Here's what happened in China's markets last trade day (12/7):

1. Temu Challenges US Discount Stores:
- Pinduoduo's Temu app captures 17% of November's discount store category sales, competing with Dollar General and Dollar Tree.
- Online Temu's offerings under $10 target ultra-low priced retailers. Concerns about forced labor arise, but it operates similarly to Amazon, eBay, or Alibaba.

2. CATL's $1 Billion Investment in Hong Kong:
- Leading EV battery manufacturer CATL invests $1 billion in Hong Kong for its international headquarters and R&D center.
- Aiming to enhance international relations amid US scrutiny, CATL leads in battery technology, unveiling a groundbreaking 600-mile range "skateboard" platform.

3. China's Booming Auto Exports, Slow Smartphone Recovery:
- Auto exports surge 79.6% to RMB 653 billion in 11 months, poised to make China the world's largest auto exporter.
- Smartphone exports grow modestly by 3.3% to RMB 885 billion, facing a steady decline since 2015.

4. Mixed Signals in China's November Trade:
- China's November exports grow 0.5%, beating expectations after a 6.4% decline in October.
- Imports fall 0.6%, widening the trade surplus to $68.4 billion, higher than expected and October's $56.5 billion.

5. China's Resilient Reserves and Gold Accumulation:
- PBoC reports a $70.6 billion increase in foreign exchange reserves to reach $3.17 trillion in November, exceeding market expectations.
- Gold reserves hit a record high of 71.58 million ounces, signaling economic resilience amid slowing exports and addressing weak domestic consumption.