Douyin Group vice president Li Liang wrote that only instant messaging has a social-graph moat; short dramas and short-form video are fully competitive, fast-moving markets with no stable leader. He said Tencent's short-drama and short-form-video growth is far outpacing Douyin and Hongguo.

Apple said it has observed internal-display failures in a small number of iPhone Duo units and that the issue typically appears shortly after opening the device, while most units remain unaffected. Reports describe a cracking sound on unfolding, a bulge or looseness near the hinge, then internal-screen cracks; some devices also show white spots or abnormal bright lines. Repair site iFixit suggested the fault may result from a failed hinge component compressing the screen. Apple has opened an investigation, with engineers seeking failed units for analysis; some customers have received replacements while others are waiting due to store stock shortages or appointment delays.

HSBC Holdings (HSBA.L) reported pre-tax profit of $9.6bn, up from $7.3bn a year earlier, but slightly below the analysts' consensus of $9.7bn.