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Pan Gongsheng, governor of the People’s Bank of China, said the yuan is now China’s top settlement currency and ranks third globally in trade finance,…

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China’s tech ecosystem serves as a driving force behind the world’s second largest economy, influencing global digital markets.

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Pan Gongsheng, governor of the People’s Bank of China, said the yuan is now China’s top settlement currency and ranks third globally in trade finance, payments, and IMF SDR weighting. He noted foreign investors held more than RMB 10 trillion in Chinese assets by July and pledged deeper financial opening to drive high-quality development.

Chinese films account for roughly 20% of the global box office, but nearly all earnings are domestic. Ne Zha 2 has grossed USD 2 billion, making it the highest grossing film ever in a single market, yet just 2% came from abroad, highlighting the limits of China’s cultural reach overseas.

Warren Buffett’s Berkshire Hathaway has sold its remaining shares in <a href="/company/byd">BYD</a>, ending a 17-year investment that began with a 10% stake in 2008. Berkshire started reducing its holding in 2022 and cut it below 5% by mid-2024. BYD shares fell in Hong Kong and Shenzhen after the disclosure, as the company thanked Buffett and the late Charlie Munger.

Wan Biao, former vice chairman of <a href="/company/honor">Honor</a> and longtime <a href="/company/huawei">Huawei</a> executive, has been appointed global CEO of Envision AESC and will also serve as executive director and CTO of Envision Group. The move comes as the company scales battery and energy storage production across Asia, Europe, and the US, securing over 40 GWh in 2024 orders.

Oracle will reportedly oversee retraining of TikTok’s recommendation engine and host US user data under a divestiture that hands majority ownership to American investors, the White House said. <a href="/company/bytedance">ByteDance’s</a> stake would drop below 20% with no role in the algorithm, while lawmakers warned they will scrutinize the plan for remaining risks.

Singapore-based iSense Global has received an undisclosed investment from China’s Dnake to drive its expansion in Southeast Asia and pursue a Nasdaq listing within five years. The partnership will shift manufacturing to Dnake facilities and support co-development of IoT solutions for security, healthcare, and city-scale monitoring.

Arc'teryx has apologized after a fireworks display in Tibet sparked ecological concerns and public backlash in China. Local authorities have launched an investigation, and parent company <a href="/company/anta">Anta’s</a> stock fell after the incident. The brand pledged to assess the environmental impact under government oversight and take corrective action if required.

Chinese automaker FAW will acquire a 35.8% stake in driving assistance technology firm Zhuoyu, according to a market regulator notice open for public comment until October 1. The transaction will cut Hong Kong-based New Territory Technology’s shareholding in Zhuoyu to 34.85% from 70.65%.

Wang Zhan, a founding member of <a href="/company/baidu">Baidu’s</a> early team, has joined Sunrise as co-CEO. The <a href="/industry/ai">AI</a> chip startup was spun off from <a href="/company/sensetime">SenseTime</a> after five years of internal development and has raised over RMB 1.5 billion. Sunrise is building CUDA-compatible inference GPUs, with a new chip slated for release in 2026.

<a href="/company/douyin">Douyin E-commerce</a> reported a 49% YoY rise in shelf-based GMV, with more than five million new creators and 5.36 million merchants joining the platform. It hosted an average of 1.25 million live streams each day, attracting over 300 million viewers and reinforcing its role as a major driver of online retail in China.

<a href="/company/shein">Shein</a> was the most visited fashion and apparel website in both the US and worldwide in August, according to Similarweb. The company’s global web traffic rose 9.74% from July, while Google searches for the brand increased 25%, signaling strong consumer demand for its fast fashion platform.

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After two decades shaping wireless and consumer tech, he now leads one of the world’s top EV battery suppliers.

Huawei and Honor veteran Wan Biao takes charge at Envision AESC

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Anta, a Chinese sportswear brand, specializes in performance-driven design, equipping athletes and consumers with innovative sports apparel and footwear.

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The incident adds reputational pressure at a time when the brand is already contending with slowing growth.

Arc'teryx faces backlash in China after fireworks stunt in Tibet

Arc&#8217;teryx faces backlash in China after fireworks stunt in Tibet

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Wang Zhan steps in as co-CEO, betting on Sunrise to develop chips that can take on Nvidia.

PBOC chief touts rising role of Chinese yuan

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Huawei and Honor veteran Wan Biao takes charge at Envision AESC

Arc’teryx faces backlash in China after fireworks stunt in Tibet

Baidu veteran joins SenseTime spinoff Sunrise to compete in AI chip race