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PRE-MARKET CHINESE STOCKS NEWS

The reaffirmation from Alibaba about its commitment to open-source AI could bolster confidence in its long-term strategic direction, particularly in the tech sector.

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[MARKET UPDATE] USD/JPY has extended on session highs and is currently trading at 159.42, its highest level since July 2024

FHFA Director Pulte, in a WSJ interview, said the industry has purposely kept prices high and called on it to help lower them, hinting at penalties for companies that do not help the administration's push

PRE-MARKET CHINESE STOCKS NEWS

[MARKET UPDATE] Taiwan's Weighted Index opens up 0.2% as the Nikkei extends on earlier gains, now +1.4%; ASX 200 has reversed earlier gains and is currently flat

Australian Private House Approvals MoM Final (Nov) M/M 1.3% vs. Exp. 1.3% (Prev. -1.3% )

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China

Alibaba (9988 HK) – The Co. reaffirmed its commitment to open-source artificial intelligence, saying the approach has helped drive rapid adoption of its Qwen large language model family. (SCMP)

CK Hutchison (0001 HK) – Panama’s Supreme Court is deliberating on whether the Co. will retain control of two key ports, with the ruling to be expected soon, WSJ reports. (WSJ)

Solar firms – Overseas buyers of solar panels are facing higher prices as Chinese manufacturers move to pass on rising costs, driven by higher silver prices and the impending removal of an export tax rebate. One of the leaders in solar module makers, Trina Solar (688599 CH), has already hiked its average selling price. (SCMP)

Tingyi (0322 HK) upgraded to Outperform from Underperform at Daiwa Securities.

Other News

  • Shenzhen completed its first-ever EV fee settlement for discharging electricity back to the grid. (Xinhua)
  • China's Ministry of Industry and Information Technology has released an action plan for the high-quality development of industrial internet platforms from 2026 to 2028. China aims to host over 450 influential industrial internet platforms by 2028. (Xinhua)
  • The US posts a licence review rule for chip exports to China and Macau, easing the criteria to approve the NVIDIA (NVDA) H200 chip exports to China.
Context

Concurrently, the easing of chip export restrictions for NVIDIA opens the door for increased cooperation between the U.S. and Chinese semiconductor markets, which may influence investor sentiment towards tech equities. Rising solar panel prices due to increased costs could also affect sectors reliant on renewable energy investments.

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