GMT EIGHT - OPPORTUNITIES IN CHINA

Overnight US stocks | All three major stock indices fell together; the 10-year U.S. Treasury yield hit a nearly two-decade high; oil prices fluctuated; gold dropped nearly 4%.

At the close, the Dow Jones Industrial Average fell 347.11 points, or 0.67%, to 51,481.51; the S&P 500 Index dropped 59.72 points, or 0.77%, to 7,683.69; the Nasdaq Composite Index declined 248.34 points, or 0.92%, to 26,820.38.

Iron ore recedes, copper takes over: Australian mining stocks find a new growth story.

Analysts say that power infrastructure and artificial intelligence (AI) are driving a sharp increase in copper demand, offering investors a new rationale for positioning in the mining sector, and Australian mining stocks are expected to extend their rally.

Federal Reserve Governor Cook: AI productivity dividend unlikely to curb inflation, Fed may need to tighten policy further

Federal Reserve Governor Lisa Cook said on Monday that future productivity gains from artificial intelligence may not be enough to offset recent price pressures, and warned that this trend could push up inflation across the broader economy.

US Treasury yields hit a 20-year high as traders flood into fixed-income ETF options in record numbers.

Options trading volume for BlackRock's iShares 20+ Year Treasury Bond ETF (TLT) has surged, with the 20-day average options volume hitting the highest level in the ETF's history.

Market news: OpenAI abandons release of new AI model due to safety concerns. Saachi Jain, head of OpenAI's safety systems, said that GPT-6.1 Astra has shown regression in safety.

Two-year U.S. Treasury yields rise toward the 5% mark, while 10-year U.S. Treasury yields hit their highest level since 2007.

Late Monday in New York, the yield on the US 10-year benchmark Treasury note rose 7.56 basis points to 5.2361%, trading within a daily range of 5.1899%-5.2719%, with gains continuing to widen overall, approaching the Q2 2007 high of 5.3228% and the Q3 2000 peak of 6.1820% as of 23:00 Beijing time. The two-year US Treasury yield rose 7.89 basis points to 4.9305%, trading within a daily range of 4.8869%-4.9534%, continuing to rise overall, with a brief spike-and-pullback "episode" in early US stock trading, approaching the intraday high of 5.0434% on April 30, 2024.

International gold prices fell 4%, approaching $4,110, while silver dropped about 5.7%.

Late Monday in New York, spot gold fell 4.01% to $4,112.84/oz, opening slightly lower in early Asia-Pacific trading and then steadily extending its losses; overall, the decline in gold prices began to slow from 17:00 Beijing time, with a fresh daily low of $4,111.01 hit at 22:57 approaching the August 5 low of $4,065.55 and the June 30 low of $3,943.29. Spot silver fell 5.68% to $60.6452/oz, extending its decline continuously since early Asia-Pacific trading and dropping to $60.6244 at 04:44, approaching the August 5 low of $59.4027. COMEX copper futures fell 2.38% to $6.6050/lb. Spot platinum fell 3.68%, and spot palladium fell 4.76%. The Philadelphia Gold and Silver Index, which trades during U.S. stock market hours, closed down 4.84% at 364.91 points. The NYSE Arca Gold Miners Index, which trades throughout the global market day, fell 4.86% to 2,528.54 points. The raw materials index, which trades during U.S. stock market hours, closed down 1.77%, and the metals and mining index closed down 1.46%. The State Street Metals and Mining ETF closed down 2.69% at $105.42.

U.S. stocks close: All three major stock indices closed lower.

The Dow fell 0.67%, the S&P 500 fell 0.77%, and the Nasdaq fell 0.92%. BE fell 8.95%, Arm Holdings Plc fell 8.70%, DoorDash fell 7.74%, Qualcomm fell 7.17%, and Carvana Co. fell 7.01%. Among the "Magnificent Seven": Nvidia rose 1.69%, Google fell 0.56%, Apple fell 0.78%, Microsoft fell 1.35%, Amazon fell 1.41%, Tesla fell 3.94%, and Meta Platforms fell 4.79%.

New Stock News | Xici Technology Passes HKEX Main Board Hearing, Net Profit for First Five Months Up 169% YoY, Approaching Full-Year Level of Last Year

Based on 2025 revenue, the company ranks sixth among global magnetic sensor suppliers using the IDM model, and ranks first globally in green energy magnetic sensor revenue.

Midterm election risks have yet to ignite U.S. stock market volatility. JPMorgan: VIX may rise in the coming weeks.

The U.S. midterm elections are one of the most closely watched major events in global financial markets for the remainder of this year, but signals from the derivatives market show that traders are not currently betting that the elections will bring severe volatility to U.S. stocks.

SoftBank Raises Heavily for AI Investments with $11.1 Billion Junk Bond Issuance, Setting a Global Corporate High-Yield Debt Record

SoftBank Group founder Masayoshi Son has long made clear that he sees artificial intelligence as the core bet for the group's future.

US Stock Market Move | Optical communication concept stocks broadly declined; Credo Technology (CRDO.US) fell over 9%.

On Monday, optical communication concept stocks broadly declined, with Credo Technology (CRDO.US) falling over 9%.

US Stock Market Move | Computer hardware stocks broadly declined, with Dell Technologies, Inc. Class C (DELL.US) falling nearly 4%.

On Monday, computer hardware stocks broadly declined, with Super Micro Computer (SMCI.US) falling nearly 5%, Dell Technologies (DELL.US) dropping nearly 4%, and Hewlett Packard Enterprise (HPE.US) sliding over 2%.

Guangzhou Automobile Group (02238) plans to acquire a 50% stake in FAW Toyota; FAW Shares will become the second largest shareholder.

Guangzhou Automobile Group (02238) announced that on September 28, 2026, the Company entered into an acquisition agreement with the seller, FAW Shares, pursuant to which the Company conditionally agreed to acquire, and the seller conditionally agreed to sell, the seller's 50% equity interest in the target company, FAW Toyota.

US Stock Market Move | Large-cap tech stocks fell broadly, with Meta (META.US) dropping over 4%.

On Monday, large tech stocks fell broadly, with Meta (META.US) dropping over 4%.

WORLD DIGI ECON (03708) Announces Annual Results, Shareholders' Loss Attributable at HK$12.905 Million, Up 514.23% Year-on-Year

World Digital Economy Industry (03708) announced its annual results for the year ended 30 June 2026. The Group recorded revenue of HK$619 million, up 3.35% year-on-year; loss attributable to owners of the Company amounted to HK$12.905 million, up 514.23% year-on-year; loss per share was 1.92 HK cents.

NETDRAGON (00777) and Jiuzhou entered into a memorandum to establish and operate a joint venture group and proposed the issuance of warrants.

NETDRAGON (00777) announced that on September 28, 2026, NetDragon Websoft Inc., a wholly-owned subsidiary of the Company, entered into a legally binding memorandum with Jiuzhou regarding the establishment and operation of a joint venture group and the proposed issuance of warrants.

ZGC TEC LEASING (01601) Enters into a Finance Lease Agreement with Wuhu Weixian Intelligent Technology

ZGC TEC LEASING (01601) announced that on September 28, 2026, the Company, as lessor, entered into Finance Lease Agreement III with the lessee (Wuhu Weixian Intelligent Technology Co., Ltd.), pursuant to which the lessor will purchase the lessee's own leased assets III at a transfer price of RMB 10 million; and the lessor will lease back leased assets III to the lessee for a lease term of 18 months, with total lease payments of approximately RMB 10.54 million, comprising finance lease principal of RMB 10 million and finance lease interest income (including VAT) of approximately RMB 540,000. Leased assets III are OLED production equipment.

ZGC TEC LEASING (01601): Entering into Procurement Agreement and Finance Lease Agreement

ZGC TEC LEASING (01601) announced that on September 28, 2026, the Company, as buyer, entered into Procurement Agreement II with Supplier II (Taiyuan Boiler Group Co., Ltd.) and the Lessee (Inner Mongolia Beitongyuan New Energy Technology Co., Ltd.), pursuant to which the Company purchased Lease Assets II from Supplier II for a purchase price of approximately RMB 71.21 million; and the Company, as lessor, entered into Finance Lease Agreement II with the Lessee, pursuant to which, among other things, the Company leased Lease Assets II to the Lessee for a lease term of 60 months, with total lease payments of approximately RMB 79.10 million, comprising finance lease principal of approximately RMB 67.65 million and finance lease interest income (including VAT) of approximately RMB 11.45 million.

Lagarde: Rising long-term bond yields will dampen economic growth and may reduce the need for the ECB to raise rates significantly.

ECB President Lagarde said on Monday that the recent significant rise in long-term bond yields will dampen economic growth in the euro area and weaken the extent to which elevated energy costs pass through to overall inflation.

BFB HEALTH (00205) intends to sell its entire equity interest in Golden Gate Services for HK$10,000.

BFB HEALTH (00205) announced that on September 28, 2026, the Company entered into a share transfer agreement with the buyer, pursuant to which the Company agreed to sell and the buyer agreed to purchase the sale shares (representing the entire issued share capital of the disposed company, Golden Gate Services Limited), for a consideration of HK$10,000.

PROSP GP INTL (01421) Announces Annual Results, Shareholders' Loss Attributable at HK$18.774 Million, Down 13.73% Year-on-Year

Prosperity Group International (01421) announced its annual results for the year ended 30 June 2026. The Group recorded revenue of HK$154 million, up 7.9% year-on-year; loss attributable to owners of the Company was HK$18.774 million, down 13.73% year-on-year; loss per share was 10.4 HK cents.

DETAI NEWENERGY (00559) announces annual results, loss attributable to shareholders of HK$8.405 million, turning from profit to loss year-on-year.

DETAI NEWENERGY (00559) announces its annual results for the year ended 30 June 2026. The Group recorded revenue of HK$31.183 million, down 8.39% year-on-year; loss attributable to owners of the Company was HK$8.405 million, compared with a profit of HK$33.614 million in the same period last year; loss per share was 1.61 HK cents.

US Stock Market Move | Chip stocks broadly decline; Qualcomm (QCOM.US) falls nearly 7%.

On Monday, chip stocks broadly declined, with Qualcomm (QCOM.US) falling nearly 7% and SanDisk (SNDK.US) dropping over 5%.

KINGWELL GROUP (01195) Announces Annual Results: Loss Attributable to Shareholders of 11.138 Million Yuan, Up 120.9% Year-on-Year

Kingwell Group (01195) announced its annual results for the year ended 30 June 2026. The Group recorded revenue of RMB 69.455 million, down 2.02% year-on-year; loss attributable to owners of the Company was RMB 11.138 million, up 120.9% year-on-year; loss per share was 0.38 cents.

SKY BLUE 11 (01010) Announces 18-Month Results with Shareholders' Loss of HK$65.736 Million

SKY BLUE 11 (01010) announced its results for the 18 months ended June 30, 2026. The Group recorded revenue of HK$49.318 million during the period; loss attributable to owners of the Company was HK$65.736 million; basic loss per share was 14.8 HK cents.

US Stock Market Move | Gold and silver stocks fell collectively; Gold Fields Limited Sponsored ADR (GFI.US) plunged more than 11%.

On Monday, gold and silver stocks fell collectively, with Gold Fields Limited Sponsored ADR (GFI.US) plunging more than 11%.

US Stock Market Move | The Board of Directors approved a $150 billion increase in the share repurchase program. NVIDIA Corporation (NVDA.US) rose more than 3%.

On Monday, NVIDIA Corporation (NVDA.US) rose more than 3%, reaching $232.51.

SUN HING PRINT (01975) will distribute a final dividend of HK$0.025 per share on December 22.

SUN HING PRINT (01975) announced that it will distribute a final dividend of HK$0.025 per share on December 22, 2026.

SUN HING PRINT (01975) Announces Annual Results: Profit Attributable to Shareholders of HK$14.609 Million, Turning Around from a Loss Year-on-Year

SUN HING PRINT (01975) announced its annual results for the year ended 30 June 2026. During the period, the Group recorded revenue of HK$273 million, up 25.04% year-on-year; profit attributable to owners of the Company was HK$14.609 million, turning around from a loss year-on-year; basic earnings per share were 3.04 HK cents.

SHANSHAN (01749) acquires trademark for RMB 9.33807 million.

SHANSHAN (01749) announces that since 2021, the Company has entered into multiple trademark license agreements with Shanshan Group, under which the Group has been granted the right to use the trademarks, valid for the periods specified in each trademark license agreement. The current trademark license agreement is valid until December 31, 2029.

From Sports and Elections to Apple and Tesla: Prediction Markets Expand to Wall Street as Regulatory Concerns Grow

Independent data and regulatory experts point out that prediction markets are rapidly becoming an alternative venue for traders to bet on U.S. companies such as Tesla (TSLA.US) and Apple (AAPL.US), raising concerns about investor protection and market oversight.

CHEUK NANG HOLD (00131) Issues Profit Alert, Expects Annual Profit Attributable to Shareholders of Approximately HK$94 Million to HK$114 Million, Turning from Loss to Profit Year-on-Year

Cheuk Nang (Holdings) (00131) announced that, based on the unaudited consolidated management accounts of the Company for the year ended 30 June 2026 (the "2026 Financial Year") and the preliminary assessment of the latest information currently available to the Board, the Group is expected to record a profit attributable to owners of the Company of approximately HK$94 million to HK$114 million for the 2026 Financial Year, as compared to a loss attributable to owners of the Company of approximately HK$989 million for the year ended 30 June 2025 (the "2025 Financial Year").

EASY SMART GP (02442) Announces Annual Results with a Loss of HK$30.558 Million for the Year, a Year-on-Year Increase of 6319.75%

EASY SMART GP (02442) announced its annual results for the year ended June 30, 2026. The group recorded revenue of HK$209 million during the period, a year-on-year decrease of 33.48%; loss for the year amounted to HK$30.558 million, a year-on-year increase of 6319.75%; basic loss per share was 7.49 HK cents.

SENSETIME-W (00020) grants a total of approximately 127.5 million restricted share units.

SENSETIME-W (00020) announced that on September 28, 2026, the Company granted a total of approximately 127.5 million restricted share units to eligible participants (the Grantees) under the Company's Restricted Share Unit Scheme adopted by the Board on June 20, 2022 (as amended by the shareholders' resolution dated June 26, 2024) (the 2022 Restricted Share Unit Scheme).

GUOCO GROUP (00053) announces annual results, profit attributable to shareholders HK$3.214 billion, down 20% year-on-year.

GUOCO GROUP (00053) announces its annual results for the year ended June 30, 2026. The group recorded turnover of HK$22.955 billion, down 15% year-on-year; revenue of HK$22.022 billion, down 10% year-on-year; profit attributable to shareholders of HK$3.214 billion, down 20% year-on-year; earnings per share of HK$9.88, with a proposed final dividend of HK$2.9 per share.

GUOCO GROUP (00053) will pay a final dividend of HK$2.9 per share on December 2.

GUOCO GROUP (00053) has announced that it will pay a final dividend of HK$2.9 per share for the financial year ended June 30, 2026, on December 2, 2026.

SpaceX: We are building infrastructure for the future, spanning supercomputers, the Taiji chip factory, the Gigasatellite project, and the Nova base in Louisiana.

Paul Chan: Hong Kong plans to launch a digital corporate identity platform by the end of the year.

Digital public infrastructure can connect identity, financial, and other data on the same shared platform, and facilitate payments, reducing the need for citizens and businesses to repeatedly submit data, and enhancing service efficiency and inclusiveness.

INTELLIMARK AI (08041) Announces Annual Results: Loss Attributable to Shareholders Widens 477.47% Year-on-Year to HK$51.435 Million

Intellimark AI (08041) announced its annual results for the year ended June 30, 2026, with total revenue of HK$55.834 million, up 12.14% year-on-year. Loss attributable to owners of the company was HK$51.435 million, widening 477.47% year-on-year; loss per share was 6.28 HK cents.

A-Share Announcement Highlights | Over 1.3 billion yuan! CPO leader Zhongji Innolight to distribute first-half dividends.

Zhongji Innolight announced that it will distribute a total cash dividend of 1.331 billion yuan for its A shares for the first half of 2026.

Ahead of the budget, short positions on the pound surged, with Morgan Stanley bearish, targeting 1.30 by year-end.

Ahead of the new UK government's first budget in a month, traders are starting to ramp up their bearish bets on the pound.

HKEX publishes Compliance Newsletter "Issue 19", clarifying standard sanctions under HKEX rules, etc.

Hong Kong Exchanges and Clearing Limited ("HKEX") has prepared the Compliance Newsletter to provide the industry with a better understanding of its enforcement work and regulatory expectations.

Preview of US Stock Market | All three major stock index futures fell together, oil prices rose, tech stocks broadly declined in pre-market trading, and Micron's earnings, PCE, and nonfarm payrolls are all set to arrive this week.

September 28 (Monday) pre-market: All three major U.S. stock index futures fell together.

Hong Kong Immigration Department: About 7.44 million passenger trips expected to enter and leave Hong Kong during National Day Golden Week.

The Hong Kong Immigration Department estimates that about 7.44 million passenger trips will enter and leave Hong Kong during the National Day Golden Week.

This week, nonfarm payrolls and PCE will be released; the resilience of the U.S. economy may once again push up expectations for rate hikes.

Key U.S. data this week are expected to add further weight to the case for an October rate hike.

CHUANGLIAN HOLD (02371) expects a net loss of approximately RMB 28 million to RMB 32 million for the year.

CHUANGLIAN HOLD (02371) announced that the Group expects to record a net loss of between approximately RMB 28 million and RMB 32 million for the year ended 30 June 2026, as compared to a net loss of approximately RMB 69.013 million for the year ended 30 June 2025.

Chinese-funded brokerages begin clearing mainland business; Guotai Junan International has restricted account deposits and purchases.

Following cross-border brokers such as Futu, Tiger, Longbridge and Valuable Capital, some Chinese-funded brokers in Hong Kong have also begun to wind down their existing mainland businesses. On September 28, it was learned that, in order to implement relevant regulatory requirements, Guotai Junan International has made partial adjustments to the available services for existing investor accounts in mainland China starting from the 26th of this month. According to customer service staff at Guotai Junan International, the above adjustments are similar to those previously made by brokers such as Futu Holdings and Tiger International, namely that when existing mainland investor accounts log in from within mainland China, they will be unable to deposit funds or buy, and can only withdraw funds or sell. When the login IP of the relevant account shows it is outside mainland China, the account's deposit, withdrawal and trading functions are not affected. If a client obtains a new identity, they need to update the corresponding new document information, at which point the client, as a holder of an overseas document, will not be subject to this rule.

JPMorgan Remains Bullish on Tech Stocks Regaining Investor Favor: Cooling Positioning and Pullback in Valuations Leave Room for Upside

JPMorgan strategist team believes that as positioning crowding decreases, earnings performance remains strong, and valuations become more realistic, tech stocks will regain some of the momentum lost since the end of the first half, and investors are expected to re-engage with the sector.

HKEX launches "Exchange Square: 40 Years of Trading" Exhibition Celebrating the 40th Anniversary of Hong Kong's Modern Securities Exchange

Looking ahead, HKEX is committed to connecting Hong Kong's capital market with the wider community through its headquarters at Exchange Square and the upgraded Connect Hall.

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