GMT EIGHT - OPPORTUNITIES IN CHINA

China Automobile Dealers Association: National used car market transaction volume in August was 1,516,300 units, down 2.90% month-on-month.

From January to August 2026, cumulative used car transaction volume reached 12.7911 million units, down 1.14% year-on-year, a decrease of 147,300 units compared with the same period, with cumulative transaction value of 839.972 billion yuan.

Paul Chan: Hong Kong will further expand the dim sum bond market and develop RMB-denominated gold and commodities markets.

Hong Kong will further expand the dim sum bond market and develop RMB-denominated gold and commodities markets, helping the country enhance its international pricing power in relevant fields.

National Energy Administration: August total electricity consumption reached 1,033.2 billion kWh, up 1.7% year-on-year.

From January to August, cumulative electricity consumption across society reached 7,173 billion kWh, up 4.3% year-on-year.

OpenAI is raising funds again: at a $1.2 trillion valuation, who dares to take the next baton?

OpenAI is in early talks with investors about a new round of private financing, with a potential valuation exceeding $1.2 trillion. However, who can serve as the anchor for this financing round has become the biggest mystery.

As Anthropic races toward becoming the fastest-growing company in history, investors are beginning to question its IPO prospects.

Investors are now questioning whether Anthropic can sustain its astonishing growth momentum, as potential risks such as fierce competition cast a shadow over Anthropic's highly anticipated initial public offering (IPO).

FOSUN INTL(00656)'s Club Med Opens "Beach + Safari" Resort in South Africa, Accelerating Global Expansion

On September 17, Club Med, the global leader in high-quality resort lifestyle under Fosun International (00656), announced the official opening of Club Med South Africa Beach & Safari Resort in KwaZulu-Natal Province, South Africa.

Supertanker shortage! Global oil shipping costs 'never been this high,' 'biggest gamble in maritime history' pays off big.

The global supertanker market is experiencing unprecedented supply-demand tightness, and soaring freight rates are rendering some long-haul crude oil trades economically unviable, profoundly reshaping global energy flows.

IPO Preview | Crushed by RMB 550 Million in Debt, Juxing Media Seeks Hong Kong Listing to Raise Funds for a Cash Infusion

Annual revenue exceeding 8.3 billion yuan, yet net profit margin merely 0.9%, with cash on hand less than 100 million yuanis China's largest brand IP content marketing service provider, Juxing Media, seeking a Hong Kong listing to "replenish its cash"?

Transwarp Technology (06727) listed on September 21 and included in Stock Connect on its first day of trading.

Transwarp Technology (06727) will be listed on the Main Board of the Hong Kong Stock Exchange on September 21, 2026, at an offer price of HK$49.00 per share.

JPMorgan Provides a "Timetable": The Biggest Impact of "El Nio" on Global Agriculture Will Be in "the First Quarter of Next Year"

JPMorgan analysts have issued a warning that the strengthening El Nio phenomenon is overlapping with global diesel and fertilizer shortages, and the biggest impact on agricultural production is expected to emerge in the first quarter of 2027.

"Refining" becomes the global energy bottleneckis the US close to an "export ban"?

The two wars in Russia-Ukraine and the Middle East are simultaneously hitting the global refining system, triggering a shortage of diesel supply and a surge in prices. The United States is under pressure to become the "supplier of last resort," while calls are growing across the U.S. political spectrum to ban exports in order to stabilize domestic fuel prices.

Prices Soar Up to Tenfold! "Electronic Industry Rice" Sees Price Spike

The components market has recently experienced extreme divergence: AI-driven demand has caused high-capacity models to go out of stock and surge in price, with some spot prices soaring severalfold; mainstream consumer-grade products have spiked and then pulled back. Behind this mix of hot and cold is the disruption caused by the AI computing power wave.

Saudi Arabia has found another "oil transport route," but the cost is high.

The East-West oil pipeline was forced to shut down after a drone attack, leaving Saudi Arabia with no choice but to once again rely on the "relay oil transport" plan through the Strait of Hormuz. However, high costs and increasingly tight equipment supplies make this fallback route fraught with challenges.

Oracle Corporation (ORCL.US) $18 Billion AI Loan Sells at a Discount and Stalls, Pressure Emerges in the AI Financing Chain

Market concerns over Oracle's persistent borrowing and weakening credit profile are intensifying. In July of this year, S&P downgraded Oracle's corporate credit rating, leaving it just one notch above junk status.

Northeast: Rate hike implemented, how will assets play out going forward?

Under the current guidance from the Federal Reserve, it is not advisable to underestimate the risk of a rate hike in December. Judging from the wage growth and real estate conditions in the United States, its endogenous inflation potential is currently not significant, so it is not believed that it will enter a continuous rapid rate hike process thereafter.

Zheshang: How should we view the 10-year U.S. Treasury yield breaking above 5%?

After the Fed's September rate hike was implemented, the U.S. Treasury market stabilized in the short term, but the issues driving the rise in Treasury yields have not been fundamentally resolved.

As the Bank of Japan raises interest rates, hedge funds turn bullish on the yen for the first time in over a year.

Hedge funds turned net long on the yen for the first time since July 2025, only to be blindsided by the Bank of Japan's dovish stance.

New Stock News | Zhejiang Jingxin Pharmaceutical (002020.SZ) Files Again with HKEX, Has Successfully Launched Class 1 Innovative Drug Didaxini

According to a disclosure by the Hong Kong Stock Exchange on September 18, Zhejiang Jingxin Pharmaceutical Co., Ltd. (referred to as Jingxin Pharmaceutical, 002020.SZ) has once again submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor.

New Stock News | Zhejiang Jingxin Pharmaceutical (002020.SZ) Files Again with the Hong Kong Stock Exchange

According to a disclosure by the Hong Kong Stock Exchange on September 18, Zhejiang Jingxin Pharmaceutical Co., Ltd. (referred to as Jingxin Pharmaceutical, 002020.SZ) has once again submitted an application for listing to the Main Board of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor.

Cui Dongshu: Auto exports reached $129.1 billion in January-August, up 53%; China's auto industry is highly dynamic.

Auto exports reached $129.1 billion in January-August 2026, up 53%; auto exports in August were $18.3 billion, up 43%. China's auto industry is highly dynamic.

CITIC SEC: Ultimate Heat Dissipation Arrives, Diamond Ushers in Its First Year of Industrialization

Driven by three factorsthe steep rise in AI chip power consumption, traditional metal heat dissipation approaching its physical limits, and the continuous optimization of diamond preparation technologies and processesthe diamond heat dissipation industry is poised to embrace investment opportunities in its first year of industrialization.

CITIC SEC: Huawei Connect Conference releases new AIDC energy infrastructure products, accelerating upgrades in energy storage and liquid cooling.

Huawei releases multiple new AIDC energy infrastructure products: high-voltage direct current, multi-layer energy storage, and liquid cooling become important evolution directions.

CITIC SEC: Ascend 960 release moved up; the entire domestic computing power industry chain will benefit.

Huawei's 2026 Connect Conference shows that domestic computing power has escalated from "single-card" competition to full-stack competition based on "system-level solutions," and the entire domestic computing power industry chain will benefit.

SanDisk (SNDK.US) surged 11%, storage and chip stocks saw massive volume in "short-term options," has the "AI stock god" made a move again?

Two-week contracts leave almost no margin for error.

Alphabet Inc. Class C (GOOGL.US) joins the ranks of AI intrusion disclosures: Gemini guessed passwords during testing and accessed three real enterprise systems.

Google joins OpenAI, Anthropic, and Meta in disclosing AI agent intrusion incidents.

US stock index adjustments take effect next Monday: Bloom Energy (BE.US) and Everpure (P.US) among others to be added to the S&P 500, with changes also seen in small- and mid-cap stocks.

Bloom Energy, Illumina, and Everpure will be added to the S&P 500 index, while several other companies will be added to the S&P 100, S&P MidCap 400, and S&P SmallCap 600 indices.

Hedge funds turn bullish on the yen for the first time in 14 monthsis a reversal signal emerging for carry trades?

Hedge funds turned bullish on the yen for the first time since July 2025 and began betting on a stronger yen.

Is the Fed repeating its 2022-style rate hikes? Bank of America warns: predicts rates returning above 5%, recommends shorting two-year Treasuries.

Bank of America warns: A Fed led by Warsh may hike rates above 5%, repeating 2022.

Overnight US stocks | The three major indices closed mixed; Bitcoin broke through $80,000; Strategy (MSTR.US) rose over 16%.

As of the close, the Dow fell 95.39 points, or 0.18%, to 51,682.64, down 1.69% for the week; the S&P 500 rose 12.74 points, or 0.17%, to 7,650.50, down 0.08% for the week; the Nasdaq rose 104.24 points, or 0.39%, to 26,522.54, up 0.72% for the week.

Hedge funds turn bullish on the yen for the first time in over a year, with net long positions rising to about $1.6 billion; forex volatility intensifies after Japan and U.S. rate hikes.

The latest data from the U.S. Commodity Futures Trading Commission shows that hedge funds have turned bullish on the yen for the first time since July 2025.

U.S. stocks approach record highs, yet retail investors grow increasingly pessimistic! Survey shows bearish sentiment rises to 53.3%, with a notable increase in cash allocations.

The latest weekly survey released by the American Association of Individual Investors on Friday shows that, against the backdrop of oil prices remaining high and the Federal Reserve raising interest rates for the first time since 2023, investor bearish sentiment has risen to its strongest level since 2025.

AI "neocloud" operator Nscale (NSCL.US) races toward U.S. IPO, seeking to raise up to $3 billion; Anthropic splashes $45 billion to lock in computing power.

AI data center developer Nscale has filed for an initial public offering with the U.S. Securities and Exchange Commission, planning to list on the New York Stock Exchange under the ticker symbol "NSCL."

Federal Reserve signals continued interest rate hikes, dollar posts largest weekly gain in over three months.

After the Federal Reserve signaled that it will continue raising interest rates in the future, the dollar strengthened significantly this week, posting its largest weekly gain in more than three months.

China's semiconductor equipment investment boom is expected to continue! Morgan Stanley: Wafer fabrication equipment spending is expected to keep growing in 2027 and 2028, and the localization process may further accelerate.

Morgan Stanley released its latest research report, stating that the strong growth momentum in China's wafer fabrication equipment market is expected to continue through 2027 to 2028.

US Stock Market Move | Popular Chinese concept stocks rose broadly, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) gaining more than 4%.

Popular Chinese concept stocks rose broadly, with Kingsoft Cloud (KC.US) gaining more than 5% and Alibaba (BABA.US) gaining more than 4%.

WEB3 META (08093) issues profit warning, expects annual loss attributable to shareholders of approximately HK$29 million to HK$31 million

WEB3 META (08093) issues an announcement that the Group is expected to record a loss attributable to owners of the Company of approximately HK$29 million to HK$31 million for the year ended 30 June 2026, compared to a loss attributable to owners of the Company of approximately HK$20 million for the year ended 30 June 2025.

CHINA ECOTOUR (01371) issues a positive profit alert, expecting annual profit attributable to shareholders of approximately HK$95 million to HK$105 million, turning from loss to profit year-on-year.

China Ecotour (01371) announced that, compared with the loss attributable to owners of the Company of approximately HK$72.4 million recorded by the Group in the prior year, the Company expects to record a profit attributable to owners of the Company of between approximately HK$95 million and HK$105 million for the year ended 30 June 2026.

AI agents compete for the $30 trillion consumer market! Morgan Stanley: Meta(META.US), Apple Inc.(AAPL.US), Amazon.com, Inc.(AMZN.US) and others are poised to benefit; Alphabet Inc. Class C(GOOGL.US) faces a business model test

Morgan Stanley believes that AI agents are accelerating their evolution into consumer transaction gateways and are expected to unlock a consumer market of approximately $30 trillion in the future. Meta, Apple, Amazon, and others may benefit, while Google and industries such as ride-hailing face pressure to reshape their business models.

SINOPHARM TECH (08156) issues profit warning, expecting annual loss attributable to shareholders of HK$9 million to HK$11 million

SINOPHARM TECH (08156) issued an announcement that the Group expects to record a loss attributable to owners of the Company of between HK$9 million and HK$11 million for the year ended 30 June 2026, as compared to a loss attributable to owners of the Company of approximately HK$0.8 million for the year ended 30 June 2025. The Board considers that the increase in loss attributable to owners of the Company during the Reporting Period was primarily due to (i) a significant year-on-year decline in revenue from the Group's supply chain services business; and (ii) an increase in selling and distribution expenses during the Reporting Period compared to the same period in 2025, which was attributable to increased product promotion costs.

CHINA HONGGUANG (08646) Establishes Joint Venture Subsidiary to Advance the Implementation and Production of the Semiconductor TGV Glass Substrate Industry Chain

CHINA HONGGUANG (08646) announced that on September 18, 2026, in order to accelerate the Group's strategic layout in the semiconductor TGV glass substrate new materials industry chain and promote the industrialization and large-scale production of TGV glass substrate-related technologies, the Company, together with Dream Buddha Resources Group Co., Ltd. (USA) (Dream Buddha USA) and Dongguan Yanguang Technology Co., Ltd. (Yanguang Company), jointly contributed capital to establish a joint venture subsidiary, Hongmeng Xincai (Shenzhen) Semiconductor Technology Co., Ltd. (Hongmeng Xincai); Hongmeng Xincai plans to establish the Hongmeng Xincai Wuhan Branch in Wuhan as a semiconductor TGV glass substrate materials industrialization production base to carry out research and development, pilot testing, and formal production operations.

Shenyang Public Utility Development (00747) plans to sell 100% equity of Shenzhen Jusheng Chuangjian Investment Development for RMB 2 million.

Shenyang Public Utility Development (00747) announced that on September 18, 2026, the company (as seller) entered into a share transfer agreement with the buyer, Shenzhen Castle Century Trading Co., Ltd., to sell 100% equity of the target company, Shenzhen Jusheng Chuangjian Investment Development Co., Ltd., to the buyer for a consideration of RMB 2 million.

US Stock Market Move | Cryptocurrency-related stocks rose broadly, with Strategy (MSTR.US) up over 9%.

On Friday, cryptocurrency-related stocks rose broadly, with Strategy (MSTR.US) up over 9%.

CHINA PPT INV (00736) proposes to issue a total of 53.433 million subscription shares at a premium of approximately 5.6%

China PPT INV (00736) announces that on September 18, 2026 (after trading hours), the Company entered into seven separate subscription agreements with seven individual third parties, pursuant to which the Company has conditionally agreed to allot and issue, and the subscribers have conditionally agreed to subscribe for, a total of 53.433 million subscription shares at a price of HK$0.188 per subscription share.

SMART DIGI TECH (01159): "Hong Kong Remote Sensing Satellite Constellation System Construction Project Feasibility Study Report" Passes Expert Review

Smart Digi Tech Group (01159) announced that on September 18, 2026, the Group conducted an assessment of the feasibility of the "Hong Kong Remote Sensing Satellite Constellation System Construction Project Feasibility Study Report." Experts unanimously agreed that the technical solution is reasonable and feasible, the construction and implementation conditions are basically complete, and the analysis of economic and social benefits is comprehensive. The experts unanimously approved the review, and the Group will revise and improve the report in accordance with the experts' opinions.

GRAND MING (01271) intends to sell its data center development project.

Grand Ming Group Holdings (01271) announced that on September 18, 2026, the vendors (being two indirectly wholly-owned subsidiaries of the Company) entered into the agreements with the purchaser, pursuant to which the vendors have conditionally agreed to sell, and the purchaser has conditionally agreed to purchase, the properties for a minimum total consideration of HK$2.179 billion, plus a potential further additional amount of up to HK$266 million, with a maximum total consideration of HK$2.445 billion.

ANDRE JUICE (02218) plans to acquire a 62.0611% stake in Ningbo Yongqiang Technology for RMB 793 million.

ANDRE JUICE (02218) announced that on September 18, 2026, the company entered into asset purchase agreements with the relevant transferors and the target company (Ningbo Yongqiang Technology Co., Ltd.) respectively. Accordingly, the company intends to acquire an aggregate 62.0611% equity interest in the target company in cash, for a total consideration of RMB 793 million. Upon completion of this transaction, the company will become the controlling shareholder of the target company, and the target company will become a non-wholly-owned subsidiary of the company, with its financial data to be consolidated into the group's consolidated financial statements.

JINGCHENG MAC (00187) controlling subsidiary Beiyang Tianqing receives the CSRC's Notice of Filing

JINGCHENG MAC (00187) announced that on September 18, 2026, the company received a report from its controlling subsidiary Qingdao Beiyang Tianqing Shulian Intelligent Co., Ltd. that Beiyang Tianqing had received a Notice of Filing issued by the China Securities Regulatory Commission (CSRC Filing No. 0392026058). As Beiyang Tianqing was the target of an asset restructuring and is suspected of providing information during the restructuring process that contained false records, misleading statements, or material omissions, the CSRC has decided to file a case against Beiyang Tianqing in accordance with the Securities Law of the People's Republic of China, the Administrative Penalty Law of the People's Republic of China, and other laws and regulations.

Inflation and interest rate concerns intensify! Global equity funds see largest weekly net outflow in 9 months; U.S. equity funds suffer outflows for a fourth consecutive week.

Rising crude oil prices have intensified inflation concerns, while market expectations of a Federal Reserve rate hike have also made investors more cautious ahead of its policy decision, resulting in a net outflow of $23.21 billion from global equity funds in the week ended September 16.

MiniMax (00100) Code CLI is officially open-sourced, closing up over 18%.

MiniMax (00100) Code CLI v0.4.12 is now officially available to developers worldwide and has been officially open-sourced under the MIT License.

YUNFENG FIN (00376) Restructures Licensed Entity Framework, to Sell Entire Issued Share Capital of YFML

YUNFENG FIN (00376) announced that on September 18, 2026, the Company (as seller) entered into a sale and purchase agreement with Mega (as buyer), YFML (the target company), and Mr. Yu Feng (as guarantor), pursuant to which the Company agreed to sell and the buyer agreed to purchase the sale shares, representing the entire issued share capital of YFML.

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