Latest news with #JL_MAG
Forbes
a day ago
- Business
- Forbes
China Market Update: Risk Off Night On Middle East Tensions & Trump Tariff Saber Rattling
CLN Despite a weaker US dollar, Asian equities were off overnight on growing chatter of a coming Middle East crisis and Trump's tariff threat reiteration. On the former, Mainland media noted that the International Atomic Energy Agency Board of Governors stated Iran had 'failed to comply with its nuclear safeguard obligations' for the first time in twenty years. No idea if there is any connection with the Israel-Iran concerns. On the latter, Chinese company JL MAG Rare-Earth stated it 'had obtained export licenses issued by national authorities for exports to destinations including the US, Europe, and Southeast Asia.' This follows last Saturday's Ministry of Commerce license approval, as May rare earth exports increased 23% MoM and 2.3% YoY. Hong Kong underperformed as growth stocks favored by foreign investors were hit. Interesting to see the US dollar lower versus every Asian currency except India, while favored Hong Kong growth stocks were hit, with Hong Kong's top ten most heavily traded by value all down for the day. Alibaba -3.21% despite Ant filing for a Hong Kong stablecoin license, while Tencent -1.54% on chatter it will buy South Korea's Nexon Games (225570 KS) for $15B. Hong Kong and Mainland healthcare stocks rebounded after I jinxed them yesterday by noting their recent outperformance. Precious metals had a good day in both Hong Kong and Mainland China. Auto/EV/Hybrid was weak on news, several cities have suspended used car purchase subsidies following reports that dealers were selling new cars as used to garner the subsidies. The Ministry of Commerce and the Ministry of Foreign Affairs held separate afternoon press conferences reiterating the progress made in London in US-Sino relations. They did reiterate that the London meeting confirmed what Trump and Xi had outlined in their June 5th phone conversation. After their underlings screwed up the Geneva trade agreement, the two bosses had to get involved which must be frustrating for them. Reminds me of my wife's frequent lament on household and child tasks, 'I do everything!' My reply is, 'How can you be doing everything, if I'm doing everything!'. YTD Mainland investors have bought $87B of Hong Kong stocks via Southbound Stock Connect versus $102B for 2024. With that said, Tencent has seen net selling since April 23rd, while Alibaba has seen choppy/leaning outflow since early May. Even Kuaishou has seen net outflows in the last week. Xiaomi has seen only two small net buy days since early May. Meituan has bucked the trend despite a very small net sell today. What gives? One factor is that Hong Kong's rebound has led to more capital raising as companies like CATL have been relisted in Hong Kong. Today, Horizon Robotics sold 681mm shares, raising $601mm via private placement. The money needs to come from somewhere to fund those purchases, so the more heavily owned you are, the more likely the stock becomes a funding source. Investors aren't blowing out of these names, just trimming them. Tencent's percentage of shares owned via Southbound Stock Connect has declined 11.82%/1.087B shares on April 24 to 11.13%/1.023B shares today. Alibaba's shares owned via Southbound Stock Connect went from 8.81%/1.682B shares on April 28 to 8.63%/1.646B shares today. Net net, no reason to freak out, IMO. Live Webinar Join us Tuesday, June 17, at 10 am EDT for: Carbon Update: EU Market Momentum & California's Legal Landscape for Investors Please click here to register New Content Read our latest article: Navigating Global Crosswinds: Carbon Markets Respond to Tariff Tactics and Executive Orders Please click here to read Chart1 Chart2 Chart3 Chart4 Chart5 Chart6
South China Morning Post
2 days ago
- Business
- South China Morning Post
China grants export permits to rare earth giant for US, Europe shipments
A top Chinese rare earth exporter, which hosted President Xi Jinping during a 2019 inspection , said it had obtained export permits for several destinations, including the United States. Investors welcomed the news, sending the company's shares higher. Advertisement JL MAG Rare-Earth said on Wednesday that it had also been granted licenses for Europe and Southeast Asia, and that it would export magnetic materials, components and motor rotors. 'After the export controls imposed on medium and heavy rare earth and related items were announced, the company immediately carried out export declaration work in accordance with relevant rules,' it said on the Shenzhen Stock Exchange's interactive investor platform. 'The company is not involved in military businesses. We will continue to strictly observe relevant laws and policies.' Headquartered in Jiangxi, central China, JL MAG is the world's largest manufacturer and seller of permanent rare earth magnets, its stock exchange filings showed. Advertisement The company, dual-listed in Shenzhen and Hong Kong, generated 312 million yuan (US$43.4 million) from exports in the first quarter of 2025, with 122 million yuan attributed to shipments to the US, it said on Wednesday. JL MAG's announcement came after Chinese and US officials on Tuesday said both sides had 'agreed in principle' to a trade framework – pending approval from their respective leaders – following a second day of talks in London.
Reuters
3 days ago
- Business
- Reuters
JL MAG Rare-Earth says it obtained export licenses for rare earth products to US, Europe
BEIJING, June 11 (Reuters) - Chinese rare earth permanent magnet producer JL MAG Rare-Earth ( opens new tab on Wednesday said it has obtained export licenses issued by Chinese authorities for exports of rare earth products to regions including the U.S., Europe and Southeast Asia. The company applied for export licenses after China announced a decision to curb exports of rare earths products in April, and the applications are being approved "in succession", the company said in a post on the official investor relations platform for the Shenzhen stock exchange.
Yahoo
3 days ago
- Business
- Yahoo
JL MAG Rare-Earth says it obtained export licenses for rare earth products to US, Europe
BEIJING (Reuters) -Chinese rare earth permanent magnet producer JL MAG Rare-Earth on Wednesday said it has obtained export licenses issued by Chinese authorities for exports of rare earth products to regions including the U.S., Europe and Southeast Asia. The company applied for export licenses after China announced a decision to curb exports of rare earths products in April, and the applications are being approved "in succession", the company said in a post on the official investor relations platform for the Shenzhen stock exchange. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
