GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | Chip stocks collectively plunge; Western Digital Corporation (WDC.US) slumps nearly 13%

On Thursday, chip stocks collectively plunged. SanDisk (SNDK.US) tumbled over 13%, Western Digital Corporation (WDC.US) slumped nearly 13%, and Seagate Technology (STX.US) dropped 12%.

IMAX CHINA (01970): IMAX Corporation's net profit attributable to shareholders for the first three quarters was US$133 million, up 289.71% year on year.

IMAX CHINA (01970) announced the results of its controlling shareholder IMAX Corporation for the nine months ended September 30, 2026. The group recorded revenue of US$359 million, up 25.88% year on year; net profit attributable to common shareholders was US$133 million, up 289.71% year on year; and net profit per share was US$2.44.

CREALITY (03388) plans to repurchase US$50 million of H shares.

CREALITY (03388) announced that, pursuant to the general mandate to repurchase H shares approved by the Company's shareholders at the Company's annual general meeting held on June 30, 2026, the Company intends to repurchase its H shares in the open market from time to time during the period from the date of this announcement to March 31, 2027, for an aggregate amount of up to US$50 million or its equivalent in Hong Kong dollars.

US Stock Market Move | Optical communication concept stocks fell collectively, with Applied Optoelectronics (AAOI.US) plunging nearly 11%.

On Thursday, optical communication concept stocks fell collectively, with Applied Optoelectronics (AAOI.US) plunging nearly 11%.

CHI KINGSTONE (01380) plans to expand the production capacity of the Zhangjiaba mine.

CHI KINGSTONE (01380) announced that, in relation to the Company's interim report for the six months ended June 30, 2026, the Company disclosed in that report that limestone mining at the Zhangjiaba Mine (a beige marble mine located in Zhenjiang Village, Xiangshui Township, Jiangyou City, Sichuan Province, China) had been temporarily postponed pending renewal of the mining license. Following the successful completion of the renewal of the mining license for the Zhangjiaba Mine on August 10, 2026, the Group has been actively resuming mining operations and advancing its strategic plan to expand the production capacity of the Zhangjiaba Mine.

MOMENTA-W (06880) plans to establish a joint venture with SAIC Motor Corporation and Yandian Technology

MOMENTA-W (06880) announced that its wholly-owned subsidiary Momenta (Suzhou) Technology Co., Ltd. (Momenta Suzhou) has entered into an agreement with SAIC Motor Corporation Limited (SAIC Motor) and Yandian Technology Co., Ltd. (Yandian Technology) to jointly establish a joint venture with a registered capital of RMB300 million (name to be determined) (the JV).

US Stock Market Move | Popular Chinese concept stocks rose broadly in pre-market trading, with NTES (NTES.US) up 5%.

On Thursday, popular Chinese concept stocks rose broadly in pre-market trading, with NetEase (NTES.US) up 5%.

US Stock Market Move | BeOne Medicines Ltd. (ONC.US) rose more than 6% in pre-market trading, with net profit for the first three quarters up 431.8% year on year.

On Thursday, BeOne Medicines Ltd. (ONC.US) rose more than 6% in pre-market trading to $402.98.

US data center capacity could triple in five years! After the "blue wave," who can fully capture the power dividend? Goldman Sachs is bullish on these seven companies.

As Democrats won control of both the US Senate and House of Representatives and secured state-level election victories in data center hubs such as Texas, Georgia, and Ohio, AI power investment now faces two forces at once: long-term AI data center capacity demand continues to be significantly revised upward, while project grid interconnection, cost sharing, and regulated returns face stricter scrutiny.

US Stock Market Move | Memory chip concept stocks fall broadly in premarket trading; SanDisk (SNDK.US) drops over 6%.

On Thursday, memory chip concept stocks fell broadly in premarket trading, with SanDisk (SNDK.US) and SK Hynix (SKHY.US) dropping more than 6%.

BRETON (01333): Chairman of the Board Chen Fangming plans to increase his shareholding in the company.

BRETON (01333) announced that the board of directors of the company was informed by Mr. Chen Fangming, the chairman of the board, executive director, and substantial shareholder of the company, that he plans to increase his shareholding in the company's H shares in the open market using his own funds, with the total consideration for the proposed increase in shares not exceeding approximately HK$50 million.

GUSHENGTANG (02273): Proposes to acquire controlling stakes in Nanjing Shi Jinmo, Nanjing Baihui, Gulou Yirun, and Chengdu Qingyang to expand its offline medical institution network

GUSHENGTANG (02273) announced that its subsidiary GUSHENGTANG (Jiangsu) Traditional Chinese Medicine Health Management Co., Ltd. has recently entered into an equity transfer contract with the shareholders of Nanjing Shi Jinmo Traditional Chinese Medicine Clinic Co., Ltd. (Nanjing Shi Jinmo) (Seller A), pursuant to which GUSHENGTANG Jiangsu has agreed to acquire, and Seller A has agreed to sell, the controlling stake in Nanjing Shi Jinmo (Acquisition A).

US Stock Market Move | Q4 mobile phone chip business revenue plunges 26%; Qualcomm (QCOM.US) drops over 11% in premarket trading.

On Thursday, Qualcomm (QCOM.US) plunged over 11% in premarket trading to $152.81.

Qualcomm (QCOM.US) Q4 earnings spark a Wall Street "bull-bear standoff": data centers become a growth option, while handsets and gross margins remain near-term pain points

After Qualcomm released its latest quarterly earnings report, Wall Street investment banks showed clear divergence in their assessments of the chip company's near-term earnings outlook and long-term growth options.

U.S. initial jobless claims fell to 189,000 last week, the lowest since mid-July.

Data released by the U.S. Department of Labor on November 5 showed that for the week ending October 31, seasonally adjusted initial jobless claims were 189,000, below the market expectation of 196,000.

Nexchip Semiconductor Corporation (02249)'s subsidiary Hefei Jingyi Integrated Circuit receives a capital increase of RMB9.1 billion

Nexchip Semiconductor Corporation (02249) announced that on November 5, 2026, the board of directors reviewed and approved this capital increase. The Company intends to enter into a capital increase agreement with the target company Hefei Jingyi Integrated Circuit, Hefei Construction Investment, and Hefei Qinhe, pursuant to which the Company, Hefei Construction Investment, and Hefei Qinhe will collectively subscribe for RMB9.1 billion of the target company's newly registered capital in cash. Upon completion of this capital increase, the Company's shareholding in the target company will decrease from 100% to approximately 63.96%, but the target company will remain a subsidiary of the Company and will continue to be consolidated into the Group's consolidated financial statements.

AI agents awaken CPU demand, but the incremental earnings still cannot justify Arm's (ARM.US) expensive valuation; Goldman Sachs Group, Inc. reiterates "Sell"

The Goldman Sachs analyst team acknowledges Arm's strong growth opportunity in the AI CPU space, a market worth hundreds of billions of dollars, but questions whether the revenue associated with new AI chips can offset pressure on the royalty business and justify the current overly expensive valuation.

The first U.S. humanoid Siasun Robot&Automation stock, Agility (AGLT.US), debuts on Nasdaq tonight, backed by Foxconn and NVIDIA Corporation.

Agility Robotics lands on Nasdaq to become the first U.S. humanoid robot stock, raising approximately US$465 million, with Digit 5 securing over US$300 million in orders and Foxconn and NVIDIA Corporation participating as investors.

Domestic futures night session opens.

Palladium rose 8.27% consecutively, platinum rose 7.06% consecutively, red dates rose 3.90% consecutively, lithium carbonate rose 3.64% consecutively, polysilicon rose 3.59% consecutively, and apples rose 3.51% consecutively.

Baidu: ERNIE 5.5 Flash Base officially open-sourced

Today, Baidu officially open-sourced its latest foundation model, ERNIE 5.5 Flash Base. ERNIE 5.5 Flash Base adopts a MoE architecture, with 280 billion total parameters and 14 billion parameters activated per token. It was pre-trained on 33.5 trillion tokens, with a pre-training context length of up to 128K, and supports a context length of up to 1 million tokens during fine-tuning and inference.

YUXING INFOTECH (08005) proposes to sell second-hand data center equipment located in a data center for HK$7 million

YUXING INFOTECH (08005) announces that on November 5, 2026, Keyun Data Limited, an indirectly wholly-owned subsidiary of the Company, intends to sell to EOE TECH HongKong Limited the power and mechanical equipment and information technology equipment located in the data center, including but not limited to uninterruptible power supply (UPS) systems, batteries, precision air conditioning units, power distribution cabinets and equipment racks. The total consideration is HK$7 million.

Huaqin Co.,Ltd. (03296) plans to inject RMB1 billion in capital into Jingyi Integration.

Huaqin Co.,Ltd. (03296) announced that its wholly-owned subsidiary plans to jointly inject capital into Jingyi Integration, a wholly-owned subsidiary of Jingyi Integration, together with Jingyi Integration and Hefei Jiantou at a price of RMB1.00 per registered capital. The parties plan to make a total capital injection of RMB9.1 billion in cash. Among them, the company's wholly-owned subsidiary plans to contribute RMB1 billion. Prior to this capital injection, Hefei Qinhe did not hold any equity in Jingyi Integration; after completion of this capital injection, Hefei Qinhe will hold 9.01% equity in Jingyi Integration.

A-share Announcement Highlights | BeOne Medicines Ltd. (688235.SH) Raises 2026 Revenue Forecast to RMB46.3 billion-RMB47 billion

BeOne Medicines Ltd. (688235.SH) announced that it expects full-year 2026 revenue to be between RMB46.3 billion and RMB47 billion, raised from its previous forecast of RMB44.9 billion to RMB46.2 billion.

Trump suffers crushing defeat in midterm electionsis Warsh finally free from having to defer to the White House? The Fed's fight against inflation reaches a critical turning point.

Tuesday's sweeping voter repudiation of Trump may lift a political burden from Fed Chair Kevin Warsh, allowing him to focus on bringing inflation down with less political interference.

ConocoPhillips (COP.US) Q3 earnings doubled, beating expectations; to return US$3.4 billion to investors through buybacks and dividends.

ConocoPhillips' Q3 adjusted earnings per share of US$3.27 beat expectations, realized prices rose 32%, and the company raised its quarterly dividend by 11% and repurchased US$2.4 billion in shares.

Nine votes in favor of tightening! Bank of England raises rates to 4%, signaling a hawkish stance, with inflation expected to peak at 4.9% next year

The key signal from the Bank of England this time is that the rate hike was in line with expectations, but the consensus in favor of tightening was stronger than pre-meeting assessments.

QYUNS-B (02509) Enters into an Exclusive Licensing Agreement with CALDERA THERAPEUTICS for a Preclinical Bispecific Antibody Program Targeting TL1A and IL-17

QYUNS-B (02509) announces that on November 5, 2026, the Company entered into an out-licensing agreement with Caldera Therapeutics, Inc. for a preclinical-stage bispecific antibody program targeting TL1A and IL-17 (specifically IL-17A and IL-17A/F).

ZAI LAB (09688) third-quarter total revenue reached US$108.2 million.

ZAI LAB (09688) announced that total revenue for the third quarter of 2026 was US$108.2 million, compared with US$116.1 million in the same period of 2025. Net product revenue for the third quarter of 2026 was US$107.6 million, compared with US$115.4 million in the same period of 2025. Net product revenue increased 2% quarter over quarter, primarily driven by Nuzyra (benefiting from increased market coverage and penetration) and xanomeline trospium chloride (launched in June 2026), partially offset by a decline in Tumor Treating Fields revenue due to changes in the competitive landscape for glioblastoma.

YEAHKA (09923) reported total overseas payment transaction volume of approximately RMB11.4 billion for the first nine months, more than tripling year-on-year.

YEAHKA (09923) announced that its business achieved further substantial commercialization progress in the third quarter of 2026, further consolidating the foundation for the continued increase in the Group's overall profit.

Externally, AI agents are competing for traffic gateways; internally, AI modes are eroding search monetization! Alphabet (GOOGL.US) forward P/E ratio has fallen to 18xis it time to bottom-fish?

Alphabet's search revenue fell short of expectations, with AI modes eroding traditional search monetization, wiping US$758 billion off its market value in October; valuation has dropped to 18x, with growing divergence between bulls and bears.

Muyuan Foods Group (02714): October sales of commercial pigs approximately 5.91 million head, down 16.43% year-on-year

Muyuan Foods Group (02714) announced that in October 2026, the company sold approximately 5.91 million commercial pigs, down 16.43% year-on-year; the average selling price of commercial pigs was approximately RMB9.64 per kilogram, down 16.54% year-on-year; and sales revenue from commercial pigs was approximately RMB7.253 billion, down 29.79% year-on-year.

HKICPA: Some companies choose to postpone listings; accountants' workload not significantly affected

Luo Zhuojian pointed out that the Institute has made good progress in its communications with the Accounting and Financial Reporting Council of Hong Kong regarding ESG assurance, and expects a consultation conclusion on the matter before the end of the year, which the Institute supports.

The China Securities Regulatory Commission and the Financial Services Authority of Oman signed the Memorandum of Understanding on Regulatory Cooperation in Securities and Futures.

To date, the CSRC has signed bilateral memoranda of understanding on regulatory cooperation with securities and futures regulators in 68 countries and regions, establishing cross-border regulatory and enforcement cooperation mechanisms.

Preview of US Stock Market | The three major stock index futures are mixed, Wall Street debates whether AI stocks are oversold, Qualcomm and Arm both fall after earnings

November 5 (Thursday) pre-market: The three major U.S. stock index futures are mixed.

U.S. layoffs plunged 71% in October! With the nonfarm payrolls test approaching, the market is re-examining the endpoint of the Federal Reserve's rate hikes.

U.S. employers announced the fewest job cuts in October since 2023, while hiring plans also began to accelerate as companies started preparing for the holiday shopping season. According to data from outplacement firm Challenger, Gray & Christmas Inc., companies announced 43,994 job cuts last month. That was down 71% from the same period a year earlier, when companies announced the most job cuts for any October in more than two decades.

SWIREPROPERTIES (01972): Pacific Place occupancy rate 97% in Q3, rents down 12%

SWIREPROPERTIES (01972) released its Q3 2026 operational data report. For completed investment properties, Pacific Place's occupancy rate was 97% with rents down 12%; Taikoo Place (overall) achieved an occupancy rate of 90% with rents down 14%; One Island East and One Taikoo Place achieved an occupancy rate of 92%; other Taikoo Place office buildings achieved an occupancy rate of 89% with rents down 14%.

BeOne Medicines Ltd. (06160) Reports Adjusted Net Profit of Approximately US$1.358 Billion for the First Three Quarters, Up 96% Year on Year, and Raises Full-Year Guidance

BeOne Medicines (06160) announced its third-quarter 2026 results, with total revenue of approximately US$1.89 billion, up 34% year on year; net product revenue of approximately US$1.855 billion, up 33% year on year. Net profit was approximately US$385 million, up 208% year on year; adjusted net profit was approximately US$539 million, up 77% year on year. Free cash flow was US$474 million, an increase of US$119 million from the same period last year.

UK economic resilience combined with rate hike expectations has pushed the pound to its strongest level since 2016, with the market betting on two more hikes this year.

The pound index has risen to its strongest level since 2016, breaking through US$1.35, supported by the resilience of the UK economy, with the market betting that the central bank will raise rates on Thursday for the first time in three years and may raise them twice more over the next year.

BeiGene: Third-quarter global total revenue reached $1.9 billion; full-year total revenue guidance raised to $6.9 billion to $7.0 billion.

BeOne Medicines announced that in the third quarter of 2026, total global revenue reached $1.9 billion, up 34% year over year. Global revenue of BRUKINSA reached $1.4 billion in the third quarter, up 34% year over year. In the third quarter, GAAP diluted earnings per American Depositary Share were $3.28, and non-GAAP diluted earnings per ADS were $4.59. The company raised its full-year 2026 total revenue guidance to $6.9 billion to $7.0 billion; GAAP operating profit of $1.2 billion to $1.3 billion, and non-GAAP operating profit of $1.9 billion to $2.0 billion.

Record EUR62 billion scramble for Meta's new bonds! Behind the popularity of tech giants' stocks and bonds: risk appetite shifts toward high-quality growth.

Meta Platforms Inc.'s newly issued euro bonds drew a record order book for a European corporate bond sale, and are now quoted above par.

AI pullback proves a "boon" instead, European stocks hit record highs, and the Stoxx 600's momentum of outperforming global markets continues.

Driven by capital outflows from artificial intelligence (AI) trades and a strong earnings season, European stocks extended their outperformance, breaking past their previous closing record.

Micron (MU.US) Suspends Taoyuan Plant Construction Plan: Labor Dispute Affects Critical AI Memory Capacity, Adding New Variables to Global Supply Chain

Micron has suspended construction of its plant in Taoyuan, Taiwan Province, China, due to a labor dispute. The plant was originally planned to produce HBM and DRAM; combined with the memory shortage, this may further push up AI memory prices.

FAST RETAIL-DRS (06288) will pay a final dividend of JPY5.3 per Hong Kong depositary receipt on November 18.

FAST RETAIL-DRS (06288) announced that it will pay a final dividend of JPY5.3 per Hong Kong depositary receipt for the year ended August 31, 2026, on November 18, 2026.

HKEX: Average daily turnover for the first 10 months was HK$263.8 billion, up 2% year-on-year

On November 5, Hong Kong Exchanges and Clearing Limited released its October market overview.

DAIDO GROUP (00544) has commenced data center infrastructure services business

DAIDO GROUP (00544) announced that the Group has commenced data center infrastructure services business, including: (a) procurement and sales of data center computing power equipment; (b) provision of computing power resource services, including leasing of computing power equipment and computing power resources; and (c) maintenance services for data center infrastructure and equipment, as well as data and software technical support.

GREENTOWN CHINA (03900): Total contracted sales for the first 10 months amounted to approximately RMB160.3 billion, a year-on-year decrease of 20.29%.

GREENTOWN CHINA (03900) announced that in October 2026, Greentown Group's self-invested projects achieved sales of 1,899 units, with a sales area of approximately 260,000 sqm, sales amount of approximately RMB9 billion for the month, and an average selling price of approximately RMB34,591 per sqm. From January to October 2026, Greentown Group achieved contracted sales area of approximately 2.91 million sqm and contracted sales amount of approximately RMB90.4 billion; of which the attributable amount to Greentown Group was approximately RMB60.8 billion. As of October 31, 2026, there was additionally a cumulative amount of approximately RMB2.1 billion in signed subscription agreements that had not yet been converted into sales contracts, of which the attributable amount to Greentown Group was approximately RMB1.4 billion.

CSPC PHARMA (01093): The Phase I/II clinical trial of SYS6062 for the treatment of advanced solid tumors has officially launched at its first study site in China.

CSPC PHARMA (01093) announced that the Phase I/II clinical trial of SYS6062 (the product), developed by the group, for the treatment of advanced solid tumors has officially launched at its first study site in China.

From "Founder-Driven" to "Professional Synergy": Weilong (09985)'s Capability Puzzle Aimed at Long-Termism

This governance upgrade curve of Weilong shows that true long-termism means placing the right organizational capabilities in the right structural positions at the right point in time.

TSE SUI LUEN (00417) issues positive profit alert, expecting interim profit attributable to shareholders of not less than HK$90 million, turning from loss to profit year-on-year.

Tse Sui Luen (00417) announced that the Group expects to record a profit attributable to owners of the Company of not less than HK$90 million for the six months ended September 30, 2026, compared with a loss attributable to owners of the Company of RMB35.3 million for the six-month period ended September 30, 2025.

CHINASOFT INT'L (00354) Subsidiary Wins Bids for Two Shudao Smart Tunnel IoT Platform Projects; "Open-Source HarmonyOS + AI + OT" Digital Foundation Expands Full-Stack AI Highway Tunnel Scenarios

CHINASOFT INT'L (00354) announced that recently, its subsidiary Beijing Chinasoft International Information Technology Co., Ltd. successfully won the bids for the "Smart Tunnel IoT Platform Independent R&D Project" and the "Smart Tunnel IoT Platform Ecosystem Collaboration Function R&D Project" initiated by Sichuan Gaolu Information Technology Co., Ltd. (hereinafter referred to as "Gaolu Information"), a subsidiary of Sichuan Shudao Smart Transportation Group Co., Ltd.

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