GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | Cryptocurrency trading revenue plunges 55% year-over-year; Robinhood (HOOD.US) falls over 4% in early trading.

On Wednesday, Robinhood (HOOD.US) opened more than 4% lower, and as of press time, its decline had narrowed to 2.6%.

US Stock Market Move | Genmab (GMAB.US) surged nearly 26% intraday, with its stock price hitting an all-time high.

On Wednesday, Genmab (GMAB.US) opened higher and continued to climb. As of press time, it was up nearly 26%, with a gain of over 58% in October.

US Stock Market Move | Acquisition of Tesla, Inc. Questioned as "Poverty Alleviation"; SpaceX (SPCX.US) Once Fell Over 4%

On Wednesday, SpaceX (SPCX.US) opened lower and continued to decline, falling more than 4% at its intraday low. As of press time, it was down over 3% at $143.7. In addition, Tesla (TSLA.US) fell more than 2%.

JIANGXI COPPER (00358) reported a net profit attributable to shareholders of RMB11.687 billion for the first three quarters, up 94.02% year on year.

Jiangxi Copper Company Limited (00358) announced that for the first three quarters of 2026, operating revenue was RMB442.42 billion, up 11.71% year on year; net profit attributable to shareholders of the listed company was RMB11.687 billion, up 94.02% year on year; basic earnings per share were RMB3.39.

Shenzhen Zhaowei Machinery & Electronics (02692) reported a 32.35% year-on-year decline in net profit attributable to shareholders of RMB123 million for the first three quarters.

Shenzhen Zhaowei Machinery & Electronics (02692) announced that for the first three quarters of 2026, it achieved operating revenue of RMB1.262 billion (the same unit hereinafter), a year-on-year increase of 0.53%; net profit attributable to shareholders of the listed company was RMB123 million, a year-on-year decrease of 32.35%; basic earnings per share were RMB0.48.

A-share Evening Highlights | A major positive of RMB800 billion! What is the impact? Institutional interpretations are here.

According to Xinhua News Agency, reporters learned from the three policy banksChina Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of Chinathat as of October 28, all RMB800 billion of the 2026 new policy-based financial instruments had been fully deployed.

Soho Holly Futures (03678) reported a net profit attributable to shareholders of RMB28.531 million for the first three quarters, up 1,265.3% year on year.

Soho Holly Futures (03678) announced that for the first three quarters of 2026, total operating revenue was RMB231 million, up 12.21% year on year; net profit attributable to shareholders of the listed company was RMB28.531 million, up 1,265.30% year on year; basic earnings per share were RMB0.0283.

US Stock Market Move | Strong North American performance drives significant turnaround; Stellantis (STLA.US) opens higher and climbs, up nearly 13%

On Wednesday, Stellantis (STLA.US) gapped up over 10% at the open, and as of press time, its gain has widened to 13%.

Bank of Canada raises interest rates for the first time in more than three years, lifting the benchmark rate to 2.5% and warning of possible further hikes ahead.

The Bank of Canada announced on Wednesday that it would raise its benchmark overnight rate to 2.5%, the first rate hike in more than three years, in response to inflation risks brought about by sustained increases in energy prices.

China Railway (00390) reported new contract value of RMB1.37835 trillion for the first three quarters, down 13% year on year.

China Railway (00390) announced that the group's new contract value for the first three quarters of 2026 was RMB1.37835 trillion, down 13% year on year.

US Stock Market Move | Fourth-quarter revenue guidance slightly below expectations; NXP Semiconductors NV (NXPI.US) falls nearly 6% in early trading.

On Wednesday, NXP Semiconductors NV (NXPI.US) opened nearly 6% lower, and as of press time, the decline had narrowed to about 5%.

JUNSHI BIO (01877): Toripalimab Receives Conventional Approval from the National Medical Products Administration for the Treatment of Locally Advanced or Metastatic Urothelial Carcinoma That Has Failed Platinum-Containing Chemotherapy

JUNSHI BIO (01877) announced that recently, the Company received the Drug Supplementary Application Approval Notice issued upon review and approval by the National Medical Products Administration (NMPA), approving the indication of toripalimab injection (trade name: TUOYI, product code: JS001) as a monotherapy for patients with locally advanced or metastatic urothelial carcinoma that has failed platinum-containing chemotherapy, including disease progression within 12 months of neoadjuvant or adjuvant chemotherapy, to be converted from conditional approval to conventional approval.

US Stock Market Move | Memory concept stocks broadly rise; SK Hynix (SKHY.US) surges nearly 10% after earnings.

On Wednesday, US-listed memory concept stocks rose broadly. SK Hynix (SKHY.US) surged nearly 10% after its earnings release, while SanDisk (SNDK.US) and Micron Technology (MU.US) both gained nearly 5%.

CLOUDR (09955): Subsidiary Anhui Shengda plans to buy back approximately 4.26% equity sold for RMB21.8408 million

CLOUDR (09955) announced that after the trading session on October 28, 2026, Anhui Shengda, an indirect non-wholly-owned subsidiary of the Company (as the repurchaser), entered into a legally binding agreement with Wuhu Venture Capital (as the counterparty) for Anhui Shengda to repurchase the sold equity (representing approximately 4.26% of the equity interest in Anhui Shengda) at a consideration of RMB21.8408 million.

US Stock Market Move | | Q3 results comprehensively beat expectations; liquid cooling leader Vertiv (VRT.US) surges over 13%

On Wednesday, liquid cooling leader Vertiv (VRT.US) gapped up at the open and, as of press time, has risen over 13%, with a cumulative gain of more than 21% this week.

Anthropic (ANT.US) is about to go public, and its prospectus warns of retaliation risk from the Trump administration.

In its prospectus, Anthropic warned investors that the company could become a target of government retaliation due to its previous outspokenness on AI safety issues.

UK Budget Unveiled: Fiscal Discipline to Counter "Global Economic Storm," Aiming to Turn the Current Budget Positive Within Three Years

UK Chancellor John Healey unveiled his first budget on Wednesday, seeking to anchor fiscal discipline amid rising global uncertainty, intertwined trade tensions and geopolitical conflicts, while protecting the economy and household budgets and maintaining control over the public finances.

SK Hynix (SKHY.US) delivers standout earnings, with Wall Street unanimously bullish.

SK Hynix Q3 operating profit hits a record KRW 83.3 trillion: KRW 100 trillion shareholder return plan implemented, with Wedbush, JPMorgan and Citi all maintaining Buy.

BRETON (01333) and Jinchengjian intend to establish a long-term cooperative relationship in the field of green energy and intelligent mining industry synergy in the Democratic Republic of the Congo.

BRETON (01333) announced that on October 28, 2026, the Company entered into a strategic cooperation letter of intent (the "Strategic Cooperation Letter of Intent") with Jinchengjian Co., Ltd. ("Jinchengjian"). The Company and Jinchengjian intend to establish a long-term cooperative relationship in the field of green energy and intelligent mining industry synergy in the Democratic Republic of the Congo (the "DRC").

Shandong Gold Mining (01787) reported a 19.6% year-on-year decline in net profit attributable to shareholders for the first three quarters, to RMB3.181 billion.

Shandong Gold Mining (01787) announced that in the first three quarters of 2026, it achieved operating revenue of RMB90.501 billion (the same unit below), up 8.02% year on year; net profit attributable to shareholders of the listed company was RMB3.181 billion, down 19.6% year on year; basic earnings per share were RMB0.61.

Zhejiang Sanhua Intelligent Controls (02050) reported a net profit attributable to shareholders of RMB3.067 billion for the first three quarters, down 5.4% year-on-year.

Zhejiang Sanhua Intelligent Controls (02050) announced that for the first three quarters of 2026, operating revenue was RMB25.2735 billion, up 5.18% year-on-year; net profit attributable to shareholders of the listed company was RMB3.067 billion, down 5.40% year-on-year; basic earnings per share were RMB0.73.

Centaline Property: CSI (Residential Price) Index falls for two consecutive weeks to 55.69 points, upward momentum in home prices blocked

Several new residential projects have been launched in succession with enthusiastic responses, and the primary market atmosphere is active. However, developers tend to price their launches close to secondary market levels, putting pressure on the secondary market, with both buyers and sellers turning to a wait-and-see approach.

Jiangsu Hengrui Pharmaceuticals (01276): HRS-8046 tablets approved to initiate clinical trials

Jiangsu Hengrui Pharmaceuticals (01276) announced that recently, its subsidiaries Chengdu Shengdi Pharmaceutical Co., Ltd. and Shanghai Hengrui Pharmaceuticals Co., Ltd. received the Drug Clinical Trial Approval Notice issued by the National Medical Products Administration (NMPA) for HRS-8046 tablets, and will initiate clinical trials in the near future.

COSCO SHIPPING Energy Transportation (01138): Hainan Zhaogang plans to build an ethylene carrier for RMB335 million

COSCO SHIPPING Energy Transportation (01138) announced that Hainan Zhaogang (as the buyer) intends to enter into a shipbuilding contract with Dalian COSCO Shipping Heavy Industry (as the builder and seller) for the construction of one ethylene carrier, with a consideration of RMB335 million.

ALPHAMAB-B (09966): First Patient Dosed in Phase III Clinical Study of JSKN033 Monotherapy for Cervical Cancer

ALPHAMAB-B (09966) announced that the first patient has been successfully dosed in a Phase III clinical study (Study No.: JSKN033-301) of JSKN033 monotherapy for recurrent or metastatic cervical cancer (regardless of HER2 and PD-L1 expression levels) that has failed platinum-based chemotherapy and PD-1/PD-L1 inhibitor treatment. JSKN033 is a high-concentration subcutaneous injectable combination formulation composed of a human epidermal growth factor receptor 2 (HER2) bispecific antibody-drug conjugate (ADC(s)) and a programmed death ligand 1 (PD-L1) immune checkpoint inhibitor.

TOPSPORTS (06110) Interim Report: From Deep Channel Cultivation to Full-Chain Value Creation, Continuously Expanding the Boundaries of Sports Retail

On the evening of October 28, TOPSPORTS (06110), a leading domestic sports retail operator, released its interim results announcement for the 2026/27 fiscal year.

COSCO SHIPPING Energy Transportation (01138): Net profit attributable to shareholders for the first three quarters was approximately RMB7.389 billion, up 171.9% year on year.

COSCO SHIPPING Energy Transportation (01138) announced its results for the first three quarters of 2026, with revenue of approximately RMB25.243 billion, up 47.03% year on year; net profit attributable to shareholders of the listed company of approximately RMB7.389 billion, up 171.9% year on year; and basic earnings per share of RMB1.3514.

TIAN LUN GAS (01600): Unusual fluctuations in share price and trading volume; the Group's business operations remain normal.

TIAN LUN GAS (01600) announced that the board of directors of the Company has noted the recent unusual fluctuations in the price and trading volume of the shares of the Company (the "Shares") on 28 October 2026. Having made all reasonable enquiries with respect to the Company's situation, the board of directors confirmed that it is not aware of any reason for the unusual fluctuations in the price and trading volume of the Shares; any information that must be published to avoid a false market in the Company's securities; or any inside information that must be disclosed under Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Jiangsu Hengrui Pharmaceuticals (01276): HRS-2189 Tablets Approved to Initiate Clinical Trials

Jiangsu Hengrui Pharmaceuticals (01276) announced that recently, its subsidiary Shandong Shengdi Pharmaceutical Co., Ltd. received the Drug Clinical Trial Approval Notice issued by the National Medical Products Administration for HRS-2189 Tablets, and will initiate clinical trials in the near future.

SH IND URBAN (00563) subsidiary intends to sell 100% equity of Shanghai Chengkai Jingxiang Real Estate for RMB742 million

SH IND URBAN (00563) announced that on October 28, 2026, the seller (Shanghai Industrial Urban Development (Shanghai) Housing Leasing Co., Ltd., an indirect non-wholly-owned subsidiary of the company) intends to sell 100% equity interest in the target company (Shanghai Chengkai Jingxiang Real Estate Co., Ltd.) to the buyer (Shanghai Ruiyusi Housing Leasing Co., Ltd.) for a consideration of RMB742 million.

Shenwan Hongyuan Group (06806) reported a net profit attributable to shareholders of RMB7.141 billion for the first three quarters, down 10.92% year on year.

Shenwan Hongyuan (06806) announced that for the first three quarters of 2026, operating revenue was RMB17.859 billion, down 8.41% year on year; net profit attributable to shareholders of the listed company was RMB7.141 billion, down 10.92% year on year; basic earnings per share were RMB0.29.

TOPSPORTS (06110) will pay an interim dividend of RMB0.11 per share on December 17.

TOPSPORTS (06110) announced that it will pay an interim dividend of RMB0.11 per share for the six months ended August 31, 2026, on December 17, 2026.

HOPSON DEV HOLD (00754) announces 2025 annual results, with loss attributable to shareholders of HK$11.741 billion

Hopson Development Holdings (00754) announced its annual results for the year ended December 31, 2025, with revenue of HK$17.851 billion, down 52.8% year-on-year; loss attributable to shareholders of the company of HK$11.741 billion; profit of HK$120 million in the same period last year; basic loss per share of HK$3.10.

TOPSPORTS (06110) Announces Interim Results, Profit Attributable to Shareholders RMB663 million, Strengthening New Brand Matrix to Expand Incremental Space

TOPSPORTS (06110) announced its interim results for the six months ended August 31, 2026. The Group recorded revenue of RMB10.913 billion (same unit below), a year-on-year decrease of 11.26%; profit attributable to equity holders of the Company was RMB663 million, a year-on-year decrease of 16.03%; earnings per share were 10.68 cents, and an interim dividend of 11 cents per share was proposed.

The Swiss lower house committee will review UBS Group AG's (UBS.US) capital requirements in November, as the dispute over a US$16 billion capital shortfall heats up.

An influential Swiss committee said it will address UBS Group AG's (UBS.US) capital requirements next month, setting the next key date for the country's largest bank.

JUNSHI BIO (01877): Marketing application accepted for new indication of toripalimab injection (subcutaneous) as first-line treatment for HER2-expressing urothelial carcinoma

JUNSHI BIO (01877) announced that recently, the company received the Notice of Acceptance issued upon approval by the National Medical Products Administration. The marketing application for a new indication of the company's product toripalimab injection (subcutaneous) (code: JS001sc) in combination with disitamab vedotin for the treatment of HER2-expressing (HER2 expression defined as HER2 immunohistochemistry results of 1+, 2+, or 3+) locally advanced or metastatic urothelial carcinoma has been accepted. Marketing applications for toripalimab injection (subcutaneous) covering all 13 approved indications of toripalimab injection (trade name: Tuoyi, code: JS001) have all been accepted.

AVICHINA (02357): Jonhon Optronic Technology (002179.SZ) reported a net profit attributable to shareholders of approximately RMB1.935 billion for the first three quarters, up 11.42% year on year.

AVICHINA (02357) announced the first three quarters of 2026 results for Jonhon Optronic Technology (002179.SZ), with operating revenue of approximately RMB18.122 billion, up 14.42% year on year; net profit attributable to shareholders of the listed company of approximately RMB1.935 billion, up 11.42% year on year; and basic earnings per share of RMB0.9232.

IT data communications business growth and acquisitions driven by dual engines, Amphenol (APH.US) Q3 results and Q4 guidance exceed expectations

Amphenol announced its third-quarter financial results.

TSINGTAO BREW (00168) reported a net profit attributable to shareholders of RMB5.05 billion for the first three quarters, down 4.16% year on year.

Tsingtao Brewery Company Limited (00168) announced that in the first three quarters of 2026, the company achieved operating revenue of RMB28.04 billion, down 4.53% year on year; and realized net profit attributable to shareholders of the listed company of RMB5.05 billion, down 4.16% year on year. Basic earnings per share were RMB3.705.

JUNSHI BIO (01877): Toripalimab Receives Regular Approval from the National Medical Products Administration for the Treatment of Locally Advanced or Metastatic Urothelial Carcinoma That Has Failed Platinum-Containing Chemotherapy

JUNSHI BIO (01877) announced that recently, the Company received the Drug Supplementary Application Approval Notice approved and issued by the National Medical Products Administration (hereinafter referred to as the "NMPA"), approving the indication of toripalimab injection (trade name: TUOYI, product code: JS001) as a monotherapy for the treatment of locally advanced or metastatic urothelial carcinoma that has failed platinum-containing chemotherapy, including disease progression within 12 months of neoadjuvant or adjuvant chemotherapy, to be converted from conditional approval to regular approval.

How big is AI's contribution to the US economy, really? Institutions give different answers.

How big is AI's contribution to the US economy, really?

A-share Announcement Highlights | H-share Listing Raises Net Proceeds of Approximately HK$9.717 Billion; Suzhou Dongshan Precision Manufacturing (002384.SZ) Builds an A+H Dual Platform

Suzhou Dongshan Precision Manufacturing's H shares were listed on the Hong Kong Stock Exchange on October 28, with an offer price of HK$86.80 and net proceeds of approximately HK$9.717 billion. Junshi Biosciences' toripalimab indication for urothelial carcinoma has been converted from conditional approval to regular approval.

Guangzhou Baiyunshan Pharmaceutical Holdings (00874) reported a net profit attributable to shareholders of approximately RMB2.492 billion for the first three quarters, down 24.73% year on year.

Baiyunshan (00874) announced its results for the first three quarters of 2026, with operating revenue of approximately RMB62.076 billion, up 0.76% year on year; net profit attributable to shareholders of the listed company of approximately RMB2.492 billion, down 24.73% year on year; and basic earnings per share of RMB1.533.

Preview of US Stock Market | Fed rate decision looms; SK Hynix's record quarterly report counters "AI bubble" narrative; Google and Microsoft to report after the bell

October 28 (Wednesday) pre-market: The three major U.S. stock index futures are mixed.

PETROCHINA (00857) reported a net profit attributable to shareholders of RMB155.776 billion for the first three quarters, up 21.9% year on year.

PetroChina (00857) announced that for the first three quarters of 2026, under International Financial Reporting Standards, the group achieved operating revenue of RMB2.321064 trillion, up 7.0% year on year; and net profit attributable to shareholders of the parent company of RMB155.776 billion, up 21.9% year on year. Basic earnings per share were RMB0.85.

Xinhua Winshare Publishing & Media (00811): First Three Quarters Distribution Business Revenue RMB6.454 billion, Gross Margin 25.79%

Xinhua Winshare Publishing & Media (00811) announced its key operating data for the first three quarters of 2026: publishing business revenue was RMB2.223 billion, with a gross margin of 32.77%; distribution business revenue was RMB6.454 billion, with a gross margin of 25.79%.

Guolian Minsheng (01456) reported a net profit attributable to shareholders of approximately RMB2.108 billion for the first three quarters, up 19.59% year on year.

Guolian Minsheng (01456) announced its results for the first three quarters of 2026, with operating revenue of approximately RMB6.739 billion, up 11.61% year on year; net profit attributable to shareholders of the listed company of approximately RMB2.108 billion, up 19.59% year on year; and basic earnings per share of RMB0.37.

UK Plans to Raise Bank Surcharge but by Less Than Expected; Bank Stocks Such as NatWest (NWG.US) and Barclays (BCS.US) Rise

The UK bank tax increase is smaller than expected, as the Chancellor seeks to balance the City's competitiveness with raising fiscal revenue.

HKEX Integrated Fund Platform launches platform and agent services; Chan Yiting: responding to global investors' capital allocation needs.

HKEX's (00388) Integrated Fund Platform has launched platform and agent services, adding master distribution, agent, and administrative services, further extending the platform's functions across the entire fund distribution process.

AI high-stakes bet faces earnings "cash flow stress test": Microsoft Corporation (MSFT.US) favored, with both it and Alphabet (GOOGL.US) CDS hitting records

AI high-stakes bet faces earnings "cash flow stress test": Microsoft Corporation (MSFT.US) favored, with both it and Alphabet (GOOGL.US) CDS hitting records

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