Northern Stanmore Rare Earth Mine in Western Australia Rich in Hafnium

On Feb 24, 2026, China placed 20 Japanese firms, including Subaru, on an export control watchlist for unverifiable end-use of dual-use items. This signals tighter controls on critical minerals and tech amid geopolitical and supply chain shifts. The analysis examines the firms' supply chain roles and the long-term industrial implications.

On February 24, 2026, China's Ministry of Commerce issued Announcement No. 12 of 2026, adding 20 Japanese entities, including Subaru Corporation, to the export control "watch list" on the grounds of "inability to verify the end-users and end-uses of dual-use items." This move marks the first time since January 2026 that China has explicitly implemented such list-based management measures targeting Japanese enterprises, signaling a shift toward more precise, systematic, and in-depth development of export controls in the fields of critical minerals and high-tech materials. This article will conduct an in-depth analysis of the core backgrounds of these 20 enterprises, reveal their deep-seated connections with supply chains of critical materials such as rare earths, and explore the potential impact of this measure on the future global industrial landscape.

Shenghe Resources Holding Co., Ltd. (600392.SH) disclosed its 2025 annual performance forecast, expecting net profit attributable to owners of the parent company to be 790 million–910 million yuan for the full year of 2025, an increase of 582.8035 million–702.8035 million yuan compared with the same period last year, up 281.28%–339.20% YoY.