PRE-MARKET CHINESE STOCKS NEWS: Alibaba Group (9988 HK) cloud unit plans to more than double global modular data centre capacity in 2026, with its self-developed fully modular architecture reducing delivery times

Alibaba Group (9988 HK) - Co.’s cloud unit plans to more than double global modular data centre capacity in 2026, with its self-developed fully modular architecture reducing delivery times. (Newswires)

Foxconn Interconnect Technology (6088 HK) - Co. H1 (USD) net rose to 38mln (prev. 30mln Y/Y), rev. rose to 2.5bln (prev. 2.1bln Y/Y). (Newswires)

RUSAL (486 HK) - Co. does not recommend declaring a dividend. (Newswires)

Shaanxi Coal Industry (601225 CN) - Co. July coal production was 14.3Mt (prev. 14.1Mt Y/Y). (Newswires)

Yue Yuen Industrial (551 HK) - Co. July rev. fell 10% Y/Y to USD 603mln. (Newswires)

Coal - China issued a five-year plan for the coal industry. (Newswires)

Chinese banks are increasing smaller-currency settlement services for exporters. (Newswires)

Chinese banks are seeking to sell more than USD 8.2bln of bad credit-card loans. (Newswires)

More than USD 38mln in US tariff refunds plus accrued interest from US Customs and Border Protection has been received by five listed Chinese companies since last month, providing a boost to earnings. (SCMP)

China issued the first new round of consumption vouchers aimed at boosting spending. (Newswires)

This is the standard pre-market Chinese corporate digest, and the lead item, a hyperscaler pledging to more than double modular data centre capacity, fits a pattern that has run through prior cloud capex cycles: announcements of this kind tend to matter less for the parent's multiple on the day than for the upstream supply chain, where server, optical, and power equipment names typically re-rate first and the order flow shows up in their numbers quarters later. The modular architecture angle is the differentiator here, since compressed delivery times have historically shortened the lag between capex intent and hardware procurement, pulling the transmission into suppliers forward rather than spreading it. The remainder of the tape is the usual mixed Chinese session: a non-dividend from an aluminium producer, soft footwear and apparel export-adjacent revenue, steady coal output alongside a fresh five-year coal plan, and banks both expanding smaller-currency trade settlement and accelerating disposal of consumer credit stress, the latter a recurring signal of where retail credit quality sits in this cycle. Tariff refunds flowing to listed exporters echo earlier episodes where customs repayments provided one-off earnings flatteries rather than structural relief. The tells to note are whether peer cloud operators match the capacity pledge, whether the coal plan shifts volume or consolidation expectations, and follow-through in bank asset disposal programmes.