Apple supplier Lingyi iTech is looking beyond smartphones, seeking to raise up to HK$8.3 billion ($1.1 billion) in a Hong Kong IPO, reports the South China Morning Post. The move seeks to fund an ambitious expansion into artificial intelligence hardware and humanoid robotics.

The Shenzhen-listed electronic components maker is expected to debut on the Hong Kong stock exchange on Friday after offering 811.8 million shares at a maximum price of HK$10.18 each, according to a company filing.

The dual listing marks a strategic push by Lingyi and its founder, Zeng Fangqin, to diversify beyond a maturing smartphone market. The company is positioning itself to benefit from emerging demand for humanoid robots, smart glasses, foldable devices and AI servers.

China AI company DeepSeek is set to raise about RMB 50 billion ($7.4 billion) in ​its first funding round from investors including Tencent and CATL, reports Reuters citing insider sources. 

The fundraising could value the ‌company after the investment at between RMB 350 billion and RMB 400 billion, or between $52 billion and $59 billion, the people said, declining to be identified because the information is confidential.

Founder Liang has committed RMB 20 billion of ‌his own ⁠money in this funding round, the people said. They added that tech conglomerate Tencent is considering RMB 10 billion and battery giant CATL is looking at RMB 5 billion, which would make them the largest external investors. DeepSeek is also in final talks with China’s national artificial intelligence fund, gaming developer NetEase and e-commerce giant JD.com, they said, noting that the planned number of investors was fewer than 10.

China’s bank wealth management products (WMP) have shrunk by RMB 1.38 trillion ($200 billion) in the first quarter, reports Caixin. This comes as banks prioritized deposit growth and market volatility weighed on flows. 

Bank WMP balances fell to RMB 31.91 trillion at the end of March from the end of last year, according to data from China Wealth (Asset) Management Registry and Custody, though still up 9.5% from a year earlier. The firm is a state-owned industry registry.

Despite signs of a rebound in April, asset allocation for WMPs remains a challenge. Falling short-term bond yields and deposit rate cuts have constrained returns, leaving managers with limited higher-yielding assets, industry insiders say.

Trade tensions between the US and China have made companies around the world less keen to invest in either country, reports the South China Morning Post citing a report from Allianz Trade. The report found the United States almost twice as unpopular as its rival.

The report, based on an annual survey by the Paris-based international insurance company, said US-China decoupling had not materialized, but investment intention towards China had dropped “significantly” to 24% of survey respondents, down from 53% a year ago. The survey tracked corporate expectations for exports, global trade and supply chains by collecting views from 6,000 companies in 13 markets before and after the US-Israel strikes on Iran in February and March.

Amid an overall decline in outbound investment appetite globally due to heightened geopolitical tensions, the US and China had “suffered the most” from the loss of potential future investment, the survey found, with the number of firms that considering the US an export growth platform dropping to 13%, down from 17% last year.

China will issue special sovereign bonds to recapitalize some of its largest banks, reports Bloomberg. The move marks an expansion of Beijing’s efforts to fortify the nation’s $69 trillion financial system against a cooling economy and market volatility.

A total of RMB 300 billion ($44 billion) worth of special government bonds will be sold this year to replenish core tier-1 capital at large commercial banks, according to a Ministry of Finance report seen by Bloomberg.

The fresh capital injection is designed to provide banks relief for profit margins, which have been eroded by falling interest rates. The capital allows for expanded lending capacity and larger provisions for potential bad debts.