May 25 A-shares Pre-market Headlines

Mars Finance News May 25 – Pre-market Highlights:

1. The State Council recently issued the “Implementation Opinions on Promoting Basic Public Services in Permanent Residence.” The opinions stress that providing basic public services by the place of permanent residence helps promote equal access to basic public services for people who have not yet registered for permanent residence and for those who have registered for permanent residence.

2. Pakistani Prime Minister Shehbaz attended the 3rd China-Pakistan Information Technology and Telecommunications, Battery Energy Storage Systems, and Agriculture B2B Investment Conference in Hangzhou, and witnessed multiple signings in the two sides’ economic and trade areas on-site. Pakistan also announced multiple collaborations with Alibaba, which is expected to accelerate Pakistan’s digital economy and AI development.

3. The General Administration of Customs stated that, to facilitate all sectors in understanding data, mainland customs will jointly research and compile external goods trade statistics based on the Guangdong-Hong Kong-Macao Greater Bay Area as a whole, together with Hong Kong and Macau, and release them in a timely manner.

4. The China Securities Regulatory Commission and eight other departments recently jointly issued the “Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities and Futures Fund Business Activities.” A person in charge from the CSRC’s relevant department said that it is strictly prohibited for overseas institutions, in any form, to illegally provide account-opening and trading services within China, and a centralized 2-year rectification period will be set to clear illegal existing businesses.

5. On May 22, Ling Ji, Deputy Minister of Commerce and Deputy Representative for International Trade Negotiations, presided over a roundtable for foreign-funded enterprises in the pharmaceutical industry. Representatives from more than 50 foreign companies, including Sanofi, Novartis, Merck, Becton Dickinson, Gilead Sciences, Eli Lilly, and Danaher, attended the meeting.

6. China is accelerating research and formulation of national unified computing power network technical standards. Related guiding technical documents have reached 12 items, covering multiple areas including computing power monitoring and scheduling, coordinated computing and power generation, and security protection, to promote the optimized allocation of national computing power resources.

7. On May 24, the inauguration ceremony for the China-ASEAN Artificial Intelligence Industry Innovation Center was held in Beijing. The China-ASEAN AI Center will focus on four key areas: first, promoting technological R&D and innovation cooperation; second, building an AI industry cooperation ecosystem; third, deepening AI governance practices; fourth, supporting regional capacity building—jointly building intelligent infrastructure, sharing the dividends of AI development, and working to narrow the global AI divide.

8. Yixin, a leading loan-assistance institution, is carrying out a “benign withdrawal” of its quasi-fixed income products. At present, Yixin is standardizing its data calculations; once the plan is formed and reported to the competent authorities, it is expected to publish the benign withdrawal plan within 4 to 6 weeks, and sign agreements with customers one by one.

9. On May 22, the CSRC announced that, due to illegal cross-border securities and futures business practices, it intends to confiscate all illegal gains in China and abroad related to Tiger Securities, Futu, and Changqiao, and impose strict penalties in accordance with law. According to the latest “Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities and Futures Fund Business Activities,” the safety of existing investors’ property will not be affected by this rectification.

10. Last Friday, the Shanghai Composite Index rose 0.87% to 4,112.90 points, down 0.54% for the week; the Shenzhen Component Index rose 2.30% to 15,597.30 points, up 0.23% for the week; and the ChiNext Index rose 2.84% to 3,938.50 points, up 0.24% for the week.

11. Last Friday, the Hang Seng Index rose 0.86% to 25,606.03 points, down 1.37% for the week; the Hang Seng Tech Index rose 2.11% to 4,869.57 points, down 1.45% for the week; and the State-owned Enterprises Index rose 0.89% to 8,550.87 points, down 1.61% for the week.

12. With the A-share semiconductor sector staying extremely hot, multiple “star” company shareholders have collectively rolled out plans to reduce their holdings. Seven listed semiconductor and AI-industry-chain companies, including Microunit Technology and Lanjin Technology, have released reduction announcements in a dense manner. Based on the latest closing prices, the total planned reduction size for this round is estimated at 126.92 billion yuan, setting the largest single-day reduction announcement scale for the semiconductor sector in the recent period.

13. Futu Holdings announced on May 22 that it received a pre-administrative-penalty notice from the CSRC, and the proposed total fine is about 1.85 billion yuan RMB. Futu stated that, by the end of the first quarter of 2026, accounts funded from mainland China account for about 13% of the company’s total funded accounts.

14. *ST Wentai announced that it has filed a lawsuit and that the case against six defendants, including Anshi Holdings, has been accepted. It demands that they stop carrying out discriminatory restriction measures and compensate for economic losses, provisionally estimated at 80 billion yuan.

15. Huadian Technology announced that its controlling subsidiary plans to invest 3 billion yuan to build an advanced integrated circuit advanced packaging and testing project. China Nuclear Construction announced that it plans to raise funds through a private placement of no more than 4 billion yuan for Phase 1 of the Jiangsu Xuwei nuclear energy heating and power generation plant, including Unit 1 and Unit 2 nuclear islands and supporting BOP civil engineering works, among others.

16. Last Friday, all three major US stock indexes closed higher: the Dow Jones rose 0.58% to 50,579.70 points, up 2.13% for the week; the S&P 500 rose 0.37% to 7,473.47 points, up 0.88% for the week; and the Nasdaq rose 0.19% to 26,343.97 points, up 0.45% for the week.

17. Last Friday, Germany’s DAX 30 rose 0.88% to 24,888.56 points, up 3.92% for the week; France’s CAC 40 rose 0.37% to 8,115.75 points, up 2.05% for the week; and the UK’s FTSE 100 rose 2.66% to 10,466.26 points.

18. Affected by the easing of the situation between the US and Iran, in Monday’s early Asian trading, the three major US stock index futures continued to rise: Nasdaq futures rose 1%, and S&P 500 index futures rose 0.63%. At one point, both WTI crude oil futures and Brent crude oil futures fell by more than 5%.

19. Recently, India’s market has been experiencing a wave of sell-offs. International capital continues to flow out of India’s stock market, further increasing pressure on the depreciation of the rupee. Data shows that, since the beginning of this year, global investors have withdrawn about $23 billion from India’s stock market, exceeding the total amount of foreign capital outflows from India’s stock market for all of last year. Meanwhile, a report from brokerage JM Financial shows that foreign holdings in India’s stock market have already fallen to 14.7%, the lowest level in nearly 14 years.

20. Due to the Memorial Day holiday, US markets will close for one day on May 25; trading of US stock and US Treasury futures contracts will end early at 1:00 AM Beijing time on May 26. Due to the spring bank holiday, UK markets will also be closed for one day on May 25.

21. With SpaceX’s highly anticipated IPO about to land, space-themed ETFs are seeing an “explosive” surge. In just the past month, space-related ETFs attracted $1.3 billion in new capital inflows, lifting the total assets under management for this emerging sector to $3.3 billion.

22. Tesla China officially renamed FSD to “Tesla Assisted Driving.” The webpage has completely removed references related to FSD and autonomous driving, and the product price remains unchanged at 64,000 yuan. The official renaming clearly states that this system falls under the Level 2 assisted driving category; during driving, the driver must monitor throughout the entire process and cannot take their hands off the wheel.

23. Advanced Micro Devices (AMD) has started mass production of its 6th-generation AMD EPYC CPU with the code name “Venice,” becoming an important milestone for the collaboration between AMD and TSMC on 2-nanometer technology. It is reported that AMD plans to expand the above mass production in TSMC’s Arizona fabs in the United States in the future.

24. According to reports, insiders say Anthropic is expected to complete the latest round of financing this week, with a financing scale exceeding 300 billion dollars. Anthropic expects its annualized revenue next month to exceed 50 billion dollars.

25. On May 22 (US Eastern Time), SpaceX completed the 12th test flight of “Starship,” and the second-stage “Starship” spacecraft splashed down in the waters of the Indian Ocean.

26. On May 26 to July 25, 70% of the equity interests in Shanghai Wanda Small Loan Co., Ltd., which is owned by Dalian Wanda Group, will be auctioned. This auction is publicly initiated by the Shanghai Second Intermediate People’s Court, with a starting price of about 409 million yuan and an appraised value of about 731 million yuan. This equity interest has previously gone through two rounds of failed auctions. The price for this sale is the same as the price from the second auction.

27. DeepSeek announced that the DeepSeek-V4-Pro API has permanently reduced its price to 25% of the original price, setting a new global low for large-model pricing. DeepSeek is advancing a financing round of 70 billion yuan RMB, which is larger than the previously reported 50 billion yuan scale, and is expected to set the biggest single financing record in China’s AI enterprise history.

28. On the afternoon of May 23 (US Eastern Time), US President Trump posted on social media, saying that the US and Iran have basically reached an agreement, pending final confirmation by both the US and Iran and relevant Islamic countries, and the Strait of Hormuz will be opened accordingly.

29. In the early hours of May 24 (local time), Iran released a statement saying that President Trump’s latest remarks on social media about “the Strait of Hormuz will be reopened” are “incomplete.”

30. On May 24, US President Trump posted on a social media platform that negotiations between the US and Iran are currently advancing “in an orderly and constructive manner.” He has told US representatives “not to rush to reach an agreement,” because “time is on America’s side.”

31. According to US media reports on May 23, as a key part of the agreement that the US and Iran are about to reach, Iran has agreed to give up its stockpile of highly enriched uranium. (KOSG Bao Report)