Major Developments Shanghai, Shenzhen, and Beijing Stock Exchanges have announced a package of measures to optimize refinancing processes. On February 9, the exchanges clarified that they will streamline refinancing reviews for high-quality listed companies with strong operational governance and standardized information disclosure, improving efficiency. For tech innovation firms, the Shanghai and Shenzhen exchanges revised rules for "light-asset, high R&D investment" enterprises and defined criteria for main board listings. Companies facing stock price跌破 can raise funds via private placements or convertible bonds, provided proceeds are used for core business operations. The exchanges also emphasized enhancing flexibility and supervision throughout the refinancing process.
The Ministry of Commerce convened an automobile industry forum on February 6 to discuss circulation and consumption policies. Attendees included industry associations, research institutions, and corporate representatives. Vice Minister Sheng Qiuping highlighted the automotive sector's strategic role in stabilizing growth, expanding domestic demand, and developing advanced productive forces. Sheng noted that China's vast market, extensive auto consumption chain, and policy continuity provide significant potential. In 2026, the ministry will integrate existing and new policies, optimize vehicle trade-in programs, launch pilot reforms in auto circulation, and improve industry regulations to boost consumption.
The inter-ministerial joint conference on new transportation formats summoned Gaode Ride-Hailing on February 9, citing inadequate management of partner ride-hailing platforms, unfair pricing, and poor emergency response. Authorities demanded immediate rectification, emphasizing strengthened supervision of partner platforms, stable operational strategies, transparent fee reductions, and safeguards for drivers' rights. Additional requirements include enhanced compliance checks, order traceability, safety training, and improved working conditions for drivers.
Chongqing has introduced first-time homebuyer and talent housing subsidies. First-time buyers in central urban areas will receive a 0.5% subsidy on total purchase price, while eligible talents will get vouchers for new homes.
Financial Institutions The People's Bank of China authorized Bank of China London Branch as the UK's RMB clearing bank, based on a memorandum with the Bank of England.
The number of securities private equity firms managing over 10 billion yuan reached 122 by end-January 2026, a record high, up by 10 from December 2025.
Goldman Sachs set a $250 price target for Nvidia, forecasting Q4 FY2025 revenue at $67.3 billion, above expectations. Analysts expect Rubin GPU shipments to begin in Q3 2026, supporting strong growth through 2028.
Market Data The ChiNext Index rose 2.98% on February 9, with AI application concepts surging in the afternoon. The Shanghai Composite gained 1.41%, and the Shenzhen Component Index advanced 2.17%. CPO concepts led gains, while commercial aerospace, film, and solar sectors also rose. Oil and gas extraction declined. Total turnover exceeded 2.2 trillion yuan, with over 4,600 stocks advancing.
The Hang Seng Index closed up 1.76%, with Montage Technology soaring over 63%. Yangtze Optical Fibre and Cable rose over 15%, and Dongfang Electric increased over 14%.
Margin loan balances fell by 17.01 billion yuan to 2,638.384 billion yuan as of February 6.
Company Updates Hygon clarified it has no current business involvement in TPU chips, focusing instead on core strategic products.
Meta received a warning from the EU for blocking rival AI assistants on WhatsApp, potentially hindering market competition. The company may face interim measures requiring access for competitors.
Perfect World's controlling shareholder reduced holdings by 1.247 million shares during a period of abnormal stock volatility, which saw prices rise over 20% in three days. The company confirmed no undisclosed major information affecting shares.
Effort announced plans to acquire 100% of Shanghai Shengpu Fluid Equipment via shares and cash. Trading will resume on February 10. Shengpu specializes in precision fluid control equipment for adhesive applications.
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