China’s state-owned Sinopec, the world’s biggest refiner, has ramped up purchases of Far East ​Russian oil to compensate for Middle East supplies diminished by the Iran war, reports Reuters.

Sinopec has bought a total of 30 to 40 shipments, ​or about 241,000 to 320,000 barrels per day (bpd), of Russia’s Eastern Siberia-Pacific Ocean (ESPO) blend for July to September deliveries, according to several sources, who spoke on condition of anonymity. That equates to 5% to 6% of the refiner’s processing capacity ⁠of 5.2 million bpd.

Sinopec had suspended purchases of Russian oil in October after Washington imposed sanctions. However, the refiner resumed Russian oil purchases in March and April after a temporary US waiver ​buying roughly 10 cargoes and increasing ​volumes after the waiver expired as ⁠the Iran war squeezed supply.

China wasted enough wind and solar power in the first half of this year to cover all new electricity demand, reports the South China Morning Post. This comes as bottlenecks in grid absorption failed to stem a rebound in coal-fired generation.

Though solar is poised to overtake coal as China’s largest source of installed power, an estimated 360 terawatt-hours of wind and solar electricity was curtailed in the first half–up 49% year on year–according to a report released on Thursday by the Finland-based Centre for Research on Energy and Clean Air (CREA) and the US-based Global Energy Monitor (GEM).

The curtailed energy exceeded the 258 terawatt-hours of power demand growth during the period, the two non-profit organisations said, meaning all new electricity needs could have been met–and coal power generation reduced–if the clean energy had been absorbed into the grid.

Battery-powered electric vehicle sales in Australia more than tripled from a year earlier in July, reports Caixin. This is driven in part by volatile gasoline prices and sees Chinese automakers move into the upper ranks of the market.

Australia’s new car sales rose to a record 103,000 units in July, supported by deliveries of 23,000 battery-electric vehicles, according to data released Wednesday by the Federal Chamber of Automotive Industries (FCAI). Battery-electric vehicles accounted for about 22% of sales in July, the third straight month in which their share exceeded 20%. In January 2026, that figure was 8.4%.

Before this year, growth in Australia’s new energy vehicle market had been gradual. In 2025, battery-electric vehicles accounted for 8.3% of local new car sales, up just 1.1 percentage points from 2023. 

Unitree Robotics has priced its Shanghai initial public offering at 150.8 yuan a share ($22.3), valuing the company at RMB 61 billion yuan and securing a strategic investment from artificial intelligence firm DeepSeek, reports Caixin.

Unitree plans to issue 40.4 million shares, equal to 10% of its enlarged share capital. If the deal goes through, the company is expected to raise RMB 6.1 billion, with net proceeds of about RMB 5.9 billion after issuance costs. Demand was strong in the preliminary inquiry phase, with institutional bids oversubscribing the initial offline tranche by more than 2,600 times.

The IPO includes a strategic placement to several large corporate investors. DeepSeek was allocated 933,399 shares, or 2.31% of the offering, subject to a three-year lockup. Other strategic investors, each taking 2.23% of the deal, include investment arms of China National Petroleum Corp, China Southern Power Grid and China Telecom, as well as a Tencent subsidiary.

US private investment firm Bain Capital has agreed to acquire bubble tea chain Gong cha Global from private equity firm TA Associates and other shareholders, reports Caixin.

The deal comes as Gong cha, after exiting the Chinese mainland market in 2024 following a prolonged struggle with trademark disputes and copycats, shifts its focus to overseas markets amid the rapid global expansion of Chinese rivals.

The transaction is expected to close in the fourth quarter of 2026, Bain Capital said Wednesday, without disclosing financial terms. Seoul Economic Daily reported in July that TA Associates had hired JPMorgan Chase to explore a sale, initially seeking about $1.4 billion. The report said that valuation implied a price-to-earnings multiple of nearly 20, causing some potential buyers to pause due diligence.