GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | $1.3 billion all-stock acquisition of Elisity sparks market concerns; IonQ (IONQ.US) plunges nearly 10% in early trading.

On Monday, IonQ (IONQ.US) plunged nearly 10% in early trading, now at $36.12.

US Stock Market Move | Upgraded to "Buy" rating by Deutsche Bank, AST SpaceMobile (ASTS.US) rebounds over 5%.

On Monday, AST SpaceMobile (ASTS.US) rebounded over 5% in early trading, following a drop of more than 10% the previous day that hit a new low for the year.

Surging U.S. Treasury yields hit the mortgage-backed securities market, with U.S. MBS funds suffering historic outflows for three consecutive weeks.

As U.S. Treasury yields surge to multi-decade highs, investors are withdrawing en masse from U.S. mortgage-backed securities funds.

MAJOR HLDGS (01389) changes controlling shareholder, receives general offer at a discount of approximately 34.08%

Major Holdings (01389) and the offeror Max Premier Limited jointly announced that on October 5, 2026, the offeror completed the purchase of approximately 298 million shares from Baysilver Limited, representing approximately 53.77% of the total issued share capital of the company as at the date of this joint announcement, for a total cash consideration of approximately HK$102 million, equivalent to approximately HK$0.3428 per sale share.

AI agents may reshape the global hotel booking market! Morgan Stanley is bullish on industry giants such as Marriott (MAR.US) and Hilton (HLT.US), and has raised price targets on multiple related stocks.

Morgan Stanley pointed out in its latest research report that as AI agents gradually enter the travel search and hotel booking space, the distribution model of the global hotel industry is expected to undergo significant changes.

CHONGQING M&E (02722) plans to sell a 51% equity stake in Chongqing Caff Automotive Brake & Steering System for RMB 89.7916 million.

Chongqing M&E (02722) announced that on October 12, 2026, the Company entered into an equity transfer agreement with Silian Group (a wholly-owned subsidiary of the Company's controlling shareholder), pursuant to which the Company agreed to transfer, and Silian Group agreed to acquire, a 51% equity interest in the target company (Chongqing Caff Automotive Brake & Steering System Co., Ltd., a wholly-owned subsidiary of the Company), at a consideration of RMB 89.7916 million.

US Stock Market Move | Rumor: Large-scale deployment of self-developed AI chips next year. Microsoft Corporation (MSFT.US) rose nearly 1% in early trading.

On Monday, Microsoft Corporation (MSFT.US) rose nearly 1% in early trading against the trend, accumulating a 45% gain since July.

HANISON (00896) intends to sell the entire share capital of Zhisheng Investment for HK$80 million.

Hanison Construction (00896) announced that on 12 October 2026, the seller Hanison Construction Holdings (BVI) Limited (a wholly-owned subsidiary of the Company) entered into a sale and purchase agreement with the buyer Clear Shine International Limited, pursuant to which the seller agreed to sell and the buyer agreed to purchase the sale shares, representing the entire issued share capital of the target Wisdom Mount Investments Limited (Zhisheng Investment Limited). The consideration for the sale is HK$80 million.

Delays in native 800V power delivery deployment for AI data centers spark concerns; Morgan Stanley: Market reaction is overdone; OCP Summit may catalyze semiconductor stocks

Morgan Stanley said in its latest research report released on October 12 that the market had previously been overly optimistic about the deployment progress of 800V DC power delivery technology for AI data centers, but recent concerns about delays in the rollout of this technology have likewise been exaggerated.

US Stock Market Move | Muse's user retention level approaches ChatGPT; Meta (META.US) rises over 3% in early trading.

On Monday, Meta (META.US) bucked the trend in early trading, rising over 3% and now standing at $743.68.

CR BLDG MAT TEC (01313) issues profit warning, expects loss attributable to owners of the company of approximately RMB 750 million to RMB 850 million for the first nine months, turning from profit to loss year-on-year.

China Resources Building Materials Technology (01313) announces that the group is expected to record a loss attributable to owners of the company of approximately RMB 750 million to RMB 850 million for the first nine months of 2026, compared with a profit attributable to owners of the company of RMB 331 million for the same period in 2025. The company has continued to deepen cost reduction measures across the entire value chain, and during the period, the unit selling costs of concrete and aggregates both decreased compared with the same period in 2025; the unit selling cost of cement rose slightly due to the continued increase in coal prices. At the same time, the selling prices of the above three products decreased compared with the same period in 2025. The contribution from cost savings brought by cost reduction measures was insufficient to offset the impact of declining selling prices and rising coal prices, resulting in a decrease in consolidated gross profit and consolidated gross profit margin.

US Stock Market Move | AI application software stocks remain active, Salesforce, Inc. (CRM.US) rises over 3%.

On Monday, AI application software stocks remained active.

At the Paris Motor Show, GEELY AUTO's three major brands gathered and made their appearance, presenting a clear brand echelon that demonstrates Geely's path of "value going global."

Geely Auto's practice of participating in global competition with systematic capabilities has achieved phased results ranging from product premiumization to brand recognition, and from single-point breakthroughs to group synergy. This is also expected to provide a reference path for the globalization development of Chinese automakers.

AI financing boom intensifies credit risk concerns; why hasn't the surge in US Treasury yields widened corporate bond spreads?

Although U.S. Treasury yields have climbed sharply recently, the investment-grade corporate bond market has not simultaneously flashed clear credit risk warnings.

US Stock Market Move | Memory sector extends opening losses; SanDisk (SNDK.US) drops over 4%

On Monday, the memory sector extended its opening losses, with Micron Technology (MU.US) and SanDisk (SNDK.US) dropping over 4%.

HATCHER GROUP (08365): Intends to establish INSMEN GROUP joint venture platform and investment vehicle

Hatcher Group (08365) announces

HKEX: Positioning for the future by building a diversified asset ecosystem; four major directions to consolidate Hong Kong's status as an international financial center.

In the future, HKEX will focus on building a more complete and internationally competitive diversified asset ecosystem, actively promoting the implementation of Hong Kong's five-year plan.

CHINANEWTOWN (01278): As of the end of September, the total investment portfolio of fixed-income projects was approximately RMB 3.073 billion.

CHINANEWTOWN (01278) announced that as of September 30, 2026, after deducting impairment provisions for risk projects, the total investment portfolio of fixed-income projects of the Group was approximately RMB 3.073 billion. Excluding risk projects, the pre-tax annualized guaranteed investment income from other projects obtained in accordance with the contracts was approximately RMB 223 million, corresponding to an average annualized pre-tax investment return rate of approximately 7.3%.

ASIASEC PPT (00271) proposes a "10-into-1" share consolidation, followed by a rights issue on a "1-for-1" basis.

Asia Securities PPT (00271) announced that the Board proposes to consolidate every 10 issued existing shares in the company's share capital into 1 consolidated share in the company's share capital. The Board proposes that, subject to and upon the share consolidation becoming effective, the board lot size for trading on the Stock Exchange will be changed from 1,000 existing shares to 5,000 consolidated shares.

SCIENTECH(02291): MemoCarna Oxide Film Single-Rivet Patent Foramen Ovale Occluder Obtains Medical Device Registration Certificate

SCIENTECH (02291) announced that its wholly-owned subsidiary, Shanghai Shape Memory Alloy Material Co., Ltd., has obtained the medical device registration certificate (registration certificate number: Guoxie Zhuzhun 20263132087) issued by China's National Medical Products Administration for the MemoCarna Oxide Film Single-Rivet Patent Foramen Ovale Occluder product.

Fuel oil continuous main contract rose 5% during the day, now reported at 4,696.00 yuan.

Centaline Mortgage: Relaxation of mortgage policies structurally reduces demand; new mortgage insurance approvals in Hong Kong hit a new low in recent years in September.

In the first nine months of 2026, new mortgage insurance approvals in Hong Kong totaled 9,707 cases, involving HK$53.1 billion, down 22.3% and 14.8% respectively compared with the same period last year.

S&P 500 Marks Fourth Anniversary of Bull Market: Nearly 120% Cumulative Gain Over Four Years, Year-End Rally Hinges on Earnings "Shot in the Arm"

The S&P 500 marks the fourth anniversary of this bull market today. On October 12, 2022, the index hit its final bear-market closing low of 3,577 points; four years later, that figure has climbed to 7,811 points, a cumulative gain of nearly 120%.

A-Share Announcement Highlights | Optical communication leader's net profit grows more than 20-fold; Dongxing and Cinda to be delisted on October 19.

Lianxun Instruments announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be RMB 1.900 billion to RMB 2.100 billion, a year-on-year increase of 1,866% to 2,073%.

Preview of US Stock Market | U.S. stock index futures mixed as Brent crude tops $106; a heavyweight U.S. earnings season kicks off this week.

On Monday, October 12, before the U.S. stock market opened, the three major U.S. stock index futures were mixed.

HOPSON DEV HOLD (00754) issues profit warning, expects consolidated loss of not less than HK$12.5 billion for 2025, turning from profit to loss year-on-year.

Hopson Development Holdings (00754) announced that the Group is expected to record a consolidated loss of not less than HK$12.5 billion for the year ended 31 December 2025, turning from a profit in the same period of 2024 to a loss. However, its core business has demonstrated strong resilience. The Group expects its core profit (referring to net profit after excluding the impact of non-recurring items such as impairment losses and fair value changes) for the year ended 31 December 2025 to be not less than HK$1.2 billion, representing a decline significantly smaller than the overall profit change compared with the same period of 2024, reflecting that the Group's core operating capability has remained stable amid the industry transformation as the Chinese real estate market enters an era of stock development.

SINOFERT (00297) subsidiary enters into EPC general contracting contract with China Bluestar Lianhai and Zhejiang Tuohai

Sinochem Fertilizer (00297) announced that, in order to further improve the utilization efficiency of phosphate rock resources, recover useful residual phosphate minerals from tailings, and enhance the overall benefits of the project, the Company's indirect non-wholly-owned subsidiary Sinochem Fuling plans to carry out a phosphate rock flotation technical transformation project. In accordance with relevant requirements, a public tender was conducted, and China Bluestar Lianhai and Zhejiang Tuohai were confirmed as the joint winning bidders. On October 12, 2026, Sinochem Fuling entered into an EPC general contracting contract with China Bluestar Lianhai and Zhejiang Tuohai, pursuant to which Sinochem Fuling has engaged China Bluestar Lianhai and Zhejiang Tuohai to undertake the construction drawing design, equipment and material procurement, engineering construction and related work for the phosphate rock flotation technical transformation project, with a total contract consideration of RMB 7.055 million.

GON TECHNOLOGY (02768) plans to acquire an 80% equity stake in Sichuan Zhongfuneng New Materials for RMB 1.504 billion.

GON TECHNOLOGY (02768) announced that on October 11, 2026, the Company (as purchaser) entered into an equity acquisition agreement with the seller Lai Minggui and the target company Sichuan Zhongfuneng New Materials Technology Co., Ltd. The purchaser intends to acquire 80% equity interest in the target company from the seller at a transaction consideration of RMB 1.504 billion.

CHINA QINFA (00866) raw coal output in the first three quarters was 7.074 million tons, a year-on-year increase of 104%.

China Qinfa (00866) announced the key operating data of SDE Coal Mining for the nine months ended September 30, 2026. Raw coal output was 7.074 million tons, a year-on-year increase of 104%; coal trading volume was 4.644 million tons, a year-on-year increase of 46%.

"Big Short" Burry shifts to Nasdaq and semiconductor ETF put options, warns of a peak within 9 months.

Investor Michael Burry, who predicted the 2008 financial crisis by accurately identifying major flaws in the U.S. subprime mortgage market, has concentrated most of his bearish bets into put options on the Nasdaq 100 Index (NDX) and the VanEck Semiconductor ETF (SMH).

HAIDILAO (06862) grants a HKD loan facility of up to RMB 100 million to its controlling shareholder.

HAIDILAO (06862) announced that on October 12, 2026, Mr. Zhang Yong entered into a loan agreement with the Company, pursuant to which the Company (as lender) agreed to grant Mr. Zhang Yong (as borrower) a HKD loan facility with a principal amount of up to the equivalent of RMB 100 million, for a term of one month (i.e. 30 days), at an interest rate of one-month HKD HIBOR plus 60 basis points. As at the date of this announcement, Mr. Zhang Yong is the controlling shareholder, executive director, chairman of the board and chief executive officer of the Company.

Reshaping Keynesian Thought Wins Nobel Recognition! American Economists Hall and Woodford Reveal the Underlying Logic of Consumption Decisions and Central Bank Policy

The Royal Swedish Academy of Sciences announced on October 12 that the 2026 Nobel Prize in Economic Sciences will be awarded to American economists Robert Hall and Michael Woodford for their outstanding contributions to laying the microeconomic foundations for macroeconomic stabilization policy.

LONGFOR GROUP (00960) achieved cumulative total contracted sales of RMB 23.14 billion in the first nine months.

LONGFOR GROUP (00960) announced that for the nine months ended September 30, 2026, the Group achieved cumulative total contracted sales of RMB 23.14 billion, with contracted sales area of 2.506 million square meters. In September alone, contracted sales amounted to RMB 2.30 billion, with contracted sales area of 267,000 square meters; in September alone, contracted sales attributable to shareholders' equity of the Company amounted to RMB 1.42 billion, with contracted sales area attributable to shareholders' equity of the Company of 177,000 square meters.

Goldman Sachs raises global equities rating to overweight, while Bank of America issues a sell signal! US stock earnings season becomes a key test.

Goldman Sachs strategists raised their rating on global equities due to boosted earnings growth.

Firmus IPO falters, raising the bar for Asian AI listings.

Firmus Grid Ltd.'s failed initial public offering (IPO) is triggering a ripple effect in Asia's red-hot equity issuance market, making investors more discerning about AI infrastructure deals that rely on future earnings.

HK Express Sees 45% Year-on-Year Increase in Mainland China Inbound Passenger Traffic to Hong Kong During National Day Golden Week

During this year's National Day Golden Week holiday (October 1 to 7), HK Express, a subsidiary of Cathay Pacific (00293), saw a 45% year-on-year increase in inbound passenger traffic from Mainland China to Hong Kong;

Major breakthrough! Zhen Health Medical (02697) organ perfusion system completes preclinical experiments of extracorporeal perfusion support therapy using gene-edited pig livers in six cases

On October 12, Zhen Health Medical (02697) announced that its organ perfusion system research has achieved a major breakthrough, having successfully completed preclinical experiments of extracorporeal cross-perfusion support therapy using gene-edited pig livers to assist non-human primate acute liver failure models in six cases.

Hong Kong SFC implements amendments to the Securities and Futures (Stock Market Listing) Rules, adding post-listing conditions and an independent review mechanism, effective in the first quarter of 2027.

On October 12, the Hong Kong Securities and Futures Commission published its consultation conclusions, stating that it will strengthen targeted tools under the Securities and Futures (Stock Market Listing) Rules (the "Stock Market Listing Rules") to address initial public offering cases and post-listing matters, thereby enhancing the regulatory efficiency of Hong Kong's listing market and investor protection.

National Railway Administration: The "14th Five-Year Plan for Railway Science and Technology Innovation" will be submitted to the Central Science and Technology Commission for filing, marking the first time it is incorporated into the national science and technology management system.

Recently, the National Railway Administration released the "15th Five-Year Plan for Railway Science and Technology Innovation," outlining the guiding ideology, basic principles, development goals, key tasks, and safeguard measures for China's railway science and technology innovation during the 15th Five-Year Plan period.

Anjoy Foods Group (02648) plans to acquire a 60.0005% equity stake in IFC for US$30.474 million.

Anjoy Foods Group (02648) has announced that, in order to further improve the Company's industrial layout in the frozen bakery food sector, enrich its product categories, and align with the Company's overseas business development plan, the Company intends to obtain control of IFC through this transaction. IFC is headquartered in Singapore and is primarily engaged in the research and development, production, and sales of frozen cakes, bread, and other bakery foods, and has established a business system covering product research and development, manufacturing, customer service, and market sales.

The 2026 Nobel Prize in Economics winners announced! Two American economists awarded.

On October 12, the Royal Swedish Academy of Sciences announced that the 2026 Nobel Prize in Economics will be awarded to Robert E. Hall, a professor at Stanford University, and Michael Woodford, a professor at Columbia University.

JIUMAOJIU (09922) The operating performance of its major brands in the third quarter remained generally stable.

JIUMAOJIU (09922) announced that in the third quarter of 2026, the operating performance of the Group's major brands remained generally stable. Among them, Tai Er's operating performance in mainland China continued to improve, with same-store daily average sales increasing by approximately 10.4% year-on-year. During the period, Tai Er's average spending per customer in mainland China remained relatively stable, indicating that the growth in same-store daily average sales was mainly driven by increased customer traffic.

Q TECH (01478) September mobile phone product sales volume was 50.176 million units, a year-on-year decrease of 19.7%.

Q TECH (01478) announced that for September 2026, the sales volumes of its principal products were as follows: mobile phone product sales volume was 50.176 million units, down 1.9% month-on-month and down 19.7% year-on-year; among these, camera module sales volume was 36.338 million units, down 4% month-on-month and down 16.7% year-on-year; biometric module sales volume was 13.838 million units, up 4% month-on-month and down 26.8% year-on-year. Automotive product sales volume was 1.182 million units, up 32.7% month-on-month and up 29.2% year-on-year. IoT product sales volume was 2.354 million units, down 0.7% month-on-month and up 4.1% year-on-year.

Northbound funds | Northbound trading recorded a net buy of 2.603 billion. Pengcheng locked in over 70,000 orders. Northbound funds increased their position in Xiaomi (01810) by nearly HK$1 billion.

On October 12 in the Hong Kong stock market, northbound trading recorded a net buy of HK$2.603 billion. Among this, Shanghai Stock Connect recorded a net buy of HK$1.955 billion, and Shenzhen Stock Connect recorded a net buy of HK$649 million.

LIANLIAN (02598) repurchased 54,000 shares on October 12 for approximately HK$176,500.

LianLian DigiTech (02598) announced that on October 12, 2026, it repurchased 54,000 shares for approximately HK$176,500.

TIMES CHINA (01233) cumulative contracted sales for the first 9 months amounted to approximately RMB 2.516 billion, a year-on-year decrease of 36.03%.

TIMES CHINA (01233) announced that the group's cumulative contracted sales (including sales of joint venture projects) for the first 9 months of 2026 amounted to approximately RMB 2.516 billion, a year-on-year decrease of 36.03%; the contracted gross floor area was approximately 239,900 sq.m. In September 2026, the group's contracted sales (including sales of joint venture projects) amounted to approximately RMB 279 million, a year-on-year decrease of 7.31%; the contracted gross floor area was approximately 20,200 sq.m.

CHINA TRAVEL HK (00308): Total visitor receptions for the scenic area business during the 2026 National Day holiday were approximately 730,000 person-times.

China Travel HK (00308) announced that the Group seized the tourism market opportunities during the 2026 National Day holiday, strengthened marketing, launched high-quality experiential products and themed activities, and achieved relatively good operating performance in its scenic area business.

CLP HOLDINGS (00002) Hong Kong electricity sales in the first nine months rose 2.5% year-on-year to 28.131 billion kWh.

CLP HOLDINGS (00002) announced that for January-September 2026, Hong Kong electricity sales rose 2.5% year-on-year to 28.131 billion kWh, mainly benefiting from the steady growth of Hong Kong's economy, which drove up electricity demand across most sectors. The rapid development of artificial intelligence and other innovative technology industries pushed up electricity sales to data centres by 12.8%, accounting for 6.6% of total electricity consumption. Electricity consumption related to electric vehicle charging also continued to record strong growth.

CLP HOLDINGS (00002) will distribute a third-quarter ordinary dividend of HK$0.63 per share on December 15.

CLP HOLDINGS (00002) has announced that it will distribute a third-quarter ordinary dividend of HK$0.63 per share on December 15, 2026.

TH MEDICAL-B (02697): Completed preclinical experiments of extracorporeal cross-circulation perfusion using gene-edited pig livers in 6 cases, the world's first validation of long-duration efficacy

TH MEDICAL-B (02697) announced that, leveraging its independently developed organ perfusion system, it has successfully completed preclinical experiments of extracorporeal cross-circulation perfusion support therapy using gene-edited pig livers to assist non-human primate acute liver failure models in six cases. The experiments were conducted in accordance with the relevant requirements of the State Council Order No. 818 regarding the filing guidelines for clinical research on new biomedical technologies and clinical translation of new xenotransplantation technologies. In collaboration with research teams from Yunnan Agricultural University, Kunming First People's Hospital, and the First Affiliated Hospital of Anhui Medical University, the company set a record for stable liver function perfusion support therapy lasting up to 144 hours, with all six cases exceeding 72 hours, marking the world's first validation of the long-duration efficacy of this technology.

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