CHINA QINFA (00866) experienced a steep decline of nearly 30% during the late trading session. At the time of writing, the stock was down 26.67%, trading at HKD 1.87 with a turnover of HKD 211 million.

The sell-off followed reports that Indonesian President Prabowo Subianto informed parliament of plans to establish a state-owned enterprise. This entity would manage the export sales of natural resources, including palm oil, coal, and ferroalloys. The President stated the policy aims to optimize government revenue, enhance regulatory oversight, and combat the practice of under-invoicing. It is estimated that addressing these issues could potentially save the country USD 150 billion.

Previously, Guosheng Securities released a research report highlighting the strong growth momentum of CHINA QINFA's Indonesian coal operations. For the full year 2025, the SDE coal mine achieved raw coal production of 5.42 million tons, representing a year-on-year increase of 111%. Washed coal production reached 3.147 million tons, marking a substantial year-on-year surge of 922%. The report noted that the capacity ramp-up at the SDE No.1 mine is progressing smoothly, underscoring a clear and highly certain path for future production growth.