be determined. To ensure implementation of the contract, Beijing Kanghui Zhichuang signed a Purchase and Sale Contract for computing servers with Company G, with a total contract value of approximately 1.141 billion yuan including tax. The contract stipulates that full payment for each batch of computing servers must be made within 50 days after delivery. Company G is a controlling subsidiary of a company listed on both the A-share and H-share markets. The announcement also cautioned that the above 1.141 billion yuan in procurement funds will rely mainly on financing from financial institutions in addition to its own funds, and the company faces considerable financial cost pressure.
Fulongma to invest 200 million yuan in exclusive tie-up with Huawei Cloud for autonomous sanitation driving
After market close on September 17, Fulongma announced plans to sign a contract related to autonomous sanitation driving technology development and to cooperate with Huawei Cloud Computing Technologies on developing autonomous sanitation driving technology. The cooperation is an exclusive strategic partnership between the two sides in the field of intelligent sanitation, with a total contract value of 200 million yuan including tax. According to the announcement, the two sides have planned agreed three-ton and six-ton vehicle platforms, sweeping and washing business scenarios, and other elements. Huawei Cloud will conduct technical research on vehicle intelligent upgrades, drive-by-wire optimization, and cloud adaptation, and will exclusively develop and deploy the Fulongma Sanitation Autonomous Driving System for Fulongma, including cloud-based, vehicle-side software, and vehicle-side intelligent hardware solutions. Huawei Cloud will lead the adaptation and verification of autonomous driving algorithm software for three vehicle platforms in sweeping and washing scenarios. This is not the first time the two sides have joined forces. On December 11, 2025, Fulongma and Huawei signed a framework cooperation agreement, and on September 12 the two sides further signed a strategic cooperation agreement on embodied intelligence in the sanitation robot field. In the first half of 2026, Fulongma achieved revenue of 2.608 billion yuan, up 7.63 percent year on year, and net profit attributable to the parent company of 101 million yuan, up 7.27 percent year on year. Sanitation equipment business revenue was 808 million yuan, up 61.15 percent year on year, and sales of new energy sanitation equipment reached 938 units, up 81.43 percent year on year, accounting for 38.70 percent of total sales.
Runyang Technology recently unveiled a new physical intelligent sensing material that is flexible and deformable, can be kneaded and rubbed, and captures pressure changes in real time. It can be applied to consumer health monitoring and human-machine interaction, while also enabling tactile perception in robots and precise sensing of gripping force. Runyang Technology mainly produces IXPE, XPE, IXPP, GFOAM, MPP, and EVA series prototype environmentally friendly foam materials, with products sold to 20 countries and regions and already integrated into the supply chain system of global home improvement giant Home Depot. In the first half of 2026, the company's R&D investment reached 8.62 million yuan, up 55 percent year on year. In the embodied intelligence sector, Runyang Technology has entered the special-purpose robotics field through its controlling subsidiary Shanghai Runke Juneng. At the 2026 World Artificial Intelligence Conference, Runke Juneng launched a centaur special-purpose robot focused on scenarios such as the nuclear industry, oil fields, mines, and fire and emergency response. It adopts a wheel-leg hybrid configuration, can carry an average load of up to 120 kilograms, and has a core component localization rate exceeding 95 percent. In 2025, the company made a strategic investment in humanoid robot company Fourier Intelligence, opening up embodied intelligence industry chain resources. It is reported that Runyang Technology's centaur robot has signed a hundred-unit-level intent order with Shanghai Huayan Fire Protection and has deployed a mining application scenario in Yulin, Shaanxi. Small-scale mass production will begin in the fourth quarter of 2026.
ST Konka A Plans Voluntary Delisting as Shareholders Approve Termination Resolution
ST Konka A announced on September 17 that the company passed a resolution to terminate its listing at an extraordinary shareholders' meeting on September 14, 2026, and will submit an application for voluntary delisting to the Shenzhen Stock Exchange within fifteen trading days after the shareholders' meeting adopts the termination resolution. In the first half of 2026, ST Konka A achieved revenue of 3.852 billion yuan and a net loss attributable to the parent company of 173 million yuan.
Kuang-Chi Technologies subsidiary signs 907 million yuan supermaterials product order
Kuang-Chi Technologies' wholly owned subsidiary Kuang-Chi Advanced Technology will deliver supermaterials structural products worth a total of 907 million yuan to three customers. That evening, several listed companies disclosed major contracts and capital operations: Zhejiang Construction Investment Group's subsidiary won a public housing development project bid of about 1.5 billion Hong Kong dollars, Xianghe Industrial signed a 178 million yuan railway fastener system components sales contract, Fulongma signed a 200 million yuan sanitation autonomous driving technology development contract with Huawei Cloud Computing, and Aidea Pharmaceutical plans a private placement to raise no more than 945 million yuan for the global clinical development of a novel HIV integrase inhibitor and other projects. Hengrui Pharmaceuticals repurchased 335,000 A-shares for the first time that day, paying 14.5036 million yuan. Longshen Rongfa's controlling subsidiary's marketing application for brexpiprazole oral dissolving film was not approved. In that day's Dragon-Tiger List, MetaX, one of the leading domestic GPU companies, saw the largest net institutional selling of 2.142 billion yuan, while its share price rose more than 14 percent; Ruifeng Advanced Materials saw the largest net institutional buying of 212 million yuan.
MetaX unlocks 13.966 million restricted shares, free float expands 75%
Chinese domestic GPU company MetaX welcomed its first large-scale restricted share unlock since listing on September 17, when 13.966 million shares from the initial public offering's offline placement became tradable. Total free float expanded by 75%. Based on the September 16 closing price, the unlocked shares were worth 6.67 billion yuan, accounting for 3.49% of the company's total share capital. Affected by this, MetaX opened down more than 5% before turning positive and rising more than 5% intraday. Moore Threads had already undergone a similar stress test on September 7, when 25.7745 million offline placement restricted shares were unlocked, total free float expanded by 85%, and the stock fell 20%. Based on the closing price of the previous trading day before the unlock, the unlocked shares were worth 13.39 billion yuan. Unlock pressure is not a one-time event. MetaX will face another unlock of 10.919 million shares held by pre-IPO original shareholders on December 17, while Moore Threads will face an unlock of 186 million pre-IPO original shareholder restricted shares on December 7, expected to account for 39.55% of total share capital, a larger scale than the previous one. On fundamentals, MetaX reported first-half revenue of 1.324 billion yuan, up 44.67% year on year, and net profit of 612 million yuan, turning from loss to profit. However, net cash flow from operating activities was negative 1.297 billion yuan, and fair value gains reached 887 million yuan, accounting for 105.75% of total profit.
Guoke Military Industry's 466 million yuan military trade order expected to be delivered within 2026
Guoke Military Industry's management responded on September 17 at the 2026 semi-annual results briefing to market concerns about the delivery progress of the 466 million yuan military trade order and the shift of operating cash flow from positive to negative. Vice Chairman and General Manager Huang Junhua said that the wholly-owned subsidiary Aerospace Jingwei signed a contract last October for 466 million yuan of military trade product engine charge, with a performance period until December 25, 2026. As of the end of 2025, revenue of 32 million yuan had been recognized, and the remaining 434 million yuan is being organized for production, testing, and delivery acceptance in batches, with delivery planned to be completed within 2026. However, the order's implementation is subject to uncertainty from factors such as the international geopolitical environment, overseas demand, procedural compliance approvals, and business negotiation cycles. In the first half of this year, the company's ammunition and equipment segment was under pressure. Net profit of subsidiaries Xianfeng Company and Jiujiang Guoke fell 98% year-on-year and turned from profit to loss respectively. Huang Junhua said this was mainly due to delayed signing of order contracts, with multiple intelligent and new-type ammunition and fuzes still in the research, trial production, and appraisal stage, and that the performance pressure was a phased fluctuation. Net operating cash flow turned from positive to negative year-on-year, mainly because delayed contract signing postponed the disbursement of commencement payments. There has been no trend-based adjustment in the military prepayment model. Contract liabilities surged 232% from the beginning of the period, and inventory growth was due to production and stockpiling organized according to orders in hand. The power expansion project has fully commenced. Once completed, it will expand solid power charge and power module production capacity, taking into account military products, military trade, and commercial aerospace supporting demand. In terms of performance, the company achieved operating revenue of 384 million yuan in the first half of 2026, down 8.02% year-on-year, and net profit attributable to shareholders of the listed company of 59.0569 million yuan, down 23.41% year-on-year.
Zangge Mining to Set Up Holding Company to Acquire 92% Stake in Kanga Potash for $171 Million
Zangge Mining announced that its wholly owned subsidiary Zangge Mining Development plans to establish a holding company, United Resources Company, through Zangge Mining International, and acquire a 92% stake in KP Company for $171,046,592, equivalent to approximately 1.157 billion yuan. Upon completion of the transaction, Zangge Mining will indirectly hold a 69% stake in KP Company, and United Resources Company and KP Company will be included in the consolidated financial statements. KP Company's core assets are the mining rights for the Kanga potash mine and the exploration rights for the Loango potash mine in the Republic of the Congo.
Indonesia August Vehicle Sales Jump 32% on Trucks and EVs
Indonesian new vehicle sales rose 32% year-on-year to 81,756 units in August 2026, up from 61,771 units a year earlier, according to wholesale data from the local automotive industry association Gaikindo. For the first eight months of 2026, the market expanded 20% to 599,491 units, with light passenger vehicle sales up over 13% to 437,374 units and commercial vehicle sales up 42% to 162,117 units, including a 54% surge in light- and medium-duty trucks to 131,813 units. Battery electric vehicle sales nearly doubled to 103,300 units year-to-date from 53,100 units, driven by Chinese brands and government tax incentives. Toyota led the first eight months with sales up 9% to 175,931 units, followed by Daihatsu at 100,884 units, Suzuki at 47,908 units and Mitsubishi Motors at 43,753 units, while BYD jumped 98% to 37,696 units to take fifth place ahead of Honda, which fell 37% to 26,437 units. Overall vehicle production rose 13% to 859,256 units in the period, and GlobalData forecasts Indonesia light vehicle sales to rise 3% to 770,000 units in 2026 from 750,000 units in 2025, easing to 765,000 units in 2027.
First Solar Withdraws Section 337 TOPCon Complaint, Keeps District Court Suits
First Solar said it plans to withdraw its Section 337 complaint to the U.S. International Trade Commission over alleged patent infringement of its TOPCon technology, citing the Trump administration's recent national security action on imports of polysilicon and its derivatives under Section 232 of the Trade Expansion Act. The company is requesting a pause of the USITC Section 337 action while keeping the right to refile the case later, describing the move as a recalibration of its IP enforcement strategy. General counsel Jason Dymbort called it a procedural decision that clears the way for pending suits and additional suits First Solar anticipates filing. First Solar said it will continue to pursue U.S. District Court lawsuits against alleged TOPCon infringers, including cases against affiliates of Canadian Solar, JinkoSolar, T1 Energy, and Trina Solar, which were stayed pending the results of the Section 337 investigation.
Haitian Flavouring and Food Acquires Amoy Food from Trustar Capital
Foshan Haitian Flavouring and Food Company has acquired Hong Kong-based Amoy Food from private-equity group Trustar Capital, with financial terms of the deal undisclosed. Trustar confirmed it sold its entire equity interest in Amoy Food to Haitian, which holds dual listings in Shanghai and Hong Kong. Founded in 1908, Amoy makes soy sauce, oyster sauce, seasoning sauces and frozen dim sum, and distributes in more than 40 countries including the US, the UK, Canada, Australia and Japan. Trustar had acquired Amoy's global business in 2019 from Ajinomoto, and reports that the private-equity firm was looking to sell the asset emerged in 2023. Following the acquisition, Haitian and Amoy Food plan to integrate their distribution channels, production networks and supply chains to capture new opportunities for long-term growth and sustainable development. In the first six months of the year, Haitian posted total revenue of 16.15bn yuan, a near-6% increase from 15.23bn yuan a year earlier, while net profit attributable to shareholders of the parent company rose 7.2% to Y4.19bn.
EasyStack officially launched EasyStack EAF, an enterprise AI infrastructure software platform, with general availability set for Sept. 30, 2026. The platform is designed to help enterprises evolve from cloud-native to AI-native infrastructure and move from open cloud infrastructure to open cloud and AI infrastructure, rather than serving as a simple overlay of AI components on a traditional cloud platform. EAF provides unified management of multiple chipset architectures in one cloud and supports heterogeneous AI accelerator resources including NVIDIA, Hygon DCU and Huawei Ascend, using multi-layer inference optimization and virtual partitioning to improve GPU utilization, track inference token usage, and support policy governance and automated cross-departmental cost allocation. It offers three deployment models — single-node appliance, high-availability converged and large-scale disaggregated — supporting a smooth upgrade from PoC validation to multi-tenant production inference workloads with fine-tuning features. The platform completes EasyStack's full cloud and AI infrastructure software product portfolio, working with the ECF cloud foundation, ECNF cloud-native platform and Cortex enterprise agentic platform, and is licensed on a per-AI-card basis without being tied to specific hardware or models. EasyStack serves more than 2,000 enterprise customers worldwide, with business spanning Southeast Asia, China, Central Asia, the Middle East, Africa, Europe and the Americas.
China Unveils Five-Year Plan to Boost Semiconductors, Chip Stocks Rally on the News
China unveiled its 15th five-year plan for the electronic information manufacturing industry, covering the period from 2026 to 2030, aimed at strengthening domestic capabilities in semiconductors and advanced manufacturing. This sent Chinese chip and electronics stocks higher today (Sept 16) on expectations that the government will increase support for the sector. The plan targets large qualifying companies in the electronic information manufacturing industry to achieve combined revenue of more than 30 trillion yuan, or 4.4 trillion US dollars, by 2030, while aiming for industry research and development investment to rise to 3.5% of revenue. China designated integrated circuits, advanced computing, consumer electronics, basic electronics, and power electronics as priority industries. For semiconductors, the policy covers everything from chip design and manufacturing, advanced packaging and testing, to equipment and materials for semiconductor production, as well as electronic design automation. China wants to drive breakthroughs in high-end processors, memory chips, and analog chips. The move boosted stocks in the sector, with Cambricon Technologies surging 6%, while Shanghai-listed Semiconductor Manufacturing International Corp rose 4.2% and its Hong Kong-listed shares gained 4.4%. NAURA Technology rose 3.8%. Consumer electronics stocks also advanced, with Luxshare Precision up 2.7%, BOE Technology up 2.1%, and Foxconn Industrial Internet up 3.2%, while Goertek also gained. The measures come as China's technology sector draws support from investment in artificial intelligence and advanced manufacturing, with the country's industrial output in August rising 5.2% year on year, while production of industrial robots and lithium-ion batteries expanded strongly. Beijing also wants to strengthen domestic supply chains, as Chinese companies face restrictions on access to advanced semiconductors and manufacturing technology from abroad.
Airbus delivers first A320neo from new Tianjin assembly line to China Eastern
Airbus delivered the first A320neo assembled at its new plant in Tianjin, China, on September 16. The plant is a final assembly line, or FAL, for the A320 family and is Airbus's second aircraft assembly line in both China and the Asia-Pacific region. The recipient was China Eastern Airlines, which currently operates the largest Airbus fleet in China and took delivery of the A310, the first Airbus aircraft in China, in 1985. Philippe Mhun, Airbus Executive Vice President for Commercial Aircraft Programmes and Services, said the delivery underscores Airbus's long-term commitment to its partners in China and its confidence in the continued growth of China's civil aviation market. The second assembly line in China, which began operations in October 2025, will be a key driver in accelerating the global production rate of the A320 family toward the target of 75 aircraft per month, while adding flexibility and capacity to meet strong market demand.
Daimler Truck CEO Karin Rådström Drives Turnaround as Chinese Rivals Close In
Karin Rådström is steering Daimler Truck, the world's largest commercial-vehicle manufacturer, through a cultural and strategic overhaul as Chinese competition looms over the European truck market. Since becoming CEO in 2024, Daimler Truck's share price has risen almost 40%, from €33.15 to €46.24, and zero-emissions vehicle sales climbed 67% in 2025, though group net profits fell 48% year-on-year in the second quarter despite a 5% revenue uplift, hit primarily by tariffs. Chinese companies currently hold just 1.36% of the European commercial-vehicle market, according to Dataforce, but SuperPanther and Sinotruk have begun production in Austria and Windrose has set up a European headquarters in Antwerp, while Windrose's Global E700 offers a 700 km fully loaded range against 500 km for Daimler Truck's flagship model. Defense is a key growth pillar: Daimler Truck aims to double defense-related revenues to €1 billion, or $1.17 billion, by 2028, a figure that would still represent only 2% of overall annual revenue, and it plans to invest mid-three-digit-million euros in its new Daimler Truck Defence brand while targeting Level 4 autonomous trucks for the U.S. market by 2027. Rådström, only the second woman to lead a DAX 40 company, has pushed a "simpler, faster, and stronger" operating mantra to cut bureaucracy, a shift Citi analyst Klas Bergelind says has decentralized the organization even as cultural change takes time.
Renault and Geely to invest an additional 319 million euros in Brazil, expanding partnership
French auto giant Renault and Chinese peer Geely Automobile announced on the 15th that they will invest a further 319 million euros in Brazil through their joint venture, strengthening their partnership in that market. With this new investment, the two companies' total investment in Brazil from 2025 to 2027 will reach 899 million euros. According to Renault, the agreement will allow Geely to use Renault's existing plants and dealership network, while Renault will be able to raise utilization at its assembly plants and add large vehicles to its lineup. Under the new investment plan, Renault will begin producing its flex-fuel-capable four-wheel-drive hybrid system, Hybrid E-Tech, in Brazil starting in 2027. In Brazil, rival Chinese electric vehicle giant BYD is steadily building a foothold with affordable EVs and plug-in hybrids.
Henggong Precision Plans Convertible Bond Issue of Up to 810 Million Yuan for Embodied AI Robots and High-End Equipment Expansion
Henggong Precision announced on the evening of September 16 that it plans to issue convertible corporate bonds to unspecified investors, raising no more than 810 million yuan in total, for projects including embodied AI robot body manufacturing and expansion of high-end equipment components. According to the plan, after deducting issuance expenses, the funds will be invested in five projects: 350 million yuan for the embodied AI robot body manufacturing project, with a total project investment of 399.8 million yuan; 50 million yuan for the embodied AI robot pilot base and Shanghai R&D center project; 278 million yuan for the high-end equipment components expansion project; 54.99 million yuan for the high-end components new materials expansion project; and 76.89 million yuan to supplement working capital. The total investment in these projects amounts to 946 million yuan. The convertible bonds will be issued at par value, with a face value of 100 yuan each, a term of six years from the date of issuance, annual interest payments, and priority placement to existing shareholders. The conversion period begins on the first trading day six months after the completion of the bond issuance and ends on the maturity date of the bonds. The issuance still requires approval by the company's shareholders' meeting, review and approval by the Shenzhen Stock Exchange, and registration approval by the China Securities Regulatory Commission before implementation. In the first half of the year, the company achieved operating revenue of 724 million yuan, up 37.37 percent year on year, and net profit attributable to shareholders of the listed company of 104 million yuan, up 57.03 percent year on year. Revenue from robot key components and robot complete machine manufacturing and scenario deployment business was 79.3847 million yuan, accounting for 10.97 percent of operating revenue, up 745.25 percent year on year.
Shanghai Yahong's controlling shareholder to change to Feike Investment, trading resumes September 17
Shanghai Yahong announced on the evening of September 16 that its controlling shareholder will change to Shanghai Feike Investment Co., Ltd., and its actual controller will change to Li Gaiteng. Trading in the company's shares will resume from market open on September 17. On September 16, Ningsheng Group, Xie Yaming, and his concert party Xie Yue signed a Share Transfer Agreement with Feike Investment, under which they intend to transfer a combined 29.99% stake in Shanghai Yahong to Feike Investment at 21.43 yuan per share, for a total consideration of approximately 900 million yuan. Ningsheng Group will transfer 12.99%, Xie Yaming 15.60%, and Xie Yue 1.40%. Subject to completion of the above agreement transfer, Feike Investment intends to make a partial tender offer to all Shanghai Yahong shareholders other than itself at 21.43 yuan per share, for 10.21% of the shares. Ningsheng Group and Xie Yaming have committed to tender 5.70% and 4.51% respectively of their tradable shares without selling restrictions. If the transaction is completed, Feike Investment's shareholding will reach 40.20%. Feike Investment's current shareholders are Li Gaiteng and Chen Yufeng, with shareholdings of 98% and 2% respectively. Shanghai Yahong stated that after this equity change is completed, Feike Investment will promote optimization of the company's management and resource allocation, improve its industrial layout, and achieve diversified business development. Shanghai Yahong's operating revenue in the first half of 2026 fell 14.26% year-on-year to 174 million yuan, and net profit attributable to the parent company fell 110.07% year-on-year to a loss of 3.7937 million yuan.
Spot gold tops $4,330 as market awaits Fed rate decision
In Asian trading on September 16, spot gold surged, breaking above $4,330 per ounce with an intraday gain of more than 1%. The Bosera Gold ETF, which tracks the AU9999 index, rose nearly 1%; as of September 15, it had gained 11.27% over the past year, with its latest shares outstanding reaching 4.75 billion, a one-month high, and net inflows over the past seven days totaling 245 million yuan. The Federal Reserve's FOMC will announce its rate decision and summary of economic projections at 2 a.m. Beijing time on Thursday, followed by a monetary policy press conference by Fed Chair Warsh. According to CME FedWatch data, the market is pricing in a 95% probability of a 25-basis-point rate hike this week, and the probability of a December hike has risen to 70%. Zheshang Securities said that an earlier Fed rate hike could help block the transmission of inflation from energy to downstream sectors, and the bar for further hikes will rise significantly going forward. If a hike is delivered in September, it may actually help improve forward liquidity expectations at the margin, and the firm is bullish on gold allocation opportunities.
Sinochem International plans to acquire Nantong Xingchen for 2.11 billion yuan, hits daily limit in afternoon with over 600,000 lots sealed
Sinochem International plans to acquire 100% equity of Nantong Xingchen for 2.11 billion yuan, entering the PPE resin track, a key upstream material for AI computing power. After the market opened in the afternoon on September 16, Sinochem International's share price quickly hit the daily limit at 6.03 yuan per share, with over 600,000 lots sealed. Boosted by this, the chemical sector strengthened in the afternoon, with Ruifeng High Materials hitting the daily limit, and Dongyue Silicone Materials and Lingwei Technology surging in the afternoon.
Snow Sky Salt Industry 600929 revises lithium battery restructuring plan two days later; counterparty Liu Gejun placed under investigation
Hunan provincial state-owned enterprise Snow Sky Salt Industry, stock code 600929, disclosed a restructuring plan on September 12, proposing to acquire 100 percent equity in Hebei Kuntian New Energy Company Limited through the issuance of shares and payment of cash, formally entering the lithium battery anode materials sector. On September 15, the company's share price hit the daily limit down. Just two days later, on September 14, the company issued a correction announcement stating that counterparty Liu Gejun had been placed under investigation by the China Securities Regulatory Commission on March 20, 2026, for suspected personal insider trading. The investigation does not involve trading in Snow Sky Salt Industry shares and is unrelated to this transaction. The pricing for the share issuance to purchase assets is 4.70 yuan per share, with subscribers including no more than 35 designated investors, including the controlling shareholder Hunan Salt Industry Group. There are 54 counterparties in total, and Liu Gejun is the second largest natural person shareholder of Hebei Kuntian, holding 35,185,800 shares, accounting for 9.7738 percent, and bearing the obligation to make up losses during the transition period. Unaudited financial data disclosed in the plan shows that Hebei Kuntian's net profit in 2024 and 2025 was negative 66.1727 million yuan and negative 32.5868 million yuan respectively, and it turned profitable in the first half of 2026, achieving net profit of 120 million yuan. Lawyer Xu Feng, director of Shanghai Jiucheng Law Firm, said that the initial restructuring plan did not disclose the investigation matter, and it was only supplemented through a correction announcement on September 14, which constitutes a major omission of prior information and a violation of information disclosure rules. Snow Sky Salt Industry achieved net profit of 77.0172 million yuan in 2025, down 74.59 percent year on year. In the first half of 2026, it achieved revenue of 2.658 billion yuan, down 2.89 percent year on year, and net profit of 79.18 million yuan, down 9.23 percent year on year. As of now, the audit and evaluation work related to this transaction has not been completed, and the appraised value of the target assets and the transaction price have not yet been determined.
Feike Investment to acquire 29.99% stake in Shanghai Yahong for 900 million yuan; Li Gaiteng to become actual controller
Shanghai Yahong's controlling shareholder Ningsheng Group, along with shareholders Xie Yaming and Xie Yue holding more than 5% of shares, signed a share transfer agreement with Feike Investment, agreeing to transfer a combined 29.99% stake in the company at 21.43 yuan per share for a total price of 900 million yuan. Feike Investment will become the company's controlling shareholder, and Li Gaiteng, founder of Feike Electric, will become the company's actual controller. Subject to completion of the above agreement transfer, Feike Investment plans to launch a partial tender offer for 10.21% of the company's shares at 21.43 yuan per share. Trading in the company's shares will resume on September 17, 2026. This is the second time this year that Shanghai Yahong has planned a change of control. In June this year, the company disclosed a planned change of control and suspended trading, but the deal collapsed a week later after the counterparty failed to reach agreement internally on certain specific details. Shanghai Yahong is mainly engaged in precision mold research and development, injection molding production, SMT product assembly, and manufacturing of smart toilets and other products. In 2025, the company posted its first net loss since listing. In the first half of 2026, revenue was 174 million yuan, down 14.3% year on year, while net profit attributable to the parent company swung from a loss of 1.81 million yuan in the same period last year to a loss of 3.79 million yuan. Feike Investment is the controlling shareholder of Feike Electric, known as the domestic king of electric shavers. Li Gaiteng, from Wenzhou, Zhejiang, founded Feike Electric in 1999. In January 2020, Hurun Research Institute's 2019 Hurun China 500 Most Valuable Private Companies ranked Feike Electric 443rd with a market value of 16 billion yuan.
Chinasoft Xi'an Plans to Acquire Controlling Stake in Jingwei Shares for 944 Million Yuan, a Premium of About 41.3%
Jingwei Shares announced on the evening of September 16 that Chinasoft International Xi'an Intelligent Technology Co., Ltd. plans to acquire 17.8062 million shares at 53 yuan per share, representing 29.68% of total share capital and 29.99% of total share capital excluding shares in the listed company's repurchase account. The total transfer price is 944 million yuan. The company's controlling shareholder will change from having no controlling shareholder to Chinasoft Xi'an, and trading will resume on September 17. As of the close on September 9, Jingwei Shares' stock price was 37.50 yuan per share, implying a transfer price premium of about 41.3% over the market price. The transferee, Chinasoft Xi'an, is a newly established entity set up in September 2026 with registered capital of 600 million yuan and has not yet commenced actual business operations. Its indirect controlling shareholder is the Hong Kong-listed company Chinasoft International. Since its listing in 2023, Jingwei Shares' net profit attributable to the parent company has continued to decline. In the first half of 2026, revenue was 135 million yuan, down 37.30% year on year, and net profit attributable to the parent company was a loss of 23.1229 million yuan, swinging from profit to loss year on year. After the share transfer is completed, Jingwei Shares will initiate a board restructuring. The new board will consist of seven directors, with Chinasoft Xi'an entitled to nominate three non-independent directors and three independent director candidates. The chairman will be a director nominated by Chinasoft Xi'an.
Enflame Technology's revenue dependency on Tencent climbed from 33.34% in 2023 to 37.77% in 2024 and reached 83.79% by 2025, exposing the extreme customer concentration behind China's domestic AI chip push. The company, one of China's four little GPU dragons alongside Moore Threads, MetaX, and Biren, holds only about 1.7% of the domestic AI accelerator market against Nvidia's 55% dominance, yet was priced at roughly $25.5 billion at its September 2026 Shanghai STAR Market debut, where it raised approximately $912 million. Tencent holds approximately 17.95% post-IPO as largest shareholder while also accounting for over 83% of revenue, a dual role that mirrors Cambricon's collapse after Huawei shifted to its own Ascend chips. Enflame's revenue grew from RMB 301 million in 2023 to RMB 990 million in 2025, but the company has accumulated over RMB 4.3 billion in losses, including net losses of RMB 1.164 billion in 2025 alone, and its break-even target of 2026-2027 rests on Tencent's demand continuing to outpace supply. Forward guidance projects RMB 2.3-3.0 billion in revenue for the first three quarters of 2026, a bet on permanent state-backed expansion of the domestic hardware supply chain that also underpins Tencent's backing of DeepSeek, which is eyeing a $74 billion valuation.
GAC Group Signs Letter of Intent to Buy FAW Stake in Automotive JV
GAC Group has signed a letter of intent with FAW Group to acquire part of FAW's equity interest in an unnamed automotive joint venture. The purchase would be carried out through a share issuance by GAC Group together with a supporting fundraising exercise, and GAC Group said the deal is expected to be treated as both a material asset restructuring and a connected transaction, while not altering its ultimate controlling party or amounting to a backdoor listing. GAC Group did not name the joint venture, saying the restructuring involves a company listed overseas and that more information will be released once the restructuring plan is finalised. Trading in GAC Group's A shares was suspended from the opening of the market on 14 September 2026, when the announcement was issued, while the proposed transaction is pending. The company described the letter of intent as a preliminary step and said the final terms remain subject to a formal agreement and regulatory approval. FAW, named as the initial counterparty, was set up as a joint stock company on 28 June 2011 and is based in Changchun, Jilin Province.
Pony.ai Unveils Level 4 Autonomous Truck, in Talks for European Expansion
Chinese autonomous driving technology company Pony.ai unveiled a fully electric truck equipped with Level 4 autonomous driving capabilities, allowing driverless operation under specific conditions, on the 14th at the IAA Transportation commercial vehicle trade fair that opened in Hanover, Germany. The vehicle announced was developed jointly with Chinese state-owned automaker GAC Group, and mass production will begin in the second half of this year. The company also revealed that it is in discussions with European governments and potential customers regarding road testing in Europe. Vice President Hua Xin, who heads the robotruck business, said, "We have already approached multiple ports and several governments about this issue," noting that the company is focusing on markets with high labor costs or facing severe labor shortages, and added, "Europe is definitely an important market for robotrucks." Pony.ai currently operates about 200 Level 4 autonomous trucks in China, some of which run fully driverless, but few countries in Europe have established systems or regulations permitting test runs of autonomous vehicles. In a statement, the company said it plans to expand its robotruck business into European and Middle Eastern markets within the next two years, and it is also advancing its robotaxi business outside China, conducting test operations in multiple European cities including Zagreb, the capital of Croatia.