Beijing moved on four fronts on Wednesday and only one of them made the headlines. Exports of drones, their key components and related technologies now face case-by-case scrutiny when the destination is the United States, effective immediately, with no access to the licence facilitation measures that normally speed shipments through. Six American entities went onto the countermeasures list. A seventh was added under a separate justification. An investigation opened into imported office equipment running foreign system software.

Two disclosures in the same session establish where the Chinese AI and semiconductor stack is being priced. Moonshot AI closed $3.5 billion at a $35 billion valuation against an initial target of $1 billion to $2 billion, with a Hong Kong listing possible this year. CXMT’s IPO prospectus revealed that Alibaba holds nearly 5%, worth more than $20 billion, against a closing market capitalization of approximately $464 billion on 28 July.