China’s AI, Trade Talks and Alibaba’s Futuristic Glasses Dominate Market Buzz

HK:9988.HK:Alibaba Group

Alibaba unveiled its first self-developed AI-powered smart glasses, integrating Alipay’s “Look-and-Pay” feature to enable seamless payments. The launch highlights Alibaba’s deepening push into wearable AI and fintech integration.

HK:3115.HK:Hang Seng Index

China is considering establishing a global artificial intelligence organization headquarters in Shanghai, signaling its bid to lead AI governance and development on the international stage.

HK:3115.HK:Hang Seng Index

China’s industrial enterprise profits slipped 1.8% in the first half of 2025, though the June decline narrowed to 4.3%, showing early signs of stabilization amid weak demand.

HK:3115.HK:Hang Seng Index

A top-tier U.S. business delegation is set to visit China, underscoring ongoing corporate engagement despite tariff and trade headwinds.

HK:3115.HK:Hang Seng Index

The U.S. and China opened a fresh round of trade negotiations, with former President Donald Trump stating a trade deal is “very close,” raising hopes for tariff relief and improved market sentiment.

Analysts, Deals, and AI Push Hong Kong Stocks as Global Trade Shifts

HK:0005.HK:HSBC Holdings

HSBC completed a USD3 billion buyback and repurchased over 380,000 shares worth HKD38.8 million last Friday.

HK:2600.HK:GCL Tech

Chairman Zhu Gongshan cut his stake to 18.59% but signaled plans to increase holdings soon, supporting investor confidence despite volatility.

HK:0853.HK:MicroPort Scientific

Shares surged nearly 10% in early trading despite a substantial shareholder selling 291 million shares, with buyers driving a rebound.

HK:0001.HK:CK Hutchison Holdings

CK Hutchison’s exclusive negotiation period for its Hutchison Ports Group deal expired. The company plans to invite major Chinese strategic investors as consortium members to push the stalled transaction forward.

HK:0941.HK:China Mobile

China Mobile unveiled Lingxi Smart Body 2.0, expanding its AI-driven health and wearable ecosystem to attract new consumer segments.

HK:0700.HK:Tencent Holdings

Tencent launched its “AI Product Application Panorama,” highlighting its ecosystem expansion into large-model AI tools across multiple business units.

HK:0020.HK:SenseTime Group

SenseTime showcased its SenseNova 6.5 large model and “Wu Neng” embodied AI platform, signaling advancements in real-world interactive AI deployment.

HK:9618.HK:JD-SW (JD.com)

JD.com unveiled its upgraded large AI model JoyAI alongside a new intelligent brand, JoyInside, aimed at deepening AI integration across retail.

HK:600050.HK:China Unicom

China Unicom launched centralized procurement for general-purpose servers with a total budget of RMB8 billion, aimed at bolstering its cloud and network infrastructure expansion.

HK:0876.HK:Hengrui Pharma

Hengrui Pharma shares opened 11% higher after sealing an exclusive licensing agreement with GSK, potentially worth USD12 billion in milestone payments, boosting optimism on innovative drug pipelines.

HK:2318.HK:Ping An Insurance

HK:2601.HK:CPIC

HK:2628.HK:China Life Insurance

Morgan Stanley noted the cut in suggested insurance product interest rate caps has eased sector risks, fueling optimism for China Life, Ping An, and CPIC as insurers reduce liability costs and improve profitability.

HK:1890.HK:Laopu Gold

Laopu Gold slipped about 3% in early trade despite a positive profit alert, as analysts, including Citi and Nomura, reiterated “Buy” calls with targets up to USD1,148, focusing on 2H pricing strategy and valuation appeal.

Analysts Shift Targets on Chinese Blue Chips and Sector Leaders Amid Earnings Momentum

HK:0386.HK:Sinopec Corp

Citi has cut its target price for Sinopec Corp to $5.20 while keeping PetroChina as its preferred sector pick. Separately, Bank of America Securities flagged Sinopec’s 1H25 operating data as below expectations, maintaining a $4.80 target price.

HK:0857.HK:PetroChina

Despite lowering Sinopec’s outlook, Citi reaffirmed PetroChina as its top pick in the energy sector, citing stronger fundamentals and resilience amid volatile oil markets.

HK:9992.HK:Pop Mart

JPMorgan reiterated its “Overweight” rating on Pop Mart, setting a target price of $340, expecting continued growth from product innovation and international expansion.

HK:9999.HK:NetEase

HK:9626.HK:Bilibili

JPMorgan downgraded NetEase and Bilibili to “Neutral” amid slowing momentum and rising competitive pressures in China’s gaming and content markets.

HK:1299.HK:AIA Group

Morgan Stanley raised AIA’s target price to HKD96, projecting strong 2Q new business value growth, supported by robust margins and expanding distribution.

HK:0941.HK:China Mobile

HSBC Research highlighted China Mobile as its top pick in China’s telecom sector, expecting accelerated revenue growth in 2Q2025 driven by enterprise and 5G adoption.

HK:0388.HK:HKEX

Citi raised its target price for Hong Kong Exchanges and Clearing (HKEX) to $490 on the back of sustained market turnover, while Goldman Sachs maintained a bullish view, keeping a HKD500 target.

HK:2318.HK:Ping An Insurance

HK:2601.HK:CPIC

HK:2628.HK:China Life Insurance

HK:1299.HK:AIA Group

Multiple brokerages, including Guosen Securities and JPMorgan, spotlighted Ping An, CPIC, China Life, and AIA as beneficiaries of lowered preset interest rates, which could ease liability costs and drive product shifts toward participating policies. JPMorgan named China Life its top pick among life insurers.

HK:9633.HK:Nongfu Spring

Citi lifted its target price to $53.30, forecasting a 22% 1H25 net profit rise, while Goldman Sachs raised its target to HKD48 with a “Buy” rating. HSBC, however, downgraded Nongfu Spring to “Hold,” citing rising competition despite increasing its target to $47.40.

HK:2233.HK:SenseTime Group

Zhongtai Securities initiated coverage on SenseTime with an “Overweight” rating, citing rapid advancements in AI deployment and strong government and enterprise demand for its technologies.

HK:1890.HK:Laopu Gold

Goldman Sachs maintained its target price at HKD1,090 after Laopu Gold’s first-half net profit met expectations, keeping its outlook steady.

Global Markets Brace for Big Earnings, Tariffs, and Corporate Moves as Asia and Wall Street Stir

SGX:G07.SI:Great Eastern Holdings

Great Eastern Holdings will send election forms from July 29, allowing shareholders to choose between bonus ordinary shares or Class C non-voting shares, with responses due by August 7. Class C shares, which lack voting rights, trading liquidity, and exchangeability for five years, will mainly be taken by SGX:O39.SI:OCBC to dilute its voting stake to 88.19%, enabling Great Eastern to restore the 10% free float needed for trading resumption.

SGX:S27.SI:S&P 500

US:QQQ:Nasdaq Composite

US:DGT:Dow Jones Industrial Average

Wall Street stocks were muted Monday as investors awaited major earnings, economic data, and a Federal Reserve decision. The S&P 500 edged up less than 0.1% to 6,389.77, the Nasdaq Composite rose 0.3% to a record 21,178.58, while the Dow Jones Industrial Average slipped 0.1% to 44,837.56. Gains were capped despite optimism from the U.S.–EU trade deal and ongoing U.S.–China trade talks in Stockholm.

US:NKE:Nike

Nike surged 3.9% after JPMorgan Chase upgraded the stock, with optimism supported by a U.S.–Vietnam trade accord, which eased tariff concerns and lowered potential cost pressures.

HK:02250.HK:B.Duck SEMK

B.Duck SEMK forecast over 30% y-o-y revenue growth for the first half of 2025, narrowing operating and net losses by no less than 30% and around 16%, respectively, compared to a HKD20.96 million operating loss a year earlier.

HK:0728.HK:China Telecom

HK:0992.HK:Lenovo

China Telecom and Lenovo announced a strategic partnership to jointly develop AI-driven intelligent computing solutions, signaling deeper collaboration in China’s expanding AI and cloud technology space.

HK:0005.HK:HSBC Holdings

HSBC Global Research projected Hong Kong property prices to rise 2% in 2025 and 3% in 2026, stating the property market is emerging from its worst cycle, signaling potential sector recovery momentum.

HK:0388.HK:HKEX

Goldman Sachs lifted its target price for HKEX to HKD500 while raising its earnings per share forecasts, citing stronger trading volumes and improved market sentiment across Hong Kong equities.

HK:2318.HK:Ping An Insurance

HK:2628.HK:China Life Insurance

HK:1299.HK:AIA Group

UBS highlighted Ping An, China Life, and AIA China as top beneficiaries in transitioning to participating insurance products, forecasting sustained premium and margin growth amid industry shifts.

HK:1093.HK:Hengrui Pharma

Hengrui Pharma’s shares surged over 24% as Chinese insurers and pharmaceutical stocks led the Hang Seng Index higher, which climbed 173 points to close at 25,562.

HK:0001.HK:CK Hutchison Holdings

CK Hutchison advanced in its port divestment plan, confirming talks to bring in a Chinese strategic investor as it restructures the consortium, easing regulatory hurdles for its Panama Canal port business sale.

Malaysia Corporate Earnings and Deal Moves — Key Winners, Losses, and Contract Shifts Drive Headlines

KL:0217.KL:Eco-Shop Marketing Bhd

Eco-Shop Marketing Bhd posted a 10.1% y-o-y drop in 4QFY2025 net profit to RM57 million, hit by a 65.1% jump in operating costs from store openings, wage hikes, and IPO expenses. Revenue climbed 7.5% to RM689 million, buoyed by new outlets and pricing gains. A one sen dividend was declared, totaling RM57.5 million.

KL:0264.KL:Alpha IVF Group Bhd

Alpha IVF Group Bhd’s 4QFY2025 net profit rose 14.7% to RM16.07 million on stronger sales of assisted reproductive services. Full-year profit grew 8.5% to RM57.45 million. The group declared a higher dividend and plans regional expansion with new IVF centres across Malaysia, the Philippines, and Indonesia.

KL:03013.KL:Zetrix AI Bhd

Zetrix AI Bhd, formerly MyEG Services, is out of foreign worker permit renewals after the Home Ministry opted not to extend its one-plus-one-year deal, awarding a six-year contract to Bestinet Sdn Bhd. The end date for Zetrix’s involvement has not been formally announced.

KL:7293.KL:Yinson Holdings Bhd

Yinson Holdings Bhd secured a US$600 million (RM2.5 billion) charter for a newbuild floating storage and offloading vessel at Vietnam’s Block B gas field. The 14-year lease, extendable by nine years, was awarded to PTSC SEA, a 49:51 joint venture between Yinson Production Capital and PetroVietnam Technical Services Corporation.

KL:8877.KL:Ekovest Bhd

KL:5035.KL:Knusford Bhd

The RM450 million merger plan between Ekovest Bhd and Knusford Bhd collapsed after the third deadline on July 27, 2025, lapsed without extension. The deal, which involved Knusford acquiring Ekovest Construction via new shares, aimed to consolidate Tan Sri Lim Kang Hoo’s construction assets.

KL:3379.KL:Insas Bhd

KL:0119.KL:Microlink Solutions Bhd

Insas Bhd became Microlink Solutions Bhd’s largest shareholder with a 32.89% stake after subscribing to 479.46 million rights shares at 16 sen each, totaling RM76.72 million. The move expands Insas’ exposure to ICT-focused firms with strong fundamentals.

KL:5196.KL:Berjaya Food Bhd

Berjaya Food Bhd proposed a bonus issue of up to 885.91 million warrants, on a one-for-two basis. The 10-year warrants could raise up to RM265.8 million upon full exercise to fund working capital.

KL:8834.KL:Ireka Corporation Bhd

Ireka Corporation Bhd received a mutual termination notice for its RM1.07 billion Pan Borneo Highway subcontract with Gammerlite Sdn Bhd, citing funding issues and MTD Construction’s exit. Ireka is contesting the termination, seeking compensation and recovery for partially completed work.

Singapore and Asia Stocks in Focus — Earnings Moves, Strategic Deals, and Expansion Drive Market Sentiment

SGX:G07.SI:Great Eastern Holdings

Great Eastern Holdings will issue 473.3 million bonus ordinary shares or Class C non-voting shares on August 19, following shareholders’ rejection of a delisting bid. For 2QFY2025, earnings fell 11% y-o-y to $248.2 million, weighed by weaker insurance profits. Despite a 19% drop in weighted new sales to $363.5 million, new business embedded value rose 14% to $167.7 million, with margins up 13.4 percentage points. The group declared an interim dividend of 50 cents per share, adjusted to 25 cents post-bonus issue.

SGX:558.SI:UMS Holdings

DBS raised its target price on UMS Holdings to $1.84, maintaining a “buy” call on AI-driven growth and robust demand from semiconductor customers. The group benefits from production ramp-ups, new product introductions, and its Penang plant expansion, while continuing to supply key customers like Applied Materials. DBS warns disruptions to Applied Materials’ end demand could pose risks, but sees strong positioning amid global supply chain shifts away from China and the US.

HK:0001.HK:CK Hutchison Holdings

US:BLK:BlackRock

HK:1919.HK:China Cosco Shipping

CK Hutchison Holdings confirmed talks to bring a major Chinese investor, likely China Cosco Shipping, into its consortium with BlackRock and Terminal Investment to purchase 43 global ports, including two along the Panama Canal. The move aims to ease Beijing’s concerns and regulatory hurdles after initial opposition. Shares have rebounded after a 37% surge and subsequent slump since the March announcement, with the deal potentially netting CK Hutchison over US$19 billion if approved.

US:TRUMP:Donald Trump (Policy Impact)

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng began talks in Stockholm to extend a tariff truce and address fentanyl-related levies, rare-earth export controls, and energy imports. Trump has praised China’s steps on fentanyl, though Washington sees further action needed before cutting the 20% tariffs. Any deal could pave the way for a Trump-Xi meeting later this year, potentially shaping tariffs on energy, agriculture, and autos.

SGX:5MZ.SI:MoneyMax Financial Services

MoneyMax shares have surged 88% year-to-date to 62 cents, their highest since listing in 2013, as gold prices above US$3,000 boost pawnbroking loans and retail margins. FY2024 revenue rose 36.5% to $390.1 million, with net profit up 69.4% to $40 million and ROE at 23.1%. The company is expanding its pawnshop footprint, commemorative gold products, and secured lending, with analysts citing potential for further institutional interest despite a modest 5.3x P/E.

SGX:BSL.SI:Raffles Medical Group

Raffles Medical Group reported a 4.8% y-o-y earnings increase to $32.1 million for 1HFY2025, with revenue up 3.5% to $378.4 million. Growth came from hospital and insurance services, though insurance posted a $3.1 million operating loss. Executive chairman Dr. Loo Choon Yong signaled a continued focus on China, with hospitals nearing breakeven and new partnerships with local institutions, while targeting profitability by FY2026 before considering further expansion.

Singapore Banks Brace for Earnings Pressure — Maybank Flags Weak Margins, Minimal Dividend Surprises

SGX:O39.SI:Oversea-Chinese Banking Corporation (OCBC)

OCBC will announce its 2QFY2025 results on August 1, with Maybank Securities warning of “flat-to-negative” earnings amid faster net interest margin (NIM) compression, despite modest credit growth and wealth fees. Analyst Thilan Wickramasinghe says OCBC’s liquidity has been directed into low-risk assets, squeezing yields. The market also awaits clarity on the bank’s strategy following CEO Helen Wong’s retirement and the failed Great Eastern privatization.

SGX:D05.SI:DBS Group

DBS, set to report earnings on August 7, may see slightly better resilience from wealth fees and trading income, though Maybank expects sequential declines in net interest income as falling SORA rates pressure NIMs. Management is likely to downgrade guidance as tariff-related impacts become clearer after Liberation Day.

SGX:U11.SI:United Overseas Bank (UOB)

UOB, also reporting on August 7, could surprise positively on wealth fees and trading income, but is still expected to reinstate suspended earnings guidance as it factors in margin compression. Loan growth, up 3.5% y-o-y in May, offers partial support, but is unlikely to reverse net interest income weakness.

Earnings Swings and Analyst Calls Drive Moves Across Singapore and Global Stocks

SGX:D5IU.SI:Lippo Malls Indonesia Retail Trust

Lippo Malls Indonesia Retail Trust swung to a profit of $3.64 million for 2QFY2025, reversing losses from last year, while 1HFY2025 earnings reached $23.02 million. Gross revenue rose 4.5% y-o-y to $50.3 million, despite a weaker rupiah, with higher occupancy and rental income. Gearing eased to 43.86% as the trust continued asset enhancement initiatives at 10 malls.

SGX:595.SI:GKE Corporation

GKE Corporation reported $8.85 million in earnings for FY2025, up 105.6% y-o-y, with revenue climbing 14.4% to $126.5 million. Growth was driven by trucking, freight forwarding, marine logistics, and warehousing, alongside contributions from its retail and telecommunications distribution business. A final dividend of 0.35 cents per share was declared.

SGX:V03.SI:Venture Corporation

CGS International maintained a “hold” call on Venture Corporation, forecasting 1HFY2025 net profit to fall 14% y-o-y to $106 million on a 9% revenue drop to $1.26 billion. Analysts warned of tariff-driven uncertainties but raised the target price to $12.14, citing strong cash reserves and potential valuation support from the MAS equity market development programme.

US:ILMN:Illumina

Illumina highlighted research funding pressures and tariff-driven inflation challenges for academic and government clients in its 2QFY2025 call, adding to broader headwinds for tech suppliers like Venture Corporation.

SGX:TS0U.SI:OUE REIT

OUE REIT posted 1HFY2025 revenue and net property income declines of 10.1% and 10.6% y-o-y due to the sale of Lippo Plaza Shanghai. Analysts remain positive, citing $9.4 million in interest cost savings and high 95.5% occupancy in its commercial segment. Target prices range from 30 cents (Maybank) to 40 cents (Phillip Securities).

SGX:C6L.SI:Singapore Airlines

Singapore Airlines’ 1QFY2026 net profit plunged 58.8% y-o-y to $186 million despite a record 10.3 million passengers carried. Revenue edged up 1.5% to $4.79 billion, but lower yields, reduced interest income, and Air India losses weighed on earnings. SIA plans to expand regional capacity post-Jetstar Asia closure.

SGX:AU8U.SI:CapitaLand China Trust

OCBC downgraded CapitaLand China Trust to “hold” before its July 29 EGM on injecting CapitaMall Yuhuating into Capitaland Commercial C-REIT, slated for Shanghai listing. While Lim raised her target price to 76.5 cents, she flagged dilution risks if IPO proceeds are mainly used for debt repayment.

SGX:AWX.SI:AEM Holdings

DBS lifted AEM Holdings’ target price to $2.10, citing its edge in system-level testing and chip complexity tailwinds from AI, 5G, and IoT. Analysts noted strong customer wins but warned of risks from slower customer ramp-ups. CEO Amy Leong resigned July 28 amid board-driven leadership changes.

HK:0144.HK:Hutchison Port Holdings Trust

Hutchison Port Holdings Trust posted HK$265.1 million 1HFY2025 earnings, up 68% y-o-y, on 6% revenue growth to HK$5.65 billion. DBS raised its target price to 22 US cents, forecasting an 8% yield, despite expected 6% declines in US-bound cargo volumes in 2H2025.

SGX:ME8U.SI:Mapletree Industrial Trust

Mapletree Industrial Trust reported a DPU of 3.27 cents for 1QFY2025/2026, down 4.7% y-o-y, as higher borrowing costs cut joint venture distributions. Gross revenue and NPI grew marginally to $175.9 million and $133.6 million, with occupancy at 91.4%. Positive rental reversions averaged 8.2%.

SGX:M04.SI:Mandarin Oriental International

Mandarin Oriental International saw underlying profit rise 6% y-o-y to US$24 million for 1HFY2025, with RevPAR up 11% to US$430 and ebitda climbing 4% to US$61 million. Gains were boosted by property disposals and new hotel ramp-ups in Europe, the Middle East, and China.

SGX:E28.SI:Frencken Group

DBS reiterated a “buy” on Frencken Group, hiking its target price to $2.03, citing its semiconductor rebound exposure and benefits from MAS’s equity market programme. With semiconductors forming 49% of revenue, analysts see the group positioned to capture industry growth but flagged risks from global economic slowdowns.

Wall Street Treads Water as Big Earnings and Fed Loom — Stocks Swing on Results, Downgrades, and Tariff News

SGX:S27.SI:S&P 500

US:DGT:Dow Jones Industrial Average

US:QQQ:Nasdaq Composite

The S&P 500 inched up 0.02% to 6,389.77, while the Nasdaq Composite climbed 0.33% to 21,178.58. The Dow Jones Industrial Average dipped 64.36 points, or 0.14%, to 44,837.56. Traders looked past a new U.S.-EU trade deal as they braced for the Federal Reserve’s rate decision, jobs report, and a wave of earnings from Meta Platforms (US:META), Microsoft (US:MSFT), Amazon (US:AMZN), and Apple (US:AAPL).

US:GEV:GE Vernova

GE Vernova was hit with downgrades from Guggenheim and Mizuho after a 95% year-to-date rally. Guggenheim dropped its $600 target, while Mizuho raised its target to $670 but warned of stretched valuations.

US:COIN:Coinbase

US:CIRCLE:Circle

US:SHOP:Shopify

US:BTC:Bitcoin

Monness, Crespi, Hardt downgraded Coinbase to neutral, citing its reliance on sentiment and extended crypto upcycle. Coinbase, down 10% from record highs, slid 3% as optimism tied to Circle’s IPO, Shopify payments, and Bitcoin momentum showed signs of fatigue.

US:OPEN:Opendoor

US:KSS:Kohl’s

US:DNUT:Krispy Kreme

US:GPRO:GoPro

Opendoor sank over 2% after delaying a reverse stock split vote to August 27, amid frenzied meme trading alongside Kohl’s, Krispy Kreme, and GoPro. Opendoor’s stock surged 365% in July despite recent pullback.

US:CDNS:Cadence Design Systems

Cadence shares jumped 6% after reporting Q2 earnings of $1.65 per share on $1.28 billion revenue, topping estimates and raising full-year guidance.

US:NUE:Nucor

Nucor slid 4% as Q2 earnings of $2.60 per share on $8.46 billion revenue missed forecasts, with management warning of weaker Q3 steel mill earnings.

US:WHR:Whirlpool

Whirlpool tumbled 13% after posting $1.34 per share in adjusted Q2 earnings, missing consensus of $1.74, with revenue and full-year guidance also falling short.

US:WU:Western Union

Western Union dropped over 3% on Q2 earnings of $0.42 per share and $1.03 billion revenue, both missing expectations, prompting a full-year outlook cut.

US:RMBS:Rambus

Rambus surged 5% as Q2 earnings rose 60% year-over-year to $0.53 per share, with revenue jumping over 30% to $172.2 million.

US:TLRY:Tilray Brands

Tilray gained 2% after posting $0.02 per share in Q4 earnings, beating estimates, though revenue of $224.5 million missed analyst forecasts.

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