At midday, the HK:3115.HK:Hangseng Index closed up 198. Notably, SINO BIOPHARM, JD HEALTH, HANG SENG BANK, REALORD GROUP, and INNOCARE reached new highs, while XINYI SOLAR fell over 4%.
Among top midday ETF gainers, XL2CSOPNVDA surged 7.3% to HK$143.35. FI CSOP BTC followed with a 4.4% rise, while other ETFs including XL2CSOPNVDA-U, XI2CSOPMSTR, and XI2CSOPCOIN also posted gains ranging from 2.7% to 3.9%.
US:DGT:Dow Jones Industrial Average
President Donald Trump has proposed a 100% secondary tariff on Russia, requiring a truce with Ukraine within 50 days as a condition to avoid punitive measures.
HK:01908.HK:COSCO SHIPPING ENERGY TRANSPORT
While not directly mentioned in these updates, energy and industrial equities may continue to be monitored for macro-level shifts following the release of key economic data.
US:NIO:NIO
Morgan Stanley expects the Onvo L90 model from NIO to hit 5,000 units in monthly sales, maintaining an Overweight rating on the EV maker, citing strong demand potential in China’s premium segment.
HK:06855.HK:ASCENTAGE-B
Shares of ASCENTAGE-B slipped 3.88% after pricing a top-up placement at an 8.2% discount, raising over HKD1.49 billion in net proceeds.
HK:02331.HK:LI NING
LI NING fell nearly 3% as its 2Q25 retail sell-through only recorded low-single-digit growth year-over-year, continuing investor concerns over sluggish consumer spending.
HK:06099.HK:CMSC
CMSC shares jumped over 10% after parent company CMBI reportedly secured a Hong Kong Virtual Asset License—making it the first PRC bank-affiliated broker to do so.
HK:01211.HK:BYD COMPANY
BHP Group is teaming up with CATL and BYD COMPANY to explore new opportunities in battery mineral mining, signaling a deepening push into the EV supply chain.
HK:06110.HK:TOPSPORTS
Citi placed TOPSPORTS on a 30-day upside catalyst watch, expecting gains from the recovery of Nike China’s business. The firm is set to benefit from improved consumer sentiment.
HK:01271.HK:GRAND MING
GRAND MING announced that it has obtained default waivers from lenders, easing immediate debt pressure.
HK:06618.HK:JD HEALTH
JD HEALTH received a target price upgrade to $50 from BofA Securities, which anticipates stronger-than-expected 1H25 results, citing robust revenue growth and improving margins.
HK:0347.HK:ANGANG STEEL
ANGANG STEEL projected narrowing interim losses to RMB1.144 billion, indicating operational recovery despite ongoing macro headwinds.
HK:02238.HK:DOBOT
DOBOT priced its new share placement at a 9.5% discount, raising HKD1.02 billion in net proceeds. The placement aims to strengthen its capital base amid expansion efforts.
CN Real Estate
Shenzhen logged an 8% year-on-year drop in second-hand home transactions last week, highlighting varied regional trends in home listings.
Changsha announced fresh measures to support the property market, including policies encouraging home “trade-ins” and promoting housing voucher resettlements.
HK:06099.HK:CMSC
Further confirmation arrived that CMBI has officially been approved for a Hong Kong Virtual Asset License, marking a landmark move for mainland-affiliated brokers entering the crypto space.
China–U.S. Trade Diplomacy
China’s Vice Minister of Commerce urged for dialogue over confrontation in ongoing China–U.S. trade relations, amid rising tensions fueled by sanctions and tariffs.
HK:09868.HK:XPENG
JPMorgan expects China’s auto sector to show mixed 1H25 results, despite a 9% YTD gain. LEAPMOTOR is forecast to shine with a 53% QoQ sales surge, driven by strong model demand and strategic partnerships. XPENG also sees its target price lifted to $100, benefiting from improved margins and subsidies.
HK:09863.HK:LEAPMOTOR
JPMorgan expects China’s auto sector to show mixed 1H25 results, despite a 9% YTD gain. LEAPMOTOR is forecast to shine with a 53% QoQ sales surge, driven by strong model demand and strategic partnerships. XPENG also sees its target price lifted to $100, benefiting from improved margins and subsidies.
HK:02331.HK:LI NING
Daiwa slashed LI NING’s target price to $14 due to weak 2Q25 sales during the 6.18 shopping festival. The firm remains cautious for 2H25. Several brokerages, including M Stanley, BofAS, Nomura, Citi, UBS, and CLSA echoed concerns over slowing growth and pressured earnings.
HK:08722.HK:JD HEALTH
UBS raised JD HEALTH’s target price to HKD51.5 with a Buy rating. Nomura echoed the upgrade, forecasting strong 1H earnings. The company also hit a new high during midday trading.
HK:00011.HK:HANG SENG BANK
Citi has upgraded HANG SENG BANK to a “Buy” rating, reflecting improved outlook and performance expectations for the financial institution.
HK:02388.HK:BOC HONG KONG
Citi raised the target price for BOC HONG KONG, indicating confidence in the bank’s fundamentals and earnings potential.
HK:00023.HK:BANK OF EAST ASIA
BANK OF EAST ASIA also received a target price increase from Citi, suggesting stronger investor sentiment toward the bank’s future growth.
HK:00027.HK:GALAXY ENTERTAINMENT
Macquarie reaffirmed GALAXY ENTERTAINMENT as its top pick for 3Q25, citing a stable Macau gaming market outlook and solid fundamentals.
HK:01772.HK:Ganfeng Lithium
M Stanley warned Ganfeng Lithium’s 3Q earnings could be under pressure, citing lowered prices and performance drag. CLSA and UBS also flagged weaker results and negative market sentiment.
HK:01099.HK:SINOPHARM
M Stanley cut SINOPHARM’s target price to $22.5 but maintained an Overweight rating, anticipating long-term stability despite short-term challenges.
HK:06618.HK:JD LOGISTICS
BOCOMI expects JD LOGISTICS’s 2Q performance to meet forecasts, keeping its Buy rating unchanged, driven by e-commerce momentum.
US:NVDA:Nvidia
Nvidia received U.S. approval to sell its H20 AI chips to China. CEO Jensen Huang emphasized China’s importance to U.S. tech firms, with support from former President Trump on his China visit.
SGX:5TP.SI:H2G Green
GasHubUnited Utility, a subsidiary of SGX:5TP.SI:H2G Green, has signed two Memoranda of Understanding (MOUs) for power generation projects in the Philippines, marking a significant overseas expansion.
H2G Green says the MOUs align with its strategy to expand clean energy solutions regionally. CEO Bentinck Ng of GasHub and CEO Pek Hak Bin of H2G Green highlighted the projects’ strategic value in growing LNG and green hydrogen businesses.
📈 China Medical System Surges on SGX Debut Amid Growing Regional Expansion Plans
SGX:CHM.SI:China Medical System
HK:0867.HK:China Medical System
Shares of China Medical System (CMS) surged 11.2% on their secondary listing debut on the Singapore Exchange (SGX) on Tuesday (Jul 15). Opening at S$2.05, CMS shares rose steadily to S$2.28 by midday, marking a 6.3% increase within the first 15 minutes and a total gain of 11.2%, with about 150,000 shares traded.
This marks the 40th healthcare listing on SGX, with CMS reaching a market capitalisation of HK$28.64 billion (S$4.67 billion). Despite the SGX listing, no new shares were issued, and the stock will remain primarily listed on the Hong Kong Stock Exchange.
CMS is a specialty pharmaceutical group focused on sales, R&D, regulatory approval, and commercialisation in China. Its product portfolio covers cardio-cerebrovascular, central nervous system, gastroenterology, dermatology, and ophthalmology. It has been listed in Hong Kong since 2010 and maintains its regional headquarters in Singapore for operations in Southeast Asia and the Middle East.
As of Dec 31, 2024, CMS held 40 innovative products in its pipeline and aims to scale operations through four core platforms:
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CMS R&D (drug discovery for global markets)
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PharmaGend (regional manufacturing and supply)
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Rxilient Health (Southeast Asia commercialisation)
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A Singapore-based venture arm (strategic regional investments)
According to SGX’s head of global sales Pol de Win, CMS’s listing showcases Singapore’s strength as a capital and innovation hub, while CMS CEO Lam Kong said the move strengthens the group’s internationalisation strategy and accelerates development across the full pharma value chain.
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