A mild uptick in bitcoin mining in China has prompted calls for Beijing to loosen its restrictions and let the power-hungry industry tap into the country’s oversupply of energy, but experts said the likelihood of China ending its mining ban was low.
China’s bitcoin mining market share by hash rate rose from 13.75 per cent in the first quarter of 2025 to 14.06 per cent in the current quarter, making it the third largest bitcoin mining country behind the US and Russia, according to Hashrate Index, a data platform operated by US bitcoin mining firm Luxor Technology.
The Hashrate Index did not disclose market share by country before this year. China’s hash rate plunged to zero in July 2021, two months after Beijing vowed to crack down on bitcoin mining, according to 2021 data by the Cambridge Bitcoin Electricity Consumption Index (CBECI).
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Hash rate is a unit of measure for the bitcoin network’s processing power for verifying transactions and mining new cryptocurrency tokens. CBECI mining map data showed that China’s bitcoin mining market share had already bounced back to 22.29 per cent by September 2021. The organisation stopped updating its map data in February 2022.
A representation of bitcoin cryptocurrency is shown in this illustration taken September 10, 2025. Photo: Reuters alt=A representation of bitcoin cryptocurrency is shown in this illustration taken September 10, 2025. Photo: Reuters>
The uptick in bitcoin mining activity in China this year coincides with increased calls from scholars for Beijing to reconsider its rigid bitcoin mining ban. In recent years, Beijing has escalated its crackdown on various cryptocurrency-related businesses, maintaining that they disrupted economic and financial order and were a breeding ground for criminal activity.
In an article titled “Reinstate Crypto Mining to Facilitate China’s Transition to Carbon Neutrality” published in March, Guojun He, professor in Economics at the University of Hong Kong (HKU) and the associate director of HKU’s Institute of China Economy, suggested that the country use crypto mining to help utilise its excess renewable power.
China’s oversupply rate of solar energy in some regions had exceeded 10 per cent while that of wind energy had reached up to 15 per cent, He noted, citing government data. Integrating crypto mining into the power grid adjustment system would absorb surplus power, stabilise grid operations and generate economic benefits, He wrote.
Wang Yang, previously vice-president at the Hong Kong University of Science and Technology before joining HKU earlier this year, said in June last year that it was “unwise” for China to completely ban crypto mining as it drove related businesses to the United States.
US President Donald Trump’s embrace of the crypto sector and the passing of the US stablecoin law this year have prompted many industry participants to believe that Beijing was shifting its attitude about digital assets, acknowledging their strategic value amid competition with the US.
That has also fuelled speculation by some in the industry that Chinese authorities are behind the increased bitcoin mining activity in China. Some local governments in China may have encouraged state-owned firms to take up bitcoin mining as it could reduce electricity waste and generate income, according to one Chinese executive in the cryptocurrency industry, who declined to be identified due to the sensitive nature of the matter.
Still, it was unlikely that Chinese authorities would officially allow crypto mining, experts said.
“From an energy perspective, China’s power generation capacity has expanded rapidly in recent years, which – objectively speaking – has provided temporarily cheap electricity for some grey-market cryptocurrency mining operations,” said David Zhang, a macroeconomics and policy analyst at Trivium China.
But Beijing has always placed its strategic focus on industrial artificial intelligence applications and high-performance computing, sectors that would generate soaring demand for electricity over the next 5 to 10 years, according to Zhang. The country therefore would not permit energy intensive activities that contradict its development goals, such as bitcoin mining, to persist or expand, he said.
A recent warning about the risks of digital assets from Pan Gongsheng, governor of the People’s Bank of China, also reflected China’s unchanged stance, according to Yang Liu, a partner at DeHeng Law Offices in Beijing.
“I don’t think the country will be able to encourage mining activities in the short term, let alone get involved in mining itself,” Liu said.
Core Scientific (CORZ) has drawn attention recently, with shares moving higher over the past week. Investors are taking note of the company’s ongoing performance and looking for signals in its recent market activity.
See our latest analysis for Core Scientific.
Core Scientific’s momentum is building again after a sharp pullback last month. The share price has jumped 14.7% over just the last week as investors grow more optimistic. However, it is worth noting that while the 90-day share price return stands at a healthy 17.7%, the total shareholder return over the past year is still negative. This suggests there is both recovery and risk in the story.
If you’re interested in spotting other shifts in the market, now’s the time to expand your discovery and explore fast growing stocks with high insider ownership
With shares still trading at a notable discount to analyst price targets and recent volatility in mind, the key question now is whether Core Scientific offers genuine value here or if the market is already anticipating the company’s future growth.
Core Scientific’s last close of $16.89 sits notably below the most popular narrative’s fair value estimate of $27.65, suggesting sizable room for upside if narrative assumptions play out. This wide gap has market watchers asking what could drive such a re-rating and whether projected catalysts can push shares closer to the narrative’s target.
Core Scientific secured a major HPC contract with CoreWeave, with a total revenue potential of $8.7 billion over a 12-year term, significantly boosting future revenue compared to their current levels. The company is expanding HPC infrastructure capacity by reallocating resources from Bitcoin mining, adding new sites, and extending existing ones, expecting to drive future revenue growth as data center needs rise.
Read the complete narrative.
Want to see what’s fueling this bold valuation? The narrative’s math factors in a potential transformation from mining to data center powerhouse. But which surprising growth bets, margin forecasts, and future profit multiples generate such a premium fair value? Dive in and discover the driving forces analysts are banking on. These numbers could change how you view Core Scientific’s potential.
Result: Fair Value of $27.65 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, setbacks in executing their high performance compute expansion or a slowdown in client demand could quickly challenge Core Scientific’s path to recovery and growth.
Find out about the key risks to this Core Scientific narrative.
If you would rather draw your own conclusions or dig deeper into the numbers, it only takes a few minutes to shape your own story and perspective. Do it your way.
A great starting point for your Core Scientific research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include CORZ.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
Local power, global reach. France’s quantum sector moved into November with strong push toward global collaborations and a clear push toward industrial deployment. Policy momentum centered on a Franco-German forum in Paris and Massy, where QUTAC, Le Lab Quantique, Quandela, CEA, and Fraunhofer — backed by both embassies — gathered more than 60 leaders from government, research, and industry. The discussions reflected a coordinated effort to shape Europe’s quantum roadmap and strengthen cross-border standards and applications.
French quantum companies remained highly visible in global markets. Quandela and NVIDIA reported a 20,000× acceleration in spin–photon simulations using CUDA-Q, supporting the broader shift toward photonic links for distributed quantum systems. Pasqal dominated business headlines with a series of international moves: deploying Saudi Arabia’s first quantum computer with Aramco; announcing a $52 million expansion in South Korea backed by national and municipal partners; and forming a strategic partnership with LG Electronics, including an equity investment. Pasqal also became the first QPU offered on OVHcloud’s new Quantum Platform, a milestone for European Quantum-as-a-Service infrastructure.
Activity continued across France’s hardware, semiconductor, and hybrid-HPC stack. SEALSQ and Quobly launched a collaboration linking secure semiconductor architectures to scalable quantum systems. Quobly and QPerfect released a GPU-accelerated version of the QLEO emulator at SC25. Alice & Bob gained recognition as part of Sifted’s Future 50, and deepened technical ties with NVIDIA through NVQLink. The company also advanced hybrid workflows with the STFC Hartree Centre by integrating cat-qubit systems with SLURM, the dominant HPC scheduling tool.
Education and diplomacy rounded out the month. Université Paris Cité hosted a quantum-programming session for students and early-career researchers, while FSQS 2025 produced new France–Singapore agreements across algorithms, energy-efficient hardware, and photonics.
Policy
Building Today the Quantum Future of Europe For and With the Industry
A group of Franco-German willing players made of the Quantum Technology and Application Consortium QUTAC, Le lab Quantique, Quandela, CEA and Fraunhofer, with the support from the French embassy in Germany and the German embassy in France, took part in the French German Dialogue of Quantum Technology Players took place in Paris and Massy (France). This event brought together more than 60 selected experts, managers and decision-makers from innovation, corporates, research and public authorities from France and Germany.
Business
Quandela and NVIDIA Accelerate Quantum Spin-Photon Simulation by 20,000x with CUDA-Q
As quantum processors scale, they will need to be connected through photonic links. Photons are the only practical carriers of quantum information beyond the local chip: they are fast, can travel long distances, and preserve coherence even at room temperature. This vision of distributed quantum computing makes it essential to accurately model the gates and protocols that rely on photons to connect distant qubits.
Saudi Arabia Deploys Its First Quantum Computer with Aramco–Pasqal Partnership
Aramco, one of the world’s leading integrated energy and chemicals companies, in partnership with Pasqal, a global leader in neutral-atom quantum computing, have achieved a major breakthrough for the Middle East’s technology landscape with the successful deployment of Saudi Arabia’s first quantum computer— and the region’s first quantum computer dedicated to industrial applications.
Pasqal invests $52M to boost quantum computing in Korea
The investment by the French company is part of a major strategic expansion in South Korea, marked by a series of partnerships and support from the Seoul Metropolitan Government and the Korean government. French quantum computing firm Pasqal will invest USD 52 million in South Korea, creating more than 50 highly skilled jobs, bringing its industry-leading neutral atom Quantum Processing Unit (QPU) to the country, to advance research and development of quantum algorithms and industry-ready applications.
Pasqal and LG Electronics Forge Strategic Partnership to Advance Quantum Innovation and Industrial Applications
Pasqal, Europe’s leading neutral atom quantum computing company, today announces a strategic partnership with LG Electronics, the global leader in appliances and consumer electronics. The collaboration is underpinned by an equity investment from LG Electronics in Pasqal and marks a significant step toward advancing quantum computing to real-world industrial applications.
Aramco and Pasqal make history with Saudi Arabia’s first quantum computer
Aramco, one of the world’s leading integrated energy and chemicals companies, in partnership with Pasqal, a global leader in neutral-atom quantum computing, have achieved a major breakthrough for the Middle East’s technology landscape with the successful deployment of Saudi Arabia’s first quantum computer — and the region’s first quantum computer dedicated to industrial applications. The deployment of Pasqal’s quantum computer powered by neutral-atom technology at Aramco’s data center, in Dhahran, marks a pivotal step in building regional expertise and accelerating the development of quantum applications across the energy, materials, and industrial sectors in the Kingdom of Saudi Arabia and the broader Middle East.
Pasqal becomes first QPU available on OVHcloud’s Quantum Platform
At Choose France – France Edition, OVHcloud, a global player and the European Cloud leader, announces the launch of its Quantum Platform, the first European Quantum-as-a-Service solution (QaaS). It will provide access to at least eight of the most advanced quantum computers, including the Pasqal Orion Beta QPU, available now. By facilitating access to quantum technologies, OVHcloud is now enabling organisations to prepare for the most complex technological challenges.
SEALSQ and Quobly Announce Collaboration to Advance Secure and Scalable Quantum Technologies
SEALSQ Corp. (NASDAQ: LAES), (“SEALSQ” or “Company”), a global provider of post-quantum semiconductor technologies and hardware-anchored security solutions, and Quobly, a pioneer in silicon-based quantum microelectronics, today announced a collaboration to explore the convergence of secure semiconductor architectures and scalable quantum systems.
Quobly and QPerfect Release GPU-Accelerated Version of QLEO
Quobly, a pioneer in quantum microelectronics, and QPerfect, the emulation and control specialist for neutral atom systems, today jointly announced a major upgrade to their quantum emulator, QLEO (Quobly Logical Emulator Online). The launch takes place during the Supercomputing Conference (SC25), underscoring the global collaboration and European excellence driving the future of hybrid quantum computing.
Alice & Bob Recognized in Sifted’s ‘Future 50’ List
Alice & Bob, a global leader in fault-tolerant quantum computing, today announced its inclusion in Sifted’s ‘Future 50,’ a ranking of Europe’s top-performing emerging startups. Backed by the Financial Times, Sifted provides news and analysis on Europe’s startup community for founders, investors and startup operators driving innovation.
Nvidia and Alice & Bob unveil NVQLink to tighten GPU–quantum integration
Nvidia introduced NVQLink at its GTC Washington event, pitching the open system architecture as the missing low-latency bridge between quantum processors and GPU supercomputers. Paris- and Boston-based Alice & Bob said it is collaborating on the rollout, aligning its cat-qubit hardware and software with the new interconnect for real-time decoding, calibration and control.
Research
Alice & Bob and STFC Hartree Centre Integrate Cat-Qubit Quantum Computers into Standard HPC Workflow and Job Scheduling Software SLURM
Alice & Bob, a global leader in the race for fault-tolerant quantum computing, today announced the software integration of their future QPUs with high-performance computing (HPC) environments via SLURM, the world’s most widely used workload management system, present in 60% of the world’s top supercomputers.
Education and Events
Quantum programming session organised by the Graduate School Quantum Technologies
The Graduate School Quantum Technologies of Université Paris Cité organised a one-day introductory session on quantum programming, led by Vivien Londe, a quantum computing specialist. Attendees included interns from the Graduate School’s two masters programs, PhD students from the Institut de Recherche en Informatique Fondamentale (IRIF) and the Matériaux et Phénomènes Quantiques (MPQ) laboratory, and IRIF post-docs.
France and Singapore’s quantum ecosystems signed three new research agreements at the second French–Singaporean Quantum Symposium (FSQS 2025) in Paris, strengthening collaboration in quantum computing (hardware and algorithms), energy-efficient quantum technologies and quantum photonics. Connections formed at the inaugural FSQS 2024 continued into 2025, contributing to some of the partnerships announced at this year’s symposium. FSQS 2025 convened leading researchers and industry partners to deepen bilateral research and move quantum discoveries closer to real-world applications.
The IEA’s flagship World Energy Outlook (WEO) is the most authoritative source of global energy analysis and projections. Updated annually to reflect the latest energy data, technology and market trends, and government policies, it explores a range of possible energy futures and their implications for energy security, access and emissions.
The WEO covers the whole energy system, using a scenario-based approach to highlight the central choices, consequences and contingencies that lie ahead. It includes exploratory scenarios that flow from different assumptions about existing policies, as well as normative pathways that achieve energy and emissions goals in full. The multi-scenario approach illustrates how the course of the energy system might be affected by changing key variables, including the energy policies adopted by governments around the world.
This year’s edition comes amid major shifts in global energy policies and markets, and acute geopolitical strains. Governments are reaching different conclusions about the best ways to tackle concerns about energy security, affordability and sustainability. As always, the World Energy Outlook provides unrivalled insights into the consequences of different energy policy and investment choices. An important theme in this year’s WEO is security of supply of critical minerals.
Microsoft CEO Satya Nadella departs following a meeting of the White House Task Force on AI Education in the East Room of the White House in Washington on Sept. 4, 2025.
Eric Lee | Bloomberg | Getty Images
Norway’s $2 trillion wealth fund said on Sunday it would vote for a shareholder proposal at the upcoming Microsoft annual general meeting requiring for a report on the risks of operating in countries with significant human rights concerns.
Microsoft management had recommended shareholders voted against the motion.
The fund also said it would vote against the re-appointment of CEO Satya Nadella as chair of the board, as well as against his pay package.
The fund owned a 1.35% stake worth $50 billion in the company as of June 30, according to fund data, making it the fund’s second-largest equity holding overall, after Nvidia.
It is Microsoft’s eighth-largest shareholder, according to LSEG data.
Investors in the U.S. tech company will decide whether to ratify the proposed motions at the AGM on Dec. 5.
Goldman Sachs Group is riding a wave of renewed strength in its mergers and acquisitions business, together with substantial asset and wealth management inflows. This momentum, along with solid Q3 earnings, has caught investor attention lately.
See our latest analysis for Goldman Sachs Group.
Momentum around Goldman Sachs isn’t just headline-driven. The stock’s year-to-date share price return of 43.67% really stands out, especially as it recently reported Q3 earnings ahead of expectations and completed a string of new fixed-income offerings. Investor sentiment looks increasingly favorable, with the 38.5% total shareholder return over the past year and a remarkable 286% total shareholder return over five years both reflecting renewed optimism about Goldman’s growth trajectory and resilience as economic conditions shift.
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Despite these impressive numbers, investors are left wondering whether Goldman Sachs shares are still undervalued given the company’s operational momentum, or if the current price already reflects all the growth investors can expect.
Compared to the last closing price, the most followed narrative values Goldman Sachs at just below current trading levels. This suggests that any future upside may depend more on continued execution than on a change in valuation.
Record growth and momentum in Asset & Wealth Management, including strong fee-based net inflows for 30 consecutive quarters and rising demand for alternative assets from high-net-worth and institutional clients, are shifting the revenue mix toward less volatile, high-margin streams. This supports higher and more durable net margins.
Read the complete narrative.
Curious what financial levers drive this precise valuation? The answer lies in a combination of analyst forecasts, management of margins, and the potential durability of future revenues. If you want to know which trends really influence the fair value for Goldman Sachs, you need to see the numbers that shaped this narrative.
Result: Fair Value of $802.53 (OVERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, persistent geopolitical tensions or unexpected regulatory shifts could quickly undermine current optimism about Goldman’s projected earnings and valuation.
Find out about the key risks to this Goldman Sachs Group narrative.
While market multiples point to Goldman Sachs being slightly overvalued compared to its peers, our DCF model, which estimates fair value based on future cash flows, suggests a very different picture. The stock is trading well above its intrinsic value of $498.31. This gap raises questions: is the optimism reflected in the share price really justified, or is the market overlooking risks?
Look into how the SWS DCF model arrives at its fair value.
GS Discounted Cash Flow as at Nov 2025
If you would rather draw your own conclusions or take a closer look at the numbers yourself, it’s easy to construct a personal narrative in just a few minutes. Do it your way
A good starting point is our analysis highlighting 5 key rewards investors are optimistic about regarding Goldman Sachs Group.
Act now and give yourself the best chance to find tomorrow’s standout stocks. Missing out could mean overlooking the next big winner in your portfolio.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include GS.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
Shanghai Henlius Biotech (SEHK:2696) shares have caught investors’ attention following recent trading activity. Although the company did not issue any formal announcements, the stock’s movements this week invite a closer look at the drivers behind its current valuation.
See our latest analysis for Shanghai Henlius Biotech.
This week’s surge has propelled Shanghai Henlius Biotech further into the spotlight, with short-term momentum helping to reverse some of the volatility seen over the past quarter. While the share price has pulled back 1.36% in the last day, it is still up 8.23% for the week and stands out with a remarkable year-to-date share price return of 193.83%. In the bigger picture, long-term investors have enjoyed a stellar 221.16% total shareholder return over the past year, reflecting both capital gains and income. The stock’s strong run suggests renewed optimism about its growth potential and market position.
If the recent rally in biotech has sparked your curiosity, consider expanding your search with our healthcare stocks screener See the full list for free.
Yet with this impressive rally and the stock currently trading nearly 47% below consensus analyst targets, investors are left to wonder whether Shanghai Henlius Biotech remains undervalued, or if the market is already factoring in all future growth.
Shanghai Henlius Biotech is currently trading at a price-to-earnings (P/E) ratio of 41.4x, putting the stock above both the industry and peer averages. With a last close price of HK$69.05, investors are paying a premium compared to other Asian biotech companies.
The P/E ratio measures how much investors are willing to pay today for a dollar of future earnings. In high-growth industries like biotech, a higher P/E can sometimes be justified if the market expects rapid profit expansion. However, this figure should be weighed against the company’s actual growth prospects and risks.
Shanghai Henlius Biotech’s P/E ratio exceeds the Asian Biotechs industry average of 40.8x and the peer group average of 37.9x. Even when considering the estimated fair P/E ratio of 23.5x, the current valuation remains elevated, suggesting the market is pricing in strong future growth or other catalysts. Significant deviation from the fair ratio could mean the market expects exceptional performance, or it may signal over-optimism that could correct.
Explore the SWS fair ratio for Shanghai Henlius Biotech
Result: Price-to-Earnings of 41.4x (OVERVALUED)
However, slower than expected revenue growth or increased competition could quickly undermine the optimism currently reflected in Shanghai Henlius Biotech’s share price.
Find out about the key risks to this Shanghai Henlius Biotech narrative.
While the market assigns a premium price-to-earnings ratio to Shanghai Henlius Biotech, our DCF model reaches a different conclusion. The SWS DCF model indicates the shares are trading about 45.5% below their fair value. This suggests the stock may be undervalued on a cash flow basis. Could the market be missing something, or is it simply cautious about future growth?
Look into how the SWS DCF model arrives at its fair value.
2696 Discounted Cash Flow as at Nov 2025
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Shanghai Henlius Biotech for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 914 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.
If you think there’s another angle to Shanghai Henlius Biotech’s story, you can dive into the numbers and craft your own perspective in just a few minutes. Do it your way
A great starting point for your Shanghai Henlius Biotech research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include 2696.HK.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
CZĘSTOCHOWA, Poland — If you could design a bauble for your own Christmas tree, what would it be — a teddy bear dressed as a ballerina, a hummingbird, or a crimson phoenix?
The workers at GlitterLab, a company producing Christmas decorations in southern Poland, vow to turn those fantasies into reality.
Calling themselves “the magicians of glass,” their clients have included Swarovski, the French chain Galeries Lafayette, and Harrods, the iconic London department store.
“We have the ability to create shapes and designs that glass will not normally take,” the company promises on its website.
And the whole production process, “our closely guarded trade secret,” is manual, making each product unique, it says.
“In an age when you can buy anything anywhere for next to nothing, something made from scratch here in a European country, with honest work and thoughtfulness, is truly valued by customers,” company owner Barbara Mostowska told The Associated Press.
Despite its modest appearance, GlitterLab’s workshop has been operating for more than 80 years in Częstochowa, a town of 200,000 in southern Poland.
It was founded by Mostowska’s grandparents in the aftermath of World War II, making her the third generation in the family to manage the business.
“They produced glass cigarette holders, then ‘eprouvettes’ — I think that’s the word — tiny bottles for cake flavors,” Barbara Mostowska said, fondly reminiscing about how the workshop operated when she was a child.
“And then tiny baubles, then slow-blown baubles, the ones we all know from childhood, some swans, mushrooms, pine cones, that sort of thing,” she recalled.
When the company accessed the U.S. market, it started producing more molded ornaments, such as angels or Santa Claus.
On its website, the firm also draws from the history of the town, where a local monastery holds the icon of the Black Madonna, an important object of Catholic devotion since the 14th century. Pilgrims visiting the icon would come back home with souvenirs made by local artisans.
“We are their heirs,” the owners of GlitterLab claim. “The techniques we’re using can’t simply be learned. They need to run in your DNA.”
The company’s mix of artisanal methods, new technologies and savvy marketing is very lucrative. One of their exclusive designs for Harrods, the “Yellow Floral Bauble,” is priced at 125 pounds (around $168).
It is Mostowska’s dream that the ornaments won’t just be displayed on the Christmas, but instead “our customers have them in their homes, whether on hangers or in display cases, year-round.”
The company’s products are “jewelry for the home,” she said.
To create a unique design, GlitterLab workers take a client’s drawing on paper and turn it at first into a soft clay sculpture, which can be modified until the client’s vision is accurately represented.
Only then do they choose the unique combination of materials that transforms a particular shape into a bauble.
Mariola Koła, the company’s most seasoned designer, has been working for 42 years at GlitterLab. She says the most satisfying moment in her day comes when a client approves a design with “no corrections.”
“It means I’ve met their expectations, their taste,” she says. “That’s the greatest joy for me. I couldn’t ask for a greater reward.”
The designers work not only with glass but with materials like resin, wood, crystals, and metal, enabling them to craft shapes that go beyond conventional baubles.
But the products also tell a story, often invoking childhood nostalgia.
“Hungry for sweets and play,” says the description of a teddy bear holding a gulf club, part of a series of similar figures in different poses. “These Teddy Bears are a time machine to a happy childhood when nothing tasted as sweet as candy floss licked straight from sticky fingers.”
Amid a heavy reality, a return to childhood and the joy of play may be precisely what Christmas calls for.
“The customers are nice, because how can people get upset and be angry or mean when we’re talking about Christmas baubles?” Magdalena Kucharska, the company’s customer service representative, wonders.
“The fact that we produce a product that brings happiness means these customers are nice too, and it’s a very pleasant job.”
Institutions’ substantial holdings in Begbies Traynor Group implies that they have significant influence over the company’s share price
The top 11 shareholders own 51% of the company
Ownership research along with analyst forecasts data help provide a good understanding of opportunities in a stock
We’ve found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.
To get a sense of who is truly in control of Begbies Traynor Group plc (LON:BEG), it is important to understand the ownership structure of the business. We can see that institutions own the lion’s share in the company with 69% ownership. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn).
Since institutional have access to huge amounts of capital, their market moves tend to receive a lot of scrutiny by retail or individual investors. Therefore, a good portion of institutional money invested in the company is usually a huge vote of confidence on its future.
Let’s take a closer look to see what the different types of shareholders can tell us about Begbies Traynor Group.
Check out our latest analysis for Begbies Traynor Group
AIM:BEG Ownership Breakdown November 30th 2025
Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.
We can see that Begbies Traynor Group does have institutional investors; and they hold a good portion of the company’s stock. This suggests some credibility amongst professional investors. But we can’t rely on that fact alone since institutions make bad investments sometimes, just like everyone does. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Begbies Traynor Group, (below). Of course, keep in mind that there are other factors to consider, too.
AIM:BEG Earnings and Revenue Growth November 30th 2025
Investors should note that institutions actually own more than half the company, so they can collectively wield significant power. Begbies Traynor Group is not owned by hedge funds. The company’s largest shareholder is Begbies Traynor National Partnership, with ownership of 11%. With 7.7% and 5.7% of the shares outstanding respectively, TrinityBridge Limited and Hargreaves Lansdown Asset Management Ltd. are the second and third largest shareholders. Additionally, the company’s CEO Mark Fry directly holds 0.7% of the total shares outstanding.
Looking at the shareholder registry, we can see that 51% of the ownership is controlled by the top 11 shareholders, meaning that no single shareholder has a majority interest in the ownership.
While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock’s expected performance. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.
The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
Shareholders would probably be interested to learn that insiders own shares in Begbies Traynor Group plc. As individuals, the insiders collectively own UK£13m worth of the UK£184m company. It is good to see some investment by insiders, but it might be worth checking if those insiders have been buying.
The general public– including retail investors — own 10% stake in the company, and hence can’t easily be ignored. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.
Our data indicates that Private Companies hold 13%, of the company’s shares. It’s hard to draw any conclusions from this fact alone, so its worth looking into who owns those private companies. Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.
While it is well worth considering the different groups that own a company, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We’ve identified 2 warning signs with Begbies Traynor Group , and understanding them should be part of your investment process.
But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
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A worker walks past molten steel at a steel factory in Huai’an, in China’s eastern Jiangsu province on July 22, 2025.
– | Afp | Getty Images
China’s factory activity edged higher in November but remained stuck in contraction for the eighth consecutive month, while services weakened as the boost from earlier holidays faded, according to official data released Sunday.
The manufacturing purchasing managers’ index rose to 49.2, up 0.2 points from October, the National Bureau of Statistics said. The figures were in line with economists’ expectations in a Reuters poll, but remained below the 50-point mark that separates expansion from contraction.
The non-manufacturing business activity index fell to 49.5, down 0.6 points from October, while the composite PMI output index eased to 49.7, indicating a slight pullback in both manufacturing and services activities.
Supply and demand in manufacturing improved modestly, said Huo Lihui, chief statistician at the bureau’s Service Industry Survey Center, with the production index reaching the 50 threshold and new orders rising to 49.2.
High-tech manufacturing stayed in expansion for a tenth straight month at 50.1, even as equipment manufacturing and consumer goods producers slipped below 50. Energy-intensive industries posted a mild rebound to 48.4, up 1.1 percentage points from October.
Smaller factories recorded the strongest improvement. The PMI for small enterprises jumped to 49.1, its highest in nearly six months, while medium-sized firms edged up to 48.9. Large manufacturers weakened, falling to 49.3.
Market confidence showed a slight uptick. The index measuring expectations for production and operations rose to 53.1. Industries including non-ferrous metal smelting and aerospace-related equipment reported particularly strong sentiment, with readings above 57.
Holiday boost fades
Non-manufacturing activity, covering construction and services, softened, weighed down by services. Huo attributed the decline partly to the fading impact of earlier holiday-driven spending.
China’s Golden Week holiday, which typically lifts travel and consumer spending before activity normalizes in the following months, ran from Oct. 1 to 8 this year.
Service-sector activity fell to 49.5, down 0.6 percentage points from October, though pockets of strength remained: railway transportation, telecommunications, broadcasting and satellite transmission, and financial services all posted readings above 55.
Real estate and residential services continued to lag below the 50 mark, underscoring persistent weakness in property-related activity. Construction activity improved to 49.6, aided by stronger expectations for near-term growth, with that sector’s sentiment index climbing to 57.9.
The non-manufacturing new orders index slipped to 45.7, reflecting softer demand. Input prices rose to 50.4, and service-sector sales prices, while still below 50, narrowed their decline.
Manufacturing employment ticked up slightly to 48.4, while non-manufacturing employment rose marginally to 45.3. Supplier delivery times for factories improved to 50.1.
China surveys roughly 3,200 manufacturers and 4,300 non-manufacturing firms for the monthly PMI readings, which are seasonally adjusted and considered a leading indicator for economic momentum.
Trade strains
China’s manufacturing activity has contracted since April, when U.S. President Donald Trump launched new tariffs that squeezed producers.
Industrial profits fell 5.5% in October, the sharpest drop since June, reversing the strong gains seen in late summer. Earnings for the first ten months at major industrial firms rose 1.9%, slowing from the January–September pace.
The broader Chinese economy has cooled as growth slipped to 4.8% in the third quarter.
Trade tensions with the U.S. spiked in October as Washington threatened new 100% tariffs before both sides reached a late-month deal in South Korea. The agreement cut U.S. fentanyl-linked tariffs to 10% from 20%, paused Beijing’s rare-earth controls for a year and reopened China’s purchases of American soybeans and other farm goods.
Despite the truce, demand at home remains soft. A drawn-out property slump and weak labor conditions are weighing on consumer spending. Policymakers have signaled a longer-term push to lift consumption and tech self-reliance but have avoided major new stimulus as the economy remains on track to meet its 5% growth target.
