<p>The U.S. Supreme Court has yet to make a ruling on the legality of the Trump administration's tariff policy, with a final result expected as early as next week. On the other hand, U.S. President Trump has signed two executive orders imposing a 25% tariff on certain semiconductor products and signed an executive order on critical minerals to secure the nation's rare earth supply. Following the news, Nvidia (NVDA) saw its stock price drop 1.4% on Wednesday, while AMD (AMD) rose 1.2%; rare earth concept stocks surged across the board, with Critical Metals (CRML) rising over 32% and MP Materials (MP) also up over 8%.</p>
<h2>U.S. Stocks Retreat, Gold and Silver Prices Remain Popular</h2>
<p>The three major U.S. stock indices fell, with the Dow Jones closing down 42 points or 0.09% at 49,149 points; the S&amp;P 500 fell 37 points or 0.53%; and the Nasdaq dropped 238 points or 1%. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 0.23% to 7,856 points on Wednesday. With ongoing geopolitical tensions, gold and silver prices continued to be favored, with spot gold reaching a new high of $4,343 on Wednesday, and the latest price at $4,612; silver rose over 7% to over $93 on Wednesday, but saw a slight retreat this morning, currently reported at about $91.93.</p>
<h2>Baidu Considering Switching to &#34;Dual Listing&#34;</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened down 27 points at 26,972 points. Tech stocks showed mixed performance, with Alibaba (9988) opening down 0.06%; Tencent (700) down 0.3%; Meituan (3690) up 0.5%; Xiaomi (1810) unchanged; and JD.com (9618) up 0.26%. As for Baidu (9888), it is reported to be considering changing its current &#34;secondary listing&#34; method in Hong Kong to a &#34;dual listing&#34; to attract more mainland investors and avoid potential adverse policies from the U.S.; the stock opened at HKD 146.4, up 0.9%.</p>
<h2>Trip.com Continues to Decline, Opening Down 15%</h2>
<p>Additionally, China's State Administration for Market Regulation announced that it is investigating Trip.com Group (9961) for suspected monopolistic behavior in violation of the Anti-Monopoly Law. After a 6.5% drop yesterday, Trip.com (9961) fell another 15% this morning, reporting HKD 484.2.</p>
<h2>DongYao Pharmaceutical Receives Full Acquisition Offer from WuXi AppTec</h2>
<p>In other stock news, WuXi Biologics (2269) announced that through its subsidiary WuXi AppTec (2268), it has made a full acquisition offer for DongYao Pharmaceutical (1875), which has been suspended from trading and is involved in the research and production of anti-tumor drugs, at a price of HKD 4 per share, a 60% premium over the pre-suspension price of HKD 2.5; WuXi Biologics and WuXi AppTec reported HKD 39.78 and HKD 74 respectively this morning, down 0.5% and 2.3%, while DongYao surged nearly 59% upon resuming trading.</p>
<h2>China Rare Earth King Plans to Change Name and Terminate Spin-off Listing</h2>
<p>Additionally, China Rare Earth King (3788) announced plans to change its name to Rare Earth King Gold International Limited and terminate its original plan for a spin-off listing of Rare Earth King Gold, focusing human and financial resources to fully support the development and production of the Mt Bundy gold mine project, while maintaining stable production operations in the iron ore and high-purity iron business
At the same time, the group's controlling shareholder has committed not to reduce its shareholding before December 31, 2028. The stock opened at HKD 4.15, down 2.3%.</p>
<p>Regarding the movement of northbound capital, a net purchase of HKD 2.865 billion in Hong Kong stocks was recorded yesterday, with Tencent (700), Alibaba Health (241), and Alibaba (9988) receiving net purchases of HKD 2.009 billion, HKD 1.458 billion, and HKD 1.134 billion respectively; China Mobile (941), Xiaomi (1810), and Jingdian (2228) experienced net sales of HKD 913 million, HKD 423 million, and HKD 309 million respectively</p>

BIDU

09888

TCOM

09961

<p>The Hang Seng Index opened 27 points lower this morning, reporting at 26,972 points. Trip.com fell 15% again due to suspected monopolistic behavior, reporting at HKD 484.2. Baidu is considering a dual listing to attract more mainland investors, rising 0.9% at the opening. U.S. stocks retreated, and gold and silver prices rose due to geopolitical influences. NVIDIA's stock price fell 1.4%, while AMD rose 1.2%</p>

- The U.S. Supreme Court has yet to rule on the legality of the Trump administration's tariff policies, with a decision expected next week.  
- President Trump signed two executive orders imposing a 25% tariff on certain semiconductor products and issued an order on critical minerals to secure rare earth supplies, affecting various stocks.  
- Baidu is considering a dual listing in Hong Kong, while Ctrip faces a 15% drop due to an antitrust investigation, and pharmaceutical firm WuXi Biologics plans to acquire oncology firm Eastone.

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Baidu

BIDU-SW

Trip.com

TRIP.COM-S

The Hang Seng Index opened down 27 points, Trip.com continues to be under investigation and fell another 15% at the market opening, Dongyao Pharmaceutical resumed trading and rose nearly 60%｜Hong Kong stock market opening