Industry insiders confirmed that the State Administration for Market Regulation has summoned the China Photovoltaic Industry Association and six leading solar companies, including Tongwei Group, GCL Technology, Daqo New Energy, Xinte Energy, Asia Silicon (Hongshi), and Dongfang Hope. The meeting reportedly addressed potential monopoly risks, presented clear rectification requirements, and instructed the involved parties to implement corrective measures effectively. Companies and the association were explicitly instructed to refrain from coordinating on production capacity, capacity utilization rates, output, sales volumes, or pricing. They are also prohibited from market division, output allocation, or profit sharing based on investment stakes, and from exchanging information on prices, costs, or production/sales figures. Written rectification plans must be submitted to the regulator by January 20.
The Nasdaq Golden Dragon China Index closed up 1.09%. Overnight, the Dow Jones Industrial Average rose 270.03 points, or 0.55%, to close at 49,266.11. The S&P 500 edged up 0.53 points, or 0.01%, to finish at 6,921.46, while the Nasdaq Composite declined 104.25 points, or 0.44%, to settle at 23,480.02. Most major tech stocks declined, with Intel down over 3% and Nvidia falling more than 2%. U.S. memory chip stocks broadly fell, with Seagate Technology dropping over 7%, Western Digital down over 6%, and SanDisk declining over 5%. Defense stocks rallied, with Lockheed Martin up over 4%. Brainstorm Cell Therapeutics triggered a trading halt due to volatility, ultimately closing down over 21%. Most popular Chinese ADRs advanced; GDS Holdings rose over 8%, Bilibili gained over 6%, while Tencent Music and Alibaba both climbed over 5%. The Hang Seng Index ADR rose proportionally, closing at 26,310.99 points, up 161.88 points or 0.62% from the Hong Kong close.
In a major restructuring move for state-owned enterprises, China Petrochemical Corporation (Sinopec Group) and China National Aviation Fuel Group (CNAF) will be reorganized, as approved by the State Council and announced by the State-owned Assets Supervision and Administration Commission (SASAC). CNAF is Asia's largest integrated aviation fuel service provider, covering procurement, transport, storage, testing, sales, and refueling, with core businesses in aviation fuel, petroleum, logistics, international operations, and general aviation. Sinopec is the world's largest refiner and China's top producer of aviation fuel.
HSBC Holdings has agreed to pay approximately €300 million to settle criminal and tax investigations in France related to its alleged role in the "Cum-Cum" dividend tax avoidance scandal, which also implicated several major French banks. A Paris judge outlined the settlement, which includes around €268 million in fines and €30 million for tax adjustments, and will later decide on its approval. This agreement would conclude the investigation by the French National Financial Prosecutor's Office without HSBC admitting any wrongdoing.
Indonesia's Energy and Mineral Resources Minister, Bahlil Lahadalia, stated that the country may set its approved coal production quota for 2026 at around 600 million metric tons and will adjust nickel quotas based on industry demand. Although Indonesia's actual coal output frequently exceeds its quotas, the proposed 2026 level is significantly lower than last year's 790 million tons. Bahlil indicated that reducing the quota aims to support domestic mineral prices, with similar measures planned for nickel, though he did not specify the 2026 nickel quota, only reiterating that adjustments would be made to meet local smelter needs. Indonesian coal involves Hong Kong-listed CHINA QINFA (00866). Indonesian nickel involves Hong Kong stocks like Lygend Resources (02245) and CNGR Advanced Material (02579).
Following Nestlé's preventive recall of specific batches of infant formula in some European countries, China's State Council Food Safety Commission and the State Administration for Market Regulation have urged Nestlé Ltd. in China to fulfill its corporate responsibilities by recalling the relevant batches sold domestically to protect consumer rights. Nestlé Ltd. has initiated the recall as required. The authorities pledged to strengthen supervision and ensure the quality and safety of infant formula. This involves domestic infant formula concept stocks.
According to insiders, institutional investors including investment firm Baillie Gifford and Singapore's sovereign wealth fund GIC Pte subscribed for shares in the high-profile HK$4.8 billion Hong Kong IPO of MiniMax Group Inc. The AI company priced its offering at the top of the marketed range, with the institutional portion reportedly attracting over 70 times coverage. More than 460 institutional bids were received for the deal. Other buyers included Norges Bank Investment Management and asset manager Schroders, with global long-only investors and sovereign wealth funds taking up most of the institutional shares outside the cornerstone portion. Schroders declined to comment, while Baillie Gifford, GIC, and Norges Bank did not respond to requests for comment.
Nanjing Panda issued a stock trading risk warning, clarifying that while it participates in a sub-project related to high-speed brain-computer interaction technology for intelligent displays, this involvement concerns non-core technical aspects. The company has delivered a brain-computer interaction system terminal to the project lead, but subsequent work is managed by the lead unit. Nanjing Panda emphasized it currently has no mature products or sales revenue related to this project, and the initiative will not impact its current production or operations.
JLMAG (06680) announced an expected net profit for 2025 between RMB 660 million and RMB 760 million, representing a year-on-year increase of 127% to 161%. Non-recurring gains/losses are estimated to impact net profit by approximately RMB 80 million. The company achieved record-high production and sales volumes, further solidifying its leading position in the global rare earth permanent magnet industry. Amid intensifying competition, management adhered to stable and compliant operations, actively expanded markets, and enhanced operational efficiency and profitability through organizational optimization, lean management, and flexible raw material inventory strategies.
In response to Nestlé's multinational recall of infant formula and potential implications from the involved ARA ingredient supplier, MENGNIU DAIRY (02319) stated that its奶粉 products adhere to strict national quality control standards from raw material procurement to production testing. MENGNIU DAIRY confirmed that its ARA supplier is entirely unrelated to the manufacturer involved in the European recall. Each product batch undergoes multiple inspections and is accompanied by compliant national test reports, ensuring safety for consumers.
LINGBAO GOLD (03330) issued a profit alert, forecasting revenue for the year ending December 31, 2025, to be between approximately RMB 12.935 billion and RMB 13.172 billion, an increase of about 9% to 11% year-on-year. Net profit for 2025 is expected to range from approximately RMB 1.503 billion to RMB 1.573 billion, surging 115% to 125% compared to the previous year.
All three new Hong Kong stock listings saw significant gains in their grey market (dark pool) trading. Jinxun Resources (03636) closed up 35%; it issued shares at HK$30 each, offering 36.77 million shares to raise a total of HK$1.1 billion, with a net proceeds of approximately HK$1.043 billion. Ribobio-B (06938) rose over 25%; priced at HK$57.97 per share, it issued 27.4874 million shares, raising HK$1.594 billion in total. AI firm MiniMax (00100) gained over 15%; with an issue price of HK$165, it offered 25.3892 million shares, raising HK$4.189 billion.
COMEC (00317), in response to investor inquiries, stated that according to its 2024 Annual Report, the company plans to secure contracts worth RMB 17.45 billion in 2025. Shenwan Hongyuan previously noted that COMEC holds a substantial order book, with high-value orders gradually delivering profits. Additionally, China State Shipbuilding Corporation announced a new commitment in January 2025 to resolve intra-group competition within five years, specifically concerning Huangpu Wenchong Shipbuilding and listed entities like China CSSC Holdings. Huangpu Wenchong is a shipyard controlled by COMEC; progress on resolving this intra-group competition is worth monitoring. GF Securities released a report suggesting that while the shipbuilding market from 2021-2024 was driven by container and LNG vessels and saw a dip in 2025 due to US Section 301 impacts, it expects the market to enter a "2.0 phase" starting in 2026. The 2026 shipbuilding cycle could resemble the 2019 construction machinery sector, where a secondary demand acceleration may stimulate a re-rating of valuation benchmarks.
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