Chinese drugmakers secure record $135.7 billion in licensing deals
Chinese drugmakers signed a record $135.7 billion in cross-border out-licensing deals in 2025, a significant increase from $51.9 billion in 2024, as global pharmaceutical companies sought to leverage China's expanding drug development capabilities. This surge reflects the growing recognition of China's homegrown innovation in the global health market, with exports of Chinese medicines reaching $100.895 billion in the first 11 months of 2025.
Elliott Rejects Toyota's $34 Billion Take-Private Offer
Elliott Investment Management has rejected Toyota Motor's latest $34 billion take-private offer for its subsidiary, Toyota Industries Corporation, arguing that the bid significantly undervalues the company. In an open letter to shareholders, Elliott, the largest independent shareholder, stated that the intrinsic net asset value of Toyota Industries is ¥26,000 per share, compared to Toyota's offer of ¥18,800 per share, which values the company at ¥6.1 trillion.
China's economy grows 5% in 2025, meets targets
China's economy expanded at an annual rate of 5% in 2025, meeting the government's target, primarily driven by strong export performance despite a slowdown in growth during the fourth quarter, which saw a 4.5% increase from the previous year. This marked the slowest quarterly growth since late 2022, as weak consumer spending and business investment persisted, contributing to a record trade surplus of $1.2 trillion.
Apple Reclaims Top Smartphone Spot in China
Apple Inc. regained its position as the leading smartphone brand in China, with iPhone shipments increasing by 28% during the holiday quarter, according to Counterpoint Research. The iPhone accounted for one in every five shipments in December, while competitors Huawei Technologies Co. and Xiaomi Corp. saw double-digit percentage declines. Overall, smartphone shipments in China fell by 1.6%.
Sequoia Capital Joins $25 Billion Funding Round for Anthropic
Sequoia Capital is entering a significant funding round for Anthropic, the AI startup known for its chatbot Claude, marking a departure from its previous investment strategy of backing only one company per sector. The round, led by Singapore's GIC and U.S.-based Coatue, aims to raise $25 billion, potentially increasing Anthropic's valuation from $170 billion to $350 billion. This investment comes as Anthropic prepares for a possible IPO later this year, following a remarkable revenue surge to $10 billion in December.
US Battery Makers Shift Supply Chains to South Korea
American battery manufacturers are relocating their supply chains from China to South Korea in response to U.S. restrictions aimed at enhancing domestic production capabilities for drones and advanced technologies. This shift reflects a broader trend of U.S. companies seeking to diversify their supply chains amid geopolitical tensions and changing market dynamics.
Japanese Bond Yields Hit 27-Year High Amid Fiscal Concerns
The yield on Japanese government bonds surged past 2.2%, reaching 2.215%, a 27-year high, amid rising concerns over Prime Minister Sanae Takaichi's potential fiscal policies as she prepares to call snap elections. The ruling Liberal Democratic Party is considering a temporary cut to the 8% consumption tax on food, a move that has garnered support across the political spectrum but raised alarms about increased debt issuance to finance such tax relief. Critics warn that eliminating the food tax could cost approximately 5 trillion yen ($31.7 billion) annually, further straining Japan's public finances.
