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China Threatens Retaliation After Pentagon Adds Alibaba, Baidu, BYD to Military Blacklist
US Markets

China Threatens Retaliation After Pentagon Adds Alibaba, Baidu, BYD to Military Blacklist

China's Ministry of Commerce on Saturday threatened to retaliate after the US Defense Department added a number of Chinese companies, including Alibaba (HKG:9988), Baidu (HKG:9888) and BYD (HKG:1211, SHE:002594), to its list of firms it deems linked with the Chinese military."China will resolutely and forcefully retaliate, and the US will bear full responsibility for the consequences," a spokesperson for the Ministry of Commerce said over the weekend, adding that "China expresses its strong dissatisfaction and firm opposition" to the designations.The Pentagon published its updated Section 1260H list on June 8, which supersedes an earlier version from January 2025. The updated roster now also includes electric-vehicle maker Nio (HKG:9866), pharmaceutical research and manufacturing services provider WuXi AppTec (HKG:2359, SHA:603259), AI robotics company Robosense Technology (HKG:2498), and Unitree Robotics, which is currently pursuing an initial public offering in Shanghai. Nvidia recently said it plans to collaborate with Unitree to build robots.The list also names telcos China Mobile (HKG:0941, SHA:600941), China Telecom (HKG:0728, SHA:601728), and China Unicom (HKG:0762), as well as chipmaker Semiconductor Manufacturing International (HKG:0981, SHA:688981), Huawei Technologies, Contemporary Amperex Technology (SHE:300750, HKG:3750) and Tencent (HKG:0700), most of which were added in January.The June update also reinstated ChangXin Memory Technologies and Yangtze Memory Technologies on the list after they were withdrawn from the February version. Both companies are among China's leading memory chipmakers and are currently pursuing public listings.As the Pentagon noted, being on the list means an entity is identified as a contributor to China's "Military-Civil Fusion strategy," supporting the modernization goals of the People's Liberation Army "by ensuring it can acquire advanced technologies and expertise developed by PRC companies, universities, and research programs that appear to be civilian entities."While these Chinese companies face no formal sanctions under the list, the Pentagon is prohibited from entering into, renewing or extending contracts with them or acquiring their products starting June 30, 2026.Several newly listed companies pushed back, with Alibaba saying it is "not a Chinese military company nor part of any military-civil fusion strategy." The company warned that it will take "all available legal action against attempts to misrepresent the company."Baidu said there was "no justification" for its inclusion, adding that it does not expect the designation to impact its business.BYD, which recently toppled Tesla as the world's top electric vehicle seller, echoed Alibaba and Baidu's statements, adding that the move will not impact its business.Meanwhile, analysts from Jefferies said the update was largely anticipated, noting that an earlier version of the list had briefly appeared in February before being withdrawn without explanation.Jefferies also noted on June 9 that while the Defense Department is prohibited from procurement of goods and services from entities in the list, "it does not restrict US citizens from engaging in trading activity with the listed companies."In a separate Jefferies note on June 9, analysts from the bank said 10 companies were removed from the list, including, most notably, CNOOC (HKG:0883, SHA:600938)."The immediate implication for companies on the 1260H list is that they are prohibited from providing any goods or services to the US military directly or via contractors. We believe the final decision-maker is the US president," said Jefferies."President Trump has just concluded his China trip, and, in our view, the US-China relationship is moving in an incrementally positive direction. In our view, President Trump is largely occupied with Iran, the high oil price (thus higher inflation risk), and the upcoming mid-term election, implying there will be less motivation for the US to escalate geopolitical tension with China."

Shanghai Composite^SZSEHKG:0700HKG:0728HKG:0762HKG:0883HKG:0941HKG:0981HKG:1211HKG:2359HKG:2498HKG:3750HKG:9866HKG:9888HKG:9988SHA:600938SHA:600941SHA:601728SHA:603259SHA:688981SHE:002594SHE:300750
Asia

WuXi AppTec Sues Pentagon Over 'Chinese Military Company' Designation

WuXi AppTec (HKG:2359, SHA:603259) filed a lawsuit against the U.S. Department of Defense in a Washington, D.C. federal court, challenging its designation as a "Chinese military company," according to a Thursday Hong Kong bourse filing.The company said it believes the designation is erroneous and unsupported by the facts or applicable law.It is seeking a court order declaring the designation invalid, setting it aside, and removing the company from the Section 1260H list.The lawsuit follows the Defense Department's inclusion of WuXi AppTec in its updated list on June 8.

HKG:2359SHA:603259
Asia

Hong Kong Stocks Fall as U.S.-Iran Hostilities Escalate; WuXi AppTec Gains on Buyback Plan

Hong Kong stocks declined on Wednesday as Iran and the United States engaged in their biggest exchange of hostilities since a ceasefire was agreed in April.The Hang Seng Index fell 0.6%, or 157.94 points, to close at 24,407.96, while the Hang Seng China Enterprises Index was little changed, slipping 5.86 points, to finish at 8,318.73.Iran's Revolutionary Guards said they launched missile and drone attacks on U.S. military facilities in Jordan, Kuwait, and Bahrain, describing the strikes as retaliation for Washington's recent attacks against Iranian targets near the Strait of Hormuz.The attacks followed comments by U.S. President Donald Trump that Iran had shot down an Apache helicopter near the strategic waterway a day earlier.Meanwhile, closer to home, China's producer price inflation accelerated to 3.9% in May from 2.8% in April, matching market expectations.Annual consumer inflation, however, remained at 1.2%, below the consensus forecast of 1.3%, while core inflation, which excludes food and energy prices, eased to 1.1% from 1.2% a month earlier.In corporate news, Laekna (HKG:2105) closed nearly 2% lower after granting Vasque Bio exclusive rights to develop and commercialize its cancer drug candidate LAE118 outside Greater China under a licensing agreement.WuXi AppTec (HKG:2359, SHA:603259) gained over 3% in Hong Kong after its board approved a proposed buyback of up to 1 billion yuan of A-shares.

Hang SengHKG:2105HKG:2359SHA:603259
Asia

WuXi AppTec Gets Board Nod for Up to 1 Billion Yuan Share Buyback

WuXi AppTec (HKG:2359, SHA:603259) received board approval on Tuesday for a proposed buyback of its A shares worth up to 1 billion yuan, according to a same-day disclosure to the Hong Kong stock exchange.The pharmaceutical contract research, development, and manufacturing organization plans to use its self-owned funds to repurchase shares for an employee stock ownership plan, aiming to strengthen its long-term incentive mechanism and retain key talent.The price for the share repurchase will be up to 156.95 yuan per share, the statement said.The number of A Shares to be repurchased is estimated at around 6.4 million A Shares, representing approximately 0.21% of the company's total issued share capital.

HKG:2359SHA:603259
Pentagon Accuses Alibaba, Tencent, BYD, CATL of China Military Links
US Markets

Pentagon Accuses Alibaba, Tencent, BYD, CATL of China Military Links

The U.S. added dozens of Chinese companies to a list of firms it says support Beijing's military, a move that could heighten tensions between the world's two largest economies.The Pentagon added several major Chinese technology, electric-vehicle, and battery companies, including Alibaba (HKG:9988), Tencent (HKG:0700), BYD (HKG:1211, SHE:002594), CATL (HKG:3750, SHE:300750), Baidu (HKG:9888), and Nio (HKG:9866), to its list of "Chinese military companies," according to a notice published Monday.The U.S. Department of Defense said the companies were designated under Section 1260H of the National Defense Authorization Act, which requires the Pentagon to identify entities it deems linked to China's military or that support military-civil fusion efforts.The Pentagon briefly published the updated list in February, when President Donald Trump's planned visit to China was still under consideration, before withdrawing it without explanation.It later asked the Federal Register to remove the notice from public inspection and withdraw it from publication, stating: "We would like to remove this notice from public inspection and withdraw the notice from publication," without providing a reason.The list was released less than a month after Trump met Chinese President Xi Jinping in Beijing, where the two leaders discussed trade and technology issues.The updated list also includes Huawei Technologies, DJI, Semiconductor Manufacturing International (HKG:0981, SHA:688981), China Mobile (HKG:0941, SHA:600941), China Telecom (HKG:0728), China Unicom (HKG:0762), Hikvision (SHE:002415), SenseTime (HKG:0020), Unitree Robotics, TP-Link, among others.Also included was WuXi AppTec (HKG:2359, SHA:603259), one of China's largest pharmaceutical research and manufacturing services providers.WuXi AppTec said separately in a statement on Tuesday that its inclusion on the list was "clearly a mistake" and that it would take immediate steps to challenge the designation.The company said it does not meet the statutory criteria for a "Chinese military company" and is not owned, controlled by, or affiliated with any Chinese military or government entity.China's embassy in Washington criticized the designation, saying Beijing opposed "making discriminatory lists to go after Chinese companies.""The U.S. should stop its wrong practice and create a fair, just, and non-discriminatory environment for Chinese companies," an embassy spokesperson said in a statement to Reuters.The spokesperson added that Chinese companies operate in accordance with local laws and regulations.The new list is largely unchanged from the withdrawn February version, except for the addition of memory chipmakers CXMT and YMTC, whose earlier removal had sparked criticism from U.S. lawmakers.Bloomberg News reported earlier that the Pentagon's decision to initially remove YMTC and CXMT prompted the list's swift withdrawal in February.The notice also removed several entities from the previous list, including CNOOC China and CNOOC International Trading, both of which are owned by state-controlled oil producer CNOOC.However, the Pentagon added CNOOC subsidiary China BlueChemical (HKG:3983) to the updated list and said in the filing that CNOOC is directly owned and controlled by China.The notice also removed several entities from the previous list, including Anhui Sun Create Electronics, China International Information Services, China National Chemical Engineering, China Traffic Construction USA, COSCO Shipping Finance, among others.Companies designated under the program may seek reconsideration by submitting information to challenge their inclusion on the list, according to the notice.While the designation carries limited immediate legal consequences, the Pentagon has increasingly used the list to restrict companies' access to U.S. military contracts and research funding.The designation is also viewed by investors as a warning signal that can precede broader U.S. trade, investment, or regulatory restrictions.

HKG:0700HKG:0728HKG:0762HKG:0883HKG:0941HKG:1211HKG:2359HKG:3750HKG:9866HKG:9888HKG:9988SHA:600938SHA:600941SHA:603259SHE:002594SHE:300750
Asia

Pentagon Accuses Alibaba, Tencent, BYD of Ties to Chinese Military

The Pentagon added several major Chinese companies, including Alibaba (HKG:9988), Tencent (HKG:0700), BYD (HKG:1211, SHE:002594), CATL (SHE:300750, HKG:3750), Baidu (HKG:9888), and Nio (HKG:9866), to its list of "Chinese military companies," according to a notice published on MondayThe U.S. Department of Defense said the companies were designated under Section 1260H, which requires the agency to identify entities it deems linked to China's military or supporting military-civil fusion efforts.The updated list also includes Huawei Technologies, DJI, Semiconductor Manufacturing International (HKG:0981, SHA:688981), China Mobile (HKG:0941, SHA:600941), China Telecom (HKG:0728), and China Unicom (HKG:0762), among others.Also included on the list was WuXi AppTec (HKG:2359, SHA:603259), one of China's largest pharmaceutical research and manufacturing services providers.The companies were included in a previous version of the list that was briefly posted in February before being withdrawn minutes later without explanation, Bloomberg News reported separately.WuXi AppTec said separately in a statement that its inclusion on the list was "clearly a mistake" and that it would take immediate steps to challenge the designation.The company said it does not meet the statutory criteria for a "Chinese military company" and is not owned, controlled by, or affiliated with any Chinese military or government entity.While the designation carries limited immediate legal consequences, the Pentagon has increasingly used the list to restrict companies' access to U.S. military contracts and research funding, Bloomberg said.A 1260H designation is also reportedly viewed as a warning to U.S. investors and can precede tougher trade or regulatory restrictions.

HKG:0700HKG:0728HKG:0762HKG:0941HKG:0981HKG:1211HKG:2359HKG:9866HKG:9888HKG:9988SHA:600941SHA:603259SHA:688981SHE:002594SHE:300750
Asia

WuXi AppTec Completes 6.8 Billion Yuan Convertible Bond Issue

WuXi AppTec (HKG:2359, SHA:603259) completed the issuance of 6.78 billion yuan in USD-settled zero-coupon convertible bonds due 2027, according to a Thursday Hong Kong bourse filing.Hong Kong-listed shares of the firm were down nearly 2% in Friday morning trade.The company said net proceeds from the bond offering will total about $1.02 billion after expenses.About 90% of the proceeds will be used for global capacity and capability expansion, while the remaining 10% will be used for general corporate purposes.WuXi AppTec said it has obtained approval for the listing of the conversion shares in Hong Kong, while the application to list the bonds on the Vienna Stock Exchange remains subject to approval.

HKG:2359SHA:603259
Asia

WuXi AppTec Plans 6.8 Billion Yuan Zero-Coupon Convertible Bond Issue

WuXi AppTec Co (HKG:2359, SHA:603259) plans to issue 6.78 billion yuan of USD-settled zero-coupon convertible bonds due 2027, according to a Friday Hong Kong bourse filing.The bonds will be convertible into Hong Kong-listed shares at an initial conversion price of HK$153 per share, representing a premium of about 17.6% to the stock's closing price on May 14.Assuming full conversion, the bonds would convert into about 51.1 million new Hong Kong-listed shares, representing roughly 10.02% of the company's existing Hong Kong-listed share capital and about 1.71% of its total issued share capital.Net proceeds of about $1.02 billion will be used for global capacity and capability expansion, with the remainder for general corporate purposes.The bonds are expected to be listed on the Vienna Stock Exchange, subject to regulatory approvals and completion conditions, the filing said.

HKG:2359SHA:603259
Asia

Update: WuXi AppTec's Q1 Profit Up 27%

(Updated to include Shanghai stock code)WuXi AppTec (HKG:2359, SHA:603259) booked 4.65 billion yuan in attributable profit for the first quarter of 2026, up 27% from 3.67 billion yuan a year earlier, according to a Hong Kong bourse filing Monday.Earnings per share were 1.58 yuan, compared with 1.28 yuan in the prior year.Revenue jumped 29% year on year to 12.44 billion yuan, figures showed.

HKG:2359SHA:603259
Asia

WuXi AppTec's Q1 Profit Up 27%

WuXi AppTec (HKG:2359) booked 4.65 billion yuan in attributable profit for the first quarter of 2026, up 27% from 3.67 billion yuan a year earlier, according to a Hong Kong bourse filing Monday.Earnings per share were 1.58 yuan, compared with 1.28 yuan in the prior year.Revenue jumped 29% year on year to 12.44 billion yuan, figures showed.

HKG:2359