GMT EIGHT - OPPORTUNITIES IN CHINA

Preview of US Stock Market | All three major stock index futures fell together; the 10-year U.S. Treasury yield rose above 5%; crypto stocks declined in premarket trading.

On Tuesday, September 15, before the U.S. stock market opened, futures for all three major U.S. stock indexes fell together.

Macau Monetary Authority: Newly approved residential mortgage loans fell month-on-month in July, while commercial property loans recorded an increase.

In terms of total outstanding loans, both residential mortgage loans and commercial property loans declined month-on-month.

Monetary Authority of Macao: The preliminary statistics of the total foreign exchange reserve assets at the end of August were MOP 245.8 billion.

The Monetary Authority of Macao announced that the preliminary statistics of the total foreign exchange reserve assets of the Macao Special Administrative Region at the end of August 2026 were MOP 245.8 billion (USD 30.44 billion), an increase of 1.1% compared with the revised total of MOP 243.1 billion (USD 30.09 billion) at the end of July 2026.

Metallurgical Corporation of China (01618) newly signed contract value in the first 8 months reached 478.79 billion yuan.

Metallurgical Corporation of China (01618) announced that the value of newly signed contracts from January to August 2026 amounted to RMB 478.79 billion, of which the value of newly signed overseas contracts was RMB 41.02 billion.

Calm before the storm? Sterling volatility nears record low: Budget approaches, Wells Fargo warns of severe underhedging.

Sterling options market 'abnormally calm': implied volatility nears record low, Wells Fargo warns investors are underestimating the Budget's impact, recommends selling sterling and buying the euro.

Director Zheng Shanjie Chairs a Symposium with Private Enterprises, Soliciting Opinions and Suggestions on Optimizing the Development Environment and Expanding Investment Space

Director Zheng Shanjie of the National Development and Reform Commission chaired a symposium with private enterprises, soliciting opinions and suggestions on optimizing the development environment and expanding investment space.

Hong Kong Small and Medium Listed Companies Association Visits Kazakhstan to Explore New Opportunities Anchored in the "Pyramid of Investment Opportunities"

The Hong Kong Small and Medium Listed Companies Association visited Kazakhstan for an exploratory trip.

MTR CORPORATION (00066) accepts the HK$10.5 billion land premium offer for Phase 2 of the Tuen Mun Area 16 Station project in Hong Kong, with the land premium fully deductible.

MTR CORPORATION (00066) announces that on 15 September 2026, the company accepted the government's land premium offer for the Tuen Mun site (amounting to HK$10.5047 billion). The offer was made by the government on 13 July 2026.

SYNTRUST GK (08629) Enters into Investment Agreement with Xinyi City Investment Promotion Bureau for the Establishment of an Inspection and Testing Center

SYNTRUST GK (08629) announced that on September 15, 2026, the Company entered into an investment agreement with the Xinyi City Investment Promotion Bureau in respect of the project, pursuant to which the Company agreed to invest a total of RMB60 million in the project, including fixed asset investment of not less than RMB50 million; and the Xinyi City Investment Promotion Bureau agreed to assist the Company in implementing the project, including (among other things) completing the land grant procedures relating to the project land, and obtaining the relevant project approvals, registrations and licences.

Wang Xin, Director-General of the Research Bureau of the People's Bank of China: The water resource consumption brought about by the development of artificial intelligence deserves close attention.

Wang Xin, Director-General of the Research Bureau of the People's Bank of China, pointed out that in recent years, the direct water consumption of global computing power centers has risen rapidly. In China specifically, the proportion of water consumption by computing power centers in the country's total water use is still not high, but structural problems have gradually become prominent. In response to the water resource issues in the development of artificial intelligence and computing power, corresponding measures can be taken from the aspects of computing power development itself as well as green finance and sustainable finance: first, strengthen water resource measurement and monitoring, data verification, and information disclosure; second, promote water-saving technologies and improve the resource efficiency evaluation mechanism for green data centers; third, better leverage the role of water pricing in resource allocation; fourth, give play to the role of green finance to support the coordinated development of artificial intelligence and water resources.

HKEX takes disciplinary action against three former directors of AM GROUP (01849)

On September 15, HKEX issued disciplinary action against three former directors of AM GROUP Holdings Limited (01849).

JBB BUILDERS (01903) Issues Profit Warning, Expects Annual Loss Attributable to Shareholders of Not More Than RM1 Million, Turning from Profit to Loss Year-on-Year

JBB BUILDERS (01903) has issued an announcement that the Group expects to record a loss attributable to owners of the Company of not more than RM1 million for the year ending 30 June 2026, compared to a profit attributable to owners of the Company of approximately RM1.3 million for the year ended 30 June 2025.

Meta (META.US) stock has experienced a year of "false breakouts"! But with litigation risks resolved and the boost from Muse AI, bulls betting on a rally may finally see a breakthrough.

After Meta reached a settlement with multiple U.S. states over social media addiction litigation and released the Muse AI agent designed to automate everyday tasks for ordinary people, bulls are betting the stock may be poised for a sustained breakout.

LI AUTO-W (02015) repurchased 563,800 shares for HK$26.1804 million on September 15.

LI AUTO-W (02015) announced that on September 15, 2026, the company repurchased 563,800 shares for HK$26.1804 million, at a repurchase price of HK$46.06-47 per share.

CHINA EAST AIR (00670) August passenger turnover up 6.69% year-on-year.

China Eastern Airlines Corporation Limited (00670) announces that the passenger capacity input (measured in available seat kilometers) of the Company and its subsidiaries (the Group) increased by 5.17% year-on-year in August 2026; passenger turnover (measured in passenger kilometers) increased by 6.69% year-on-year; the passenger load factor was 89.61%, up 1.27 percentage points year-on-year. In August 2026, cargo and mail turnover (measured in cargo and mail ton kilometers) increased by 3.61% year-on-year.

WTO: AI is expected to drive a 13.2% increase in global GDP by 2040

In a report released on the 15th, the WTO stated that AI is expected to bring a 13.2% increase to global GDP by 2040. At the same time, it is projected that by 2040, AI could boost global trade volume by 40%, with the largest growth occurring in digitally deliverable services.

CSPC PHARMA (01093): SYS 6010 Granted Breakthrough Therapy Designation by China's NMPA for the Treatment of Patients with Driver Gene-Negative Non-Squamous Non-Small Cell Lung Cancer

CSPC PHARMA (01093) announced that SYS 6010 (the "Product"), developed by the group, has recently been granted Breakthrough Therapy Designation by the National Medical Products Administration of the People's Republic of China (the "NMPA"). The proposed indication is for the treatment of patients with recurrent or metastatic driver gene-negative non-squamous non-small cell lung cancer who have failed prior immunotherapy and platinum-based chemotherapy.

Northbound funds | Northbound trading recorded a net buy of 881 million. Large model concept stocks and tech internet stocks showed significant divergence. Z.AI (02513) received another HK$700 million in additional positions.

On September 15 in the Hong Kong stock market, northbound trading recorded a net buy of HK$881 million. Among this, Stock Connect (Shanghai) recorded a net buy of HK$804 million, and Stock Connect (Shenzhen) recorded a net buy of HK$76 million.

RELIANCE GLO HL (00723) subsidiary enters into a memorandum of cooperation in relation to the possible acquisition of 51% equity interest in Beijing Zhongran Xinchuang Technology

Reliance Global Holdings (00723) announced that on 15 September 2026 (after trading hours), the Company's indirectly wholly-owned subsidiary, Huitong Minerals, entered into a memorandum of cooperation with the seller, Mr. Guo Yanqing, in relation to the possible acquisition.

SHANGHAI GROWTH (00770) net asset value per share at the end of August was US$0.06.

SHANGHAI GROWTH (00770) announced that as of August 31, 2026, the company's unaudited net asset value per share was US$0.06.

CHINA SOUTH AIR (01055) August passenger capacity input increased by 3.61% year-on-year.

China Southern Airlines (01055) has announced that in August 2026, the Group's passenger capacity input (measured in available seat kilometers) increased by 3.61% year-on-year, of which domestic and international increased by 1.77% and 9.57% year-on-year respectively, while regional decreased by 3.67% year-on-year; passenger traffic (measured in revenue passenger kilometers) increased by 4.81% year-on-year, of which domestic and international increased by 3.42% and 9.52% year-on-year respectively, while regional decreased by 3.68% year-on-year; the passenger load factor was 88.01%, up 1.01 percentage points year-on-year, of which domestic rose by 1.42 percentage points year-on-year, while regional and international fell by 0.01 and 0.04 percentage points year-on-year respectively.

TIANGONG INT'L (00826) subsidiary plans to invest in Henan Zuoneng Precision Engineering to accelerate entry into the market for PCB drilling needles and other PCB precision machining tool products.

TIANGONG INT'L (00826) announced that on September 15, 2026, its indirect subsidiary Jiangsu Tiangong Cemented Carbide Technology Co., Ltd. (Tiangong Cemented Carbide) entered into an equity cooperation memorandum with Henan Zuoneng Precision Engineering Co., Ltd. (Zuoneng Precision Engineering) and its four original shareholders. Accordingly, Tiangong Cemented Carbide will acquire approximately 48.42% of Zuoneng Precision Engineering's equity from the original shareholders for a total consideration of RMB 46 million. At the same time, Tiangong Cemented Carbide will further subscribe for new equity in Zuoneng Precision Engineering for RMB 5 million, representing 51.00% of Zuoneng Precision Engineering's enlarged registered share capital after the subscription.

YANGTZEKIANG (00294) subsidiary intends to sell the entire equity interest in Excellent Weaving (Guangzhou) Company Limited for HK$42 million

Yangtzekiang Garment (00294) announced that on 15 September 2026, the seller Hong Kong Weaving Limited (an indirectly wholly-owned subsidiary of the Company) and the buyer Guangzhou Jinglue Supply Chain Management Co., Ltd. (an independent third party) entered into an equity transfer letter of intent in respect of the disposal, pursuant to which the seller agreed to sell, and the buyer agreed to acquire, the entire equity interest in the target company Excellent Weaving (Guangzhou) Company Limited, for a consideration of HK$42 million.

CHINA MERCHANTS (00133) net asset value per share at the end of August was US$4.980.

China Merchants China Direct Investments (00133) announced that its unaudited net asset value per share as at August 31, 2026 was US$4.980 (HK$39.06).

Hong Kong Financial Secretary Paul Chan: Continue to closely monitor fuel price fluctuations and respond in a timely manner

Hong Kong Financial Secretary Paul Chan said in a speech at a conference that with the ongoing conflict in the Middle East and disruptions to energy transportation through the Strait of Hormuz, Hong Kong is also facing pressure from energy price fluctuations, but with solid support from the country, energy supply has remained stable.

Eurozone July unadjusted trade balance EUR 14.2 billion, previous value revised to EUR 7.2 billion from EUR 8.6 billion.

For the first time since 2017! Luxury demand is sluggish, and LVMH falls out of the top ten by market value in Europe.

LVMH was once the most valuable stock in Europe by market capitalization, but it has fallen out of the top ten amid a downturn in the luxury goods industry.

China Shenhua Energy (01088) August commercial coal production was 44.1 million tons, a year-on-year increase of 0.7%.

China Shenhua Energy (01088) announced that in August 2026, commercial coal production was 44.1 million tons, a year-on-year increase of 0.7%; coal sales volume was 55.9 million tons, a year-on-year increase of 0.7%.

CHINA RES LAND (01109) August total contracted sales amounted to approximately RMB 18.50 billion, a year-on-year increase of 40.2%.

China Resources Land (01109) announced that for the month ended August 31, 2026, the company and its subsidiaries (the Group) achieved total contracted sales of approximately RMB 18.50 billion, with total contracted sales GFA of approximately 481,000 sq.m., representing a year-on-year increase of 40.2% and a decrease of 10.8%, respectively. For the first eight months of 2026, cumulative contracted sales amounted to approximately RMB 149.10 billion, with total contracted sales GFA of approximately 4.054 million sq.m., representing a year-on-year increase of 9.0% and a decrease of 20.8%, respectively.

European IPOs Sprint to Year-End: $5 Billion Short of Matching Last Year, Autumn Window Faces Mounting Challenges

European exchanges need to raise an additional $5 billion through IPOs before the end of the year to surpass last year's fundraising total.

State Administration of Foreign Exchange: In August, China's non-banking sector cross-border receipts and payments totaled 1.5 trillion USD, continuing the rapid growth trend since the beginning of this year.

On September 15, Li Bin, Deputy Administrator and Spokesperson of the State Administration of Foreign Exchange, answered questions from reporters on the foreign exchange market situation in August 2026.

Report: Bank of England plans to pause long-bond sales, the most aggressive "balance sheet reducer" in the global bond storm applies the brakes.

Sell once, lose halfthe Bank of England applies the brakes to quantitative tightening.

JIUFANG DIGITAL (08238) plans to establish a northern regional center in Zhengzhou City.

JIUFANG DIGITAL (08238) announced that the Group completed the acquisition of Henan Zhihui Shenghe Digital Communication Co., Ltd. (Zhihui Shenghe) on July 29, 2026. All applicable percentages in relation to this acquisition are below 5%, and it does not constitute a transaction requiring notification by the Company under Chapter 19 of the Rules Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited. Following the completion of the acquisition of Zhihui Shenghe, the Group will strategically establish a new regional center (Northern Regional Center) in Zhengzhou City, Henan Province, China.

CAPITAL VC (02324) consolidated net asset value per share at the end of August was approximately HK$0.6040.

CAPITAL VC (02324) announced that as of August 31, 2026, the unaudited consolidated net asset value per share of Capital VC Limited was approximately HK$0.6040.

State Administration of Foreign Exchange: From January to August, banks' cumulative foreign exchange settlement amounted to 14,311.1 billion yuan, and cumulative foreign exchange sales amounted to 11,984.8 billion yuan.

Statistics from the State Administration of Foreign Exchange show that in August 2026, banks settled 1,709.0 billion yuan in foreign exchange and sold 1,380.0 billion yuan. From January to August 2026, banks accumulated 14,311.1 billion yuan in foreign exchange settlements and 11,984.8 billion yuan in foreign exchange sales. In U.S. dollar terms, in August 2026, banks settled 251.8 billion U.S. dollars in foreign exchange and sold 203.3 billion U.S. dollars. From January to August 2026, banks accumulated 2,083.4 billion U.S. dollars in foreign exchange settlements and 1,745.5 billion U.S. dollars in foreign exchange sales. In August 2026, banks' foreign-related receipts from customers amounted to 5,271.8 billion yuan, and foreign-related payments amounted to 4,848.6 billion yuan. From January to August 2026, banks' cumulative foreign-related receipts from customers amounted to 43,584.6 billion yuan, and cumulative foreign-related payments amounted to 41,048.0 billion yuan. In U.S. dollar terms, in August 2026, banks' foreign-related receipts from customers amounted to 776.8 billion U.S. dollars, and foreign-related payments amounted to 714.4 billion U.S. dollars. From January to August 2026, banks' cumulative foreign-related receipts from customers amounted to 6,348.0 billion U.S. dollars, and cumulative foreign-related payments amounted to 5,978.6 billion U.S. dollars.

Former Tencent Hunyuan pretraining lead Yao Xingcheng joins Thinking Machines Lab

Yao Xingcheng, the head of pre-training for Tencent's Hunyuan large language model, has recently joined the North American startup Thinking Machines Lab. According to people familiar with the matter, the salary Thinking Machines Lab offered Yao Xingcheng this time is significantly higher than his income at Tencent. Yao Xingcheng's annual compensation package at Tencent was roughly in the range of tens of millions of RMB. Previously, Yao Xingcheng was rumored to be joining Meta. Now the other shoe has dropped, and he has ultimately chosen this AI company founded by former OpenAI CTO Mira Murati.

CH CASTSON 81 (00810) consolidated net asset value per share at the end of August was approximately HK$0.12.

CH CASTSON 81 (00810) announced that as of August 31, 2026, based on 713 million issued ordinary shares, the company's unaudited consolidated net asset value per share was approximately HK$0.12.

Two departments: Prevent cutthroat competition in the online hotel booking platform service industry and foster a healthy competitive market order.

On September 15, the State Administration for Market Regulation, together with the Ministry of Culture and Tourism, held an administrative guidance meeting for the online hotel booking platform service industry.

Even the "White House Stock God" can fumble? Of 17 "Trump concept stocks," 14 have tanked.

When the Trump administration invests, related stocks often rise, but the gains typically fade quickly.

Jefferies: S&P 500 Index expected to target 8,000 by end-2026, with a potential rise to 9,000 by end-2027.

Jefferies' 2026 target of 8,000 for the S&P 500 Index is based on $373 earnings per share and a 21.5x multiple, while the 2027 base case assumes $450 earnings per share corresponding to a 9,000 target and a 20x multiple.

Iranian Foreign Minister Araghchi will visit China.

Foreign Ministry Spokesperson announces: Iranian Foreign Minister Araghchi will visit China on September 16, and Wang Yi, Member of the Political Bureau of the CPC Central Committee and Foreign Minister, will hold talks with him.

Clearly, renting has entered the era of deposit-free rentals, yet non-refundable deposits remain the "number one trap."

On September 15, Black Cat Complaints, in partnership with the China Quality Report, released the "2026 Housing Rental Consumer Pitfall Avoidance Guide," with "non-refundable deposits" ranking first at 33.3%.

Three departments: Optimize natural resource allocation to promote standardized and orderly development of the tourism industry.

On September 15, the Ministry of Natural Resources, the Ministry of Culture and Tourism, and the National Forestry and Grassland Administration issued the "Guiding Opinions on Optimizing the Allocation of Natural Resources to Promote the Standardized and Orderly Development of the Tourism Industry."

BofA: S&P 500 Is Forming a Bullish Flag During Consolidation, Long-Term Target Still Seen Above 8,000

BofA technical analysts stick to their bullish long-term call, seeing the S&P 500 potentially rising above 8,000, even as a recent series of market and macro headwinds test investor confidence.

A-share Market Close Review | Shanghai Composite Index fell 0.54%, wind power equipment and semiconductors led the gains

The A-share market rallied in the morning before fluctuating lower, remained weak in the afternoon, and closed down collectively, while the STAR 50 Index bucked the trend and strengthened.

TSMC stated that it adopts a "conservative" strategy in applying AI to technology development.

NBS interprets the consumer market data for January-August: The consumer market operates steadily, and the trend of expansion and quality improvement continues.

On September 15, Yuan Yan, Chief Statistician of the Department of Trade and Economic Affairs of the National Bureau of Statistics, interpreted the consumer market data for January-August.

National Bureau of Statistics: In August, prices of commercial residential properties in first-tier cities rose month-on-month.

Yang Caifang, Senior Statistician of the Urban Department of the National Bureau of Statistics, interprets the statistical data on changes in sales prices of commercial residential properties in August 2026.

NBS Interpretation: Investment Structure Moves Toward New and Better Directions in January-August, with Rapid Growth in Investment in Key Areas

On September 15, Zhang Gang of the Investment Department of the National Bureau of Statistics interpreted the investment data for January-August 2026.

Three departments: Optimize the natural resource supply mechanism.

The Ministry of Natural Resources, the Ministry of Culture and Tourism, and the National Forestry and Grassland Administration have issued guiding opinions on optimizing the allocation of natural resources to promote the standardized and orderly development of the tourism industry. The opinions mention optimizing the natural resource supply mechanism. For a single tourism project involving multiple parcels of land with different uses, exploration can be made to manage the multiple parcels as one parcel, verify the planning conditions of the parcel according to the plan and clarify the planning requirements for individual parcels, and issue planning permits in accordance with the law. Within the scope of a specific territorial spatial plan, where the development of the tourism industry involves the integrated use of two or more categories of natural resource assets such as land, minerals, oceans, and forests, exploration can be made to coordinate and form combined targets of natural resource assets, supply them in a single transaction once the supply conditions are met, and implement integrated operations.

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