Zimbabwe has suspended exports of lithium concentrates and raw ore, a move aimed at pushing mining companies to establish processing operations within the country. The Zimbabwean Minister of Mines announced on Wednesday that the export ban is effective immediately until further notice. African governments have been attempting to compel mining firms to refine minerals locally to secure greater economic benefits from their national resources. According to official data, Zimbabwe holds one of Africa's largest lithium reserves and is a major global producer, with estimated resources of 126 million tons. The Minister indicated that the ban will only be lifted if miners comply with government requirements. Last year, the country stated it would ban lithium concentrate exports by 2027, as part of efforts to encourage foreign mining companies to develop local refining capabilities. This development involves the Hong Kong stock market's lithium mining sector. A recent U.S. Geological Survey report forecasts Zimbabwe's lithium production for 2025 at 28,000 tons (measured by lithium content), ranking behind only Argentina, China, and Chile.
The Nasdaq Golden Dragon China Index fell 0.48%. Overnight, the Dow Jones Industrial Average rose 307.65 points, or 0.63%, to close at 49,482.15. The Nasdaq Composite gained 288.40 points, or 1.26%, finishing at 23,152.08. The S&P 500 increased by 56.06 points, or 0.81%, settling at 6,946.13. NVIDIA (NVDA.US) rose 1.4%, and saw an after-hours surge of over 3% following its earnings report. Circle (CRCL.US) jumped 35%, while Western Digital (WDC.US) advanced 7.5%. XPeng (XPEV.US) fell nearly 3%. The Hang Seng Index ADR rose proportionally, closing at 26,885.71, up 119.99 points or 0.45% from the Hong Kong close. The COMEX gold continuous contract for the current month rose $7.40, or 0.14%, to $5,183.7 per ounce. The COMEX silver continuous contract for the current month increased by $1.70, or 1.95%, to $89.21 per ounce.
China's Ministry of Commerce and six other departments have issued an announcement adjusting the "Catalogue of Encouraged Import Services." This adjustment implements decisions by the Party Central Committee and the State Council regarding actively expanding imports of high-quality services. The announcement from the Ministry of Commerce, National Development and Reform Commission, Ministry of Finance, Ministry of Ecology and Environment, and National Intellectual Property Administration, No. 14 of 2019, is simultaneously repealed.
The Trump administration plans to use an AI model to price critical minerals, according to a Reuters report. Following the news, prices for various base metals on the London Metal Exchange rose overnight. The reference prices will be established by the U.S. Department of Defense's "Security Open Price Exploration for National Defense" (OPEN) AI metals project. Sources indicate the administration is initially focusing the OPEN AI pricing model on at least four critical minerals: germanium, gallium, antimony, and tungsten, with plans to gradually expand coverage. S&P Global and a Finnish data company will provide data and technical support for the project. Analysis suggests this mechanism could benefit U.S. mining companies but might also increase downstream manufacturing costs.
NVIDIA (NVDA.US) reported fourth-quarter revenue of $68.1 billion, a 73% increase year-over-year, surpassing market expectations of $65.684 billion. Revenue for the same period last year was $39.331 billion. Data center revenue reached $62.3 billion, exceeding expectations of $60.62 billion, compared to $35.58 billion a year ago. Networking revenue was $10.98 billion, against analyst forecasts of $9.02 billion. Gaming revenue was $3.7 billion, slightly below the expected $4.01 billion. NVIDIA forecasts first-quarter fiscal year revenue between $76.44 billion and $79.56 billion, above the market consensus of $72.78 billion.
Daily charter rates for Very Large Crude Carriers (VLCCs) sailing from the Middle East have surged significantly. Data from London Stock Exchange Group (LSEG) showed that on Tuesday, daily rates for VLCCs transporting oil from the Middle East to China exceeded $170,000, the highest level since April 2020. Data from shipping analysis firm Kepler indicates crude oil exports from the Middle East in February surpassed 19 million barrels per day, also the highest since April 2020. The export growth is primarily driven by Saudi Arabia, the UAE, and Iran. This involves Hong Kong-listed oil shipping stocks.
CK Infrastructure Holdings (01038), Power Assets Holdings (00006), and CK Asset Holdings (01113) plan to sell a 100% stake in UK Power Networks. The target group's main business is electricity distribution in London, the South East, and East of England. It owns and operates grids in these regions, with a total network length of approximately 192,000 kilometers covering over 29,000 square kilometers, serving 8.5 million household and business customers. The group also operates non-regulated businesses through UK Power Networks Services, including designing, building, owning, and operating private grids for public and private sector clients.
A land auction for the Guangzhou Racecourse site attracted hundreds of thousands of online viewers, with property developers competing for nearly 10 hours before a deal was closed on February 25th. This prime plot, considered the last undeveloped "treasure" in Zhujiang New Town, attracted bids from eight companies: Yuexiu, Poly, China Resources, China Merchants, Zhushi, Guangzhou Metro, Guangzhou Construction, and Guangzhou City Investment. Bidding started at 10 a.m., with seven companies (excluding China Merchants) successively making offers. By around 3 p.m., five developers had withdrawn, leaving only Poly and Yuexiu in a final contest. Yuexiu Property ultimately secured the site for a total price of 23.6 billion yuan. The land price per square meter exceeded 80,000 yuan, setting a new record for Guangzhou. The entire auction lasted nearly 10 hours. This involves Hong Kong-listed Yuexiu Property (00123).
CONCH VENTURE (00586) announced that its subsidiary, Ningbo Conch New Material, plans to increase its capital and expand its shareholding by introducing investors through a public listing. The plan is to introduce one investor, with proposed new registered capital of RMB 36.25 million. Before and after the capital increase, the company will hold an 80% stake in Ningbo Conch New Material, which will remain a subsidiary.
PW Medtech Group (01523) proposed a spin-off and independent listing of the spin-off entity on Nasdaq. As of the announcement date, the spin-off entity is a wholly-owned subsidiary of the company. Upon completion of the proposed spin-off, it will be separated from the company, forming an independent listed structure. Shareholders (excluding ineligible shareholders) will be entitled to hold shares in both the company and the spin-off entity.
Simcere Pharmaceutical Group (02096) expects profit attributable to shareholders for the 2025 financial year to be approximately RMB 1.3 billion to RMB 1.4 billion, representing a year-on-year increase of about 80.1% to 93.9%. The group anticipates revenue for the 2025 financial year to be approximately RMB 77 billion to RMB 78 billion, an increase of about 16.0% to 17.6% compared to revenue of approximately RMB 66.35 billion for the year ended December 31, 2024. Adjusted profit attributable to equity shareholders for the 2025 financial year is expected to be approximately RMB 1.25 billion to RMB 1.35 billion, an increase of about 24.1% to 34.1% compared to the restated adjusted figure of approximately RMB 1.007 billion for the 2024 financial year. This growth is primarily attributed to increased revenue from innovative drugs, out-licensing income, and net fair value gains from the group's investment portfolio.
Sunevision Holdings Ltd. (01686) announced its interim results for the six months ended December 31, 2025. Profit attributable to shareholders increased by 10% to HK$531 million. Benefiting from contributions from new data centers and steady internal growth from completed centers, recurring revenue from data centers and IT facilities rose 7% to HK$1.377 billion. Total revenue increased 3% year-on-year to HK$1.508 billion. EBITDA rose 4% to HK$1.096 billion, with the margin expanding from 72% to 73%.
Trip.com Group Limited (09961) released its full-year 2025 results. Net revenue was RMB 62.4 billion, an increase of 17% year-on-year. Net profit attributable to Trip.com Group Limited was RMB 33.294 billion, a significant increase of 95.08%. Basic earnings per share were RMB 5.062. For the full year 2025, accommodation reservation revenue was RMB 26.1 billion, up 21% year-on-year, accounting for 42% of the total annual revenue.
Nine Dragons Paper (Holdings) Limited (02689) announced its interim results for the six months ended December 31, 2025. The group recorded revenue of RMB 37.221 billion, an increase of 11.22% year-on-year. Profit attributable to owners of the company was RMB 1.966 billion, a substantial increase of 318.78%. Basic earnings per share were RMB 0.42.
Wanka Online Group Limited (01762) issued a profit alert, expecting an annual profit of approximately RMB 60 million to RMB 68 million, representing a year-on-year increase of about 690.3% to 795.7%. The significant growth in the group's revenue during the reporting period is mainly due to (a) the precise placement of its self-developed AI commercialization platform, which improved Return on Investment (ROI), leading to increased repeat investment from advertisers and steady growth in mobile advertising service turnover; (b) continuous breakthroughs in overseas business, driving a significant increase in related revenue, with overseas revenue estimated at RMB 170-210 million, a surge of approximately 425.5% to 549.1% compared to overseas revenue of RMB 32.351 million in the same period last year; and (c) new contributions from non-mobile game distribution businesses.
CONCH VENTURE (00586) announced that it may be acquired by Anhui Conch Group Company Limited (Conch Group). The company was informed by Conch Group that it is considering a potential acquisition of additional shares in the company. Following the completion of this potential acquisition, Conch Group would directly and indirectly hold approximately 21% of the company's issued share capital. After the acquisition, Conch Group and its concert parties would hold a combined total of no more than 30% of the voting rights and would reconstitute the company's board. The company would become a subsidiary of Conch Group, and its financial results would be consolidated into Conch Group's financial statements. As of the announcement date, Conch Group directly and indirectly holds shares in the company through Anhui Conch Cement Company Limited (600585/00914). Anhui Conch Cement holds approximately 10.39% of the company's issued share capital and is the single largest shareholder. The State-owned Assets Supervision and Administration Commission of Anhui Provincial Government indirectly holds a 51% stake in Conch Group, while the company holds a 49% stake in Conch Group.