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Some local branches of the State Administration of Foreign Exchange have urged lenders to encourage businesses to increase hedging, extending a campaign that has pushed corporate derivatives use to record levels. The guidance targets companies with sizeable foreign-currency receipts or payments as the yuan trades near three-year highs.

The push reflects Beijing’s preference for companies to manage exchange-rate risk through forwards, swaps and options. SAFE has repeatedly promoted what it calls an exchange-rate risk-neutral approach, arguing that companies should focus on their underlying business and use hedging tools to reduce the effect of currency movements on earnings.

Corporate hedging has risen sharply this year. SAFE said enterprises used foreign-exchange derivatives covering 35.3 per cent of their currency transactions in the first half of 2026, up 5.3 percentage points from the full-year level in 2025. The contracted value of derivatives used for exchange-rate risk management reached nearly $1.4 trillion, an increase of about 40 per cent from a year earlier.

The regulator has also broadened access to hedging services. About 130 major domestic and foreign-funded banks can provide foreign-exchange derivatives to companies, while a SAFE database shared with lenders covers about 290,000 foreign-trade enterprises. Authorities have encouraged banks to expand online dealing channels and improve credit and margin arrangements for smaller businesses.

The effort also seeks more balanced corporate behaviour. The latest local instructions add to earlier informal guidance from the central bank and SAFE asking some lenders to lift corporate hedging ratios. Such measures are part of a wider effort to prevent companies from building large unprotected positions after periods when many exporters assumed the yuan would remain weak or move gradually.

That behaviour became more costly as the currency strengthened. The yuan has appreciated this year against the dollar and was trading near a three-and-a-half-year high last week, while global currency markets have been unsettled by changing interest-rate expectations, higher energy prices and geopolitical tensions. Exporters receiving dollars can suffer valuation losses when the yuan rises unless they hedge future receipts.

Beijing has simultaneously tried to avoid an excessive or disorderly rise in the currency. The People’s Bank of China removed a 20 per cent foreign-exchange risk reserve requirement on forward dollar purchases from March 2, lowering the cost of buying dollars forward after a strong yuan rally. The move gave companies and banks more flexibility while signalling that policymakers wanted to discourage one-sided appreciation expectations.

SAFE data show that China’s foreign-exchange market remains supported by large trade and capital flows. Banks recorded a $271.2 billion surplus in foreign-exchange settlement and sales in the first half. The regulator said the ratio measuring companies’ willingness to convert foreign-currency earnings into yuan stood at 65 per cent, while the ratio reflecting demand to purchase foreign currency was 61 per cent.

Foreign-exchange reserves rose to $3.438 trillion at the end of August from $3.419 trillion a month earlier. The yuan gained 0.49 per cent against the dollar during August, while the dollar weakened against a basket of major currencies, contributing to valuation changes in China’s reserve holdings.

Officials have stressed that greater hedging is intended to strengthen corporate resilience rather than direct the yuan toward a particular level. SAFE has said exchange rates are determined by market supply and demand and are difficult to predict, making risk management more important as two-way fluctuations become more common.

The regulator has reduced some transaction costs for smaller companies and encouraged financial institutions to simplify documentation for derivatives. Banks have been asked to use enterprise data to identify firms with foreign-currency exposure and offer products suited to their cash flows rather than promote speculative positions.

Addressing the BRICS Business Forum in New Delhi, Goyal said greater connectivity between national payment networks, including systems modelled on India’s Unified Payments Interface, could lower friction in cross-border commerce while supporting wider use of members’ own currencies.

His proposals were aligned with the economic agenda carried into the BRICS summit, where leaders backed further work on facilitating trade and investment settlements in local currencies and improving interoperability between payment systems. The approach stops short of creating a common BRICS currency and instead focuses on practical links between existing financial infrastructures.

BRICS leaders encouraged the New Development Bank to expand local-currency financing and diversify its funding base, complementing efforts to make cross-border payments faster, cheaper and safer. Officials have stressed that the objective is not a single currency, but greater use of national currencies where commercially practical and mutually agreed.

Goyal said UPI now handles more than 250 billion transactions annually and is accepted in 11 countries. He urged BRICS economies to explore linking their payment networks, promote trade in each other’s currencies and expand digital commerce alongside cooperation in emerging technologies.

The minister coupled the payments proposal with a call for easier market access. He said BRICS economies should open their markets to one another’s products, including raw materials and critical minerals, while simplifying regulatory procedures and accelerating the clearance of consignments.

Goyal argued that resilient supply chains required two-way trade rather than dependence on one-sided flows. He said non-tariff measures impose higher export costs than tariffs in 88 per cent of countries, making regulatory obstacles and customs delays a central concern for companies seeking to trade across BRICS markets.

The push comes as intra-BRICS commerce has expanded sharply. Commerce Secretary Rajesh Agrawal said trade among BRICS countries rose from $84 billion in 2003 to nearly $1.2 trillion in 2024, underscoring both the scale of the bloc’s market and the potential gains from reducing transaction and financing costs.

Agrawal also highlighted the global trade-finance gap, estimated at about $2.5 trillion, and said BRICS should improve access to affordable working capital for exporters. The Jaipur Consensus, agreed by BRICS trade ministers in August, provides a basis for examining a common mechanism to help smaller businesses obtain finance against confirmed orders and reliable payment records.

Trade ministers have also advanced a 2026-2030 action plan on global value chains, including BRICS Connect, business-to-business partnerships, digital trade documentation and possible platforms for strategic supply chains and investment promotion. These measures form part of a broader effort to make trade flows more diversified and less vulnerable to disruption.

Goyal identified agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components and services as sectors with scope for deeper cooperation. He called for closer links between startup ecosystems and urged agri-tech companies to work jointly on solutions for farmers and food security.

Services trade was another priority. Goyal said BRICS members should make it easier for professionals to move across borders and work towards greater recognition of professional qualifications, arguing that services markets needed to become more genuinely accessible.

External Affairs Minister S. Jaishankar, speaking at the same forum, said supply-chain connectivity, trade facilitation and innovation had become central to BRICS cooperation. He also pointed to digital public infrastructure, artificial intelligence, financial technology and advanced manufacturing as areas offering opportunities alongside questions of standards, security and trust.

Russia’s Economic Development Minister Maxim Reshetnikov separately supported stronger alternative payment arrangements, saying the share of Russia’s export settlements conducted in dollars and euros had fallen sharply over the past three years. He also promoted work on a proposed BRICS grain exchange and closer cooperation among special economic zones.

At the ceremony, National Assembly Chairman Tran Thanh Man congratulated Labor Hero Nguyen Thi Nga, BRG Group and SeABank, expressing his hope that they would continue advancing their vision, determination and pioneering spirit in developing and contributing to Vietnam’s economic growth.

In response, Labor Hero Nguyen Thi Nga affirmed: “We will transform these prestigious honors into concrete actions to expand international relations, promote sustainable development and create greater practical value for our country.”

BRG Group is Vietnam’s leading private multi-sector economic and services group, founded by entrepreneur Nguyen Thi Nga. The Group provides high-quality products across key sectors, including real estate, golf, hospitality and tourism, retail, banking and finance, manufacturing and trading, and services, currently employing more than 22,000 people nationwide.

BRG Group partners with Hilton, Marriott International, IHG, Accor and Sumitomo Corporation to bring international governance and service standards to Vietnam. The Group also pioneers in the golf industry with 10 international-standard golf courses, collaborating with world-leading names such as Greg Norman and Jack Nicklaus. BRG Group is also dedicated to preserving and promoting Chu Dau Ceramics, a nearly 600-year Vietnamese ceramic tradition with artifacts displayed at 46 museums across 32 countries.

SeABank is one of the earliest-established JSC banks in Vietnam. For many consecutive years, SeABank has been ranked among the best banks by the State Bank of Vietnam and among the Top 10 most reputable private JSC banks in Vietnam. SeABank currently serves more than 4.2 million customers and holds Ba3 credit ratings with a Positive outlook from Moody’s. To promote green finance and financial inclusion while supporting SMEs and women-owned businesses, SeABank has mobilized nearly US$1.1 billion in funding from international financial institutions, including IFC, DFC, AIIB, ADB and others.

Hashtag: #SeABank

https://seabank.com.vn/

The issuer is solely responsible for the content of this announcement.

To mark its official launch in Palembang, Green SM has also introduced the “Green Your Move, Refresh Your City” campaign, in support of initiatives led by the Ministry of Environment/Environmental Control Agency (KLH/BPLH) under the theme “Ecosystem & Air Protection” (Perlindungan Ekosistem & Udara).

The campaign encourages citizens to embrace more environmentally friendly modes of transportation, highlighting how every green journey in daily life can contribute to better air quality and a healthier urban environment.

Powered by a 100% electric vehicle fleet, Green SM is committed to delivering a 5-star mobility experience through its professional drivers, transparent pricing, and consistent service quality. By combining technology, service excellence, and sustainable mobility solutions, Green SM aims to set new standards for modern urban transportation.

Green SM’s presence in Palembang continues its journey of advancing green mobility in Indonesia, following its expansion into Jakarta, Makassar, Surabaya, Bali, and Bandar Lampung. This milestone also reaffirms the company’s long-term commitment to delivering reliable and sustainable mobility solutions to an increasing number of Indonesians.

As one of Sumatra’s largest hubs for trade and services, with a population of more than 1.8 million people, Palembang continues to see dynamic economic growth and rising demand for mobility. The city’s commitment to sustainable development and smart city initiatives also provides a strong foundation for advancing green, modern, and environmentally friendly transportation solutions that contribute to improving residents’ quality of life.

Mr. Pham Nhat Minh Hoang, Global CEO of Green SM, said: “I am delighted that Green SM has another opportunity to bring the positive values of green mobility to even more people across Indonesia. We believe that through our consistent service quality, professional drivers, and the outstanding benefits that green mobility offers, Green SM will become a trusted companion for the people of Palembang in their daily journeys, while contributing to ecosystem protection and cleaner air in Indonesia.”

To mark its launch in Palembang, Green SM is rolling out a series of special promotions. Riders can enjoy a 100% discount of up to Rp50,000 from September 12 to 16, 2026, followed by a 50% discount of up to Rp50,000 from September 17 to 25, and a 35% discount of up to Rp50,000 from September 26 to October 2, 2026. Green SM will continue introducing programs and offers designed to make travel more comfortable and affordable, while encouraging more residents of Palembang to make the switch to greener mobility.

Alongside providing all-electric transportation services, Green SM is committed to building a sustainable green mobility ecosystem through job creation, local talent development, and collaboration with stakeholders. As the company continues expanding across Indonesia, Green SM aims to improve access to modern mobility solutions while creating positive value for communities, the environment, and local economies.

Over the course of its global expansion, Green SM has completed approximately 850 million trips covering nearly 6 billion kilometers, helping reduce more than 800,000 tons of CO₂ emissions, equivalent to the carbon absorption capacity of approximately 36 million trees.

Hashtag: #GreenSM

The issuer is solely responsible for the content of this announcement.

Enflame’s shares closed 179 per cent above their initial public offering price on the STAR Market, lifting the company’s market value to about 171 billion yuan from 61.2 billion yuan at the offer price. The Tencent-backed company raised 6.12 billion yuan by selling 43.04 million new shares at 142.18 yuan each.

The surge came despite Enflame having never reported an annual profit since its establishment in 2018. Its 2025 revenue reached 990.2 million yuan while its net loss narrowed to about 1.2 billion yuan. The company has forecast revenue of 2.3 billion yuan to 3 billion yuan for the first nine months of 2026, alongside a net loss of 700 million yuan to 860 million yuan.

Revenue has expanded quickly from 301 million yuan in 2023 and about 722 million yuan in 2024, but losses have remained substantial as the company spends heavily on research and product development. Enflame recorded net losses of about 1.67 billion yuan in 2023 and 1.51 billion yuan in 2024 before narrowing the deficit last year, underscoring how far commercial growth has run ahead of earnings for the company.

Enflame said in its prospectus that it expects to reach break-even or profitability in 2026 or 2027. It plans to direct much of the IPO proceeds towards development and industrialisation of fifth- and sixth-generation artificial-intelligence chips, software and large-scale computing systems.

The company’s rapid revaluation also highlights the unusual economics of China’s artificial-intelligence chip boom. Investors have rewarded several young semiconductor groups whose sales are expanding quickly but whose research spending remains heavy and earnings records are limited or negative.

Moore Threads Technology, another Shanghai-listed graphics processor developer, created several billionaires after its market debut in December 2025, when its shares rose more than fourfold. Founder and chairman Zhang Jianzhong, a former head of Nvidia’s China operations, was valued at several billion dollars after the listing, while co-founders Zhang Yubo and Wang Dong also crossed the billionaire threshold based on their holdings.

MetaX Integrated Circuits produced a similar outcome after its Shanghai flotation. Chairman and chief executive Chen Weiliang, who previously worked at Advanced Micro Devices, became a billionaire as investors pushed the company’s valuation sharply higher despite continuing operating losses. Early investor Ge Weidong also joined the billionaire ranks through his stake.

The valuations reflect expectations that domestic chipmakers will capture a larger share of China’s fast-growing demand for artificial-intelligence computing as access to the most advanced US-designed processors remains constrained. Domestic producers are competing to supply cloud companies, data centres and developers running large language models, recommendation engines and other computing-intensive services.

Enflame’s commercial position, however, remains unusually concentrated. Tencent is its largest shareholder, with a 17.95 per cent stake after the offering, and sales linked to the technology group accounted for 83.79 per cent of Enflame’s 2025 revenue. The concentration gives Enflame a major anchor customer but also leaves its growth closely tied to purchasing decisions by one group.

The company employed about 860 people as of September 2025, according to disclosures compiled from its listing materials. Founded by former AMD executives Zhao Lidong and Zhang Yalin, Enflame develops accelerator chips, add-on cards, computing systems and software for artificial-intelligence training and inference in data centres.

Only 17.9 million shares, equivalent to 4.16 per cent of Enflame’s enlarged share capital, were freely tradable at the start of trading, limiting the initial public float and potentially amplifying price swings. The retail portion of the offering attracted thousands of times more demand than the shares available.

The offer will now comprise up to 126.44 million shares, down from about 148.91 million in the draft prospectus, according to the red herring prospectus dated September 10. The price band has been fixed at Rs 1,700 to Rs 1,785 a share, valuing NSE at as much as roughly Rs 4.42 trillion.

At the top of the band, the offer could raise about Rs 22,568 crore, compared with roughly Rs 26,580 crore had the original number of shares been sold at the same price. The transaction is entirely an offer for sale, meaning NSE will not receive proceeds and no fresh shares will be issued.

The revised structure follows concern among prospective investors about whether the exchange could sustain the growth rates that supported higher valuation expectations before tighter rules cooled activity in its lucrative derivatives business. An earlier marketed range of about Rs 2,000 to Rs 2,100 a share would have implied a valuation of as much as Rs 5.26 trillion.

Several large shareholders have reduced the number of shares they plan to sell. State Bank of India cut its proposed sale to about 15.97 million shares from 24.75 million, while Bank of Baroda, Indian Bank and other institutional holders also lowered their offers. SBI Capital Markets was added as a selling shareholder with nearly 8.8 million shares.

Other investors, including Canada Pension Plan Investment Board and ICICI Lombard General Insurance, retained their proposed sale quantities. The changes reduce the stake being offered to about 5.2 per cent of NSE’s equity from the 6 per cent envisaged in the draft prospectus.

The downsizing comes as investors scrutinise the exchange’s dependence on derivatives activity. NSE derives a substantial share of its revenue from options trading, where volumes have weakened after the Securities and Exchange Board of India introduced measures aimed at curbing excessive speculation and reducing risks for retail participants.

Options trading volumes on the exchange fell more than 12 per cent from a year earlier in August, adding to questions about the pace of future transaction-related revenue growth. Those concerns have been balanced by NSE’s strong profitability and dominant position in cash equities and derivatives.

For the quarter ended June, NSE reported a 6.7 per cent increase in net profit to about Rs 3,120 crore, while revenue rose roughly 13 per cent to Rs 4,560 crore. The figures give prospective investors a clearer view of the exchange’s earnings power as they assess the lower offer price.

The public offer is scheduled to open on September 17 and close on September 21, with anchor investors expected to bid a day earlier. A listing is expected around September 24, subject to completion of the offer process and final regulatory requirements.

The timetable follows regulatory clearance that removed a key obstacle to the listing. The Securities and Exchange Board of India approved the IPO prospectus on September 4 after NSE moved to settle long-running disputes linked to allegations of unfair access to its trading systems.

The Supreme Court also dismissed the market regulator’s appeal in the co-location matter after the parties indicated that a settlement had been reached. NSE had agreed to pay about Rs 1,491 crore to resolve the case, allowing the listing process to advance without that litigation hanging over the issue.

The reduced transaction will no longer challenge Hyundai Motor India’s 2024 flotation for the record as the country’s largest IPO by proceeds. Hyundai raised about Rs 27,870 crore, while NSE’s offer is expected to be worth about Rs 22,500 crore at the top of its announced price band.