China Business Daily

1 July 2026 · 07:31 CST · Daily intelligence brief

This edition draws on 24 reports across 10 Chinese outlets.

At a Glance

  • Jitai Technology (AI-driven drug developer) signs exclusive global licensing deal with US-based Boulevard Bio for its trispecific TCE project, with potential milestones up to $1.6 billion — a record for Chinese preclinical TCE out-licensing. finance.sina.com.cn, 2026-06-30.
  • China’s manufacturing PMI rose to 50.3% in June, returning to expansion territory for the first time in months, signaling a modest recovery in industrial activity. People’s Daily, 2026-06-30.
  • The People’s Bank of China conducted its first-ever overnight reverse repo operation at a scale of 300 billion yuan on June 29, adding a new short-term liquidity tool. finance.sina.com.cn, 2026-06-30.

Top Stories

### Company

  • Jitai Technology signs exclusive global licensing deal with Boulevard Bio for trispecific TCE MTS-128, worth up to $1.6 billion · covered by 3 outlets

    • Jitai Technology (a Chinese AI-driven drug developer) announced an exclusive global licensing agreement with Boulevard Bio (a US biotechnology company) for its trispecific TCE MTS-128 project, according to Jitai Technology. finance.sina.com.cn, 2026-06-30.
    • Jitai Technology will receive a $20 million upfront payment, according to the company. finance.sina.com.cn, 2026-06-30.
    • Jitai Technology is eligible to receive up to $1.6 billion in development, regulatory, and commercial milestone payments, according to the company. finance.sina.com.cn, 2026-06-30.
    • This deal sets a new record for single out-licensing amount of a preclinical TCE project by a Chinese pharmaceutical company, according to publicly disclosed information. finance.sina.com.cn, 2026-06-30.

  • Cambricon becomes first STAR Market firm to reach 1 trillion yuan market cap, up 363% in 11 months · covered by 3 outlets

    • Cambricon (a Chinese AI chip maker) exceeded a market capitalization of 1 trillion yuan on June 30, the first STAR Market company to achieve this, according to the article. m.21jingji.com, 2026-06-30.
    • From a low of 348 yuan in July 2025, the stock rose 363% in eleven months, according to the article. m.21jingji.com, 2026-06-30.
    • In 2025, the company achieved revenue of 64.97 billion yuan and net profit of 2.059 billion yuan, its first full year of profitability, according to Cambricon’s annual report. m.21jingji.com, 2026-06-30.

  • Yangjie Technology raises power device prices for second time in 2026 · covered by 1 outlet

    • Yangjie Technology (a Chinese power semiconductor manufacturer) will raise prices of all product series by 10% to 15% starting July 1, 2026, according to the company. Jiemian, 2026-07-01.
    • Yangjie Technology’s Q1 2026 net profit was 3.85 billion yuan, up 41.01% year-on-year, according to the company. Jiemian, 2026-07-01.
    • Domestic copper price rose from 92,000 yuan per ton at end-March to about 105,000 yuan per ton at end-May 2026, according to article data. Jiemian, 2026-07-01.

  • Hengshang Energy-saving to acquire Jinsheng Electronics; Yongtai Technology forecasts H1 net profit surge · covered by 1 outlet

    • Hengshang Energy Saving (a Chinese energy-saving equipment company) plans to acquire 100% of Jinsheng Electronics through issuing shares and paying cash, according to the company’s announcement. National Business Daily, 2026-07-01.
    • Yongtai Technology (a Chinese chemical company) expects H1 2026 net profit of 265–330 million yuan, up 350.68%–461.22% year-on-year, according to the company’s announcement. National Business Daily, 2026-07-01.
    • Hengshang Energy Saving also plans to acquire 100% equity of Kingspec Electronics (a Chinese electronics firm) for no more than 600 million yuan, according to the company’s restructuring plan. finance.eastmoney.com, 2026-06-30.

  • Jiangsu Bank vice president Gao Zengyin set to lead provincial state-owned enterprise · covered by 2 outlets

    • Gao Zengyin, current vice president of Bank of Jiangsu (a Chinese regional bank), is proposed to take a leadership position in a provincial state-owned enterprise, according to the Organization Department of the Jiangsu Provincial Committee of the CPC. finance.eastmoney.com, 2026-06-29.
    • Gao Zengyin, male, Han ethnicity, born September 1977, holds a graduate degree and a master’s, according to the same source. Securities Times, 2026-06-29.

  • GreenTree Hospitality net profit rises but core business weakens in 2025 · covered by 1 outlet

    • GreenTree Hotels (a Chinese economy hotel chain) reported net profit increased 52% year-on-year in fiscal year 2025, but core net profit actually fell 23.9% after excluding goodwill impairment, according to DoNews. Economic Observer, 2026-07-01.
    • Franchise and management (F&M) revenue fell 29.7% in Q4 2025, according to DoNews. Economic Observer, 2026-07-01.
    • The company waived 21 million yuan in management fees to maintain franchisee relationships, according to DoNews. Economic Observer, 2026-07-01.

  • Century Huatong hosts investment summit and AI forum in Macau · covered by 1 outlet

    • Macau has established a 20 billion Macau pataca guiding fund for the technology industry, according to the Macau Trade and Investment Promotion Institute’s administrative committee chairman Xie Yongqiang. Jiemian, 2026-06-30.
    • Century Huatong (a Chinese gaming company) and the Macau Trade and Investment Promotion Institute signed a Strategic Cooperation Memorandum, according to Century Huatong Chairman Wang Ji. Jiemian, 2026-06-30.

### Macro

  • China’s manufacturing PMI returns to expansion territory in June · covered by 8 outlets

    • The manufacturing PMI rose to 50.3% in June, up 0.3 percentage points from the previous month, returning to expansion territory, according to the National Bureau of Statistics (NBS). People’s Daily, 2026-06-30.
    • The non-manufacturing business activity index was 50.2%, up 0.1 percentage point, according to NBS. National Business Daily, 2026-06-30.
    • High-tech manufacturing PMI reached 53.5%, up 0.6 percentage points, according to NBS’s chief statistician Huo Lihui. economy.caijing.com.cn, 2026-06-30.

  • China state-owned enterprise profits rise 3.5% in Jan-May · covered by 4 outlets

    • In the first five months of 2026, total profit of state-owned enterprises reached 1,725.8 billion yuan, up 3.5% year-on-year, according to the Ministry of Finance. Securities Times, 2026-06-30.
    • Total operating revenue of state-owned enterprises was 328,221.6 billion yuan in January–May 2026, down 0.7% year-on-year, according to the Ministry of Finance. People’s Daily, 2026-06-30.
    • As of end-May 2026, the asset-liability ratio of state-owned enterprises was 65.5%, up 0.5 percentage points year-on-year, according to the Ministry of Finance. finance.eastmoney.com, 2026-06-30.

  • China’s corporate credit conditions stable in May · covered by 2 outlets

    • China’s Enterprise Credit Index was 161.53 in May 2026, indicating stable credit levels, according to the State Administration for Market Regulation. People’s Daily, 2026-06-30.
    • The index decreased by 0.88 points compared to April 2026, according to the same source. People’s Daily, 2026-06-30.

### Policy

  • China’s market regulator launches antitrust crackdown on business concentration · covered by 2 outlets

    • The State Administration for Market Regulation launched a special action from June to December 2026 to improve anti-monopoly review efficiency for business concentrations, according to the regulator. m.21jingji.com, 2026-06-30.
    • The action aims to support enterprises in mergers and acquisitions to overcome ‘involution’ competition and foster a market order of good quality and fair competition, according to the regulator. m.21jingji.com, 2026-06-30.
    • The action includes studying green channels for specific industries and optimizing rules for new business models, according to the regulator. m.21jingji.com, 2026-06-30.

  • PBOC conducts first overnight reverse repo to ease short-term liquidity · covered by 7 outlets

    • The People’s Bank of China conducted its first overnight reverse repo operation on June 29, with a scale of 300 billion yuan, according to the PBOC. finance.sina.com.cn, 2026-06-30.
    • The operation used a ‘fixed rate, quantity bidding’ model, but the central bank only disclosed the operation volume and did not disclose the interest rate, according to the PBOC. finance.sina.com.cn, 2026-06-30.
    • PBOC Governor Pan Gongsheng stated on June 17 that the central bank would further enrich the open market operation toolkit and add overnight reverse repo operations as appropriate, according to Pan. finance.sina.com.cn, 2026-06-30.

Sources

24 source articles across 10 Chinese outlets. Each story below lists the outlets that corroborate it; click any source to read the original.

Cambricon becomes first STAR Market firm to reach 1 trillion yuan market cap, up 363% in 11 months — 3 outlets

Yangjie Technology raises power device prices for second time in 2026 — 2 outlets

Hengshang Energy-saving to acquire Jinsheng Electronics; Yongtai Technology forecasts H1 net profit surge — 3 outlets

China state-owned enterprise profits rise 3.5% in Jan-May — 4 outlets

PBOC conducts first overnight reverse repo to ease short-term liquidity — 6 outlets

Jiangsu Bank vice president Gao Zengyin set to lead provincial state-owned enterprise — 3 outlets

GreenTree Hospitality net profit rises but core business weakens in 2025 — 1 outlet

Century Huatong hosts investment summit and AI forum in Macau — 2 outlets

Methodology: stories are clustered across Chinese outlets and ranked by breadth of corroboration and recency. Reporting is descriptive only and is not investment advice. Compiled 1 July 2026 07:31 CST.

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