GMT EIGHT - OPPORTUNITIES IN CHINA

SEYOND (02665) announced its interim results, with revenue of $139 million, an increase of 127.9% year-on-year.

Tudatong (02665) announced its interim results for the six months ended June 30, 2026, with revenue of $139 million, an increase of 127.9% year-on-year; gross profit of $1549.1 million, an increase of 152% year-on-year; and a loss of $25.104 million for the period, narrowing by 23.2% year-on-year; with a loss per share of $0.02.

Hong Kong Insurance Authority: Insurance premium financing in Hong Kong shows an upward trend in the first half of the year, with its proportion in new business premiums rising to approximately 36%.

The Hong Kong Insurance Authority announced that in the first half of this year, the proportion of premium financing business in Hong Kong rose to approximately 36% of the overall new business premium.

PA GOODDOCTOR (01833) Semi-Annual Report: Profit Structure Continues to Optimize, Managed Medical Service Closed Loop is on the Horizon

The construction of Ping An Good Doctor's "managed healthcare closed loop" is likely to usher in efficient collaboration and comprehensive deepening of ecological resources.

YUZHOU GROUP (01628) expects its mid-term losses to narrow year-on-year.

Yuzhou Group (01628) announced that it expects to incur a loss of approximately RMB 5.3 billion to RMB 6.3 billion for the six months ending June 30, 2026, and that the loss attributable to shareholders of the company is expected to be approximately RMB 3.9 billion to RMB 4.9 billion. In the same period of 2025, the anticipated loss was approximately RMB 7.4 billion, with the loss attributable to shareholders of the company being approximately RMB 5.6 billion. The decrease in reportable losses and losses attributable to shareholders is mainly due to the reduction in impairment amounts on properties held for sale and properties under construction, as well as a decrease in financing costs compared to the same period in 2025, and a one-time gain arising from the cancellation of priority notes due to failure to complete the application on schedule.

AOWEI HOLDING (01370) expects a mid-term loss attributable to shareholders of no more than approximately 20 million yuan.

Aoweikong Holdings (01370) announced that it expects to record a loss attributable to the company's equity holders of no more than approximately RMB 20 million for the six months ending June 30, 2026. This is a decrease compared to a loss of RMB 75.6 million in the same period last year, with an expected year-on-year reduction in loss of approximately 73.5%.

China Telecom Corporation (00728) released its interim results, reporting a profit attributable to shareholders of 19.588 billion yuan, a year-on-year decrease of 14.9%.

China Telecom (00728) announced its interim results for the six months ending June 30, 2026. The group achieved operating revenue of RMB 260.471 billion, a year-on-year decrease of 4.05%; the profit attributable to shareholders amounted to RMB 19.588 billion, a year-on-year decrease of 14.9%; and the basic earnings per share was RMB 0.21.

POP MART (09992) released its mid-term performance, with shareholders' profit of 5.038 billion yuan, an increase of 10.1% year-on-year. Revenue from plush products continues to show strong growth momentum.

Pop Mart (09992) announced its interim results for the six months ended June 30, 2026, reporting revenue of 17.173 billion yuan, an increase of 23.8% year-on-year; the profit attributable to company owners was 5.038 billion yuan, up 10.1% year-on-year; basic earnings per share were 3.8 yuan.

The seasonally adjusted unemployment rate in Hong Kong from May to July was 3.7%, while the underemployment rate rose to 1.7%.

According to the latest labor force statistics published today (August 20) by the Hong Kong government's Census and Statistics Department, the seasonally adjusted unemployment rate for the period from May to July 2026 is 3.7%, the same as the figure for April to June 2026.

YSB (09885) released its mid-term performance report, with a net profit attributable to shareholders of 111 million yuan, an increase of 41.9% year-on-year. The company continues to optimize the category structure of its platform to achieve precise expansion on the supply side.

Yao Shi Bang (09885) announced that for the six months ending June 30, 2026, the group achieved revenue of 10.283 billion yuan, an increase of 4.5% year-on-year; the profit attributable to owners of the company was 111 million yuan, an increase of 41.9% year-on-year; the basic earnings per share were 0.164 yuan.

PHANCY (06682) reported a net profit attributable to the parent company of 119 million yuan for the interim period, with API business revenue experiencing a significant year-on-year increase of approximately 860.8%.

Fanneng Intelligent (06682) announced its results for the six months ending June 30, 2026. The company showed a significant acceleration in revenue growth and continuous improvement in profitability, with its three main business segments achieving efficient collaboration. The company reported revenue of RMB 3.765 billion, an approximately 43.4% increase compared to the same period last year. The net profit attributable to shareholders during the period was RMB 119 million, successfully turning positive compared to the same period last year, and achieved a milestone breakthrough in commercialization.

Ministry of Commerce: From January to July, China's e-commerce experienced stable and innovative development, with Shenzhen Agricultural Power Group and online retail sales of rural products increasing by 12.8% and 5% respectively.

The head of the Department of E-commerce of the Ministry of Commerce introduced the development situation of e-commerce in China from January to July 2026.

NTES Cloud Music (09899) announced its interim performance, achieving revenue of approximately 3.959 billion yuan, a year-on-year increase of 3.4%.

NetEase Cloud Music (09899) announced its mid-year performance for 2026, with revenue of approximately 3.959 billion yuan, a year-on-year increase of 3.4%; gross profit of approximately 1.474 billion yuan, a year-on-year increase of 5.9%; and net profit of approximately 809 million yuan, with an adjusted net profit of approximately 860 million yuan.

Hong Kong: July CPI increased by 1.7% year-on-year.

In July 2026, Hong Kong's overall consumer price index rose by 1.7% compared to the same month last year, which is lower than the corresponding increase of 2.0% in June 2026.

J&T EXPRESS-W (01519) released its interim results, with adjusted net profit of $351 million, an increase of 124.3% year-on-year.

Jitu Express (01519) announced its interim results for the six months ending June 30, 2026, with revenue of $7.672 billion, an increase of 39.5% year-on-year; adjusted net profit of $351 million, up 124.3% year-on-year; and basic earnings per share of 2.8 cents.

MONGOL MINING (00975) announced its interim results, with a net profit attributable to shareholders of $8.898 million, returning to profit compared to the same period last year.

MONGOL MINING (00975) announced its interim results for the six months ended June 30, 2026, with group revenue of USD 586 million, a year-on-year increase of 69.11%; profit attributable to shareholders reached USD 88.98 million, returning to profit compared to the previous year; earnings per share were 8.59 cents.

UJU HOLDING (01948) announces a profit warning, expecting a mid-term net profit increase of approximately 25% to 35% year-on-year.

Youju Holdings (01948) announced that the company expects to record a net profit growth of approximately 25% to 35% for the six months ending June 30, 2026, compared to the same period in 2025.

Ministry of Commerce: Opposes the EU's abuse of unilateral tools such as the "Foreign Subsidies Regulation" to suppress Chinese enterprises.

On August 20, the Ministry of Commerce held a regular press conference.

A-share Closing Review | Three Major Indices Bounce Back with Decreased Volume, Pharmaceutical and Biotechnology Stocks Surge to Limit Up, Precious Metals Strengthen

On August 20, after opening high, the A-shares rose and then fell back, with the increase narrowing, and the three major indices closed slightly in the red.

The Ministry of Commerce responds to the U.S. imposing tariffs on drones.

The Ministry of Commerce responds to the U.S. tariff on unmanned aerial vehicles.

Bank of America raises target prices for 10 software stocks across the board: concerns over AI impact have eased, leading to a revaluation of the sector.

Bank of America has raised the target prices for the stocks of several software companies.

Jingtai Technology (02228) 2026 Mid-term Performance Decoding: AI4S Commercialization Breakthroughs at High Speed, Multimodal Pipeline Accelerates to Realize Value

In the first half of 2026, Jingtai Technology achieved revenue of 394 million yuan from its AI4S business, smart robotics laboratory, and smart services business, marking an overall increase of 136.4%.

The Hong Kong Development Bureau will launch a pilot scheme next month, allowing for an additional 20% plot ratio on private redevelopment sites in seven old districts.

The Hong Kong Development Bureau will launch the "Additional Gross Floor Area Pilot Scheme" in September, initially implementing it in seven old districts for a duration of five years.

AI debt tsunami is coming; September is the testing period for U.S. debt.

The wave of AI infrastructure financing driven by technology giants is set to surge after the Labor Day in September, during which the issuance scale of investment-grade corporate bonds in the United States is expected to reach $200 billion, potentially posing a new round of impact on the already pressured Treasury bond market.

Central Plains Real Estate: The new Huanggang Port is about to open, which is expected to drive up property prices and rents in North New Territories.

Yu Zhiwei believes that after the formal customs clearance, the property market in northern New Territories will see noticeable changes in both buying and renting, which will help drive the New Territories property market.

New Stock News | Ingenic Semiconductor (03223) concludes its public offering with the total subscription amount reaching HKD 222.01 billion, oversubscribed by 689.3 times.

The "Storage + Computing + Simulation" chip provider Junzheng Co., Ltd. (03223) held its IPO from August 17, 2026, to August 20, 2026, and the offering has now concluded.

BANK OF E ASIA (00023) will distribute an interim dividend of HK$0.46 per share on October 13.

East Asia Bank (00023) announced that it will distribute an interim dividend of HK$0.46 per share for the six months ending June 30, 2026, on October 13, 2026.

CSPC PHARMA (01093) will distribute an interim dividend of HK$0.18 per share on November 10.

Stone Pharmaceutical Group (01093) announced that it will distribute a mid-term dividend of HKD 0.18 per share for the six months ended June 30, 2026, on November 10, 2026.

CSPC PHARMA (01093) released its interim results, with net profit attributable to shareholders reported at 6.094 billion yuan, a year-on-year increase of 139.2%.

China Shionogi & Co., Ltd. (01093) announced its mid-year results for 2026, with total revenues of 18.594 billion yuan (RMB, the same below), a year-on-year increase of 40.1%; profit attributable to shareholders amounted to 6.094 billion yuan, representing a year-on-year growth of 139.2%; basic earnings per share were 53.45 cents. A proposed interim dividend of 18.00 Hong Kong cents per share will be distributed.

VSTECS (00856) announced its interim results, with a profit attributable to shareholders of HK$915 million, an increase of 49.87% year-on-year.

Weishi Jiajie (00856) announced its interim results for the six months ending June 30, 2026, with revenue of HKD 52.61 billion, a year-on-year increase of 15.59%; profit attributable to equity holders of the company was HKD 915 million, a year-on-year increase of 49.87%; and basic earnings per share were HKD 0.6595.

WIN HANVERKY (03322) released its interim results, with a profit attributable to equity holders of HK$5.934 million, turning a profit compared to the same period last year.

Evergrande Group (03322) announced its interim results for the six months ended June 30, 2026, reporting revenue from continuing operations of HKD 1.631 billion, a year-on-year increase of 3.0%; the profit attributable to equity holders of the company was HKD 5.934 million, compared to a loss of HKD 43.535 million in the same period last year; basic earnings per share were HKD 0.005.

CHINESE EST H(00127) released its interim results, reporting a loss attributable to shareholders of HKD 200.5 million, a year-on-year decrease of 51.18%.

China's Overseas Property Holdings Limited (00127) announced its interim results for the six months ending June 30, 2026, with revenue of HKD 134 million, a year-on-year decrease of 0.21%. The loss attributable to shareholders was HKD 200.5 million, narrowing by 51.18% compared to the previous year; basic loss per share was HKD 0.105.

CHERY AUTO (09973) released its mid-term results, with a profit attributable to shareholders of 8.567 billion yuan, a year-on-year decrease of 11.7%.

Chery Automobile (09973) released its interim results for the six months ending June 30, 2026, with revenue of 143.28 billion yuan (RMB, the same below), an increase of 1.2% year-on-year; profit attributable to the company's owners was 8.567 billion yuan, a decrease of 11.7% year-on-year; basic earnings per share were 1.47 yuan.

BANK OF EAST ASIA (00023) announced its interim results, with profit attributable to shareholders of HK$2.416 billion, an increase of 0.37% year-on-year.

East Asia Bank (00023) announced its interim results for 2026, reporting interest income of HK$15.506 billion, a decrease of 8.23% year-on-year; profits attributable to shareholders of HK$2.416 billion, an increase of 0.37% year-on-year; and basic earnings per share of HK$0.91. A proposed interim dividend of HK$0.46 per share will be distributed.

Bond market alarm lifted? Strategists assert that the widening credit spreads of AI tech giants are a "supply shock," not a signal of default.

The competition in building artificial intelligence infrastructure has become a core focus of the credit market, driving the debt issuance scale of technology giants this year to nearly half a trillion dollars.

ND PAPER (02689) issued a positive profit forecast, expecting an annual profit of approximately 3.9 billion to 4.1 billion yuan, a year-on-year increase of 77.1% to 86.2%.

Nine Dragons Paper (02689) announced that the group expects to achieve a profit of approximately RMB 3.9 billion to RMB 4.1 billion for the year ending June 30, 2026, representing an increase of 77.1% to 86.2% compared to the profit of RMB 2.2017 billion for the year ending June 30, 2025. This profit growth is primarily driven by an increase in sales volume; the rise in product prices, both in magnitude and pace, significantly outstrips the increase in raw material costs, thereby driving the growth in gross profit.

In the first half of the year, AI revenue increased by 89.2% to 133 million yuan, and the stock price of Weimob (02013), which is undergoing a valuation logic switch, may soon reverse.

The steady improvement in financial fundamentals and the accelerating commercialization of AI are direct validations of Weimob's substantial progress in transforming from a "SaaS service provider" to an "AI Native business service provider."

AAC TECH (02018) released its mid-term performance report, with a net profit of 901 million yuan, an increase of 2.9% year-on-year, and revenue reaching a new high of 14.51 billion yuan.

AAC Technologies (02018) announced its interim results for the six months ended June 30, 2026, with revenue of 14.506 billion yuan (RMB), an increase of 8.9% year-on-year; net profit of 900 million yuan, a year-on-year growth of 2.9%; and basic earnings per share of 0.79 yuan.

The first-instance verdicts in the cases of Evergrande Group, Evergrande Real Estate, Xu Jiayin, and others.

The Intermediate People's Court of Shenzhen City, Guangdong Province, publicly announced its first-instance verdict on the case of the defendant company Evergrande Group Co., Ltd. (hereinafter referred to as Evergrande Group), the defendant company Evergrande Real Estate Group Co., Ltd. (hereinafter referred to as Evergrande Real Estate), and the defendant Xu Jiayin.

SSY GROUP (02005) has obtained the drug production registration certificate for Vitamin K1 injection (1ml: 10mg).

Shijifeng Pharmaceutical Group (02005) announced that the group has obtained the drug production registration approval from the National Medical Products Administration of China for Vitamin K1 injection (1ml:10mg), classified as a Category 3 chemical drug, which is considered equivalent to passing the consistency evaluation.

Personalized cancer vaccine crosses the phase III life-and-death line! Moderna (MRNA.US) stock skyrocketed by 177% in a single day, and the mRNA chain welcomes its "second value awakening."

William Blair upgraded the rating of this vaccine manufacturer from "in line with the market" to "outperform the market."

A-shares at noon | Three major indices collectively closed higher, pharmaceuticals and biotechnology surged, gold and electric grid strengthened.

The three major A-share indices opened higher collectively, with the market surging in the early session before a slight pullback and narrowing of gains.

Hong Kong dollar interbank interest rates continue to rise across the board, with the one-month HIBOR rising 5.345 basis points to 2.68%.

On August 20, the Hong Kong interbank offered rate continued to rise across the board, with the one-month HIBOR related to mortgages reported at 2.68%.

J.P. Morgan warns: The Treasury Department's plan to double the buyback of government bonds lacks credibility, and long-term yields may face upward pressure again.

JPMorgan's strategists warn that the market may perceive the U.S. Treasury's unexpected measures to curb long-term financing costs as lacking credibility.

Sinolink: AI capital expenditure squeezes sovereign debt, and the rise in long-term U.S. Treasury rates may force the Federal Reserve to ease policy.

When the best-rated private companies globally begin to compete with the largest sovereign debt issuers for long-term capital, it will inevitably lead to a crowding-out effect.

Using "Soros-style" to save U.S. bonds! Can Besant win the market by managing exchange rates and interest rates?

Since the beginning of this year, Suga has taken a series of actions, including cooperating with Japan to intervene in the yen, suggesting a reduction in long-term bond issuance, and announcing a doubling of the scale of long-term bond repurchasesearning him the title of the most proactive finance minister in intervening in the market in decades. However, critics argue that these interventions cannot address the fundamental issue of the fiscal deficit.

Hong Kong Stock Exchange's Chan Yat-ting: Currently, about 10 overseas companies are applying for listing.

Recently, there has been a wave of IPOs among Chinese enterprises. Chen Yiting stated that the current pipeline of listing applications is very robust, with numerous companies eager to go public in Hong Kong. This demonstrates the vitality of the Chinese market and the attractiveness of the Hong Kong market to global investors.

40 years of low yen levels propelled export surge: Japan's July export figures far exceeded expectations, with AI chip demand countering the shadow of the Middle East conflict.

Driven by strong demand for chips and automobiles in Japan and the yen falling to a 40-year low, Japan's export growth accelerated to its fastest pace since 2022.

HK Stock Market Move | METIS TECHBIO-P (07666) surged over 33% as Moderna's significant breakthrough opens up new possibilities for mRNA. The company possesses the capability to develop mRNA tumor vaccines.

Ji Tai Technology-P (07666) surged over 33%. As of the time of publication, it has risen by 31.74%, priced at HKD 15.44, with a trading volume of HKD 87.6427 million.

Ministry of Commerce: From January to July, the total retail sales of consumer goods and services increased by 2.6% year-on-year, while the total retail sales of consumer goods increased by 1.2%.

Since the beginning of this year, China's consumer market has maintained a positive trend towards innovation and quality, with the market scale steadily expanding and the quality of development continuously improving.

A-shares Opening Express | The three major indices opened higher collectively, with precious metals and pharmaceuticals leading the gains.

On August 20, the Shanghai Composite Index opened high at 3,907.21 points, up 0.33%, the Shenzhen Component Index opened high at 14,032.97 points, up 1.03%, the ChiNext opened high at 3,517.65 points, up 1.27%, and the STAR 50 opened high at 1,685.48 points, up 1.08%.

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Citigroup: Initiates "Buy" rating for Zijin Mining International (02259), optimistic about production growth and gold price outlook.

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Ganfeng Lithium: Progress on Subsidiary's Involvement in Investment Limited Partnership Matters

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Zhichun Technology (603690.SH) plans to transfer part of its shares in the affiliated company Weidun Crystal Phosphate for 20 million yuan.

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Xiamen Releases Twelve Measures to Promote Exchange and Cooperation with Taiwan

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Yuncong Technology: The company is deeply involved in the national standardized pilot project "Shanghai Virtual-Real Integration Embodied Intelligence Training Ground" and the "Humanoid Robot Qilin Training Ground" project.

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