REIT Debuts, Ship Stakes & AI Caution: Fresh Moves in Asia Markets

• SGX:CLCT.SI:CapitaLand Investment — CapitaLand Commercial C‑REIT (CLCR) has received approval from China’s Securities Regulatory Commission to register for a Shanghai Stock Exchange listing, expected by year-end. The REIT plans to raise RMB 2.1 billion (~US$375 million) through 400 million units. It will become China’s first international-sponsored retail C‑REIT, initially owning two high-occupancy malls in Guangzhou and Changsha.

• SGX:RE4.SI:Geo Energy Resources — Geo Energy Resources will invest US$127.5 million to acquire a 51% stake in two Indonesian shipping firms. These companies collectively operate 27 tugboats and 27 barges. Payment will be a mix of shares (275 million shares valued at US$86 million), cash (US$23.5 million), and receivables assignment (US$18 million).

• SGX:A31.SI:Addvalue Technologies — Two independent directors, Chua Chwee Koh and Goh Liang Choo, have announced resignations effective October 26 and November 15, respectively, under pressure from shareholders holding over 11% of shares. The board expressed surprise at the move, citing both directors’ contributions.

• Seatrium — Seatrium has secured a contract to upgrade the FLNG vessel Hilli Episeyo for Golar LNG. Work includes engineering, life extension, and new mooring installation, with the unit set to resume operations off Argentina in 2027.

• SGX:CLAS.SI:CapitaLand Ascott Trust — CapitaLand Ascott Trust has acquired three freehold rental housing properties in Japan (two in Osaka, one in Kyoto) for JPY 4 billion (~US$27–34 million). The acquisition is expected to be immediately accretive and boost distribution per stapled security by about 0.3%.

• SGX:RXS.SI:Pacific Radiance — In 1H FY2025, Pacific Radiance’s revenue rose 27.9% to US$24.4 million, with net profit of US$8.79 million. Adjusted PATMI turned positive. PhillipCapital raised its target price to 9.8 cents, citing stronger chartering demand and deployment of three new vessels.

• US:NVDA:Nvidia — Nvidia reported Q2 revenue of US$46.74 billion (up 56% YoY) and EPS of US$1.05, both beating expectations. Forecast for Q3 is US$54 billion. Data center sales of US$41.1 billion slightly trailed estimates, and stock fell ~3% in after-hours trading amid China-related uncertainty. A new US$60 billion buyback was approved.

Micro-Mechanics FY2025 Results: Revenue Up 12.6%, 6.0 Cents Dividend, Over 3,000% TSR Since Listing

ISOTeam Ltd FY2025 Results: Strong Order Book, 30% Dividend Payout Policy, and Sustainable Growth in Singapore’s Built Environment

Nvidia’s $4 Trillion Momentum Cools as Growth Forecast Disappoints

US:NVDA:Nvidia
Nvidia, now the world’s most valuable listed company, warned of slowing momentum after a two-year AI boom. It forecast fiscal Q3 sales of US$54 billion — in line with consensus but below bullish estimates of over US$60 billion. The guidance excluded China data centre revenue, a business clouded by US export curbs and Beijing’s counter-push. Shares fell about 2% in after-hours trading, though they had already surged 35% YTD.

Q2 results showed sales up 56% YoY to US$46.7 billion, just above forecasts, marking the smallest growth rate in two years. Profit was US$1.05 per share, topping Wall Street’s US$1.01. The data centre unit contributed US$41.1 billion, slightly below consensus, while gaming revenue hit US$4.29 billion, ahead of expectations. Automotive brought in US$586 million. Nvidia also authorized an additional US$60 billion stock buyback, adding to the US$14.7 billion left from its prior plan.

CFO Colette Kress admitted supply constraints persist and noted any US government revenue-sharing demand on China AI chip sales could invite litigation and weaken competitiveness. Nvidia recorded zero sales of its H20 chip in China last quarter but suggested potential shipments worth US$2–5 billion depending on license approvals.

Winking Studios

When Johnny Jan, founder and CEO of Winking Studios, reflects on the gaming industry, he sums it up simply: “In good times or bad, people will always turn to games for entertainment, connection and escape.”

For Jan, this isn’t just an idealistic sentiment—it’s a reality he knows well. He’s been steering his studios since 1997, evolving them into a powerhouse in game art outsourcing and development that now serves most of the world’s top gaming companies. His clientele includes titans such as Tencent, Sony, Microsoft, Nexon, and Square Enix—22 of the top 25 globally.

Unlike headline-generating publishers riding the viral wave—think Game Science’s Black Myth: Wukong or Epic’s Fortnite—Winking Studios works quietly behind the scenes. “We’re part of the value chain that brings gaming experiences to life behind the scenes,” Jan says.

Today, Winking Studios is involved in four of the five core stages of game development: early concepts and prototyping (pre-production), large-scale art asset creation (production), launch, and post-release updates.

By offering both scalable teams and highly specialized skills, Winking helps clients streamline costs, accelerate development, and elevate quality. “Many people assume outsourcing is just about cutting costs,” Jan insists. “But outsourcing partners like Winking Studios are now essential—helping gaming companies manage increasing scope and complexity, deliver on tighter timelines, and meet rising player expectations for both creativity and polish.”

From Teen RPG Fan to Industry Builder

Jan’s passion for gaming began in his teens with immersive RPGs. By high school, he had taught himself to code and completed his first full game—a milestone that inspired him to launch his very first studio over thirty years ago, well before Winking Studios existed.

“Artists come with their own temperaments and creative spark,” he says. “My role is to match them with projects that ignite their passion and let them shine. It’s essential to build a culture where individual talents and the studio can flourish in tandem.”

Today, much of Jan’s time is spent forging relationships with developers and artists. He believes that keeping teams energized hinges on securing engaging projects—especially those tied to well-known gaming IPs that fuel both motivation and pride. His trademark leadership style strikes a balance between creativity and business discipline.

An M&A Strategy Built on Scale and Specialisation

Recognizing shifting industry dynamics, Jan has launched a proactive M&A strategy: broadening service offerings and deepening expertise by acquiring specialized teams.

Since Winking Studios’ listing on the SGX Catalist in November 2023, the company has completed three acquisitions—most notably, April’s US$19.8 million acquisition of Shanghai’s Mineloader, a renowned studio with AAA console gaming credentials (this deal brought US$4.1 million in revenue in H1 2025)

Looking ahead, Winking plans to launch Vertic Studios, a new high-end art production brand focused on AAA-level art for games with substantial budgets. It’s set to debut in the second half of 2025. Thanks to both organic growth and the Mineloader integration, headcount rose from 1,312 to 1,405 as of July 31, 2025

Jan emphasizes, “Our acquisitions aim to enhance our quality and capabilities—and they’ve clearly contributed to our financial results.”

In the first half of 2025, Winking Studios reported a 27.3% year-over-year revenue increase to US$19.4 million, a 38.2% jump in gross profit, and an improved gross margin of 30.2% (up from 27.9% in H1 2024). Adjusted EBITDA rose 17.9% to US$2.4 million. The company’s balance sheet now boasts US$27.1 million in cash, zero debt, and US$49.4 million in bookings lined up over the next two years

Marrying Artistry with AI Power

Beyond M&A, Winking is investing in innovation like G‑Motion AI, its proprietary in-house animation tool that leverages years of production data to automate and improve character animation workflows. Jan plans to eventually license it to other studios once commercialized

By blending human creativity with AI-augmented processes, Winking Studios is poised to stand out as a trusted, forward-looking partner for global game developers.

An Industry in Flux—and a Studio Ready to Lead

As Winking’s latest results revealed, the global gaming market continues to grow—even as many publishers slim down in the post‑COVID era. Who’s building all the content fuelling this expansion? Outsourcing partners and external development firms are increasingly stepping into that role.

Global gaming revenues are projected to rise from US$216.9 billion in 2023 to US$345.3 billion by 2028 (a CAGR of 9.8%), with mobile games—Winking’s core market—leading the charge (CAGR of 12.7%)

Jan argues this dynamic offers Winking Studios a solid platform. “Developing proprietary games is capital-intensive and risky. But outsourcing spreads that risk: we contribute to dozens of titles with repeat business and predictable revenue.”

Singapore isn’t just headquarters by chance: its blend of Eastern and Western business culture, strong governance, and mature legal framework make it a trusted base for global clients. Winking’s SGX listing adds credibility that reassures blue-chip partners

What’s Next?

Jan is clear about his vision: “We want to be the number-one game art outsourcing platform in the world.”

Fuelled by strong cash reserves, a robust acquisition pipeline, growing headcount, and proprietary AI innovation, Winking is making serious strides toward that goal.

For Jan, it all comes back to joy. “Everyone—from the young to the old—finds joy in games. They’re the most affordable form of entertainment, and I’m passionate about helping create and shape that joy.”

“AI Shake-Up: Futures Dip After Nvidia’s Mixed Signals – Snowflake Soars Amid Earnings Frenzy”

US:NVDA:Nvidia

Stock and futures fell in the wake of Nvidia’s earnings release. Although the AI chipmaker beat Q2 estimates and unveiled a massive US$60 billion share buyback, concerns over weaker-than-expected data-center revenue—and notably no inclusion of China chip sales in guidance—sent its shares dropping 3% after hours, nudging S&P 500, Nasdaq 100, and Dow Jones futures lower

US:SNOW:Snowflake

Snowflake soared by 12% after crushing second-quarter expectations: US$0.35 EPS versus US$0.27 estimated, and US$1.14 billion revenue surpassing forecasts of US$1.09 billion. Its upbeat Q3 product revenue guidance and reinforced position in AI‑driven data services further fueled investor enthusiasm

Other Highlights:

• Broader markets saw modest gains—with the S&P 500 hitting a fresh record high, Dow Jones Industrial Average advancing 0.3%, and Nasdaq Composite rising about 0.2%

• Meanwhile, sectors and stocks varied: while Nvidia’s peers like AMD, Broadcom, and Taiwan Semiconductor slipped slightly, Snowflake and Pure Storage outperformed; CrowdStrike, Urban Outfitters, and others declined

Malaysia Corporate Earnings Roundup: Banks Shine, Retail Stumbles, Developers Expand

KL:HLFG:Hong Leong Financial Group
KL:HLBANK:Hong Leong Bank
Hong Leong Financial Group’s (HLFG) 4QFY2025 net profit rose 5.9% y-o-y to RM853.45 million, ending the year with record RM3.25 billion earnings. It declared a final dividend of 52 sen per share. Subsidiary Hong Leong Bank posted a 5.28% profit increase to RM1.09 billion, lifted by stronger Islamic banking and fee income, rewarding shareholders with a 96 sen full-year dividend.

KL:IGBB:IGB Bhd
KL:IGBCB:IGB Corporation Bhd
IGB Bhd is teaming up with Johor SOE Southkey City Sdn Bhd to acquire RM214.97 million worth of land in Johor Bahru for a massive mixed-use development, rivaling Mid Valley City. Its unit IGB Corp will hold 70% in JV firm Enrich Horizon Sdn Bhd.

KL:SIME:Sime Darby Bhd
Sime Darby’s 4QFY2025 net profit soared to RM763 million, largely from a one-off land sale in Malaysia Vision Valley and UMW contributions, though core profit slipped 13% to RM334 million. It announced a 10 sen dividend. The group remains cautious in China, where its auto division faces price war pressures.

KL:SUNWAY:Sunway Bhd
Sunway Bhd posted a marginal 0.9% rise in 2QFY2025 net profit to RM272.95 million despite a 62% revenue jump to RM2.56 billion, driven by construction. It doubled its interim dividend to four sen.

KL:PPB:PPB Group Bhd
US:WIL:Wilmar International Ltd
PPB Group’s 2QFY2025 net profit fell 9.4% to RM279.84 million due to weaker contributions from associate Wilmar International. Revenue edged up 3.1% to RM1.36 billion. Dividend declared: 12 sen.

KL:BKAWAN:Batu Kawan Bhd
KL:KLK:Kuala Lumpur Kepong Bhd
Batu Kawan’s 3QFY2025 net profit surged nearly 40% to RM182.92 million on higher palm product sales. Its 48.26%-owned Kuala Lumpur Kepong saw profits climb 44.3% to RM346.59 million.

KL:IJM:IJM Corp Bhd
IJM Corp’s 1QFY2026 net profit rose 10% to RM95.6 million, supported by stronger construction and industry performance. Revenue jumped 23.4% to RM1.73 billion.

KL:PADINI:Padini Holdings Bhd
Padini’s 4QFY2025 net profit plunged 73.5% to RM6.98 million, the lowest in 16 years, hurt by weak same-store sales and a 13.9% revenue fall to RM392.1 million. Dividend: none for the quarter.

KL:FFB:Farm Fresh Bhd
Farm Fresh started FY2026 strong, reporting record 1QFY2026 net profit of RM32.8 million, up 26% y-o-y, on higher sales and improved margins in Malaysia and Australia. Revenue rose 7.8% to RM260.58 million.

KL:NATGATE:NationGate Holdings Bhd
NationGate nearly doubled its 2QFY2025 profit to RM52.15 million, aided by forex gains and a fourfold jump in revenue to RM2.6 billion. Dividend declared: 0.25 sen.

KL:EG:EG Industries Bhd
EG Industries’ 4QFY2025 profit climbed 53% to RM24.75 million on robust sales of 5G and photonics products, plus forex gains. Revenue rose 20.5% to RM417.93 million. Dividend: 0.5 sen.

China Earnings Wave: Insurers Shine, Developers Struggle, Tech Firms Surprise

HK:2628.HK:China Life Insurance
China Life’s interim net profit climbed 6.9% YoY to RMB40.93 billion on revenue of RMB239.49 billion. EPS was RMB1.45. The insurer raised its interim dividend per share (DPS) to RMB0.238 from RMB0.20.

HK:1109.HK:China Resources Land
China Resources Land said it aims to remain among the top three property players in China despite uneven policy rollouts across cities, according to President Xu Rong at its results briefing.

HK:1339.HK:PICC Group
PICC Group posted a 14% YoY rise in interim net profit to RMB26.67 billion, while revenue grew 10.9% to RMB324.12 billion. EPS stood at RMB0.6. Interim DPS: RMB0.075 per share.

HK:813.HK:Shimao Group
Shimao narrowed its interim net loss to RMB8.93 billion from RMB22.67 billion last year, though revenue tumbled 49.2% YoY to RMB14.83 billion. No dividend declared.

HK:1801.HK:Innovent Biologics
Innovent swung from a RMB393 million loss to a RMB834 million profit in 1H25, as revenue jumped 50.6% YoY to RMB5.95 billion. EPS was RMB0.51. No dividend declared.

HK:2328.HK:PICC Property & Casualty
PICC P&C reported a 32.3% surge in interim net profit to RMB24.45 billion, declaring an interim DPS of RMB0.24.

SZ:000333.SZ:Midea Group
Midea Group’s logistics arm Annto has submitted a listing application, marking the latest IPO move from the appliance giant.

HK:2899.HK:Zijin Mining Group
Zijin Gold International is reportedly planning a Hong Kong IPO as early as next month, seeking to raise around US$2 billion.

HK:1137.HK:HK Technology Venture
HK Tech Venture trimmed its interim loss to HK$23.21 million.

JD Property (unlisted)
JD Property is said to be planning a US$1 billion REIT in Singapore with two partners.

HK:1788.HK:Guotai Junan International
Guotai Junan International’s 1H25 net profit soared 182.2% YoY to HK$550 million. EPS was HK$0.05. Interim DPS declared: 5 HK cents.

HK:2688.HK:ENN Energy
ENN Energy’s interim net profit slipped 5.6% to RMB2.43 billion. Dividend per share maintained at HK$0.65.

HK:3690.HK:Meituan-W
Meituan’s adjusted 2Q profit plunged 89% to RMB1.49 billion, far below forecasts, sparking investor concern.

HK:883.HK:CNOOC
CNOOC reported a 12.8% drop in interim net profit to RMB69.53 billion, trimming its DPS to HK$0.73.

HK:083.HK:Sino Land
Sino Land’s full-year net profit declined 8.7% to HK$4.02 billion. Underlying profit eased 1%. Dividend was maintained at HK$0.43.

HK:0511.HK:Television Broadcasts (TVB)
TVB cut its interim loss to HK$108 million, with EBITDA improving 16.6% YoY.

📉 Market Wrap
HK:3115.HK:Hang Seng Index closed down 323 points, while HS Tech Index lost 84 points. Meituan fell over 3%. Nongfu Spring, Fourth Paradigm, China Gold International, Conch Venture, and Nissin Foods all hit record highs as market turnover increased.

Hong Kong Market Buzz: Analysts Lift TPs, IPOs Line Up, Earnings Moves Shake Sectors

HK:3342.HK:Lens Technology
Citi raised Lens Technology’s target price (TP) to HK$31 with a Buy call, while CLSA later reiterated it as a top tech pick, hiking TP further to HK$33.7.

HK:1772.HK:Ganfeng Lithium
CLSA upgraded Ganfeng Lithium to Outperform, raising TP to HK$35.

US:HSAI:Hesai Group
Hesai Group is reportedly planning a Hong Kong IPO as soon as next month, aiming to raise US$300 million.

HK:2020.HK:ANTA Sports
Citi flagged stronger-than-expected 1H25 operating profit for ANTA Sports due to subsidies and controlled ad spending. Still, interim net profit slid 8.9% to RMB7.03B, though DPS rose to HK$1.37. ANTA also formed a JV with Musinsa to expand fashion operations in China, Hong Kong, and Macau.

HK:2318.HK:Ping An Insurance
BofA Securities lifted Ping An’s TP to HK$64.9, citing steady dividend growth. Ping An also said it plans to expand equity allocations. Multiple brokers released new views after results.

HK:1958.HK:BAIC Motor
BofA Securities cut BAIC Motor’s TP to HK$2 on weaker revenue and earnings outlook.

HK:2018.HK:AAC Technologies
HTSC trimmed AAC Tech’s TP to HK$60.3, but kept its Buy rating.

HK:9988.HK:Alibaba (BABA-W)
Brokerages released a wave of research: some lifted earnings forecasts while Morgan Stanley projected a 15%+ YoY drop in 1FQ adjusted NP amid AI spending and food delivery competition.

HK:1766.HK:CRRC Corp
HK:3898.HK:China Railway Signal & Communication (Times Electric)
Goldman Sachs raised TPs for both CRRC and Times Electric, keeping Buy ratings.

HK:6033.HK:PICC Group Services (CG Services)
JPM noted 1H25 profit missed estimates but dividend guidance improved. Shares fell as interim NP dropped 30.8% to RMB997M.

US:PDD:Pinduoduo
CMSI raised Pinduoduo’s TP to US$147, expecting profit acceleration in 2H. CCBI also lifted TP to US$148 with an Outperform rating.

HK:2359.HK:WuXi AppTec
HSBC raised WuXi AppTec’s TP to HK$124, citing robust new orders.

Cainiao (Alibaba unit, unlisted)
Reports suggest Cainiao will award employees double year-end bonuses.

HK:2319.HK:China Mengniu Dairy (via JV partner)
(Noted in sector coverage; no direct TP changes today, but sector sentiment improving.)

HK:2319.HK:China Overseas Land & Investment
JPM highlighted better-than-expected 1H core profit drop of 17%. HTSC later cut TP to HK$7.36. Interim NP was RMB8.6B, with DPS cut to HK$0.25.

HK:2313.HK:Shenzhou International
Shenzhou’s 1H NP rose 8.4% to RMB3.18B; DPS raised to HK$1.38. Still, stock fell over 4%.

HK:517.HK:Cosco Shipping International
Interim NP climbed 25.6% to HK$487M, with DPS raised to HK$0.33. Stock advanced 5% after midday.

HK:2877.HK:Shineway Pharmaceutical
Despite a 1.9% NP drop, Shineway shares jumped over 4% as DPS was kept unchanged.

HK:2015.HK:Li Auto (via research peer group)
(No direct TP changes today, but sentiment discussed in peer reviews.)

HK:215.HK:Hong Kong & China Gas (via HSTI note)
Part of Hang Seng Tech Index midday gainers list; sector remained mixed.

HK:941.HK:China Mobile (sector)
In wider research coverage, telecoms sentiment stable.

HK:0700.HK:Tencent (sector)
Broker notes highlight cautious AI investment spending affecting peers like Alibaba.

HK:2382.HK:Sunny Optical
Haitong International raised TP to HK$90.53, maintaining Outperform.

HK:123.HK:Yuexiu Property
HTSC hiked TP to HK$7.06, expecting profitability recovery.

HK:388.HK:HKEX
Morgan Stanley lifted HKEX’s TP to HK$508, citing stronger earnings forecasts.

HK:857.HK:PetroChina
CLSA raised PetroChina’s TP to HK$8.6, noting resilient 2Q results.

HK:2883.HK:China Oilfield Services
CLSA also hiked China Oilfield’s TP to HK$9.3 with an Outperform rating.

US:BEKE:KE Holdings (Beike)
HSBC Global Research cut Beike’s TP to US$55.64 but kept its Buy stance.

HK:3690.HK:Meituan-W
Beyond earnings miss, Meituan launched “Raccoon Canteen” franchising with an entry cost of RMB1.5M per store.

HK:1810.HK:Xiaomi-W
Xiaomi announced it will host an online launch for HyperOS 3 tomorrow afternoon.

📊 Market Wrap (Midday)
HK:3115.HK:Hang Seng Index closed midday up 16 points at 25,541.
HS Tech Index gained 32 points to 5,815, boosted by Lens Tech, SenseTime-W, and SMIC.
China Resources MixC dropped over 7%. Nongfu Spring, Fourth Paradigm, Guangdong Investment, China Gold International, and Vobile Group hit new highs.

Hong Kong & China Markets: Analyst Calls, Earnings Beats, Policy Push, and IPO Buzz

HK:354.HK:ChinaSoft International
CLSA raised ChinaSoft’s TP to HK$7.5, keeping Outperform.

HK:123.HK:Yuexiu Property
Citi lifted TP to HK$6.2 with Buy, while HSBC cut TP to HK$5.1 citing limited upside.

HK:175.HK:Geely Automobile
UBS raised TP to HK$20, keeping Neutral on valuation grounds.

HK:1347.HK:Hua Hong Semiconductor
Goldman Sachs raised Hua Hong’s TP to HK$53.4, keeping Neutral.

HK:1772.HK:Ganfeng Lithium
Goldman Sachs raised TP to HK$28 but kept Neutral, citing weaker-than-expected interim results.

HK:1766.HK:CRRC Corp
HK:3898.HK:Times Electric
Goldman Sachs lifted TPs on both after in-line interim results. HSBC also raised CRRC’s TP to HK$6.8 but downgraded rating to Hold. HTSC added CRRC’s TP to HK$7.42, expecting sector tailwinds.

HK:1810.HK:Lens Technology (LENS)
Lens surged 15% to a record high on iPhone 17 debut expectations, with Citi and CLSA boosting TPs.

HK:1810.HK:SenseTime-W
SenseTime jumped over 10% ahead of its earnings release.

HK:914.HK:Conch Cement
Conch Cement’s interim NP rose 32.8% YoY with RMB0.24 DPS. Shares jumped over 4%.

HK:1811.HK:Zhaojin Mining
Goldman Sachs cut TP to HK$25 after a profit miss, while Huatai lifted TP to HK$24.54 citing growth potential.

HK:662.HK:CAOCAO Inc
Shares spiked ~14% as interim loss narrowed.

HK:6622.HK:Fourth Paradigm
Shares rallied nearly 10% to a 1.5-year high, with HTSC optimistic on scale effects ahead.

HK:992.HK:Lenovo
(Indirect sentiment boost via iPhone 17-related supplier news.)

HK:3320.HK:China Resources MixC
1H25 net profit rose 7.4% to RMB2.03B. Declared interim and special DPS totaling RMB0.881.

HK:1109.HK:China Resources Land
1H25 net profit rose 16.2% to RMB11.88B; DPS maintained at RMB0.20.

HK:1963.HK:CMOC (sector)
No rating changes today, but sentiment in mining mixed after Zhaojin downgrade.

HK:1044.HK:Hengan Intl (sector)
Sector resilience noted but no TP revisions today.

HK:96.HK:Great Eagle Holdings
Interim core profit slipped 18.8% to HK$597M; DPS of HK$0.41 plus distribution-in-specie declared.

HK:9922.HK:Akeso Inc
Revenue surged 38% in 1H25 but losses widened to RMB570M. Shares opened up 4.7% before falling later.

HK:1877.HK:Junshi Biosciences
Narrowed interim loss to RMB413M.

HK:11.HK:Hang Seng Bank
Allowance for ECL on HK commercial real estate rose to HK$4.2B, signaling continued caution.

US:PRU:Prudential
1H25 new business profit rose 12% to US$1.26B, with interim DPS raised to US$0.0771.

US:AAPL:Apple
Apple announced a Sept 9 product launch event, expected to unveil the iPhone 17. Shares gained ~1% overnight, lifting US:DGT:Dow Jones by 135 points.

📊 Macro & Policy Watch

• China to roll out new measures next month to expand service consumption, with strong focus on “AI+” and “IP+” industries.

• National subsidy scope widened: 3C digital products under RMB6K eligible for a 15% subsidy.

• HK’s July private residential property price index rose 0.42% MoM, marking a 4-day streak of gains.

• HK topped the Prime Global Rental Index with an 8.6% YoY rise.

• Guangdong to distribute RMB20M cultural and tourism vouchers on Sep 12.

• Panama Canal plans to sell operating rights for two new ports to boost competition.