According to reports, Lens Technology Co., Ltd. signed a share purchase agreement with South Asia Management Limited, Zheng Liyu, Lin Meili, and other transaction parties, planning to conditionally acquire approximately 27.81% of the issued shares of Giant International Holdings Limited held by the sellers, corresponding to approximately 334 million shares, with a total transaction consideration of approximately 734 million Hong Kong yuan. According to the agreement, after the completion of this share acquisition, Lens Technology will issue a conditional voluntary general cash offer to all shareholders of Giant International in accordance with regulations, ult

Coda Minerals reported continued progress at its Elizabeth Creek copper-silver project in South Australia during the March 2026 quarter, completing a 19-hole, 6,352m drilling program as part of the project’s Pre-Feasibility Study (PFS) activities across both open pit and underground areas. The company stated that all drill core has been processed and submitted for assay, while geotechnical and hydrogeological work is ongoing to support a maiden Ore Reserve and future mine planning. An updated Mineral Resource Estimate is expected during the June quarter. Coda is also advancing metallurgical testing, environmental approvals, and broader project optimization work.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW. This week, Haozheng Hydrogen Energy successfully completed all tests on an alkaline hydrogen production electrolyzer, with all performance indicators meeting standards, and it was officially shipped to the client's project site. Eve Hydrogen Energy reached an important delivery period, as its 100 Nm³/h centralized hydrogen production system successfully passed all factory detection tests and was officially dispatched to Shandong. Project-related developments: Guangdong Qingneng New Energy Technology Co., Ltd.: The fuel cell and electrolysis hydrogen production system project completed filing. The project is located at Building D3, No. 1 Xiangda Road, Dancao Logistics Center, Dancao Town, Nanhai District, Foshan City, with a total investment of 200 million yuan, to be constructed by Guangdong Qingneng New Energy Technology Co., Ltd. as the construction entity. On one hand, the project advances the expansion of fuel cell-related businesses at the headquarters base, deploying multiple production lines for new-type compression-molded graphite plates, supporting stacks, and air-cooled fuel cells. On the other hand, it simultaneously builds AEM electrolysis hydrogen production lines, developing core material capacity for membrane electrode assemblies, bipolar plates, and other components. State Administration for Market Regulation: A re-tender announcement was issued for the research project on safety-critical standards for hydrogen refueling station infrastructure, with a project budget and maximum price cap both set at 1.1 million yuan (China Government Procurement Network). This procurement will focus on developing two national standards: liquid hydrogen vehicle refueling protocols and rubber O-rings for high-pressure hydrogen equipment, and plans to produce draft versions for public comment or approval (China Government Procurement Network). The project performance period runs until December 31, 2026, and consortium bids are not accepted (China Government Procurement Network). This initiative will fill the gaps in relevant standards in China, strengthen the intrinsic safety assurance of hydrogen refueling stations, and facilitate the standardized and orderly development of the hydrogen energy industry. China Risun Group Limited: China's first domestically developed 5 mt/day hydrogen expansion refrigeration hydrogen liquefaction project was successfully completed and put into operation at Risun Group's Dingzhou Park. The equipment used in this project is China's first large-scale liquefaction equipment adopting the hydrogen Claude cycle process with 100% localisation of core components. It successfully overcame multiple key industry technologies, with overall performance benchmarked against international first-class standards. The unit energy consumption of the core liquefaction system was as low as 11.84 kWh/kg, representing a reduction of over 40% compared to traditional processes, effectively lowering liquid hydrogen production costs and supporting the autonomous development of China's hydrogen energy industry. Heilongjiang Coal Chemical Industry (Group) Co., Ltd. : Zhongmei Longhua held discussions with the government of Ar Horqin Banner, Chifeng City. Both parties focused on existing new energy cooperation projects, advancing computing power industry deployment and coordinating the construction of green energy transmission corridors. Previously, the two parties had signed a 12.8 billion yuan agreement for a 2GW new energy base and an annual 500,000 mt biomass pellet project, covering 1.8GW wind power and 0.2GW PV. During this round of discussions, they finalised an additional computing power synergy project, planning to build a thousand-P-level intelligent computing power centre leveraging a green electricity direct supply model to revitalise clean energy resources. In addition, the two parties will also fully align with the Chifeng-to-Jinzhou hydrogen-ammonia-methanol transmission pipeline, deploying green hydrogen, green ammonia, and green methanol capacity to build an integrated green energy industry chain encompassing green electricity production, energy conversion, and cross-provincial transmission. Jiyuan (Siping) Green Energy Co., Ltd. : The results of SPIC's 87th batch of centralised tenders for 2025 were announced. Sungrow Hydrogen Energy Technology Co., Ltd. won the bid for the alkaline water electrolysis hydrogen production equipment for the Jidian Co., Ltd. Lishu Wind and Solar Power Green Hydrogen Production Coupled with Biomass Green Methanol Project (Section II). Located in Siping, Jilin, the project has a hydrogen production capacity of 30,000 Nm³/h and plans to commence construction in August 2025, with a total construction period of 22 months, implemented in two sections. Upon completion, the project will promote the commercialisation of green hydrogen coupled with biomass for green methanol production, facilitating the integrated development of new energy and chemical industries. China Coal Ordos Energy Chemical Co., Ltd.: The 3,000 Nm³/h electrolysis hydrogen production unit for China Coal Ordos Energy Chemical's 100,000 mt "Liquid Sunshine" project, manufactured by China First Heavy Industries Nuclear Power and Petrochemical, was successfully shipped from the Dalian Mianhua Island nuclear power equipment manufacturing base, advancing the "Liquid Sunshine" project and empowering the integrated development of hydrogen energy and new energy. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: The completion ceremony of the green electricity hydrogen production and natural gas hydrogen blending comprehensive testing platform was held at Guofu Hydrogen Energy's Zhangjiagang base. Jointly developed by Guofu Hydrogen Energy and Towngas Group, the platform conducts green electricity hydrogen production utilising local 52,000 m² rooftop distributed PV and alkaline electrolysers. Employing a follow-up flow gas mixing process, it can achieve precise natural gas hydrogen blending at ratios from 0% to 30%, with a maximum hydrogen blending volume of 100 standard m³ per hour. The platform integrates four modules — hydrogen production, gas mixing, combustion, and data acquisition — focusing on hydrogen blending condition verification, energy efficiency assessment, and cost estimation research. With significant environmental protection benefits, it can reduce CO₂ emissions by 1,144 mt in the first year. The project is expected to consume 2.16 million kWh of green electricity over its full lifecycle, facilitating clean energy integration and low-carbon development. SPIC: The announcement of candidate winners for the 23rd batch of centralised tenders for 2026 — the EPC general contracting for the SPIC Green Energy Da'an Gaseous Hydrogen Storage Technical Renovation Project — was released. According to the announcement, the first candidate winner was China Wuhuan Engineering Co., Ltd. with a bid price of 55.2 million yuan, and the second candidate winner was China Petroleum and Natural Gas First Construction Co., Ltd. with a bid price of 71.39 million yuan. The project is located in the Jilin Western (Da'an) Clean Energy Chemical Industry Park in Liangjiazi Town, Da'an City, Baicheng City, Jilin Province. It involves the construction of 6 units of 1850m³ spherical tanks and 1 unit of 8000Nm³/h compressor, with a total hydrogen storage capacity of 177,600Nm³ and an effective hydrogen storage capacity of 144,300Nm³. The tender scope covers the design, supply, construction, commissioning, and all work within the warranty period for the gaseous hydrogen storage complete equipment and auxiliary facilities. Upon completion, it will enhance local green hydrogen storage and supply capability, facilitating the large-scale development of the hydrogen energy industry. Hainan Shenneng Materials Co., Ltd. : The announcement of successful bid candidates for the commissioning, trial operation, and demonstration operation services of the Hainan New Energy Offshore Wind Power Hydrogen Production Comprehensive Utilization Key Technology R&D and Engineering Demonstration Project was released. The bid inviter is Hainan Shenneng Materials Co., Ltd. The announcement shows that the first successful bid candidate is Sinochem Second Construction Group Co., Ltd., with a bid price of 5.83 million yuan; the second successful bid candidate is China Petrochemical Engineering Construction Co., Ltd., with a bid price of 5.875 million yuan. The project aims to implement the construction requirements of Hainan's clean energy priority development demonstration zone, focusing on offshore wind power hydrogen production and comprehensive utilization technology research. It will achieve breakthroughs in key technologies such as floating platform hydrogen production, hydrogen storage and transportation, and hydrogen-to-ammonia/methanol, develop core equipment and an offshore wind power hydrogen production comprehensive utilization floating platform, providing technical and engineering support for Hainan's clean energy island construction and large-scale offshore hydrogen production. Policy Review 1. Notice of the National Development and Reform Commission (NDRC) and the National Energy Administration on Matters Related to the Orderly Promotion of Multi-user Green Electricity Direct Connection Development. The document states that support is given to new energy power generation projects that have not yet commenced power grid connection engineering construction, as well as new energy power generation projects that cannot be connected to grid due to reasons such as new energy consumption constraints, to carry out multi-user green electricity direct connection after completing the corresponding change procedures. Distributed PV may participate in multi-user green electricity direct connection through centralized current collection. Priority support is given to computing facilities, green hydrogen-ammonia-methanol and other emerging industries and future industries to carry out green electricity direct connection. Projects shall meet national industrial policy requirements, and enterprises are strictly prohibited from conducting illegal activities through green electricity direct connection. 2. Notice of the Hubei Provincial Department of Transportation on Implementing Toll Subsidy Policies for Hydrogen Energy Vehicles Traveling on Hubei Provincial Expressways. The document states that hydrogen energy vehicles (with hydrogen fuel cell as the sole power source) that legally transport cargo, are equipped with and normally use ETC, and travel on expressways within Hubei Province (with entry and exit records and inter-station travel routes all within Hubei Province) shall be exempted from expressway tolls. The tolls exempted by relevant expressway operation and management entities shall be fully subsidized by provincial fiscal funds. 3. The Ministry of Industry and Information Technology issued the "Notice of the General Office of the Ministry of Industry and Information Technology on Organizing and Carrying Out Industrial Energy Conservation Supervision Work in 2026." It mentioned that energy efficiency supervision will be conducted in key industry sectors. In accordance with mandatory energy consumption quota standards for relevant industries, as well as requirements such as energy efficiency benchmark and baseline levels, energy conservation supervision will be carried out on enterprises in industries including steel, synthetic ammonia, oil refining, ethylene, caustic soda, soda ash, and methanol, with the principle of achieving full coverage of energy conservation supervision for enterprises in the above industries within the region during 2026–2027 (full coverage of calcium carbide-based PVC producers shall be achieved in 2026). Energy efficiency supervision of key industry chains will also be conducted. In accordance with mandatory energy consumption quota standards for relevant industries, mandatory energy efficiency standards for products and equipment, and other requirements, focusing on key industry chains such as PV modules, wind turbines, EV and ESS batteries, and water electrolysis hydrogen production equipment, special energy conservation supervision will be carried out on key enterprises in segments including raw materials, production and manufacturing, and terminal assembly, with a focus on verifying enterprise energy consumption in production processes and energy efficiency of major products. Enterprise Updates Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd. : China's first inland 64-TEU hydrogen fuel cell-powered container ship "Dongfang Hydrogen Port" set sail from Zhapu Port Area of Jiaxing Port and was officially put into operation. It is reported that Guohong Hydrogen Energy provided two sets of independently developed Honghan C240 marine hydrogen fuel cell systems. This is currently the highest-power hydrogen fuel cell system in China and the first to be applied to ships (single-unit rated power of 240 kW). Yuchai Xinlan (Jiangsu) Hydrogen Energy Technology Co., Ltd. : Yuchai Hydrogen Energy General Manager Lu Guoquan and Zhongyuan Electric Laboratory Deputy Director Zhang Xueshen signed a strategic cooperation agreement on behalf of their respective parties. According to the agreement, both parties will leverage their respective technological advantages and resources to establish a long-term, stable, and in-depth strategic partnership, focusing on comprehensive cooperation in four core areas: water electrolysis for hydrogen production, hydrogen fuel internal combustion engines, green energy management, and hydrogen energy demonstration projects. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Joining hands with Three Gorges Zhongyi, Jiaosheng New Energy, and other shipping industry chain partners, the company held the "Zero-Carbon Yangtze, Green Shipping" industrial ecosystem strategy launch conference. At the conference, Guofu Hydrogen Energy officially released its "River-Sea Strategy Plan" and held the rollout ceremony of its first 80-cubic-meter marine LNG storage tank, marking its official entry from the land-based hydrogen energy equipment sector into the green shipping track. According to the plan, Guofu Hydrogen Energy will promote the improvement of the shipping ecosystem closed loop, attract industry partners to co-build the ecosystem, and plans to complete the leap from product finalization and demonstration applications to ecosystem formation within three years, facilitating the zero-carbon transformation of Yangtze River shipping. Haida Qingneng Ship (Dalian) Co., Ltd. : China's first inland waterway 64-TEU hydrogen fuel cell-powered container ship, the "Dongfang Hydrogen Port," successfully set sail from Jiaxing Port and was put into operation on a designated route, achieving a new breakthrough in the application of hydrogen fuel cell vessels on inland waterways. Designed by Haida Qingneng Ship with a full set of hydrogen power systems, the vessel has a cargo capacity of approximately 1,450 mt and a driving range of 380 kilometers. It is equipped with a large power hydrogen fuel cell system, achieving zero carbon emissions throughout the entire voyage, and has also completed the integrated integration of large-capacity hydrogen storage and control systems. The core technologies were jointly developed by the enterprise and Dalian Maritime University. This commissioning also fully demonstrated that hydrogen-powered vessel propulsion systems are mature and reliable, promoting the green and low-carbon transformation of inland waterway shipping. PetroChina Company Limited Shenzhen New Energy Research Institute : PetroChina's first 2,000 Nm³/h alkaline electrolysis water-to-hydrogen system successfully completed its initial test run, with all parameters meeting design requirements. The overall technical level ranks among the industry's best, and the hydrogen produced has a purity as high as 99.9995%. The system was led by PetroChina Shenzhen Institute and jointly developed by multiple enterprises, integrating large-capacity electrolyzers with high-efficiency separation and purification equipment. Actual testing showed that the high-grade hydrogen can meet the usage requirements of multiple industries. The system will subsequently be connected to the Dushanzi Petrochemical hydrogen pipeline network for production application, helping the petrochemical industry accelerate its green and low-carbon transformation. China Huadian Engineering Corporation Limited : Its top ten new technologies and new products of 2026 were unveiled in Beijing, accelerating the expansion of its technological achievement portfolio and boosting the development of new quality productive forces. Among them, the independently developed "Hua'an" U1000 skid-mounted green ammonia synthesis unit was officially launched, overcoming key technologies for distributed green ammonia production. The unit focuses on compact skid-mounted and modular design, addressing the pain points of traditional ammonia synthesis units such as high investment, long construction cycles, and difficulty in adapting to wind and solar power fluctuations. It features four major advantages: low temperature and low pressure, flexible adaptation, intelligent integration, and rapid deployment, filling the technological gap in small-scale green ammonia equipment in China. It integrates multiple innovations: equipped with a low-temperature and low-pressure catalyst jointly developed with the Institute of Process Engineering of the Chinese Academy of Sciences, adopting a proprietary patented dual-tower reactor, and equipped with self-developed "source-grid-hydrogen-ammonia" full-chain flexible control technology, enabling wide-load regulation and adaptation to wind and solar power fluctuations. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1 The team led by Academician Chen Zhongwei and Associate Researcher Zhang Meng from the National Key Laboratory of Catalysis for Energy Conversion at the Dalian Institute of Chemical Physics developed a high specific power cathode-closed air-cooled stack technology, which passed the scientific and technological achievement evaluation by the China Petroleum and Chemical Industry Federation. This technology effectively resolves the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, addressing technical challenges such as low-humidity performance degradation, carbon corrosion, membrane drying and flooding, and high-power thermal management. 2 Two group standards on hydrogen production by water electrolysis were officially released and implemented, namely the "Safety Technical Specification for Hydrogen Production by Water Electrolysis" and the "Calculation Method for Economic Operation Indicators of Hydrogen Production by Water Electrolysis." 3 Petronor collaborated with H2SITE to advance membrane technology for hydrogen production, improving high-purity hydrogen supply and low-carbon efficiency in refining. 4 Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure that maintains the asymmetry of electron distribution. 5 A research team from the School of Electrical Engineering and the National Key Laboratory of Electrical Materials and Electrical Insulation at Xi'an Jiaotong University successfully developed a Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis.

[Two Departments: Self-consumed Power Generation Ratio for Multi-user Green Electricity Direct Connection Projects Shall Be No Less Than 60%] The National Development and Reform Commission (NDRC) and the National Energy Administration issued a notice on matters related to the orderly promotion of multi-user green electricity direct connection development. The notice stated that provincial energy authorities should strengthen overall planning for such projects. Projects should reasonably plan new energy installed capacity in accordance with the principle of "determining supply based on demand," with the ratio of annual self-consumed power generation to total available power generation being no less than 60%, and the ratio to total electricity consumption being no less than 30%, rising to no less than 35% before 2030. The wind power and solar power generation capacity of projects is to be incorporated into the new energy power generation development and construction plans formulated by provincial energy authorities, with relevant planning management requirements implemented in accordance with the Notice on Matters Related to the Orderly Promotion of Green Electricity Direct Connection Development. Projects and their internal resources are exempt from electricity business permits, unless otherwise stipulated.

Recently, the feasibility study report of the 500 kV supporting project of the 1000 kV substation in Chongqing Yidong passed the review of the General Institute of Electric Power Planning and Design. The 500 kV supporting project of the Yudong 1000 kV substation will be included in the national power planning in July 2025, and is expected to start construction in 2027 and be put into operation in 2028.

Dear Users, Greetings! In recent years, China's secondary lead industry has accelerated its development toward greater scale and standardization. As the core raw material for secondary lead production, waste lead-acid batteries are integral to the entire process spanning collection, distribution, and smelting. The trading activity, channel stockpiling sentiment, and regional supply-demand divergences of waste lead-acid batteries have become key variables influencing the pricing pace of the lead industry chain. Currently, the industry only has scattered spot cargo quotations and regional transaction information, lacking unified observation indicators that can quantify market purchase willingness, channel wait-and-see sentiment, and the tug-of-war between upstream and downstream. Market practitioners mostly rely on offline inquiries, fragmented information, and subjective experience to judge market conditions, making it difficult to systematically anticipate price turning points and stockpiling pace. Information fragmentation also increases uncertainty in enterprises' procurement, sales, and inventory planning. To address the gap in industry sentiment observation, objectively reflect the true trading atmosphere of waste lead-acid batteries, and help all parties in the industry chain make rational decisions and mitigate operational risks, we officially launch the Waste Lead-Acid Battery Trading Sentiment Index, providing the industry with a standardized, trackable, and comparable sentiment reference benchmark. Starting from May 18, 2026, we will officially publish the East China Waste Lead-Acid Battery Trading Sentiment Index and the North China Waste Lead-Acid Battery Trading Sentiment Index. This index is a comprehensive indicator that quantifies the shipment sentiment of waste lead-acid battery collectors and the purchase willingness of smelters in east China (Anhui, Jiangsu, Zhejiang, Shandong, etc.) and north China (Hebei, Inner Mongolia, Shanxi, etc.). The scoring range is 1-5 (refined to decimals from 1.1 to 4.9), with higher scores indicating more active trading. Collector Scoring Rules 5: Panic selling, urgently offloading at low prices to cash out, no inquiries or buyers 4: Relatively strong sentiment, cautiously shipping in batches, waiting for price increases 3: Normal shipments following market trends, just-in-time procurement, no stockpiling or holding back 2: Relatively weak sentiment, sluggish shipments, scattered and slow transactions 1: No intention to ship, shipments suspended, market sluggish Smelter Scoring Rules 5: Urgently scrambling for goods, aggressively restocking, spot cargo undersupply 4: Concentrated inquiries, large-volume stockpiling, proactively increasing purchases 3: Normal just-in-time procurement, moderate restocking 2: Rare inquiries, only minimal just-in-time procurement 1: No purchase intention, purchases suspended, market sluggish The newly launched regional waste lead-acid battery trading sentiment index aims to provide secondary lead smelters, recycling traders, and upstream and downstream participants in the industry chain with an objective and referable benchmark for market sentiment and supply-demand expectations, helping all parties grasp the trading pace, reasonably arrange stockpiling and shipments, and further enhance operational decision-making efficiency and risk management capabilities. Thank you for your long-standing attention and support for SMM! We fully understand the importance of market sentiment and benchmark indicators for the operational planning of the lead industry chain. Going forward, we will continue to optimize the index compilation methodology to ensure data objectivity, continuity, and reference value. We also welcome valuable feedback from all sectors of the industry to jointly improve the waste lead raw material trading and pricing reference system and collectively promote the standardized and sound development of the secondary lead industry. Best regards! SMM Industry Research - Lead & Zinc Division Duan Pinxi 021-20707894 (duanpinxi@smm.cn) May 15, 2026

[SMM Morning Meeting Minutes: A Zinc Smelter in Peru Shut Down After a Fire; LME Zinc Logged Eight Consecutive Gains] Overnight, LME zinc opened at $3,558.5/mt. In early trading, LME zinc briefly moved lower to test a low below $3,542.5/mt, after which bears reduced open interest. LME zinc then rallied to a multi-year high, reaching above $3,633.5/mt. The center then pulled back slightly, and it finally closed higher at $3,587/mt, up $35/mt, a gain of 0.99%. Trading volume fell to 14,070 lots, and open interest decreased by 139 lots to 242,000 lots.

[China Iron Ore Brief] Iron ore concentrates prices in the eastern Liaoning region increased slightly. Currently, the delivery-to-factory price of 65-grade dry-basis iron ore concentrates, tax included, is 917 yuan/mt. In early May, national safety and environmental protection inspection teams visited Liaoning. According to feedback from local mines and beneficiation plants, some had suspended production, and overall market circulating resources were relatively tight. On the demand side, steel mills were mostly producing normally as planned, with a local steel mill planning to commission a new blast furnace in mid-to-late May. Overall, demand for iron ore concentrates remains supported.

According to an SMM survey, a second-tier wafer enterprise has mortgaged its Inner Mongolia base to a domestic PV equipment manufacturer, involving approximately 45GW of annual wafer capacity. In addition, the enterprise currently retains approximately 28GW of annual wafer capacity at its Yunnan base. Recently, numerous reports have emerged about wafer enterprises planning to exit the market, with sources of varying reliability. Overall, the pace of market-driven capacity rationalization in the PV industry is accelerating.

On May 9, BYD signed a strategic cooperation agreement for Flash Charging China with CAR Inc., along with a framework agreement for the procurement of 100,000 vehicles. According to the agreement, BYD and CAR Inc. will conduct in-depth cooperation around the "Flash Charging China Strategy," planning to install BYD flash charging piles at eligible CAR Inc. service locations nationwide. This will establish an extensive, efficient, and convenient charging service network, jointly enhancing the user travel experience. At the same time, the framework agreement for the procurement of 100,000 vehicles signed by the two parties will further consolidate BYD's core position in the new energy vehicle fleet of CAR Inc. and assist CAR Inc. in continuously expanding its scale of green mobility capacity.