In Depth: Cost Concerns Loom Over China’s Growing Market for Liver-Protection Drugs

Defiant export growth: China’s goods exports in dollar terms rose 8.1% year-on-year in April, customs data show, despite the Trump administration’s sweeping import tariffs on Chinese goods taking effect on April 9. Shipments to the U.S., however, fell by around 21%, according to General Administration of Customs data released Friday. Export growth accelerated to re-export destinations such as Southeast Asia, while slowing to the EU. Imports fell 0.2% in April, producing a trade surplus of $96.2 billion for the month. April’s trade performance beat market expectations, with foreign and local economists predicting an average of 2.5% growth in exports and a 5.6% decline in imports.

Hot tea stock: Chinese bubble-tea chain Auntea Jenny surged as much as 75% during its debut on the Hong Kong Stock Exchange on Thursday. The stock ended the day up 40% from its IPO price, valuing the teamaker at HK$16.2 billion ($2.1 billion). Investors were falling over each other to get a piece of the deal, with Hong Kong retail accounts oversubscribing their 10% portion of the HK$273 million IPO by more than 3,600 times. The sky-high demand saw the final allocation of shares split equally between institutional and retail investors. Auntea Jenny’s stellar first-day performance follows a trend among listings by Chinese beverage companies this year, including its larger peer Mixue Group, which leapt more than 43% on its debut in March. The soaring demand is seen not only as a sign of confidence in the Chinese beverage sector but also the result of strong capital inflows from international and Chinese mainland-based funds this year.

Critical minerals shortage: China’s recent export controls on critical minerals have triggered global supply shortages and price surges, prompting foreign companies to hoard inventory and scramble for export licenses. Beijing added five metals — tungsten, tellurium, bismuth, molybdenum and indium — used in the semiconductor and defense industries to its dual-use export control list in February. The move, justified on national security grounds, followed the addition of other critical minerals including antimony late last year. These restrictions have accelerated the development of alternative supply chains given China’s dominant position in the rare earth market, accounting for 69% of global supply in 2024, according to the U.S. Geological Survey. The international price of antimony, a metal widely used in the electronics industry, surged 115% from September through May 7 to $58,000 per ton. China supplied 60% of the world’s antimony last year.

Rising nuclear threat: China and Russia issued a statement Thursday warning of the rising tensions between nuclear-armed states, which in some cases are reaching the point of direct military conflict, according to the Xinhua News Agency. President Xi Jinping is currently on a state visit to Russia to meet his counterpart Vladimir Putin. Both sides said that nuclear-armed states have special responsibilities for international security and global stability and emphasized that these nations should not take measures that trigger strategic risks. They also urged that concerns between nuclear-armed states should be addressed through equal dialogue and consultations.