“Race To The Bottom”: BYD Price Slashing To Prompt Chinese EV Consolidation
BYD’s aggressive discount campaign is shaking up China’s EV market, pushing rivals to slash prices and raising concerns of an industry-wide “race to the bottom,” according to Nikkei Asia.
Since January, BYD has launched repeated limited-time offers. Its latest, running through June, cuts prices by up to 34% across 22 EV and hybrid models, with its Seagull now starting at just $7,700. Morningstar’s Vincent Sun said investors are worried this signals a prolonged price war. “I believe sales targets are the main driver behind this,” he said.
BYD aims to sell 5.5 million vehicles in 2025, including 800,000 overseas. But its stock fell over 8% Monday and continued sliding Tuesday after the discount news.
Great Wall Motor chairman Wei Jianjun hinted at growing debt in the industry, saying, “The Evergrande of the automotive industry already exists; it just hasn’t collapsed yet.” Many believe he was referring to BYD, whose debt ratio stood at 70.7% in March. BYD’s Li Yunfei appeared to hit back with a cryptic social media post: “A dog can bite a person! But a person cannot bite a dog!”
Nikkei writes that other carmakers quickly followed BYD’s lead. Geely’s Galaxy brand launched deals with discounts up to 20,000 yuan, while Changan and Leapmotor also cut prices. Rising inventories are partly to blame—China had 3.5 million unsold vehicles in April, a 57-day supply, the highest since late 2023. BYD alone reported 154.4 billion yuan in inventory, up 33% from the previous quarter.
Despite its lead, BYD is feeling pressure. Haitong’s Oscar Wang said competitors are catching up in tech and pricing. “While long-term reliance on price wars may erode brand premium value, it can help capture market share in the short term,” he said.
Macquarie’s Eugene Hsiao noted, “We think BYD is looking to both sustain its position in the local EV market while also forcing competitors to match them on prices, which may accelerate future consolidation.”
The Chinese government has signaled support for mergers among state-owned auto firms, and Geely recently announced it will take Zeekr private to cut overlapping costs. S&P Global warned that “many entities [are] on an unsustainable path” and predicted “a sweeping consolidation” ahead. “For many firms, a merger or some form of partnership will be necessary for survival.”
A volunteer has been banned from a railway charity scheme in the UK after he asked a basic question regarding a train that had been wrapped in ‘Pride’ colours.
The Telegraph reports, “Matthew Toomer, 48, was thrown out of West Midlands Railway’s ‘Adopt a Station’ scheme after he privately contacted company bosses to express concern about its ‘Progress Pride’ train.”
Here is the train in question:
What awful hateful thing did Mr. Toomer say?
He commented on a social media post about the rebranded train, asking if it would “return to its natural state once the event is over.”
Oh the horror.
He was then “summoned” to attend a meeting with railway officials and informed that he views (he didn’t express any views) “do not align with [WMR’s] values and mission.”
He was then banned from the station volunteer group altogether as punishment for merely hinting at not being fully onboard with the trans train.
Mr Toomer told reporters “As a gay man myself, I want to stress that this wasn’t about objecting to visibility.”
Yes, even the gays can’t ask questions about the relentless ‘progress’ of THE MESSAGE.
“My concern was the increasing tendency of public transport organisations to take visible positions on divisive issues,” Toomer further outlines, adding “The Progress Pride flag has become associated with particular ideological stances – particularly around gender – which not everyone, including many within the LGB community, fully endorse.”
“My position was simply that public services should remain neutral and welcoming to everyone,” he emphasised.
Noooooo. That opinion won’t do.
While the Free Speech Union has demanded that the train company “apologise for this vindictive decision and reinstate him,” the Telegraph gleaned that the company had basically scoured Mr. Toomer’s social media activity and discerned that it was “problematic”.
A WMR spokesman said “Our company has a proud culture of inclusion and allyship,” adding “We believe the views Mr Toomer has expressed on social media on a range of subjects are at odds with these values and could be harmful or offensive to our colleagues, customers or other volunteers.”
Wrongthink then, essentially.
When asked to point out examples of the “problematic” posts by Mr Toomer, the spokesman could not or would not do so.
The case officer for the Free Speech Union, Rebekah Brown, remarked, “I expect the vast majority of West Midland’s Railway’s customers will agree with Mr Toomer, not with WMR’s enforced ideological orthodoxy.”
“A train company has no business acting as the arbiter of permissible opinion for volunteers, with these chilling consequences for individuals’ freedom of speech in their daily lives,” Ms Brown further urged.
Forcing ideological views on everyone, such as plastering Pride flags across stations, trains, and buses every June, often stems from bandwagon jumping and virtue signaling rather than any genuine public demand.
Literally EVERY train and bus company in the UK does it.
Our Pride train has just departed for its first official journey from London Euston to Manchester Piccadilly. The train is serviced by our full LGBTQ+ crew, creating not just a Pride train, but a Pride experience 🌈 #LiveProudhttps://t.co/q0gpxeoTcTpic.twitter.com/m1tZTQ4wG6
As if it *knew* it were needed – like a train-shaped superhero summoned from afar – the Thameslink #Pride Trainbow appeared. Then, with its special combination of engineering, magic powers and feeling that someone’s got my back, it carried me off feeling far better than before. pic.twitter.com/ArxpoiWl0d
🌈To mark #PrideMonth, we are delighted to have unveiled our brand new #trainbow this morning!
🚆The train will be running between @LondonWaterloo and Bournemouth today.
🏳️🌈We are immensely proud to celebrate diversity and support equality. Happy Pride Month! #PRIDE2020pic.twitter.com/J2BxtwGjTm
Update: I am at Reading railway station but alas cannot hear you above the volume of the screaming queerness of @networkrailwest’s rainbow stairs (the first iteration was installed for Reading Pride in 2019 iirc) pic.twitter.com/egp0jXPjmW
We were delighted to bring some colour to one of our new Intercity Express Trains 800 008 today and join in with the Pride month celebrations. Send us your pics of the #trainbow if you see it! #LoveWinspic.twitter.com/ANrrBoGdHJ
These things are also often overseen by wannabe activists working within the sector, some of whom turn out to be right wrong uns.
* * *
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
Merkel’s Back, Warns Europe Could Be ‘Destroyed’ Without More Open-Borders
Former German Chancellor Angela Merkel is back with a message; Europe could be ‘destroyed’ unless they continue to allow millions of ‘non-Europeans’ to flood the bloc.
Criticizing Chancellor Friedrich Merz’s migration policy, Merkel told Southwestern Press Forum in Neu-Ulm last week that efforts to secure borders could have catastrophic consequences.
“I do not believe we can decisively combat illegal migration at the German-Austrian or German-Polish border… I have always advocated European solutions,” she said when asked about Merz’s latest measures adopted by his cabinet – which include a prohibition on asylum applications at all German land borders, with exceptions for pregnant woman, children and other vulnerable individuals – a sharp reversal from Merkel’s 2015 open-border policy.
“Otherwise, we could see Europe destroyed,” she continued.
Critics have called Merkel’s open-border policy “disastrous” after over a million migrants flooded into Germany during the peak of the 2015-2016 refugee crisis, while Germany continues to be the top destination for asylum seekers – ‘welcoming’ over 237,000 applicants in 2023, roughly 25% of the bloc’s total, according to EU stats.
Merz promised to crack down on migration his ‘first day’ in office in the run-up to Germany’s snap election on Feb. 23. Less than 24 hours after being sworn in, Interior Minister Alexander Dobrindt announced sweeping border controls that would prohibit migrants from entering Germany, including those seeking asylum.
Merkel’s criticism of Merz is her second this year – as she previously slammed his decision to rely on ‘far-right’ politicians to help pass an anti-immigration motion in parliament.
Several senior members of the U.S. House of Representatives have written to European Commission President Ursula von der Leyen demanding answers over what they describe as possible foreign interference in Poland’s presidential election campaign.
The letter, led by Foreign Affairs Committee Chairman Brian Mast, calls on the European Commission to investigate a wave of political advertisements that allegedly violated Polish election law by promoting opposition candidate Rafał Trzaskowski and discrediting his rivals, PiS-backed Karol Nawrocki and Confederation-backed Sławomir Mentzen.
The letter was also signed by Keith Self, chairman of the House Subcommittee on Europe, and five other Republican lawmakers. The group cites investigative reporting by Wirtualna Polska, which linked the online ads to Estratos, an Austrian company reportedly backed by Americans with ties to the Democratic Party, as well as a Polish NGO that has received funding from “organizations funded by U.S. Democratic Party megadonor George Soros’ Open Society Foundations.”
“Estratos is the same organization that reportedly played a key role backing the anti-Viktor Orban opposition in Hungary’s 2022 elections,” the letter adds.
According to the Polish media outlet, the Facebook pages “Wiesz Jak Nie Jest” (You Know How It Is Not) and “Stół Dorosłych” (Adult Table) spent more on ads than any official election committee. These ads, appearing just before the second round of voting, encouraged support for Trzaskowski while attacking right-wing candidates Karol Nawrocki and Sławomir Mentzen.
The ads’ origin has raised alarm because, under Polish electoral law, only official committees and voters are allowed to conduct campaign activity — foreign-funded organizations and companies are strictly barred. Wirtualna Polska reports that 80 percent of Estratos is owned by “Higher Ground Labs, a U.S. fund operated by major Democratic Party operatives who helped run the U.S. presidential campaigns of Barack Obama, Hillary Clinton, and Kamala Harris.”
The remaining 20 percent is controlled by Hungarian liberals — a key figure in the company is Ádám Ficsor, who once served as Hungary’s minister for special services under former Prime Minister Gordon Bajnai.
The letter claims that “approximately 420,000 PLN ($105,000)” has been spent in “allegedly ‘illegal political ads’ posted by the Polish NGO on Facebook since April 10, 2025, in support of Trzaskowski.”
“The integrity of democratic processes may have been undermined,” it adds.
The congressmen also criticize what they see as political bias in the treatment of Poland’s governing Law and Justice (PiS) party.
“Equally disturbing are reports of the Tusk government’s monthslong refusal to release tens of millions of dollars in public campaign funding that PiS is legally entitled to receive, defying a ruling by the Supervisory Chamber of Poland’s Supreme Court, a payment demand from Poland’s National Electoral Commission, and an opinion by Poland’s Ombudsman (Human Rights Commissioner) Marcin Wiące to release the money,” it reads.
As a result, U.S. lawmakers are demanding answers to the following questions from the European Commission, which it claims is potentially guilty of “double standards” in its crackdown on alleged rule of law violations under the previous conservative government, yet turning a blind eye to those conducted by organizations favorable to the liberal Prime Minister Donald Tusk, a former president of the European Council and leader of the European People’s Party:
1. What entities provided the $105,000 (420,000 PLN) used for the Facebook advertisements promoting Rafał Trzaskowski, and did any of these funds originate from foreign sources in violation of Polish electoral law?
2. What role, if any, did Estratos Digital GmbH and its U.S.-based owner, Higher Ground Labs, play in coordinating or financing these advertisements, and to what extent were U.S. Democratic Party operatives directly involved?
3. How does the Commission justify its failure to address the Tusk government’s refusal to release millions of dollars in court-ordered funding to PiS, given its prior sanctions against the prior PiS government for rule-of-law violations?
4. Why has the Commission remained silent on Finance Minister Andrzej Domański’s defiance of Poland’s Supreme Court, National Electoral Commission, and Ombudsman rulings, given its previous vocal criticism and aggressive actions against the PiS government?
5. What oversight mechanisms, if any, has the Commission implemented to prevent foreign-funded NGOs, such as those linked to George Soros’ Open Society Foundations, from influencing Poland’s 2025 presidential election?
The signatories urged von der Leyen to launch a full investigation.
The second round of the Polish presidential election is scheduled to take place on June 1, with a run-off between the liberal Warsaw mayor Rafał Trzaskowski and conservative Karol Nawrocki.
The latest polling suggests the vote is on a knife-edge, with Trzaskowski ahead by one percentage point, but well within the margin of error.
In 2024, there were a record-breaking number of elections. Over two billion people voted for political leaders in 40 countries. What does the balance of power look like now?
Data for this chart comes from Arden Strategies’ Global Parliament Index. The index assumes there is a hypothetical global parliament with 1,000 seats, each representing about eight million people.
To determine the political alignment of each government, Arden Strategies considered many factors including the government’s affiliations, policies, manifestos, and record in power. Where a governing party has complex or multiple identities, the team of experts used their judgment.
The below shows how the types of government break down in 2025.
*Includes Populist or Authoritarian Left, Centrist Authoritarian, and Populist or Authoritarian Right
Autocratic or powerful monarchic systems rule the most people. For instance, China, Russia, Egypt, and Iran all have autocratic systems.
Shifts in Types of Government
Many populations had declining support for leaders amid struggles like inflation, leading to some shifts in political power.
For example, the U.S. shifted from center-left to center-right with President Donald Trump’s victory. Trump has since issued a record number of executive orders in his first 100 days.
The UK and France, historical allies of the U.S., shifted left in 2025.
As more people are governed by non-centrist governments, we are reaching a global crossroads in geopolitical stability.
In the face of global change, today’s data can help form the foundation of tomorrow’s resilience.
Dutch right-wing leader Geert Wilders has issued a stark ultimatum to the country’s ruling coalition, threatening to withdraw support from the government within weeks if it does not impose a strict asylum freeze.
“Otherwise we will get out,” the Party for Freedom (PVV) leader declared at a press conference on Monday, during which he presented a hardline 10-point plan aimed at radically curbing migration and dismantling existing asylum policies.
Wilders’ proposals include closing the borders to all asylum seekers, deploying the military to enforce border controls, halting family reunification for recognized refugees, and deporting tens of thousands of Syrians with temporary protection status. He also called for the closure of asylum seekers’ centers, the fast repeal of the Dispersion Act, which distributes asylum seekers across municipalities, and the withdrawal of housing priority for status holders.
“Our patience has run out now,” said Wilders, claiming his party has been “very reasonable and very patient” over the past year while waiting for tougher migration policies. He invoked Article 72 of the Treaty on the Functioning of the European Union (TFEU), which allows member states to act unilaterally on matters of internal security, to justify a total border closure for asylum seekers.
“My limit, and the limit of a lot of Dutch people, has been reached,” he told journalists, as cited by TPO. “Holland must become Holland again. The PVV will wait no longer.”
One of the more radical proposals is the forced return of around 60,000 Syrians to what Wilders claims are now “safe” areas of Syria following the fall of deposed former Syrian president Bashar al-Assad. “The EU and the U.S. recently lifted the sanctions on Syria. So, it’s time to go back!” he said.
The plan further demands the immediate deportation of asylum seekers and dual nationals convicted of violent or sexual crimes. For dual citizens, Wilders proposes stripping them of Dutch nationality and removing them from the country, even if this means unilaterally exiting the European Convention on Nationality.
He also criticized Dutch police leadership and local authorities for what he sees as a failure to maintain order during public unrest. Citing riots in Scheveningen and pro-Palestinian demonstrations, Wilders demanded tougher police intervention and said mayors who stand in the way should be suspended. “If a mayor fails to let the police do their job, and when necessary use violence, they should pack their bags,” he said.
Wilders’ ultimatum puts further strain on the fragile four-party coalition government, led by independent Prime Minister Dick Schoof. Although the PVV achieved a historic victory in the 2023 parliamentary elections to become the largest party in the Netherlands, Wilders was blocked from becoming prime minister by New Social Contract (NSC) former leader Pieter Omtzigt and VVD leader Dilan Yeşilgöz.
“Omtzigt and Dilan did not allow me to become prime minister, so there was a Schoof I cabinet,” Wilders said. “But if that cabinet behaves like Rutte V, and does not change or does not change sufficiently, we are gone.”
The NSC, one of the coalition parties, downplayed Wilders’ threats and emphasized that the coalition agreement already contains robust migration measures awaiting implementation by parliament.
As reported by VRT, Opposition parties also dismissed Wilders’ plan, describing it as a “political show” and a “diversionary tactic.” The Dutch defense union VBM criticized the call to deploy the military at borders, stating this is the responsibility of the Royal Netherlands Marechaussee, which already lacks sufficient personnel to monitor all 840 border crossings.
Despite criticism, Wilders insists that the PVV is simply demanding that the government act on what voters mandated in the 2023 election. “The streetscape of our cities and neighborhoods has changed beyond recognition due to mass migration and Islamization,” he said. “We have too many foreigners, too much Islam, there is a lack of respect for our culture and our people.”
This week I was researching the history of the modern African economy as well as the financial effects of “colonialism”, largely in an effort to discern if Africa is actually better off with or without western influence. One can of course argue that racial divisions like Apartheid in South Africa or segregation in Rhodesia have their own oppressive social effects beyond the financial. There’s also the argument that only “white colonists” ever benefited from the infrastructure they built (which is actually untrue, wherever white colonists were established, everything from water access to roads to medical care improved for everyone).
However, I think it’s fair to ask if these nations were experiencing growth and prosperity under white governance, or if things were relatively the same. We’re not supposed to talk about it – We’re only supposed to say “colonialism bad”. I don’t care about that, I just want to know what the realities are.
In the process I came across an interesting video featuring a black South African man who presented the race issue and the South Africa issue in a way that was simple but it brought impressive clarity. In summary he said:
“Africans are forever chasing the white man.”
What he means is, African culture, some elements of black culture, the third world in general, all of them are constantly trying to co-opt what white western culture builds. He argues that wherever the white population in Africa shrinks or migrates away, the country “becomes a shithole”. So, Africans chase white people.
When white people in Africa relocate to Australia, or Canada, or the US or Europe, the Africans try to follow. Instead of building up their own communities and nations they use and then eventually tear down the infrastructure that whites already built. They never replace it with anything else. Then they immigrate overseas to where the white people are because their own countries are in disarray. Eventually, they start tearing down those countries.
Leftists will call this a “racist” argument rooted in “white supremacy”, but this is a black South African making the point. It’s not racist, it’s just an observation of concrete fact. When Rhodesia became Zimbabwe and the whites were ethnically cleansed, the country collapsed and the black people starved to death.
South Africa systematically oppresses (or kills) the white citizenry because they want the land the whites own (they chase the white men). The Afrikaners are 7% of the population but make up around 70% of all agriculture and food production. Instead of seeing the white populace as a valuable asset to the country, they treat them as a foreign enemy. And so, the country falls deeper into economic despair and they are now on the verge of their own collapse.
When Matamela Ramaphosa, President of South Africa, sauntered into the White House with his big grin and his large entourage, he was there to get money. He wasn’t there to explain how he was going to improve conditions in his country. And, he certainly wasn’t there to debate the finer details of the ethnic cleansing of whites in his country or the government confiscation of their land. No, he was a black African leader petitioning a white US President for handouts.
In this case he believes his country is entitled to that money, so it doesn’t come off as begging so much as it comes off as arrogant conceit. If his country could build on its own, it would. If they had the ability to construct and innovate and maintain on their own, they would. Instead, they travel halfway across the world to the US. They chase the white man.
They’ve had over 30 years to get their system to work, and instead everything is broken. They can’t even keep their electrical grid and water functioning. And it’s not just South Africa, this is true for much of the third world. In Europe the populace is far more familiar with Africans chasing them, but we see a similar trend with Central and South Americans chasing whites in the US.
Wherever the west builds and creates and improves, the third world demands a piece. They arrive in vast caravans that stretch for miles. They arrive in boats on beaches in the night. They slip across borders and enter illegally like invaders because they see the west as something to be pillaged. They do not want to build their own thing. They don’t even know where to begin. They simply see what we have and they want to take it. They chase us wherever we go because they can’t emulate, they can only confiscate.
In progressive literature white people overall are elevated to the status of ultimate villains – The great oppressors that enslave and destroy. Yet, if this was true, why is it that the third world chases after us so much? You would think they would stay as far away from whites as possible, but they INSIST on immigrating to the west. Or they bitch and moan about our capitalist ways, but they never leave.
By extension, leftists will claim that white people are the “real invaders” that exploit and steal from the third world. In other words, we are “chasing the brown man”. But, if this was the case, then why aren’t white people rushing to migrate to Africa? Why is the western industrial presence in Africa in steep decline? Even black Africans leave Africa in droves when they get the chance to do so. No one is chasing the brown man. This is not a thing. No one covets what a beggar society has.
Now, I see this not as a race issue but as a cultural issue (I’m sure there are people who will debate that sentiment). If you look at countries like Japan or South Korea, they don’t chase white people. They build their own societies and fuel their own progress for the most part. They don’t need white culture or western culture to feed off of (China does, but that’s a whole separate article).
There are societies in the Middle East that remain relatively self sufficient, while others in the Middle East view the west as a target for conquest. The difference is in the culture, not the skin color. And what do most third world cultures have in common? This first thing is an oversupply of AK-47s, the second thing is they tend to be socialist or communist. These are beggar cultures with a beggar mentality.
In the US we can see this same mentality bleeding into parts of our own society. Every time leftist black American’s demand reparations or special privileges in employment and schooling or handouts through DEI programs, they are, in essence, chasing the white man. They want what the white man has and they’re not really shy about saying it. They didn’t build it or earn it but they want it, and if they can’t have it they will just as happily tear it all down.
The phrase “black fatigue” comes to mind, but again, it’s far more about culture than skin color. It’s something that white people like me aren’t supposed discuss.
Frankly, I find race divisions to be a distraction from the bigger problem, which is elitism and the sabotage of the west from within by wealthy oligarchs so that they can replace it with an authoritarian socialist “Utopia”. That said, I cannot ignore the fact that certain minorities in the US tend to lean majority far left, or that most third world migrants hold socialist ideals.
To be sure, there are millions of white woke liberals helping to fuel this fire, but again, most of the black community is happy to be used. These people become the enemy because they have allowed themselves to be weaponized in the hopes of getting a piece of the western pie before whole thing is ransacked. They don’t want to build for themselves, so, they voluntarily become the barbarians at the gate.
My advice to these people is to stop. Stop chasing the white man. Stop trying to feed off the western world. Put in the effort to construct your own great societies with your own accomplishments. No one is stopping you except yourselves. You are being duped into acting as a battering ram for globalism and multiculturalism; you are a tool for deconstructing the west.
By extension, stop coveting what white people have built within your own communities and start seeing such people as valuable allies in creating something better.
If you try to take from them they will eventually retaliate and it will not be a pretty sight. But, the interesting thing about white people (at least the conservative types) is that they will often help you if you ask nicely. Instead of threatening them, maybe try learning from them? Most white people I know love to improve their communities in any way they can, and they enjoy helping people who want to help themselves.
Instead of seeing white people as the enemy because of historic “crimes” which every single ethnic group has been guilty of, why not look to the future? Of course, this would require people in the third world to abandon their socialist leanings. Far left ideology is a poison that makes nations and cultures weak. It makes them perpetual beggars. To improve one’s future, one must aspire to create, not steal.
Why not stop chasing the white man and work with him instead?
* * *
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
Inside TechNet: What Goldman’s Closed-Door Talks Reveal About China’s AI
The recent invitation-only Goldman Sachs TechNet Conference, held at the Portman Ritz-Carlton in Shanghai, China, brought together senior executives from top technology firms spanning hardware, semiconductors, software, internet, and artificial intelligence.
Analysts Allen Chang and Verena Jeng, along with others, shared key takeaways with clients from the 20 companies in attendance, which spanned the semiconductor, AI infrastructure, smartphone, robotaxi, and software ecosystems. The biggest takeaway: AI monetization is accelerating in the world’s second-largest economy.
Chang said many of the discussions with CEOs and CFOs, if private company panels or fireside chats, revolved around:
AI demand: rising AI inferencing demand with enhanced foundation model,
Semis localization: China Semis’ development across IP, IC design, foundry, SPE, and packaging,
Smart driving and Robotaxi: Specification upgrades of driving features and Robotaxi commercialization,
AI applications: Expanding user base and monetization of ToC (Consumer)/ ToB (Business) Gen-AI tools, and
Edge devices: AI smartphones, AI PC, AI glasses to drive replacement demand.
The closed-door conversations Goldman analysts held with participating companies provided clients with candid insights and forward-looking guidance, helping them identify medium- to long-term investment themes and reposition their portfolios accordingly.
Just as importantly, these discussions shed light on which players are gaining ground in the evolving U.S.-China AI race.
Here’s a breakdown of those closed-door conversations, organized by industry sector:
Semiconductors
Semis panel: We hosted Lithography expert, Axera (private) Chairperson, and SICC CTO at the panel. Key discussions were about China’s efforts in developing semiconductor technologies as well as the outlook for semiconductor capex and R&D investment in China. Overall, the expert/ management see continuous R&D progress in technology advancement. Amid geopolitical uncertainties, the supply chain will continuously invest in lithography system development and sustain local capacity expansions.
VeriSilicon (688521.SS, Buy): Management is positive on rising AI inferencing demand and growing adoption of AI devices (AI smartphones, AI PC, AI glasses, autonomous driving, etc.) with LLM (Large Language Model) on the edge side. To meet growing AI demand, VeriSilicon is expanding to GPU IP/ AI IP and Chiplet platform for AI and autonomous driving, supported by private placement funding.
StarPower (603290.SS, Neutral): Key discussions were around 2025 outlook, SiC MOSFET’s penetration rate in EV market, and IGBT’s development plan. Overall, management is positive on the company’s 2025 revenue growth, driven by the increasing SiC devices penetration rate and localization trend, and product line expansion to IPM for home appliance.
AMEC (688012.SS, Buy): Management remains positive on the continuous investment of semiconductor capacities in China due to the need for local productions. The contributions from local SPEs will increase gradually, supporting a stable growth opportunities. With product expansions and migrations in etching, deposition, metrology and inspection, AMEC looks to expand its addressable market and sustain a long-term growth.
ASMPT (0522.HK, Neutral): Management expect increasing adoption of TCB tools driven by the AI and high computing chips. Mainstream tools bookings have been stabilized, and management expect gradual demand recovery from a low base, despite tariff may bring some indirect uncertainties.
SICC (688234.SS, Buy): Management remains positive on the market demand, as more 800V EVs will be launched and the demand for EV fast charging is increasing. Management also expects AR glasses demand ramping up to drive the demand for SiC substrate.
Maxscend (300782.SZ, Neutral): Key discussions were around its 2025 business outlook, the Xinzhuo project’s development progress, and new growth opportunities. Overall, management holds a positive view on the company’s RF modules expansion, utilization rate ramp-up of its in-house capacity, and new business opportunities in the longer term. Read more: Maxscend Technet takeaway.
Innoscience (2557.HK, Not Covered): Innoscience is GaN IDM supplier based in Suzhou and Xiamen, offering 8-Inch GaN chips. Management is positive on rising GaN demand from traditional adapter to consumer electronics, EV and data center applications by offering better power efficiency. The company currently has 13k wpm GaN capacity in Suzhou and Xiamen, targeting to expand to 20k wpm to capture long-term growth opportunities.
JCET (600584.SS, Not Covered): Management has seen a demand recovery trend from domestic clients since 2024, and observed accelerated growth in 1Q25. Positive on further business expansions, JCET will solidly increase its capex in 2025, and expects to release more capacities this year from two new factories (Changdian Microelectronics focusing on advanced packaging and a new Shanghai factory for automotive grade products).
Jingsheng (300316.SZ, Not Covered): Management is positive on the SiC substrate demand supported by increasing applications in EV, and they are increasing their 8-inch capacity. Jingsheng developed multiple new semiconductor equipment, including polishing/ thinning/ EPI growth machines for silicon wafers and equipment for SiC, continuously increasing its product offerings.
AI server, Smartphones, PC supply chain
Sunny Optical (2382.HK, Neutral): Key discussions were around vehicle lens growth, camera modules mix upgrade, and AI/ AR glasses. Management is positive on shipment YoY growth of vehicle lens, driven by specification upgrade with the smart driving functions available to more car models priced under Rmb150k. Despite slower camera modules shipment growth in 4M25, management noted the company is migrating to high-end projects with multiple innovative solutions (e.g., periscope modules).
Lingyi (002600.SZ, Buy): Key discussions were around the company’s development in foldable phone components, cooling components for AI servers, and AI glasses. Overall, management is positive on the company’s growth, given Lingyi’s successful track record with major consumer electronics brand makers in the market and the dollar content upgrade for its diversified product lines.
Huaqin (603296.SS, Buy): Key discussions were around Huaqin’s data center business (AI servers, general servers, switch), consumer electronics products, and new business (automotive electronics, robotics). Overall, management expects a double digit revenue growth in 2025.
Huafeng (688629.SS, Not Covered): Huafeng offers connectors and interconnection solution for server, industrial and automotive. Management is positive on the demand growth, and expect to continuously ramp up its capacities in 2Q25. Apart from the six productions lines in Phase 1, the company is working on Phase 2/ 3 expansions, and is expanding its customer bases to more Chinese server brands and cloud service providers.
Lens Tech (300433.SZ, Not Covered): Management is positive on its product expansion from smartphone components to emerging markets (humanoid robots, AI glasses, smart vehicles, etc.), and expects Lens Tech’s profitability to improve through better utilization rate and specification upgrade driving dollar content increase. Read more: Lens Tech Technet takeaway.
Robotaxi, Smart driving and eVTOL
Horizon Robotics (9660.HK, Buy (on CL)): Management expects its latest HSD system to start mass production in 2025, which will support city NOA features. The company has accumulated 310+ car model design-wins, demonstrating the company’s strong partnership with Chinese car OEMs. Driven by the increasing demand for high power ADAS/ AD chips, Horizon Robotics will continue to launch more powerful computing chips in the future to enjoy volume and content value growth.
EHang (EH, Buy): Management is positive on accelerated deliveries of EH216-S to clients, supported by PC and OC for mass production and commercialization, and capacity expansion in Guangdong Yunfu and Hefei production sites. Management notes the company will start with the sightseeing market in near-term for EH216-S operation, then gradually expand to urban sightseeing and Air Tax services market.
ECARX (ECX, Not Covered): Management remains positive on the smart driving trend in China, and highlights their total solution across SoC, central computing platforms, and software could empower car OEMs to adopt smart cockpit or smart driving (ADAS / AD) quickly, introducing competitive smart cars to the market to attract buyers. The company delivered 30% YoY in 1Q25 revenues, driven by computing platform’s strong ramp up.
iMotion (1274.HK, Not Covered): iMotion obtained solid growth in its front view all-in-one systems and domain controllers, and is positive on their progress of customer development. Apart from overseas chipset solutions, the company will introduce domain controllers based on Horizon Robotic’s J6 series chipset, in order to meet the needs of different clients.
Black Sesame (2533.HK, Not Covered): Management remains positive on 2025, aiming for double digit revenues growth in 2025, riding on the growing AD / ADAS trend in China, and the company continues to expect car OEMs to rely on supply chain that is more efficient and cost effective compared to developing chipsets in house.
AI Software
Kingsoft Office (688111.SS, Buy): Management is positive on company’s comprehensive capabilities across AI, office software, and cloud collaboration, supporting WPS 365 enterprise clients’ penetration to grow. On ToC clients, the company provides WPS AI with AI writing/ design/ data analysis capabilities, and prioritizes offering AI features for more users to try this year to enlarge the base.
Meitu (1357.HK, Not Covered): Management is positive on the expansion of AI productivity tools to improve efficiency and generate high-quality content (images, talking head videos etc.) within seconds. The number of subscribers continues to grow, and management see significant upside in the paying ratio vs. overseas AI productivity software.
Sensetime (0020.HK, Not Covered): Management remains positive on the generative AI trend in China, and highlights their newly launched foundation model, SenseNova V6, carrying upgraded features with competitive costs across training and inferencing. The company also newly signed a MoU with the Faculty of Law at the Chinese University of Hong Kong to further explore AI-powered user case.
Beisen (9669.HK, Not Covered): Beisen is the local HR SaaS leader, offering cloud-based All-In-One HCM (Human Capital Management) solutions. Management is positive on ramp up of AI HR applications from this year, and expects to see accelerated AI monetization from 2026E, supported by enhanced capabilities of AI foundation model, and deep partnership with industry clients to provide AI solution catering to their demand.
Early takeaways from China’s tech ecosystem suggest that Asia holds the lead, particularly in handset production, eVTOL, and AI that share similar production ecosystems. This report serves as a wake-up call for Washington elites: re-shoring these critical supply chains is essential for 2030 dominance (see here).
Secretary of State Marco Rubio announced on May 28 that the United States would begin revoking visas of Chinese students, including those with connections to the Chinese Communist Party (CCP).
“The U.S. will begin revoking visas of Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields,” Rubio wrote on X.
The State Department confirmed the action in a short press release, stating that it will work with the Department of Homeland Security to “aggressively revoke” the visas. It will also revise the visa criteria and “enhance scrutiny of all future visa applications” from China and Hong Kong.
The Epoch Times reached out to the State Department for further comment on the matter.
According to the State Department, the Chinese regime monitors Chinese students, mobilizing them through the Chinese Students and Scholars Association (CSSA). Some CSSA branches in the United States have openly admitted that they are directed, supported, or financed by Chinese consulates. These students have been known to attempt forced cancellation of events or speeches hosted by overseas dissident groups at U.S. schools.
The FBI warns on its website that the CCP uses its post-graduate students and post-doctorate researchers in fields like engineering, science, and mathematics to “operate as non-traditional collectors of intellectual property.”
“China is the world’s principal infringer of intellectual property. The annual cost to the U.S. economy of counterfeit goods, pirated software, and theft of trade secrets is between $225 billion and $600 billion,” the FBI states.
Rubio’s announcement comes two months after House Republicans raised the issue of Chinese student visas on March 14.
Introduced, in part, by Rep. Riley Moore (R-W. Va.), the “Stop Chinese Communist Prying by Vindicating Intellectual Safeguards in Academia Act of 2025,” or “Stop CCP VISAs Act of 2025,” would ban Chinese citizens from obtaining student visas, citing CCP-related national security concerns.
“Every year we allow nearly 300,000 Chinese nationals to come to the U.S. on student visas. We’ve literally invited the CCP to spy on our military, steal our intellectual property, and threaten national security,” Moore said in a statement to The Epoch Times.
The bill was co-sponsored by Reps. Brandon Gill (R-Texas), Scott Perry (R-Pa.), Addison McDowell (R-N.C.), Andrew Ogles (R-Tenn.), Troy Nehls (R-Texas), Owens Burgess (R-Utah), and Mary Miller (R-Ill.)
“The Chinese Communist Party is fundamentally opposed to our American values, and yet we have handed out hundreds of thousands of student visas to Chinese nationals, many of whom are state-sponsored spies,” Gill said in a statement to The Epoch Times.
Recent Cases
Some Chinese nationals who have gained access to the United States under student visas have also been at the center of legal matters concerning national security.
In 2020, Ye Yanqin, a lieutenant in the People’s Liberation Army, who attended Boston University from October 2017 to April 2019 on an exchange program, was charged by federal prosecutors with allegedly concealing her continued military service on her visa application. She allegedly completed “numerous assignments” for the Chinese military, including sending U.S. documents to China and retrieving U.S. military intelligence.
In October 2024, five Chinese nationals who were students at the University of Michigan as part of a joint program with the China-based Shanghai Jiao Tong University were indicted after being accused of misleading investigators about their trip to a remote military site in-state and conspiring to delete photo evidence from their cell phones.
In December 2024, Wen Shenghua, a Chinese national, was arrested in California for allegedly making military shipments to North Korea. Shengua had also overstayed his student visa.
More Visa Changes
The news also comes one day after a senior State Department official confirmed to The Epoch Times that an internal cable was sent to American embassies around the world, pausing student visa interviews effective May 27.
That suspension, according to the cable, which prohibits consular sections from adding any appointment slots for student and exchange visitor visas “until further guidance is issued,” was part of an effort to strengthen the vetting process of visa applicants, specifically regarding social media screenings.
“There is no right to a student visa,” Rubio told reporters in March. “We can cancel a student visa under the law just the same way that we can deny a student visa under the law. And we will do so in cases we find appropriate.”
This announcement also comes hours after Rubio announced new visa restrictions for foreign nationals found to be involved with censoring the free speech of U.S. citizens.
“For too long, Americans have been fined, harassed, and even charged by foreign authorities for exercising their free speech rights,” Rubio announced in a post on X.
“Today, I am announcing a new visa restriction policy that will apply to foreign officials and persons who are complicit in censoring Americans. Free speech is essential to the American way of life—a birthright over which foreign governments have no authority.”
Ryan Morgan, Emel Aken, Frank Fang, and Eva Fu contributed to this report.
Victoria’s Secret Exposed In ‘Security Incident’ As Site Goes Offline For Days, Shares Down 6.9%
Fashion giant Victoria’s Secret & Co. has halted certain office operations and told employees to avoid using company technology amid a “security incident” that has caused the company to take their e-commerce and some store services offline.
Employees were locked out of email accounts on Wednesday, a ‘person familiar with the situation’ told BloombergThursday. Shares of the company fell 6.9% (Beavis) on Wednesday.
“Recovery is going to take awhile,” said CEO Hillary Super in a note seen by Bloomberg, which adds that customer care operations and some distribution center operations had been halted.
also…
The incident comes on the heels of yet another retailer – Adidas AG – which said that customer data was stolen by a third-party service provider, which included the contact information of anyone who had emailed the German company’s customer service help desk.
One sec…
As Bloomberg continues;
In addition, several UK retailers announced breaches in recent weeks. Marks & Spencer Plc said it is facing a £300 million ($403 million) hit to operating profit from a cyberattack that disrupted sales and operations. The hackers were able to breach M&S’s systems via human error at a third party, the company said. The UK supermarket chain Co-op said intruders were able to access and extract customer data during a recent cyberattack, while luxury department store Harrods Ltd. disclosed that it had suffered attempts to compromise its systems.
A hacking group called DragonForce claimed responsibility for the UK attacks – which came after investor BBRC International Pte Limited increased its stake in Victoria’s Secret – causing the company to adopt a poison pill strategy.
