GMT EIGHT - OPPORTUNITIES IN CHINA

KING FOOK HOLD (00280) Issues Positive Profit Alert, Expects Interim Consolidated Profit Attributable to Shareholders to Increase to HK$63 Million-HK$67 Million

KING FOOK HOLD (00280) announced that the Group expects its consolidated profit attributable to owners of the Company for the six months ended September 30, 2026 to be between HK$63 million and HK$67 million, compared with HK$39.7 million for the corresponding period in 2025. This substantial profit increase was primarily due to the outstanding performance of the Group's retail business.

IFBH (06603) Issues Profit Warning, Expects Net Profit for First Three Quarters to Decrease by Approximately 60% to 75% Year-on-Year

IFBH (06603) issued an announcement that, based on a preliminary assessment of the Group's unaudited consolidated management accounts for the nine months ended September 30, 2026 (the nine-month period) and other information currently available to the Board, net profit for the nine-month period is expected to decrease by approximately 60% to 75% compared with the same period in 2025.

CHINA OILFIELD (02883) Net profit attributable to shareholders for the first three quarters was RMB 3.233 billion, up 0.7% year on year.

China Oilfield Services (02883) announced its results for the first three quarters of 2026. The Group achieved operating revenue of RMB 35.729 billion, up 2.5% year on year; net profit attributable to shareholders of the listed company was RMB 3.233 billion, up 0.7% year on year; basic earnings per share were RMB 0.68.

COSCO SHIP PORT (01199) will distribute an interim dividend of HK$0.185 per share on November 25.

COSCO SHIPPING Ports (01199) announced that it will distribute an interim dividend of HK$0.185 per share on November 25, 2026.

SANDS CHINA LTD (01928) subsidiary VML contributes approximately MOP 2.3 billion to invest in the Macao SAR Government guided fund.

Sands China Ltd. (01928) announces that the Macao Government has established a government-guided fund to support Macao's economic diversification. To this end, the Macao Government has, pursuant to Administrative Regulation No. 26/2026, promoted the establishment of a government-guided fund, named the Macao Special Administrative Region Government Guided Fund No. 2 Limited Partnership Fund (the Government-Guided Fund).

MGM CHINA (02282) subsidiary MGM Grand Paradise contributes MOP 1.24 billion to participate in the Macau government-guided fund

MGM China (02282) announces that, following friendly negotiations, on October 23, 2026, the Company's subsidiary MGM Grand Paradise, S.A. together with the other five gaming concessionaires of the Macau Special Administrative Region (as limited partners) and Macau Project Management (No. 2) One Person Company Limited (as general partner) entered into a partnership agreement in relation to the establishment of the Macau SAR Government Guided Fund No. 2 Limited Partnership Fund. The limited partners have committed to contribute MOP 9 billion (equivalent to approximately HK$8.7 billion) to the total size of the fund. MGM Grand Paradise has committed to inject MOP 1.24 billion (equivalent to approximately HK$1.21 billion).

Hong Kong's insurance industry saw total gross premiums rise 35.5% year-on-year to HK$573.6 billion in the first half.

The Insurance Authority of Hong Kong has released the provisional statistics for the first half of 2026.

China Coal Energy (01898) reported a net profit attributable to shareholders of RMB 12.749 billion for the first three quarters, up 2.1% year on year.

China Coal Energy (01898) announced that for the nine months ended September 30, 2026, operating revenue was RMB 115.636 billion, up 4.6% year on year; net profit attributable to shareholders of the listed company was RMB 12.749 billion, up 2.1% year on year; basic earnings per share were RMB 0.96.

CR HOLDINGS (01911): BiLu Electronics publicly transfers its shares on the NEEQ

CR Holdings (01911) announces that Shanghai BiLu Electronics Co., Ltd. (BiLu Electronics), a portfolio company of the CR New Economy Fund managed by the Group, has been listed for public transfer on the National Equities Exchange and Quotations (NEEQ). China Renaissance Securities Co., Ltd. (China Renaissance Securities), a controlled subsidiary of the Company, served as the lead broker for this listing.

HKEX launches artificial intelligence and semiconductor index.

On October 23, HKEX announced the launch of the HKEX Artificial Intelligence Index and the HKEX Semiconductor Index.

GALAXY ENT (00027) subsidiary GALAXY ENT contributes MOP 2.27 billion to participate in the Macao SAR Government-guided fund

Galaxy Entertainment (00027) announced that on October 23, 2026, its subsidiary Galaxy Casino, S.A., together with other Macao gaming concessionaires, entered into a limited partnership agreement in respect of its participation as a limited partner in the "Macao SAR Government-Guided Fund No. 2 Limited Partnership Fund."

LIVZON PHARMA (01513) will distribute a third-quarter dividend of RMB 12.39 per 10 shares on December 23.

LIVZON PHARMA (01513) announced that it will distribute the 2026 third-quarter dividend of RMB 12.39 per 10 shares on December 23, 2026.

Yuwell Medical: Net profit in Q3 2026 was 28.848 billion yuan, up 955% year on year.

Yuyue Medical announced that in the third quarter of 2026, operating revenue was 2.042 billion yuan, up 8.28% year on year; net profit attributable to shareholders was 28.848 billion yuan, up 955% year on year; net profit after deducting non-recurring gains and losses was 276 million yuan, up 8.06% year on year. In the first three quarters of 2026, operating revenue was 6.611 billion yuan, up 1.02% year on year; net profit attributable to shareholders was 11.33 billion yuan, down 22.83% year on year; net profit after deducting non-recurring gains and losses was 1.037 billion yuan, down 11.28% year on year.

Hisense Home Appliances Group (00921) reported a net profit attributable to shareholders of RMB 1.849 billion for the first three quarters, down 34.23% year on year.

Hisense Home Appliances Group (00921) announced that for the first three quarters of 2026, operating revenue was RMB 67.014 billion, down 6.32% year on year; net profit attributable to shareholders of the listed company was RMB 1.849 billion, down 34.23% year on year; basic earnings per share were RMB 1.35.

SHENZHENEXPRESS (00548): BAY AREA DEV (00737) net profit attributable to shareholders for the first three quarters approximately RMB 416 million

SHENZHENEXPRESS (00548) announced that its controlled subsidiary Shenzhen Investment Holdings Bay Area Development Company Limited ("Bay Area Development", listed on The Stock Exchange of Hong Kong Limited under stock codes "00737" and "80737") recorded operating revenue of approximately RMB 631 million, profit before tax of approximately RMB 597 million, and net profit attributable to shareholders of approximately RMB 416 million for the first three quarters of 2026 (the nine months ended September 30, 2026); as of September 30, 2026, total assets were approximately RMB 13.877 billion and net assets were approximately RMB 8.255 billion.

DONGYUE GROUP (00189): Shandong Dongyue Silicone Material (300821.SZ) reported a net profit attributable to shareholders of RMB 557 million for the first three quarters.

DONGYUE GROUP (00189) announced that its non-wholly-owned subsidiary Shandong Dongyue Silicone Material Co., Ltd. (300821.SZ) recorded revenue of RMB 3.971 billion and net profit attributable to shareholders of Dongyue Silicone Material of RMB 557 million for the nine months ended September 30, 2026.

KING'S STONE (01943) subsidiary enters into a computing power cooperation framework agreement with Xinle Digital

KING'S STONE (01943) announces that in October 2026, the Company's indirect non-wholly-owned subsidiary Shenzhen Junyu Intelligent Computing Technology Co., Ltd. (Junyu Intelligent Computing) entered into a computing power cooperation framework agreement with Shenzhen Xinle Digital Technology Co., Ltd. (Xinle Digital) for a term of three years.

SJM HOLDINGS (00880) subsidiary intends to contribute MOP 993 million to subscribe for the Macao SAR Government Guided Fund No. 2 Limited Partnership Fund

SJM Holdings (00880) announced that on October 23, 2026, following arm's length negotiations, SJM Resorts entered into a limited partnership agreement and a subscription agreement to subscribe for participating interests in the Government Guided Fund, with a total committed capital contribution of MOP 993 million (equivalent to approximately HK$964 million).

MELCO INT'L DEV (00200) subsidiary intends to invest in the Macao SAR Government Guided Fund No. 2 Limited Partnership Fund

MELCO INT'L DEV (00200) announces that on October 23, 2026, the Company's indirect subsidiary, Melco Macau, entered into a limited partnership agreement and a subscription agreement to subscribe for interests in the Fund (a Macao SAR Government Guided Fund), with a total capital commitment of MOP 828 million (equivalent to approximately HKD 803 million), representing approximately 9.2% of the total commitments of all limited partners of MOP 9 billion (equivalent to approximately HKD 8.73 billion). Melco Macau will inject capital into the Fund to further fulfill its non-gaming investment obligations under its concession contract.

IMPACT THERAP-B (07630) presented the latest clinical data for senaparib and the selective PARP1 inhibitors IMP1734 and IMP1707 in a poster presentation at the 2026 ESMO Congress.

IMPACT THERAP-B (07630) announced that the latest clinical data for its pipeline drugs senaparib (IMP4297), IMP1734 (also known as EIK1003), and IMP1707 (also known as EIK1004) were presented in poster presentations at the 2026 European Society for Medical Oncology (ESMO) Congress held in Madrid, Spain, from October 23 to 27, 2026.

LIVZON PHARMA(01513) reported a net profit attributable to shareholders of RMB 1.288 billion for the first three quarters, down 26.57% year on year.

LIVZON PHARMA (01513) announced that for the first three quarters of 2026, operating revenue was RMB 7.319 billion, down 19.71% year on year; net profit attributable to shareholders of the listed company was RMB 1.288 billion, down 26.57% year on year; basic earnings per share were RMB 1.45.

HKMA: Designates 12 Primary Liquidity Providers, Expands Size to RMB 22 Billion

The total amount of the RMB repo agreement arrangement for primary liquidity providers will be increased from RMB 20 billion to RMB 22 billion.

Macao: 2026 cumulative border crossings exceed 200 million person-times, 18 days earlier than last year

As of 11:00 on October 22, 2026, the cumulative annual border crossings for all of Macao exceeded 200 million person-times, reaching this milestone 18 days earlier than in 2025.

The Buildings Department of Hong Kong approved a total of 10 building plans in August.

The Buildings Department approved a total of 10 building plans in August, comprising 5 on Hong Kong Island, 3 in Kowloon and 2 in the New Territories.

Bernstein: After software stocks outperform, Japanese AI hardware valuations pull back, and a window for positioning is opening

Bernstein previews Japan IT hardware 2Q26 earnings, noting strong fundamentals, earnings upgrades, and valuation pullback, with opportunities across all three themes: software, AI components, and energy/defense.

A-share Market Close Review | ChiNext Index rebounds from lows to gain 4.16%, multiple stocks in the Siasun Robot&Automation industry chain hit limit up

On October 23, the three major A-share indices collectively opened lower in the morning and fell in one direction, then rebounded quickly in the afternoon and collectively turned positive, forming a deep-V reversal, with the Shanghai Composite Index closing near its intraday high.

SEYOND (02665) LiDAR Now Standard Across All Roewe Jiayue 07 Trims; Pre-sales Surpass 50,000 Units! Tripartite Ecosystem Collaboration Accelerates Large-Scale Deployment of Intelligent Driving

SAIC Roewe's all-new AI-native large five-seat SUV, the Jiayue 07, has officially launched, with pre-sales orders surpassing 50,000 units. The new model comes standard across all trims with Seyond's (02665) high-performance main-view LiDAR, features the Momenta R7 world model, and jointly builds an advanced intelligent driving system with Volcano Engine.

ETF trading volume in the two markets reached 693.776 billion yuan, the highest since February this year.

As of now, total ETF turnover across the two markets stands at RMB 693.776 billion, an increase of RMB 88.989 billion compared with the same time yesterday, marking the highest ETF turnover since February 2026. By category, equity ETF turnover is RMB 236.195 billion, bond ETF turnover is RMB 282.252 billion, money market ETF turnover is RMB 63.606 billion, commodity ETF turnover is RMB 12.844 billion, and QDII ETF turnover is RMB 98.879 billion. Today, E Fund ChiNext ETF turnover is nearly RMB 20 billion, while Huatai-PineBridge CSI 300 ETF and ChinaAMC STAR 50 ETF each exceed RMB 15 billion, with notable volume increases across multiple broad-based ETFs.

Ministry of Finance: Securities transaction stamp duty in the first three quarters was 239.1 billion yuan, up 65.1% year on year.

On October 23, the Ministry of Finance released the fiscal revenue and expenditure situation for the first three quarters of 2026.

XIZHI TECH-P (01879) "Share Swap Window" Faces Capital Test, Awaiting Inflection Point in Optoelectronic Computing Power Realization Curve

For XIZHI TECH-P, the price elasticity seen in the early post-listing period has given way to cooler scrutiny as valuations are digested: the market's focus is shifting from "pricing the story" to "pricing execution."

In the first three quarters, national fiscal revenue increased by 5.1% year on year.

Fiscal revenue and expenditure are a "barometer" reflecting economic performance. Data released by the Ministry of Finance on October 23 shows that in the first three quarters of this year, fiscal revenue grew steadily, with nationwide general public budget revenue at approximately 17.23 trillion yuan, up 5.1 percent year on year, an increase 0.4 percentage points higher than in the first half of the year. Of this, nationwide tax revenue in the first three quarters was approximately 14.07 trillion yuan, up 6.1 percent year on year, an increase 0.8 percentage points higher than in the first half. On the expenditure side, nationwide general public budget expenditure in the first three quarters was approximately 21.02 trillion yuan, up 1 percent year on year, with spending related to investment in people well guaranteed.

MOFCOM Spokesperson Answers Questions on the U.S. Department of Defense's Release of So-Called Research Security Review Results

China urges the U.S. side to respect facts, follow the common laws of global scientific and technological exchanges and cooperation and the trend of the times, and immediately stop its wrong practice of taking discriminatory and restrictive measures against Chinese research institutions.

UK September retail sales fall more than expected, October consumer confidence drops sharply.

UK retail sales fell by 0.4% in September, a sharper decline than expected.

ECB rate hike endgame debate: Economists expect a December finale, while the market bets on three more hikes.

Economists expect the ECB to hold rates steady next week and then deliver the final hike of this cycle in December. That view stands in sharp contrast to market bets that several more hikes are still to come.

Hui Ching-yu: Striving to assist no fewer than 220 additional family offices in establishing or expanding their operations in Hong Kong between 2026 and 2028

Hui Ching-yu mentioned that the preferential tax regimes for funds, single family offices, and carried interest will be further optimized.

The 33rd APEC Finance Ministers' Meeting concludes in Hong Kong, having deliberated and adopted two statements and produced multiple outcome documents.

On October 21, the 33rd APEC Finance Ministers' Meeting concluded in Hong Kong.

Baijiu Shangmei Group Releases NexxAI Unattended Digital Retail Operations Agent Ecosystem, Achieving the Leap from Copilot to Autopilot

Baijiu chose to enter the e-commerce operations domain with NexxAI, connecting years of brand service experience and business scenarios with agent technology, continuously validating and refining them through practical application.

Shanghai: Strive to cultivate 10 digital-intelligence-native unicorn enterprises by 2028, with the penetration rate of AI applications in the industrial services sector reaching over 85%.

The Shanghai Municipal Commission of Economy and Informatization has issued the "Shanghai Action Plan for Accelerating the High-Quality Development of AI-Empowered Industrial Services." The overall goals are: by 2028, the penetration rate of AI applications in industrial services to reach over 85%, and to strive to cultivate 10 digital-intelligent native unicorn enterprises. Build 5 industry-level collaborative design platforms; focus on key areas such as high-end equipment and complete vehicle manufacturing to enhance supply chain resilience and security; promote 500 high-quality enterprises to build flexible manufacturing service systems and create Shanghai advanced-level smart factories; popularize embedded quality inspection in key industries such as integrated circuits and new energy vehicles; and further enhance predictive equipment operation and maintenance service capabilities. This will provide strong support for the city's acceleration of new industrialization and the building of a modern industrial system.

Hui Ching-yu: Hong Kong's "tokenization" is moving toward the implementation stage, and the financial ecosystem is becoming more complete.

Hong Kong's Secretary for Financial Services and the Treasury, Hui Ching-yu, pointed out that Hong Kong's "tokenization" progress is moving from the "experimental stage" toward the "implementation stage."

Invest Hong Kong: Assisted around 550 local and overseas companies in opening or expanding operations in Hong Kong in the first nine months of this year.

In the first nine months of this year, we assisted around 550 overseas and Mainland companies in opening or expanding their businesses in Hong Kong, and it is estimated that these companies will bring in over HK$70 billion in direct investment in the first year of setting up or expanding their operations.

Paul C. H. W. (Packman) appointed as Chairman of the Market Misconduct Tribunal and the Securities and Futures Appeals Tribunal for a term of 3 years

On October 23, the Hong Kong government announced that the Chief Executive has appointed Paul C. H. W. (Packman), a former judge of the Court of First Instance of the High Court, as Chairman of the Market Misconduct Tribunal and the Securities and Futures Appeals Tribunal.

GIORDANO INT'L (00709) achieved revenue of HK$820 million in the third quarter, a year-on-year decrease of 8.3%.

GIORDANO INT'L (00709) announced that for the quarter ended September 30, it achieved revenue of HK$820 million, a year-on-year decrease of 8.3%; the Group's same-store sales were HK$605 million, a year-on-year decrease of 7.1%; global brand sales were HK$893 million, a year-on-year decrease of 7.7%. For the year ended September 30, it achieved revenue of HK$2,734 million, a year-on-year decrease of 3.3%; the Group's same-store sales were HK$1,992 million, a year-on-year decrease of 2.7%; global brand sales were HK$3,082 million, a year-on-year decrease of 3.4%.

A-share Midday Review | Shanghai Composite Index Falls 1.20%, Major Financials Buck the Trend, Computing Power Hardware Sector Tumbles Broadly

A-shares fluctuated and weakened in early trading, with the Shanghai Composite Index falling more than 2% intraday and briefly losing the 3,600-point level, before narrowing its decline.

Commodity futures morning session close

Fuel oil rose 6.09% consecutively, low-sulfur fuel oil rose 5.88% consecutively, liquefied petroleum gas rose 5.87% consecutively, silver fell 5.49% consecutively, propylene rose 3.91% consecutively, polypropylene rose 2.98% consecutively, butadiene rubber rose 2.97% consecutively, and Shanghai crude oil rose 2.95% consecutively.

AI tech panic intensifies bond selloff, global credit spreads rise to 17-month high.

AI technology concerns push global credit spreads to a 17-month high.

HKD HIBOR developments mixed; one-month rate rises for second straight day to 2.78%

On October 23, HKD HIBOR developments were mixed, with the one-month HIBOR, which is linked to mortgage rates, reported at 2.77893%, up 3.393 basis points.

The combined turnover of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan, an increase of 146.9 billion yuan compared with the same time the previous day.

Ministry of Commerce: From January to September, the momentum for e-commerce development in China continued to innovate, with online retail supporting consumption growth.

Recently, the head of the E-commerce Department of the Ministry of Commerce introduced the development of China's e-commerce from January to September 2026.

Ministry of Housing and Urban-Rural Development: Implement 1,500 old neighborhood and factory renovation projects, support eligible projects in issuing REITs.

On October 23, the General Office of the Ministry of Housing and Urban-Rural Development and others issued guiding opinions on promoting the renovation and upgrading of old neighborhoods and factory areas.

National Bureau of Statistics: China's Innovation Index grew by 6.4% in 2025 compared with the previous year.

In 2025, China's Innovation Index showed steady growth, the innovation environment continued to improve, new development drivers accumulated and expanded, and scientific and technological innovation capabilities continued to rise, providing strong support for high-quality economic development.

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Linmon Media (09857.HK) repurchased 20,000 shares for HK$47,900 on October 23.

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Guobang Pharma (605507.SH) released its performance for the first three quarters, with net profit attributable to the parent company of 471 million yuan, a year-on-year decrease of 29.67%.

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Hing Yip Holdings (00132.HK) Appoints Yuan Yuan as Authorized Representative for Service of Process

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Zhongyu Energy (03633.HK) repurchased 400,000 shares on October 23 for HK$1.0805 million.

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Pearl River Piano (002678.SZ) released its first three quarters results, with a net loss attributable to shareholders of RMB 192 million.

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