In Depth: Chemical Plant With Its Own Power Grid Proves Viability of Disruptive Model

Swiss bank deals: UBS Group AG announced it has gotten the go-ahead from Chinese regulators to sell a 36.01% stake in Credit Suisse Securities (China) Ltd. to Beijing State-owned Assets Management Co. Ltd. (BSAM). The deal will cut UBS’ holding in the firm to 14.99% and end its tenure as the controlling shareholder. This transaction will resolve lingering regulatory issues that followed UBS’ 2023 merger with the troubled Credit Suisse. Meanwhile, it’s expected that BSAM will sell its one-third stake in Beijing-based UBS Securities Co. Ltd. to UBS, making it a fully foreign-owned brokerage.

Intel’s new Chief: Intel has appointed Lip-Bu Tan as its new CEO, effective March 18, who is returning after resigning from the board in August 2024. Tan, a veteran in the semiconductor industry, replaces David Zinsner and Michelle Johnston Holthaus, who acted as interim co-CEOs and will resume their roles as CFO and Chief Product Officer, respectively. Tan’s appointment follows a turbulent period for Intel, which has struggled with falling revenue, missed AI opportunities and lagging chip manufacturing capabilities. Tan served on Intel’s board from 2022 to 2024, playing a key role in the company’s acquisition strategy. He is also the founder of Walden International, a major semiconductor investment firm that backed Chinese chip giant SMIC in its early days. His influence extends to Sina Corp., where he played a pivotal role in the company’s entry into global capital markets and served as a board member from 1999 to 2015.

Cobalt price surge: China’s cobalt prices have risen nearly 50% since late February after the Democratic Republic of the Congo, the world's largest cobalt producer, suspended exports for four months to stabilize the market. The move prompted Chinese battery manufacturers to announce price adjustments due to concerns over supply chain disruptions. Ganfeng Lithium Co. Ltd. and Guangdong Yunchuang New Energy Co. Ltd. have halted price quotes for cobalt-containing materials and initiated price adjustments for new orders. Experts note that lithium iron phosphate batteries, which dominate 72.3% of China’s EV battery market, do not rely on cobalt, limiting the impact on electric vehicle costs.

Full-size humanoid robot: Shenzhen-based robot-maker Ubtech Robotics Corp. Ltd. (HK.09880) has revealed the “Tiangong Walker,” a full-size humanoid robot that it says can be used for research and education, priced at 299,000 yuan ($41,264). The robot is 170 centimeters (5 foot 7 inches) tall, compared to the average humanoid robot’s 110 cm/130cm frame, Ubtech said. Ubtech offers a range of robots, targeting application in fields such as automobile manufacturing and elderly care. The development of the robotics sector has been listed by the central government as a priority for the year ahead.

Appliance export boom: Home appliance shipments from China rose 14.8% last year to $128.6 billion, according to a recent chamber of commerce report. That’s nearly double the compound annual growth rate recorded in the decade through 2020. The head of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products described the growth as “incredible” and attributed it to growing demand in emerging markets such as the Middle East and Southeast Asia, a recovery in demand in Europe and the U.S., as well as exporters trying to get ahead of the higher U.S. tariffs.