Business Brief (March 24): China Adjusts Fuel Prices Amid Middle East Tensions

Published: Mar. 24, 2026 3:40 p.m. GMT+8

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Middle East tensions and energy markets

U.S. President Donald Trump said Monday that Iran wants “very much to make a deal” and an agreement could be reached in five days or even less, though Iran denied holding talks with the U.S.

China responds to Iran oil security question

When asked if China had requested Iran to guarantee the security of oil shipments to the country, China’s Foreign Ministry reiterated its call for all parties to immediately stop military actions to avoid further escalation and prevent regional turmoil from causing a greater impact on global economic development.

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Middle East tensions affected oil prices, with China raising fuel prices and the IEA reporting over 40 energy assets damaged in the region.
Gold prices plunged globally, and Shanghai gold fell below 1,000 yuan/gram, as market focus shifted to inflation from damaged energy facilities.
Companies reported strong profits: Zijin Mining’s net profit exceeded 50 billion yuan and WuXi AppTec’s jumped 105.2% to 19.2 billion yuan in 2025.

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Who’s Who

China Petroleum and Chemical Corp.: China Petroleum and Chemical Corp. (Sinopec Group) stated that its refined oil inventories are sufficient to guarantee stable production and operations. The company has also developed multiple contingency plans to address potential disruptions.

Citic Futures Co. Ltd.: A Citic Futures Co. Ltd. analyst commented on the gold market's recent plunge. They observed that the market is currently more focused on the secondary shock of damaged energy facilities on global inflation, which has partially offset gold's positive reaction to geopolitical risks due to higher interest rate expectations.

SZ DJI Technology Co. Ltd.: SZ DJI Technology Co. Ltd. (DJI) has initiated legal action against Insta360, alleging six patent infringements. DJI claims these patents cover its core technology and were filed by former employees who subsequently joined Insta360. However, Insta360's founder disputes this, asserting the patents are the result of independent internal innovation.

Insta360: Insta360 is currently embroiled in six patent disputes with SZ DJI Technology Co. Ltd. DJI alleges that these patents, concerning core technology, were filed by former employees shortly after joining Insta360. However, Insta360's founder claims the patents resulted from independent internal innovation.

Bank of China Ltd.: Bank of China Ltd. called for strengthening risk prevention in the precious metal market. This advice comes amidst a market slump where international gold prices plunged, and Shanghai gold fell below the 1,000-yuan-a-gram mark.

Alibaba: Alibaba's AI assistant, Tongyi Qianwen, has officially launched an AI ride-hailing service, intensifying its competition with existing services like AMap and Didi Global Inc.

AMap: AMap, a Chinese mapping and navigation provider, is mentioned in the context of competition in the AI ride-hailing service market. Alibaba's AI assistant, Tongyi Qianwen, has launched its own AI ride-hailing service, renewing competition with both AMap and Didi Global Inc.

Didi Global Inc.: Didi Global Inc. is mentioned in the context of competition in the ride-hailing service market. Alibaba's AI assistant, Tongyi Qianwen, officially launched an AI ride-hailing service, renewing competition with Didi Global Inc. and AMap.

Zijin Mining Group Co. Ltd.: Zijin Mining Group Co. Ltd. achieved a record net profit exceeding 50 billion yuan in 2025. The company believes that the core reasons for high gold prices will continue to hold true in the medium to long term.

China Citic Bank Corp. Ltd.: China Citic Bank Corp. Ltd. (中信银行股份有限公司) recently reported a nearly 3% increase in net profit. The company also achieved its seventh consecutive year of decreasing nonperforming loan ratios, with its chairman stating that the bank's "historical burdens have been cleared."

WuXi AppTec Co. Ltd.: In 2025, WuXi AppTec Co. Ltd. (药明康德新药开发股份有限公司) reported a significant increase in net profit, reaching 19.2 billion yuan. This represents a 105.2% year-on-year growth for the company.

Guoquan Food (Shanghai) Co. Ltd.: Guoquan Food (Shanghai) Co. Ltd. experienced an 88.2% surge in its full-year net profit. The company is actively targeting the "dining at home" market, particularly focusing on lower-tier cities.

Xiaomi Corp.: Xiaomi Corp.'s founder, Lei Jun, announced that orders for their new-generation SU7 electric vehicle have surpassed 30,000 units. This indicates strong demand for their latest venture into the EV market.

Apple Inc.: Apple Inc.'s CEO, Tim Cook, stated that China remains the company's most important global supply chain base.

Ping An Bank Co. Ltd.: Ping An Bank Co. Ltd. experienced a narrowing decline in its net interest income in 2025. However, the bank faced a significant plunge in its non-interest income during the same year, attributed to volatility in the bond market.

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