Local fleet partners selected for each market may establish and carry out day-to-day fleet operations. Day-to-day fleet operations will be carried out by established local fleet partners selected for each market.

ALSO READ | Ahead of IPO, Dangote refinery hits another production milestone

The refinery, owned by Africa’s richest man, Aliko Dangote, has emerged as a major beneficiary of the Iran war-related disruption, selling jet fuel across Africa and into western Europe as buyers sought alternative supplies. As per Bird, the company became Europe’s largest supplier of ‌jet ⁠fuel in June and July.

“Preparations for the IPO were on schedule, and investor interest had been strong during pre-marketing and the July private placement,” he stated further.

Africa Finance Corporation has already led a group of strategic investors in Dangote’s private placement, adding that the deal was 3.7 times subscribed and attracted strong demand ⁠from African and international institutional investors.

Bird said his venture compared favorably with American refining assets because of its access to local crude supplies, strong domestic demand, and integrated operations.

He also confirmed the company’s plans to double its refining capacity to 1.4 million barrels per day within three years, which will be funded partly through the IPO and debt. The expansion would cost substantially less than the roughly USD 20 billion spent on the ⁠original refinery.

“Africa remains structurally short of refined fuels and petrochemicals, creating significant room for growth. The refinery supplies most of Nigeria’s gasoline and diesel demand and all of its jet fuel needs,” Bird remarked.

While the CEO has dismissed claims about Dangote’s immediate foreign listings, reports discussed the Johannesburg Stock Exchange engaging with the group, with the exchange’s spokesperson even mentioning that the company could list ‌its petroleum refinery in South Africa after a Nigerian IPO.

While the JSE said, “They (Dangote) will list in Nigeria first but with strong intent to hopefully bring ⁠the listing to South Africa,” there were even rumors about the group looking for participation from the regional capital markets in Dangote’s October IPO, with Kenya potentially raising USD 500 million.

Real estate investment trust Welltower awarded its chief executive, Shankh Mitra, USD 821 million intended to cover roughly a decade of pay; only 19% of shareholders backed it.

“Welltower’s board and compensation committee remain committed to engaging with shareholders to gather their feedback and understand their perspectives,” a spokesperson told Reuters, while adding that Mitra would receive the full amount only by hitting all performance targets.

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Compensation committees usually argue that these pay packages help align the interests of executives with those of shareholders, pointing out that support for “say on pay” votes among S&P 500 companies averaged 90.6% through late June, according to the consultancy Semler Brossy, which is an increase from 89.4% for all of 2025.

The report also highlighted United States President Donald Trump’s income, which rose almost 254% to USD 2.2 billion in 2025, driven largely by cryptocurrency holdings.

A White House spokesperson said all of the Republican’s assets were held in discretionary accounts managed by independent institutions, adding there was no conflict of interest.

The AFL-CIO noted that workers’ share of US national income has fallen to its lowest level since the Second World War, even as mean annual wages rose 3% to USD 69,770.

Rising CEO pay and inequality with the salaries and incentives received by the workers will again reignite the broader political debate on why the American workforce is having trouble affording housing, healthcare and other necessities.

Mean annual wages for all American workers were USD 69,770 as of May 2025, up 3% from a year earlier, according to the Labour Department statistics.

The Islamic bond’s liquidity in Saudi Arabia has not yet returned to the pre-war levels recorded in January 2026, but average liquidity in August has been the highest since the conflict’s onset.

“Liquidity is likely to remain constrained as long as the geopolitical tensions persist. Liquidity improvements vary by credit ratings, countries, sectors, currencies, and sensitivity to geopolitical risk. Investment-grade sukuk have higher liquidity scores than non-investment-grade sukuk,” said Bashar Al Natoor, Fitch’s Global Head of Islamic Finance, and Mohammad Alkhaja, Analyst – Islamic Finance at the ratings agency.

“Fitch assesses liquidity using Bloomberg’s Liquidity Assessment (LQA) scores. The scores indicate security-level liquidity and range from 1 to 100. A score of 100 is assigned to securities with the lowest liquidation costs within an asset class, while securities with the highest costs are assigned a score of 1. LQA is a data-driven model that produces a daily security-specific liquidity surface that captures the relationship between volume, cost, and time. Fitch’s analysis excludes sukuk with local ratings and those without an LQA score,” the duo noted further.

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Just over 75% of Fitch-rated sukuk had a liquidity score above 50 on August 4. The percentage has increased from the March 23 tally of 64% but has remained slightly below January’s 81%. The median liquidity score across Fitch-rated sukuk (excluding local ratings) was 64 as of August 4, an improvement from the trough of 55 on March 23, but still below the pre-conflict level of 68.

Fitch-rated investment-grade sukuk had an average liquidity score of 69 on August 4, which is an increase from 64 in March and 72 in January, and is much higher than the 40 for non-investment-grade sukuk, which stayed at 33 in March and 48 in August, and the 40 for non-investment-grade sukuk, which in the same two months stayed at 33 and 48, respectively. Sukuk in the “A” rating category recorded the strongest liquidity improvement between July and August.

Fitch-rated sukuk from Hong Kong, Malaysia, Indonesia, and Egypt, and supranationals, had the highest liquidity scores. Sukuk from Egypt, Oman, Malaysia, and Ireland surpassed their pre-war liquidity scores in August, with Egypt being a notable 11 points above pre-war levels.

As of August 12, liquidity levels varied within the outstanding GCC US dollar markets. Sukuk and bonds in US dollars both had average liquidity scores of around 50.

Sukuk were more liquid than bonds across all currencies, with an average liquidity score of 57 versus 53. Excluding the US dollar outstanding widened this gap further, as sukuk liquidity rose to 68 while bonds only rose to 57.

On an all-currency basis, sukuk outperformed bonds in Oman, Bahrain, and Saudi Arabia. However, bonds and sukuk had identical liquidity scores in Qatar and in the UAE, whereas Kuwaiti bonds were more liquid than sukuk,” said Al Natoor and Alkhaja.

By currency, Fitch-rated Malaysian ringgit-denominated sukuk had the highest liquidity score in August. The Malaysian ringgit was the only currency to surpass pre-war liquidity levels, reflecting the depth of the Malaysian domestic investor base. Euro-denominated sukuk were also highly liquid, while US dollar-denominated sukuk have been recovering more gradually, nearing pre-war levels in some cases.

“Fitch-rated asset-backed securities are the only sector to have surpassed pre-war liquidity levels. Financial institutions had the second-strongest recovery, followed by sovereigns, supranationals, infrastructure and project finance, and corporates and others. International public finance was the weakest,” the duo concluded.

Scaling up will require a more secure supply chain, as aircraft production can be held up by shortages of components ranging from engines and fuselage sections to smaller castings, forgings and fasteners.

Production is not the only challenge. COMAC must also persuade airlines and passengers that it can provide the 24-hour, year-round technical support and reliability expected from established aircraft manufacturers.

Aviation analyst Rob Morris said the C919 had the potential to affect Boeing and Airbus sales in China, but its slow pace of development and production meant any impact would take time.

Beijing confirmed an order for 200 Boeing aircraft in May, along with engines and spare parts, highlighting the continued importance of Boeing even as China promotes its domestic alternative.

COMAC has nevertheless expanded its international profile. The C919 and smaller C909 appeared at the Dubai Airshow in November 2025, while the C919 has also participated twice in the Singapore Airshow.

The Ulaanbaatar service therefore represents more than a new route. It is an early test of whether China can turn a successful domestic aerospace programme into a globally competitive commercial aircraft business.

The C919’s achievement is significant because integrating the components, systems and software required to build a modern passenger jet is an engineering feat achieved by only a small number of manufacturers.

However, becoming a true Boeing-Airbus rival will require COMAC to prove that it can deliver aircraft at scale, secure international certification and sustain them reliably over decades.

COMAC must also build global customer confidence, establish maintenance networks and demonstrate dependable performance across international operations over time.

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However, the structure also raises questions about leverage and the sustainability of the AI investment boom. Much of the proposed financing is expected to be debt, creating a web of obligations around an industry already attracting scrutiny for its huge capital requirements.

Investors have also questioned the circular nature of the arrangement, with Nvidia supplying the hardware while helping create the financing needed for customers to buy it.

The key risk is demand. If AI revenues fail to justify current levels of investment, the value of the computing infrastructure underpinning the loans could fall, leaving borrowers and lenders exposed.

For now, however, Nvidia is seeking to turn its dominance of AI chips into something bigger: a financing ecosystem in which Wall Street helps fund the infrastructure needed to keep the AI boom running.

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Growth in derivative income ETFs has accelerated as investors expect modern solutions to deliver attractive income, navigate interest rate volatility, and manage risk in the transparent, tax-efficient ETF wrapper.

As per the Morningstar estimates, industry-wide, derivative income ETFs have grown to approximately USD 180 billion in assets under management (AUM), apart from representing one of the fastest-growing categories within the financial vertical, with a compound annual growth rate (CAGR) of more than 70% since 2021.

NEOS has been one of the market leaders in the derivative income category since launching its flagship options-based income ETF suite in 2022.

“Our vision for NEOS since our founding has been to meet investors where they are, challenge conventional thinking, and develop innovative investment solutions that aim to help achieve better outcomes. Every investor’s income needs, risk tolerances, and objectives are unique, and we built our business with that core understanding. Our commitment to that principle is absolute,” said Garrett Paolella, co-founder of NEOS.

“As we think about the next chapter for our business, Goldman Sachs Asset Management is a partner that shares our commitment to investment excellence and innovation. Together, we’ll combine NEOS’ entrepreneurial spirit with Goldman Sachs’ scale, expertise, and resources to expand the reach of NEOS’ solutions and deliver even greater value for our investors,” remarked Troy Cates, co-founder of NEOS.

“As of June 30, 2026, Goldman Sachs Asset Management, Innovator from Goldman Sachs Asset Management, and NEOS manage more than USD 130 billion in ETF assets under supervision (AUS),” Goldman stated.

As per the estimates from Morningstar and the Wall Street giant, the above-mentioned combination will create the eighth largest active ETF manager as of June 30, 2026.

“With complementary sales and marketing capabilities, we believe there are significant opportunities to grow the firm’s overall ETF franchise as wealth demand continues to grow globally,” Goldman remarked further.

NEOS’ investment capabilities will help Goldman Sachs Asset Management expand its efforts to deliver attractive investment performance and exceptional service to its clients.

“Goldman Sachs Asset Management offers a broad range of direct indexing and separately managed accounts, active ETFs, and alternative investment strategies, including through its G-Series evergreen funds. The partnership seeks to provide NEOS the scale and resources to strengthen its brand and ability to serve investors in new markets, while preserving the firm’s distinct philosophy,” Solomon commented.

Following the completion of the transaction, NEOS’ co-founders will join Goldman Sachs Asset Management as partners.

“They bring decades of expertise in options-based investing to advance Goldman Sachs Asset Management’s leadership in active ETFs, tax-efficient income strategies, and investment solutions. Upon completion of the transaction, it is expected that the full NEOS team will join Goldman Sachs Asset Management, including founders, investors, and client service teams,” Solomon noted.

The acquisition, expected to close in the first quarter of 2027, strategically expands Goldman’s more durable revenue, apart from reinforcing its commitment to offering investors comprehensive solutions.

The Hangzhou-based company is offering roughly 40.45 million shares, or 10% of its enlarged share capital, on the Shanghai Stock Exchange’s STAR Market. At that price the company is worth around 60.99 billion yuan, close to USD 9 billion.

The reception has been extraordinary even by the standards of China’s technology listings. The offering was more than 8,000 times oversubscribed by retail investors, with the company disclosing odds of roughly 0.018% of receiving shares after a partial reallocation away from the institutional tranche.

A single lot of 500 shares requires a payment of 75,400 yuan, which has not deterred buyers hoping for a first-day pop.

The regulatory path was just as quick. The application was accepted on March 20 and cleared the listing committee on June 1, a span of 73 days and a record for the board.

What investors are actually paying for

The valuation is the story. The offer price implies a diluted price to earnings ratio of 219.23 for 2025 and a price to sales ratio of 35.89, both far above comparable general equipment manufacturers, against a reference industry multiple of 38.56 times.

The company itself warned investors about the risk of a share price decline given the premium. The final price came in about 45% above a market consensus of around 104 yuan after bookbuilding with institutions.

Underneath that multiple is a business growing at a rate few hardware firms manage. Revenue rose to 1.70 billion yuan in 2025 from 392.77 million yuan in 2024 and 159.13 million yuan in 2023, a compound annual growth rate (CAGR) above 220%.

Reported net profit was 278.21 million yuan, while net profit attributable to the parent after excluding one-off items, chiefly share-based payment charges, stood at 590.75 million yuan.

The headline 219 times multiple is calculated on the lower of those two figures. Between 2023 and 2025 the company sold 33,294 quadruped robots and 5,632 humanoids, and gross margin on the core business climbed to 60.13%.

The strategic investor list explains part of the enthusiasm. Institutions taking 20% of the issuance include DeepSeek, Tencent’s Qishan Investment, PetroChina’s Kunlun Capital, China Southern Power Grid’s industrial finance arm and Tianyi Capital, alongside three National Social Security Fund portfolios.

DeepSeek alone was allocated 933,390 shares with a 36-month lock-up, a pairing meant to bridge large language models and robot hardware. This is state-adjacent capital and platform capital arriving together, which is how Beijing tends to signal that a sector matters.

Why everyone is rushing the exit door at once

Unitree is not an outlier. It is the first mover in a queue. AgiBot, valued above 20 billion yuan after backing from Tencent, JD.com and SAIC Motor, began its Hong Kong listing process in July, the first among a wave of 30 to 50 Chinese embodied intelligence startups to disclose listing plans.

It has also acquired a controlling stake in Shanghai-listed Swancor Advanced Materials, securing a mainland platform. IPO applications from Leju Robotics and DEEP Robotics have been accepted in Shenzhen and Shanghai respectively.

UBTech, which listed in Hong Kong in December 2023 as the first humanoid robot stock anywhere, saw its shares surge 150% in 2025 against a 32% rise in the Hang Seng Index.

Three forces are pushing companies towards public markets simultaneously. The first is capital intensity. Building humanoids requires actuators, reducers, sensors and factories, the training data problem is unsolved, and the burn rate is high while revenue is thin.

The second is the policy window. The 15th Five-Year Plan covering 2026 to 2030 elevates robotics and embodied intelligence from a niche subsidy target into the connective tissue of China’s economic modernisation strategy, with component localisation targets written into the top-level document rather than into subordinate ministry plans.

A 1 trillion yuan state venture fund for artificial intelligence (AI), robotics and emerging technologies sits behind it. Listing while that support is explicit is simply cheaper than listing later.

The third force is the valuation cycle itself. Sector financing in China reached 73.5 billion yuan in 2025, and the first two months of 2026 alone exceeded 20 billion yuan. Private rounds at those levels create pressure for public exits before enthusiasm cools.

The industrial base beneath the hype

The humanoid narrative sits on top of an automation build-out that is already the largest in history. China accounted for 54% of all industrial robots installed worldwide in 2024, or 295,000 of 542,000 units, and its installed base of about two million machines is roughly 4.5 times that of Japan in second place. Global operational stock stood at 4.66 million.

More telling is who supplies them. The share of local suppliers in Chinese domestic installations rose from 30% in 2020 to 57% in 2024, and Chinese firms now hold 85% of the domestic metal and machinery segment. For the first time, Chinese robot makers sold more units at home than foreign competitors.

China also became a net exporter of industrial robots for the first time in 2025, and first-half 2026 exports reached 6.29 billion yuan, up 18.6% year on year, shipped to 141 countries and regions.

That is the import substitution story Made in China 2025 promised, delivered a decade later in a sector Western suppliers once dominated.

One caveat is worth stating plainly. On robot density, China is not yet the leader. Using updated labour market data from its own statistics bureau, the International Federation of Robotics puts China at 166 robots per 10,000 manufacturing employees, sixth in Asia and 22nd worldwide, against 307 in the United States.

Western Europe reached a record 267 and North America 204. China’s advantage is absolute scale, not saturation, which is precisely why the runway is long.

China against the West

On volume, the humanoid contest is already lopsided. Roughly 16,000 humanoid robots were installed worldwide in 2025, with China accounting for more than 80%, according to Counterpoint Research, which put AgiBot on 30.4% of global installations and Unitree on 26.4%.

Omdia ranks AgiBot first on 5,168 units and a 39% share, a reading Unitree disputes with its own claim of more than 5,500 humanoids shipped. American rivals including Tesla and Figure each shipped a few hundred units at most.

On money, the West leads by a distance. Figure is valued at about USD 39 billion after a Series C exceeding USD 1 billion in September 2025, roughly four times Unitree’s listed value, with 1X at around USD 10 billion and Apptronik at about USD 5.5 billion.

Tesla remains the wild card, with Optimus V3 expected to enter mass production in the second half of 2026 on a converted Fremont line. Unitree’s own prospectus names Optimus and new entrants from Chinese carmakers as material competitive risks.

The historical pattern from solar panels, drones and electric vehicles is that scale wins once the underlying technology commoditises, which is the bet embedded in Unitree’s multiple.

Automation as industrial policy

For an economy facing a shrinking working-age population and rising wages, robots are a labour supply story as much as a technology story.

Automation is how China intends to keep its manufacturing base competitive while the demographic base erodes, and how it plans to cut dependence on imported precision components.

The Robot Plus initiative and the AI Plus Manufacturing roadmap aim to double manufacturing robot density by 2030, the Ministry of Industry and Information Technology has set up a standardisation committee for humanoid robots, and China is now leading formulation of international standards for elder-care robots, echoing its earlier standards campaigns in 5G and high-speed rail.

The risks arrived before the shares did. Overseas sales generated 731.66 million yuan in 2025, or 43.65% of main business revenue, and on July 28 the United States Federal Communications Commission added foreign-made humanoid and quadruped robots to its Covered List, blocking equipment authorisation for models not already cleared.

Unitree certified its current lineup weeks earlier, so those grants stand, but the North American path for new models is closed for now. The Pentagon has separately listed the company as having alleged military links, which Beijing rejects.

Growth is also cooling. First-half 2026 revenue guidance of 1.05 billion to 1.13 billion yuan implies growth of 36% to 45%, against 333% a year earlier, and adjusted net profit is guided to fall by between 6% and 22%.

A 219 times earnings multiple leaves no room for that trend to continue. Investors chasing lottery odds of 0.018% may find that out.