China's Oil Refining Output Rebounds to Strongest Since 2023
Refining output rose to more than 15.2 million barrels a day, the strongest pace since September 2023, according to Bloomberg calculations based on figures released by the statistics bureau on Tuesday. Compared to June last year, volumes surged by 8.5%, reversing the declines seen in April and May.
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Yahoo
a minute ago
- Yahoo
Enigmatig Celebrates NYSE American Listing with Bell Ringing Ceremony, Signaling Next Phase of Global Growth
NEW YORK, Aug. 18, 2025 /PRNewswire/ -- Enigmatig Limited (NYSE American: EGG) ("Enigmatig" or the "Company"), a global business enabler empowering small and medium-sized enterprises (SMEs) to scale across borders, today rang the Closing Bell at the New York Stock Exchange ("NYSE") to mark its recent listing and reaffirm its mission to power the global ambitions of bold, forward-thinking businesses. Enigmatig began trading on June 18, 2025, following the completion of its initial public offering of 3,005,200 Class A ordinary shares at US$5.00 per share including the partial exercise of the underwriters' overallotment option. The offering raised gross proceeds of approximately US$15 million. Prime Number Capital LLC acted as the sole book-running manager for the offering. As one of the few Asia-Pacific headquartered firms in its sector to list on the NYSE American, this accomplishment underscores Enigmatig's role as a trusted partner for SMEs navigating high-stakes cross-border expansion, regulatory complexities, and new market entries. Desmond Foo, Founder and CEO of Enigmatig, said, "Today's bell ringing is a proud milestone in our 15-year journey of enabling SMEs to achieve their international ambitions. Our listing strengthens our foundation for bold, global expansion, enabling us to deepen our service capabilities, advance our RegTech innovations, and extend our reach across the world's key financial hubs. Enigmatig was built to guide clients throughout their expansion journey – from incorporation to licensing, compliance, and strategic growth – delivering clarity, precision, and partnership every step of the way." Mingwen Teo, the Company's Director and CFO, added, "Our successful IPO and strong first-half performance validate the strength of our business model and the growing demand for comprehensive, technology-enabled licensing and compliance solutions. This ceremony is not just a celebration of our listing, but also a reaffirmation of our long-term vision to empower compliance globally while creating sustainable value for our clients and shareholders." With its IPO proceeds, Enigmatig is driving its next wave of growth by: Expanding its leadership and specialist teams across key markets and verticals Accelerating RegTech and automation innovation to streamline compliance Enhancing strategic advisory with sharper, data-driven insights Pursuing targeted M&A to strengthen its global service offerings Growing its presence in high-potential markets to serve clients closer to where they operate and aspire to operate Founded in 2010, Enigmatig has built a strong track record across global financial hubs and offshore jurisdictions, including Singapore, Hong Kong, Shanghai, London, Cyprus, and Belize, delivering tailored solutions across the full business lifecycle, from company incorporation to ongoing compliance and strategic advisory. Its proprietary CRM platform, integrating KYC, AML, and transaction monitoring tools, positions RegTech at the core of the Company's growth strategy, allowing smarter, faster compliance for both new and existing clients. For photos, a video replay and other content from the event, please visit: About Enigmatig Limited Enigmatig is an international business enabler dedicated to helping small and medium-sized enterprises (SMEs) achieve their international ambitions. Since 2010, we have connected businesses with the expertise, infrastructure, and regulatory support needed to succeed in cross-border markets. With deep capabilities in FX brokerage consultancy, licensing, RegTech, FinTech, and corporate services, Enigmatig delivers tailored solutions across the full business lifecycle – from company incorporation to ongoing compliance. Our experienced team specializes in navigating complex regulatory environments across global financial hubs and key offshore centers, including London, Cyprus, and Belize. Headquartered in Singapore with a strategic presence in Hong Kong, Shanghai, London, and a representative desk in Bangkok, Enigmatig supports a diverse and growing international client base. For more information, please visit: Safe Harbor Statement Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "could," "will," "should," "would," "expect," "plan," "aim," "intend," "anticipate," "believe," "estimate," "predict," "is/are likely to," "potential," "project" or "continue" or the negative of these terms or other comparable or similar terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC, which are available for review at Media & Investor Contacts: investors@ View original content to download multimedia: SOURCE Enigmatig
CNBC
3 minutes ago
- CNBC
Asia-Pacific markets set to mostly open higher as investors await details of U.S.-Ukraine talks
Asia-Pacific markets are set to mostly open higher Monday , after the U.S.-Russia summit concluded without a ceasefire. Australia's S&P/ASX 200 was set to start the day higher with futures tied to the benchmark at 8,843, compared with the index's Friday close of 8,983.60. Japan Nikkei 225 was set to open lower, with the futures contract in Chicago at 43,545 while its counterpart in Osaka last traded at 43,370, against the index's last close of 43,378.31. Futures for Hong Kong's Hang Seng index stood at 25,214, pointing to a stronger open compared with the HSI's last close of 25,270.07. U.S. equity futures ticked up in early Asia hours on hopes for rate cuts by the U.S. Federal Reserve, which fueled a winning week on Wall Street. The S&P 500 slipped on Friday after hitting a record high, as investors took some gains off the table after a strong week. The broad market index settled down 0.29% at 6,449.80. The Nasdaq Composite shed 0.40% to end the week at 21,622.98. while the Dow Jones Industrial Average outperformed, rising 34.86 points, or 0.08%, to close at 44,946.12, thanks to a 12% jump in UnitedHealth.
CNN
9 minutes ago
- CNN
Trump gave China the AI chips it wanted. Beijing isn't saying thank you
Asia China AI Donald Trump FacebookTweetLink In a surprising reversal of the United States' years-long technology restrictions on China, President Donald Trump last month allowed Nvidia to resume sales of a key AI chip designed specifically for the Chinese market. Yet rather than celebrating, Beijing's response has been noticeably lukewarm, despite having long urged Washington to ease the stringent export controls. In the weeks since the policy U-turn, Beijing has called the chip a security risk, summoned Nvidia for explanations and discouraged its companies from using it. The less-than-welcoming sentiment reflects Beijing's drive to build a self-sufficient semiconductor supply chain – and its confidence in the progress its rapidly advancing chip industry has made. But the cold shoulder may also represent some political posturing. Despite significant advances in its semiconductor sector, China still needs America's chips and technology. Experts said China's national champion Huawei has developed chips with performance comparable to — and in some cases surpassing — the newly approved Nvidia chip. However, China still wants the more advanced AI processors that remain blocked under US export controls. In the years since Trump first imposed tech restrictions on Huawei during his first term, China's chip technology has made significant strides, spurred by the frustration that mounted as Washington piled on export controls, said Xiang Ligang, director-general of a Beijing-based technology industry group and an advisor to the Ministry of Industry and Information Technology. 'We have this capability, it's not as they imagine – that if China is blocked, China won't be able to function, or that China will be finished,' he said. To him, the policy about-face only reflects the importance of having a wholly homegrown chip supply chain. 'For Chinese companies, we may only have one choice if we wish to ensure a relatively secure supply of chips – that means relying on our own domestically produced chips,' Xiang said. That may be China's goal, but in the high-stakes AI race, with all its national security implications, the US remains the leader, at least for now. The chip in focus is Nvidia's H20, which was released by the AI chip leader last year to maintain access to the Chinese market following strict export controls put in place under the Biden administration that stopped the export of chips with high processing power. Last month, Trump greenlit the sales of the chip to China after banning it in April as the US trade frictions with China deepened. Trump has justified his decision by calling the chip 'obsolete,' as it lags behind the company's cutting-edge AI processors like Blackwell or H100, from which H20 is derived. He and his officials appeared to have embraced a view long promoted by Nvidia's CEO Jensen Huang – that US can maintain its tech leadership only through ensuring its chips remain the global standard. 'You want to sell the Chinese enough that their developers get addicted to the American technology stack,' Commerce Secretary Howard Lutnick said last month. But the dramatic reversal has fueled questions about Trump's transactional approach to national security – once considered off-limits to bargaining. China, on the other hand, is alarmed by the alleged security risks of Nvidia's H20s like 'tracking and positioning' and 'remote shutdown' features, capabilities that some US lawmakers have called for but Nvidia denies it has placed in its chips. China's cyberspace watchdog and industry ministry have since summoned the American chip giant over the security concerns and urged firms to avoid H20 chips, a development which was previously reported by Bloomberg. One major Chinese tech company which has developed its AI models has received notice from the authorities urging it to exercise caution in the use of H20s, and advising it not to purchase them, a company insider said on the condition of anonymity. CNN has reached out to the ministry and the cyberspace authorities for comment. An Nvidia spokesperson told CNN that NVIDIA 'does not have 'backdoors' in our chips that would give anyone a remote way to access or control them.' 'Banning the sale of H20 in China would only harm US economic and technology leadership with zero national security benefit,' the spokesperson added. But China believes the US isn't playing fairly, Xiang said. 'What we actually want, you refuse to sell us. For the things you already consider obsolete, you still want to dump them into our market and occupy our market. Do you really think we're that naive?' he said. Despite Beijing's concerns and the H20's reduced performance, the chips remain highly sought after by Chinese companies. Equity research firm Bernstein estimated that shipment of the chips to China this year would have reached 1.5 million units, or about 23 billion in revenue, without Trump's export restrictions. Major buyers include Chinese tech giants such as TikTok owner ByteDance, Alibaba and Tencent. While Huawei's top AI chips excel in computing power – one of the key measures in evaluating processors' performance – in comparison with H20, they fall short in terms of memory bandwidth, which determines how much data can move between a chip's memory and computing unit. That bandwidth depends on a technology known as High Bandwidth Memory (HBM) used in AI chips to ensure efficient data transmission in AI model training. China's top HBM maker CXMT, or ChangXin Memory Technologies, is still about three to four years behind industry leaders like South Korea's SK Hynix and Samsung, and American Micron, according to MS Hwang, research director at Counterpoint Research, a research firm. Last year, the Biden administration further tightened export controls on China, including restrictions on HBM sales, forcing Chinese companies to rely on existing stockpiles. Beijing has requested Washington to lift restrictions on HBM as part of the trade deal negotiations, Financial Times reported this week. Key appeal of H20 for Chinese companies also lies in Huawei's limited production capacity and Nvidia's well-established ecosystem, said Qingyuan Lin, senior analyst at Bernstein focusing China's semiconductor industry. 'Even when you want to completely replace the H20 demand with the local guys, they're not able to deliver the amount of chips that's needed,' he said. The supply bottlenecks stem from constraints in scaling up production of both the manufacturing of computing units of the AI chips and the integration of various components in them, a technology known as advanced packaging in the industry, Lin said. Bernstein estimated that Huawei's shipments of its advanced AI chips in 2025 would amount to around 700,000 units, still far short of the demand in the country. CNN has reached out to Huawei for comment. Meanwhile, Nvidia's powerful ecosystem, which integrates its chips with its software platform, has created what experts call a 'moat,' making it difficult and costly for AI developers who train models on its software to switch to alternatives. 'The H20 comes with a complete ecosystem covering both hardware and software support, ensuring better compatibility and ease of integration,' said Brady Wang, associate director at Counterpoint. 'This ecosystem maturity is still a challenge for many Chinese-developed chips, making the H20 more attractive despite its cost disadvantage.' Still, experts said China's rapid progress in semiconductor technology should not be underestimated. Years of tightening export controls have injected both urgency and opportunity into Beijing's push for self-sufficiency, Lin said. While chipmaking technology appeared to stall after Huawei's 2023 flagship smartphone showcased advanced chips that American officials had deemed extremely difficult to produce, domestic chipmaking equipment companies have been steadily gaining ground, he said. 'The local guys actually had very little chance to gain share from the global players because of the technology gap, but export controls created a market that didn't exist before and accelerated the domestic substitution,' he said. Bernstein projects that the percentage of homemade AI chips in China will surge from 17% in 2023 to 55% by 2027, while American suppliers like Nvidia and AMD will shrink to 45% from 83%. In April, Huang of Nvidia met with Trump in Washington, urging the administration to loosen export controls on chips and saying that the diffusion of American AI technology around the world needs to be accelerated. 'There's no question that Huawei is one of the most formidable technology companies in the world…they made enormous progress in the last several years,' he said. 'China is right behind us. We're very, very close.' CNN's Hassan Tayir and Fred He contributed reporting.
