MEITUAN-W (03690) announced its intention to acquire all issued shares of the leading Chinese fresh produce e-commerce enterprise, Dingdong (Cayman) Limited, for $717 million. Under the agreement, the sellers may withdraw up to $280 million from the target group, provided the group maintains net cash of no less than $150 million. This acquisition will make the target company an indirect wholly-owned subsidiary of MEITUAN, with its financial performance consolidated into MEITUAN's financial statements. Upon completion, MEITUAN will gain direct access to Dingdong's network of over 1,000 front-line warehouses deployed nationwide, more than 7 million monthly active users, and a nearly nine-year-old direct procurement supply chain.
Gold and silver stocks experienced significant declines, with Bitcoin tumbling below $65,000. Overnight, the Dow Jones Industrial Average fell by 592.58 points to close at 48,908.72, a drop of 1.2%. The S&P 500 index decreased by 84.32 points to 6,798.4, down 1.23%, and the Nasdaq Composite Index dropped 363.99 points to 22,540.59, a decline of 1.59%. Large-cap tech stocks were mixed. Netflix gained nearly 1%, Meta edged up slightly, while Microsoft fell nearly 5%, Amazon dropped over 4%, Tesla declined more than 2%, and Google saw a slight decrease. Gold and silver stocks fell sharply; the iShares Silver Trust, the world's largest silver ETF, dropped over 15%, Pan American Silver (PAAS) fell more than 8%, US Gold Corp. (USAU) and other miners declined over 7%. Cryptocurrency, rare earth, quantum computing, drone, and energy stocks were broadly lower. As Bitcoin fell below $65,000, related stocks like MARA Holdings dropped over 18%. Most popular U.S.-listed Chinese stocks advanced, with the Nasdaq Golden Dragon China Index closing up 0.90%. An HSI ADR fell, implying a lower opening for the Hong Kong market. COMEX gold futures for the front month dropped $152.70, or 3.08%, to $4,798.10 per ounce. COMEX silver futures for the front month plunged $14.05, or 16.64%, to $70.35 per ounce. NYMEX WTI crude oil futures for the front month fell $2.02 to settle at $63.12 per barrel, down 3.10%.
The trading schedule for the Stock Connect scheme during the 2026 Chinese New Year holiday has been released. The Shenzhen Exchange notified that the Southbound Hong Kong Connect service will be suspended from February 15 to February 23, resuming normal service on February 24.
Eight government departments, including the Ministry of Industry and Information Technology, issued an implementation plan for high-quality development in the traditional Chinese medicine industry. The plan proposes gradient cultivation of excellent enterprises, supports leading TCM industrial companies in establishing industrial development funds, and encourages financial institutions to provide services like insurance and loans to TCM industrial firms.
China Telecom and China Unicom recently received approval from the MIIT for the commercial trial of Beidou-3 short message public applications. This allows their subscribers to send short messages via the Beidou satellite system using compatible terminals without changing their SIM cards or phone numbers.
Tianjin municipality has implemented regulatory measures for internet-based diagnosis and treatment. Medical records from online consultations must be managed according to outpatient electronic record regulations and retained for no less than 15 years. Prescriptions must be issued by the consulting physician themselves with an electronic signature, reviewed by a pharmacist, and the use of AI to automatically generate prescriptions is strictly prohibited.
Guangdong province's 2026 work plan for large-scale equipment updates and consumer goods trade-ins has been formally released. For consumer product trade-ins, the province will continue subsidies for car scrappage/replacement and home appliance trade-ins, emphasizing green, low-carbon, safe, and smart products. Support for purchasing new digital and smart products now includes smart glasses, in addition to mobile phones, tablets, and smartwatches/bands.
Crayfish Snack Food (01262) announced on February 5, 2026, its intention to acquire the entire issued share capital of Qucloud AI HK Limited for approximately HK$1.885 billion.
Montage Technology (06809) announced it has determined the final H股 share offering price at HK$106.89 per share. The H股 shares are expected to commence trading on the Hong Kong Stock Exchange on February 9, 2026.
China Power (02380) announced that its subsidiary Xinyuan Zhichu entered into a energy storage system equipment procurement contract valued at RMB 452.05 million.
CIMC Enric (03899) has secured new orders for three LNG bunkering vessels.
Goldwind Science & Technology stated that its operations in the EU market are normal and orderly.
Regarding Hong Kong IPO grey market trading: Muyuan Foods (02714) closed over 5% higher. DistaMed (02677) surged over 48%. Hans Laser (03200) rose over 23%.
Tongda Group (00698) issued a profit alert, expecting attributable profit for the 2025 fiscal year to be between HK$1.15 billion and HK$1.25 billion, turning around from a loss in 2024.
Dragon Resources (01712) issued a profit alert, expecting annual net profit after tax for 2025 to be between approximately A$58 million and A$62 million.
YUM CHINA (09987) benefits from the catering industry's recovery. Since the second half of 2025, the catering industry has shown a sustained recovery trend. YUM CHINA reported its full-year 2025 results, with total revenue reaching $11.8 billion, a 4% increase, and operating profit growing 11% to $1.3 billion. For the fourth quarter, revenue grew 9% to $2.8 billion; net profit was $140 million, up 24% year-on-year, and operating profit increased 25% to $187 million. UBS believes comparable store sales growth is a key driver, fueled by menu innovation and category expansion. CITIC Securities noted the catering industry is currently experiencing a resonance of multiple positive factors.
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