Here's what happened in China's markets last trade day (10/31):

BYD Company announced 3Q results that defied slowing industry growth in an increasingly saturated market. Revenues for the period jumped 38.5% to RMB 162.2 billion, while net profits grew 82.2% to RMB 10.41 billion. That was about mid-point of the the company’s early estimates of a 67% to 102% growth in profits announced on October 17. Earlier this week, California governor Gavin Newsom praised BYD's technology after test-driving the company’s luxury SUV, the Yangwang U8, during a visit to Shenzhen. The SUV has the ability to turn on its axis, much like a tank, giving increased maneuverability in tight road, off-road terrain, and parking conditions. Priced at the equivalent of $150,000, the Yangwang U8 will immediately commence deliveries and has a backlog of 30,000 orders.

These readings increase the uncertainty for investors in China, as the government’s measures have so far been unable to deliver sustained growth throughout the economy after 3Q GDP clocked in better than expected. The slowing recovery may prompt Beijing to take more forceful measures in the current quarter.

Declining R&D spending is indicative of the focus on profitability that China’s platform companies undertook following several years of tight regulation that scrutinized what Beijing described as “disorderly capital”.

China’s regulators will begin implementing rules that require provision of real names when conducting online sales of prescription drugs. This is to ensure all prescription drugs are coursed through the healthcare system and proper phycisians.

Demand for gold bars and coins in China grew 16% in the 3rd quarter compared to the same period a year ago. That was driven by a combination of factors, including rising gold prices in the international market, seasonal buying after last year’s lockdown curtailed demand from weddings, and economic uncertainty in the face of a sluggish real estate market and weakening exports. Chinese are avid gold buyers and their stronger appetite for the yellow metal is reflected in surging sales at gold retailers like Chow Tai Fook and Luk Fook Holdings, while the premium on the Shanghai Gold Exchange remains elevated at more than 2.5% over international prices.