HK Stock Market Move | China Qinfa (00866) plummeted nearly 30%, Indonesia plans to tighten controls on bulk commodity exports, with the company focusing on the coal industry in Indonesia.

CHINA QINFA (00866) fell by nearly 30% at the close, dropping 26.67% to HK$1.87 billion in turnover of HK$2.11 billion. On the news front, it was reported that Indonesian President Prabowo Subianto told the parliament that Indonesia will establish a state-owned enterprise to manage the export sales of natural resources including palm oil, coal, and iron alloys. The president stated that this policy aims to optimize government revenue, strengthen regulation, and combat low-invoice behavior. If these issues are resolved, potential savings of $150 billion are possible. Guosheng previously released a research report stating that CHINA QINFA's Indonesian coal business is gaining momentum. By the full year of 2025, the raw coal output of SDE coal mine reached 5.42 million tons, a year-on-year increase of 111%; the washed coal output reached 3.147 million tons, a significant increase of 922% year-on-year. The report pointed out that the capacity expansion of SDE mine is progressing smoothly, highlighting a clear and high certainty growth path for future capacity increase.