AI & Hong Kong Heat-Up: Xiaomi’s Record, Tencent Buybacks, Banks in Focus, and Gold Miners Shine

HK:1810.HK:Xiaomi

Morgan Stanley said the Xiaomi 17 series set a new sales record, while analyst Ming-Chi Kuo later trimmed total shipment forecasts by 20%, noting some models may see price cuts.

HK:2473.HK:Horizon Robotics

Morgan Stanley said China stands to benefit from global autonomous driving adoption, highlighting Horizon Robotics and peers like Hesai Group as potential winners.

US:HSAI:Hesai Group

Alongside autonomous driving tailwinds flagged by Morgan Stanley, Hesai was cited among beneficiaries as the market cycle broadens.

HK:2202.HK:China Vanke

Daiwa downgraded China Vanke to “Underperform” and cut its target price to HK$4.70 amid sector headwinds.

HK:0667.HK:China East Education

Citi raised earnings forecasts for China East Education and kept its HK$7.80 target price with a “Buy” rating.

HK:2473.HK:Horizon Robotics

Daiwa expects Horizon Robotics to spend about RMB4 billion annually on R&D in 2025–2027 and not achieve profitability before 2027.

HK:0011.HK:Hang Seng Bank

J.P. Morgan said Hang Seng Bank’s disposal of Hong Kong commercial real estate bad debts may aid capital release for its parent.

HK:0005.HK:HSBC Holdings

Huatai Securities (HTSC) raised its target price for HSBC to HK$134.53 on a recovery in Hong Kong capital markets; HSBC Research separately flagged U.S. drug pricing policy as a watchpoint for investors.

HK:9992.HK:POP MART

POP MART’s “Twinkle Twinkle Savor the Moment” full set was quoted at over 3.2× premium in secondary trading ahead of launch, according to reports.

US:SSNLF:Samsung Electronics Co.

Reports said Samsung cut 2nm wafer prices to about 33% below TSMC’s to win orders in advanced nodes.

US:TSM:Taiwan Semiconductor Manufacturing

Amid pricing competition, TSMC was cited as Samsung’s key rival in 2nm foundry, with customers weighing cost versus performance.

HK:2899.HK:Zijin Mining

With spot gold hitting a record above US$3,800, Zijin Mining advanced around 5% alongside broad gains in precious metals counters.

HK:1818.HK:Zhaojin Mining

Zhaojin Mining jumped about 7% as bullion’s surge buoyed miners.

US:BABA:Alibaba Group

Morgan Stanley lifted Alibaba’s target price to US$200 and raised its annual capex forecast to at least RMB130 billion.

HK:3115.HK:Hangseng Index

The Hang Seng Index climbed 365 points at midday, led by gains in Alibaba, casinos, brokers, and metal stocks; leveraged Tesla ETF flows topped the ETF gainers list.

Hong Kong Markets Heat Up: Tencent Buyback, BOC Silver Bonds Surge, Li Auto Orders Soar, and HSI Rallies

HK:2388.HK:BOC Hong Kong

BOC Hong Kong reported record demand for its tenth batch of Silver Bonds, with both subscription amount and number of subscribers hitting all-time highs. The total subscription amount surged over 40% year-on-year.

HK:0700.HK:Tencent

Tencent repurchased 837,000 shares worth about HK$550 million at prices ranging between HK$648 and HK$664. Since its buyback mandate approval in May 2025, Tencent has repurchased nearly 65 million shares, equivalent to 0.71% of its share capital.

HK:HKMA:Hong Kong Monetary Authority

The HKMA said Hong Kong’s household debt grew 1.8% in 1H25, up from 0.6% in 2H24. The household debt-to-GDP ratio eased slightly to 87.8%, while negative-equity residential mortgage loans fell to 37,800.

HK:SFC:Securities and Futures Commission

Hong Kong’s securities sector posted a 14% profit rise in 1H25 to HK$28.9 billion, supported by record-high transaction volumes, the SFC reported.

HK:2015.HK:Li Auto
US:LI:Li Auto

Morgan Stanley maintained its “Overweight” rating on Li Auto, citing strong demand with over 50,000 orders for the new Li i6 model. Goldman Sachs also rated Li Auto a “Buy,” noting pricing was in line with expectations.

HK:0020.HK:LY ITECH

AI terminal hardware supplier LY ITECH is planning a Hong Kong listing, adding momentum to the IPO pipeline.

HK:0020.HK:SenseTime

SenseTime launched Seko, a short video creation platform, as it expands its AI-driven consumer offerings.

HK:2899.HK:Zijin Mining

Zijin Gold International surged 22.9% in grey market trading to HK$88, ahead of its Hong Kong listing.

HK:1810.HK:Xiaomi

Xiaomi executive Wang Hua dismissed market rumours, saying there are no plans to cut orders for the Xiaomi 17 model.

HK:3115.HK:Hang Seng Index

The Hang Seng Index jumped 494 points on settlement date, lifted by brokers, commodities, chipmakers, and casino stocks. Market turnover climbed, with notable gains from Alibaba, Zijin Mining, HSBC Holdings, Tianneng Power, GF Securities and NetDragon.

Hong Kong Midday Movers: AI Hardware, Autos & Miners Shine as Banks, Biotech and Big Tech Make Headlines

HK:3115.HK:Hangseng Index

At midday, the HSI slipped 25 points to 26,596 while the HSTI rose 34 points; Wuxi AppTec outperformed and chipmakers, lithium, copper and robotics names hit fresh highs.

HK:01876.HK:Budweiser Brewing Company APAC

JPMorgan cut its target price to HK$8.50 and kept “Neutral,” flagging weaker 3Q organic revenue/EBITDA and continued pressure from China.

HK:02525.HK:Hesai Group

Hesai said it will deepen cooperation with Xiaomi Auto in 2026–2027, remaining a core strategic supplier.

HK:01810.HK:Xiaomi

Xiaomi Auto’s partnership with Hesai was reaffirmed; Xiaomi previously led Hesai’s Series D financing in 2021.

HK:01208.HK:MMG

Citi lifted its target price to HK$7.20 and put the stock on a 90-day positive catalyst watch; separately, MMG plans a US$500 million convertible bond issue at a 35% premium.

HK:09988.HK:Alibaba Group

Alibaba’s AI animation creation tool trademark “ANIMODE” was approved, reports said; the HSI’s midday gainers were led by Alibaba alongside casinos, brokers and metals.

HK:03692.HK:Hansoh Pharmaceutical

UBS named Hansoh Pharma as its new sector top pick in China healthcare.

HK:01093.HK:CSPC Pharmaceutical Group

UBS downgraded CSPC to “Neutral,” alongside a broader sector reset.

HK:01211.HK:BYD Company

Goldman Sachs expects the Denza N8L to average 6,000 units per month, surpassing Li Auto’s L8.

HK:02015.HK:Li Auto

GS said Li Auto’s L8 could be outpaced by BYD’s Denza N8L on monthly sales.

HK:02400.HK:XD Inc

Goldman Sachs raised its target price to HK$81.40 and maintained “Neutral.”

HK:09880.HK:UBTECH Robotics

China Merchants Securities kept UBTECH as industry top pick and raised its target price to HK$172.

HK:00853.HK:MicroPort Scientific

Shares climbed after the company announced an overhaul of its cardiac rhythm management business.

HK:09992.HK:Pop Mart International

Reports said Pop Mart is taking cues from Disney to turn “Labubu” into enduring IP.

HK:00230.HK:Minmetals Land

Trading was halted pending an inside information announcement.

HK:00005.HK:HSBC Holdings

HSBC disclosed year-to-date repurchases of about 3.58 million shares for roughly HK$390 million.

HK:02359.HK:WuXi AppTec

WuXi AppTec rose more than 5% at midday, standing out among healthcare names.

HK:00981.HK:Semiconductor Manufacturing International

SMIC hit a new high as chip stocks stayed firm.

HK:01347.HK:Hua Hong Semiconductor

Hua Hong Semiconductor printed a new high amid strength across semiconductors.

HK:01772.HK:Ganfeng Lithium

Ganfeng Lithium reached a new high alongside broader lithium strength.

HK:00358.HK:Jiangxi Copper

Jiangxi Copper hit a new high as metal names advanced.

HK:9988.HK:Alibaba Group Holding
Alibaba is in talks to buy office space at One Causeway Bay from Mandarin Oriental International, with Hong Kong Economic Times reporting a deal of about HK$7 billion for 13 floors. Alibaba currently leases 10 floors at nearby Times Square, with that tenancy expiring in 2028.

SGX:M04.SI:Mandarin Oriental International
The company confirmed discussions to sell certain office space at One Causeway Bay, a redevelopment of the former Excelsior Hotel completed in 2Q, while cautioning there is no certainty a transaction will proceed. Shares rose 4.55% to US$2.30.

US:CBRE:CBRE Group
CBRE’s listing for One Causeway Bay shows ~500,000 sf of offices across 24 floors and ~55,000 sf of retail within a four-level podium.

HK:0423.HK:Hong Kong Economic Times Holdings
The outlet reported the prospective HK$7 billion transaction for 13 office floors at One Causeway Bay.

HK:2259.HK:Zijin Gold International
The overseas gold unit of Zijin Mining surged as much as 66% on Hong Kong debut, up ~60% around 10 a.m., after raising ~US$3.2 billion—the world’s largest IPO since May—valuing the company near HK$300 billion. Proceeds will fund a Kazakhstan mine acquisition and multi-year upgrades and builds; the debut was delayed a day by Super Typhoon Ragasa. Cornerstone buyers included GIC, Hillhouse Investment, BlackRock, Fidelity International and Millennium Management.

HK:2899.HK:Zijin Mining Group
As parent, Zijin Mining highlighted Zijin Gold International’s portfolio of overseas gold assets spanning Central Asia, Australia, Africa and South America.

US:ANFGF:Antofagasta
Zijin Gold International’s early trading valuation surpassed copper major Antofagasta, underscoring investor demand riding bullion’s multi-year rally.

US:BLK:BlackRock
BlackRock joined other cornerstone investors in Zijin Gold International’s IPO, collectively taking about half the shares on offer under standard six-month lock-ups.

US:MS:Morgan Stanley
Morgan Stanley served as a joint sponsor of Zijin Gold International’s listing in Hong Kong.

HK:6030.HK:CITIC Securities
CITIC Securities acted alongside global banks as joint sponsor for Zijin Gold International’s IPO.

HK:1787.HK:Shandong Gold Mining
The gold upswing also supported sector fund-raising, with Shandong Gold Mining selling about US$500 million of stock this year.

US:PMCGF:Merdeka Copper Gold Tbk
PT Merdeka Gold Resources’ Jakarta debut earlier this month raised over US$280 million amid buoyant precious-metals sentiment.

HK:3750.HK:Contemporary Amperex Technology (CATL)
The year’s only larger Hong Kong listing was CATL’s ~US$5.3 billion offering, leaving Hong Kong home to the top two deals of 2025 as IPO proceeds head toward a four-year high.

AI Brief: F&N’s Malaysian Arm Exits Petaling Jaya JV for RM180m; Group Refocuses on Core F&B

KL:3689.KL:Fraser and Neave Holdings Berhad (FNHB)

FNHB will dispose of its 50% stake in joint venture Vacaron — owner of a 5.1-hectare leasehold site in Petaling Jaya — to Tan & Tan Developments for about RM180 million, equal to half of Vacaron’s adjusted pro forma NAV (final price to track closing NAV). Based on FY2024 figures, FNHB expects a one-off gain of ~RM83.2 million, with net assets per share rising from RM9.75 to RM9.98; proceeds will be channelled to core businesses including integrated agriculture and dairy operations in Gemas, as well as beverages, dairy and food manufacturing, distribution and marketing. The deal is targeted to complete in 3Q2027.

SGX:F99.SI:Fraser and Neave, Limited (F&N Group)

F&N Group — which owns ~55.5% of FNHB and ~27.7% of Vacaron — said the disposal aligns with FNHB’s pivot away from property development and is not expected to materially affect the Group’s NTA or EPS for FY ending Sep 30, 2025; the Group also appointed Rahul Colaco as chief executive officer effective Oct 1.

SGX:TQ5.SI:Frasers Property Limited

Through Frasers Property Holdings (Malaysia), Frasers Property is FNHB’s partner in Vacaron, the property development joint venture that owns the Petaling Jaya parcel being exited by FNHB.

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