Weekend News Summary: The Minimum Purchase Amount for Tax Refunds for Departing Travelers Will Be Lowered; Second-Home Purchases Converted to First-Home Purchases Eligible for Special Additional Deductions for Home Mortgage Interest

Key market-moving news over the weekend includes: Six departments, including the Ministry of Commerce, lower the threshold for departure tax refunds; the State Taxation Administration states that second-home loans converted to first-home loans are eligible for special additional deductions for mortgage interest; the US claims that China and the US are in negotiations, to which the Ministry of Foreign Affairs responds: Do not mislead the public; ten departments set a target for pure electric vehicles (EVs) to become the mainstream of newly sold vehicles by 2035; Tencent Music plans to acquire Himalaya, with transaction discussions initiated two months ago.

Macro and Market Highlights

Draft National Development Planning Law Submitted to NPC Standing Committee for First Review

The draft National Development Planning Law was submitted to the Standing Committee of the National People's Congress (NPC) for its first review on April 27. The draft, comprising 4 chapters and 31 articles, mainly covers general requirements, formulation of national development plans, and implementation of national development plans. It formalizes in law the institutional arrangements formed through long-term practice, under the centralized and unified leadership of the CPC Central Committee, where the CPC Central Committee proposes planning suggestions, the State Council formulates planning outlines, and the NPC reviews and approves them before their publication and implementation. It further strengthens the implementation guarantee mechanisms for national development plans, providing institutional support for the scientific formulation and effective implementation of national development plans within the framework of the rule of law, to better leverage their strategic guiding role.

Six Departments, Including the Ministry of Commerce, Lower Threshold for Departure Tax Refunds and Optimize Payment Services for Departure Tax Refunds

Six departments, including the Ministry of Commerce, issued a notice on further optimizing the departure tax refund policy to expand inbound consumption. The notice mentions lowering the threshold for departure tax refunds. Overseas travelers who purchase tax-refundable items worth at least 200 yuan on the same day at the same store and meet other relevant requirements can apply for departure tax refunds. Payment services for departure tax refunds will be optimized. The cash refund limit will be raised to 20,000 yuan. Efforts will be made to strengthen cooperation between tax refund agencies and payment institutions, clearing institutions, etc., to provide tax refund services through multiple channels such as mobile payments, bank cards, and cash, under the premise of risk control, to better meet the diverse payment service needs of overseas travelers.

US Insists China and the US Are in Negotiations; Ministry of Foreign Affairs Responds: Do Not Mislead the Public

At a regular press conference held by the Ministry of Foreign Affairs on the afternoon of April 25, a reporter asked about the US's insistence that China and the US are in negotiations. Foreign Ministry spokesperson Guo Jiakun: On the 24th, my colleagues from the Ministry of Commerce and I clearly answered this question. There have been no consultations or negotiations between China and the US on tariff issues. The US should not mislead the public.

Profits of Industrial Enterprises Above Designated Size in China Increase by 0.8% from January to March 2025

From January to March, industrial enterprises above designated size nationwide achieved a total profit of 1,509.36 billion yuan, up 0.8% YoY. Among industrial enterprises above designated size, state-owned holding enterprises achieved a total profit of 559.95 billion yuan, down 1.4% YoY; joint-stock enterprises achieved a total profit of 1,110.15 billion yuan, up 0.1% YoY; foreign-invested enterprises and those invested by Hong Kong, Macao, and Taiwan achieved a total profit of 388.35 billion yuan, up 2.8% YoY; and private enterprises achieved a total profit of 370.97 billion yuan, down 0.3% YoY.

Ministry of Finance: Total Profits of State-Owned Enterprises Reach 1,090.7 Billion Yuan from January to March, Up 1.7% YoY

According to Ministry of Finance data, from January to March, state-owned enterprises achieved a total operating revenue of 19,845.16 billion yuan, unchanged from the previous year. Total profits of state-owned enterprises reached 1,090.74 billion yuan, up 1.7% YoY. At the end of March, the asset-liability ratio of state-owned enterprises was 65.0%, up 0.1 percentage points YoY.

CSRC Issues Regulations on Temporary Suspension and Exemption of Information Disclosure by Publicly Listed Firms, Clarifying Two Categories of Exemptions

To further strengthen the supervision of temporary suspensions and exemptions of information disclosure by publicly listed firms and protect the legitimate rights and interests of investors, the China Securities Regulatory Commission (CSRC) formulated the Regulations on Temporary Suspension and Exemption of Information Disclosure by Publicly Listed Firms, which will come into effect on July 1, 2025. The main contents of the Regulations are as follows: First, clarify two categories of exemptions, namely, information that is a state secret or may violate national confidentiality regulations or management requirements if disclosed publicly, and trade secrets or confidential business information. Second, stipulate three methods of exemption, including exemption from timely disclosure of interim reports, exemption from disclosure of interim reports, and exemption from disclosure of relevant content in periodic reports and interim reports through the use of code names. Third, consolidate the responsibilities of companies, requiring the establishment of a disclosure exemption system, prohibiting the use of confidentiality as a pretext for publicity, and implementing registration management and regular submission of registration materials for exempted disclosure items. Fourth, strengthen regulatory constraints, with penalties for those who fail to establish systems as required, do not meet the conditions for exempted disclosure, or even engage in insider trading or market manipulation using exempted disclosure.

2025 National Conference on Responding to Trade Frictions Held in Beijing

The 2025 National Conference on Responding to Trade Frictions was held in Beijing from April 24 to 25. The conference pointed out that China's trade frictions have entered a high-intensity stage. Facing difficulties and challenges, it is necessary to remain confident, maintain composure, and adopt strategic approaches to foster new opportunities amid crises and open up new prospects amid changes. It is essential to enhance political awareness, adhere to a systematic perspective, strengthen bottom-line thinking and extreme-case thinking, focus on preventing and resolving trade risks, and make new contributions to the high-quality development of trade. Representatives from relevant departments of the State Council, commerce authorities of provinces, autonomous regions, municipalities directly under the central government, and the Xinjiang Production and Construction Corps, as well as business associations of key industries and relevant research institutions, attended the conference.

Industry Highlights

State Taxation Administration: Second-Home Loans Converted to First-Home Loans Are Eligible for Special Additional Deductions for Mortgage Interest

Recently, on the official website of the 12366 tax service platform of the State Taxation Administration, in response to a question, the State Taxation Administration stated that taxpayers who replace their existing home loans in accordance with the Notice on Matters Related to Reducing Interest Rates on Existing First-Home Loans can continue to enjoy the special additional deductions for mortgage interest, as their housing remains the same before and after the replacement.

SZSE Further Standardizes the Review of Securities Issuance and Listing by Publicly Listed Firms

The Shenzhen Stock Exchange (SZSE) issued the Shenzhen Stock Exchange Rules on the Review of Securities Issuance and Listing by Publicly Listed Firms (2025 Revision). The main contents of this revision are as follows: First, adaptively adjust relevant clauses and expressions. In accordance with the provisions and amendments of higher-level laws and regulations such as the new Company Law and the Registration Measures, "shareholders' meeting" is adjusted to "general meeting," financial assistance-related requirements are adjusted, the term "supervisor" is removed, and clauses related to shareholding reductions are deleted. Second, strengthen the responsibilities of intermediary institutions. Give full play to the role of on-site supervision, continuously improve the review mechanism combining written review and on-site supervision, and place greater emphasis on preventing financial fraud and fraudulent issuance in the issuance review process; strengthen the "gatekeeper" responsibilities of intermediary institutions and clarify the importance and necessity of on-site verification work. Third, strengthen self-regulatory supervision measures. Strengthen disciplinary actions against violations by intermediary institutions, add provisions for penalties in cases where intermediary institutions organize, instigate, or cooperate in financial fraud and other violations; raise the maximum period for intermediary institutions and relevant responsible persons to have their files temporarily not accepted to five years, fully implementing strict regulatory requirements. Extend the filing period for sponsors with two cumulative instances of non-acceptance from three months to six months, and add a six-month filing period for voluntary withdrawals under circumstances of on-site inspections and supervision.

China Securities Association Issues Self-Regulatory Measures to Prevent Securities Firms from Adjusting Profits and Financial Indicators Through Valuation

On the 25th, the China Securities Association (CSA) issued the Guidelines for the Valuation of Financial Instruments by Securities Firms to guide securities firms in scientifically and reasonably valuing and impairing financial instruments and preventing financial risks. The Guidelines stipulate that to ensure prudence in the valuation process and prevent situations such as adjusting profits and financial indicators through valuation, relevant clauses on self-regulatory management are added. The CSA can assess and inspect the implementation of financial instrument valuation work by securities firms. If securities firms are not prudent in the valuation process or adjust profits and financial indicators through valuation, the CSA can take self-regulatory management measures or disciplinary actions against the firms and their responsible persons. Currently, the valuation of financial instruments that securities firms can measure at fair value covers, but is not limited to, stocks, bonds, funds, derivatives, equity in non-listed companies, and asset management products held by securities firms.

National Financial Regulatory Administration: Allows Insurance Companies to Adjust Minimum Guaranteed Interest Rates for Universal Life Insurance Products When Meeting Corresponding Constraints

The National Financial Regulatory Administration (NFRA) recently issued the Notice on Matters Related to Strengthening the Supervision of Universal Life Insurance. Relevant department heads of the NFRA answered questions from reporters. It clarifies that universal life insurance provides a minimum guaranteed interest rate and allows insurance companies to adjust the minimum guaranteed interest rate for universal life insurance products when meeting corresponding constraints, especially during periods of declining interest rates, to effectively prevent interest rate spread risks. At the same time, it appropriately raises the upper limit of basic insurance premiums for regular-premium universal life insurance and encourages the development of long-term universal life insurance. It further enhances the level of risk protection. It guides insurance companies to extend the coverage period of universal life insurance, prohibits the development of universal life insurance products with a term of less than five years (excluding five years), and encourages the extension of the actual duration of policies through reasonable adjustments to surrender fees, policy continuation bonuses, and other product design elements.

Ten Departments Set a Target for Pure Electric Vehicles to Become the Mainstream of Newly Sold Vehicles by 2035

The Ministry of Transport and ten other departments issued guidance on promoting the integrated development of transportation and energy. The guidance points out that by 2035, it aims to promote the comprehensive integration and interaction of transportation and the new energy system, initially establish a transportation energy consumption system dominated by clean and low-carbon energy consumption, with technological innovation as a key support and green, smart, and resource-saving as the orientation. The proportion of electricity in the terminal energy consumption of the transportation industry will remain high, with green electricity developed relying on transportation infrastructure mainly consumed and utilized locally. Pure electric vehicles will become the mainstream of newly sold vehicles, with large-scale applications of new energy commercial heavy-duty trucks, and the basic establishment of a green fuel supply system for transportation.

Agency: China's Smartphone Market Grows 5% YoY in Q1 2025, Xiaomi Regains Top Spot

According to the latest data from Canalys, in the first quarter of 2025, smartphone shipments in China reached 70.9 million units, driven by national subsidy policies and consumption recovery, showing a mild 5% YoY growth, continuing the recovery trend that began in 2024. Among them, Xiaomi's shipments reached 13.3 million units, up 40% YoY, regaining the top spot after a decade, with a market share of 19%. Huawei followed closely behind, maintaining double-digit growth with shipments of 13 million units, ranking second. OPPO and vivo ranked third and fourth with shipments of 10.6 million units and 10.4 million units, respectively. Apple experienced a decline after its traditional peak season, with shipments of 9.2 million units, down 8% YoY, ranking fifth.

The State Council Approves the Establishment of Cross-Border E-Commerce Comprehensive Pilot Zones in Hainan Island and 15 Other Cities (Regions)

The State Council has approved the establishment of cross-border e-commerce comprehensive pilot zones in Hainan Island and 15 other cities (regions), including Qinhuangdao. Meanwhile, the cross-border e-commerce comprehensive pilot zones established in Haikou, Sanya, and Alashankou will be revoked. Relevant departments of the State Council shall, in accordance with their functional divisions, strengthen coordination, guidance, and policy support for the comprehensive pilot zones, and effectively leverage their exemplary and leading roles. Adhering to the principles of encouraging innovation, being inclusive and prudent, and adhering to goal-oriented and problem-oriented approaches, efforts shall be made to strengthen coordination and cooperation, focus on exploring innovations in technical standards, business processes, regulatory models, and information construction related to the business-to-business (B2B) aspects of cross-border e-commerce, research and introduce more supportive measures, create a favorable environment for the development of comprehensive pilot zones, and better promote and regulate the growth and development of the cross-border e-commerce industry.

First Case Nationwide! Publicly Listed Firm's Directors, Supervisors, and Senior Management Found Guilty of Violating Public Commitments

On April 25, the Shanghai Financial Court publicly announced its verdict in a securities misrepresentation liability dispute case filed by plaintiffs Liu XX and Zheng XX against defendants Shanghai Kinlita Chemical Co., Ltd., Yuan XX, and Luo XX. This case marks the first securities infringement dispute nationwide arising from the failure of directors, supervisors, and senior management of a publicly listed firm to fulfill public share purchase commitments since the revision of the Securities Law of the People's Republic of China in 2019.

After deliberation, the Shanghai Financial Court held that in this case, Yuan XX and Luo XX had no financial preparations when they initially made the share purchase commitments and failed to actively raise funds during subsequent extensions. Furthermore, when faced with inquiries from the exchange, they fabricated "false" deposit certificates using bridge loans, making it difficult to ascertain their genuine intention to increase their shareholdings. From the perspectives of the share purchase entities, the committed purchase amounts, and market influence, the disclosure of Yuan XX and Luo XX's public share purchase commitments severely misled the securities market and investor expectations. Their claimed reasons for failing to fulfill the share purchase commitments were clearly unreasonable, thus establishing the materiality of the false statements. Additionally, as the public declarants of the commitments, Yuan XX and Luo XX were statutory information disclosure obligors, not Kinlita. Throughout the information disclosure process, Kinlita fulfilled its basic review obligations, and there was no evidence to prove that Kinlita knew or should have known about the false statements made by Yuan XX and Luo XX. Therefore, Kinlita should not bear civil liability for the misrepresentation involved in this case.

In summary, after entrusting a third-party institution to assess the losses, the Shanghai Financial Court ruled in the first instance that defendants Yuan XX and Luo XX shall jointly compensate plaintiff Liu XX for investment losses of 506,130.96 yuan and jointly compensate plaintiff Zheng XX for investment losses of 277,406.42 yuan.

Corporate News

Tencent Music Plans to Acquire Himalaya; Transaction Initiated Two Months Ago

A reporter from the Science and Technology Innovation Board Daily learned from informed sources that Tencent Music is planning to acquire Himalaya, with the transaction having been initiated two months ago. The transaction price offered by Tencent Music has significantly decreased, and Himalaya's management has already signed off on it. However, due to potential market monopoly concerns, the transaction still requires approval from relevant authorities. The reporter from the Science and Technology Innovation Board Daily inquired about this matter with Tencent Music and Himalaya. A relevant person from Himalaya stated that they were unaware of the "acquisition" and, as of April 24, 2025, the Himalaya DingTalk office system showed that the number of active employees exceeded 2,300. As of press time, Tencent Music had not yet responded.

Ant Fortune Initiates Tender Offer for Hong Kong's Bright Smart Securities

Bright Smart Securities announced on Friday that Shanghai Yunjin Information Technology Co., Ltd., through its subsidiary, has initiated a tender offer for Bright Smart Securities at a price of 3.28 Hong Kong dollars per share. Shanghai Yunjin is also a shareholder of Ant Fortune, an internet wealth management platform. Founded in 1995, Bright Smart Securities was listed on the Hong Kong Stock Exchange in 2010. Industry insiders believe that the cooperation between the two parties is expected to promote Bright Smart Securities' digitalization and transformation. The announcement stated that Ant Fortune strongly believes in the long-term development of China's economy and the Hong Kong economy, as well as the significant market opportunities brought about by the integration of technology and wealth management.

CATL: First Share Repurchase of 1.0753 Million Shares

CATL announced that on April 25, 2025, the company repurchased 1.0753 million shares through the Shenzhen Stock Exchange's stock trading system via a centralized bidding transaction method for the first time, accounting for 0.0244% of the company's current total share capital. The highest transaction price was 237.38 yuan per share, and the lowest was 236.01 yuan per share, with a total transaction amount of 255 million yuan (excluding transaction fees).

Humanwell Healthcare: Proposed Change in Controlling Shareholder and Actual Controller

Humanwell Healthcare announced that it recently received a notification from the administrator of its controlling shareholder, Wuhan Dangdai Science & Technology Industry Group Co., Ltd. (hereinafter referred to as "Dangdai Science & Technology"). On April 25, 2025, the Intermediate People's Court of Wuhan City, Hubei Province, issued a "Civil Ruling" approving Dangdai Science & Technology's restructuring plan and terminating its restructuring procedures. According to the restructuring plan, China Merchants Innovation Technology (Group) Co., Ltd., the restructuring investor, will establish a wholly-owned subsidiary, China Merchants Life Sciences, to participate in Dangdai Science & Technology's restructuring, with a total investment of 11.8 billion yuan. Upon completion of the restructuring plan, China Merchants Life Sciences will collectively control 387 million shares of the company, representing voting rights corresponding to 23.70% of the company's total share capital. The company's controlling shareholder may change from Dangdai Science & Technology to China Merchants Life Sciences, and the company's actual controller may change from Ai Luming to China Merchants Group Co., Ltd.

BYD's Q1 Net Profit Reaches 9.15 Billion Yuan, Up 100.4% YoY

BYD's Q1 revenue reached 170.36 billion yuan, up 36.4% YoY; net profit reached 9.15 billion yuan, up 100.4% YoY. BYD's Q1 operating costs were 162.85 billion yuan, a year-on-year increase of 35%; R&D expenditure was 14.22 billion yuan, up 34% YoY.

China Telecom: Q1 Net Profit Reaches 8.864 Billion Yuan, Up 3.1% YoY

China Telecom released its Q1 2025 report, showing operating revenue of 134.5 billion yuan, up 0.01% YoY. Net profit attributable to shareholders of the publicly listed firm was 8.864 billion yuan, up 3.1% YoY. The company's mobile communication business developed steadily, with the number of 5G network users reaching 270 million and the penetration rate increasing to 62.0%. The fixed-line and smart home businesses maintained good growth, with the penetration rate of gigabit broadband users reaching approximately 30% and smart home revenue increasing by 11.5% YoY. Strategic emerging businesses continued to expand in scale, with IDC revenue reaching 9.5 billion yuan, up 10.4% YoY. Note: Q4 2024 net profit was 3.713 billion yuan, indicating a QoQ increase of 138.71% in Q1 net profit.

Yonghui Superstores: Q1 Net Profit Down 80% YoY

Yonghui Superstores announced that its Q1 2025 operating revenue was 17.479 billion yuan, down 19.32% YoY; net profit attributable to the parent company's owners was 148 million yuan, down 79.96% YoY. This was mainly due to the company's proactive strategic and business model transformation, which involved closing underperforming stores and reducing the number of stores. Note: Q4 2024 net loss was 1.388 billion yuan.

China Pacific Insurance: Q1 Net Profit Down 18% YoY

China Pacific Insurance released its Q1 2025 report, showing operating revenue of 93.717 billion yuan, down 1.8% YoY; net profit was 9.627 billion yuan, down 18.1% YoY. In Q1 2025, the company achieved insurance service revenue of 69.55 billion yuan, up 3.9% YoY. Among them, CPIC Life Insurance achieved insurance service revenue of 20.98 billion yuan, up 0.6% YoY; CPIC Property & Casualty Insurance achieved insurance service revenue of 47.741 billion yuan, up 4.8% YoY. Note: Q4 2024 net profit was 6.65 billion yuan, indicating a QoQ increase of 44.77% in Q1 net profit.

China Shenhua Energy: Q1 Net Profit Down 18% YoY

China Shenhua Energy announced that its Q1 2025 operating revenue was 69.585 billion yuan, down 21.1% YoY; net profit attributable to shareholders of the publicly listed firm was 11.949 billion yuan, down 18.0% YoY; basic earnings per share were 0.601 yuan. The decrease in coal sales volume and average selling price led to a reduction in coal sales revenue; the decrease in electricity sales volume and average electricity selling price led to a reduction in electricity sales revenue. Note: Q4 2024 net profit was 12.597 billion yuan, indicating a QoQ decrease of 5.14% in Q1 net profit.

Gengxing Co., Ltd.: Delisting Risk Warning and Other Risk Warnings to Be Implemented Starting April 29; Stock Abbreviation Changed to *ST Gengxing

Gengxing Co., Ltd. announced that due to the company's audited net profit before and after deducting non-recurring gains and losses for 2024 being negative, and the operating revenue after deducting business income unrelated to the main business and income lacking commercial substance being less than 300 million yuan; and the audited net assets at the end of 2024 being negative, the company's shares will be subject to delisting risk warnings by the Shanghai Stock Exchange. Meanwhile, as the company's net profit after deducting non-recurring gains and losses for the lowest of the past three consecutive fiscal years was negative, and the audit report of the financial statements for the most recent fiscal year indicated uncertainties in the company's going-concern ability, the company's shares will also be subject to other risk warnings by the Shanghai Stock Exchange. After implementation, the A-share abbreviation will be *ST Gengxing. The company's shares will be suspended from trading for one day on April 28, 2025, and delisting risk warnings and other risk warnings will be implemented starting April 29, 2025. After implementation, the company's shares will be traded on the risk warning board, with a daily price limit of 5%.

Genway Electronic: Delisting Risk Warning to Be Implemented Starting April 29; Stock Abbreviation Changed to "*ST Genway"

Genway Electronic announced that due to the company's audited total profit, net profit, and net profit after deducting non-recurring gains and losses for 2024 all being negative, and the operating revenue after deducting business income unrelated to the main business and income lacking commercial substance being less than 300 million yuan, which triggered the provisions of Article 9.3.2, Paragraph 1, Item (1) of the "Shanghai Stock Exchange Stock Listing Rules," the company's shares will be subject to delisting risk warnings. The company's shares will be suspended from trading for one day on April 28 and delisting risk warnings will be implemented starting April 29, with the stock abbreviation changing from "Genway Electronic" to "*ST Genway." After implementation, the daily price limit for the company's shares will be 5%.

Tongtech: Company's Stock Trading May Be Subject to Delisting Risk Warning

Tongtech announced that during communications with the annual report auditor, the auditor believed that the company's 2024 annual financial statements might be issued with an audit report expressing a disclaimer of opinion. According to relevant regulations, the company's stock trading may be subject to delisting risk warnings. Currently, the audit work for the company's 2024 annual report is still ongoing. The company is actively cooperating with the audit institution's annual audit work and striving to eliminate risk factors that may affect the type of audit opinion. The final type of audit opinion in the financial statements will be based on the formal audit report issued by Beijing Dehao International Certified Public Accountants (Special General Partnership).

Guoxin Culture: Resumption of Trading and Implementation of Delisting Risk Warning Starting April 29; Stock Abbreviation Changed to "*ST Guoxin Culture"

Guoxin Culture announced that due to the company's audited total profit, net profit, and net profit after deducting non-recurring gains and losses for 2024 all being negative, and the operating revenue being less than 300 million yuan, the company's shares will be subject to delisting risk warnings. After implementation, the A-share abbreviation will be *ST Guoxin Culture, with the stock code remaining 600636. The company's shares will be suspended from trading for one day on April 28, 2025, and trading will resume with delisting risk warnings implemented starting April 29, 2025. After implementation, the company's shares will be traded on the risk warning board, with a daily price limit of 5%.

Yulong Co., Ltd.: Submits Application to the Shanghai Stock Exchange for Termination of Listing

Yulong Co., Ltd. announced that the company intends to voluntarily withdraw its A-share listing on the Shanghai Stock Exchange through a resolution of the general meeting of shareholders and apply for its shares to continue trading on the delisting board of the National Equities Exchange and Quotations system for small and medium-sized enterprises. The termination of listing was approved by the company's second extraordinary general meeting of shareholders in 2025 on April 7, 2025. On April 25, 2025, the company submitted an "Application from Shandong Yulong Gold Co., Ltd. for Withdrawal of Its Shares from Trading on the Shanghai Stock Exchange" to the Shanghai Stock Exchange, pending the exchange's decision on whether to accept it.

Overseas News

Major Explosion Occurs at Southern Iranian Port

On Saturday (April 26) local time, a massive explosion and fire broke out at the Shahid Rajaee Port in the southern Iranian city of Bandar Abbas. As of press time, at least 25 people had been killed and over 700 injured.The Iranian Ministry of Health declared a state of emergency in Bandar Abbas.

According to a report by the Islamic Republic News Agency (IRNA) on the 26th, the explosion was unrelated to the oil facilities near Shahid Rajaee Port. Mohammad Bagher Nobakht, the Iranian government spokesman, stated on the 26th that it is currently confirmed that the explosion occurred in "containers stored at the port, possibly containing chemicals." It will be difficult and time-consuming to make an accurate and professional statement about the cause of the accident before the fire is completely extinguished.

Trump: Unlikely to Suspend Tariffs for Another 90 Days, Hopes to Reach Agreement

US President Donald Trump stated that he is unlikely to approve another 90-day suspension of tariffs. Trump told reporters traveling with him on Air Force One, "I hope to reach trade agreements with a series of countries."

Trump Administration Cracks Down on "Birth Tourism," Warns Pregnant Women May Face Visa Denials

The US State Department, through its Bureau of Consular Affairs, issued a warning to foreigners attempting to enter the US on tourist visas for the purpose of "birth tourism." The State Department emphasized that such actions violate US immigration laws and are "unacceptable," and that consular officials are actively identifying and denying visa applications related to such behavior. Additionally, the State Department warned that individuals exploiting the immigration system for birth tourism may face serious long-term consequences, and those abusing the system in this way may lose their eligibility for future visas or travel to the US.

US Fed's Financial Stability Report: Global Trade Wars and Policy Uncertainty Are the Biggest Risks to Financial Stability

The latest Financial Stability Report released by the US Fed on Friday showed that rising global trade risks, overall policy uncertainty, and the sustainability of US debt top the list of potential risks to the US financial system. This is the first semi-annual survey of financial risks conducted by the Fed since Trump's return to the White House. 73% of respondents said that global trade risks were their top concern, more than double the proportion in the November report. Half of the respondents believed that overall policy uncertainty was the most worrying issue, a proportion that has increased YoY. The survey also found that issues related to recent market volatility have received more attention, with 27% of respondents concerned about the functioning of the US Treasury bond market, up from 17% last autumn. Foreign divestment from US assets and the value of the US dollar also rose on the list of concerns.

US Stocks Close Higher on Friday, Led by Tech Stocks; Nasdaq Gains Over 6.7% This Week

The three major US stock indices closed higher collectively on Friday, with the Dow Jones Industrial Average rising 0.05%, the Nasdaq Composite Index rising 1.26%, and the S&P 500 Index rising 0.74%. For the week, the Dow Jones Industrial Average gained 2.48%, the Nasdaq Composite Index gained 6.73%, and the S&P 500 Index gained 4.59%. Most tech stocks rose, with Tesla gaining nearly 10%, Nvidia rising over 4%, Micron Technology gaining over 3%, and Meta, Broadcom, and AMD rising over 2%. Intel fell nearly 7% after its Q2 revenue guidance fell short of market estimates, and the company lowered its full-year capital expenditure target. Gold prices fell back from highs, and gold stocks collectively declined, with Harmony Gold falling nearly 4%, Coeur Mining falling 3%, and Gold Fields and Anglogold Ashanti falling over 2%.