Reach shares fell 21%; the company said industry headwinds would persist through 2027 and Google-related traffic had fallen 40%.

A-share oil and petrochemicals sector opened higher; Keli Co. rose more than 8%, with Tongyuan Petroleum, Zhongman Petroleum, Qianneng Hengxin, CNOOC and Taishan Petroleum also gaining. The Islamic Revolutionary Guard Corps (IRGC) said punitive actions against aggressors continue; earlier the US conducted strikes on Iran for an 11th consecutive night.

July 21 — Qi An Xin and China's CPU maker Haiguang signed a strategic cooperation agreement to deepen collaboration on compute resources, cloud AI security applications and AI security appliances. Under the deal, Haiguang will provide its DCU deep-compute series domestic full-stack compute to support training and inference of Qi An Xin's QAX-GPT security large model; the parties will pilot a "security Token" delivery model to combine advanced security protections with on-demand compute provisioning; they will also jointly develop multiple versions of AI security appliances.