The US Department of Defense is reportedly preparing for "weeks-long ground operations in Iran," according to a March 28 report by The Washington Post. Sources indicate that if President Trump approves the plan, it would mark a new phase in the conflict, with risks potentially "significantly higher than in recent weeks." The report notes that thousands of US troops and Marines have already arrived in the Middle East. On March 27, Iran's Islamic Revolutionary Guard Corps issued a statement declaring the Strait of Hormuz closed, warning that any attempt to pass through would be met with severe strikes. The statement also prohibited all vessels traveling to or from ports of "enemy (US and Israeli) allies and supporters," regardless of destination or route.
US stock indices posted their fifth consecutive weekly decline. The Dow Jones Industrial Average fell 793.47 points, or 1.73%, to close at 45,166.64. The S&P 500 dropped 108.31 points, or 1.67%, to 6,368.85, while the Nasdaq Composite lost 459.72 points, or 2.15%, ending at 20,948.85. For the week, the Dow declined 0.90%, the Nasdaq fell 3.23%, and the S&P 500 decreased 2.12%. Reports indicated that Israel and the US attacked Iranian nuclear facilities containing a heavy-water reactor, though no radiation leak risk was reported; earlier reports suggested airstrikes targeted an Iranian steel plant and associated power station. Major tech stocks declined broadly, with Meta and Amazon down nearly 4%, Tesla, Google, and Microsoft falling over 2%, Apple dropping more than 1%, while Netflix edged up. Oil and gas and gold stocks rose, with Halliburton up over 4%, US Energy gaining nearly 2%, and Occidental Petroleum rising over 1%. Banking, shipping, quantum computing, and drone concept stocks fell across the board, with Citigroup down over 4% and JPMorgan Chase declining more than 3%. Most popular US-listed Chinese stocks fell, with the Nasdaq Golden Dragon China Index down 1.90%. The Hang Seng Index ADR fell 195.01 points, or 0.78%, to 24,756.87. NYMEX WTI crude oil futures for the front month rose $6.70, or 7.09%, to $101.18 per barrel. COMEX gold futures for the front month increased $113.40, or 2.59%, to $4,489.70 per ounce.
The People's Bank of China convened a financial stability work conference, urging efforts to strengthen capital supplementation through multiple channels. The meeting called for continuously improving the systemic financial risk prevention and resolution framework, deepening technology empowerment, enhancing financial risk monitoring, assessment, early warning, and correction, and persistently curbing incremental risks. It emphasized adhering to market-oriented and rule-of-law principles to actively and steadily resolve financial risks in key areas and orderly reduce存量风险.
In response to US officials claiming that SMIC provided chip manufacturing tools to the Iranian military, a Chinese Foreign Ministry spokesperson stated they were unaware of the situation and noted that recent reports from certain media contained unverified, false information.
AI audio chip firm FOURSEMI concluded its Hong Kong IPO with a record 3,117-times oversubscription in its public offering, attracting over 110,000 applicants, making it one of the most sought-after hard-tech listings this year.
Spatial intelligence unicorn Manycore Tech Inc. passed its Hong Kong exchange hearing. If listed, it would become the first global spatial intelligence stock and the first among the "Hangzhou Six Little Dragons" to complete an IPO.
Yankuang Energy Group and Xinwen Mining Group plan to jointly inject RMB 6 billion in cash into Xinjiang Energy Chemical via a capital increase, with Yankuang contributing RMB 3.06 billion and Xinwen Mining providing RMB 2.94 billion.
Anton Oilfield Services reported 2025 revenue of RMB 5.572 billion, up 17.2% year-on-year, with profit attributable to owners of RMB 373 million, a 53.8% increase. A final dividend of RMB 0.0373 per share was proposed.
Hansen Pharmaceutical reported 2025 revenue of RMB 15.028 billion, up 22.57%, with profit attributable to owners of RMB 5.555 billion, rising 27.07%. A final dividend of HK$0.20 per share was proposed.
Zhongyu Energy reported 2025 revenue of HK$12.444 billion, down 7.6%, but profit attributable to owners increased 68.9% to HK$247 million. A final dividend of HK$0.03 per share was proposed.
PetroChina announced 2025 revenue of RMB 2.864469 trillion, down 2.5%, with net profit attributable to owners falling 4.5% to RMB 157.318 billion. A final dividend of RMB 0.25 per share was proposed.
China Xuyang Group reported a 188.12% surge in 2025 profit attributable to owners to RMB 58.008 million. A final dividend of RMB 0.0019 per share was proposed.
CSSC Offshore & Marine Engineering posted a 167.26% increase in 2025 net profit attributable to owners to RMB 1.008 billion. A dividend of RMB 0.135 per 10 shares was proposed.
Aluminum Corporation of China reported a 2.25% rise in 2025 net profit attributable to owners to RMB 12.674 billion. A final dividend of RMB 0.147 per share was proposed.
Tianqi Lithium turned a profit in 2025, with profit attributable to owners reaching RMB 458 million, compared to a loss a year earlier.
Green Dynamics Environmental reported a 5.54% increase in 2025 net profit attributable to owners to RMB 618 million, citing significant results from diversified operations and overseas expansion.
Guotai Junan Securities announced a 113.52% jump in 2025 net profit attributable to owners to RMB 27.809 billion.
CHINA XLX FERT reported 2025 revenue of RMB 25.352 billion, up 9.6%, with net profit attributable to owners of RMB 932 million. A final dividend of RMB 0.32 per share was proposed, a 23% increase.
CALB reported a 149.6% surge in 2025 profit attributable to owners to RMB 1.476 billion.
China Molybdenum posted a 50.3% increase in 2025 net profit attributable to owners to RMB 20.339 billion.
Tianneng Power reported a 25.77% rise in 2025 profit attributable to owners to RMB 1.437 billion. A final dividend of HK$0.36 per share was proposed.
China National Heavy Duty Truck Group reported a 19.82% increase in 2025 profit attributable to owners to RMB 7.019 billion. A final dividend of HK$0.88 per share was proposed.
Angelalign Technology reported a 62.99% rise in 2025 adjusted net profit to $43.77 million. A final dividend of HK$0.48 per share and a special dividend of HK$4.99 per share were proposed.
Sino-Ocean Group turned a profit in 2025, with profit attributable to owners reaching RMB 6.756 billion, compared to a loss of RMB 18.624 billion a year earlier, mainly due to non-cash gains from completed offshore and progressing onshore debt restructuring.
In grey market trading, new listing Extreme Vision closed nearly 56% higher at HK$62.20, a gain of HK$1,110 per lot.
Insilico Medicine announced a global pipeline licensing and AI drug development collaboration with Eli Lilly, with a total potential transaction value of $2.75 billion. Insilico is eligible for a $115 million upfront payment and could receive additional milestone payments, plus tiered royalties on future sales.
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