Alpha Binwani Capital: “The Houthis have gained unprecedented military autonomy by manufacturing weapons inside Yemen, with China-sourced equipment and parts fueling this expansion of their military-industrial complex, according to Yemeni officials, intelligence sources, shipping experts, UN reports, and customs data reviewed alongside recent seizures. Because most components are dual-use, the shipments skirt the UN arms embargo on the Houthis, and there’s no evidence the Chinese suppliers knew the final destination. The development raises the risk of a Houthi blockade of the Bab el-Mandeb, which—layered on existing Iran-US disruptions in the Strait of Hormuz—could further choke Red Sea traffic carrying roughly 12% of global seaborne trade”
