GMT EIGHT - OPPORTUNITIES IN CHINA

CHINA AOYUAN (03883) issues a profit warning, expecting a net loss of approximately 6.5 billion to 6.8 billion yuan for the interim period.

China Aoyuan (03883) announced that the group expects to record a net loss of approximately RMB 6.5 billion to RMB 6.8 billion for the six months ending June 30, 2026 (for the six months ending June 30, 2025: net loss of approximately RMB 9.5 billion). The net loss for this period is expected to decrease by about 28% to 32% compared to the corresponding period in 2025, primarily due to a reduction in impairment provisions, as well as the group's continued efforts to streamline its organizational structure, which has resulted in sustained effective control of sales and administrative expenses and the recognition of foreign exchange gains.

SHUN TAK HOLD (00242) announced its interim results, reporting a loss attributable to shareholders of HK$139 million, an increase of 15.76% year-on-year.

Sino Group (00242) announced its interim results for 2026, with revenue amounting to HKD 1.183 billion, a year-on-year decrease of 12.07%; the loss attributable to shareholders was HKD 139 million, expanding 15.76% year-on-year; basic loss per share was HKD 0.046.

Northbound funds | The Northbound Trading saw a net sell-off of 10.412 billion. Ahead of Alibaba's (09988) earnings report, domestic investors have increased their holdings. There is a clear divergence in pharmaceutical stocks.

On August 20, in the Hong Kong stock market, northbound capital had a net sell of HKD 10.412 billion. Among them, the Shanghai-Hong Kong Stock Connect had a net sell of HKD 5.111 billion, and the Shenzhen-Hong Kong Stock Connect had a net sell of HKD 5.301 billion.

HENDERSON LAND (00012) will distribute an interim dividend of HK$0.50 per share on September 17.

Henderson Land Development (00012) announced that the company will distribute an interim dividend of HKD 0.5 per share on September 17, 2026.

YIP'S CHEMICAL (00408) will distribute a mid-term dividend of HKD 0.08 per share on October 23.

Ye's Chemical Group (00408) announced that the company will distribute an interim dividend of HKD 0.08 per share for the six months ending June 30, 2026, on October 23, 2026.

HENDERSON INV (00097) announced its interim results, reporting a net loss of HKD 22 million, narrowing by 46.34% year-on-year.

Hengji Development (00097) announced its mid-year results for 2026, with revenue of HKD 698 million, a year-on-year decrease of 5.68%; a net loss of HKD 22 million, a year-on-year narrowing of 46.34%; and a loss per share of 0.7 HK cents.

MATRIX HOLDINGS (01005) issues a positive profit alert, expecting a mid-term profit attributable to shareholders of approximately HKD 5 million, reversing the loss from the same period last year.

MATRIX HOLDINGS (01005) announced that it is expected that the profit attributable to the owners of the company for the six-month period ending June 30, 2026, will be approximately HK$5 million. In contrast, for the six-month period ending June 30, 2025, a loss of approximately HK$12 million was recorded.

YIP'S CHEMICAL (00408) announced its interim results, with shareholders' attributable profit increasing by 113.5% year-on-year to HK$141 million.

Yip's Chemical Group (00408) announced its interim results for 2026, with a revenue of HKD 1.67 billion and a sales volume of 114,000 tons, representing a year-on-year increase of 17.1% and a slight decrease of 2.5%, respectively. The profit attributable to shareholders rose by 113.5% compared to the same period last year, reaching HKD 141 million. Earnings per share are HKD 0.253, and an interim dividend of HKD 0.08 per share is proposed.

PARKSON GROUP (03368) announced its interim results, with a profit attributable to shareholders of 22.957 million yuan, an increase of 2.18% year-on-year.

Baitu Group (03368) announced its interim results for the six months ending June 30, 2026, with total operating revenue of RMB 1.739 billion, a year-on-year decrease of 9.99%; profit attributable to shareholders was RMB 22.957 million, an increase of 2.18% compared to the previous year; earnings per share were RMB 0.009.

COMBA (02342) announced its interim results, with a net profit attributable to shareholders of HK$55.24 million, a decrease of 10.59% compared to last year.

China Communication Services Corporation Limited (02342) announced its interim results for the six months ended June 30, 2026, with revenue of HKD 2.2 billion, representing a year-on-year increase of 0.02%. The profit attributable to the owners of the parent company was HKD 55.24 million, a year-on-year decrease of 10.59%. Earnings per share stood at HKD 0.0176. The company proposed an interim dividend of HKD 0.0026 per share.

COMBA (02342) will distribute an interim dividend of HK$0.0026 per share on September 15.

Beijing Xin Communication (02342) announced that the company will distribute an interim dividend of HKD 0.0026 per share on September 15, 2026.

STELLA HOLDINGS (01836) will distribute an interim dividend of HK$0.42 per share on September 18.

Jiu Xing Holdings (01836) announced that it will distribute an interim dividend of HKD 0.42 per share on September 18, 2026.

FOUNTAIN SET (00420) released its interim results, with a profit attributable to shareholders of HKD 63.821 million, an increase of 108.09% year-on-year.

Futian Industrial (00420) announced its interim results for the six months ending June 30, 2026, reporting a revenue of HKD 1.984 billion, an increase of 2.45% year-on-year; the profit attributable to equity holders was HKD 63.821 million, an increase of 108.09% year-on-year; basic earnings per share were HKD 0.052.

EMPEROR WATCH&J (00887) announced its interim results, with a net profit of HKD 318 million, a year-on-year increase of 63.9%.

Emperor Watch & Jewelry (00887) announced its mid-term results for 2026, with total revenue of approximately HKD 2.934 billion, a year-on-year increase of 5%; gross profit of approximately HKD 969 million, a year-on-year increase of 15.4%; net profit of HKD 318 million, a year-on-year increase of 63.9%; basic earnings per share of HKD 0.0428, and an interim dividend of HKD 0.009.

EMPEROR WATCH&J (00887) will distribute a mid-term dividend of HK$0.009 per share on September 18.

Empire Group Resources (00887) announced that the company will distribute an interim dividend of HK$0.009 per share on September 18, 2026.

Jitu Express (01519) reported a year-on-year increase of 124.3% in adjusted net profit for the first half of 2026, with global comprehensive profitability continuing to enhance.

Jitu Express (01519) today announced its mid-year results for 2026. In the first half of 2026, the companys global business developed steadily, effectively driving business scale growth, with revenue reaching $7.67 billion, a year-on-year increase of 39.5%. Among this, express delivery service revenue amounted to $7.46 billion, a year-on-year increase of 39.6%.

The Fed's tightening logic faces challenges! Waller wants long-term bonds to "replace the interest rate hikes by the central bank," while Bostic's repurchase disrupts the layout.

The U.S. Treasury's expansion of the buyback program may complicate the Federal Reserve's monetary policy efforts.

STELLA HOLDINGS (01836) announced its interim results, with shareholders' net profit of $64.04 million, a decrease of 18.6% year-on-year.

Jiu Xing Holdings (01836) announced its performance for the six months ending June 30, 2026, with revenue of $787 million, a year-on-year increase of 1.5%; profit attributable to shareholders of the parent company was $64.04 million, a year-on-year decrease of 18.6%; basic earnings per share were 7.8 cents, and an interim dividend of 42 HK cents per share is proposed.

XXF (02473) announced its interim results, with profit attributable to shareholders at 17.539 million yuan, a decrease of 22% year-on-year.

Joy Holdings Group (02473) announced its interim results for the six months ended June 30, 2026, with revenue of RMB 761 million, a decrease of 1% year-on-year; profit attributable to shareholders was RMB 17.539 million, a decrease of 22% year-on-year; basic earnings per share were 1.07 cents.

CHINARES PHARMA (03320): Dong-E-E-Jiao's net profit attributable to shareholders for the first half of the year is 860 million yuan, an increase of 5.66% year-on-year.

China Resources Pharmaceutical (03320) announced that its subsidiary, Dong'e Ejiao, achieved a total operating revenue of 3.155 billion yuan for the six months ended June 30, 2026, an increase of 3.39% year-on-year; net profit attributable to shareholders of the listed company was 860 million yuan, a year-on-year increase of 5.66%; basic earnings per share were 1.34 yuan.

CHENQI TECH (09680) First Half of 2026: Revenue increased by 140.7%, gross profit increased by 156.3%

Driven by the dual engines of mobility services + technology services, revenue has doubled, and profitability has continuously improved, pushing Qijia Mobility (09680) into an upward channel in terms of valuation.

CHINA OVS PPT (02669) announced its interim results, with shareholders' profit amounting to 701 million yuan, a year-on-year decrease of 9.04%.

China Oceanwide Property (02669) announced its interim results for the six months ending June 30, 2026. The group achieved revenue of RMB 7.485 billion, an increase of 4.52% year-on-year; the profit attributable to ordinary shareholders was RMB 701 million, a decrease of 9.04% year-on-year; earnings per share were 21.33 cents; and an interim dividend of 10 Hong Kong cents per share is proposed.

CHINA OVS PPT (02669) will distribute a mid-term dividend of HK$0.1 per share on October 5th.

China Overseas Property (02669) announced that it will distribute an interim dividend of HKD 0.1 per share on October 5, 2026.

China Telecom Corporation (00728): In the second quarter, the number of 5G network users reached 322.5 million, with a net increase of 8.37 million during the quarter.

China Telecom (00728) announced that in the second quarter of 2026, the number of mobile users reached approximately 442 million, with a net increase of 1.88 million during the quarter. Among them, the number of 5G network users reached 322.5 million, with a net increase of 8.37 million during the quarter.

HING YIP HLDGS (00132) issues a profit warning, expecting mid-term profits to decrease to approximately HKD 34.476 million.

Xingye Holdings (00132) announced that, compared to a profit of HKD 44.866 million recorded for the six months ending June 30, 2025, the group's profit for the six months ending June 30, 2026 is expected to decrease to approximately HKD 34.476 million.

FB MINING (02212) announced its interim results, reporting a loss attributable to shareholders of 9.446 million yuan, a year-on-year increase of 7.93%.

Gaopeng Mining (02212) announced its performance for the six months ended June 30, 2026. During this period, the group achieved a revenue of 64.051 million RMB, representing a year-on-year increase of 545.29%. The loss attributable to owners of the company was 9.446 million RMB, a year-on-year increase of 7.93%. The basic loss per share was 0.75 cents.

CIL GROUP (01719) subsidiary signs a strategic cooperation framework agreement with Wuhan New Materials to develop new technologies and products for surface protection materials for port machinery and facilities.

China National Commercial Group (01719) announced that on July 24, 2026, Tongshang Supply Chain Management (Wuhan) Co., Ltd. (Tongshang Supply Chain, an indirectly wholly-owned subsidiary of the Company) entered into a strategic cooperation framework agreement with Wuhan Changtao New Materials Co., Ltd. (Wuhan New Materials, an independent third party unrelated to the Company). Both parties agreed to establish a five-year strategic partnership aimed at (i) developing new technologies and products for surface protection materials for port machinery and facilities; (ii) applying for patents for such new technologies and products; (iii) establishing a new innovative business platform; and (iv) enhancing both parties' brand effects and economic benefits, while promoting the sustainable development of new technologies and products for surface protection materials for port machinery and facilities.

CSC HOLDINGS (00235) issued a profit warning, expecting a shareholder loss of no more than HKD 24 million in the first half of 2026.

Zhongce Capital Holdings (00235) announced that, compared to a loss of approximately HKD 12 million recorded for the six months ending June 30, 2025, the group expects to report a loss attributable to equity holders of the company of no more than HKD 24 million in the first half of 2026. The increased loss is mainly due to (i) the lending business's operating profit decreasing to approximately HKD 1 million after expected credit loss provisions (first half of 2025: HKD 7 million); and (ii) the combined effect of additional expenses mainly arising for business development and compliance purposes, leading to other expenses increasing to approximately HKD 24 million (first half of 2025: HKD 18 million).

China Telecom Corporation (00728) will distribute a mid-term dividend of RMB 0.1606 per share on October 13.

China Telecom (00728) announced that it will distribute a mid-term dividend of HKD 0.1606 per share for the six months ending June 30, 2026, on October 13, 2026.

BOC AVIATION (02588) announced its interim results, with a net profit after tax of $357 million, an increase of 4% year-on-year.

Bank of China Aviation Leasing (02588) announced its interim results for the six months ended June 30, 2026, with total operating revenue and other income of $1.297 billion, an increase of 4.4% year-on-year; post-tax net profit of $357 million, an increase of 4% year-on-year; earnings per share of $0.51, and declaring an interim dividend of $0.1799 per share.

BOC AVIATION (02588) will distribute a mid-term dividend of $0.1799 per share on October 14.

Bank of China Aviation Leasing (02588) announced that the company will distribute a mid-term dividend of $0.1799 per share on October 14, 2026.

PROSPER CONS (06816) issued a profit warning, expecting a mid-term pre-tax loss of no less than 80 million Hong Kong dollars.

(06816) announced that it expects the group to report a pre-tax loss of not less than HKD 80 million for the six-month period ending June 30, 2026, compared to a pre-tax loss of approximately HKD 57 million for the same period in 2025. It is anticipated that losses will continue in the first half of 2026, primarily due to an unfavourable market environment compounded by the ongoing war in the Middle East. The group is currently in a transitional phase, and all business segments have experienced a decline in revenue, resulting in a reduction of approximately HKD 30 million in gross profit for the first half of 2026.

WG ENV TECH (01845) announced its interim results, with a shareholder loss of 12.272 million yuan, an increase of 67.17% compared to the same period last year.

Wheeling Environmental Technology (01845) announced its interim results for the six months ending June 30, 2026, reporting revenue of RMB 82.808 million, an increase of 2.6% compared to the previous year; the loss attributable to owners of the company during the period was RMB 12.272 million, an increase of 67.17% year-on-year; basic loss per share was 0.92 cents.

In the first half of the year, NTES (09999) achieved net revenue of approximately 60.7 billion yuan, an increase of 7.0% year-on-year. The long-term operation of games and the reserve of new products is strengthening for long-term development.

NetEase (09999) announced its second quarter earnings for 2026, with net revenue reaching RMB 30.1 billion (USD 4.4 billion), an increase of 7.9% year-on-year. Gross profit was RMB 21.2 billion (USD 3.1 billion), up 17.5% year-on-year. Net profit attributable to shareholders was RMB 7 billion (USD 1 billion). Net profit attributable to shareholders under non-GAAP was RMB 7.7 billion (USD 1.1 billion). Among these, net revenue from games and related value-added services was RMB 25 billion (USD 3.7 billion), an increase of 9.7% year-on-year; Youdao's net revenue was RMB 1.5 billion (USD 216.2 million), up 3.5% year-on-year.

NTES (09999) will distribute a second quarter dividend of $0.096 per share on September 15.

NetEase (09999) announced that the company will distribute a second-quarter dividend of $0.096 per share for the period ending June 30, 2026, on September 15, 2026.

A major turnaround! Political stability and fiscal improvement become the key to attracting investments, as bond investors "abandon legality for intent."

As the market prepares for next year's elections in Italy and France, more and more bond investors are betting that Italys political turmoil will be calmer compared to France.

SEYOND (02665) announced its interim results, with revenue of $139 million, an increase of 127.9% year-on-year.

Tudatong (02665) announced its interim results for the six months ended June 30, 2026, with revenue of $139 million, an increase of 127.9% year-on-year; gross profit of $1549.1 million, an increase of 152% year-on-year; and a loss of $25.104 million for the period, narrowing by 23.2% year-on-year; with a loss per share of $0.02.

Hong Kong Insurance Authority: Insurance premium financing in Hong Kong shows an upward trend in the first half of the year, with its proportion in new business premiums rising to approximately 36%.

The Hong Kong Insurance Authority announced that in the first half of this year, the proportion of premium financing business in Hong Kong rose to approximately 36% of the overall new business premium.

PA GOODDOCTOR (01833) Semi-Annual Report: Profit Structure Continues to Optimize, Managed Medical Service Closed Loop is on the Horizon

The construction of Ping An Good Doctor's "managed healthcare closed loop" is likely to usher in efficient collaboration and comprehensive deepening of ecological resources.

YUZHOU GROUP (01628) expects its mid-term losses to narrow year-on-year.

Yuzhou Group (01628) announced that it expects to incur a loss of approximately RMB 5.3 billion to RMB 6.3 billion for the six months ending June 30, 2026, and that the loss attributable to shareholders of the company is expected to be approximately RMB 3.9 billion to RMB 4.9 billion. In the same period of 2025, the anticipated loss was approximately RMB 7.4 billion, with the loss attributable to shareholders of the company being approximately RMB 5.6 billion. The decrease in reportable losses and losses attributable to shareholders is mainly due to the reduction in impairment amounts on properties held for sale and properties under construction, as well as a decrease in financing costs compared to the same period in 2025, and a one-time gain arising from the cancellation of priority notes due to failure to complete the application on schedule.

AOWEI HOLDING (01370) expects a mid-term loss attributable to shareholders of no more than approximately 20 million yuan.

Aoweikong Holdings (01370) announced that it expects to record a loss attributable to the company's equity holders of no more than approximately RMB 20 million for the six months ending June 30, 2026. This is a decrease compared to a loss of RMB 75.6 million in the same period last year, with an expected year-on-year reduction in loss of approximately 73.5%.

China Telecom Corporation (00728) released its interim results, reporting a profit attributable to shareholders of 19.588 billion yuan, a year-on-year decrease of 14.9%.

China Telecom (00728) announced its interim results for the six months ending June 30, 2026. The group achieved operating revenue of RMB 260.471 billion, a year-on-year decrease of 4.05%; the profit attributable to shareholders amounted to RMB 19.588 billion, a year-on-year decrease of 14.9%; and the basic earnings per share was RMB 0.21.

POP MART (09992) released its mid-term performance, with shareholders' profit of 5.038 billion yuan, an increase of 10.1% year-on-year. Revenue from plush products continues to show strong growth momentum.

Pop Mart (09992) announced its interim results for the six months ended June 30, 2026, reporting revenue of 17.173 billion yuan, an increase of 23.8% year-on-year; the profit attributable to company owners was 5.038 billion yuan, up 10.1% year-on-year; basic earnings per share were 3.8 yuan.

The seasonally adjusted unemployment rate in Hong Kong from May to July was 3.7%, while the underemployment rate rose to 1.7%.

According to the latest labor force statistics published today (August 20) by the Hong Kong government's Census and Statistics Department, the seasonally adjusted unemployment rate for the period from May to July 2026 is 3.7%, the same as the figure for April to June 2026.

YSB (09885) released its mid-term performance report, with a net profit attributable to shareholders of 111 million yuan, an increase of 41.9% year-on-year. The company continues to optimize the category structure of its platform to achieve precise expansion on the supply side.

Yao Shi Bang (09885) announced that for the six months ending June 30, 2026, the group achieved revenue of 10.283 billion yuan, an increase of 4.5% year-on-year; the profit attributable to owners of the company was 111 million yuan, an increase of 41.9% year-on-year; the basic earnings per share were 0.164 yuan.

PHANCY (06682) reported a net profit attributable to the parent company of 119 million yuan for the interim period, with API business revenue experiencing a significant year-on-year increase of approximately 860.8%.

Fanneng Intelligent (06682) announced its results for the six months ending June 30, 2026. The company showed a significant acceleration in revenue growth and continuous improvement in profitability, with its three main business segments achieving efficient collaboration. The company reported revenue of RMB 3.765 billion, an approximately 43.4% increase compared to the same period last year. The net profit attributable to shareholders during the period was RMB 119 million, successfully turning positive compared to the same period last year, and achieved a milestone breakthrough in commercialization.

Ministry of Commerce: From January to July, China's e-commerce experienced stable and innovative development, with Shenzhen Agricultural Power Group and online retail sales of rural products increasing by 12.8% and 5% respectively.

The head of the Department of E-commerce of the Ministry of Commerce introduced the development situation of e-commerce in China from January to July 2026.

NTES Cloud Music (09899) announced its interim performance, achieving revenue of approximately 3.959 billion yuan, a year-on-year increase of 3.4%.

NetEase Cloud Music (09899) announced its mid-year performance for 2026, with revenue of approximately 3.959 billion yuan, a year-on-year increase of 3.4%; gross profit of approximately 1.474 billion yuan, a year-on-year increase of 5.9%; and net profit of approximately 809 million yuan, with an adjusted net profit of approximately 860 million yuan.

Hong Kong: July CPI increased by 1.7% year-on-year.

In July 2026, Hong Kong's overall consumer price index rose by 1.7% compared to the same month last year, which is lower than the corresponding increase of 2.0% in June 2026.

J&T EXPRESS-W (01519) released its interim results, with adjusted net profit of $351 million, an increase of 124.3% year-on-year.

Jitu Express (01519) announced its interim results for the six months ending June 30, 2026, with revenue of $7.672 billion, an increase of 39.5% year-on-year; adjusted net profit of $351 million, up 124.3% year-on-year; and basic earnings per share of 2.8 cents.

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Citigroup: Initiates "Buy" rating for Zijin Mining International (02259), optimistic about production growth and gold price outlook.

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Ganfeng Lithium: Progress on Subsidiary's Involvement in Investment Limited Partnership Matters

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Zhichun Technology (603690.SH) plans to transfer part of its shares in the affiliated company Weidun Crystal Phosphate for 20 million yuan.

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Xiamen Releases Twelve Measures to Promote Exchange and Cooperation with Taiwan

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Yuncong Technology: The company is deeply involved in the national standardized pilot project "Shanghai Virtual-Real Integration Embodied Intelligence Training Ground" and the "Humanoid Robot Qilin Training Ground" project.

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