GMT EIGHT - OPPORTUNITIES IN CHINA

XUNCE (03317) TokenRouters makes a strong debut, building an enterprise AI platform with dedicated Tokens as the core exchange asset, transforming AI infrastructure from "pipelines" into "networks"

On October 28, XUNCE Technology (03317) launched TokenRouters, positioned as the core platform for enterprise AI and a one-stop exchange, matching, and service platform for AI real-time data and dedicated Tokens, seeking to further bridge the connections among data, models, applications, and business scenarios.

In September, the values of Hong Kong's overall exports and imports increased by 64.9% and 57.8% year-on-year respectively.

In September 2026, the values of Hong Kong's overall exports and imports both recorded year-on-year increases, rising by 64.9% and 57.8% respectively.

How would a merger between Tesla, Inc. (TSLA.US) and SpaceX (SPCX.US) be priced? Is $500 the key price to persuade shareholders?

Larry Goldberg, managing partner at LumaSenti, said Tesla shareholders could benefit from a merger with SpaceX without requiring a premium, and floated $500 per share as a figure that could potentially persuade investors to support the deal.

SHANDONG XINHUA (00719) reported a net profit attributable to shareholders of RMB195 million for the first three quarters, down 23.88% year on year.

SHANDONG XINHUA (00719) announced its results for the nine months ended September 30, 2026, with operating revenue of RMB6.061 billion (the same unit below), down 10.38% year on year; net profit attributable to shareholders of the listed company of RMB195 million, down 23.88% year on year; and basic earnings per share of RMB0.28.

BJ ENERGY INTL (00686) Receives ESG Rating Result Confirmed by Fitch Sustainable Fitch

BJ ENERGY INTL (00686) announced that on October 28, 2026 (Hong Kong time), Sustainable Fitch confirmed the maintenance of the Company's ESG Entity Rating at "2", with the entity score upgraded from "80" to "81". This rating result and score improvement signify that the Company's efforts in promoting renewable energy development and climate action have received high recognition.

CHINA RE (01508): China Re Life's net profit for the first three quarters was approximately RMB1.144 billion.

China Re (01508) announced the results of China Re Life for the first nine months, with operating revenue of approximately RMB13.408 billion (the same unit below); net profit of approximately RMB1.144 billion.

Anthropic (ANT.US) IPO Is Hard to Get Into; Asian Investors Turn to Chip Stocks and Crypto Derivatives

Anthropic (ANT.US) is moving forward with its U.S. listing, but this highly anticipated IPO remains out of reach for most investors in Asia.

China Pacific Insurance (02601) reported a net profit of RMB36.403 billion for the first three quarters, down 20.3% year on year.

China Pacific Insurance (02601) announced its results for the first three quarters of 2026, with operating revenue of RMB291.564 billion, down 15.5% year on year; net profit of RMB36.403 billion, down 20.3% year on year; and basic earnings per share of RMB3.78.

CHINA RE (01508): China Re P&C's net profit for the first three quarters was approximately RMB997 million.

China Re (01508) announced the results of China Re P&C for the first nine months, with operating revenue of approximately RMB21.921 billion (the same unit below); net profit of approximately RMB997 million.

Circuit Fabology Microelectronics Equipment (09630) reported net profit attributable to shareholders of approximately RMB461 million for the first three quarters, up about 132% year on year.

Circuit Fabology Microelectronics Equipment (09630) announced its results for the first three quarters of 2026, with operating revenue of approximately RMB1.781 billion, up 90.84% year on year; net profit attributable to shareholders of the listed company of approximately RMB461 million, up about 1.32 times year on year; and basic earnings per share of RMB3.39.

LING YUE SER GP (02165) intends to acquire land in Sichuan through public tender

LING YUE SER GP (02165) announced that the Company will submit a tender on October 28, 2026 for the land use rights of the land proposed to be acquired, which is being sold by the Xichang Municipal Natural Resources Bureau through public tender.

Hong Kong Land Registry: Fixed Asset Return of the Operating Fund Rebounds Sharply to 3.7% in 2025-26

On October 28, the Hong Kong Land Registry published the 2025-26 annual report of the Land Registry Trading Fund.

Bairong VoiceOne launches on the VoxOne foundation: Bairong Inc. (06608) pushes Voice AI into the "results delivery" era.

On October 27, Bairong Inc. (06608) held the "Bairong VoiceOne" brand and product launch event in Shanghai, officially unveiling the unified voice intelligence foundation VoxOne, along with three major product lines: Baifu silicon-based customer service, Baiying intelligent marketing, and Baiyu open platform. For the first time, the company fully disclosed the implementation results, technology system, and RaaS business model of its AICC business.

Net loss narrows by 90%, North American business turns profitable, yet Stellantis (STLA.US) still struggles to shake off cash flow pressure.

Stellantis (STLA.US) released its third-quarter results on October 28: net revenue was EUR37.611 billion, up 1% year on year, above the market expectation of about EUR36.4 billion.

Hong Kong stocks close: Hang Seng Index up 0.23%, Hang Seng Tech Index up 1.40%

Hua Hong Semiconductor rose 8.44%, Lenovo Group rose 6.17%, SMIC rose 5.43%, MINIMAX-W rose 4.59%, SenseTime-W rose 4.07%, WuXi Biologics rose 3.90%, and Zhipu rose 3.81%.

New Zealand unexpectedly holds steady, Asia-Pacific central banks successively "surprise" the market.

In terms of catching investors off guard, Asian central banks have been making move after move. The Reserve Bank of New Zealand kept interest rates unchanged on Wednesday, becoming the latest decision to surprise the market.

TIANGONG INT'L (00826) secures first nuclear fusion materials order, marking a key milestone in its high-end strategy

This is the company's first component-level engineering order in the nuclear fusion field.

Medical device sector rally combined with share buybacks providing sentiment supportis AK MEDICAL (01789) reaching a stock price rebound point?

AK MEDICAL (01789), whose inherent growth attributes are highly aligned with the industry themes of "device innovation + overseas expansion + robotics," has also recently entered a long-awaited valuation recovery window, supported by improved market risk appetite.

Ministry of Commerce: Since 2026, nationwide trade-in of consumer goods has driven sales of related categories to exceed RMB2 trillion, benefiting more than 250 million person-times.

On October 28, the Ministry of Commerce convened a national video and telephone conference on advancing the trade-in of consumer goods.

A-share Market Close | ChiNext Index Rises 3.4%, Siasun Robot&Automation and Computing Power Hardware Lead Gains

On October 28, the three major A-share indices opened higher collectively, then pulled back slightly, and strengthened in volatile trading in the afternoon.

Sun Dong: Hong Kong's traditional advantage industries are gradually upgrading and transforming, while strategic emerging industries are accelerating their development and growth.

On October 28, Sun Dong, Secretary for Innovation, Technology and Industry of Hong Kong, replied in writing to a question from a Legislative Council member.

New IPO News | Syngenta's Hong Kong IPO Said to Be Valued at Least US$66 Billion, Expected to Be One of the World's Largest IPOs Next Year

New progress has been made on the Hong Kong listing of Syngenta, the agrochemical giant under Sinochem Holdings.

Surging global demand drives output growth; major US natural gas producer expects record production this year.

As global demand surges, US energy companies expect natural gas production to hit a record high in 2026.

Commodity futures close

Ethylene glycol rose 5.62% consecutively, lithium carbonate fell 4.64% consecutively, caustic soda fell 3.40% consecutively, butadiene rubber rose 3.32% consecutively, PVC rose 3.29% consecutively, asphalt rose 3.29% consecutively, polypropylene rose 2.77% consecutively, coking coal rose 2.70% consecutively, and low-sulfur fuel oil rose 2.54% consecutively.

JP Morgan: The Fed will hold steady tonight, a US$4.1 trillion funding gap is closing in step by step, and the real highlight for US Treasuries is next week.

JPMorgan expects the Fed to hold steady but hawkish dissents may emerge; the Treasury is likely to keep auction sizes unchanged at its November refunding, and the funding gap for fiscal years 2027 to 2030 will reach US$4.1 trillion.

Nomura (NMR.US) H1 net profit up 27% year-on-year, wealth management net inflows hit record high

Nomura Holdings (NMR.US) released on October 28 its results for the second quarter of fiscal 2026/27 (JulySeptember), ended September 2026: net revenue was JPY607.5 billion (approximately US$3.9 billion), up 18% year-on-year.

Allies aren't buying either! Pro-US countries' purchases of US Treasuries plunge 60% in the first eight months; Japan plummets 99%, South Korea posts record net selling.

Now, even Washington's closest partners are no longer reliably footing the bill for US deficits.

Deutsche Bank (DB.US) Q3 results beat expectations, marking a third consecutive quarter of record profit.

Deutsche Bank (DB.US) announced its third-quarter 2026 results on Wednesday.

John Lee: Hong Kong plays an important role in green capital innovation and governance

Accelerating climate change and biodiversity loss both present challenges, meaning the gap between green capital, innovation, and governance must be bridged, and Hong Kong can make many contributions in these areas.

Paul Chan: World Must Address Three Major Challenges Including Sustainable Transition Financing; Hong Kong Will Contribute in Three Areas

Paul Chan proposed that the world must join forces to address three core challenges: sustainable transition financing, sharing of scientific and technological achievements, and talent training. Hong Kong will leverage its strengths in finance and innovation and technology to serve as a "super connector" and "super value-adder," guiding financial resources to empower innovation and using technological innovation to improve people's livelihoods.

Core inflation exceeding expectations combined with officials collectively turning hawkish: the Reserve Bank of Australia may raise rates for the fifth time this year next week.

Australia's core inflation exceeded expectations, officials collectively turned hawkish, and the market is betting that the Reserve Bank of Australia will raise rates for the fifth time this year next week, with the energy shock putting pressure on the fight against inflation.

UBS Group AG (UBS.US) Q3 profit climbs as Credit Suisse integration nears completion and cost savings exceed expectations

UBS released its Q3 2026 financial report on October 28.

Centaline: Hong Kong's property price index has accumulated a rise of 7.08% in the first nine months; property prices are expected to rise 2% to 3% in the fourth quarter.

The Hong Kong Rating and Valuation Department's latest release shows that the private domestic price index for September 2026 stood at 320.8 points, up 0.19% month-on-month, rising for two consecutive months.

Knight Frank: Hong Kong home prices expected to rise 8-10% year-on-year in 2026

The bank expects the residential market to remain stable through the end of the year, with transaction volume growth continuing to outpace price growth, and forecasts full-year home prices to rise 8-10% year-on-year.

Grant Thornton report: Total number of long-suspended Hong Kong listed companies up 19% year-on-year to 102

Grant Thornton (Hong Kong) CPA's research report on fraud allegations and trading suspensions faced by Hong Kong listed companies shows that as of August 31, 2026, the total number of long-suspended Hong Kong listed companies across the Main Board and GEM increased 19% to 102, up from 86 in 2025 and 80 in 2024.

OpenAI's first AI hardware "Donut" supply chain overview: AAC TECH (02018) and other core beneficiaries

According to market rumors, the "Donut" is only the first product in OpenAI's consumer hardware lineup, and the company will subsequently launch multiple AI hardware devices such as AI earbuds, AI glasses, and a smart pen. As the product matrix gradually materializes, core suppliers in the supply chain are expected to continue receiving orders and realize long-term growth.

SFC: Main services of the Integrated Fund Platform fully operational, helping to consolidate Hong Kong's position as a leading global wealth management center

On October 28, the Securities and Futures Commission (SFC) issued a statement welcoming the launch of platform and agent services by Hong Kong Exchanges and Clearing Limited on the Integrated Fund Platform.

Some annuity, insurance, and public mutual fund institutions have recently increased their purchasing efforts.

Reporter has learned that investment institutions generally believe the A-share market is currently oversold, and some annuity, insurance, and public fund institutions have increased their buying efforts.

CHINA OVERSEAS (00688) Reports Revenue of RMB130.4 Billion and Operating Profit of RMB14.49 Billion for the First Three Quarters

China Overseas Land & Investment (00688) announced its third-quarter 2026 results. In the third quarter of 2026, as global geopolitical conflicts eased somewhat but remained volatile, China's economy stayed generally stable, macro policies continued to take effect, and the economy maintained development resilience under pressure.

STANCHART (02888) Announces Q3 Results: Profit Before Tax US$2.3 Billion, Up 29% Year-on-Year

Standard Chartered (02888) announced its Q3 2026 results. On a reported basis, operating income rose 14% to US$5.8 billion; net interest income rose 9% to US$3 billion, driven by trading volumes and balance sheet portfolio optimization; profit before tax was US$2.3 billion, up 29%.

BEIJING ENT (00392): Beijing Yanjing Brewery (000729.SZ) reported a net profit attributable to shareholders of RMB2.134 billion for the first three quarters, up 20.56% year on year.

Beijing Enterprises Holdings (00392) announced Beijing Yanjing Brewery's (000729.SZ) results for the first three quarters of 2025: operating revenue of RMB14.016 billion, up 4.34% year on year; net profit attributable to shareholders of Yanjing Brewery of RMB2.134 billion, up 20.56% year on year.

A-share Midday Review | ChiNext Index rises 3%, humanoid Siasun Robot&Automation concept surges, baijiu leads declines

The market displayed a pattern of "broad index gains, growth stocks leading, and divergence among heavyweight stocks."

German President Experiences Volkswagen's Latest Intelligent Driving Technology; Horizon Robotics (09660) Volkswagen Collaboration Achieves High-Level Attention

German President Experiences Volkswagen's Latest Intelligent Driving Technology; Horizon Robotics (09660) Volkswagen Collaboration Achieves High-Level Attention.

September Hong Kong private residential property price index rises 0.19% month-on-month; Colliers: maintains full-year property price growth forecast of 8% to 10%

The Hong Kong Rating and Valuation Department announced today that the private residential property price index for the whole territory rebounded to 320.8 in September, up 0.19% month-on-month, rising for two consecutive months, and up 9.34% year-on-year; it has accumulated a rise of 7.1% in the first nine months.

HKD interbank rates show mixed developments; one-month rate reverses losses to rise, reported at 2.71%.

On October 28, HKD interbank rates showed mixed developments, with the one-month rate, which is linked to mortgage loans, reported at 2.71351%, up 1.351 basis points.

OpenAI reportedly plans to purchase Alphabet Inc. Class C (GOOGL.US) TPU chips, expanding its computing power through multiple avenues.

OpenAI is reportedly interested in purchasing artificial intelligence (AI) computing chips from Alphabet's Google, according to a person familiar with the matter, as part of the ChatGPT developer's broader efforts to build out its AI infrastructure.

Hong Kong Rating and Valuation Department: September home price index up 0.19% month-on-month, rising for two consecutive months

Data from the Hong Kong Rating and Valuation Department show that the private domestic price index for the whole territory rose to 320.8 in September, up 0.19% month-on-month, rising for two consecutive months, and up 9.34% year-on-year.

NXP Semiconductors NV (NXPI.US) Q3 Earnings Call: Raises Data Center Target to US$1 Billion, Expects Double-Digit Growth and 60% Gross Margin by 2027

NXP Q3 revenue was US$3.79 billion, up 19% year over year; automotive revenue exceeded US$2 billion for the first time, and SDV annualized revenue surpassed US$1.5 billion; it added a US$5 billion buyback authorization, bringing the total to US$6.3 billion, with Q4 guidance at US$3.85 billion.

Storage chain repricing amid tighter AI financing! SK Hynix (SKHY.US) "surges on profit warning-beating results," Seagate (STX.US) "slumps despite profit warning-beating results"what is the market pricing in?

In the last week of October, the AI storage chain entered a dense earnings season. Two representative companies delivered "profit warnings" almost simultaneously, yet the market gave sharply opposite stock price reactions.

A-share Market Open Brief | All three major indices open higher, computing power hardware chain leads gains

As of 9:31, across the Shanghai and Shenzhen markets, a total of 4,003 stocks advanced, 1,311 declined, and 262 were unchanged.

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Dehua TB New Decoration Material (002043.SZ) released its performance for the first three quarters, with net profit attributable to shareholders of RMB 474 million, down 24.66% year on year.

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China Film (600977.SH) released its first three quarters results, with a net loss attributable to shareholders of RMB 37.77 million.

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CPCA: National passenger vehicle retail sales in the Oct 1-25 period totaled 1.145 million units, down 26% year on year.

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In September, the overall value of Hong Kong's exports and imports rose by 64.9% and 57.8% year-on-year respectively.

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Pengyao Environmental Protection (300664.SZ) released its first three quarters performance, with net profit attributable to the parent company of 225 million yuan, a year-on-year decrease of 16.52%.

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