China Business Daily

20 July 2026 · 07:18 CST · Daily intelligence brief

This edition draws on 48 reports across 12 Chinese outlets.

China’s state-backed funds deployed over 50 billion yuan for stock buybacks and increased holdings, while Changxin Technology’s record IPO drew 7.7 million winning subscriptions, signaling strong policy support for capital markets.

At a Glance

  • China’s “national team” — China Guoxin Holdings and China Chengtong Group — committed over 50 billion yuan in share buybacks and increased holdings of domestic stocks, as the CSRC prepares a symposium on market stability on July 20. finance.sina.com.cn, 2026-07-19
  • Changxin Memory Technologies, China’s largest DRAM maker, set a STAR Market record with a 0.47% online allotment rate for its 8.66-yuan-per-share IPO, drawing 7.7 million winning subscriptions and a projected post-listing market cap of about 3 trillion yuan. Securities Times, 2026-07-19
  • More than 900 Shenzhen-listed firms have issued H1 2026 earnings forecasts, with nonferrous metals, chemicals, non-bank financial, and AI computing sectors driving profit recovery, according to Shenzhen Stock Exchange data. National Business Daily, 2026-07-20

Top Stories

Markets

  • China ‘national team’ increases holdings of domestic stocks; many A-share firms forecast profit growth · covered by 3 outlets
  • China Guoxin Holdings (a state-owned investment firm) has used over 50 billion yuan of special refinancing and supporting funds for stock buybacks and increases to stabilize the market, according to the company. finance.sina.com.cn, 2026-07-19.

  • China Chengtong Group (中国诚通; another state-owned enterprise) has accumulated nearly 10 billion yuan in purchases of Chinese stock assets and will continue using its own funds and stock buyback refinancing loans to increase holdings of state-owned enterprise and technology company stocks and ETFs, according to the company. finance.sina.com.cn, 2026-07-19.

  • Over 900 Shenzhen-listed firms issue H1 earnings forecasts, tech sector leads · covered by 2 outlets

  • As of July 18, 2026, 900 companies on the Shenzhen Stock Exchange have disclosed their first-half 2026 performance forecasts or express reports, accounting for 31% of all listed companies and 33% of total market capitalization. National Business Daily, 2026-07-20.

  • The nonferrous metals, chemicals, non-bank financial, and AI computing-related industries showed particularly strong performance growth, with upstream resource cyclical industries experiencing simultaneous volume and price increases and AI computing demand continuing to surge, according to Wang Kai of an unnamed institution. National Business Daily, 2026-07-20.

  • Moutai raises prices; China to resume consumption tax on some batteries · covered by 4 outlets

  • Three ministries — the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation — issued a notice to adjust the consumption tax policy on certain batteries. Securities Times, 2026-07-19.

  • From September 1, 2026, a 2% consumption tax will apply to certain batteries including mercury-free primary batteries and nickel-metal hydride batteries, increasing to 4% from September 1, 2027; from April 1, 2027, a 2% tax will be levied on photovoltaic cells, rising to 4% from April 1, 2028, according to the three ministries. Securities Times, 2026-07-19.

  • China private equity fund positions hit record high in early July · covered by 1 outlet

  • As of July 10, the stock private equity position index rose for three consecutive weeks, hitting a new high in nearly four years, according to the data platform Simuwang. National Business Daily, 2026-07-20.

Company

  • Transsion Holdings expects H1 net profit up 45% YoY · covered by 6 outlets
  • Transsion Holdings (传音控股; a Chinese smartphone maker) expects net profit attributable to parent for the first half of 2026 to be 1.756 billion yuan, an increase of 44.82% year-on-year, according to the company. National Business Daily, 2026-07-19.
  • The performance change is mainly due to continuous growth in storage prices, leading the company to adjust product pricing based on cost changes, resulting in a higher average selling price of smartphones and improving gross margin, the company said. National Business Daily, 2026-07-19.
  • Biological Co., Ltd. (生物股份; a Chinese animal vaccine maker) expects its net profit attributable to parent for the first half of 2026 to increase by 50.60% to 80.39% year-on-year, according to its mid-year performance forecast released July 6, 2026. Economic Observer, 2026-07-18.

  • Medicilon (美迪西; a Chinese drug research service firm) expects H1 2026 net profit attributable to parent to be 42-63 million yuan, turning a loss into profit year-on-year, with revenue growing approximately 40% YoY, attributed to a recovery in global innovative drug R&D demand. Jiemian, 2026-07-19.

  • Changxin Technology IPO draws 7.7 million winning subscriptions · covered by 3 outlets

  • Changxin Memory Technologies (长鑫科技; a Chinese DRAM manufacturer) announced 7,702,207 winning numbers for its A-share IPO, each entitling the holder to purchase 500 shares at an issue price of 8.66 yuan per share, with the final online issuance winning rate at 0.47141739%, according to the company. finance.sina.com.cn, 2026-07-19.
  • CXMT is the largest DRAM manufacturer in China and fourth globally, with a global market share of approximately 7.7% in 2025, according to Omdia. finance.sina.com.cn, 2026-07-19.
  • The company expects H1 2026 revenue between 110 billion and 120 billion yuan, up 612.53%-677.31% YoY, and net profit attributable to shareholders between 50 billion and 57 billion yuan, up 2244.03%-2544.19%, according to the company. finance.sina.com.cn, 2026-07-19.

  • Co-lead underwriters CICC and CITIC Securities each invested 1 billion yuan as follow-on investment, and four insurance companies (China Life, PICC, China Post Life, Taikang Life) each received about 11.5473 million shares worth about 100 million yuan in the strategic placement, totaling about 400 million yuan, according to the Securities Times. Securities Times, 2026-07-19.

  • Qunketec unveils AI video creation agent at World AI Conference · covered by 4 outlets

  • Qunketec (群核科技; a Chinese AI company) unveiled a new AI video creation agent at the 2026 World Artificial Intelligence Conference. m.21jingji.com, 2026-07-18.
  • The Hong Kong Trade Development Council (HKTDC) exhibited 18 Hong Kong AI companies at the conference, including Jiuguang Technology’s humanoid robot and Boge Technology’s temi service robot. m.21jingji.com, 2026-07-18.

  • Yixin (易鑫; a Chinese auto-finance platform) showcased its AI-powered car finance processing machine, reducing processing time from 90 minutes to 15-20 minutes, with an intelligent risk control system achieving an average approval time of 8 seconds, according to the company. www.time-weekly.com, 2026-07-20.

  • Ascentage Pharma plans at-the-market offering of up to $200 million · covered by 1 outlet

  • Ascentage Pharma (亚盛医药; a Chinese biopharmaceutical company) signed an agreement on July 17 to raise up to $200 million via an “at-the-market” offering, which the market typically interprets as potential share issuance and equity dilution. Economic Observer, 2026-07-20.

  • Bilibili AI ecosystem gains attention; stock up slightly for the week · covered by 1 outlet

  • In Q2 2026, over 190 million monthly users consumed AI content on Bilibili (哔哩哔哩; a Chinese video platform), and the AI Creation Open Contest attracted nearly 5,000 creators, over 70% of whom were non-professional developers. Economic Observer, 2026-07-20.

  • Bilibili’s stock rose over 8% cumulatively on July 15-16, then fell 5.05% on July 17, closing at $18.04, with a net gain of 1.12% over July 10-17. Economic Observer, 2026-07-20.

  • Hua’an Securities chairman proposes share buyback after 26% monthly drop · covered by 3 outlets

  • Hua’an Securities (华安证券; a Chinese brokerage) chairman Zhang Hongtao (章宏韬) proposed a share buyback of 1 to 2 billion yuan to maintain company value and protect shareholder rights, according to the company. Jiemian, 2026-07-19.

  • The buyback price shall not exceed 150% of the average trading price of the company’s A shares in the 30 trading days prior to the board resolution, and repurchased shares will be sold via centralized bidding 12 months after disclosure or canceled if unsold within three years. Jiemian, 2026-07-19.

  • Snail Games receives Nasdaq delisting notice, plans reverse stock split · covered by 1 outlet

  • Snail Games (蜗牛游戏; a Chinese video-game developer) initiated a 1:5 reverse stock split and will pursue a hearing process to maintain its listing status, after receiving a Nasdaq delisting determination. Economic Observer, 2026-07-20.

  • ZTO Express receives ESG award; JPMorgan increases stake by 333,000 shares · covered by 1 outlet

  • ZTO Express (中通快递; a Chinese express-delivery company) received the Securities Star ESG Responsible Supply Chain Award on July 17, according to the award organizer. Economic Observer, 2026-07-20.
  • JP Morgan increased its stake in ZTO Express by 333,000 shares at an average price of HKD 183.4306, raising its holding to 7.00%, according to public filings. Economic Observer, 2026-07-20.

Policy

  • China securities regulator to hold symposium on market stability · covered by 2 outlets

  • The China Securities Regulatory Commission (CSRC) will hold a symposium on July 20, 2026, to promote stable and healthy development of the capital market, with several listed companies and market institutions having received notices to attend, according to regulatory sources. finance.sina.com.cn, 2026-07-19.

  • Former China Development Bank president Ouyang Weimin investigated for corruption · covered by 3 outlets

  • Ouyang Weimin (欧阳卫民), former president and deputy secretary of the Party Committee of China Development Bank (国家开发银行; a Chinese policy bank), is under investigation for serious disciplinary violations, according to the Central Commission for Discipline Inspection. finance.sina.com.cn, 2026-07-19.
  • Born in January 1963 in Hengyang, Hunan, Ouyang Weimin has a PhD in economics from Fudan University and served as Vice Mayor of Guangzhou (2011), Vice Governor of Guangdong Province (2018), and President of China Development Bank (2019). finance.sina.com.cn, 2026-07-19.

  • Tan Jiong was appointed as the new deputy secretary of the Party Committee of China Development Bank on February 17, 2023, replacing Ouyang Weimin. finance.sina.com.cn, 2026-07-19.

  • China deploys fiscal and financial measures to bolster employment · covered by 1 outlet

  • The People’s Bank of China, National Financial Regulatory Administration, and All-China Women’s Federation jointly issued a policy document to increase financial support for women’s employment and entrepreneurship, including measures such as lowering or canceling counter-guarantee thresholds. People’s Daily, 2026-07-20.
  • An electronics manufacturing company in Yongzhou, Hunan, received an 11.83 million yuan stable job fund refund at a 90% ratio, and used it to upgrade the skills of over 30 workers. People’s Daily, 2026-07-20.

Geopolitics

  • Jingye Steel warns UK government against violating international investment rules · covered by 1 outlet
  • Jingye Steel (敬业钢铁有限公司; a Chinese steelmaker), which acquired British Steel, warned the UK government to immediately stop using domestic law to trample on international investment rules after the UK forcibly nationalized British Steel, demanding full and timely compensation for all its investment losses, according to the company. m.21jingji.com, 2026-07-19.
  • Jingye has initiated consultation procedures under relevant bilateral investment treaties and reserves the right to international arbitration, and will pursue legal accountability from relevant UK government officials and British Steel management, the company said. finance.eastmoney.com, 2026-07-19.

Also Reported

Further developments selected for today’s brief; tap a source to read the original.

Sources

48 source articles across 12 Chinese outlets. Each story below lists the outlets that corroborate it; click any source to read the original.

China ‘national team’ increases holdings of domestic stocks; many A-share firms forecast profit growth — 3 outlets

Transsion Holdings expects H1 net profit up 45% YoY — 6 outlets

Changxin Technology IPO draws 7.7 million winning subscriptions — 5 outlets

China securities regulator to hold symposium on market stability — 3 outlets

Jingye Steel warns UK government against violating international investment rules — 3 outlets

Qunketec unveils AI video creation agent at World AI Conference — 4 outlets

Over 900 Shenzhen-listed firms issue H1 earnings forecasts, tech sector leads — 2 outlets

Ascentage Pharma plans at-the-market offering of up to $200 million — 1 outlet

Moutai raises prices; China to resume consumption tax on some batteries — 4 outlets

Former China Development Bank president Ouyang Weimin investigated for corruption — 3 outlets

Bilibili AI ecosystem gains attention; stock up slightly for the week — 1 outlet

China private equity fund positions hit record high in early July — 1 outlet

Hua’an Securities chairman proposes share buyback after 26% monthly drop — 3 outlets

Snail Games receives Nasdaq delisting notice, plans reverse stock split — 1 outlet

ZTO Express receives ESG award; JPMorgan increases stake by 333,000 shares — 2 outlets

China deploys fiscal and financial measures to bolster employment — 1 outlet

Five ChiNext firms issue rare Saturday earnings forecasts; one sees net profit up 6x — 3 outlets

High-tech manufacturing output surges in China — 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 20 July 2026 07:18 CST.

Intern Steve Lvl 1
Rank Steve today (1–5):
Help Steve improve tomorrow’s brief.
What worked? What missed? What should he watch more carefully?