Six major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China, have collectively announced the optimization of services related to the fiscal subsidy policy for personal consumption loans. Key measures include extending the policy's implementation period until December 31, 2026, broadening the scope of support to include credit card bill installment services, and removing the previous single transaction limit of CNY 50,000 and above for eligible consumption categories. Subsidy standards have also been enhanced by eliminating the CNY 500 cap on single-transaction subsidies and the CNY 1,000 cumulative subsidy limit per borrower at a single institution for transactions under CNY 50,000. For loans with pre-existing subsidy agreements, multiple banks clarified that consumption occurring after January 1, 2026, will automatically qualify under the new policy without requiring new agreements.
The Dow Jones Industrial Average rose 306.78 points, or 0.63%, to close at 49,384.01, while the Nasdaq Composite gained 211.2 points, or 0.91%, finishing at 23,436.02. The S&P 500 increased by 37.73 points, or 0.55%, settling at 6,913.35. Notable stock movements included BitGo Holdings (BTGO.US) rising 2.72%, Netflix (NFLX.US) falling 2%, Micron Technology (MU.US) advancing 2%, and Novo Nordisk (NVO.US) climbing nearly 5%. The Nasdaq Golden Dragon China Index increased by 1.6%, with Alibaba (BABA.US) surging 5% and JD.com (JD.US) rising 3.2%. Intel (INTC.US) saw its shares drop over 10% in after-hours trading following its earnings report. The Hang Seng Index ADRs indicated a positive open, calculated to be 26,739.45, up 109.49 points or 0.41% from the Hong Kong close. Gold and silver prices soared to new highs, with COMEX gold futures for the front month contract rising $100.90, or 2.09%, to $4,938.40 per ounce, and COMEX silver futures climbing $3.58, or 3.86%, to $96.215 per ounce. Spot gold increased by $104.92, or 2.17%, to $4,936.37 per ounce, while spot silver rose $3.07, or 3.30%, to $96.18 per ounce.
The State Council's Food Safety Office, along with other departments including the National Health Commission and the State Administration for Market Regulation, has drafted the "National Food Safety Standard for Pre-made Dishes" and the "Pre-made Dishes Terminology and Classification" for public consultation. This initiative aims to protect consumer rights and foster high-quality industry development. An announcement regarding the voluntary disclosure of food preparation methods in catering services, jointly drafted with relevant authorities, will also be released for public feedback soon. Following the consultation period, the drafts will be revised and finalized before official release. Related Hong Kong-listed stocks include Guoquan Shouguo (02517), Xiabuxiabu (00520), Haidilao (06862), Yihai International (01579), and Zhongshi Minan (08283).
Nine ministries, including the Ministry of Commerce, issued guidance to promote high-quality development in the drug retail sector, encouraging lawful horizontal mergers and acquisitions among pharmaceutical retailers. The guidance supports market consolidation and calls for optimized business environments to facilitate the merger process for chain and independent pharmacies, including streamlining drug operation license applications. For pharmacies involved in medical insurance qualification changes, existing qualifications may remain valid until new ones are officially granted.
The People's Bank of China will conduct a CNY 900 billion Medium-term Lending Facility (MLF) operation on January 23, using a fixed amount, interest rate tender, and multiple-price method to maintain ample liquidity in the banking system. The operation will have a one-year maturity.
Alibaba's (BABA.US, 09988) U.S.-listed shares rose 5% amid reports that its chip subsidiary, T-Head, is planning an independent listing to capitalize on strong investor interest in the AI accelerator sector. Initial steps reportedly involve restructuring the unit into a partially employee-owned company, with a potential IPO considered for a later, unspecified date.
CAOCAO INC (02643) announced plans to deploy 100,000 fully customized Robotaxis by 2030, aiming for global commercial operations. The company's second-generation Robotaxi is already undergoing pilot operations.
GAC GROUP (02238) stated on an investor interaction platform that its mass-produced flying car, the GOVY AirCab, has received nearly 2,000 letters of intent as of the end of 2025. Following its debut in Hong Kong in June 2025 and showcases in countries like Germany, the UAE, and Brazil, with prototype deliveries in Hong Kong and Beijing, the model is undergoing comprehensive airworthiness reviews and is expected to receive certification for deliveries starting in late 2026. The company is also advancing the independent R&D and industrialization of all-solid-state batteries, with a pilot production line commencing operations in November 2025 and small-scale vehicle installation tests planned for 2026.
GigaDevice (03986) forecasted a net profit attributable to shareholders of approximately CNY 1.61 billion for 2025, representing a year-on-year increase of about 46%. After adjusting for non-recurring gains and losses, net profit is expected to be around CNY 1.423 billion, up approximately 38% year-on-year. Estimated operating revenue for 2025 is about CNY 9.203 billion, a 25% increase, attributed to technological advancements, improved industry dynamics, and effective implementation of the company's strategy.
Venture Ltd (06681) plans to raise approximately HKD 501 million through a top-up placing of shares at a price of HKD 5.60 per share, representing a discount of about 12.09% to the last closing price of HKD 6.37.
JNBY (03306) intends to raise roughly HKD 270 million by placing 14.535 million shares at HKD 18.78 per share, a discount of approximately 9.01%.
OSL Group (00863) issued a profit warning, anticipating a net loss between HKD 370 million and HKD 430 million for the fiscal year 2025, a reversal from a profit of HKD 55 million in 2024, citing significant investments made to establish a solid foundation for future growth.
KARRIE INT'L (01050) announced that since Q3 2025, it has received server chassis orders from a leading AI company, with designs finalized, samples approved, and mass production readiness confirmed. The group also secured demand for prototypes of the client's next-generation AI architecture components, including network switch chassis, AI computing chassis, and server racks, with deliveries expected throughout 2026. These developments demonstrate the company's proven capability to provide complete mechanical solutions for next-gen AI platform structures.
MICROPORT (00853) issued a positive profit alert, expecting to achieve a net profit of no less than USD 20 million for 2025, turning around from a loss. The improvement is attributed to sustained revenue growth, particularly from overseas business contributing approximately 70% growth; a 2-3 percentage point gross margin increase due to cost optimization despite pricing pressures in China; a 10-11% reduction in operating expenses from enhanced efficiency; and gains from the disposal of subsidiaries.
MINTH GROUP (00425) may have commenced deliveries of its AI liquid cooling products, which include immersion cooling cabinets, CDUs, cold plates, and manifolds. East Money Securities noted that rising energy demands and increasing server rack power density are accelerating the adoption of server liquid cooling. MINTH GROUP, leveraging its expertise in battery boxes/cold plates, global production footprint, and longstanding relationships with leading server manufacturers, is well-positioned to enter this market rapidly. A Citigroup report suggested that large-scale deliveries of AI liquid cooling products likely began in January, expecting further orders in this sector. Other potential catalysts include manageable impacts from rising aluminum prices, limited effect from Mexican tariff increases (estimated at ~USD 1 million in 2026), approximately CNY 100 million revenue contribution from robotics business in 2026, an attractive valuation, a 3.8% dividend yield, and a 40% payout ratio.
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