GMT EIGHT - OPPORTUNITIES IN CHINA

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.

B.DUCK SEMK (02250) subsidiary plans to establish a joint venture to develop AI computing power and IP integration business

B.DUCK SEMK (02250) announces that on November 5, 2026, Semk Holdings Investment Limited (Semk Holdings), an indirect wholly-owned subsidiary of the Company, entered into a shareholders' agreement (the Shareholders' Agreement) with Hong Kong Haixin Lihua Technology Co., Limited (the Joint Venture Partner, a company incorporated in Hong Kong) in relation to the establishment and operation of a joint venture company (the Joint Venture Company) in Hong Kong. The Joint Venture Partner is principally engaged in the trading of computer components, computing power servers and modules. As at the date of this announcement, the Joint Venture Company has not yet been established, and the Joint Venture Partner and its ultimate beneficial owners are third parties independent of the Company and its connected persons.

Northbound funds | Northbound net sell of RMB21.326 billion; northbound buys AI hardware stocks throughout the day, sells tech stocks and Hong Kong ETFs on rallies

On November 5 in the Hong Kong stock market, northbound trading recorded a net sell of HK$21.326 billion. Among this, Stock Connect (Shanghai) recorded a net sell of HK$13.339 billion, and Stock Connect (Shenzhen) recorded a net sell of HK$7.987 billion.

IH RETAIL (01373) grants a total of 418,000 award shares.

IH RETAIL (01373) announced that on November 5, 2026 (the grant date), the board resolved to grant a total of 418,000 award shares to the share award grantees (the Grantees) under the plan at no consideration, subject to acceptance by the Grantees.

CHINA OVERSEAS (00688) recorded cumulative contracted property sales of approximately RMB198.84 billion for the first 10 months, up 5.1% year on year.

China Overseas Land & Investment (00688) announced that in October 2026, the contracted property sales of the China Overseas series of companies amounted to approximately RMB17.805 billion (same currency hereinafter), down 4.6% year on year; the corresponding sales area was approximately 698,300 square meters, down 19.9% year on year.

CH OVS G OCEANS (00081) cumulative contracted sales for the first 10 months were RMB29.537 billion, up 8.1% year-on-year.

China Overseas Grand Oceans Group (00081) announced that in October 2026, China Overseas Grand Oceans series companies achieved contracted sales of RMB2.651 billion and contracted sales area of 243,700 square meters, down 29.1% and 29.2% year-on-year respectively. From January to October 2026, cumulative contracted sales were RMB29.537 billion and cumulative contracted sales area was 2.5461 million square meters, up 8.1% and 3.5% year-on-year respectively. As of the end of October 2026, cumulative subscribed but unsigned amounts were RMB799.6 million and subscribed but unsigned area was 65,000 square meters.

Ministry of Commerce: Starting from November 6, anti-dumping duties will continue to be imposed on imported n-propanol originating in the United States for a period of 5 years.

On November 5, the Ministry of Commerce announced the final review ruling on the anti-dumping measures applicable to imports of n-propanol originating in the United States.

IREN (IREN.US) Data Center Delivery Delays Reduce Microsoft Corporation's Capital Expenditures! Stock Price Under Pressure Ahead of Earnings, AI Infrastructure Delivery Risks in Focus

IREN is said to have caused Microsoft Corporation to spend about US$5 billion less in capital expenditures last quarter due to data center delays in Texas. Combined with regulatory concerns following the Democratic victory, the stock has fallen more than 13% over two days.

FOURACE IND GP (01455) issues profit warning, expects interim profit to decrease year-on-year to approximately HK$2.2 million

FOURACE IND GP (01455) announced that the Group expects to record a profit of approximately HK$2.2 million for the six months ended September 30, 2026, compared with a profit of approximately HK$4.7 million for the same period in 2025. The decrease in profit was primarily due to a significant decrease in the Group's sales of hair styling products to a major US customer, partially offset by an increase in sales of hair styling products in the Japanese market and a decrease in administrative expenses.

FIT HON TENG (06088): Net profit from continuing operations for the first three quarters was US$88.231 million, down 15.46% year-on-year.

FIT HON TENG (06088) announced that for the nine months ended September 30, 2026, the group recorded revenue and other operating income of US$3.873 billion, up 6.72% year-on-year; net profit from continuing operations was US$88.231 million, down 15.46% year-on-year.

BofA Securities: With Democrats controlling the U.S. Congress, data center regulation becomes a focus

Given the unprecedented scale of planned capital expenditures by major technology companies, data center regulation may become a policy focus after the election.

C STRATEGIC TEC (01725): October revenue approximately RMB37.5 million

C STRATEGIC TEC (01725) announced that, based on the Company's preliminary accounting, the Group's unaudited revenue for October 2026 was approximately RMB37.5 million (October 2025: approximately RMB38.71 million), representing a year-on-year decrease of approximately 3.13%.

TRULY INT'L (00732) cumulative consolidated net operating revenue for the first 10 months approximately HK$12.136 billion, a year-on-year decrease of approximately 13.2%

TRULY INT'L (00732) announced that the Group's unaudited consolidated net operating revenue for October 2026 was approximately HK$1.301 billion, a decrease of approximately 10.7% compared with the unaudited consolidated net operating revenue of approximately HK$1.457 billion for October 2025. The Group's unaudited cumulative consolidated net operating revenue for the ten months ended October 31, 2026 was approximately HK$12.136 billion, a decrease of approximately 13.2% compared with the cumulative consolidated net operating revenue of approximately HK$13.981 billion for the ten months ended October 31, 2025.

LI NING (02331) will pay a special dividend of HK$2.71 per share on December 1.

LI NING (02331) announced that it will pay a special dividend of HK$2.71 per share on December 1, 2026.

Zou Lan: We will continue to deepen the high-level opening-up of the financial sector and consolidate Hong Kong's status as an offshore RMB business hub.

On November 3, the 5th International Financial Leaders Investment Summit was held in Hong Kong.

GEMDALE PPT (00535) October total contracted sales approximately RMB478 million, down 19.26% year-on-year

Gemdale PPT (00535) announced that the group's total contracted sales for October 2026 amounted to approximately RMB478 million, down 19.26% year-on-year, while total contracted sales area for the period was approximately 45,800 square meters. The average selling price for the period was approximately RMB10,400 per square meter.

RSUN PPT (01996) recorded cumulative contracted sales of RMB1.463 billion in the first 10 months, a year-on-year decrease of 63.25%.

RSUN PPT (01996) announced that the board of directors of RSUN PPT Group Co., Ltd. (the Company) is pleased to announce that the contracted sales amount of the Company, its subsidiaries and associated companies (the Group) for October 2026 was RMB134 million, a year-on-year decrease of 33.66%; the sales area was 8,351 square meters; and the average selling price was RMB16,046 per square meter.

Hua Hong Grace Semiconductor (01347): Third-quarter profit attributable to shareholders was US$123.4 million, up 147.1% year on year; sales revenue hit a new record high.

Hua Hong Grace Semiconductor (01347) announced its third-quarter 2026 results, with sales revenue reaching US$987.1 million, up 19.9% year on year and up 9.9% quarter on quarter, mainly driven by an increase in wafer shipments and higher average selling prices. Gross margin was 24.6%, up 7.6 percentage points year on year and up 4.7 percentage points quarter on quarter, mainly due to higher average selling prices, partially offset by increased depreciation costs. Profit attributable to owners of the parent was US$123.4 million, up 147.1% year on year and up 77.7% quarter on quarter. Basic earnings per share were US$0.066.

SJM HOLDINGS (00880) reported a loss attributable to shareholders of HK$397 million in the third quarter, turning from profit to loss year-on-year.

SJM Holdings (00880) announced that the Group's net gaming revenue for the third quarter of 2026 was HK$4.758 billion, compared with HK$6.537 billion for the third quarter of 2025, while net gaming revenue for the nine months ended September 30, 2026 was HK$15.318 billion, compared with HK$20.165 billion for the first nine months of 2025.

National Grid (NGG.US) raises full-year profit guidance, capital investment soars to 6.7 billion, 70 billion upgrade plan enters acceleration phase

National Grid (NGG.US) has released its half-year report for the period ended September 30, 2026, and raised its full-year profit guidance.

RBA Deputy Governor Warns: Trust Reserves Will Eventually Run Out, Rate Hikes to Fight Inflation Are Overdrawing Public Goodwill

RBA Deputy Governor Hauser said that despite rate hikes to 4.85% and high inflation, public trust has remained largely stable, which surprised him; but he warned that trust reserves will eventually run out, and trust has already declined noticeably recently.

Hong Kong stocks close: Hang Seng Index up 3.67%, Hang Seng Tech Index up 5.54%

Iluvatar CoreX rose 9.83%, NetEase rose 9.40%, Sino Biopharmaceutical rose 9.32%, Xiaomi Corporation-W rose 8.83%, Laopu Gold rose 8.75%, Li Auto-W rose 8.67%, and Alibaba-W rose 8.55%.

Recovery in the auto industry drives a 4.4% rebound in German factory orders in September; expectations of an ECB rate hike in December strengthen further.

The rebound in orders provides a positive signal for the outlook of subsequent industrial production. However, for the yet-to-be-released September industrial production data, economists expect that after strong growth in August, output may edge down slightly.

John Lee: Hong Kong will actively explore emerging market opportunities and deeply participate in high-quality Belt and Road cooperation.

On November 5, John Lee, Chief Executive of the Hong Kong Special Administrative Region, attended the Hong Kong Sub-forum of the 9th Hongqiao International Economic Forum in Shanghai.

Diageo plc Sponsored ADR (DEO.US) Q1 organic sales unexpectedly grew 1.4%: North America's 3.6% decline was a drag, full-year flat guidance maintained unchanged

Diageo's Q1 organic net sales unexpectedly rose 1.4% to US$4.93 billion, led by Latin America and Asia Pacific, while North America remained down 3.6%; the company maintained its full-year flat guidance.

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