China's AI model usage volume has experienced explosive growth in February, exceeding that of the United States for the first time. Data from OpenRouter, the world's largest AI model API aggregation platform, shows that during the week of the 9th to the 15th, Chinese models recorded 4.12 trillion tokens in usage, surpassing the 2.94 trillion tokens from US models for the same period. In the following week from the 16th to the 22nd, weekly usage of Chinese models further surged to 5.16 trillion tokens, a 127% increase over three weeks, while usage of US models fell to 2.7 trillion tokens. Concurrently, Chinese models occupied four of the top five spots in the global usage rankings. This robust growth momentum is not reliant on a single breakout product but reflects the cluster-based rise of Chinese AI manufacturers. A token is the smallest unit of text processed by an AI model. Compared to user numbers, token usage is a more accurate indicator of an AI model's usage intensity, user stickiness, and commercial value. Chinese model providers are capturing global market share through rapid iteration and cost advantages, driving exponential growth in domestic computing power demand. The four top-ranked large models are: Alibaba's Tongyi Qianwen (Qwen3); DeepSeek's DeepSeek-V3.1; Zhipu AI's GLM-4.6/4.7; and Moonshot AI's Kimi K2.5.

The Nasdaq Golden Dragon China Index closed down 1.78%. Overnight, the Dow Jones Industrial Average rose 17.05 points, or 0.03%, to close at 49,499.20 points; the Nasdaq Composite fell 273.69 points, or 1.18%, to 22,878.38 points; and the S&P 500 declined 37.26 points, or 0.54%, to 6,908.87 points. NVIDIA fell nearly 5.5% following its earnings report, while AMD and Intel each declined 3%. Alibaba dropped 2.7%. The Hang Seng Index ADR rose proportionally, closing at 26,429.77 points, up 48.75 points or 0.18% from the Hong Kong close.

Several lithium mining companies expect lithium exports from Zimbabwe to potentially resume within a month. Zimbabwe's Ministry of Mines recently announced a suspension on all exports of lithium raw ore and concentrates. Information from Sinomine Resource Group and Yahua Group indicates the export ban is a temporary measure, expected to be lifted within one to four weeks. Both companies stated they have sufficient raw material inventories, limiting the impact on operations. A representative from Yahua Group's securities department mentioned that companies with mining rights and processing plants can apply for export permits after submitting supplementary materials and that the company is preparing its submission. Sinomine Resource stated that new approval procedures are expected to be introduced, estimating the ban would likely last less than a month, depending on the implementation of the new process.

Major Asian banks are reportedly preparing bids for HSBC's retail banking assets in Indonesia. According to informed sources, several large Asian banks are preparing to bid for HSBC Holdings' retail banking assets in Indonesia, aiming to expand their presence in Southeast Asia's largest economy. The banks said to be involved include Singapore's DBS Group, Oversea-Chinese Banking Corp., and United Overseas Bank, as well as Malaysia's CIMB Group Holdings Bhd. and Japan's Sumitomo Mitsui Financial Group. As discussions are private, the sources requested anonymity. It is understood that HSBC is discussing a potential sale of its Indonesian retail business with advisors. The transaction could value the assets at over $200 million. Considerations are ongoing, with binding bids expected to be submitted by mid-March.

Apple has agreed to a 100% price increase for Samsung memory chips. Reports indicate Apple has finalized orders with Samsung's DS division for LPDDR5X chips for the iPhone 17 series, with prices doubling from previous levels. Apple recently held an urgent meeting with Samsung's DS division to discuss supply arrangements for the first half of the year, aiming to ensure supply chain stability. According to semiconductor industry sources, Samsung's DS division initially aimed for a 60% price increase. During initial negotiations, it proposed a 100% hike to gauge interest, but Apple accepted the offer outright to secure inventory, finalizing the price. This development involves the memory chip sector.

CK Hutchison Holdings intends to pursue all appropriate legal measures to protect its rights. Representatives of the Panamanian government forcibly entered terminals operated by PPC in the ports of Balboa and Cristobal and took over administrative and operational control. The company understands that the concession agreement was deemed terminated effective February 23, 2026, and PPC ceased all operations at the two port terminals on the same day. The Board of Directors strongly opposes the ruling, the administrative decree, and Panama's corresponding actions. The Group, together with its legal advisors, reserves all its rights and intends to take all appropriate legal actions to defend its interests, including pursuing further domestic and international legal proceedings regarding the matter.

EuroEyes Germany Eye Hospital Group plans a major acquisition of Dutch refractive surgery leader FYEO Europe B.V. and will resume trading on February 27. EuroEyes Germany Eye Hospital Group announced that on February 20, 2026, its wholly-owned subsidiary, EuroEyes Netherlands, agreed to acquire all issued share capital of FYEO Europe B.V. from Committed Capital, STAK Batoan, Mateflo, FYEO WPP, and STAK FYEO. The total consideration is calculated based on the equity consideration plus locked-box compensation minus any leakage amount. Assuming completion occurs on July 15, 2026, and the leakage amount is zero, the maximum estimated consideration is approximately €145.8 million. The company has applied to the Stock Exchange for the resumption of trading of its shares effective 9:00 a.m. on February 27, 2026.

NIO Inc. announced that its subsidiary, GeniTech Co., Ltd., has secured an investment of RMB 2.257 billion. NIO announced that its subsidiary, GeniTech Co., Ltd., has entered into definitive agreements with certain Chinese investors. The GeniTech investors will subscribe for newly issued shares in GeniTech for a total cash consideration of RMB 2.257 billion. Upon completion of the investment, a subsidiary of NIO will continue to hold a 62.7% controlling stake in GeniTech, and NIO will continue to consolidate GeniTech's financial results. The GeniTech investors will collectively hold 27.3% of GeniTech's equity. Entities holding shares for the purpose of managing GeniTech's share incentive plan will collectively hold the remaining 10.0% stake.

Baidu Group-SW reported several key achievements for the fourth quarter, with core AI new business revenue accounting for 43%. Baidu's Chief Financial Officer stated that Baidu achieved several key milestones in the fourth quarter of 2025. First, revenue from Baidu Core's AI new business exceeded RMB 11 billion in the quarter, accounting for 43% of Baidu's general business revenue. Second, total revenue from Baidu's general business increased 6% quarter-over-quarter, while non-GAAP operating profit for Baidu's general business grew 28% quarter-over-quarter to RMB 2.8 billion. Third, Baidu's operating cash flow turned positive in the second half of 2025, generating a total of RMB 3.9 billion, compared to a negative figure in the first half. Fourth, the spin-off and independent listing of Kunlun Chip are progressing, which is believed will unlock significant value for shareholders. Finally, the company recently announced a new share repurchase program authorizing up to $5 billion and, for the first time, adopted a dividend policy, with the first dividend potentially paid before the end of 2026. Baidu also announced that in the fourth quarter of 2025, its fully autonomous ride-hailing service, Apollo Go, provided 3.4 million rides, with a peak weekly order volume exceeding 300,000 rides during the quarter. Total order volume increased over 200% year-over-year. As of February 2026, Apollo Go had cumulatively provided over 20 million autonomous ride-hailing service orders to the public.

Beigene reported global total revenue of $1.5 billion for the fourth quarter of 2025, a 33% year-over-year increase. Beigene announced that global total revenue for the fourth quarter of 2025 reached $1.5 billion, a 33% increase compared to the prior year period. Full-year global total revenue reached $5.3 billion, a 40% year-over-year increase. Global sales of BRUKINSA reached $1.1 billion in the fourth quarter, up 38% year-over-year; full-year global sales reached $3.9 billion, a 49% increase. For the fourth quarter and full year, GAAP diluted earnings per ADS were $0.58 and $2.53, respectively; non-GAAP diluted earnings per ADS were $1.95 and $8.09, respectively. Total revenue guidance for the full year 2026 is between $6.2 billion and $6.4 billion.

Chow Tai Fook Enterprises reported a 15% increase in profit attributable to shareholders for the first half. Chow Tai Fook Enterprises announced that profit attributable to shareholders for the first half of 2025 was HK$1.334 billion, a 15% increase year-over-year. Overall attributable operating profit was HK$2.284 billion, up 3% year-on-year.

UNISOUND announced the release of its Unisound U1-OCR large model, which outperformed Deepseek-OCR2 in evaluations. UNISOUND released the Unisound U1-OCR Document Intelligence Foundation Model, announcing that with advantages including "SOTA performance, trustworthiness and verifiability, out-of-the-box usability, efficient deployment, and strong adaptability," the model goes beyond understanding document layout to deeply comprehend semantic meaning, enabling automatic classification and business-level information extraction. It breaks through the limitations of traditional models that "only read text, not layout," capable of "reading" complex documents like a human expert. It is reported that the model achieved a SOTA score of 95.1 points on the OmniDocBench V1.5 benchmark, leading mainstream models such as GLM-OCR, Deepseek-OCR2, Gemini-3-Pro, and GPT-5.2, achieving a breakthrough in both precision and generalization capability.