🚨 Hong Kong Markets & Corporate Movers: Beer, Tech, Casinos and Property in Spotlight

HK:3115.HK:Hang Seng Index
At midday, the Hang Seng Index rose 48 points (+0.2%) to 25,224, while the Hang Seng Tech Index gained 5 points (+0.1%) to 5,584. The Hang Seng China Enterprises Index advanced 11 points (+0.1%) to 9,045.

Key movers included:

HK:00700.HK:Tencent +0.9% at HK$592.5

HK:09988.HK:Alibaba +0.8% at HK$119.5

HK:03690.HK:Meituan -0.3% at HK$121.1

HK:01810.HK:Xiaomi flat at HK$53.05

HK:00291.HK:China Resources Beer
China Resources Beer reported interim net profit up 23% YoY to RMB5.789B, with EPS at RMB1.78. Revenue inched up 0.8% to RMB23.94B. Interim dividend hiked 24.4% to RMB0.464 per share.

HK:01810.HK:Xiaomi | HK:06887.HK:Sunshine Pharma
Soochow Securities highlighted southbound fund flows last week (Aug 11–15). Xiaomi saw net inflows of HK$3.317B, while Sunshine Pharma attracted HK$3B+.

US:GS:Goldman Sachs | HK:0005.HK:HSBC Holdings
Goldman Sachs said the HIBOR surge to 2% is in line with expectations, and among Hong Kong banks, only HSBC Holdings carries a “Buy” rating.

HK:09863.HK:Leapmotor
BofA Securities raised its target price for Leapmotor to HK$90, citing stronger sales and profit forecasts.

HK:02282.HK:MGM China | HK:00027.HK:Galaxy Entertainment
HSBC Research estimated Macau August GGR at MOP21.6B–22.7B, recommending MGM China and Galaxy Entertainment.

HK:01113.HK:CK Asset
CLSA raised its target price on CK Asset to HK$34.1, maintaining a “Hold” rating.

HK:01972.HK:Swire Properties | HK:0101.HK:Hang Lung Properties | HK:01997.HK:Wharf REIC | HK:0823.HK:Link REIT | HK:00012.HK:Henderson Land | HK:00083.HK:Sino Land
JPMorgan expects 1-month HIBOR to remain in the 2–3% range and favors property names: Swire Properties, Hang Lung Properties, Wharf REIC, Link REIT, Henderson Land, and Sino Land.

HK:01797.HK:East Buy
East Buy surged nearly 10%, reaching a 2.5-year high, buoyed by southbound capital. The stock has tripled in just 1.5 months.

🚀 China & HK Market Buzz: AI, Banks, Biopharma, Autos & IPO Action

Shanghai AI Push
Shanghai announced plans to promote iterative upgrades of smart consumer terminals, including AI computers, smart glasses, and mobile handsets.

HK:09863.HK:Leapmotor
CLSA lifted its target price on Leapmotor to HK$80, citing a strong product cycle driving profitability.

HK:03988.HK:BOC | HK:01398.HK:ICBC
JPMorgan reiterated its positive stance on China’s banking sector, with Bank of China (BOC) and Industrial & Commercial Bank of China (ICBC) as top H-share picks.

HK:01177.HK:Sino Biopharm
Nomura raised Sino Biopharm’s target price to HK$9.17, calling interim results “largely in line.” Separately, Citi boosted its target to HK$10.5 with a “Buy.” Shares still fell ~5% post-results.

US:NVDA:NVIDIA
Morgan Stanley forecast strong 2FQ results for NVIDIA, lifting its target price to US$206.

Qwen
Chinese AI firm Qwen launched its all-in-one image editing model, Qwen-Image-Edit.

HK:09618.HK:JD.com
JD.com (JD-SW) said it now provides “five social insurance and one housing fund” benefits to 150,000 full-time food delivery riders.

Shein
Shein is reportedly considering re-domiciling to China to pave the way for a Hong Kong IPO.

HK:00175.HK:Geely Auto
HSBC Research raised Geely Auto’s target price to HK$30 with a “Buy” rating, expecting earnings growth in 2H.

HK:00762.HK:China Unicom
Goldman Sachs reiterated a “Buy” on China Unicom, citing solid dividend growth.

HK:0780.HK:Tongcheng Travel
HSBC Research upgraded Tongcheng Travel to “Buy” with a HK$24 target, while Citi raised its TP to HK$28. Shares jumped 4.2% post-results.

HK:03933.HK:United Lab
United Lab surged ~9% after opening lower, as it guided for 1H net profit to rise 24%.

HK:02669.HK:Ascletis Pharma
Ascletis-B raised HK$468M via a discounted top-up placement, with controlling shareholders netting HK$388M. Shares opened ~10% lower.

HK:00066.HK:MTR Corp
MTR Corporation is reportedly arranging a HK$23B green syndicated loan.

HK:01113.HK:CK Asset
CK Asset’s executive director Justin Chiu called Hong Kong the “top pick for investment” and pledged support for peers facing short-term cash flow issues.

HK:01357.HK:Shuangdeng Group
Shuangdeng’s IPO margin subscriptions were oversubscribed by ~263x.

HKEX:HK:0388.HK:HKEX
HKEX is weighing a shift to T+1 settlement, while the HKMA has urged banks to prepare early.

HK:01357.HK:Meitu | HK:09988.HK:Alibaba
Meitu announced a collaboration with Alibaba (BABA-W) to strengthen AI and tech complementarity.

📊 China & HK Morning Brief: Loan Policy, HSBC Buyback, and Luxshare IPO

China Personal Loan Policy
China will launch its personal consumer loan interest subsidy policy in September. Market sources indicate rates will still remain above 3%.

HK:0005.HK:HSBC Holdings
HSBC Holdings repurchased about 5.59M shares yesterday, worth HK$552M, as part of its ongoing share buyback program.

HK:002475.SZ:Luxshare Precision
Luxshare Precision has submitted an application for a Hong Kong H-share IPO, expanding its capital market presence beyond Shenzhen.

💰 Singapore Banks 2Q Wrap: DBS Stands Tall While OCBC & UOB Lag

SGX:D05.SI:DBS Group
RHB Bank Singapore reaffirmed DBS Group Holdings as its top pick in the Singapore banking sector after a resilient 2QFY2025. DBS’s 1HFY2025 patmi met expectations, hitting 53% of both RHB’s and consensus full-year forecasts. Strong dividend visibility and steady returns supported its outperformance. RHB maintained a “Buy” call with a target price of $52.80.

SGX:O39.SI:Oversea-Chinese Banking Corporation (OCBC)
OCBC’s results fell short on weaker-than-expected net interest income (NII) and net interest margins (NIMs). Interim dividends were reduced in line with lower profitability. RHB assigned a “Neutral” call, with a target price of $17.50.

SGX:U11.SI:United Overseas Bank (UOB)
UOB missed estimates as loan growth underperformed and provisions came in higher than expected. Interim DPS was trimmed. RHB retained a “Neutral” rating with a target price of $38.80.

Sector Trends

Sector 2QFY2025 patmi declined 3% y-o-y and 5% q-o-q, pressured by lower operating income.

NIMs compressed by 9bps q-o-q and 16bps y-o-y, dragging NII down.

Non-interest income fell 6% q-o-q on weaker fees but rose 8% y-o-y on stronger fee base.

Cost-to-income ratio rose to 41% (+2ppts q-o-q).

Asset quality stayed stable: credit cost eased to 19bps (vs. 30bps in 1QFY2025), gross NPL ratio dipped to 1.15%.

RHB trimmed FY2025–2027 sector patmi forecasts by 1–3%, with FY2025 PBT expected to fall 4% y-o-y.

Market Context

Year-to-date, Singapore banks delivered double-digit returns, outperforming Malaysian and Indonesian peers but lagging the Straits Times Index.

Outperformance was led by DBS, while OCBC and UOB underperformed.

2HFY2025 expected to soften due to seasonal factors and global trade uncertainty from US tariffs.

✅ Key takeaway: DBS continues to power ahead with dividend strength and resilient earnings, while OCBC and UOB remain pressured by NIM compression and weaker growth.

Thank you