GMT EIGHT - OPPORTUNITIES IN CHINA

U.S. private credit risks are accelerating! Default rate rises to a record 6.3%, and the number of default events in August hits a one-year high.

Credit pressures in the U.S. private credit market are intensifying further. A report released by Fitch Ratings on Monday showed that as of the end of August, the trailing 12-month default rate for about 1,300 U.S. private credit borrowers it tracks rose to 6.3%, surpassing the previous high of 6.1% set in July and setting a new record.

Is 5% on US Treasuries not the end? Market veteran issues another bearish signal, 10-year yield may rise to 5.3% next year.

Steven Barrow, Standard Chartered's London-based head of G10 strategy, has just raised his US Treasury yield forecasts, expecting the 10-year Treasury yield to rise to 5.2% by the end of 2026 and further hit 5.3% in the first quarter of 2027.

US Stock Market Move | Software stocks strengthen against the market trend; Asana (ASAN.US) rises over 7%.

On Monday, software stocks strengthened, with Asana (ASAN) rising over 7% and ServiceNow (NOW.US) gaining nearly 6%.

US Stock Market Move | Optical communication concept stocks fell broadly, with Nokia Oyj Sponsored ADR (NOK.US) dropping over 10%.

On Monday, optical communication concept stocks fell broadly, with Nokia Oyj Sponsored ADR (NOK.US), Corning (GLW.US), and Coherent (COHR.US) dropping over 10%.

U.S. software stocks surge against the trend; Morgan Stanley: valuations cooling, stock selection more critical.

Morgan Stanley has just released its North American software industry valuation report, maintaining a positive view on the North American software industry.

A-share Evening Hotspots | AI hit by sudden negative news! U.S. stocks plunge late at night. How big is the impact?

U.S. AI giant OpenAI suddenly hit the "IPO pause button." At the same time, the CEOs of the three major U.S. AI giants Anthropic, OpenAI, and SpaceX rarely joined forces to collectively call for slowing down the pace of AI development.

ZGC TEC LEASING (01601) enters into a finance lease agreement with Wuxi Langxian Lightweight Technology

ZGC TEC LEASING (01601) announced that on September 14, 2026, the Company, as lessor, entered into a finance lease agreement with the lessee (Wuxi Langxian Lightweight Technology Co., Ltd.), pursuant to which the lessor will purchase the lessee's own leased assets at a transfer price of RMB 49 million; and the lessor will lease the leased assets back to the lessee for a lease term of 36 months, with total lease payments of approximately RMB 54.38 million. The leased assets are assets related to the production of hot-formed parts, such as laser cutting machines.

Guangzhou Automobile Group (02238) plans to issue shares to acquire part of the equity of a vehicle joint venture under FAW Group Corporation and raise matching funds. FAW Group Corporation will become the second largest shareholder.

Guangzhou Automobile Group (02238) announced that on September 14, 2026, the company signed a Letter of Intent Agreement with FAW Corporation. In order to promote the optimal integration of industrial resources between local state-owned enterprises and central state-owned enterprises and enhance the operating efficiency of the listed company, the company is planning to acquire part of the equity of a vehicle joint venture held by FAW Corporation by issuing shares, and to raise matching funds. Based on preliminary estimates, after the completion of this transaction, FAW Corporation will become the second largest shareholder of the company with strategic influence; this transaction is expected to constitute a major asset restructuring and a related-party transaction, will not constitute a change in the company's actual controller, and will not constitute a restructuring listing.

US Stock Market Move | Gold and silver, non-ferrous metals concept stocks broadly declined. Harmony Gold Mining Co. Ltd. Sponsored ADR (HMY.US) fell 6%.

On Monday, gold and silver, as well as non-ferrous metals concept stocks broadly declined, with Harmony Gold Mining Co. Ltd. Sponsored ADR (HMY.US) falling 6%.

PLATT NERA (01949) subsidiary plans to acquire 128 high-performance graphics processing units for RMB 8.8064 million.

Platt Nera International Holdings (01949) announced that on September 14, 2026, the buyer (Shenzhen Tiancheng Xinneng Cloud Technology Co., Ltd., a wholly-owned subsidiary of the company) intends to acquire 128 high-performance graphics processing units (GPUs) (the equipment) from the seller (Shandong Junlian Fenghui Information Technology Co., Ltd.) for a total consideration of RMB 8.8064 million.

PATEO (02889) Secures First 8397 Design Win for a Leading Domestic New Energy OEM's First Batch of Overseas Models, Elevating Partnership to Open a New Phase of Global Delivery

PATEO (02889) announced that the company has received a formal project designation notice from a leading domestic high-end new energy vehicle OEM, and has been selected for the first time as a supplier for the next-generation overseas models under the customer's flagship brand.

PATEO (02889): First-time award of a project nomination for an overseas model from a leading domestic high-end new energy vehicle OEM

PATEO (02889) announced that the Company received a formal project nomination notice from a leading domestic high-end new energy vehicle OEM (the "Customer"). The Company has been selected for the first time as a supplier for a new-generation overseas model under the Customer's flagship brand, responsible for the development and mass production delivery of high-end intelligent cockpit domain controllers and AI interaction systems based on Qualcomm's 8397 new-generation high-performance cockpit chip platform (the "8397 Platform").

First reveal of signature shoe progress, Curry's first China tour with LI NING (02331) concludes

On September 14, Curry's first China tour since entering into a long-term strategic partnership with the LI NING brand officially concluded.

US Stock Market Move | Oracle Corporation (ORCL.US) falls over 5% as a new wave of layoffs hits amid heavy AI investment

On Monday, Oracle Corporation (ORCL.US) fell over 5% to $142.44.

CAPITAL REALM (00204) consolidated net asset value per share at the end of August was approximately HK$1.557

CAPITAL REALM (00204) announced that as at 31 August 2026, the unaudited consolidated net asset value per share of the Company was approximately HK$1.557.

CAPITAL REALM (00204) Signs Strategic Cooperation Letter of Intent with Huashang Sima (Hangzhou) Siasun Robot&Automation Technology

CAPITAL REALM (00204) has announced that the company recently signed a strategic cooperation letter of intent with Huashang Sima (Hangzhou) Siasun Robot&Automation Technology Co., Ltd. (Huashang Sima). Huashang Sima is a technology company and a core operating entity focused on the research and development, manufacturing, and nationwide market-oriented operation of AI computing power intelligent robots, strongly backed by the China Shangzhaitong Group and Sima Technology Group systems. The company believes that the strategic cooperation contemplated under the letter of intent aligns with the group's long-term development goals and business development strategy. This strategic cooperation with Huashang Sima can bring potential profit growth points to both parties, and this move is in the overall interests of the company and its shareholders. The specific terms and conditions of the formal agreement will require approval by the board of directors after the company completes due diligence.

US Stock Market Move | Chip stocks broadly decline, Intel Corporation (INTC.US) falls over 7%.

On Monday, chip stocks broadly declined, with Intel Corporation (INTC.US) falling over 7%, and SK Hynix (SKHY.US) and SanDisk (SNDK.US) dropping 7%.

AI computing power construction shifts from "power shortage" to "talent shortage": modularization rises, Schneider, Vertiv, and Eaton welcome new opportunities.

Bernstein recently released a research report stating that against the backdrop of rapid expansion in AI computing power construction, the primary constraint on data center development is undergoing a shift.

Unfazed by oil prices, long bonds, and rate hikes! Multiple Wall Street institutions remain bullish on US stocks, Yardeni downplays AI slowdown concerns.

Most Wall Street strategists still believe that as long as the pace of rate hikes is measured, corporate earnings remain strong, and inflation stays anchored, the US stock bull market is likely to continue.

BAIWANG CO(06657) plans to establish a joint venture company to build an enterprise credit technology and services business.

BAIWANG CO(06657) announced that on September 14, 2026, the Company entered into an investment agreement with Qichacha Technology, Yancheng Hongqiao, and Suzhou Baisheng, pursuant to which the joint venture parties agreed to jointly contribute capital to establish a joint venture company to build an enterprise credit technology and services business.

Hang Seng Indexes Company: AI-related stocks account for only 7% of Hong Kong stock market capitalization; thematic indices can be used to capture technology opportunities.

Taiwan, China's information technology weighting reaches 78%, South Korea 58%, mainland China and Japan 26% and 25% respectively, while Hong Kong stocks at 17% are at a relatively low level.

MReferral: August MReferral Mortgage Rate Index (MMI) reported 3.12%, a 14-month low.

According to the latest data from the mReferral Mortgage Brokerage Research Department, the mReferral Mortgage Rate Index (MMI) for August was 3.12%, down 5 basis points month-on-month, hitting a 14-month low.

Saudi Arabia's key oil pipeline was attacked and damaged, with its main capacity to be shut down for weeks.

Two regional officials said a key Saudi oil pipeline was damaged in an attack last week, and repair work will keep the pipeline's main capacity offline for several weeks. The East-West pipeline, which runs across Saudi Arabia, is a core part of the kingdom's oil export strategy. Saudi Arabia is shifting its oil export routes to the Red Sea to avoid shipping risks in the Strait of Hormuz in the Persian Gulf, where shipping has been disrupted by Iran-related attacks. The 1,200-kilometer pipeline has a maximum daily throughput of 7 million barrels. The Houthis have in recent years achieved their largest territorial control in the Bab el-Mandeb Strait, a move that could help Iran's strategic layout: pressuring the United States by driving up global oil and gas prices. Saudi Arabia said the attack was carried out by Iran-backed Iraqi militias using drones, and the pipeline was forced to shut down last Thursday as a result. Officials familiar with the matter said repairs to the pipeline and a major pumping station are expected to take 3 to 5 weeks. One of the officials said the pipeline may be able to maintain partial capacity during the repairs.

GREEN POWER GP (01870) subsidiary wins land use right in Lechang, Shaoguan, Guangdong for RMB 15.78 million, intends to use it for the construction and development of an energy storage project.

Green Power Group (01870) announced that on September 14, 2026, the Lechang Municipal Natural Resources Bureau issued a confirmation letter dated September 1, 2026 to the Company's indirectly wholly-owned subsidiary Lechang Green Power Energy Storage Technology Co., Ltd. (the buyer), confirming that the buyer successfully won the bid for the land use right of the land located in Shaoguan, Guangdong Province, China through a public listing sale bidding process at a consideration of RMB 15.78 million. As a result of the successful bid, the buyer is required to submit an application for the land use right grant contract within five working days from the date of the confirmation letter. The buyer and the authorities are expected to enter into the land use right grant contract within 30 days from the date of the confirmation letter.

Centaline Property: Hong Kong private residential rents rise for 4 consecutive years; Centa-City Rental Index (CRI) up 27.63% cumulatively

Yang Mingyi, Senior Associate Director of the Research Department at Centaline Property, pointed out that supported by rigid demand, private residential rents have continued to rise, with the Centa-City Rental Index (CRI) having hit new highs for 7 consecutive months.

HEARTCARE-B (06609) grants 560,000 share awards

HEARTCARE-B (06609) announced that on September 14, 2026, the Company granted 560,000 share awards (the Awards) (the September 2026 Grant) to employees of the Group (the Grantees) under the 2025 H Share Incentive Scheme adopted by the Company on May 26, 2025, as amended from time to time (the 2025 H Share Incentive Scheme).

Weichai Power (02338) will distribute an interim dividend of HK$5.976 per 10 shares on October 23.

Weichai Power (02338) has announced that it will distribute an interim dividend of HK$5.976 per 10 shares for the six months ended June 30, 2026, on October 23, 2026.

HSBC HOLDINGS (00005) will distribute a second dividend of HK$0.784088 per share on September 25.

HSBC HOLDINGS (00005) has announced that it will distribute a second dividend of HK$0.784088 per share on September 25, 2026.

A-share Announcement Highlights | Fujian Mindong Electric Power Group (000993.SZ) issues risk warning after 4 consecutive limit-up days

Fujian Mindong Electric Power (000993.SZ) issues a risk warning after 4 consecutive limit-up days.

Data center boom reshapes US commercial real estate debt market, leaving investors facing risk pricing challenges.

Data center bond issuance surges, forcing investors to rewrite their risk assessment playbook.

Apple customer service responds to iPhone 18 Pro breaking its issue price

On September 14, an e-commerce platform showed that the price of the 256GB iPhone 18 Pro had dropped to 9,099 yuan, a direct reduction of 900 yuan from Apple's official website price of 9,999 yuan. The platform's customer service representative reminded customers: "The purchase price of goods fluctuates in real time according to market conditions, so there is no price protection for the product here. The real-time order discount price shall prevail, and after the order is completed, there will be no refund or supplementary payment." In response to the situation of "the iPhone 18 Pro breaking below its issue price on an e-commerce platform," Apple's official customer service representative responded: "Third-party channels have their own pricing power. They may have platform subsidies or store discounts, and Apple officially will not intervene."

Preview of US Stock Market | All three major stock index futures fell together, oil prices rose, and the three AI giants collectively called for a "slowdown," triggering broad premarket declines in chip stocks and optical communication stocks.

On Monday, September 14, before the U.S. stock market opened, futures for the three major U.S. stock indexes fell together.

YIDA CHINA (03639) contracted sales for the first 8 months amounted to approximately RMB 329 million, a year-on-year decrease of 37.2%.

Yida China (03639) announced that in August 2026, the Group's contracted sales amounted to approximately RMB 31 million, and the Group's attributable contracted sales amounted to approximately RMB 31 million. During the same period, the Group's sales area was 1,988 square meters and attributable sales area was 1,988 square meters. The Group's average selling price was approximately RMB 15,792 per square meter and attributable average selling price was approximately RMB 15,722 per square meter.

YUEYUN TRANS (03399) will distribute a final dividend of HK$0.103 per share on September 30.

YUEYUN TRANS (03399) has announced that it will distribute a final dividend of HK$0.103 per share for the year ended December 31, 2025, on September 30, 2026.

HATCHER GROUP (08365) proposes to issue 12.8205 million consideration shares to acquire a 20% equity interest in Zhenheng Intelligent Limited

HATCHER GROUP (08365) announced that on 14 September 2026, the Company entered into an agreement with the seller, Mr. Ye Weilin, in respect of the acquisition. Pursuant to the agreement, the Company has conditionally agreed to acquire, and the seller has conditionally agreed to sell, the sale shares (representing a 20% equity interest in the target company, Zhenheng Intelligent Limited), at a consideration of HK$10 million, which will be paid by way of allotment and issue of 12,820,500 consideration shares at an issue price of HK$0.78 per consideration share. Upon completion, the target company will become an associate of the Company.

BOAN BIOTECH (06955): BA1203 (masked PD-1/IL-2) approved in China to initiate clinical trials

BOAN BIOTECH (06955) announced that the IND application for BA1203, a PD-1/IL-2 antibody-cytokine prodrug under development, has been approved by the Center for Drug Evaluation (CDE) of China's National Medical Products Administration, with the intended development for the treatment of multiple solid tumors. To the Company's knowledge, this investigational drug is the world's only PD-1/IL-2 molecule that features high IL-2 receptor activity, is masked, and has PD-1 blocking function.

Iran-Gulf negotiations postponed: Risk of oil price increases intensifies! Rate hike bets heat up ahead of Fed decision, adding further uncertainty to midterm elections.

Saudi Arabia retaliates against Houthi attacks, Iran-Gulf states talks postponed, adding further uncertainty to crude oil market supply.

HKEX: Stamp duty arising from takeover offers under Section 8 of the Hong Kong Settlement Operations Procedures Rules continues to be calculated and paid in Hong Kong dollars.

Under Section 8 of the Hong Kong Securities Clearing Company Limited Operations Procedures Rules, stamp duty arising from takeover offers for dual-counter securities will continue to be calculated and paid in Hong Kong dollars under the existing arrangements.

NEP INTERLONG (08329) subsidiary Haiwang Changjian and Huikang Biotech entered into a Joint Venture Agreement for the establishment of a joint venture company.

NEP INTERLONG (08329) announced that on 14 September 2026 (after trading hours), Haiwang Changjian, a wholly-owned subsidiary of the Company, and Huikang Biotech (a non-wholly-owned subsidiary of Jinbaihui) entered into a Joint Venture Agreement for the establishment of a joint venture company. Pursuant to the Joint Venture Agreement, the proposed registered capital of the joint venture company is RMB5 million, of which Haiwang Changjian shall subscribe for a capital contribution of RMB3.5 million (accounting for 70% equity interest in the joint venture company), and Huikang Biotech shall subscribe for a capital contribution of RMB1.5 million (accounting for 30% equity interest in the joint venture company). Each party shall pay its capital contribution as agreed within one year from the date of completion of the industrial and commercial registration of the joint venture company.

Jiangsu Hengrui Pharmaceuticals (01276): The marketing authorization application for SHR-2004 injection has been accepted by the National Medical Products Administration.

Jiangsu Hengrui Pharmaceuticals (01276) announced that recently, Beijing Shengdi Pharmaceutical Co., Ltd. (hereinafter referred to as the "Company"), a subsidiary of Jiangsu Hengrui Pharmaceuticals Co., Ltd. (hereinafter referred to as the "Company"), received the "Notice of Acceptance" issued by the National Medical Products Administration (hereinafter referred to as the "NMPA"). The marketing authorization application for SHR-2004 injection, a Class 1 innovative drug of the Company and a coagulation factor XI (FXI) monoclonal antibody, has been accepted by the NMPA.

KWAN YONG (09998) Issues Profit Alert, Expects Annual Net Profit Attributable to Shareholders to Increase Year-on-Year to Approximately S$19.8 Million

KWAN YONG (09998) issued an announcement that the Group expects to record net profit attributable to owners of the Company of approximately S$19.8 million for the year ended 30 June 2026, compared to net profit attributable to owners of the Company of approximately S$12.8 million for the year ended 30 June 2025.

CMS (00867): Innovative Drug Highly Selective TYK2 Inhibitor CMS-D001 Receives Drug Clinical Trial Approval Notice for Systemic Lupus Erythematosus Indication

China Medical System (00867) announces that on September 11, 2026, the innovative drug CMS-D001 tablets received a Drug Clinical Trial Approval Notice issued by China's National Medical Products Administration (NMPA), and the Drug Clinical Trial Approval Notice was received on September 14, 2026. The NMPA agrees to allow the Group to conduct clinical trials to evaluate the efficacy and safety of CMS-D001 for the treatment of systemic lupus erythematosus indication.

YIDU TECH (02158) wins the bid for the Aging and Health Innovation Translation Construction Project of the National Clinical Research Center for Geriatric Diseases at Xiangya Hospital of Central South University.

YIDU TECH (02158) announced that recently, the company's affiliate Yidu Cloud (Beijing) Technology Co., Ltd. received a bid-winning notice for the Aging and Health Innovation Translation Construction Project of the National Clinical Research Center for Geriatric Diseases at Xiangya Hospital of Central South University, with a total project amount of approximately RMB 3.565 million. The result has been announced on the China Government Procurement Network.

LINMON MEDIA (09857): "Ci Tang" began filming on September 12, with the main creative team and cast officially announced.

LINMON MEDIA (09857) announced that "Ci Tang," a period drama produced by LINMON MEDIA and its subsidiary Qingningmeng and Tencent Video, began filming on September 12, 2026, with the main creative team and cast officially announced. The drama is written by Xiang Xiaoyuan, Ren Zhuangliu, and Lang Nuolin, directed by Guo Hu, with Qi Shuai as chief producer, Fang Yanzhi as general producer, and Lu Yuxiao and Zhang Linghe in leading roles (listed in order of surname stroke count).

Mark Gurman: Apple may launch iPhone Duo Max in the future, foldable phones expected to become mainstream

On September 13 local time, renowned tech journalist Mark Gurman wrote that Apple's first foldable iPhone Duo is expected to drive foldable phones into the mainstream, and he anticipates that Apple will further expand this product line in the coming years, launching an iPhone Duo Max with a larger screen, and possibly even a streamlined Duo SE or a clamshell-style Duo mini. Gurman said Apple ultimately chose "Duo" rather than the widely speculated "Ultra," partly because "Duo," like Air and Pro, is three letters, making it more suitable as a product family name and leaving room for adding suffixes such as "Max" and "SE" in the future. Previously, Apple employees had at one point referred to this foldable iPhone as "Ultra." Gurman expects that as technology costs decline and the uses of foldable devices increase, foldable phones could account for more than half of new phone sales in the next decade. Currently, foldable phones make up about 2% of global smartphone shipments.

CHAODA MODERN (00682) intends to acquire a total of 34% equity interest in Hong Kong Chaoda Fruit and Vegetable Wholesale and Distribution Limited for HK$5.19 million.

CHAODA MODERN (00682) announced that on September 14, 2026, Hong Kong Chaoda Fruit and Vegetable Limited, a wholly-owned subsidiary of the Company, intends to acquire a total of 34% equity interest in Hong Kong Chaoda Fruit and Vegetable Wholesale and Distribution Limited from Mr. Wu Huihong, Mr. Huang Shaochuang and Mr. Lu Benli for a total consideration of HK$5.19 million.

Northbound funds | Northbound trading recorded a net buy of 4.471 billion. Northbound funds added to AI hardware stocks on dips, snapping up Z.AI (02513) for over HK$1.2 billion throughout the day.

On September 14 in the Hong Kong stock market, northbound trading recorded a net buy of HK$4.471 billion. Of this, Shanghai Stock Connect recorded a net buy of HK$1.671 billion, and Shenzhen Stock Connect recorded a net buy of HK$2.800 billion.

Southbound capital recorded a net purchase of HK$4.471 billion today.

On the Hong Kong Stock Connect (Shanghai) side, Zhipu and Kingboard Laminates received net buying of HK$846 million and HK$63.3168 million, respectively; SMIC topped net selling at HK$289 million. On the Hong Kong Stock Connect (Shenzhen) side, Zhipu and Yangtze Optical Fibre and Cable received net buying of HK$355 million and HK$349 million, respectively; SMIC topped net selling at HK$348 million.

CSPC PHARMA(01093): Phase I/II clinical study data of SYS 6010 combined with enlonstobart for the treatment of driver gene-negative advanced NSCLC without prior systemic therapy was presented as an oral presentation at the 2026 World Conference on Lung Cancer (WCLC)

CSPC PHARMA(01093) announced that the group presented the Phase I/II clinical study data of SYS6010 combined with enlonstobart for the treatment of driver gene-negative advanced non-small cell lung cancer (NSCLC) without prior systemic therapy as an oral presentation at the 2026 World Conference on Lung Cancer (WCLC) hosted by the International Association for the Study of Lung Cancer (IASLC).

LEADS BIOLABS-B(09887): Announces Updated Phase II Clinical Study Data for Vilxin (Opatilimab, PD-L1/4-1BB Bispecific Antibody) Combined with Chemotherapy as First-Line Treatment for NSCLC in an Oral Presentation at WCLC 2026

LEADS BIOLABS-B (09887) announced that updated Phase II clinical study data for its self-developed investigational drug Vilxin (Opatilimab, PD-L1/4-1BB bispecific antibody) combined with chemotherapy as first-line treatment for patients with non-small cell lung cancer (NSCLC) were presented in an oral presentation at the 2026 World Conference on Lung Cancer (WCLC 2026).

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