GMT EIGHT - OPPORTUNITIES IN CHINA

HKEX: Price limit threshold for all securities orders tightened from nine times to five times, effective November 2

On October 26, Hong Kong Exchanges and Clearing Limited issued an announcement stating that the Securities and Futures Commission of Hong Kong has approved the relevant exchange rule amendments to tighten the price limit threshold for orders in all securities (excluding structured products) from the current nine times to five times.

InnoCare Pharma (09969) reported net profit attributable to shareholders of approximately RMB656 million for the first three quarters, turning profitable year-on-year.

InnoCare Pharma (09969) announced its results for the first three quarters of 2026. Total operating revenue was RMB2.099 billion, up 88.21% year on year, of which pharmaceutical sales revenue was RMB1.449 billion, up 41.47% year on year. The growth in operating revenue was mainly due to the continued volume expansion of the core product orelabrutinib, the incremental sales contribution from tafasitamab and zurletrectinib, and the completion of subsequent milestone deliveries under the company's licensing agreement with Zenas BioPharma, Inc. Net profit attributable to shareholders of the listed company was approximately RMB656 million, turning profitable year on year.

GAPACK (00468) attributable profit to shareholders for the first three quarters was RMB14.223 million, down 81.52% year-on-year.

GAPACK (00468) announced its results for the nine months ended September 30, 2026. The Group recorded revenue of RMB1.299 billion (same unit below), down 7.86% year-on-year; profit attributable to owners of the Company was RMB14.223 million, down 81.52% year-on-year.

POLY PROPERTY (00119): Shanghai Poly Property recorded a net loss attributable to shareholders of RMB816 million in the first nine months, turning from profit to loss year-on-year.

Poly Property Group (00119) announced the results of Shanghai Poly Property for the first nine months of 2026, with operating revenue of RMB19.323 billion, a year-on-year decrease of 15.09%; the net loss attributable to owners of the parent company was RMB816 million, turning from profit to loss year-on-year.

GD LAND (00124) reported attributable profit of HK$258 million for the first three quarters, turning from a loss to a profit year-on-year.

GD LAND (00124) announced that for the nine months ended September 30, 2026, the Group's consolidated revenue was approximately HK$5.367 billion (nine months ended September 30, 2025: HK$6.728 billion), a decrease of approximately 20.2% year-on-year. The decrease in revenue was mainly due to a reduction in the total gross floor area (GFA) sold of properties held for sale. During the review period, the Group recorded a profit attributable to owners of the Company of approximately HK$258 million (nine months ended September 30, 2025: loss of HK$16 million).

GLORY SUN LAND (00299): The Listing Committee has decided to cancel the listing status of the Company's shares.

Glory Sun Land (00299) announced that on October 23, 2026, the Company received a letter from the Stock Exchange (the Letter), stating that the Listing Committee of the Stock Exchange (the Listing Committee) has decided to cancel the listing status of the shares under Rule 6.01A(1) of the Listing Rules (the Decision), because the Listing Committee considers that the Company did not fulfill all the resumption guidance by September 30, 2026 and did not resume trading of the shares on the Stock Exchange.

BINHAI INV (02886): Gas sales volume for the first three quarters increased by approximately 4% year-on-year; value-added services broaden growth space.

After the market close on October 26, Binhai Investment (02886) released its business update for the first three quarters ended September 30, 2026. Based on the unaudited operating data disclosed in the announcement, the company's traditional piped gas main business maintained steady growth, with the user base continuing to expand, while its two new business segmentsvalue-added services and integrated energywere implemented in an orderly manner, as the group advanced the optimization of its business structure in line with its established strategy.

CIMC ENRIC (03899) reported a net profit attributable to shareholders of RMB817 million for the first three quarters, up 6.5% year on year.

CIMC ENRIC (03899) announced that for the first three quarters of 2026, the Group recorded revenue of RMB20.52 billion, up 6.0% year on year; net profit of RMB836 million, up 5.3% year on year; and profit attributable to shareholders of RMB817 million, up 6.5% year on year. In the third quarter, the Group recorded revenue of RMB7.635 billion, up 13.4% year on year; net profit of RMB310 million, up 45.5% year on year; and profit attributable to shareholders of RMB300 million, up 47.1% year on year.

UK Plans to Increase Short-Dated Debt Issuance, Potentially Lowering Gilt Yields; Investors Also Closely Watching Whether the Autumn Budget Can Maintain Fiscal Discipline

The UK is about to increase its use of short-dated debt. This shift could push down gilt yields and ease the country's increasingly strained public finances. At the same time, the market reaction that the autumn budget may trigger still warrants vigilance for its impact on the gilt market.

LI NING (02331): E-commerce virtual store business achieved high single-digit growth in the third quarter

LI NING (02331) announced that for the third quarter ended September 30, 2026, retail sell-through for Li Ning sales points (excluding Li Ning YOUNG) across the entire platform recorded a low-single-digit decline year-on-year. By channel, offline channels (including retail and wholesale) recorded a mid-single-digit decline, of which the retail (direct operation) channel was flat, while the wholesale (franchised distributors) channel recorded a mid-single-digit decline; the e-commerce virtual store business achieved high-single-digit growth.

YUE YUEN IND (00551) Issues Profit Warning: Expects Profit Attributable to Owners of the Company for the First Three Quarters to Decrease by Approximately 50% to 55% Year-on-Year

Yue Yuen Industrial (00551) announced that the Group expects profit attributable to owners of the Company for the first three quarters of 2026 to decrease by approximately 50% to 55% year-on-year, primarily due to multiple challenges in the operating environment of the Group's manufacturing business, with weak demand leading to a decline in sales scale, compounded by rising costs and pressure on production efficiency, which have had a negative impact on the gross profit margin of the Group's manufacturing business during the period.

LEPU BIO (02157): 2026 ESMO Congress Data Readout: CMG901 (AZD0901) Clinical Results Reported as an LBA Preferred Paper at the Presidential Symposium

LEPU BIO (02157) announced the Phase III clinical trial results of CMG901 (AZD0901) for second-line and later-line (2L+) CLDN18.2-positive advanced/metastatic gastroesophageal cancer (GEC); the latest clinical results of MRG007 (ARR-217) (a potential best-in-class CDH17-targeting exatecan antibody-drug conjugate (ADC) for the treatment of colorectal cancer (CRC)); and the Phase II trial results of the PD-1 inhibitor pucotenlimab (HX008) combined with MRG003 (vebrekotug monatab) as induction therapy for locally advanced head and neck squamous cell carcinoma (LA-HNSCC).

HUTCHMED (00013) Announces SANOVO Phase III Study Data of ORPATHYS Combined with TAGRISSO for First-Line Treatment of EGFR-Mutated Lung Cancer at the 2026 European Society for Medical Oncology (ESMO) Congress

HUTCHMED (00013) announced positive results from the SANOVO China Phase III study. In treatment-nave patients with locally advanced or metastatic non-small cell lung cancer harboring epidermal growth factor receptor ("EGFR") mutations and MET overexpression, the combination of ORPATHYS (savolitinib) and TAGRISSO (osimertinib) demonstrated a statistically significant and highly clinically meaningful improvement in the primary endpoint of progression-free survival ("PFS") compared with TAGRISSO monotherapy. The combination therapy also showed highly encouraging clinical benefit in overall survival ("OS"), one of the study's secondary endpoints.

SSY GROUP (02005) reported profit attributable to shareholders of approximately HK$460 million for the first three quarters, up 15.5% year-on-year.

SSY GROUP (02005) announced that the Group's unaudited revenue for the nine months ended September 30, 2026 was approximately HK$3.52 billion (same period in 2025: approximately HK$3.102 billion), up 13.5% year-on-year, mainly due to the resumption of growth in the Group's intravenous infusion and active pharmaceutical ingredients businesses.

Ministry of Commerce: Solicits Public Comments on the Special Provisions on the Protection of China's Commercial Secrets, Clarifying Investigation and Countermeasure Measures Against Foreign Entities

The Ministry of Commerce has drafted the Special Provisions on the Protection of China's Commercial Secrets (Draft for Comment) and is now soliciting public comments.

iFlytek Spark Medical LLM V3.7 upgraded; AI Patient Management 3.0 released and industry standard co-development launched

At the concurrently held AI Patient Management Innovation Forum, iFlytek Healthcare released the AI Patient Management Platform 3.0 and, together with domestic top-tier hospitals and authoritative research institutions, launched the AI Patient Management Expert Consensus Special Program, leading the standardized and intelligent upgrade of the AI patient management industry across three dimensions: technological breakthroughs, product iteration, and co-development of standards.

Earnings Preview | AI trade concerns linger: Will Seagate Technology Holdings PLC (STX.US) "Beat All" even matter?

Seagate Technology Holdings PLC will report its fiscal 2027 first-quarter results after the U.S. market close on Tuesday (the morning of October 28, Beijing time).

Constitutional and Mainland Affairs Bureau of Hong Kong: Continuously Promoting Coordinated Development of the Greater Bay Area and Showcasing Hong Kong's Advantages as an International City

On October 26, regarding the policy measures related to the construction of the Guangdong-Hong Kong-Macao Greater Bay Area in Hong Kong's "Hong Kong's First Five-Year Plan" and the 2026 "Policy Address," Hu Jianmin, Deputy Secretary for Constitutional and Mainland Affairs of Hong Kong, delivered opening remarks.

A-share Market Close | Shanghai Composite Index Rises 0.19%; Oil and Banking Stocks Strengthen, Computing Power Hardware Stocks Weaken

On October 26, the three major A-share indices collectively opened lower in the morning and moved downward, then fluctuated and rebounded in the afternoon. The Shanghai Composite Index turned positive in late trading and closed near its intraday high, while the Shenzhen Component Index, ChiNext Index, and STAR 50 all closed lower.

Net profit grew more than twofold in the first three quarters, with Shenzhen Senior Technology Material (06067) achieving high performance growth driven by both "domestic + overseas" markets.

As the "third pole" of batteries, separators are the most competitive segment in the lithium battery industry chain.

Eurozone Q3 economic growth may slow; ECB likely to hold steady this week.

Weakening economic growth momentum may be one reason for the European Central Bank to temporarily hold off on raising interest rates.

Earnings Preview | After the Philadelphia Semiconductor Index enters a bear market, another major earnings test: Can NXP Semiconductors NV's (NXPI.US) automotive foundation and hidden AI storyline support its valuation?

NXP Semiconductors will report its third-quarter fiscal 2026 results after the U.S. market close on October 27. With the Philadelphia Semiconductor Index down more than 26% from its June high and the sector as a whole having entered a technical bear market, the significance of this earnings report goes beyond the single-quarter figures themselves.

National Energy Administration: As of the end of September, China's cumulative installed power generation capacity reached 4.13 billion kilowatts, up 11.2% year on year.

On October 26, the National Energy Administration released national electricity statistics for January to September.

National Energy Administration: As of the end of September, China's cumulative installed wind and solar capacity exceeded 2 billion kilowatts.

Data from the National Energy Administration show that as of the end of September 2026, cumulative installed wind and solar power capacity reached 2.01 billion kilowatts.

Contrarian in the French debt selloff: A$370 billion pension fund adds positions, betting fiscal risks are overestimated

Australia's second-largest pension fund is buying French government bonds. The institution believes the market has overpriced France's fiscal troubles and the prospect of European Central Bank rate hikes.

JLL: Hong Kong Grade A office vacancy rate falls for five consecutive months, dropping to 12.4% month-on-month in September

JLL noted in a report that the overall vacancy rate in Hong Kong's Grade A office market has fallen for the fifth consecutive month, dropping to its lowest level since May 2023.

Defense tech investment boom heats up, private equity giant warns 'a lot of bubble' is emerging.

Private capital is pouring heavily into defense tech, with growth-stage investment reaching US$4 billion in the first three quarters of 2026, but inflated valuations and exit challenges are fueling bubble concerns.

From OpenAI to Malaysia, Masayoshi Son Rolls Out the "SoftBank ASI Blueprint"! US$50 Billion Investment Plan Ignites Bullish Sentiment in Semiconductors

In 2000, Masayoshi Son made his first investment in Alibaba for approximately US$20 million. Through long-term shareholding, he subsequently shared in what can be called an "investment myth"the record-setting massive value growth of a Chinese e-commerce platform as it moved from its initial startup phase of huge losses into the global capital market spotlight. Today, OpenAI, which Son has backed with huge sums, along with a range of AI computing power leaders, in his view likewise possess unparalleled growth potential to become large-scale user gateways and enterprise technology platforms.

Earnings Preview | Optical Communications Taking the Lead + CECEP Solar Energy Awaiting Recovery: Is Now the Right Time to Position in Corning Inc (GLW.US) Ahead of Earnings?

Corning (GLW.US) will release its third-quarter 2026 financial results on October 27.

MReferral: September MReferral Mortgage Rate Index stands at 3.18%, with room for further decline expected within the year

The September 2026 MReferral Mortgage Rate Index (MMI), which reflects the actual mortgage rate level generally available to new mortgage customers, stood at 3.18%, up slightly by 6 basis points month-on-month.

"Demand destruction" versus the risk of an attack on Saudi Arabia in a tug-of-war, international oil prices fall more than 2%.

Traders weighed the risk of an attack on Saudi Arabia against the impact of a sharp drop in demand, and oil prices fell more than 2%.

Inflation shock combined with economic resilience! Bank of England sends its strongest hawkish signal in over three years, with a November rate hike all but certain.

BOESPEAK, a natural language processing model that tracks the remarks of Bank of England Monetary Policy Committee (MPC) members, shows that the central bank officials are sending the most hawkish signal in more than three years, paving the way for a rate hike as early as next month.

HKMA: The Fifth Global Financial Leaders' Investment Summit will be held from November 2 to 4.

During the summit, financial leaders will discuss emerging opportunities and potential risks brought by macroeconomic trends, financial market developments, and technological advancements to different industries, assets, and regions.

Hong Kong Property: Hong Kong property market outlook is clear, full-year 2026 home prices expected to record double-digit gains

Ma Tai-yeung said that benefiting from population growth and strong rental demand, coupled with the favorable policies of the Policy Address and the five-year plan, the outlook for Hong Kong's property market is clear, and home prices are expected to maintain double-digit gains for the full year.

Lula's election victory thwarts right-wing bets; Brazilian stocks and currency may see sharp volatility.

Investors had bet on a change of government in Brazil, and with Lula's election victory, those positions are expected to be unwound en masse amid sharp volatility in the coming week.

John Lee: Hong Kong can leverage its green finance advantages to support the Belt and Road green transition

On October 26, the "Belt and Road Green Innovation Conference" was held in Hong Kong for the first time.

Shenzhen Stock Exchange: Robotechnik Intelligent Technology (03757) to be included in Stock Connect eligible securities

Shenzhen Stock Exchange adds Robotechnik Intelligent Technology (03757) to Stock Connect eligible securities.

MAGNUSCONCORDIA (01172) subsidiary and Sichuan Juxinghua Trading separately entered into sale and purchase agreements for the purchase and sale of properties

MAGNUSCONCORDIA (01172) announced that on October 26, 2026, the seller, MAGNUSCONCORDIA Development (Chengdu) Co., Ltd. (an indirectly wholly-owned subsidiary of the Company), and the buyer, Sichuan Juxinghua Trading Co., Ltd., separately entered into sale and purchase agreements for the purchase and sale of the properties.

YIDU TECH (02158): Wins bid for the next-generation big data platform project of the First Affiliated Hospital of Chongqing Medical University

YIDU TECH (02158) announced that recently, its affiliate Yidu Cloud (Beijing) Technology Co., Ltd. won the bid for the next-generation big data platform project of the First Affiliated Hospital of Chongqing Medical University, with a total project amount of approximately RMB13.29 million.

ALPHAMAB-B (09966): Phase I/II Clinical Study Results of JSKN033 in Treating CC Patients Who Failed Standard Therapy Published as a Rapid Oral Presentation at the 2026 ESMO Congress

ALPHAMAB-B (09966) announced that the clinical study results of JSKN033 (a high-concentration subcutaneous injectable combination formulation composed of a HER2 bispecific ADC and a PD-L1 immune checkpoint inhibitor) in the Phase I/II clinical study in China (Study No.: JSKN033-102) for the treatment of CC patients who failed standard therapy have been published as a rapid oral presentation at the 2026 ESMO Congress.

ALPHAMAB-B (09966): Latest results from two Phase III clinical studies of anbenitamab (KN026) presented as late-breaking abstract oral presentations at the 2026 ESMO Congress

ALPHAMAB-B (09966) announced that the significant results of anbenitamab (trade name: Ennituo, development code: KN026), jointly developed with JMT Biological, a subsidiary of CSPC Pharmaceutical Group, for first-line treatment of HER2+ BC, and the updated OS analysis for second-line and above treatment of HER2+ GC/GEJ, were presented as late-breaking abstract oral presentations at the 2026 ESMO Congress.

INTRON TECH (01760) reported total revenue of approximately RMB5.57 billion for the first three quarters, up about 21.4% year on year.

INTRON TECH (01760) announced a business update for the third quarter ended September 30, 2026. For the nine months ended September 30, 2026, the Group's total revenue was approximately RMB5.57 billion (unaudited), representing a year-on-year increase of approximately 21.4% compared with the same period in 2025.

TIANJIN DEV (00882): Tianjin Lisheng Pharmaceutical's net profit attributable to shareholders for the first three quarters was RMB78.51 million, down 78.82% year-on-year.

TIANJIN DEV (00882) announced the results of Tianjin Lisheng Pharmaceutical for the nine months ended September 30, 2026, with total operating revenue of RMB888 million, down 11.84% year-on-year; net profit attributable to owners of the parent company of RMB78.51 million, down 78.82% year-on-year; and basic earnings per share of RMB0.25.

H&H INTL HLDG (01112): Total revenue for the first three quarters rose 24.5% year on year on a reported basis.

H&H INTL HLDG (01112) announced that for the nine months ended September 30, 2026, total revenue rose 24.5% year on year on a reported basis (up 24.4% on a like-for-like basis) to RMB13.448 billion, mainly driven by strong growth in the Adult Nutrition & Care segment and the Infant Nutrition & Care segment. In the third quarter, the Group increased investment in the launch of strategic new products and strengthened various initiatives targeting core markets and selected expansion markets to support sustainable growth.

Ministry of Commerce: In the first three quarters, the total profit of key contacted commodity markets increased by 5.8% year on year.

Ministry of Commerce: In the first three quarters, the total profit of key contacted commodity markets increased by 5.8% year on year. The head of the Department of Circulation Development of the Ministry of Commerce discusses the development of China's wholesale and retail industries from January to September 2026.

A $5 billion blockbuster emerges? JPMorgan maintains "Neutral" rating on Amgen (AMGN.US): A good drug does not equal a good entry point.

Amgen's Imdelltra first-line maintenance data show an HR of 0.42, with survival nearly doubled; Morgan Stanley estimates it will become a $5 billion blockbuster; however, it maintains a Neutral rating and a $350 price target.

The Securities and Futures Commission of Hong Kong has for the first time approved secondary market trading of a tokenized fund offered to the public.

The Securities and Futures Commission of Hong Kong has approved secondary market trading of the world's first batch of tokenized funds offered to the public on SFC-licensed virtual asset trading platforms (VATPs).

A-share Midday Review | Shanghai Composite Index falls 0.18%, ChiNext Index drops 1.65%, pharmaceutical commerce sector bucks the trend

The market showed a divergent pattern of "broad index declines, growth stock pullbacks, and consumer and pharmaceutical commerce sectors bucking the trend with active gains."

Fed and ECB Poised to Pause Together, So Why Is Global Funding Still Struggling for Relief? JPMorgan Outlook: The Logic of Continued Rate Hikes Is Still Weighing on Stocks and Bonds

JPMorgan's latest research report shows that the core financial market trading theme linked to this week's monetary policy decisions by the Fed, ECB, and Bank of Japan is how strong a tightening bias policymakers will maintain after announcing a October rate-hike pause, as the market broadly expects.

Earnings Preview | After a 30% Stock Decline, SK Hynix (SKHY.US) Faces a Major Earnings Test: Can HBM4 Ramp-Up and DRAM Price Increases Reignite Its Rally?

SK Hynix will release its fiscal 2026 third-quarter results on October 28.

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Helens (09869.HK) will distribute a special dividend of HK5.539 cents per share on November 24.

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BofA Securities: Cuts Hisense Home Appliances (00921.HK) Target Price to HK$20.5, Lowers EPS Forecast

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Hengbo Holdings (301225.SZ) released its performance for the first three quarters, with net profit attributable to shareholders of RMB 68.445 million, down 27.32% year on year.

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Meihu Co., Ltd. (603319.SH) plans to repurchase shares for RMB 30 million to RMB 50 million.

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Greentown Service (02869.HK) repurchased 234,000 shares for HKD 949,700 on October 26.

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