GMT EIGHT - OPPORTUNITIES IN CHINA

TEXWINCA HOLD (00321) announces interim results: profit attributable to ordinary equity holders approximately HK$54 million, down 51.8% year-on-year.

Texwinco Group (00321) announced its interim results for the six months ended September 30, 2026. Revenue was HK$2.851 billion, up 5.1% year-on-year. Profit attributable to ordinary equity holders of the company was approximately HK$54 million, down 51.8% year-on-year. Basic earnings per share were HK3.9 cents, and the interim dividend was HK3.0 cents per ordinary share.

TEXWINCA HOLD (00321) will pay an interim dividend of HK$0.03 per share on January 6.

TEXWINCA HOLD (00321) announced that it will pay an interim dividend of HK$0.03 per share for the six months ended September 30, 2026, on January 6, 2027.

DLC ASIA (08210) Announces Interim Results: Loss Attributable to Shareholders HK$9.376 million, Up 0.13% Year-on-Year

DLC ASIA (08210) announced its results for the six months ended September 30, 2026. During the period, the Group recorded revenue of HK$9.973 million, down 41.2% year-on-year; loss attributable to owners of the Company was HK$9.376 million, up 0.13% year-on-year; basic loss per share was 1.17 HK cents.

China Securities Co., Ltd. (06066) will pay an interim dividend of RMB2.9 per 10 shares on January 15, 2027.

China Securities Co., Ltd. (06066) announced that it will pay an interim dividend of RMB2.9 per 10 shares on January 15, 2027.

WAI CHUN BIOTEC (00660) Issues Positive Profit Alert, Expects Annual Results to Turn Around Year-on-Year to Not Less Than HK$30 Million

WAI CHUN BIOTEC (00660) announced that the Group expects to record a profit of not less than HK$30 million for the year ended June 30, 2026, compared with a net loss of approximately HK$10.7 million in the same period of 2025. The expected turnaround from loss to profit for the year is mainly attributable to a one-off reversal of impairment loss on property, plant and equipment of approximately HK$52.1 million, resulting from significant improvement in the actual operating performance and prospects of the cash-generating unit for the production and sale of modified starch, which amount was partly offset by a reversal of deferred tax assets of approximately HK$15 million.

Northbound funds | Northbound trading recorded a net purchase of RMB4.572 billion. Pingtouge confirms its independent listing in Hong Kong. Northbound funds increased their position in Alibaba (09988) by over HK$1.2 billion.

On November 11 in the Hong Kong stock market, northbound trading recorded a net purchase of HK$4.572 billion. Among this, Stock Connect (Shanghai) recorded a net purchase of HK$2.378 billion, and Stock Connect (Shenzhen) recorded a net purchase of HK$2.195 billion.

JD INDUSTRIALS (07618) Signs Strategic Cooperation with Saudi Post Logistics to Strengthen B2B Collaboration and Support the Development of Saudi Arabia's Industrial Supply Chain

On November 8, JD Industrials (07618) and Saudi Post Logistics (SPL) officially signed a Strategic Cooperation Framework Agreement in Riyadh, Saudi Arabia.

Southbound funds recorded a net purchase of 4.572 billion yuan today. On the Stock Connect (Shanghai) side, Alibaba-W and SMIC received net purchases of HK$1.204 billion and HK$516 million, respectively; Tencent Holdings topped net sales with an amount of HK$350 million; on the Stock Connect (Shenzhen) side, Tracker Fund and Hang Seng China Enterprises received net purchases of HK$927 million and HK$532 million, respectively; Tencent Holdings topped net sales with an amount of HK$165 million.

STARPLUS LEGEND (06683) Builds Next-Generation Entertainment Tech Space as Pandabot Cafe's First Global Store Opens in Tsim Sha Tsui

On November 11, Pandabot Cafe's first global store, meticulously built by STARPLUS LEGEND (06683), officially opened in Tsim Sha Tsui, Hong Kong.

WKK INTL (HOLD)(00532): Taiwan Kong Kin's net profit after tax for the first three quarters was NT$149 million, a year-on-year decrease of approximately 1.41%

WKK INTL (HOLD)(00532) announced the results of Taiwan Kong Kin Co., Ltd. for the nine months ended September 30, 2026, with operating revenue of NT$1.22 billion; net profit after tax of NT$149 million, a year-on-year decrease of approximately 1.41%.

Hong Kong Transport and Logistics Bureau: Accelerate the intelligent upgrading of Kwai Tsing Container Terminals and drive Hong Kong's transition from a "large tonnage port" to a "value port"

On November 11, Liao Zhenxin, Acting Secretary for Transport and Logistics of the Hong Kong SAR Government, provided a written reply at a Legislative Council meeting on issues including the digitalization, intelligent upgrading, and green transformation of the shipping industry.

Signs of de-escalation in the U.S.-Iran conflict: Can the 2026 sovereign debt storm be calmed?

The 2026 sovereign bond storm may be dissipating.

PACIFICTEXTILES (01382) expects interim profit attributable to shareholders of approximately HK$1 million to HK$10 million.

PACIFICTEXTILES (01382) announced that the Group expects the profit attributable to equity holders of the Company for the six months ended September 30, 2026 (the Reporting Period) to be approximately between HK$1 million and HK$10 million, compared with the profit attributable to equity holders of the Company of approximately HK$79.3 million for the six months ended September 30, 2025 (the corresponding period of last year). The decline during the Reporting Period was attributable to a number of factors, principally due to:

Trillion-dollar IPO financing landscape targets the globe! Anthropic (ANT.US) plans to raise up to US$3.5 billion in Japan.

Anthropic (ANT.US) plans to raise US$3 billion to US$3.5 billion from Japanese investors in its initial public offering (IPO).

MANSHING GLOBAL (08309) Issues Profit Warning; Expects Interim Profit After Tax of Approximately HK$100,000, a Year-on-Year Decrease

MANSHING GLOBAL (08309) Issues Profit Warning; Expects Interim Profit After Tax of Approximately HK$100,000, a Year-on-Year Decrease MANSHING GLOBAL (08309) announced that the Group is expected to record a profit after tax of approximately HK$100,000 for the six months ended 30 September 2026, compared to a profit after tax of approximately HK$900,000 for the six months ended 30 September 2025. Based on information available to the Company immediately prior to the publication of this announcement, the Board considers that the decrease in the Group's profit after tax for the reporting period was primarily attributable to a decline in gross profit margin, which was caused by intensified competition for certain government contracts, with some market participants adopting aggressive and commercially unsustainable pricing.

ASCLETIS-B (01672): Submits an Investigational New Drug application to the U.S. FDA for ASC30_39 FDC for the treatment of obesity, which has the potential to become a first-in-class fixed-dose combination of an oral small-molecule GLP-1R agonist and a selective amylin receptor agonist

ASCLETIS-B (01672) announced that the company has submitted an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for ASC30_39 FDC for the treatment of obesity. ASC30_39 FDC is a once-daily oral fixed-dose combination (FDC) tablet of ASC30, a small-molecule GLP-1R agonist, and ASC39, a small-molecule selective amylin receptor agonist (SARA).

HERALD HOLD (00114) issues profit warning, expects interim net profit attributable to shareholders of approximately HK$17 million to HK$23 million, a year-on-year decrease

HERALD HOLD (00114) announced that the Group expects the net profit attributable to shareholders for the six months ended September 30, 2026 to be in the range of HK$17 million to HK$23 million (for the six months ended September 30, 2025: HK$44.2 million).

PwC: Hong Kong IPOs in 2027 to be broadly positive with structural divergence; hard tech to take the baton, but sector maturity varies

According to Rao Shenghua, Hong Kong IPO fundraising exceeded HK$210 billion in the first half of 2026, up 92% year on year, ranking second globally.

FUJIKON IND (00927) issues profit warning, expects interim loss attributable to shareholders of approximately HK$10 million to HK$15 million

FUJIKON IND (00927) announces that, compared with a loss attributable to equity holders of the Company of approximately HK$3.2 million for the six months ended 30 September 2025, the Group expects the loss attributable to equity holders of the Company for the six months ended 30 September 2026 (the 2026 interim period) to be between approximately HK$10 million and approximately HK$15 million. The increase in loss attributable to equity holders of the Company is mainly due to the appreciation of RMB against HK$ during the 2026 interim period, which led to an increase in the Group's overall production costs denominated in HK$ (i.e. the Group's presentation currency); and despite expected revenue growth primarily driven by a new customer, the downward revision of forecasts by existing customers during the 2026 interim period is expected to result in an increase in inventory provisions.

Hong Kong stocks close: Hang Seng Index down 0.98%, Hang Seng Tech Index down 1.41%

NIO-SW fell 3.02%, XPeng Group-W fell 3.11%, NetEase fell 3.34%, Li Auto-W fell 3.36%, Meituan-W fell 3.51%, BYD Company fell 3.82%, and Budweiser APAC fell 4.44%.

Reportedly, SpaceX (SPCX.US) is attempting "de-NVIDIA Corporation-ization" at the rack level: developing the Kessel rack to bypass the L6 compute board and buy only chips.

SemiAnalysis: SpaceX is developing its own Kessel rack to bypass NVIDIA's L6 compute boards, giving itself more manufacturing options for its own hardware.

Sun Dong: AI is increasingly integrated into the daily operations of Hong Kong enterprises and institutions, bringing opportunities to enhance operational efficiency, optimize services and drive innovation.

Artificial intelligence (AI) is increasingly integrated into the daily operations of Hong Kong enterprises and institutions, bringing opportunities to enhance operational efficiency, optimize services and drive innovation.

Ricacorp: October Hong Kong first-hand private residential transactions record 1,376 cases, down 5% month-on-month

Chen Hoi-chiu, head of the research department at Ricacorp Properties, said that after a sharp rise in September, the number of first-hand new home sale and purchase registrations in Hong Kong edged lower in October, but overall trading activity remained strong, holding steady above the 1,000-case level for a second consecutive month.

MiniMax (00100) Open-Sources H3-Image Model, With Major Global Chipmakers On Board on Day One

On the evening of November 10, MiniMax (00100) released the image generation model MiniMax H3-Image and simultaneously opened the model weights.

Anthropic (ANT.US) races toward IPO at a trillion-dollar valuation; venture capitalist warns it could signal the peak of the AI rally

Venture capitalist Selby warns that Anthropic's trillion-dollar valuation IPO could signal the peak of the AI rally, and the expiration of the lock-up period may trigger a chain reaction of pullbacks.

Wall Street tech guru Dan Ives: SpaceX (SPCX.US) stock carries a 20%-25% "political discount," and a merger with Tesla, Inc. (TSLA.US) is still possible

Dan Ives believes that SpaceX stock currently carries a 20% to 25% "political discount." At the same time, he still expects SpaceX to merge with Tesla, but the deal will face more obstacles.

A-share Market Close | ChiNext Index Rises 3.11%, Computing Power Hardware Stocks Surge Collectively

On November 11, the three major A-share indices opened lower collectively, then fluctuated upward and accelerated their gains in the afternoon, closing higher across the board.

SpaceX (SPCX.US) shares rebound nearly 16% over three days; Deutsche Bank bets the rally isn't over! US$250 target points to AI computing power leasing taking the lead

When investors think of SpaceX, a rocket may come to mind. But this quarter, more revenue may come from a far less eye-catching business: AI computing chips or large-scale AI computing cluster leasing for the likes of Google and Anthropic.

J.P. Morgan: With three major tailwinds, the emerging market rally is broadening from AI heavyweight stocks to non-tech sectors.

J.P. Morgan noted in a research report that the emerging market rally is broadening from a handful of AI heavyweight stocks to the non-tech portion of EM.

Feihe (06186) Hosts a Sub-forum at the CHINA FOODS Science and Technology Society Annual Conference: Proprietary Protein Technology in Dialogue with Industry Frontiers

The 23rd Annual Conference of the Chinese Institute of Food Science and Technology was held in Kunming, Yunnan. The sub-forum "Food Component Interactions and Nutritional Immune Regulation," supported by Feihe, was held, where participating experts exchanged views on the frontiers of food components, nutrition, and immunology science.

The Wall Street "Great Rotation" Is Underway: The AI Trade Is Receding, Tech Stocks Are Falling Out of Favor, and a Mass Migration of Capital Is Flowing Into Defensive Sectors

Analysts point out that the market is in a "state of alert" as investors shift from bets on the higher-risk technology sector to defensive stocks.

Rising expectations of a Fed rate hike trigger a U.S. Treasury selloff! Japanese bonds follow suit, with the 10-year yield approaching 2.8%.

U.S. Treasuries sold off on Tuesday after October CPI data came in above expectations, prompting markets to increase bets that the Fed may need to take more aggressive rate hike action, and Japanese government bonds fell on Wednesday, tracking the overnight decline in the U.S. Treasury market.

BofA pours cold water: Don't count on the S&P 500 in 2027it's the world's most crowded trade

BofA strategist Subramanian said she is not bullish on the S&P 500, warning that it is the world's most crowded trade and that a shift to net outflows would pose risks, casting doubt on the outlook through 2027.

Christopher Hui moves the Second Reading of the Securities and Futures (Amendment) Bill to improve the restructuring mechanism for Hong Kong REITs and strengthen the regulation of listed funds.

The Bill will be implemented in two phases: the enhancements to the REIT regime and the amendments to the market misconduct regime will take effect immediately upon gazettal; the new rules on inside information and disclosure of interests will be deferred to 4 December 2027, allowing sufficient time for the industry to complete system and process adaptations.

Prediction market giant in CFTC's crosshairs! Kalshi reportedly accused of product notification violations, charges may land soon.

The U.S. Commodity Futures Trading Commission (CFTC) has warned prediction market startup Kalshi that it is poised to file a lawsuit against the company, according to people familiar with the matter on Tuesday. The investigation concerns whether the platform completed the required regulatory notifications for dozens of its new products.

Hong Kong ranks 11th globally in digital and AI competitiveness.

The International Institute for Management Development released the World Digital and AI Ranking 2026 on November 11. Hong Kong ranked 11th globally among 70 economies and 4th in Asia.

US inflation "still running hot"! Goldman Sachs is the first to change its tune: the Fed's rate-hike cycle is not over yet, and another 25 basis points may come in March next year.

The higher-than-expected US October CPI data released on Tuesday prompted Goldman Sachs to revise its previous forecast that the Fed's current rate-hike cycle would end in December. The Wall Street financial giant now expects the Fed to raise rates by another 25 basis points in March next year.

Hui Ching-yu: Hong Kong's Central Gold Clearing System to be officially launched in Q1 2027; HKMA actively implementing Exchange Fund's increased gold holdings

On November 11, Hui Ching-yu, Secretary for Financial Services and the Treasury of Hong Kong, provided a written reply to a question from Legislative Council member Li Weihong at a LegCo meeting.

Memory is once again brewing a new round of price increases.

The new round of price increases in the memory market is unfolding in a rather asymmetric manner. Recently, several people in the memory industry told reporters that some leading companies have verbally informed channel distributors of their intention to raise prices for enterprise-grade chips, and although formal price increase letters have not yet been issued, prices on the channel side have already begun to move first. Reporters visited agency channels, and multiple agents confirmed the aforementioned price increase signals. Mr. Yuan, a SK Hynix agent, told reporters: "Prices are rising every day." He observed that second-hand disk recycling prices have been climbing continuously, driving overall quotations upward; the path of price adjustment is that provincial distributors adjust prices weekly, and agent product prices are then passed down, "we adjust along with them." However, Samsung agent Li Ming reminded reporters that this round of price increases is not a broad rise across all categories: the increases are mainly concentrated in DRAM contract prices and enterprise-grade SSD original manufacturer/channel segments, rather than a comprehensive follow-through rise in consumer-grade NAND. "The bulk is still computing power centers; demand feedback from the grassroots level is actually mediocre." Because the price increases are first concentrated in DRAM contract prices and enterprise-grade SSD segments, when this round of prices spreads outward from original manufacturers, the first to be reached are not end consumers, but the manufacturing companies and module manufacturers caught in the middle. Li Ming added that these manufacturers are the first to absorb the original manufacturers' price increases, and given their different positions in the industrial chain, their feelings and pressure are markedly different.

Abbisko Therapeutics (02256): Pimicotinib Approved in Switzerland, Further Expanding Global Footprint

China's innovative drugs are making further progress in going global.

Explosive growth in computing power orders: why is the "AI trade" receding? JPMorgan reveals the time lag between AI investment and productivity realization.

JPMorgan global economic research team member Joseph Lupton noted in a November 10 study that recent labor productivity improvements stem more from capital deepening and increased intensity of production factor utilization, while the broad efficiency dividends from AI through process reengineering, data integration, and organizational adjustment still need time to materialize. This means that orders for chips, servers, and power equipment can grow first, but sustained investment returns for computing power operators and end users may not necessarily arrive in sync.

Goldman Sachs updates Fed rate forecast: third rate hike in March next year, rate cut postponed to end of next year.

Disturbed by the U.S. October CPI inflation data, which came in significantly higher than expected, the market's expectations for the Federal Reserve's monetary policy path have been adjusted once again. On Tuesday, Eastern Time, Goldman Sachs Chief U.S. Economist David Mericle released a latest report updating the Fed's interest rate forecast, stating that the Fed will raise rates by 25 basis points in December this year and in March next year respectively, while the tightening cycle will be further prolonged and the timing of rate cuts will be delayed by one quarter.

NISSIN FOODS (01475) reported profit attributable to shareholders of HK$269 million for the first three quarters, up 4.21% year-on-year.

NISSIN FOODS (01475) announced its results for the nine months ended September 30, 2026. The Group recorded revenue of HK$3.255 billion, up 6.3% year-on-year; profit attributable to owners of the Company for the period was HK$269 million, up 4.21% year-on-year; earnings per share were 25.77 HK cents.

Tmall Double 11 Token is 50% off today

It is reported that today, large model vendors Zhipu, MiniMax, Qianwen Office, Alibaba Cloud, and Qoder are all offering 50% off on Tmall. According to the introduction, consumers can open the Taobao App and search for "Token" to enter the Token recharge center of the Tmall AI Space Station to recharge. Among them, all three monthly cards of MiniMax are 50% off, two monthly cards of the Alibaba Cloud Token Plan are up to 50% off, the Zhipu weekly card is up to 50% off, the first month of the Qianwen Office basic version membership monthly card is up to 70% off, and the Qoder monthly card is 67% off, as low as 19.9 yuan.

CA CULTURAL (01566) issues positive profit alert, expecting interim profit of not less than HK$900 million, turning from loss to profit year-on-year.

CA CULTURAL (01566) issued an announcement that, based on the preliminary assessment of the management accounts of the Group for the six months ended September 30, 2026 (the Period) and the information currently available to the Company, the Group is expected to record a profit of not less than HK$900 million for the Period, as compared to a loss of approximately HK$65.9 million for the six months ended September 30, 2025.

ABBISKO-B(02256): BEJEMAI Receives FDA Approval for the Treatment of TGCT

ABBISKO-B (02256) announced that on November 11, 2026, the company's subsidiary Shanghai Abbisko Biomedical Technology Co., Ltd. (Abbisko Therapeutics) announced that BEJEMAI (English trade name: PIMJETMI; generic name: pimicotinib hydrochloride capsules), a CSF-1R small molecule inhibitor, has received approval from the U.S. Food and Drug Administration (FDA) for the systemic treatment of adult patients with symptomatic tenosynovial giant cell tumor (TGCT) for whom surgical resection may result in worsening functional limitation or severe complications.

A-share Midday Review | Shanghai Composite Index falls 0.24%, CPO concept rebounds, liquor stocks lead declines

The market showed a pattern of "index divergence, a rebound in computing power hardware, and a pullback in consumer heavyweight stocks."

Hong Kong Insurance Authority and Hong Kong Monetary Authority Joint Enforcement Action: Lam Ka Kit Prohibited from Applying for an Insurance Intermediary License for Nine Months

An investigation conducted by the Hong Kong Monetary Authority found that Lam Ka Kit pressured eight clients through telemarketing to purchase medical insurance, forcing them to buy despite their requests for time to consider.

Youth employment has declined for 48 consecutive months: Behind the semiconductor boom, South Korea's young people have been "left out" by the times.

South Korea's October unemployment rate fell to 2.5%, a three-year low, but the number of employed people decreased by 50,000, youth employment declined for 48 consecutive months, and domestic demand remained weak.

Hong Kong Financial Services Development Council report: Three recommendations for attracting patient capital to Hong Kong, including broadening product types

Recently, the Hong Kong Financial Services Development Council published a research report titled "Strengthening Hong Kong's Position as an International Asset and Wealth Management Hub: Attracting Patient Capital."

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