[SMM News Flash] According to reports, the Beijing Stock Exchange Listing Committee is scheduled to hold its 28th review meeting of 2026 on the morning of March 20 to examine whether Huzhou Anda Automotive Parts Co., Ltd.'s application for listing on the Beijing Stock Exchange meets the issuance conditions, listing requirements, and information disclosure standards. The pre-review prospectus submitted by Anda Co., Ltd. showed that the company planned to issue no more than 28 million new shares through this Beijing Stock Exchange listing and raise 280 million to invest in the "Intelligent Manufacturing Project for Key Lightweight Automotive Parts."

On March 13, according to the Beijing Stock Exchange website, the Beijing Stock Exchange Listing Review Committee is scheduled to hold its 28th listing review meeting of 2026 at 9:00 a.m. on March 20, at which time it will review the IPO of Huzhou Anda Auto Parts Co., Ltd.

On November 18, 2025, BGRIMM Testing Technology Co., Ltd. (Stock Code: 920160) was successfully listed on the Beijing Stock Exchange.

Cheng Hehong, Chief Counsel of the China Securities Regulatory Commission (CSRC), delivered a keynote speech at the 2025 Tianjin Wudadao Financial Forum on June 5. We will expedite the research and formulation of the "Several Opinions on Further Strengthening the Protection of Small and Medium Investors in the Capital Market" Cheng Hehong stated that the next step is to effectively protect investors. The trust and participation of a broad base of investors form the foundation for the capital market to support and serve technological innovation. It is essential to synchronize the deployment, arrangement, and implementation of financing services for technology innovation enterprises with the protection of investors' legitimate rights and interests. We will strengthen the disclosure of information related to the technological innovation attributes and investment risks of technology innovation enterprises, and improve the corresponding investor suitability system and mechanisms. We will actively guide and support enterprises, issuers, their controlling shareholders, actual controllers, and relevant securities firms to voluntarily undertake and fulfill commitments to compensate investors in advance in accordance with the law. We will continue to enhance the refined service and management capabilities of the 12386 service platform, and collaborate to promote the establishment of a regularized working mechanism for special representative litigation. We will support the launch of pilot work on arbitration in the securities and futures industry. We will expedite the research and formulation of a comprehensive policy document on investor protection under the "Several Opinions on Further Strengthening the Protection of Small and Medium Investors in the Capital Market." Include high-quality enterprise science and technology innovation bonds in benchmark market-making categories Cheng Hehong stated that the next step is to strengthen comprehensive equity-debt linkage services. We will promote the high-quality development of science and technology innovation corporate bonds, explore the development of more science and technology innovation-themed bonds, and actively encourage eligible enterprises to obtain financing through science and technology innovation bonds, thereby helping to reduce the financing costs of technology innovation enterprises. We will include high-quality enterprise science and technology innovation bonds in benchmark market-making categories. We will support the issuance of Real Estate Investment Trusts (REITs) for projects in areas such as new-type infrastructure including artificial intelligence, data centers, and smart cities, as well as technology innovation industrial parks, to facilitate the revitalization of existing assets and support the digital transformation of traditional infrastructure. Promote the transition of fund share transfer business pilot programs to regular operations and expand the pilot program for physical stock distribution by funds to investors Cheng Hehong stated that the next step is to cultivate and expand long-term and patient capital. We will guide private equity funds to optimize their long-term performance evaluation mechanisms to better align with the development characteristics of technology innovation enterprises. We will support the development of private equity secondary market funds (S funds), promote the transition of fund share transfer business pilot programs to regular operations, expand the pilot program for physical stock distribution by funds to investors, and facilitate a virtuous cycle of "fundraising, investment, management, and exit." We will continue to guide the entry of medium and long-term funds into the market and continuously improve the "long-term capital for long-term investment" system. We will adhere to the basic legal principles of equity investment and promote the establishment and improvement of a fairer and more reasonable legal relationship between private equity investment funds and technology innovation enterprises, as well as their founding shareholders. The CSRC will revise and improve the Measures for the Supervision and Administration of Integrity in the Securities and Futures Markets, and establish a sound system for punishing dishonesty and incentivizing integrity. Cheng Hehong stated that the next step is to build a more honest and friendly market environment. The high risks inherent in technological innovation also bring high risks to capital market activities that support and serve technological innovation. The greater the risk, the higher the required level of creditworthiness. In the process of the capital market supporting and serving technological innovation, it is necessary to further strengthen the construction of market integrity, and improve the integrity level of all market participants. The CSRC will revise and improve the Measures for the Supervision and Administration of Integrity in the Securities and Futures Markets, further enrich the capital market integrity archive database system, establish a sound system for punishing dishonesty and incentivizing integrity, severely crack down on serious acts of dishonesty such as fraudulent issuance, false information disclosure, and the failure of intermediaries to fulfill their duties diligently, enhance market transparency, leverage the verification and gatekeeping role of intermediary service institutions, and improve the professional ethics of practitioners. With a highly credible capital market, it will support and serve the development of high-level technological innovation. This year, publicly listed firms in strategic emerging industries have disclosed over 140 asset restructuring cases, twice the number from the same period last year. Cheng Hehong stated that in the field of mergers and acquisitions and restructuring, publicly listed firms in strategic emerging industries have disclosed over 140 asset restructuring cases this year, which is twice the number from the same period last year. In the field of bond financing, as of the end of April 2025, a total of 1,327 science and technology innovation bonds have been issued on the exchange market, with an issuance scale of 1.35 trillion yuan. In the field of private equity funds, the proportion of private equity and venture capital funds invested in strategic emerging industries has continued to increase. Currently, there are over 100,000 ongoing projects with an invested principal of over 4 trillion yuan. The CSRC will provide greater support for the listing of high-quality unprofitable technology firms and actively and prudently promote the implementation of new cases under the fifth set of listing criteria for the Science and Technology Innovation Board. Cheng Hehong, the CSRC's chief lawyer, delivered a keynote speech at the 2025 Tianjin Wudadao Financial Forum on June 5, stating that the next step is to deepen the reform of the stock issuance registration system. Adhering to information disclosure as the core, market intermediary verification and gatekeeping as the basis, and strict supervision and accountability as the guarantee, the CSRC will continue to advance the reform of the issuance and listing systems for the Science and Technology Innovation Board and the ChiNext Market, further enhancing the system's inclusiveness and adaptability. It will provide greater support for the listing of high-quality unprofitable technology firms and actively and prudently promote the implementation of new cases under the fifth set of listing criteria for the Science and Technology Innovation Board. The CSRC will adhere to the complementary and differentiated development of the Science and Technology Innovation Board, the ChiNext Market, and the Beijing Stock Exchange, further optimizing differentiated arrangements to better coordinate and leverage the diverse functions of each board in supporting technology firms, and strive to cover the different financing needs of technology firms at various types and stages of development.

[SMM Morning Lead Meeting Summary: Spot Order Market Transactions Turn Weak Again, Lead Price Trend May Still Be Trapped in a Range] Smelters are facing tight supply of raw materials, with lead concentrate prices showing an upward trend and scrap battery purchase prices remaining high. Refineries are under significant operational pressure, with some companies significantly lowering their scrap battery purchase quotes yesterday; although some recyclers are selling off their inventory due to fear of price drops, arrivals remain limited. Meanwhile, downstream lead-acid battery orders are poor, and purchase willingness for lead ingots is weak...

[SMM Morning Meeting Summary: Macro and Fundamentals Resonate, LME Zinc Price Center Pulls Back] Overnight, LME zinc opened at $2,724/mt. Early in the session, LME zinc edged slightly lower. As European trading hours approached, LME zinc recovered its losses and climbed to a high of $2,737/mt. However, as bulls reduced their positions, LME zinc plunged below the daily average line, dipping to a low of $2,680/mt. It eventually closed at $2,684.5/mt, down $40/mt or 1.47%. Trading volume decreased to 80,411 lots, while open interest fell by 4,611 lots to 213,000 lots.

Yin Li, Secretary of the Beijing Municipal Committee, conducted research on "serving the construction of the national financial management center and promoting high-quality financial development in the capital" on the morning of May 16, and held a symposium on financial work. Wang Jiang, Deputy Director in charge of routine work of the Central Financial Commission Office, Pan Gongsheng, Governor of the People's Bank of China, Li Yunze, Director of the National Financial Regulatory Administration, Wu Qing, Chairman of the China Securities Regulatory Commission, and Yin Yong, Deputy Secretary of the Beijing Municipal Committee and Mayor, participated respectively. The following are the latest remarks made by Wu Qing, Pan Gongsheng, and Li Yunze at the symposium. Pan Gongsheng: We will continue to promote the mutual reinforcement between building a strong central bank and the national financial management center, and support the improvement of the capital's financial functional layout. Pan Gongsheng pointed out that strengthening the functions of Beijing as the national financial management center is a shared task entrusted by the CPC Central Committee to both Beijing and the financial system. The People's Bank of China actively supports the high-quality economic and financial development of Beijing, strives to create a favorable monetary and financial environment, supports the development of key economic sectors, promotes the steady and healthy development of the capital's financial industry, and optimizes Beijing's financial business environment. Looking ahead to the "15th Five-Year Plan" period, the People's Bank of China will closely focus on the construction of a strong financial power, continue to promote the mutual reinforcement between building a strong central bank and the national financial management center, support the improvement of the capital's financial functional layout, support Beijing in becoming a highland for the development of technology finance, promote Beijing to continue leading the country in the internationalization of the RMB, and continuously enhance the international influence of Beijing as the national financial management center. Li Yunze: Supporting pilot implementation of financial policies and improving the capital's financial service system. Li Yunze pointed out that the National Financial Regulatory Administration will resolutely implement the decisions and arrangements of the CPC Central Committee and the State Council, fully support the strengthening of the functional construction of Beijing as the national financial management center, and better promote the high-quality economic and social development of the capital. We will further strengthen regulatory guidance, clarify the functional positioning of financial institutions, and improve the financial landscape in the capital. We will support the pilot implementation of financial policies and improve the capital's financial service system. We will deepen the construction of the "two zones" in the financial sector and help build a new highland for the capital's financial opening-up to the outside world. We will promote in-depth and practical cooperation between the central and local governments to jointly build a more solid financial defense line for the capital. Wu Qing: Accelerating the construction of the main position of the Beijing Stock Exchange to serve innovative small and medium-sized enterprises and creating a new highland for the reform and opening-up of the capital market. Wu Qing stated that in recent years, Beijing has focused on strengthening the construction of the "four centers," achieving fruitful results in the development of the capital's financial industry. The China Securities Regulatory Commission will closely integrate the promotion of high-quality development of the capital market with better serving the development of the capital, closely integrate the focus on serving the needs of the capital with leveraging the capabilities of the capital market, deepen comprehensive reforms in investment and financing, accelerate the construction of the main position of the Beijing Stock Exchange to serve innovative small and medium-sized enterprises, strengthen the functions of the multi-tiered market, create a new highland for the reform and opening-up of the capital market, jointly advance the resolution of risks in key areas, and better achieve a positive interaction between the capital market and the economic development of the capital.

Recently, the Shanghai Composite Index has continued to strengthen. As of today's (May 14) close, it reached 3,403.95 points, marking its return above the 3,400-point threshold after 35 trading days, based on the closing price. Meanwhile, the current closing level of the Shanghai Composite Index is only 1 percentage point away from the year's high of 3,439.05 points recorded on March 19. Note: The Shanghai Composite Index regained the 3,400-point threshold today (as of May 14 close) Indexes collectively recovered over a month, with 20% of sectors regaining lost ground Similar to the Shanghai Composite Index, other major market indexes have also seen varying degrees of recovery recently. Among them, the Beijing Stock Exchange and weighted indexes have outperformed the ChiNext and small-to-mid-cap indexes. Specifically, based on the Shanghai Composite Index's "3,400-point to 3,400-point" period (from March 20 to May 14), the rebound strength of the Beijing 50, Dividend Index, and SSE 50 Index significantly surpassed the Shanghai Composite Index's performance during the same period. In contrast, the CSI 1000, CN 2000, ChiNext Index, and CSI 2000 still have some ground to cover, with all showing a decline of over 5%. Note: Recent gains of major market indexes (as of May 14 close) From an industry sector perspective, during the Shanghai Composite Index's "3,400-point to 3,400-point" period, only six sectors outperformed the Shanghai Composite Index, accounting for nearly 20% of the 31 Shenwan first-tier sectors. Among them, the Beauty Care and Banking sector indexes both rose over 5% from March 20 to today's close. Meanwhile, the Agriculture, Forestry, Animal Husbandry, and Fisheries, and Public Utilities sector indexes also saw gains of over 3%. In contrast, sectors such as Computers, Electronics, Electrical Equipment, Machinery Equipment, and Social Services have underperformed the Shanghai Composite Index in the recent period. Note: Recent gains of industry sector indexes (as of May 14 close) Based on the average share price of A-shares, as of today's (May 14) close, the average closing price of individual stocks in the market was 21.7 yuan, higher than the daily average of 20.88 yuan since the beginning of the year, and basically recovered to the level around March 20 (22.48 yuan). In addition, the current average share price of A-shares is still 1.15 yuan below the year's high closing price of 22.85 yuan (recorded on March 18), representing a decline of nearly 5%. Meanwhile, it has increased by 3.08 yuan from the recent low closing price of 18.62 yuan (on April 7), with a recovery amplitude of nearly 16.5%. Note: Recent changes in the average share price of A-shares (as of May 14 close) 30% of individual stocks recovered during the same period, a list of active weighted stocks From an individual stock perspective, calculating based on today's closing price compared to the closing price on March 20, excluding new listings, a cumulative total of 1,667 stocks showed gains or remained flat, accounting for nearly 30.8% of the entire A-share market. From the perspective of industry sectors, among the aforementioned stocks, there are relatively more stocks in the basic chemicals, pharmaceuticals and biotechnology, and machinery equipment sectors. In terms of the proportion within their respective sectors, the banking sector had the highest proportion of stocks that closed higher or flat, at 95%. Other sectors with high proportions included transportation, agriculture, forestry, animal husbandry, and fishery, public utilities, beauty care, and basic chemicals. Note: Industry distribution of stocks that closed higher or flat today compared to the closing price on March 20 (as of the close on May 14) When categorized by securities sector, among the aforementioned stocks, there were significantly more on the main boards of the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE), followed by the ChiNext Market and the Science and Technology Innovation Board (STAR Market). In terms of the proportion within their respective sectors, the Beijing Stock Exchange (BSE) sector had a notably higher proportion of stocks that closed higher or flat today compared to the closing price on March 20, reaching 58.33%. The proportions for the Risk Warning Board, SSE Main Board, SZSE Main Board, and STAR Market were 39.42%, 35.48%, 29.76%, and 26.84%, respectively, while the ChiNext Market had the lowest proportion at 21.91%. Note: Sector distribution of stocks that closed higher or flat today compared to the closing price on March 20 (as of the close on May 14) Looking at specific stocks, during the "3400-point to 3400-point" period of the Shanghai Composite Index, many large-cap stocks performed actively. Among stocks with a market capitalization exceeding 200 billion yuan, six stocks—AVIC Chengfei, PICC, Shanghai Pudong Development Bank, Hengrui Medicine, COSCO Shipping Holdings, and China Construction Bank—all saw their closing prices today increase by more than 10% compared to March 20. Among them, AVIC Chengfei recorded the highest increase of 45.3% during this period. In addition, large-cap stocks such as Gree Electric Appliances, Agricultural Bank of China, Bank of Communications, China Pacific Insurance, and China Yangtze Power also performed actively recently. Note: Large-cap stocks with a total market capitalization exceeding 200 billion yuan and the highest increases in closing price today compared to March 20 (as of the close on May 14)

Foreign Ministry spokesperson Lin Jian hosted a regular press conference on May 13. A reporter from Agence France-Presse asked whether the spokesperson could provide detailed information on the next phase of China-US economic and trade talks, and whether there were plans to discuss the 20% special tariff imposed by the US on Chinese exports on the grounds of fentanyl. Lin Jian stated that regarding the high-level economic and trade talks between China and the US, the competent Chinese authorities had already released information. On the issue of fentanyl, China had repeatedly made it clear that fentanyl was a US issue, not a Chinese one, and that the responsibility lay with the US itself. The US had ignored China's goodwill and unreasonably imposed fentanyl tariffs on China, which had severely impacted China-US dialogue and cooperation in the field of drug control and also seriously harmed China's interests. "If the US truly wants to cooperate with China, it should stop smearing and shifting blame onto China and engage in dialogue with China in an equal, respectful, and mutually beneficial manner," Lin Jian said.

The Shanghai, Shenzhen, and Beijing Stock Exchanges released the 2025 "May Day" International Labor Day market closure arrangements. Today, the Shanghai Stock Exchange announced the 2025 Labor Day market closure arrangements, stating that the market will be closed from May 1 (Thursday) to May 5 (Monday), and will resume normal operations on May 6 (Tuesday). Additionally, April 27 (Sunday) will be a weekend market closure. On the same day, the Shanghai Stock Exchange issued a notice regarding the trading day arrangements for the Southbound Stock Connect under the Shanghai-Hong Kong Stock Connect during the 2025 Labor Day and Buddha's Birthday, stating that the Southbound Stock Connect service will not be available from May 1 (Thursday) to May 5 (Monday), and will resume normal operations on May 6 (Tuesday). Additionally, April 27 (Sunday) will be a weekend market closure. The Shenzhen Stock Exchange announced the 2025 Labor Day market closure arrangements, stating that the market will be closed from May 1 (Thursday) to May 5 (Monday), and will resume normal operations on May 6 (Tuesday). Additionally, April 27 (Sunday) will be a weekend market closure. The Shenzhen Stock Exchange issued a notice regarding the trading day arrangements for the Southbound Stock Connect under the Shenzhen-Hong Kong Stock Connect during the 2025 Labor Day and Hong Kong Buddha's Birthday, stating that the Southbound Stock Connect service will not be available from May 1 (Thursday) to May 5 (Monday), and will resume normal operations on May 6 (Tuesday). Additionally, April 27 (Sunday) will be a weekend market closure. The Beijing Stock Exchange also released the 2025 Labor Day market closure arrangements: the market will be closed from May 1 (Thursday) to May 5 (Monday), and will resume normal operations on May 6 (Tuesday). April 27 (Sunday) will be a weekend market closure.