GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | Concerns over Oracle Corporation's data center project cause Bloom Energy (BE.US) to plunge 7%.

On Thursday, Bloom Energy (BE.US) plunged more than 7% after Oracle Corporation issued a force majeure notice regarding its New Mexico data center.

US Stock Market Move | Lufax Holding Ltd Sponsored ADR Class A (LU.US) Extends Gains, Up About 18% Over Two Days

On Thursday, Lufax Holding Ltd Sponsored ADR Class A (LU.US) extended its gains, rising more than 11% as of press time, up about 18% over two days.

KANTONE HOLDING (01059) Announces Annual Results, Profit Attributable to Shareholders HK$16.252 Million, Down 39.94% Year-on-Year

Kantone Holding (01059) announced its annual results for the year ended 30 June 2026. The Group recorded revenue of HK$139 million, down 8.22% year-on-year; annual profit of HK$16.252 million, down 39.94% year-on-year; earnings per share of 4.33 HK cents.

UNITED LAB (03933) receives second milestone payment from Novo for the exclusive licensing agreement for UBT251.

UNITED LAB (03933) announced that on September 23, 2026, United Biotechnology has received a global Phase I clinical milestone payment of US$9 million (after deduction of Danish withholding tax) from Novo for the type 2 diabetes indication of UBT251 injection.

EPIWORLD (02726) A major international customer has agreed to purchase additional 6-inch and 8-inch silicon carbide epitaxial wafers.

EPIWORLD (02726) announced that a major international customer of the Group (the Customer) has agreed to purchase additional 6-inch and 8-inch silicon carbide epitaxial wafers, with a maximum total sales amount of approximately US$95.8 million, to be delivered to the Customer on or before December 31, 2026 (the Procurement Matter).

BOSATECH (08140) announces annual results, profit attributable to shareholders HK$15.93 million, down 49.53% year-on-year.

BOSATECH (08140) announces its annual results for the year ended 30 June 2026. The Group recorded revenue of HK$65.618 million, down 20.31% year-on-year; profit attributable to owners of the Company was HK$15.93 million, down 49.53% year-on-year; earnings per share were 1.99 HK cents.

SF INTRA-CITY (09699) subsidiary Shenzhen Zhilian and SF Taisen enter into 2026 unmanned vehicle leasing framework agreement

SF INTRA-CITY (09699) announced that on September 24, 2026, Shenzhen Zhilian, a wholly-owned subsidiary of the Company, entered into the 2026 unmanned vehicle leasing framework agreement with SF Taisen, pursuant to which Shenzhen Zhilian (as lessor) agreed to lease unmanned vehicles to SF Taisen and/or its associates (as lessees). The 2026 unmanned vehicle leasing framework agreement is a framework agreement under which SF Taisen and/or its associates may, from time to time during the term of the agreement, lease unmanned vehicles from Shenzhen Zhilian by placing specific leasing orders.

US Stock Market Move | Pharmaceutical stocks rise against the market trend; Eli Lilly (LLY.US) gains nearly 4%.

On Thursday, US pharmaceutical stocks rose against the market trend. Eli Lilly (LLY.US) gained nearly 4%, with a market capitalization of approximately $1.12 trillion; Pfizer (PFE.US) rose over 2%; Merck (MRK.US) and Johnson & Johnson (JNJ.US) gained nearly 2%.

Shandong Gold Mining (01787) proposes to adjust its 2026 production and operation plan to "gold output of 36 tonnes to 38 tonnes"

Shandong Gold Mining (01787) has announced that since the business plan was formulated at the beginning of the year, changes have occurred in the company's external operating environment. In addition, taking into account the progress of the company's project construction, the gold output target in the original production and operation plan is expected to be significantly affected. The main influencing factors include:

UMP (00722) announces annual results. Loss attributable to shareholders of HK$74.639 million, turning from profit to loss year-on-year.

UMP (00722) announces its annual results for the year ended 30 June 2026. The group recorded revenue of HK$717 million, down 1.4% year-on-year; loss attributable to owners of the company was HK$74.639 million, compared with a profit of HK$31.44 million in the same period last year; loss per share was 9.42 HK cents, and a final dividend of 1.4 HK cents per share is proposed.

US Stock Market Move | Geothermal power generation catches the AI computing tailwind; Fervo Energy (FRVO.US) rises over 7%.

On Thursday, shares of Fervo Energy (FRVO.US) opened 7% higher, with intraday gains at one point exceeding 12%, before narrowing to 7% as of press time.

UMP (00722) will pay a final dividend of HK$0.014 per share on January 8, 2027.

UMP (00722) has announced that it will pay a final dividend of HK$0.014 per share on January 8, 2027.

SINOPHARM TECH (08156) Announces Annual Results: Loss Attributable to Shareholders of HK$9.142 Million, a Significant Year-on-Year Increase of 954.44%

SINOPHARM TECH (08156) announced its annual results for the year ended June 30, 2026, with revenue of HK$45.582 million, a year-on-year decrease of 25.58%. Loss attributable to owners of the company was HK$9.142 million, a significant year-on-year increase of 954.44%. Loss per share was 1.97 HK cents.

US Stock Market Move | Cloud computing service providers bucked the trend and rallied in early trading; NEBIUS (NBIS.US) rose more than 7%.

On Thursday, cloud computing service provider NEBIUS (NBIS.US) bucked the trend and rallied in early trading, now up more than 7%; CoreWeave (CRWV.US) rose more than 3%.

COFCO JOYCOME (01610) intends to merge its wholly-owned subsidiary, Zhuomao Co., Ltd.

COFCO JOYCOME (01610) announced that on September 24, 2026, it approved (among other things) a proposal to merge Zhuomao Co., Ltd. (a BVI business company incorporated in the British Virgin Islands and a direct wholly-owned subsidiary of the Company) with and into the Company. The Company will be the surviving company and will continue its existence uninterrupted as the same legal entity incorporated in the Cayman Islands. Upon the effectiveness of the merger, the merged company will cease to exist as a separate legal entity.

China Railway Signal & Communication Corporation (03969) won a total of three important projects in the railway market from July to August.

China Railway Signal & Communication Corporation (03969) announced that from July to August 2026, the Company won a total of three important projects in the railway market. They are: the railway dedicated line project of Bayan Aobao Industrial Park in Alxa High-tech Industrial Development Zone, Inner Mongolia, with a bid amount of RMB 529 million; the China Tower Fujian Branch 2026 High-speed Railway Public Network Coverage 5G Upgrade Project Phase II (7 lines) Construction Procurement Section 1 project, with a bid amount of RMB 290 million; and the China Railway Wuhan Electrification Bureau Group Co., Ltd. new Xi'an to Chongqing High-speed Railway Ankang to Chongqing Section Main Line Bureau Boundary to Chongqing West and Fan Kuai via Kaizhou to Wanzhou Connecting Line "Four Electrical Systems" System Integration and Related Works XYKYRD1 Section Seventh Batch Secondary Self-procured Materials Public Bidding Track Circuit Materials and Equipment Procurement project, with a bid amount of RMB 157 million.

Jiangsu Lopal Tech. Group (02465) plans to invest in the construction of a global headquarters and an AI smart innovation center for new energy and new materials.

Lopal Tech (02465) has announced that, in order to meet the demand for business premises under the company's future development plans, promote deep integration of artificial intelligence with the new energy and new materials sectors, establish a specialized innovation and R&D platform, further optimize the company's resource allocation, and facilitate the company's steady and sustainable development, the company plans to invest in the construction of a global headquarters and an AI smart innovation center for new energy and new materials, with an investment amount not exceeding RMB 500 million.

US Stock Market Move | Muse's monetization path is becoming increasingly clear. Meta (META.US) continues to rise over 2%.

On Thursday, Meta (META.US) extended its recent gains, rising more than 2% as of press time.

US Stock Market Move | New Mexico data center issues sudden "force majeure" notice; Oracle Corporation (ORCL.US) falls 5%

On Thursday, Oracle Corporation (ORCL.US) opened sharply lower with a gap down. As of press time, the stock was down about 5%, with a market capitalization of $415.2 billion.

Hong Kong SFC's Dai Lin: Hong Kong Stock Exchange IPO volume rises but quality declines; enforcement values speed and efficiency.

Michael Duignan, Executive Director of the Enforcement Division at the Hong Kong Securities and Futures Commission, warned that when trading volume rises rapidly, IPO quality often declines imperceptibly.

Jl Mag Rare-Earth (06680) will distribute an interim dividend of RMB0.25 per share on November 20.

JL Mag Rare-Earth (06680) announced that it will distribute an interim dividend of RMB2.5 per 10 shares for the six months ended June 30, 2026, on November 20, 2026.

Oil prices and yields surge alongside cooling AI expectations, U.S. industrial stocks drop nearly 10% and flash a technical red flag.

Over the past month, the sharp plunge in U.S. industrial stocks has been setting off alarm bells across Wall Street.

KWAN YONG (09998) will distribute a final dividend of HK$0.03 per share on January 19, 2027.

KWAN YONG (09998) has announced that it will distribute a final dividend of HK$0.03 per share on January 19, 2027.

KWAN YONG (09998) Announces Annual Results, Profit Attributable to Shareholders Reaches S$19.8 Million, Up 55.03% Year-on-Year

Kwan Yong (09998) Announces Annual Results for the Year Ended June 30, 2026. The Group recorded revenue of S$222 million, down 7.26% year-on-year; profit attributable to shareholders of the Company was S$19.8 million, up 55.03% year-on-year; earnings per share were 2.48 Singapore cents.

Ministry of Commerce: In the first eight months, China's outbound direct investment across all industries reached US$113.39 billion, up 3.9%.

From January to August 2026, China's outbound direct investment across all industries reached RMB 778.47 billion, down 0.6% year-on-year (US$113.39 billion, up 3.9%).

U.S. job market resilience remains intact, initial jobless claims fall to lowest level since July.

U.S. initial jobless claims fell to 197,000, the lowest since July, while continuing claims hit a near-2023 low. Layoffs remain rare, with no sign that high interest rates are driving up job cuts.

NOVAUTEK (00519) Issues Profit Warning, Expects Annual Loss Attributable to Shareholders of Approximately HK$479 Million, Turning from Profit to Loss Year-on-Year

NOVAUTEK (00519) announced that, compared with the profit attributable to owners of the Company of approximately HK$9.046 million for the financial year ended 30 June 2025, the Group may record a loss attributable to owners of the Company of approximately HK$479 million for the financial year ended 30 June 2026.

HXTL (01085) subsidiary Zibo Longen enters into EPC contract with contractor for Shandong project.

HXTL (01085) announced that on September 24, 2026, Zibo Longen (an indirect non-wholly-owned subsidiary of the Company) entered into an EPC contract with the contractor for the Shandong project, with a total contract price of RMB 696.8 million (tax inclusive).

Midterm elections could become a hidden concern for US stocks! Wall Street scenario analysis: If Democrats control at least one chamber of Congress, the AI sector would be the first to bear the brunt.

The US midterm elections are becoming a major hidden concern for the US stock market, which is currently riding high on the AI rally.

CSPC PHARMA(01093): Positive topline results from the Phase III clinical trial of JMT101 combined with osimertinib as first-line treatment for locally advanced or metastatic non-small cell lung cancer harboring EGFR exon 20 insertion mutations

CSPC PHARMA(01093) announced that the Phase III clinical trial of becotatug (JMT101) combined with osimertinib as first-line treatment for locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring epidermal growth factor receptor (EGFR) exon 20 insertion mutations (EGFR ex20ins), developed by the Group, has met the primary endpoint in a prespecified interim analysis, achieving positive topline results. Compared with platinum-based chemotherapy combined with pemetrexed, the treatment regimen of this product combined with osimertinib significantly prolonged patients' progression-free survival (PFS) and showed a trend of overall survival (OS) benefit.

CHINA HUIRONG (01290) Establishes Joint Venture for Aircraft Acquisition and Leasing

CHINA HUIRONG (01290) announced that on September 24, 2026, two of its indirectly wholly-owned subsidiaries, Huifang Investment and Huifang Technology, entered into a joint venture agreement with Guochuang Technology to establish a Hong Kong joint venture company, held 49% and 51% by Huifang Investment and Guochuang Technology respectively; and to establish a China joint venture company, held 49% and 51% by Huifang Technology and Guochuang Technology respectively, for the acquisition and leasing of aircraft.

BONJOUR HOLD (00653) Issues Profit Alert, Expects Annual Profit of Approximately HK$8 Million

Bonjour Holdings (00653) has issued an announcement that the Group expects to record an annual profit of approximately HK$8 million for the year ended 30 June 2026 (FY2026), compared to a loss of approximately HK$278 million for the 18 months ended 30 June 2025 (the comparative period).

The trend of performance improvement is clear, yet the stock price remains sluggish. Amid divergent views, when will ND PAPER (02689) reach an inflection point?

The valuation compression caused by short-term capital outflow has formed a certain divergence from the continuously improving fundamentals of ND PAPER.

EXTREME VISION (06636) plans to inject RMB 138 million in capital increase into Hengqin EXTREME VISION.

EXTREME VISION (06636) announced that the board of directors has considered and passed a resolution regarding the proposed capital increase of RMB 138 million by the Company in Hengqin EXTREME VISION. Upon completion of the capital increase, the Company will continue to hold 100% equity interest in Hengqin EXTREME VISION. The capital increase amount will be paid by the Company using its own funds.

LIFETECH SCI(01302): The SureCham Aortic Arch Single-Branch Stent Graft System Enters the Innovative Medical Management Device Special Review Program

LIFETECH SCI (01302) announced that on September 24, 2026, the Company received official written notice from the National Medical Products Administration confirming that the SureCham Aortic Arch Single-Branch Stent Graft System (SureCham Single-Branch Stent or the "Product"), jointly developed by the Company and Professor Shu Chang's team at Fuwai Hospital, Chinese Academy of Medical Sciences, National Center for Cardiovascular Diseases, has entered the National Medical Products Administration's Special Review Program for Innovative Medical Devices (the "Program"). The Product is indicated for the treatment of aortic dissection involving the aortic arch, and is the Company's nineteenth product to enter this Program of the National Medical Products Administration.

A hundred-dollar oil price stirs up another yield storm! US Treasury yields and the dollar both strengthen, while Bitcoin faces a major stress test after hitting an eight-month high.

On Thursday, cryptocurrency prices fell broadly, after Bitcoin had earlier hit an eight-month high, with its recent rally cooling markedly. Bitcoin, the largest cryptocurrency by market capitalization, dropped 1.6% to $82,882, after having climbed above $87,000 at one point.

CGN POWER (01816) plans to contribute RMB 70 million to establish a joint venture company, Yueshan Nuclear Power, to carry out the development, construction, and operation of the Lufeng Units 3 and 4 nuclear power project.

CGN Power (01816) announced that on September 24, 2026, the board of directors reviewed and approved the resolution for the Company (as Party A) to enter into an equity cooperation investment agreement with China First Heavy Industries, Lufeng Investment Holding, Mingyang Group, Jiuli Group, Jiuli Special Material, and CATL Zhaoqing Company (collectively as Party B).

A-Share Announcement Highlights | 60 Billion Yuan Semiconductor Giant Sanan Optoelectronics (600703.SH) Actual Controller Criminally Detained

Sanan Optoelectronics: Actual Controller Lin Xiucheng Criminally Detained on Suspicion of Embezzlement and Misappropriation of Funds

US Treasury yields surge impacts emerging Asia! Bond spreads approach record lows, capital outflow risks heat up.

The 10-year US Treasury yield surged to 5.11%, a new high since 2007. Emerging Asia spreads are approaching historical extremes, risks of capital outflows and currency depreciation are rising, and central banks may be forced to keep interest rates high.

JBB BUILDERS (01903) Announces Annual Results, Shareholders' Loss Attributable at RM536,000, Turning from Profit to Loss Year-on-Year

JBB BUILDERS (01903) announced its annual results for the year ended June 30, 2026. The Group recorded revenue of RM413 million, a year-on-year decrease of 3.33%; loss attributable to owners of the Company was RM536,000, compared with a profit of RM1.331 million in the same period last year; loss per share was 0.11 sen.

China Life Insurance (02628) plans to establish a partnership with China Life Wuxi Fund, China Life Chengda, and other investors, focusing on investments in two major technological innovation sectors: artificial intelligence and semiconductors.

China Life Insurance (02628) announced that the Company, China Life Wuxi Fund (an indirect subsidiary of the Group), and other investors (each acting as a limited partner) intend to enter into a partnership agreement with China Life Chengda (acting as the general partner) to establish a partnership. The total subscribed capital contribution by all partners of the partnership is intended to be no more than RMB 6 billion, of which the Company intends to subscribe no more than RMB 4.5 billion. China Life Equity will serve as the manager of the partnership. It is expected that the Company will enter into the partnership agreement and ancillary agreements with the relevant parties by December 31, 2026.

Closed-Source vs. Open-Source AI Battle Rages On, Three Cybersecurity Stocks Soar 130%! Trillion-Dollar "Security Debt" in the AI Era Ignites an Upgrade Frenzy

In recent months, share prices of cybersecurity companies have soared, with investors betting that threats posed by cutting-edge artificial intelligence models will benefit their businesses. A basket of cybersecurity stocks tracked by Goldman Sachs has more than doubled since bottoming out on April 10, shortly after Anthropic restricted the release of its Mythos AI model.

HANSOH PHARMA (03692): Marketing application for Riconlivtutug (HS-20093) for injection for the treatment of osteosarcoma accepted by the National Medical Products Administration

HANSOH PHARMA (03692) announced that on September 24, 2026, the marketing application for the Group's innovative drug HS-20093 for injection (Riconlivtutug for injection) was accepted by China's National Medical Products Administration (NMPA) for the treatment of osteosarcoma patients aged 12 years who have failed at least two prior lines of therapy. HS-20093 for injection is a B7-H3-targeted antibody-drug conjugate (ADC) independently developed by the Group.

SOLARTECH INT'L (01166) Issues Profit Alert, Expects Annual Profit Attributable to Shareholders of HK$79 Million to HK$86 Million, Turning Around from a Year Earlier

Solartech Int'l (01166) has issued an announcement that it expects to record a profit attributable to owners of the Company of between HK$79 million and HK$86 million for the year ended 30 June 2026, as compared to a loss attributable to owners of the Company of approximately HK$142 million for the year ended 30 June 2025 (the corresponding period).

UNITED LAB (03933): Marketing registration application for insulin degludec and liraglutide injection accepted

UNITED LAB (03933) announced that the marketing registration application for insulin degludec and liraglutide injection (IDegLira), independently developed by Zhuhai United Biopharmaceutical Co., Ltd., a wholly-owned subsidiary of the Company, has been accepted by China's National Medical Products Administration, with acceptance number CXSS2600154. The Company is the first enterprise in China to submit a marketing registration application for an insulin degludec and liraglutide biosimilar.

New Stock News | Orbbec (688322.SH) Files with Hong Kong Stock Exchange, Ranked First in the Global Siasun Robot&Automation 3D Vision Perception Market

According to a disclosure by the Hong Kong Stock Exchange on September 24, Orbbec Technology Group Co., Ltd.-W (referred to as: Orbbec, 688322.SH) has submitted an application for listing to the Main Board of the Hong Kong Stock Exchange, with Goldman Sachs and Haitong International as its joint sponsors.

LIVZON PHARMA (01513) will distribute a special interim dividend of RMB 10.2 per 10 shares on November 3.

LIVZON PHARMA (01513) announced that it will distribute a special interim dividend for 2026 to reward shareholders of RMB 10.2 per 10 shares on November 3, 2026.

US Treasury yields "breaking 5" test the quality of corporate earnings, but JP Morgan remains unmoved: stocks will still be the growth engine of investment portfolios.

JPMorgan strategist Grace Peters said that even as rising bond yields are raising the bar for earnings growth, stocks are still expected to continue climbing.

BAOZUN-W (09991) announces a US$10 million share repurchase plan.

BAOZUN-W (09991) announces a US$10 million share repurchase plan. Baozun Inc.-W (09991) issued an announcement that the board of directors of the Company has authorized the management to establish and implement a new share repurchase plan, under which the Company may, within 12 months commencing from September 24, 2026, repurchase its outstanding American Depositary Shares (ADSs, each representing three Class A ordinary shares) and/or Class A ordinary shares with a value of not more than US$10 million, subject to the scope and restrictions of the general repurchase mandate granted by the shareholders of the Company (the Shareholders) at the annual general meeting held on June 16, 2026, and, upon expiry of the current mandate, also subject to any renewal or refreshed mandate as may be approved by the Shareholders at future general meetings of the Company.

DETAI NEWENERGY (00559) issues a profit warning, expecting an annual loss attributable to shareholders of HK$5 million to HK$10 million, turning from profit to loss year-on-year.

DETAI NEWENERGY (00559) has issued an announcement that the Group expects to record a loss attributable to owners of the Company of between HK$5 million and HK$10 million for the year ended 30 June 2026, compared to a profit attributable to owners of the Company of approximately HK$34 million for the year ended 30 June 2025. The turnaround from profit to loss for the year ended 30 June 2026 is mainly attributable to the Group recognizing a fair value loss of approximately HK$5 million in respect of the change in fair value of financial assets at fair value through profit or loss for the year ended 30 June 2026, whereas the Group recognized a gain of approximately HK$35 million in respect of the value of such financial assets for the year ended 30 June 2025.

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In late New York trading on Thursday, the offshore yuan was quoted at 6.7159 per dollar, down 44 points from late New York trading on Wednesday, with the intraday trading range at 6.7101-6.7201 yuan.

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