China

Yicai Global | English | News | Nov. 21, 2025 | UndeterminedOperating Results

PDD Holdings, the operator of Chinese e-commerce giant Pinduoduo, saw its shares fall 7.3 percent to USD119.58 in New York despite reporting a 17 percent increase in net profit for the third quarter. The company posted net income of CNY29.3 billion (USD4.12 million) and a revenue growth of 9 percent to CNY108.2 billion (USD15.2 billion). Revenue from online marketing and transaction services increased by 8 percent and 10 percent, respectively. However, costs also surged, with sales expenses rising 18 percent to CNY46.8 billion and R&D expenses jumping 41 percent to CNY4.3 billion due to higher staff, bandwidth, and server costs.

The company is facing intensified competition as rivals such as Alibaba and JD.com ramp up investments in AI and instant retail. Although Pinduoduo has not publicly detailed its future strategy, it has reportedly accelerated hiring in AI-related fields. Pinduoduo plans to focus on optimizing its supply chain and platform ecosystem, acknowledging it may be at a temporary disadvantage compared to peers, potentially resulting in financial pressure. The leadership intends to sacrifice some short-term profits to foster long-term growth.

JD.com experienced a 55 percent drop in net profit in the third quarter amid its expansion into food delivery, despite a near 15 percent increase in revenue. Alibaba has yet to release its third-quarter results. Pinduoduo is promoting compliance in its global operations and cooperating with external parties, but it faces regulatory uncertainties internationally, which could lead to risks impacting its financial performance. The company has not disclosed figures for its overseas business, and its international platform Temu is under pressure from changes in US and EU duties on low-cost parcels.

筑牢法治之基，汇聚法治力量

China Daily | Local Language | News | Nov. 21, 2025 | UndeterminedLegal Exposure

From November 17 to 18, 2025, the Central Conference on Comprehensively Governing the Country According to Law was held in Beijing, where General Secretary Xi Jinping highlighted the achievements in building the rule of law in China since the 18th National Congress of the Party. He emphasized the unity of the Party’s leadership, the people’s role as masters of the country, and the rule of law, calling for a more complete socialist legal system with Chinese characteristics and advancing scientific legislation, strict law enforcement, impartial justice, and law-abiding behavior across all sectors.

Since the first Central Conference in 2020, significant progress has been made under Xi Jinping Thought on Rule of Law, including updating the socialist legal system centered on the Constitution, implementing plans and outlines for law-based government and society, improving the business environment, enhancing law enforcement and judicial work, and punishing illegal acts. These efforts have contributed to important historic accomplishments, providing a strong legal foundation for China’s ongoing development.

The recently published first volume of Selected Works on Xi Jinping’s Rule of Law serves as an authoritative guide for studying and implementing Xi Jinping Thought on Rule of Law. It stresses the importance of upholding this ideology while building a modern socialist rule-of-law country and creating new developments in China’s legal construction.

General Secretary Xi also highlighted the need to better coordinate the rule of law with reform, development, and stability, emphasizing social fairness and justice. An example of this coordination is the first application of the Private Economy Promotion Law by the Supreme People’s Court in May 2025, which upheld private enterprise rights through legal compensation, reinforcing the role of the rule of law in creating a favorable business environment.

Xi Jinping further linked the rule of law to high-quality development, citing environmental protection successes such as the Yangtze River Protection Law and economic initiatives like the Hainan Free Trade Port Law. These laws support sustainable development and open market initiatives, demonstrating the integration of legal governance with economic progress.

The Fourth Plenary Session of the 20th Central Committee included elevating the construction of a socialist rule-of-law country as a key goal for the 15th Five-Year Plan, focusing on building a law-based and credit-based economy and creating an internationalized business environment. Future efforts will prioritize rule-of-law approaches to manage development and risks, build market economy institutions, and sustain high-quality economic and social growth.

Under the leadership of the Party Central Committee and guided by Xi Jinping Thought on Rule of Law, China aims to continue strengthening the rule of law foundation and mobilizing legal governance to advance socialist modernization in a stable and far-reaching manner.

Yicai Global | English | News | Nov. 21, 2025 | Climate Change

The HKU Jockey Club Enterprise Sustainability Global Research Institute, funded by The Hong Kong Jockey Club Charities Trust, hosted the 2025 Sustainability Forum at the University of Hong Kong on November 14, 2025. The event attracted over 380 academics, industry leaders, and policymakers from Hong Kong, Mainland China, and internationally, alongside nearly 40,000 online participants. It focused on global sustainability challenges and opportunities, emphasizing developments in AI, ESG frameworks, and climate strategies.

Keynote speeches highlighted economic perspectives on climate investment and the integration of AI in sustainability efforts. Professor Solomon Hsiang of Stanford University discussed the economic value of climate-smart technologies, while UNDP Deputy Resident Representative James George stressed the importance of principled governance of AI to achieve the UN Sustainable Development Goals amid complex global challenges.

The forum showcased work by four endowed professors supported by The Hong Kong Jockey Club Charities Trust, and included roundtable dialogues on the use of AI for sustainability and critical discussions on ESG practices. Industry leaders presented insights on emerging AI applications and questioned prevailing ESG consensus, reflecting the event's aim to bridge academic research with practical implementation.

Closing remarks by Professor Guojun He, Director of the Institute, noted the forum's success in uniting global stakeholders and advancing its mission to transform research into impactful solutions. The event reaffirmed the importance of collaboration between academia, industry, government, and NGOs in driving sustainable development toward carbon neutrality and green finance leadership in Hong Kong.