**Today's Headlines**

**Precooked Food Safety Standards Set for Release**

The draft "National Food Safety Standards for Precooked Foods" led by the National Health Commission has passed expert review and will soon be open for public consultation. Regarding the definition and scope of precooked foods, in March 2024, the State Administration for Market Regulation and five other departments jointly issued the "Notice on Strengthening Food Safety Supervision of Precooked Foods and Promoting High-Quality Industry Development," marking the first national-level clarification of precooked food definitions and scope.

Securities analysts note that due to precooked foods' convenience, speed, and variety, consumer awareness continues to rise, with China's precooked food market maintaining double-digit growth in recent years. According to consulting data, China's precooked food market reached 419.6 billion yuan in 2022, growing 21.3% year-over-year. From 2019-2022, the market size expanded from 244.5 billion yuan to 419.6 billion yuan, representing a compound annual growth rate of 19.7%.

Hong Kong-listed companies in the precooked food sector include Guoquan (02517), Xiabuxiabu (00520), HAIDILAO (06862), Yihai International (01579), WL DELICIOUS (09985), and Zhongshi Minan (08283).

**Market Outlook**

**US Indices Close Higher; Google Becomes Fourth Company to Exceed $3 Trillion Market Cap**

Overnight US markets closed with gains across major indices. The Dow Jones Industrial Average rose 49.23 points to 45,883.45, up 0.11%. The S&P 500 gained 30.99 points to 6,615.28, up 0.47%. The Nasdaq Composite climbed 207.65 points to 22,348.75, up 0.94%.

Large-cap technology stocks broadly advanced, with Google surging over 4% to become the fourth US-listed company to exceed $3 trillion market capitalization. Tesla and Oracle gained over 3%. Uranium-related stocks rallied collectively, with CCJ up over 10%, LEU up over 9%, and DNN up over 8%, following reports that the US seeks to increase national strategic uranium reserves.

Most popular Chinese ADRs rose, with the Nasdaq Golden Dragon China Index up 0.87%. Li Auto and Bilibili gained over 6%, while NIO advanced over 4%. The Hang Seng Index ADR rose proportionally to close at 26,457.88, up 11.32 points or 0.04% from Hong Kong's close.

International gold prices hit new record highs, with spot gold breaking above $3,680 for the first time. COMEX gold futures gained $32.60 or 0.88% to close at $3,719.0 per ounce.

**Market Focus**

**SAMR: NVIDIA Violates Antitrust Laws, Further Investigation Launched**

Following preliminary investigation, NVIDIA Corporation (NVDA.US) has violated China's Anti-Monopoly Law and related regulatory decisions. The State Administration for Market Regulation has decided to conduct further investigation into the company.

**SAFE: Foreign Direct Investment Forex Profits Allowed for Domestic Reinvestment**

On September 15, the State Administration of Foreign Exchange issued the "Notice on Deepening Cross-border Investment and Financing Foreign Exchange Management Reform," allowing foreign direct investment forex profits for domestic reinvestment. Foreign-invested enterprises' legitimately generated forex profits and overseas investors' legally obtained forex profits for domestic reinvestment can be transferred to investee companies' capital accounts or equity transferors' capital project settlement accounts.

The notice also expands cross-border financing facilitation. Qualified high-tech, "specialized and innovative," and technology-oriented SMEs nationwide may borrow foreign debt up to $10 million equivalent. Companies selected through innovation credit systems may borrow up to $20 million equivalent.

**National Day-Mid-Autumn Festival Train Tickets on Sale, Popular Routes for September 29 Largely Sold Out**

Train tickets for September 29 departures went on sale September 15. Platform data shows that by 2 PM September 15, popular outbound routes from Beijing, Shanghai, Hangzhou, Nanjing, Guangzhou, and Shenzhen for September 29 were largely sold out. Some high-speed rail services sold out within an hour of ticket release.

**JD.com (09618) Food Delivery Captures Over 31% of National Market Share**

JD.com stated that it officially launched food delivery services in March 2025. Currently, JD Food Delivery covers 350 cities with daily orders exceeding 25 million, over 1.5 million quality restaurant partners, nearly 200 restaurant brands with over one million orders, and more than 150,000 full-time delivery riders. Third-party research firm iResearch data shows that as of June 1, 2025, JD Food Delivery holds over 31% of the national food delivery market and approximately 45% of the premium food delivery segment.

**Individual Stock Updates**

**PHARMARON (03759): Shaoxing Facility Successfully Passes US FDA Quality Inspection**

PHARMARON (03759) announced that its wholly-owned subsidiary Pharmaron (Shaoxing) Pharmaceutical Co., Ltd. underwent US FDA cGMP pre-approval inspection (PAI) from May 29 to June 4, 2025. The inspection covered quality systems, material management, production management, equipment and facilities, packaging and labeling, and laboratory control systems. This marks the first time Pharmaron's Shaoxing API commercial production base has passed US FDA new drug approval inspection, following the April 2025 FDA inspection success at Pharmaron's Ningbo API production facility.

**Other Notable Corporate Developments**

Shougang Holding (00103) announced a joint venture agreement to establish a super new materials company. Eden Software (01147) reported that its AI multimodal content generation algorithm received official algorithm filing approval. CSPC Pharmaceutical (01093) obtained clinical trial approval for ALMB-0166 to treat Parkinson's disease in China.

Yancoal Australia (01171) terminated its acquisition of Highfield Resources Limited after failing to meet prerequisite conditions. Longpan Technology (02465) signed a lithium iron phosphate cathode material procurement agreement with CATL (03750) worth over 6 billion yuan. Delin Holdings (01709) entered a legally binding term sheet for Bitcoin mining machine acquisition worth $21.85 million.