GMT EIGHT - OPPORTUNITIES IN CHINA

Northbound funds | Northbound trading saw a net inflow of 24.955 billion yuan, with Northbound investors seizing the opportunity to buy Hong Kong stock ETFs on dips. Throughout the day, they increased their holdings in the Tracker Fund of Hong Kong (02800) by over 12.9 billion Hong Kong dollars.

On May 15th, the Hong Kong stock market saw a net buying of 24.955 billion Hong Kong dollars by Northbound investors. Among them, the Shanghai-Hong Kong Stock Connect saw a net buying of 17.151 billion Hong Kong dollars, while the Shenzhen-Hong Kong Stock Connect saw a net buying of 7.804 billion Hong Kong dollars.

AI wave boosts Japan's "money king"! Kamen Rider's quarterly profits surpass Toyota's, plans to issue ADR to expand overseas market.

Kai Xia announced its latest financial report on Friday and stated it is preparing to issue American Depositary Receipts (ADR).

Southbound funds net purchased 24.955 billion Hong Kong dollars today.

In terms of Shanghai-Hong Kong Stock Connect, Ying Fu Fund and Hang Seng China Enterprises respectively received a net purchase of 8.272 billion Hong Kong dollars and 3.17 billion Hong Kong dollars; Changfei Optical Fiber Cable had the highest net selling amount, with a total of 76.8304 million Hong Kong dollars. In terms of Shenzhen-Hong Kong Stock Connect, Ying Fu Fund and South Hengsheng Science and Technology respectively received a net purchase of 4.638 billion Hong Kong dollars and 2.901 billion Hong Kong dollars; Alibaba-W had the highest net selling amount, with a total of 489 million Hong Kong dollars.

Is inflation completely out of control? US bond yields and the US dollar surge together, causing precious metals to suffer a "double kill": gold falls by 2%, while silver plummets by over 6%.

Due to the inflation caused by the Middle East war, market expectations for the Federal Reserve to maintain higher interest rates have strengthened, leading to a decrease in the prices of both gold and silver.

Public Consultation on the Measures for the Management of Seriously Untrustworthy Entities in the field of People's Bank of China

On May 15th, the People's Bank of China issued a notice soliciting opinions on the "Measures for the Administration of the List of Serious Untrustworthy Entities in the People's Bank of China Management Field (Draft for Soliciting Opinions)".

State Administration of Foreign Exchange: China's current account surplus was 1.2821 trillion yuan in the first quarter.

The State Administration of Foreign Exchange published the preliminary data of China's balance of international payments for the first quarter of 2026.

Hong Kong Green and Sustainable Finance Cross-Agency Steering Group: Welcome Industry-Led First-Stage Transition Finance Practice Guidelines

The report provides practical tools for financial institutions and enterprises to implement the international frameworks and principles related to transformation finance and promotes best practices through an industry-specific approach.

Notice on Public Solicitation of Comments on the "Measures for the Management of Seriously Untrustworthy Entities in the Field of People's Bank of China Management" issued by the People's Bank of China

The People's Bank of China has drafted the "Management Measures for the List of Serious Untrustworthy Entities in the Field of People's Bank of China Management" and is now soliciting opinions from the public. The deadline for feedback is June 14, 2026.

Hang Seng Index Company launches three new indices including the Hang Seng A-H Share Index.

On May 15, Hang Seng Index Company announced the launch of three new indexes: Hang Seng Mainland China Industry Composite Index, Hang Seng Mainland China MidCap Industry Index, and Hang Seng Mainland China LargeCap Industry Index.

The Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. plan to revise the compilation scheme of the ChiNext Mid Cap 200 and other three indexes.

According to the Securities Times APP, in order to further improve the index compilation method and enhance the investability of the index, the Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. have decided to revise the compilation scheme of the ChiNext Mid 200, ChiNext Small 300, and ChiNext 300 indexes as follows:

Shenzhen Stock Exchange optimizes the GEM broad-based index system to enhance index representativeness and investment functionality.

Shenzhen Stock Exchange and its subsidiary Shenzhen Securities Information Company have announced the revision of the compilation plan for the ChiNext Mid Cap 200, ChiNext Small Cap 300, and ChiNext 300 indices, which will be officially implemented on June 15, 2026. After this optimization, a broad-based index system will be built, with the ChiNext Index as the large cap, ChiNext 200 as the mid cap, ChiNext 500 as the small cap, and ChiNext 300 as the large and mid cap, increasing the overall market value coverage to 84%. This will further strengthen the market representativeness and rule systematicity of the index system, enriching the observation and investment dimensions of the ChiNext market. Next, the Shenzhen Stock Exchange will accelerate the construction of a ChiNext index system that fully represents the achievements of ChiNext reform and development, highlighting the investment value of ChiNext, providing diversified broad-based investment targets for the market, guiding factor resources to gather in new high-quality productive areas, and better serving the high-quality development of the real economy. (Shenzhen Stock Exchange)

The Hong Kong economy achieved strong expansion in the first quarter of 2026, with the real GDP growing by 5.9% annually.

The Hong Kong Special Administrative Region Government today (May 15) released the "First Quarter Economic Report 2026" and revised figures for the Gross Domestic Product for the first quarter of 2026.

Hong Kong Monetary Authority: Total credit card receivables in Q1 fell by 3.8% to HK$158 billion.

On May 15, the Hong Kong Monetary Authority published the results of the credit card loan survey for the first quarter of 2026.

Global hardwood trader FF Global (FFGG.US) has increased its fundraising target for its IPO in the US by 25% to $25 million.

Wood trading company FF Global Holdings (FFGG.US), which focuses on purchasing hardwood from the Democratic Republic of Congo and supplying Chinese customers, raised the planned size of its upcoming IPO on Thursday.

China Securities Regulatory Commission issued "Administrative Measures for the Supervision and Administration of Derivatives Trading (Trial)"

On May 15th, the China Securities Regulatory Commission issued the "Administrative Measures on the Supervision and Management of Derivative Trading (Trial)" protocol.

China Securities Regulatory Commission issues "Regulations on the Supervision and Administration of Derivative Trading"

The China Securities Regulatory Commission has issued the "Derivative Trading Supervision and Management Measures." The "Measures" stipulate that derivative trading refers to trading in swap contracts, forward contracts, non-standardized options contracts, and their combinations, other than futures trading. The "Measures" provide regulations on derivative trading and clearing, derivative traders, derivative business institutions, derivative market infrastructure, supervision and management, and legal responsibilities, mainly including the following contents: First, clarify the adjustment scope. Second, clarify the functional positioning of managing risks, allocating resources, and serving the real economy of the derivative market. Third, clarify the basic principles that all parties participating in derivative trading and related activities must abide by, and prohibit illegal acts through derivative trading. Fourth, standardize derivative trading and clearing. Fifth, strengthen trader protection, clarify trader suitability standards, and require real-name registration for derivative trading accounts. Sixth, strengthen supervision of derivative business institutions, clarify internal control and risk management requirements, stipulate that securities companies and futures companies applying to carry on derivative trading business must have a net capital of not less than RMB 500 million continuously for the past six months as an administrative licensing condition. At the same time, it is stipulated that the China Securities Regulatory Commission may adjust the minimum net capital limit according to the principle of prudent supervision to provide room for higher requirements for relevant institutions according to regulatory needs. Seventh, strengthen supervision of derivative market infrastructure. Eighth, clarify supervision and management and legal responsibilities. The "Measures" will be implemented from November 16, 2026.

The low volatility era of the foreign exchange market is back, and the "pick up money" game is gaining favor again! G10 currency arbitrage trading is back in favor.

Despite the frequent fluctuations in the global market due to risk events, arbitrage trading - buying high-yield major currencies and selling low-yield currencies - is experiencing its best performance in years.

Japanese 30-year government bond yield breaks historic 4%, authorities issue "gentle warning" unable to stop the yen's decline.

Inflationary pressures are sweeping the globe, pushing Japanese bond yields to historic highs. At the same time, the Japanese yen exchange rate is exhibiting a peculiar pulsating pattern of fluctuations.

Hong Kong stocks closed: The Hang Seng Index fell 1.594%, the Hang Seng Technology Index fell 2.626%

China Hongqiao fell by 5.562%, JD Logistics fell by 5.614%, Luoyang Molybdenum fell by 5.701%, Alibaba Health fell by 6.608%, JD Health fell by 6.741%, Bilibili-W fell by 8.683%, and Huahong Semiconductor fell by 9.055%.

Sandisk (SNDK.US) urges shareholders to reject Tutanota's discounted "mini acquisition" tender offer.

Sandisk (SNDK.US) released a statement on Friday advising shareholders to reject the "mini takeover" offer initiated by Tutanota LLC.

Historic warning signals reappear: Schiller PE ratio of US stocks approaching 2000 peak. "Hindenburg Omen" also shines light on the NYSE and Nasdaq.

This week, two market signals that are worthy of being recorded in financial history have both turned on red lights simultaneously, the US stock market is experiencing an extremely rare dual extreme state of valuation and technology.

Hong Kong Stock Exchange IPO fundraising amount surged by 571%

Data recently released by the Hong Kong Stock Exchange shows that this year, 53 companies have been listed on the Hong Kong Stock Exchange, raising a total of 157.8 billion Hong Kong dollars, a year-on-year increase of 571%. Among them, 48 mainland companies have been listed in Hong Kong, propping up the Hong Kong IPO market and directly helping the Hong Kong Stock Exchange to become the world's top IPO market. Analysts believe that this wave of listing frenzy on the Hong Kong Stock Exchange is not only Chinese technology companies using Hong Kong's financial platform to connect with global capital, but also global capital rushing to invest in China's new productive forces. Among the companies applying for listing, hard technology companies such as artificial intelligence, high-end semiconductors, biomedicine, and advanced manufacturing have become the absolute main force, with billion-dollar Hong Kong dollar level leading companies accounting for more than 70%.

"Black Friday" approaches! Inflation panic crushes tech stock frenzy, global stocks, bonds, and forex under pressure.

The global financial markets experienced "Black Friday".

Implementation Measures for Protection of Drug Trial Data Released National Medical Products Administration: Innovative Drug Trial Data Protected for 6 Years

Zhtng Cijng APP learned that on May 15th, the National Medical Products Administration issued the "Implementation Measures for the Protection of Drug Trial Data".

HSBC HOLDINGS (HSBC.US) suspends $40 billion private credit investment plan after suffering $400 million fraud loss from the collapse of MFS.

After suffering a $400 million loss due to the collapse of the British mortgage lender Market Financial Solutions (MFS), HSBC Holdings has temporarily suspended its plans to invest $4 billion in its own private credit fund.

New stock news | Yu Shishi Technology (01511) ends subscription with oversubscription of 4666 times. The entry fee is HK$3045 for each lot.

The prospectus shows that Momenta (01511) is a leading technology-driven company in the Greater China region, focusing on unmanned L4 level autonomous driving technology.

A shares market closing review | Three major factors suppress! Index fluctuates and falls

As of the close, both markets fell, with the Shanghai Composite Index down 1.02% to 4135.39 points, with a turnover of 151.93 billion yuan; the Shenzhen Component Index fell 1.17% to 15561.37 points, with a turnover of 180.93 billion yuan.

Closing Review: The ChiNext Index fell by 0.56% after a wide range of fluctuations, with active trading in the robot concept stocks. The precious metals sector as a whole experienced a decline.

The three major indexes of A-shares all fell today. As of the close, the Shanghai Composite Index fell by 1.02%, the Shenzhen Component Index fell by 1.17%, the ChiNext Index fell by 0.56%, and the BeiGene 50 Index fell by 0.47%. The total turnover of the entire market was 3.3702 trillion yuan, a decrease of 17.9 billion yuan from the previous day, with over 3,500 individual stocks declining. In terms of sector themes, the fluorochemical concept, humanoid robots, semiconductor equipment, engineering machinery, and short drama game sectors led the gains, while precious metals, industrial metals, diversified finance, port shipping, liquor, insurance, and photovoltaic equipment sectors led the declines. On the market, it was reported that the South Korean semiconductor-grade hydrofluoric acid supply chain is expected to see significant price increases in June and July, leading to rises in most of the fluorochemical industry chain, with stocks like Zhongju Xinxin, Binhe Share, and Duofudu all hitting the limit. Figure released a video of double robot-made beds, leading to continued popularity in the humanoid robot sector, with nearly 10 stocks like Sanrui Intelligent, New Way CNC, and Fangzheng Motors hitting the limit. The semiconductor equipment sector also performed well, with Zhongwei Corporation, Xinyuan Micro, and Tuojing Technology leading the gains. On the other hand, the continuous rise in US inflation data has raised concerns in the market about the maintenance of high interest rates for a longer period, putting pressure on gold prices. The non-ferrous metal sector led the market decline, with stocks like Industrial Bank Lead Zinc, Shangjin International, and Hunan Silver all falling.

Four super tankers break through the Strait of Hormuz, giving the oil market a temporary respite in supply shortages, with the "Strait premium" feared to become a new normal in the future.

In recent days, there has been a resurgence in the number of super oil tankers carrying non-sanctioned oil passing through the Strait of Hormuz. This provides a glimmer of limited respite for the oil market, which has been impacted by the "largest supply disruption in history."

Unconditional dialogue fails to break the deadlock: Samsung Electronics union persists in strike, stock price plunges nearly 10%.

Samsung Electronics South Korea's union stated on Friday that despite the company's proposal to unconditionally resume wage negotiations, the union will still go ahead with its planned strike next week.

"Under the wave of the AI boom, the 'computing power shortage' is becoming more and more intense! Despite just receiving a financing of $12.2 billion, OpenAI is still loudly proclaiming that computing power is not enough."

OpenAI's CFO stated that with the worsening shortage of computing power, this leading AI application company may raise more funding.

Honda (HMC.US) reports first loss, Nissan turns around: Fate reversed or paving the way for a restart of the merger.

Within a year, Honda and Nissan have undergone nearly complete role reversals. This dramatic shift in fate could potentially create the opportunity for both companies to restart merger negotiations on more equal terms.

Frying chips is done, what should we fry next? Physics AI triggers a new wave in the Asian stock market, and Siasun Robot&Automation concept stocks are all soaring.

With the AI investment boom expanding from chip manufacturers, the robotics sector has become one of the hottest investment themes in Asia.

The Bank of Japan opens the door to rate hike in June! More than 60% of economists bet on interest rates rising to 1%

In the latest survey conducted from May 7th to 14th, 65% of the economists surveyed (40 out of 62 people) predicted that the Bank of Japan would raise interest rates by 25 basis points in June, bringing the benchmark interest rate to 1%.

The trading volume of the Shanghai and Shenzhen stock markets exceeded 3 trillion yuan, an increase of 336 billion yuan compared to the same time the previous day.

Stellantis (STLA.US) signs a 1 billion euro agreement with Dongfeng Group to start production of new energy vehicles for Jeep and Peugeot in China next year.

Stellantis and Dongfeng Group are further deepening their cooperation relationship that has lasted for more than thirty years.

Just touched 8000 points and plunged! South Korea's KOSPI index plummeted by more than 7%, with foreign capital frantically selling and exiting.

Due to continuous selling by global funds, the benchmark index of the South Korean stock market sharply fell.

The Hang Seng Index fell more than 2%, now at 25860.010 points; the Hang Seng Tech Index is currently down 3.079%.

As of now, the net amount of southbound funds has reached HK$10 billion. Among them, the Shanghai-Hong Kong Stock Connect bought HK$7.225 billion, and the Shenzhen-Hong Kong Stock Connect bought HK$3.023 billion.

Spot silver fell below $78 per ounce, dropping 6.78% intraday.

Hong Kong Tourism Board: In April, the number of visitors to Hong Kong increased by 10% year-on-year, with more than 18.52 million visitors in the first four months.

In the early April, the number of visitors to Hong Kong reached 4.2173 million, an increase of 10% compared to the same period last year. In the first four months of this year, the total number of visitors to Hong Kong was 18.5249 million, an increase of 15% compared to the same period last year.

Hong Kong dollar interbank rates are all down, with a one-month rate of 2.64%.

On May 15th, Hong Kong dollar interbank rates all fell, with the one-month interbank rate related to mortgages at 2.63881%, down 1.637 basis points.

The Nasdaq 100 index futures fell by 1%.

Spot silver fell further, dropping more than 5% to $79.24 per ounce.

Silver continuous main contract fell 9% intraday and is now trading at 19687.00 yuan.

Spot gold fell 1% intraday, now trading at $4604.76 per ounce.

The "Powell Era" of the Fed has begun! "Balance sheet reduction + new inflation framework" is gaining momentum, and the bull market in US stocks faces a stress test.

If Powell drives the Fed's balance sheet to deleverage, it means reducing the central bank's absorption of long-term US bonds and MBS. The market needs to digest more duration supply, and term premiums may rise.

Hong Kong stock market midday report: Hang Seng Index falls by 0.87%, Hang Seng Tech Index falls by 1.26%

Hong Kong stocks closed at noon, with the Hang Seng Index falling by 0.87% and the Hang Seng Technology Index falling by 1.26%. The Hang Seng Connect ETF YinHua fell by 0.96%, and the Hong Kong Technology ETF PengHua fell by 1.16%. In terms of sectors, ground transportation and construction materials sectors saw the highest gains; passenger airlines and electrical equipment sectors saw the biggest declines. In terms of individual stocks, Zhaowei Electromechanical rose by 17.46%, Guoen Technology rose by 15.45%, Easton rose by 14.23%, Tianyu Semiconductor rose by 11.04%, and Zhiyun Technology Construction rose by 8.5%; JiTai Technology-P fell by 11.17%, Keji Pharmaceutical-B fell by 10.58%, Tianyue Advanced fell by 10.1%, Innovation Industry fell by 8.2%, and Jingwei Tiandi fell by 7.41%.

Toyota (TM.US) submits application to build factory in Texas, planning to invest 2 billion dollars to expand production capacity in the US.

Toyota has submitted an application to build a new manufacturing plant in Texas.

A-share midday review | A-share market experiences huge fluctuations under three-fold pressure, "deep V temptation" reappears! Investors experience two different lives in half a day

On May 15th, the A-share market hit bottom and rebounded, with all three major indexes turning red. The ChiNext index had previously fallen by 2%.

Latest

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Shanghai Electric Power: Deputy General Manager Tian Jiandong intends to reduce his holdings by no more than 0.000496%.

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Huazhu Group-S (01179) achieved an operating profit of 1.5 billion yuan in the first quarter, a year-on-year increase of 37.5%.

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Guangdong Grand: has increased its holdings in Xuefeng Technology by 3.10%, planning to further increase its holdings by 150 million to 300 million yuan.

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The dispute over bonuses at Samsung Electronics continues to ferment, with the core disagreement focusing on the distribution of profits from the artificial intelligence boom.

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ST Tianlong: The company's stock may be delisted.

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