--- title: "Zhitong Hong Kong Stock Early Knowledge | China's AI usage surpasses the United States for the first time. BeOne Medicines: Global total revenue is expected to grow by 33% year-on-year in the fourth quarter of 2025" type: "News" locale: "en" url: "https://longbridge.com/en/news/277113494.md" description: "In February, the number of AI model calls in China first surpassed that of the United States, reaching 4.12 trillion tokens, and then further increased to 5.16 trillion tokens, a growth of 127% within three weeks. Among the top five global AI models, China occupies four positions, demonstrating the clustered rise of Chinese AI manufacturers. Meanwhile, the Nasdaq Golden Dragon China Index fell by 1.78%, and U.S. stocks showed mixed performance, with the stock prices of NVIDIA, AMD, and Intel all declining" datetime: "2026-02-26T23:20:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277113494.md) - [en](https://longbridge.com/en/news/277113494.md) - [zh-HK](https://longbridge.com/zh-HK/news/277113494.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/277113494.md) | [繁體中文](https://longbridge.com/zh-HK/news/277113494.md) # Zhitong Hong Kong Stock Early Knowledge | China's AI usage surpasses the United States for the first time. BeOne Medicines: Global total revenue is expected to grow by 33% year-on-year in the fourth quarter of 2025 **【Today's Headlines】** **China's AI Call Volume Surpasses the U.S. for the First Time, Four Major Models Dominate the Global Top Five** In February, China's AI model call volume experienced explosive growth, surpassing the U.S. for the first time. According to data from OpenRouter, the world's largest AI model API aggregation platform, during the week of February 9 to 15, China's models had a call volume of 41.2 trillion Tokens, exceeding the U.S. models' 29.4 trillion Tokens for the same period. In the following week, from February 16 to 22, the weekly call volume of Chinese models further surged to 51.6 trillion Tokens, marking a 127% increase over three weeks, while the U.S. models' call volume dropped to 27 trillion Tokens. Meanwhile, among the top five models globally by call volume, four are Chinese models, indicating a strong growth momentum that is not reliant on a single blockbuster product, but rather on the clustered rise of Chinese AI manufacturers. Tokens are the smallest units of text processed by AI models. Compared to user numbers, Token call volume is a key indicator that more accurately reflects the usage intensity, user stickiness, and commercial value of AI models. Chinese model manufacturers are capturing the global market with rapid iteration and cost advantages, and the demand for domestic computing power is experiencing exponential growth. The four major models that made the list are: Alibaba Tongyi Qianwen (Qwen3); DeepSeek (DeepSeek-V3.1); Zhipu GLM-4.6/4.7; Kimi K2.5 from the Dark Side of the Moon. **【Market Outlook】** **Nasdaq China Golden Dragon Index Closed Down 1.78%** Overnight, the Dow Jones Industrial Average rose by 17.05 points, an increase of 0.03%, closing at 49,499.20 points; the Nasdaq fell by 273.69 points, a decrease of 1.18%, closing at 22,878.38 points; the S&P 500 index fell by 37.26 points, a decrease of 0.54%, closing at 6,908.87 points. Nvidia (NVDA.O) fell nearly 5.5% after earnings, while AMD (AMD.US) and Intel (INTC.US) both dropped by 3%. The Nasdaq China Golden Dragon Index closed down 1.78%, with Alibaba (BABA.US) down 2.7%. The Hang Seng Index ADR rose, closing at 26,429.77 points, up 48.75 points or 0.18% compared to the Hong Kong close. **【Hot Topics Ahead】** **Several Lithium Mining Companies Expect Zimbabwe's Lithium Exports to Resume Within a Month** Zimbabwe's Ministry of Mines recently announced a suspension of all raw ore and lithium concentrate exports. According to reports from Zhongmin Resources and Yahua Group, the export ban on Zimbabwe's lithium is a temporary measure, and it is expected to resume within 1 to 4 weeks at the earliest. Currently, companies have sufficient raw material inventory, and the impact on production and operations is limited. A representative from Yahua Group's securities department stated that companies with mining rights and processing plants can apply for export after submitting supplementary materials, and the company is already preparing to submit the materials; Zhongmin Resources indicated that new approval processes will be introduced, estimating that this ban may not last long, depending on the approval situation. **Several Major Asian Banks Reportedly Preparing to Bid for HSBC's (00005) Retail Business Assets in Indonesia** According to informed sources, some major banks in Asia are preparing to bid for HSBC Holdings' retail business assets in Indonesia, aiming to continue their expansion in Southeast Asia's largest economy. The sources stated that these banks include Singapore's DBS Group, OCBC Bank, and UOB, as well as Malaysia's CIMB Group Holdings Bhd. and Japan's Sumitomo Mitsui Financial Group. As the discussions are not yet public, the sources requested anonymity. The sources revealed that HSBC is in talks with advisors regarding a potential sale of its retail business in Indonesia. The valuation for the relevant assets could exceed USD 200 million. The sources indicated that considerations are still ongoing, and binding bids will be submitted by mid-March. **Apple agrees to increase the price of Samsung memory chips by 100%** According to reports, Apple has finalized orders for Samsung's DS division LPDDR5X for the iPhone 17 series, with prices doubling from previous levels. Apple recently held an emergency meeting with Samsung's DS division to discuss supply arrangements for the first half of this year to ensure supply chain stability. According to semiconductor industry insiders: "Initially, Samsung's DS division aimed to raise the quote by 60%. In the first round of negotiations, they proposed a 100% increase to test interest, not expecting Apple to accept it directly to ensure inventory, leading to the price being finalized." This involves the memory chip sector. **CK Hutchison (00001) plans to take all appropriate legal measures to defend the group's rights** Representatives of the Panamanian government forcibly entered the terminals operated by PPC at Balboa and Cristobal ports and took over the administrative and operational control of the terminals. According to the company’s understanding, the concession has been deemed terminated since February 23, 2026, and PPC has ceased all operations at the two ports on the same day. The board strongly opposes this ruling, the administrative order, and the corresponding actions in Panama, and the group continues to reserve all rights in conjunction with its legal advisors, planning to take all appropriate legal measures to defend the group's rights, including resorting to further domestic and international legal proceedings regarding the matter. **Deye (01846) plans to invest heavily to acquire the leading Dutch refractive surgery company FYEO Europe B.V. resumes trading on February 27** Deye (01846) announced that on February 20, 2026 (after trading hours), the company's wholly-owned subsidiary EuroEyes Netherlands intends to acquire all issued share capital of FYEO Europe B.V. from Committed Capital, STAK Batoan, Mateflo, FYEO WPP, and STAK FYEO, with the total consideration calculated based on the equity price plus locked box compensation minus the leakage amount. Assuming (a) completion will be realized by July 15, 2026; and (b) the leakage amount is zero, the estimated maximum consideration will be approximately EUR 145.8 million (equivalent to about HKD 1.234 billion). The company has applied to the Stock Exchange for the resumption of trading of its shares at 9:00 AM on February 27, 2026 **NIO Inc. (09866): Subsidiary GeniTech Secures RMB 2.257 Billion Investment** NIO announced that its subsidiary GeniTech Co., Ltd. has entered into a final agreement with several Chinese investors, who will collectively subscribe for newly issued shares of GeniTech for a total cash investment of RMB 2.257 billion. After the investment transaction is completed, a subsidiary of NIO will continue to hold a 62.7% controlling stake in GeniTech, and NIO will continue to consolidate its financial performance. The investors will collectively hold 27.3% of GeniTech's equity. Several entities holding shares for the purpose of managing GeniTech's incentive plan will collectively hold the remaining 10.0% of GeniTech's equity. **Baidu Group (09888): Achieves Multiple Key Milestones in Q4, Core AI New Business Revenue Accounts for 43%** Baidu's Chief Financial Officer He Haijian stated that Baidu achieved several key milestones in the fourth quarter of 2025. First, Baidu's core AI new business revenue exceeded RMB 11 billion in the fourth quarter, accounting for 43% of Baidu's general business revenue. Second, Baidu's total general business revenue grew by 6% quarter-on-quarter, while its non-GAAP operating profit for general business increased by 28% to RMB 2.8 billion. Third, Baidu's operating cash flow turned positive in the second half of 2025, generating a total of RMB 3.9 billion, compared to a negative value in the first half. Fourth, the spin-off and independent listing of Kunlun Core is underway, which we believe will unlock significant value for shareholders. Finally, we recently announced a new share buyback plan with an authorization amount of up to $5 billion and adopted a dividend policy for the first time, with the first dividend potentially being paid by the end of 2026. Baidu announced that in the fourth quarter of 2025, the fully autonomous driving service "Luobo Kuaipao" provided a total of 3.4 million fully autonomous driving operation orders, with a peak weekly order volume exceeding 300,000 orders. The total order volume increased by over 200% year-on-year. As of February 2026, "Luobo Kuaipao" has cumulatively provided over 20 million autonomous driving service orders to the public. **Beijing Beion Pharmaceuticals (06160): Global Total Revenue Reaches $1.5 Billion in Q4 2025, Up 33% Year-on-Year** Beijing Beion Pharmaceuticals announced that in the fourth quarter of 2025, its global total revenue reached $1.5 billion, a year-on-year increase of 33%; the total global revenue for the year reached $5.3 billion, a year-on-year increase of 40%. The global sales of Baiyueze in the fourth quarter reached $1.1 billion, a year-on-year increase of 38%; the global annual sales reached $3.9 billion, a year-on-year increase of 49%. For the fourth quarter and the full year, the GAAP diluted earnings per American Depositary Share (ADS) were $0.58 and $2.53, respectively; the non-GAAP diluted earnings per ADS were $1.95 and $8.09, respectively. The total revenue guidance for 2026 is between $6.2 billion and $6.4 billion. **Chow Tai Fook Enterprises (00659): Shareholders' Profit Attributable to Shareholders Reaches HKD 1.334 Billion in First Half, Up 15% Year-on-Year** Chow Tai Fook Enterprises announced that in the first half of 2025, the profit attributable to shareholders reached HKD 1.334 billion, a year-on-year increase of 15%. The overall operating profit attributable to shareholders was HKD 2.284 billion, an increase of 3% year-on-year **\[Stock Highlights\]** **Unisound (09678): Unisound U1-OCR Large Model Released, Evaluation Score Exceeds Deepseek-OCR2** Unisound has released the Unisound U1-OCR intelligent document foundation model, announcing that it has achieved a breakthrough in understanding document layout and deep semantic insights, enabling automatic classification and business-level information extraction. This model overcomes the limitations of traditional models that "only read text and do not understand layout," allowing it to "understand" complex documents like human experts, thanks to advantages such as "SOTA performance, verifiable trustworthiness, out-of-the-box usability, efficient deployment, and strong adaptability." It is reported that this model achieved a SOTA performance score of 95.1 in the OmniDocBench V1.5 evaluation, surpassing mainstream models such as GLM-OCR, Deepseek-OCR2, Gemini-3-Pro, and GPT-5.2, achieving breakthroughs in both accuracy and generalization capability ### Related Stocks - [BeOne Medicines (688235.CN)](https://longbridge.com/en/quote/688235.CN.md) - [BEONE MEDICINES (06160.HK)](https://longbridge.com/en/quote/06160.HK.md) ## Related News & Research - [From AI Fabs to Fintech: Four New Tools for Fast Narratives](https://longbridge.com/en/news/279800895.md) - [2 Beaten-Down AI Stocks Investors Shouldn’t Dump Yet](https://longbridge.com/en/news/279827679.md) - [First Verifiable AI Agents Go Live on Mainnet: Cysic AI Launches Autonomous Agent Swarms with Cryptographic Proof](https://longbridge.com/en/news/279479162.md) - [Unisound AI Calls 2026 EGM to Amend Articles of Association](https://longbridge.com/en/news/279810924.md) - [Jefferies' Goodman: 'Early' in the AI Disruption Story](https://longbridge.com/en/news/279393269.md)