Morgan Stanley CFO says the firm manages 70% of equity incentive plans for the top 100 unicorns.

July 15 — Shanghai and Shenzhen traded a combined CNY 2.571 tln, down CNY 132.8 bln from the prior session. Shanghai turnover was CNY 1.226 tln (prev CNY 1.272 tln), volume 576 mln lots (prev 580 mln). Shenzhen turnover was CNY 1.345 tln (prev CNY 1.432 tln), volume 689 mln lots (prev 675 mln). Top by turnover: Dongshan Precision CNY 37.258 bln; followed by Zhaoyi Innovation CNY 32.495 bln, Zhongji Xuchuang CNY 29.282 bln, Xinyisheng CNY 24.952 bln and Tongfu Microelectronics CNY 23.481 bln.

The European Commission has approved an exemption allowing Ukraine to use part of the initial ~€5.9bn tranche for drone procurement — from a €90bn support-loan package — to purchase drone components from suppliers outside the EU/approved partner list. EU funding rules normally prioritize purchases from EU, Ukrainian and authorized partners, but officials granted the exception after Ukraine’s rapid drone consumption outpaced European and allied ability to supply certain critical components. The decision highlights continued reliance of European defence supply chains on non-European manufacturing.