Governments are accelerating efforts to secure critical mineral supply chains for batteries, semiconductors, AI infrastructure, and defence technologies. However, Rio Tinto says the commercial conditions needed to unlock large-scale new supply remain far less certain.

One of the investors in the undisclosed licencing deal is fast-growing Chinese tea firm Ningji.

China is strengthening oversight of outbound investment through new regulations from July 1 that are designed to safeguard national interests, following an earlier ban on Meta’s acquisition of AI firm Manus.

The US investment giant exceeded its $10bn target after an active 24 months of deals in the region, especially in India and Japan.

The construction and infrastructure disputes specialist succeeds Terence Tung; Tung remains a partner at the Hong Kong law firm.

The US pharmaceutical giant will pay $650m upfront to support 12 cancer medicine programmes with HKEX-listed Innovent; the collaboration includes co-commercialisation rights in the US and Europe.

Hong Kong's finance secretary Paul Chan said the deal will "attract more cross-boundary Rmb financing and trading activities to Hong Kong".

Andrew Yates, KPMG Australia's CEO, and Julian McPherson, national managing partner audit and assurance, have resigned after an investigation into a whistleblower's allegations over data use was not conducted with "necessary rigour". Principia Advisory is conducting a culture review.

The long-standing executives joined Baring Private Equity Asia, now known as EQT Private Capital Asia, nearly two decades ago, and have helped build the firm's Asia private capital platform.

There were several multi-billion dollar deals agreed between the two nations at the Beijing summit, however, while the establishment of boards of trade and investment could help, some are sceptical, with Chinese FDI into the US at historically low levels.