🏨 China Travel HK Soars Over 100% on Hotel Investment; Xiaomi, BYD, Pop Mart, Kuaishou, and JPMorgan in Focus
HK:0308.HK:China Travel International Investment HK Ltd
China Travel HK surged over 100% after China Tourism Group Hotel Holdings revealed a strategic investment in Argyle Hotel Group. The rally pushed China Travel to a new high, reflecting investor excitement in the hospitality and tourism sector.
HK:1810.HK:Xiaomi Corp
Xiaomi’s CEO Lei Jun personally participated in two test drives of the XIAOMI-W YU7 from Beijing to Shanghai, generating buzz for its entry into the EV space. The activity showcases Xiaomi’s growing ambition in smart mobility.
HK:1211.HK:BYD Co Ltd
Citi stated that BYD’s inventory risk management ahead of the auto industry’s off-season is rational, signaling prudent planning amid demand uncertainties. The firm remains optimistic on BYD’s fundamentals.
HK:1024.HK:Kuaishou Technology
Jefferies maintained a Buy rating for Kuaishou-W, setting a target price of HK$81. The brokerage noted that Kling AI’s monetization pace and multiple competitive advantages are key drivers for future growth.
HK:9992.HK:Pop Mart International Group Ltd
Amazon has partnered with Pop Mart to fight counterfeiting for the first time. Authorities in Zhejiang confiscated over 700 fake LABUBU toys, as the collaboration aims to protect intellectual property globally.
HK:0261.HK:China EB Ltd
China EB Ltd soared 29%, standing out among midday gainers, although the rally came with limited disclosed catalysts.
HK:0267.HK:CITIC Ltd (Parent of Guotai Junan International)
Guotai Junan I experienced wild swings — initially plunging over 15%, before rebounding to trade just 5% lower. Volatility came amid heavy trading volume and market speculation.
HK:0308.HK:China Travel International Investment HK Ltd
China Travel HK announced it is conducting a strategic review of its business portfolio to optimize structure and focus on long-term development. The company emphasized that no decisions have been made yet, and there’s no assurance of a concrete proposal.
US:BABA:Alibaba Group
Alibaba repurchased 694,400 shares worth US$9.99 million on the NYSE, continuing its share buyback program. The move reflects confidence in the company’s valuation and capital return strategy.
Alibaba’s Hong Kong-listed shares tracked gains from its NYSE activity, showing renewed investor interest amid ongoing repurchases and efforts to boost shareholder returns.
HK:0666.HK:MTR Corporation
MTR Corporation revealed it has upgraded eight stations to 5G golden spectrum, enhancing connectivity and planning to introduce AI-powered games and advertising to enrich commuter experiences.
HK:0175.HK:Geely Auto
Geely Auto dropped over 4%, among the day’s laggards on the Hang Seng Index, as sentiment weakened around the auto sector.
HK:0388.HK:HKEX
The Hang Seng Index closed down 149 points at 24,325 on Thursday, pressured by declines in pharmaceuticals and broker stocks, while commodity stocks surged. Turnover rose as shares of China Travel HK, China Hongqiao, CCB, and ABC hit new highs.
HK:3690.HK:Meituan, HK:2015.HK:Li Auto, HK:1810.HK:Xiaomi, and other large caps moved modestly, while investors await key earnings and macro data.
Li Ning climbed over 3% by midday, supported by renewed optimism around China’s domestic consumption and retail recovery.
HK:0939.HK:CCB, HK:1398.HK:ICBC, HK:1378.HK:China Hongqiao, HK:9633.HK:Nongfu Spring, HK:3968.HK:China Merchants Bank, HK:0308.HK:China Travel HK
These large-cap stocks hit new highs, contributing to sector strength in consumer staples, banking, and industrials, despite broader index weakness.
US:META:Meta Platforms
Meta climbed over 2%, continuing its rally as large-cap tech remains the primary driver behind Nasdaq’s recovery.
Concentrix dropped 9% after missing EPS expectations.
CorMedix slid 10% following a stock offering.
Circle Internet rose 12% in its post-IPO rebound.
Coinbase gained 5%, lifted by analyst upgrades and spillover demand from Circle’s volatility.
Traders are watching closely for the upcoming U.S. PCE inflation data, personal income, and consumer sentiment reports. Markets are expected to stay volatile but optimistic as major indices approach new highs.
US:CRWD:Core Scientific
Core Scientific added another 1%, building on a 33% surge, amid reports that CoreWeave may acquire the AI-powered bitcoin miner, validating infrastructure value in crypto and AI crossovers.
US:NKE:Nike
Nike reported a 12% year-on-year drop in 4Q revenue to US$11.1 billion, despite exceeding earnings expectations with an EPS of US$0.14 versus the forecasted US$0.13. The market remained cautious, with shares dipping 2% in after-hours trading. CFO Matt Friend reassured investors that the worst is over as the company restructures.
US:JPM:JPMorgan Chase & Co.
Citi raised its target price for JPMorgan to US$275, maintaining a Neutral rating, citing stable performance and improved sector sentiment.
📰 Malaysia Market Movers: Top Glove Hit by Costs, EcoWorld Soars, and Destini Wins RM71m Train Contract
KL:7113.KL:Top Glove Corporation Bhd
Top Glove reported a 31% fall in 3QFY2025 net profit to RM34.42 million despite a 30% rise in revenue to RM830.25 million. Operating profit stood at only RM8.3 million due to a sharp increase in expenses. Asset sales of RM29.72 million helped cushion the drop.
KL:3905.KL:Mulpha International Bhd
Mulpha will receive RM933.7 million from the sale of its 15.2% stake in Australia’s Aveo Group. The transaction, part of a tag-along deal, values Aveo at A$3.85 billion. Mulpha expects a 63.3% return amounting to RM323.6 million.
KL:1171.KL:MBSB Bhd
MBSB aims to grow its loan book to RM50 billion by FY2026, up from RM43 billion in FY2024. CEO Rafe Haneef said growth will come from sectors like aerospace, renewable energy, semiconductors, and food security.
KL:5211.KL:Sunway Bhd
Sunway Property, via its JV unit Sunway Rawang City Sdn Bhd, is buying 99.6 acres of land in Kuang, Selangor for RM65.1 million. This will expand the adjacent managed industrial park and increase the gross development value by at least RM700 million.
KL:5222.KL:FGV Holdings Bhd
Kenanga Investment Bank recommended shareholders accept Felda’s RM1.30 per share offer for FGV. While the offer is not fair but reasonable, it reflects a premium to recent market prices, despite being up to 34.67% below FGV’s fair value estimate.
KL:5878.KL:KPJ Healthcare Bhd
KPJ is reviewing its overseas operations, especially in Dhaka, Bangladesh. Rising civil unrest has impacted business, prompting a possible exit from the market, according to CFO Mohd Khairul Izzad.
KL:5398.KL:Gamuda Bhd
Gamuda posted a 4.68% increase in 3QFY2025 net profit to RM246.84 million, driven by a strong domestic construction performance. Revenue rose to RM3.09 billion. The company declared a second interim dividend of five sen, bringing YTD payout to 10 sen.
KL:8206.KL:Eco World Development Group Bhd
Eco World reported an 85.3% jump in 2QFY2025 net profit to RM129.83 million. Revenue climbed 58% to RM878.2 million, boosted by a RM402.3 million industrial land sale to Microsoft Payments and full contribution from newly acquired Paragon Pinnacle. A 2 sen dividend will be paid on July 25.
KL:5283.KL:Eco World International Bhd
EWINT turned profitable in 2QFY2025 with a net profit of RM2.3 million versus a RM14.13 million loss a year ago. No revenue was booked due to completed Australian projects, but the quarter benefited from lower impairments and better JV returns.
KL:2593.KL:United Malacca Bhd
United Malacca’s 4QFY2025 net profit rose 57.43% to RM23.74 million, on higher palm oil prices and lower production costs. Revenue rose to RM182.53 million. The group declared 13 sen in dividends — 7 sen interim and 6 sen special — payable on Aug 7.
KL:5027.KL:Kim Loong Resources Bhd
Kim Loong posted a 15.34% decline in 1QFY2026 net profit to RM41.92 million, despite revenue rising 6% to RM411.72 million. Lower processing margins from weaker oil extraction rates impacted profitability.
KL:6718.KL:Crescendo Corp Bhd
Crescendo reported a 97.5% drop in 1QFY2026 profit to RM7.11 million due to the absence of data centre land sales. Revenue fell 87.44% to RM66.25 million. Rising costs from wage hikes and SST changes also weighed on performance.
KL:0074.KL:Green Ocean Corp Bhd
Green Ocean said it is unaware of any developments behind its stock plunge, after being queried by Bursa Malaysia for unusual market activity. Shares hit a record low of eight sen, closing 21.74% lower on Thursday.
KL:7212.KL:Destini Bhd
Destini’s 70%-owned M Rail Technics secured a RM71 million contract from the Ministry of Transport for maintenance and overhaul of KTM’s Class 93/2 electric train sets. The 24-month contract runs from July 2025 to June 2027.
📈 Wall Street Nears Record Highs as Tariff Fears Fade, AI Rally Lifts Nasdaq – Core Scientific, Nvidia, and Kinross Among Big Movers
US:S27:S&P 500
The S&P 500 surged 0.8% to 6,141.02, just shy of its all-time intraday high of 6,147.43. The Nasdaq Composite (US:QQQ) jumped 0.97% to 20,167.91, while the Dow Jones Industrial Average (US:DIA) climbed 404.41 points to 43,386.84. Markets gained after the White House played down July’s tariff deadlines, fueling optimism that trade disruptions could be avoided.
US:NVDA:Nvidia
Nvidia rose 0.5%, touching another all-time high, extending a rally that has seen its shares jump nearly 80% since April. The company continues to benefit from renewed AI enthusiasm and rebounding investor sentiment.
US:META:Meta Platforms
Meta Platforms added over 2%, contributing to the Nasdaq’s strength as tech remains the market’s main growth engine.
US:GOOGL:Alphabet
Alphabet climbed 1.7%, helping push the Nasdaq 100 to new highs earlier this week as chip and cloud tech demand rebound.
US:CORZ:Core Scientific
Core Scientific soared 36% after news broke that CoreWeave may acquire the hybrid AI-bitcoin miner. The stock rally reflects a growing valuation for mining infrastructure aligned with artificial intelligence.
US:IREN:Iren
Iren rose 11%, joining the rally in hybrid miners that are increasingly integrating AI capabilities into their traditional crypto operations.
US:WULF:Terawulf
Terawulf surged 18% on the same Core Scientific deal speculation, as investors chased companies with dual crypto and AI strategies.
US:KGC:Kinross Gold Corp
Kinross Gold jumped over 2% after Jefferies upgraded the stock to Buy, citing its standout free cash flow yield for 2025/26 and potential for higher buybacks.
US:CIRCL:Circle Internet Group
Circle rebounded 12%, regaining ground after a volatile post-IPO performance. Despite regulatory concerns, Circle remains a hot name in stablecoins and crypto infrastructure.
US:COIN:Coinbase
Coinbase rallied 5%, bolstered by analyst upgrades from Bernstein and Oppenheimer and capital rotation from investors trimming positions in Circle.
US:NKE:Nike
Nike dipped 2%, even after topping expectations in its fiscal Q4 earnings. Revenue dropped 12% year-on-year, casting doubt on consumer demand trends.
US:CRMD:CorMedix
CorMedix plunged 10% following an $85 million stock offering, diluting existing shareholders amid ongoing capital needs.
US:CNXC:Concentrix
Concentrix fell 9% after missing EPS estimates in Q2, despite reporting revenue of $2.42 billion, ahead of forecasts.
US:RKLB:Rocket Lab, US:AVAV:AeroVironment, US:KARM:Karman Holdings, US:LOAR:Loar Holdings, US:ACHR:Archer Aviation
These defense and aerospace stocks hit new intraday highs, powering the iShares U.S. Aerospace & Defense ETF to its first record since June 9. Gains ranged from 45% to 75% year-to-date, outpacing larger peers.
US:BA:Boeing, US:NOC:Northrop Grumman, US:LMT:Lockheed Martin
Among larger defense firms, Boeing is up 15% in 2025, while Northrop Grumman has gained nearly 6%. Lockheed Martin, however, is down 5% year-to-date.
US:RUT:Russell 2000
The Russell 2000 index is nearing a key technical breakout level of 2,170, according to Wolfe Research. A break could trigger a summer rally in small-cap equities.
Investors are now focused on upcoming catalysts, including the May PCE inflation report, consumer sentiment, and progress on the U.S. tax bill. Meanwhile, tariff deadline uncertainty remains, but geopolitical tensions have cooled, and the labor market remains strong with jobless claims below forecasts at 236,000.
The market rally has pushed the S&P 500, Dow, and Nasdaq up more than 2–3% this week alone, reinforcing the view that momentum remains strong unless new economic shocks arise.
🏥 IPO Watch: Temasek-Backed Foundation Eyes SGX Listing; UMS, SATS, Aztech, Top Glove & Civmec in Spotlight
SGX:Upcoming:Foundation Healthcare
SGX:Temasek-backed Foundation Healthcare is gearing up for a potential listing on the Singapore Exchange (SGX) within the next two years. Backed by SeaTown Holdings, Foundation was founded in March 2023 with a US$150 million investment and has since grown into one of Singapore’s largest multi-specialist private healthcare networks, with 99 specialists today.
The group runs ambulatory centres and partners with around 150 GP clinics, offering coordinated care. CEO Liaw Yit Ming highlighted the company’s open ecosystem, strong cash flow, and data-driven tech platform that integrates GPs, specialists, and insurers. It also recently partnered with Great Eastern to enhance benefits and transparency for policyholders. Foundation is also eyeing expansion into Malaysia, focusing on urban centres with strong insurance penetration.
SGX:558.SI:UMS Holdings Ltd
KL:Upcoming:UMS Holdings Ltd (Secondary Listing)
UMS Holdings has secured regulatory approval from both Bursa Malaysia and the Securities Commission Malaysia for a secondary listing on Bursa’s Main Market. The proposed listing will not involve any new share issuance. The semiconductor firm first listed on SGX in 2001 and seeks to broaden its investor base and liquidity through the Malaysia listing.
SGX:S58.SI:SATS Ltd
SATS Ltd has completed the sale of its 49% stake in Servair-SATS to Gate Gourmet Switzerland Holding for EUR4.2 million (S$6.27 million). The move is part of SATS’ capital reallocation strategy to unlock value and optimize its investment portfolio.
SGX:8AZ.SI:Aztech Global Ltd
Aztech Global’s unit has sold its property in Gelang Patah, Johor, Malaysia for RM28.75 million (S$8.73 million). The land had remained vacant after operations were consolidated in Pasir Gudang, part of the Johor-Singapore Special Economic Zone. Aztech will record a net gain of RM13.7 million from the sale.
SGX:BVA.SI:Top Glove Corporation Bhd
Top Glove reported a 31% drop in 3QFY2025 net profit to RM34.7 million, despite a 30% rise in revenue to RM830.3 million, driven by a 45% increase in sales volume. The decline was due to higher operating expenses, increased competition, and currency weakness. EBITDA fell 10% to RM117 million. Management remains optimistic about long-term demand for gloves and global market presence across 195 countries.
SGX:P9D.SI:Civmec Ltd
Civmec will acquire Luerssen Australia from NVL Group for A$20 million (S$16 million). The deal includes assets, employees, and licences, aiming to consolidate Australia’s sovereign shipbuilding capability. The acquisition supports Civmec’s ongoing defence contract to build six offshore patrol vessels for the Royal Australian Navy. Completion is expected by July 1, funded through internal reserves.
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