Following attacks on Iran by the United States and Israel, Iran has announced the closure of the Strait of Hormuz shipping lane. Multiple tanker owners and traders have suspended the transport of crude oil, fuel, and liquefied natural gas through this strait. According to the German Shipowners' Association, the shipping industry is facing an "acute operational crisis." Ship-tracking data indicates that LNG trade through this narrow waterway has largely come to a halt. Traders reveal that Asian buyers are actively contacting suppliers to inquire about alternative sources. Concurrently, Egypt is attempting to receive natural gas shipments earlier after supplier Israel shut down some gas fields. Analysis suggests that while Iran's crude oil production accounts for only about 3% of global supply, having a relatively limited direct impact on international oil prices, approximately 20% of globally transported crude oil passes through the Strait of Hormuz. Therefore, the security of transport through the Strait is the most significant variable determining the direction of international oil prices. Reports indicate that at least 150 tankers (including those carrying crude oil and petroleum products) are anchored in the broad waters of the Middle East Gulf crossing the Strait of Hormuz. This situation involves Hong Kong-listed shipping sector stocks.
In US markets last Friday, the three major indices closed lower. Nvidia (NVDA.US) continued its decline, closing down 4.16%. The Dow Jones Industrial Average fell 521.28 points, or 1.05%, to close at 48,977.92. The S&P 500 dropped 29.98 points, or 0.43%, to 6,878.88. The Nasdaq Composite declined 210.17 points, or 0.92%, to 22,668.21. CoreWeave (CRWV.US) fell 18.51%, while Dell Technologies (DELL.US) rose 21.93%. The US KBW Bank Index fell nearly 5%, marking its largest single-day drop since last April. Goldman Sachs dropped over 7%, and Morgan Stanley fell more than 6%. The Nasdaq Golden Dragon China Index declined 1.81%. Kingsoft Cloud Holdings gained over 6%. Hong Kong's Hang Seng Index ADRs fell proportionally, closing at 26,438.20 points, down 192.34 points or 0.72% from the Hong Kong market close.
Hong Kong SAR Financial Secretary Paul Chan Mo-po stated on March 1 that while Hong Kong's direct trade and investment with Iran are limited, the conflict creates significant global uncertainty. He estimates that financial market volatility will be relatively high due to the Middle East conflict, with potential for faster capital flow shifts and uncertainty. Local funds might seek a "safe haven," potentially flowing to Hong Kong, and the SAR government must be prepared to handle financial risks carefully, having sufficient contingency plans. He pointed out that the conflict could short-term affect gold prices, oil prices, and international trade transport costs, and the government continuously assesses related risks.
Due to regional tensions, multiple Middle Eastern countries announced airspace closures on February 28, leading to suspended airport operations, numerous flight cancellations, and disrupted passenger travel. By late February 28, airlines including Lufthansa, Air France, and Air India had announced suspensions of routes to and from multiple Middle Eastern countries. According to aviation data company Cirium, over 800 flights destined for Middle Eastern countries were canceled that day, stranding large numbers of passengers. Industry insiders noted that since the Russia-Ukraine conflict forced airlines to avoid both countries' airspace, the importance of the Middle East for global aviation has increased. The escalation of Middle East tensions raises operational risks for airlines, and widespread airspace closures force many flights to detour, correspondingly increasing fuel costs. Affected by the Middle East situation, Chinese airlines including Air China, China Eastern Airlines, and China Southern Airlines have successively issued special handling policies for tickets on flights involving the Middle East region.
OpenAI announced it has secured $110 billion in new investment at a valuation of $730 billion. This includes $30 billion from SoftBank, $30 billion from Nvidia, and $50 billion from Amazon. OpenAI stated it will expand its AWS cooperation scale by $1,000 billion over eight years. OpenAI also signed a strategic cooperation agreement with Amazon and partnered with NVIDIA for next-generation inference computing. As the funding round progresses, more financial investors are expected to join. This involves Hong Kong-listed AI large model sector stocks.
FTSE Russell announced the preliminary results of its semi-annual review for March 2026 for its Global Equity Index Series, with the relevant adjustments taking effect after the market close on March 20. FTSE Russell, the world's second-largest index compiler, has index products covering over 70 global markets and is a crucial tool for investors. In this index adjustment, 77 stocks were added to the large-cap list, while 38 stocks were removed. Goldman Sachs analysis indicates that this FTSE index adjustment is expected to trigger total capital flows exceeding $27 billion, with China and South Korea becoming the largest net inflow destinations, while Japan faces significant outflow pressure.
At MWC26 in Barcelona, Spain, on February 28, Huawei debuted its latest super-node products overseas for the first time, based on the new interconnect protocol "Ling Qu" (Unified Bus). These include the AI super-node Atlas 950 SuperPoD and the industry's first general-computing super-node TaiShan 950 SuperPoD, aiming to break computing power bottlenecks through system-level innovation.
Yum China Holdings (09987) released its annual results. Total revenue increased by 4% year-on-year to $11.8 billion. System sales grew 4%, and same-store sales increased 1%, excluding foreign currency translation impacts. A net 1,706 new stores were added, with franchisees accounting for 31% of net new additions. The total store count reached 18,101 as of December 31, 2025. Operating profit grew 11% to $1.3 billion, with core operating profit also up 11%. The operating profit margin was 10.9%, an increase of 60 basis points.
According to Tianyancha business information, Weixing Technology Co., Ltd. recently underwent industrial and commercial changes. Former shareholders Zhejiang Jidi Technology Co., Ltd. and Mercedes-Benz Mobility Services GmbH exited, and Cao Cao Mobility's associated company, Hangzhou Uptown Technology Co., Ltd., became the sole shareholder. Concurrently, Yang Guang stepped down as legal representative, replaced by Zang Ke. Weixing Technology was established in May 2019 with a registered capital of 700 million yuan, operating in minibus rental services, computer hardware and software wholesale, and computer and office equipment maintenance. Previously, Cao Cao Mobility (02643) announced on the Hong Kong Exchange that Hangzhou Uptown agreed to acquire 50% stakes in Weixing Technology from both Zhejiang Jidi and Mercedes-Benz Mobility for a total cash consideration of 225 million yuan.
Rongchang Biotechnology (09995) released its annual results, reporting a profit attributable to owners of 709 million yuan, turning a profit year-on-year from a loss. Operating revenue reached 3.251 billion yuan, an increase of 89.36%.
Innovent Biologics (01801) announced that Jiepali® (Pirtobrutinib) was officially approved in China by the NMPA for a new indication: treating adult patients with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma who have received at least one prior systemic therapy containing a BTK inhibitor.
Chunli Medical (01858) reported a net profit attributable to owners of approximately 272 million yuan for 2025, a surge of 117.72% year-on-year. Operating revenue was approximately 1.044 billion yuan, up 29.52%.
Junshi Biosciences (01877) reported a net loss attributable to owners of approximately 874 million yuan for 2025, narrowing by 31.74% year-on-year. Operating revenue was approximately 2.498 billion yuan, an increase of 28.23%.
Tongyuan Kang Medicine -B (02410) announced that on February 27, 2026, existing shareholders, Tongyuan Kang Biotechnology, and subscribers entered into a capital increase agreement. The subscribers agreed to increase the registered capital of Tongyuan Kang Biotechnology by approximately 6.49 million yuan for a total consideration of approximately 83.5 million yuan. Post-increase, the company's equity in Tongyuan Kang Biotechnology will decrease from about 57.14% to 39.03%, and it will cease to be a subsidiary.
Tongguan Gold (00340) issued a positive profit alert. Preliminary estimates indicate the company expects to record a profit attributable to owners of approximately 820-840 million港元 for the full year 2025, a significant increase of approximately 289% to 298% year-on-year. This figure includes a non-operating expense related to fair value changes of convertible bonds. Excluding this, the adjusted profit is estimated at 875-895 million港元, a surge of 315% to 324%. The increase is mainly due to higher production and sales volume of mineral gold and an increased average selling price compared to 2024. Gold is currently caught in a dual dynamic between its "safe-haven属性" and "real interest rates." Major international investment banks have raised their 2026 gold price forecasts, with Deutsche Bank reiterating a $6,000/oz target and JPMorgan raising its forecast to $6,300/oz for end-2026.
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