Market Chatter: US Bans Imports from 37 Chinese Firms for Uyghur Abuse Allegations

Chinese stocks dipped on the third trading day of the week as economists forecast slower economic growth in 2025.

The Shanghai Composite Index, the main gauge of Chinese stocks, slid 0.43% or by 13.82 points to 3,227.12. The Shenzhen Component Index declined 1.03% or by 105.04 points to 10,060.13.

China's economic growth is expected to slow to 4.5% in 2025 and wither further to 4.2% in 2026, according to a median forecast of 64 economists polled by Reuters.

The country's gross domestic product is seen to have grown 4.9% in 2024, nearing the 5% target set by Beijing, the report said.

The US has also banned imports from about 37 companies spanning the textile, mining, and solar energy sectors on allegations of abuse against the Uyghur population in western China, Reuters reported Tuesday.

Huafu Fashion and 25 of its subsidiaries were among those targeted due to forced-labor allegations, the report said.

Nasdaq-listed Donghai JA Solar and Hongyuan Green Energy , which sources polysilicon from the Xinjiang Uyghur region, as well as Zijin Mining were also part of the ban, the report said.

Among IPO debutants, Yangzhou Huitong Technology's (SHE:301601) shares closed 302% higher during its first trading day in Shenzhen, while Scantech (Hangzhou) (SHA:688583) closed 199% higher during its debut in Shanghai.

This article was automatically generated by Dow Jones using technology from Automated Insights.

Stocks in Greater China were mixed on Wednesday.

Hong Kong's Hang Seng Index rose 0.2% to 19261.23, and China's Shanghai Composite Index slipped 0.4% to 3227.12. The Taiwan Taiex index fell 1.2% to 22514.57.

Among Hang Seng constituents, Zijin Mining Group Co. Ltd. posted the largest decline, dropping 5.9%, followed by shares of Li Auto Inc., which fell 3.2%. Shares of WuXi AppTec Co. Ltd. fell 3.1%.

Semiconductor Manufacturing International Corp. was the biggest gainer among companies on the Hang Seng, surging 5.7%, and Xinyi Solar Holdings Ltd. gained 4.4%. Netease Inc. rounded out the top three movers on Wednesday, as shares gained 4.0%.

Among large mainland China stocks, Jiangsu Cowin Biotech Co. Ltd. A posted the largest decline, dropping 19%, followed by shares of Shandong Cynda Chemical Co. Ltd. A, which dropped 10%. Shares of Harbin Air Conditioning Co. Ltd. A dropped 10%.

Jiangsu High Hope International Group Corp. A was the biggest gainer during the session, surging 10%, and Shaanxi Construction Machinery Co. Ltd. A surged 10%. China Tourism & Culture Investment Co. Ltd. A rounded out the top three movers on Wednesday, as shares surged 10%.

In Taiwan, Cosmo Electronics Corp. posted the biggest decline among large companies, dropping 9.9%, followed by shares of Capital Securities Corp., which dropped 7.4%. Shares of Bizlink Holding Inc. dropped 7.2%.

Hwang Chang General Contractor Co. Ltd. was the biggest gainer among large Taiwan companies during the session, surging 10%, and Yieh Hsing Enterprise Co. Ltd. surged 10% USI Corp. rounded out the top three movers, as shares surged 9.8%.

On the currency front, the onshore yuan held steady against the U.S. dollar at CNY7.33 while the New Taiwan dollar weakened 0.2% against the U.S. dollar at NT$33.04.

Data source: Dow Jones Market Data, FactSet

Zijin Mining Group will extend a 73.5 million yuan loan to its investee company, Beizhan Mining, to bolster the development of its iron ore project, according to a Jan. 11 filing with the Shanghai bourse.

The two-year loan carries an interest rate of 3%.

Zijin Mining maintains a 49% stake in both Huajian Co. and Beizhan Mining. Huajian Co. is currently undergoing a merger with Beizhan Mining.

Baodi Mining, the holder of the remaining 51% stake in both companies, has also extended a 76.5 million yuan loan.

Shares of Zijin Mining rose 1% in recent trade.

This article was automatically generated by Dow Jones using technology from Automated Insights.

Stocks in Greater China fell on Friday.

Hong Kong's Hang Seng Index slipped 0.9% to 19071.62, and China's Shanghai Composite Index fell 1.3% to 3168.52. The Taiwan Taiex index slipped 0.3% to 23011.86.

Among Hang Seng constituents, Haidilao International Holding Ltd. posted the largest decline, falling 4.7%, followed by shares of China Life Insurance Co. Ltd., which fell 4.5%. Shares of Lenovo Group Ltd. fell 4.5%.

Semiconductor Manufacturing International Corp. was the biggest gainer among companies on the Hang Seng, gaining 3.3%, and Zijin Mining Group Co. Ltd. gained 3.0%. Wuxi Biologics (Cayman) Inc. rounded out the top three movers on Friday, as shares gained 2.2%.

Among large mainland China stocks, Fujian Dongbai (Group) Co. Ltd. A posted the largest decline, dropping 10%, followed by shares of Xinjiang Youhao Group Co. Ltd., which dropped 10%. Shares of KraussMaffei Co. Ltd. A dropped 10%.

Guangdong Skychem Technology Co. Ltd. A was the biggest gainer during the session, surging 12%, and Shanghai Bright Power Semiconductor Co. Ltd. A surged 10%. Founder Technology Group Co. Ltd. A rounded out the top three movers on Friday, as shares surged 10%.

In Taiwan, Xavi Technologies Corp. posted the biggest decline among large companies, dropping 10%, followed by shares of FitTech Co. Ltd., which dropped 9.8%. Shares of Vactronics Technologies Inc. dropped 9.5%.

Vivotek Inc. was the biggest gainer among large Taiwan companies during the session, surging 10%, and Adimmune Corp. surged 9.8% Formosa Oilseed Processing Co. Ltd. rounded out the top three movers, as shares surged 8.8%.

On the currency front, the onshore yuan held steady against the U.S. dollar at CNY7.33 while the New Taiwan dollar weakened 0.3% against the U.S. dollar at NT$32.97.

Data source: Dow Jones Market Data, FactSet

Zijin Mining Group plans to acquire Zangge Mining , according to a Hong Kong Stock Exchange filing on Friday.

Zijin is negotiating with Tibet Zangge Venture Capital Group and its concert party, and Ningbo Meishan Bonded Port Area Xinsha Hongyun Investment Management for the potential acquisition, the Chinese mining company said.

The company's shares rose less than 2% in recent trade.

Zijin's Hong Kong shares jumped less than 4% and Shanghai shares rose less than 2% in recent trade.

Zijin Mining Group plans to acquire Zangge Mining , according to a Hong Kong Stock Exchange filing on Friday.

Zijin is negotiating with Tibet Zangge Venture Capital Group and its concert party, and Ningbo Meishan Bonded Port Area Xinsha Hongyun Investment Management for the potential acquisition, the Chinese mining company said.

The company's shares rose less than 2% in recent trade.

Zijin's Hong Kong shares jumped less than 4% and Shanghai shares rose less than 2% in recent trade.