GMT EIGHT - OPPORTUNITIES IN CHINA

AOM INT'L (00381) Subsidiary Plans to Establish Yingyang Intelligent Technology Co., Ltd. with Joint Venture Partner to Build a Global Health Data Asset Operations Platform

AOM INT'L (00381) announced that its wholly-owned subsidiary, Kiu Hung Investment (Asia) Limited (Kiu Hung Investment), and a joint venture partner have recently jointly contributed capital to establish Yingyang Intelligent Technology Co., Ltd. (the joint venture company).

The Procter & Gamble Company (PG.US) Q1 results beat expectations across the board: organic sales grew 4%, and a rebound in volume reversed the growth structure.

P&G's first quarter of fiscal 2027 organic sales grew 4%, twice the market expectation, with core EPS rising against the trend to $2, and full-year guidance unchanged.

Jiangsu Hengrui Pharmaceuticals (01276): Rivilutamide Tablets Receives Drug Clinical Trial Approval Notice

Jiangsu Hengrui Pharmaceuticals (01276) announced that recently, Jiangsu Hengrui Pharmaceuticals Co., Ltd. (hereinafter referred to as the "Company") received the Drug Clinical Trial Approval Notice for Ruiweilutamide Tablets approved and issued by the National Medical Products Administration (hereinafter referred to as the "NMPA"), and will commence clinical trials in the near future.

SHANSHUI CEMENT (00691) reported a loss attributable to shareholders of RMB 830 million for the first three quarters, an increase of 526.95% year-on-year.

SHANSHUI CEMENT (00691) announced its results for the nine months ended September 30, 2026. The Group recorded operating revenue of RMB 6.918 billion, a year-on-year decrease of 22.67%; loss attributable to shareholders of the Company was RMB 830 million, a year-on-year increase of 526.95%.

French-German spread hits highest since 2011! Street protests combined with debt anxiety prompt investors to flee faster

As a broad risk-off sentiment sweeps through global markets, capital is flooding into German and U.S. government bonds for shelter, further intensifying the pressure on French bonds.

TSAKER NE(01986): Hebei Tsaker New Materials Technology's net profit attributable to shareholders for the first three quarters was 90.43 million yuan, a year-on-year decrease of 22.72%

TSAKER NE (01986) announced that Tsaker Technology achieved revenue of approximately RMB 417 million in the first nine months of 2026, a year-on-year increase of 3.29%; net profit attributable to shareholders of Tsaker Technology was RMB 90.43 million, a year-on-year decrease of 22.72%.

PRADA (01913) net revenue for the first three quarters was 4.541 billion euros, up 14.5% year on year.

Prada (01913) announces its unaudited revenue for the nine months ended September 30, 2026. For the nine months ended September 30, 2026, the Prada Group generated net revenue of EUR 4.541 billion, an increase of 14.5% compared with the same period in 2025 (organic growth +3.5%).

Refining giant whose stock has soared 170% this year delivers explosive results! Diesel spreads climb, Valero Energy Corporation (VLO.US) quarterly net profit surges 524%.

The energy giant's record third-quarter earnings highlight how constrained global refined product supply is translating into profit and cash flow advantages for U.S. refineries.

XUNFEIHEALTH (02506) Fully Completes Major Upgrade of Spark Medical Large Model Trained on Fully Domestic Computing Power; Spark Medical Large Model V3.7 Officially Released

XUNFEIHEALTH (02506) announced that recently, the company has fully completed a major upgrade of the Spark Medical Large Model trained on fully domestic computing power, and the Spark Medical Large Model V3.7 has been officially released. In the latest MedBench agent evaluation by Shanghai Artificial Intelligence Laboratory, the Spark Medical Large Model topped the rankings with a comprehensive score of 99.6. The Spark Medical Large Model V3.7 achieved a multimodal technology innovation breakthrough integrating medical semantics, medical imaging, and speech, driving a comprehensive leap in agent capabilities in medical scenarios. This marks a leap for applications in two major scenariosdoctor clinical diagnosis and treatment, and resident health managementfrom "meeting the threshold of medical practicality" to "deep integration into the entire medical chain."

CSPC PHARMA (01093)'s SYS6043 for first-line treatment of unresectable recurrent or metastatic triple-negative breast cancer has officially launched its Phase III clinical trial in China.

CSPC PHARMA (01093) announced that the Phase III clinical trial of SYS6043, developed by the group, for the first-line treatment of unresectable recurrent or metastatic triple-negative breast cancer has officially been launched at the first research center in China.

New China Life Insurance (01336) will distribute an interim dividend of HK$0.85230789 per share on December 10.

New China Life Insurance (01336) announced that it will distribute an interim dividend of HK$0.85230789 per share on December 10, 2026.

CSPC PHARMA(01093): Phase II clinical trial of SYH2066 tablets for the treatment of respiratory syncytial virus infection officially launched in China

CSPC PHARMA(01093) announces that the Phase II clinical trial of SYH2066 tablets (the Product), developed by the Group for the treatment of respiratory syncytial virus (RSV) infection, has officially been launched at the first research center in China.

DYNASTY DIGITAL (00451) proposes to increase authorized share capital to HK$500 million

DYNASTY DIGITAL (00451) announced that, to support the Group's business growth and provide greater flexibility for future fundraising by the Company, the Board proposes to increase the Company's authorized share capital to HK$500 million, divided into 6 billion shares, by creating an additional 3 billion unissued shares. When issued and credited as fully paid, these additional shares will rank pari passu with the existing shares in all respects. The Board considers that the increase in authorized share capital is in the overall interests of the Company and its shareholders.

LUK FOOK HOLD (00590) overall retail value grew 8% year-on-year in the second quarter.

Luk Fook Holdings (00590) announced that the Group's overall retail value (including self-operated stores, brand stores, and e-commerce business) and retail revenue (including self-operated stores and e-commerce business) increased by 8% and 23% year-on-year respectively in the second quarter, among which the retail value share of gold and platinum products rose by 5 percentage points year-on-year to 83% due to the substantial growth in sales of investment gold products.

BOAN BIOTECH (06955): BA1203 (masked PD-1/IL-2) Phase I clinical trial in China completes first subject enrollment

BOAN BIOTECH (06955) announced that the first subject has been enrolled in the Phase I clinical trial in China of BA1203, the Company's investigational PD-1/IL-2 antibody-cytokine prodrug. To the best of the Company's knowledge, this investigational drug is the only IL-2 receptor high-activity, masked, and PD-1 blocking PD-1/IL-2 molecule globally.

Northbound funds | Northbound trading recorded a net sell of 92.18 billion. Domestic funds continued to reduce holdings in AI hardware stocks, selling off Alibaba (09988) for nearly HK$1.7 billion.

On October 22 in the Hong Kong stock market, northbound trading recorded a net sell of HK$9.218 billion. Among this, Stock Connect (Shanghai) recorded a net sell of HK$3.225 billion, and Stock Connect (Shenzhen) recorded a net sell of HK$5.993 billion.

IPO News | Weiyi Intelligent Manufacturing (03275) subscription amount exceeds HK$1.3 billion on the third day of offering, oversubscription rises to 16.24 times

The company's public offering financing subscription multiple reached 17.24 times, with the total financing subscription amount exceeding HK$1.379 billion, representing a substantial oversubscription relative to the public fundraising amount of HK$79.99 million.

CHINAHONGQIAO(01378): Shandong Hongqiao Aluminum Industry Holding(002379.SZ) Q3 net profit attributable to shareholders 23.294 billion yuan, up 69.86% year-on-year

CHINAHONGQIAO (01378) announced the 2026 third-quarter results of its subsidiary Shandong Hongqiao Aluminum Industry Holding Co., Ltd. (Hongqiao Holding, listed on the Main Board of the Shenzhen Stock Exchange, stock code: 002379.SZ). The company recorded operating revenue of RMB 131.661 billion, up 13.67% year-on-year; net profit attributable to shareholders of Hongqiao Holding was RMB 23.294 billion, up 69.86% year-on-year; basic earnings per share were RMB 1.7876.

Musk paints a grand vision of AI and Siasun Robot&Automation, but Goldman Sachs Group, Inc. isn't buying it: Robotaxi and "Optimus" can't yet support the grand narrative of Tesla, Inc. (TSLA.US)

Tesla, Inc. is converting AI capabilities into paid demand, but Goldman Sachs Group, Inc. does not yet believe these developments are enough to justify chasing the stock higher. The Goldman Sachs analyst team acknowledges the business progress but has yet to see sufficient valuation appeal.

Asymchem Laboratories (06821) reported a net profit attributable to shareholders of approximately RMB 852 million for the first three quarters, up 6.49% year on year.

Asymchem Laboratories (06821) announced its results for the first three quarters of 2026, with operating revenue of approximately RMB 5.395 billion, up 16.52% year on year; net profit attributable to shareholders of the listed company of approximately RMB 852 million, up 6.49% year on year; and basic earnings per share of RMB 2.36.

CALC (01848) intends to sell one Airbus A320-214 aircraft.

CALC (01848) announces that on October 22, 2026 (after trading hours), a wholly-owned special purpose entity of the Company (the Seller) entered into an Aircraft Sale and Purchase Agreement with an independent third party (the Buyer) for the sale of one Airbus A320-214 aircraft. The disposal is expected to be completed on or before November 16, 2026.

CITIC (00267): CITIC Pacific Special Steel Group (000708.SZ) plans to contribute RMB 389 million to establish a new materials fund

CITIC (00267) announced that, centering on the long-term development strategy and new materials industry layout of CITIC Pacific Special Steel Group (000708.SZ), and in order to further extend the special steel industry chain and cultivate growth points in strategic emerging industries, Taifu Sci-Tech Innovation, a wholly-owned subsidiary of CITIC Pacific Special Steel Group (000708.SZ), plans to jointly initiate the establishment of a new materials fund with CITIC Investment Holdings, Nantong Industrial Chain Development Fund (Limited Partnership), Nantong Industrial Holding Group Co., Ltd. (hereinafter referred to as "Nantong Industrial Holding Group"), CITIC Private Equity, Zhongte Investment and other entities.

CITIC (00267): CITIC Pacific Special Steel Group (000708.SZ) reported a net profit attributable to shareholders of approximately RMB 4.16 billion for the first three quarters, a year-on-year decrease of 3.94%.

CITIC (00267) announced the first three quarters of 2026 results for CITIC Pacific Special Steel Group (000708.SZ): operating revenue of approximately RMB 80.706 billion, a year-on-year decrease of 0.62%; net profit attributable to shareholders of the listed company of approximately RMB 4.16 billion, a year-on-year decrease of 3.94%; basic earnings per share of RMB 0.824.

Hui Ching-yu: APEC Finance Ministers' Meeting pools momentum from all parties, opening a new chapter for Hong Kong's regional cooperation

Hui Ching-yu, Secretary for Financial Services and the Treasury of Hong Kong, noted in a blog post that this APEC Finance Ministers' Meeting pools momentum from all parties and opens a new chapter for Hong Kong's regional cooperation, helping Hong Kong further leverage its role as a "super connector" and "super value-adder."

Hong Kong's Office for Attracting Strategic Enterprises brings in 18 more companies; Paul Chan: cumulative investment driven reaches about HK$84 billion

Together with previously attracted enterprises, a cumulative total of 142 key enterprises have established a presence in Hong Kong, expected to bring about HK$84 billion in investment and create around 27,000 job opportunities.

EAGLE NICE (02368) Issues Profit Warning: Expects Interim Profit Attributable to Shareholders to Decrease Significantly by Approximately 40% to 45% Year-on-Year

EAGLE NICE (02368) issued an announcement, expecting that the profit attributable to owners of the Company for the six months ended September 30, 2026 (the Reporting Period) will decrease significantly by approximately 40% to 45% compared with the profit of HK$205 million for the same period last year.

TAK LEE MACH (02102) will distribute a final dividend of HK1.5 cents per share on December 23.

TAK LEE MACH (02102) announced that it will distribute a final dividend of HK1.5 cents per share on December 23, 2026.

TAK LEE MACH (02102) Announces Annual Results, Profit Attributable to Shareholders HK$20.657 Million, Down 26.65% YoY

TAK LEE MACH (02102) announced its annual results for the year ended July 31, 2026, with revenue of HK$283 million, down 14.36% year-on-year; profit attributable to owners of the Company of HK$20.657 million, down 26.65% year-on-year; basic earnings per share of 2.07 HK cents, and a final dividend of 1.5 HK cents per share.

CITIC (00267): Nanjing Iron & Steel (600282.SH)'s net profit attributable to shareholders for the first three quarters was approximately RMB 1.799 billion, a year-on-year decrease of 17.35%.

CITIC Limited (00267) announced the first three quarters of 2026 results for Nanjing Iron & Steel (600282.SH), reporting revenue of approximately RMB 47.877 billion, up 10.61% year on year; net profit attributable to shareholders of the listed company of approximately RMB 1.799 billion, down 17.35% year on year; and basic earnings per share of RMB 0.2918.

NEWBORNTOWN (09911) Expects Revenue Growth of Over 33% for the First Three Quarters of 2026, Driven by Both Social and Innovation Businesses

NEWBORNTOWN (09911) expects overall revenue of approximately US$927 million to US$948 million for the first three quarters, representing year-on-year growth of approximately 33.8% to 36.8%, with both social and innovation businesses achieving growth.

Hong Kong: September CPI rose 1.9% year-on-year

The Census and Statistics Department of the Hong Kong SAR Government announced the Consumer Price Index for September 2026 on October 22.

Hong Kong's seasonally adjusted unemployment rate rose slightly to 3.9% for July to September.

Hong Kong's seasonally adjusted unemployment rate for July to September rose slightly by 0.1 percentage point to 3.9% compared with the preceding three-month period. The underemployment rate also edged up 0.1 percentage point to 2.0%.

SINOPHARM (01099): China National Medical Device's operating profit for the first three quarters was RMB 856 million, down 11.07% year on year.

Sinopharm Group (01099) announced that its subsidiary China National Medical Device Co., Ltd. (Sinopharm Devices) achieved operating revenue of RMB 55.262 billion for the nine months ended September 30, 2026, up 1.04% year on year; operating profit was RMB 856 million, down 11.07% year on year; total comprehensive income attributable to owners of the parent was RMB 391 million, down 1.03% year on year.

Alleged Stock Price Manipulation to Meet Main Board Transfer Market Capitalization Threshold: Hong Kong SFC Initiates Market Misconduct Proceedings Against Parties Related to TASTEGOURMET GP (08371)

The Hong Kong SFC has initiated Market Misconduct Tribunal proceedings against senior personnel and associated persons of GEM-listed company TASTEGOURMET GP for alleged stock price manipulation to facilitate its transfer to the Main Board.

CHOW TAI FOOK (01929) second quarter retail value decreased by 0.5% year-on-year.

CHOW TAI FOOK (01929) announced that for the three months ended September 30, 2026 (the second quarter), retail value decreased by 0.5% year-on-year. Among this, retail value in Mainland China decreased by 5.3%, while retail value in Hong Kong, Macau and other markets increased by 33.2%. During the quarter, same-store sales of directly operated stores in Mainland China (the Mainland) grew by 2.2%, while same-store sales of franchised stores declined by 2.9%. However, the Group's performance continued to outperform the jewelry retail market. Benefiting from a buoyant consumer sentiment and strong customer traffic, same-store sales in Hong Kong and Macau grew by 29.6% during the period, with Hong Kong up 24.0% and Macau up 47.3%.

PA GOODDOCTOR (01833) net profit for the first three quarters was 248 million yuan, up 35% year on year.

PA GOODDOCTOR (01833) announced its results for the nine months ended September 30, 2026. The Group recorded revenue of RMB 3.508 billion, down 5.8% year on year; net profit of RMB 248 million, up 35% year on year; and adjusted net profit of RMB 258 million, up 19.5% year on year.

NEWBORNTOWN (09911) expects total revenue of approximately US$927 million to US$948 million for the first nine months, representing a year-on-year increase of approximately 33.8% to 36.8%.

NEWBORNTOWN (09911) announced that for the nine months ended September 30, 2026, the Group's total revenue is expected to be approximately US$927 million to US$948 million, representing a year-on-year increase of approximately 33.8% to 36.8% compared with the same period in 2025. The continued year-on-year growth in overall revenue was primarily attributable to the steady and sustained growth of the social business.

CHOW TAI FOOK (01929) Issues Positive Profit Alert, Expects Net Profit for the First Half of Fiscal Year 2027 to Increase by Approximately 90100% Year-on-Year

CHOW TAI FOOK (01929) announces that the Group's net profit for the six months ended September 30, 2026 (the first half of fiscal year 2027) is expected to increase by approximately 90100% compared with the same period last year, mainly attributable to (a) a fair value gain arising from the remeasurement of gold borrowing contracts recorded in the first half of fiscal year 2027, compared with a fair value loss recorded in the same period last year; and (b) improved sales in the Group's core markets.

From AI agent privilege escalation to PHP vulnerabilities, the market is increasingly focused on the "security premium" of the AI era! Morgan Stanley looks ahead to the long-term bull market and short-term opportunities in cybersecurity.

Following the disclosure of a severe PHP vulnerability on October 21, exploitation attempts observed by Cloudflare surged to the million level within hours; earlier, an agent under internal evaluation at OpenAI had escalated privileges to access the Australian government's statistical system, which is enough to show that in the AI era, enterprises and government departments need to guard against not only malicious attacks, but also privilege escalation and precision attacks occurring during the autonomous execution of tasks by agentic AI workflows such as AI agents.

JLL: Construction cost of Hong Kong industrial and logistics assets approaches US$2,500/sq m, over 60% higher than the Asia-Pacific average

Although construction cost pressures are sweeping across the Asia-Pacific region, Hong Kong faces a particularly complex cost environment.

SAP (SAP.US) Q3 Earnings Call: Rising U.S. Treasury Yields and Oil Prices Put Pressure on Q4, the Largest Order Season

SAP's third-quarter revenue grew 13% year-over-year to 10.27 billion, marking the first time quarterly revenue has exceeded 10 billion.

Centaline Mortgage: September Hong Kong bank refinancing registrations rose 20.6% month-on-month to 1,225 cases, up for four consecutive months.

Centaline Mortgage Managing Director Wong Mei-fung stated that from June to September this year, refinancing registrations rose for four consecutive months and exceeded the 1,000-case mark for two consecutive months, far above the low level of only about 500-plus cases per month over the past two years, reflecting a clear recovery in the refinancing market this year.

New Stock News | Weiyi Intelligent Manufacturing (03275) Opens IPO Subscription: How Does a "Physical AI Brain" Scale Industrial Embodied Intelligence "from 1 to N"?

Recently, Weiyi Intelligent Manufacturing (03275) opened its IPO subscription from October 20 to October 23, with an offer price range of HK$16.63 to HK$21.46 per share. It is expected to be listed on the Main Board of the Stock Exchange on October 28.

New Stock News | Songyan Power Reportedly Files Confidential IPO Application with HKEX, Aiming for Listing as Early as Next Year

Songyan Power reportedly has confidentially submitted a listing application to the Hong Kong Stock Exchange.

A-share Market Close Review | ChiNext Index Falls 4.37%, Losing 2,600 Points; Bank Stocks Hit New Highs

On October 22, the Shanghai Composite Index opened slightly higher but moved lower in a one-way decline, while the Shenzhen Component Index and ChiNext Index opened lower and fell further. All three major indices weakened throughout the day, with trading volume in several broad-based ETFs surging late in the session.

Micron (MU.US) Technology Symposium Lays Out Roadmap: Abandoning 4F, HBM4 Mass Production, G11 NAND Speedup... JP Morgan Maintains "Overweight" Rating

J.P. Morgan's latest research report notes that Micron Technology, at its investor technology webinar held on October 21, provided a detailed presentation of its latest technological innovations and long-term plans across its three core product lines: DRAM, HBM, and NAND.

Oil prices soar, the world pays the bill! Crude oil once again breaks above $110, putting pressure on everything from food to mortgages.

Beyond driving up transportation and heating costs, the frenzied rise in energy prices since the start of the year has also increased upward pressure on food, clothing, and packaging prices, and helped keep inflation gauges and borrowing costs elevated in the United States and globally, causing market expectations for rate hikes by central banks around the worldincluding the Federal Reserve, the European Central Bank, and the Reserve Bank of Australiato continue to build.

Hedged Yield Nears 6.5%! BNP Paribas Asset Management Adds to Ultra-Long Japanese Bonds as Overseas Funds Bet on Curve Steepening and Return of Domestic Demand

BNP Paribas Asset Management adds to 20- to 30-year Japanese government bonds, with hedged yields as high as 6.5%; combined with a stabilizing yen and the return of domestic insurers, the long end has become a new favorite of global funds.

AI selloff suppresses risk appetite, copper prices follow the decline.

The tech stock selloff weakens risk appetite, and copper prices fall.

AI Uncovers Long-Dormant PHP Vulnerability: Double-Edged Sword in Attack and Defense Highlights Cloud Security and Patch Management as Key Investment Themes

The widely used open-source programming language PHP has been exposed as having two critical vulnerabilities, "PHP2Shell." The vulnerabilities lay dormant for years and were only discovered with the help of AI. PHP developers released an emergency fix on Wednesday and urged users to update immediately.

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Tianrun Dairy (600419.SH) released its first three quarters performance, with a net profit attributable to the parent company of 80.23 million yuan, turning losses into profits year-on-year.

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Cheng Wai Chee reduces Champion REIT (02778.HK) by 500,000 shares at approximately HK$2.14 per share.

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JPMorgan Chase reduces its shareholding in CIG Shanghai (06166.HK) by approximately 1.062 million shares at approximately HK$85.01 per share.

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Mitsubishi UFJ Financial Group, Inc. increased its shareholding in SG Micro Corp (03661) by 224,800 shares at approximately HK$74.68 per share.

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Heart Medical (02291.HK) repurchased 36,000 shares for HK$501,400 on October 22.

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