💹 Tencent Buyback, Mixue Coverage, and Pony AI’s Rally Headline Hong Kong Market Buzz. WeChat Mini Games Surpass 500M Users; BYD Cuts Output; CATL Eyes Global Push Amid Fierce Domestic Competition
HongKong:3115.HK:Hang Seng Index (HSI)
The Hang Seng Index rose 297 points, led by Chinese insurers, brokers, and developers. Notable gainers included HK:2318.HK:Ping An Insurance, HK:0939.HK:China Construction Bank (CCB), HK:0012.HK:Henderson Land, HK:0001.HK:CK Asset (SHK PPT), HK:3968.HK:China Merchants Bank (CM BANK), and HK:0823.HK:Link REIT, all hitting new highs.
China’s telecom industry revenue rose 1.4% YoY in the first five months of 2025, with 5G user count reaching 1.1 billion, according to the Ministry of Industry and Information Technology (MIIT).
Among ETFs, XL2CSOPCOIN-U topped the gainers list with a surge of 18.1% on June 25, marking it as the day’s standout performer.
FWD Group Seeks HK$3.47 Billion in Hong Kong IPO
HK:FWD:FWD Group, backed by billionaire Richard Li, is aiming to raise HK$3.47 billion (S$565.3 million) through a Hong Kong IPO, offering 91.3 million shares at HK$38.00 each, according to a regulatory filing.
FWD previously targeted a US$10 billion valuation in 2022 but now seeks up to US$9 billion. Investors are also eyeing a potential Hong Kong IPO by Shein after its London and New York plans fell through.
HK:0700.HK:Tencent Holdings
Tencent repurchased 979,000 shares on June 25 at prices between HK$508.5 and HK$514.5, amounting to HK$500 million. Since May 14, the company has bought back 27.507 million shares, representing approximately 0.299% of its issued shares.
HK:2097.HK:Mixue Group
HSBC Global Research initiated coverage on freshly-made tea giant Mixue Group with a “Hold” rating and a target price of HK$544.10. The report highlights the group’s leadership position in a fragmented, low-barrier market.
HK:2158.HK:Yidu Tech
Yidu Tech reported its annual loss narrowed to RMB117.79 million for the year ended March 2025, down from RMB195 million the previous year. Revenue fell 11.4% YoY to RMB714.98 million, and no dividend was declared.
HK:0016.HK:Sun Hung Kai Properties (SHK PPT)
Moody’s upgraded SHK PPT’s credit rating outlook to “Stable”, signaling improved confidence in the property developer’s financial resilience.
HK:0066.HK:MTR Corporation
MTR Corporation announced that Jeny Yeung will become CEO effective January 2026, succeeding Jacob Kam.
HK:1810.HK:Xiaomi
Xiaomi CEO Lei Jun denied that the YU7 Standard Version is priced RMB30,000 higher than the SU7, clarifying recent speculation on pricing discrepancies.
HK:0700.HK:Tencent Holdings
WeChat Mini Games, operated by Tencent, now exceed 500 million monthly active users, with daily usage time rising 10%. The platform continues to thrive as a key engagement tool within China’s dominant messaging app ecosystem.
HK:1211.HK:BYD Company
BYD has reportedly cancelled night shifts and reduced output at some production lines, with certain new line expansions halted. The changes signal potential overcapacity or slower demand amid increasing EV competition in China.
HK:300750.HK:CATL
CATL is shifting its focus toward overseas expansion, citing intensifying competition in China’s electric vehicle battery market. The move underscores the battery giant’s ambition to maintain growth by tapping into international markets.
HK:1997.HK:Wharf REIC
UOB Kay Hian has named Wharf REIC its top landlord pick, raising its target price to HK$26.50, citing improving fundamentals and asset resilience in the Hong Kong retail property market.
HK:03690.HK:Meituan-W
CICC reported that Meituan is scaling back its community group-buying business to focus on its core operations. Meanwhile, BOCOMI projects Meituan will maintain a 60% market share in food delivery, despite restructuring across China’s internet consumption sector.
HK:2096.HK:Simcere Pharmaceutical
CICC increased Simcere Pharma’s target price by 45.5% to HK$12.80, citing smooth progress in out-licensing initiatives, which boost revenue and enhance its drug portfolio exposure.
HK:0991.HK:China Dongxiang
Despite swinging back to profitability and offering a higher dividend, China Dongxiang shares fell 7% post-results. The stock decline reflects lingering investor caution over the company’s growth outlook.
HK:1797.HK:New Oriental Education & Technology Group
CICC noted that New Oriental’s core business is absorbing growth pressures, with profitability showing signs of improvement amid the evolving regulatory and educational landscape in China.
HK:0390.HK:China Railway Construction Corp (China Rail Cons)
BOCI maintained a “Buy” rating on China Rail Cons, forecasting 6% YoY net profit growth for 2025, backed by infrastructure momentum.
HK:2638.HK:HK Electric Investments (HKElectric-SS)
HK Electric announced a 4.2% drop in net tariffs from early 2025 due to a cut in its July fuel clause charge, easing costs for residential and commercial users.
HK:2076.HK:Boss Zhipin-W
US:BZ:Boss Zhipin
Boss Zhipin-W plans to issue 30 million Class A shares to improve liquidity. CEO Zhao Peng said the 2022 Hong Kong listing via introduction was chosen due to weak market sentiment at the time. Final pricing will offer a reasonable discount.
🔧 Malaysia Market Round-Up: FWD IPO, AEON Digital Bank Losses, and Gas Malaysia’s Green Tech Push Lead Headlines
KL:UEMS:UEM Sunrise
UEM Sunrise has shelved its data centre plans in Gerbang Nusajaya and is now in talks to sell the 74-acre site. The decision follows changes in ownership and direction at its former partner, Logos Infrastructure Holdco, now fully controlled by HK:1821.HK:ESR Group.
KL:SPTOTO:Sports Toto
KL:BJASSET:Berjaya Assets
Sports Toto is acquiring three commercial units at Berjaya Times Square for RM24.9 million through its unit STM Lottery. The units are being purchased from Sapphire Transform, a subsidiary of Berjaya Assets, in a related-party transaction.
KL:AEONCR:AEON Credit Service
AEON Credit projects a lower ROE of 12–13% for FY2026, down from 13.6% in FY2025, mainly due to continued losses from AEON Bank, in which it holds a 50% stake. Losses from the digital bank are expected to widen to RM80–90 million.
KL:RHBBANK:RHB Bank
RHB Bank has appointed Vashta Mahendran as its new group COO, replacing David Chong, who steps down on June 30 after three years in the role.
KL:SAPNRG:Sapura Energy
Datuk Shahriman Shamsuddin has resigned from Sapura Energy’s board due to other commitments. He holds an indirect 11.25% stake via Sapura Holdings and a direct 0.95% stake.
KL:PROLINTAS:Prolintas
Prolintas executive Rostam Shahrif Tami was fined RM100,000 for failing to report a bribe related to the SUKE highway project. He pleaded guilty to the alternative charge and was fined the maximum amount.
KL:GASMSIA:Gas Malaysia
Gas Malaysia signed an MoU with UK-based Levidian to explore deployment of LOOP technology, which converts methane into hydrogen and graphene to support decarbonisation efforts across the region.
KL:CITAGLB:Citaglobal
Citaglobal signed a one-year MoU with Kyrgyzstan’s energy ministry to explore renewable energy projects in the country, including facility construction.
KL:SNS:SNS Network Technology
SNS Network more than doubled its Q1 net profit to RM10.24 million on record revenue of RM822.75 million, driven by strong ICT product sales. A first interim dividend of 0.25 sen per share will be paid on Aug 28.
KL:CYPARK:Cypark Resources
Cypark has withdrawn its RM61.34 million arbitration claim against the Malaysian government after reaching an amicable settlement related to landfill site closures.
KL:GOCEAN:Green Ocean Corporation
Green Ocean received a UMA query from Bursa Malaysia after its share price fell to a record low of 9.5 sen and volume surged to 52.32 million shares, the highest in five years.
KL:DESTINI:Destini
Destini secured two sub-contracts from SMH Rail to overhaul HVAC and brake caliper systems on 58 MRT1 electric train sets. The 20-month contracts run from June 2025 to January 2027.
📈 Wall Street on Edge: Micron Shines, Nvidia Surges, Mastercard Backs Stablecoins Amid Market Uncertainty
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DIA:Dow Jones Industrial Average
Stock futures were flat Wednesday, with the SGX:S27.SI:S&P 500, US:QQQ:Nasdaq Composite, and US:DIA:Dow Jones Industrial Average all trading near the flatline. Despite the pause, all three indexes remain on track for a positive week. The SGX:S27.SI:S&P 500 is less than 1% away from its record high of 6,144.15.
Market breadth remains narrow. Carter Worth of Worth Charting warned that the tech rally is led by a handful of big names, with most tech stocks still underperforming.
Investors now await May’s PCE inflation data due Friday. Fed Chair Jerome Powell expects headline inflation at 2.3% and core at 2.6%, up from April’s 2.1% and 2.5%, respectively. Despite this, Powell emphasized caution on rate cuts, citing Trump’s tariffs and economic uncertainty.
Tech stocks lifted the US:QQQ:Nasdaq Composite, with Nvidia up 4.3%, hitting a record high. Alphabet rose 2.3%, while AMD gained 3.6%.
Morgan Stanley’s Daniel Skelly urged investors to diversify, citing market complacency and the underestimated impact of tariffs, especially for smaller-cap companies outside the S&P 100.
US:MU:Micron
Micron rose nearly 4% in extended trading after posting fiscal Q3 earnings that beat estimates, with adjusted EPS at $1.91 on $9.3 billion revenue. It forecasted $10.7 billion in revenue for Q4, well above expectations, driven by soaring demand in the high bandwidth memory (HBM) space. Analysts had been bullish ahead of the release, citing Micron’s strength in AI memory markets.
US:WBA:Walgreens Boots Alliance
Looking ahead, investors await earnings from Walgreens (before Thursday’s bell) and Nike (after the close).
US:NKE:Nike
Looking ahead, investors await earnings from Walgreens (before Thursday’s bell) and Nike (after the close).
US:MA:Mastercard
Mastercard announced it joined the Global Dollar Network, supporting stablecoins like PayPal’s PYUSD and Fiserv’s FIUSD. It continues backing Circle’s USDC. Other members include Robinhood, Galaxy, and Kraken. Mastercard reaffirmed its belief in the role of regulated stablecoins in digital payments, even as payments firms face fears of revenue erosion.
US:AVAV:AeroVironment
AeroVironment shares surged over 20% after beating Q4 expectations, with adjusted EPS of $1.61 on $275 million in revenue. CNBC’s Jim Cramer dubbed it the “Palantir of hardware.”
US:FUL:H.B. Fuller
H.B. Fuller jumped over 6% on strong earnings.
US:KTOS:Kratos Defense & Security Solutions
Kratos fell nearly 7% after announcing a $500M stock offering.
US:MLKN:MillerKnoll
MillerKnoll soared 9% on 8% year-over-year sales growth, despite a dip in EPS.
US:JEF:Jefferies Financial
Jefferies slid over 2% after missing EPS estimates despite a revenue beat.
US:PONY:Pony AI
Pony AI surged 10.5% in pre-market trading to US$14.65, following a 16.7% gain the previous day after being added to the Golden Dragon China Index.
US:MSFT:Microsoft
OpenAI CEO revealed that discussions with Microsoft’s CEO are ongoing regarding the future of their partnership, as generative AI continues to reshape tech alliances.
US:ETH:Ethereum
US:SOL:Solana
US:BTC:Bitcoin
Bitcoin touched $108,000 mid-session. Powell noted that the stablecoin industry is maturing, and FHFA Director William Pulte ordered Fannie Mae and Freddie Mac to explore crypto as part of mortgage qualifications. Meanwhile, the Senate unveiled a new crypto bill, and the NYSE is backing a crypto ETF linked to Trump’s Truth Social.
US:TRUTH:Trump’s Truth Social (planned ETF)
A planned ETF tied to Trump’s Truth Social and crypto assets is awaiting SEC approval. It would mark another push by the former president into the digital asset space.
US:UCO:crude oil
The ceasefire between Israel and Iran helped calm Middle East tensions, easing crude supply fears. The US:UCO:crude oil market stabilized as a result.
🚀 Market Buzz: Singtel Stays Strong, Worldline Crashes, and Keppel Eyes $1.9B Green Push
SGX:BHY.SI:BH Global Corporation
BH Global’s subsidiary, Sea Forrest International, has submitted a filing for a potential spin-off. The move involves restructuring to list Sea Forrest Technologies (SFTS) as its wholly-owned unit. Agreements between Sea Forrest, SFTS, and Sea Forrest Power involve a $5 million loan settlement via 4 million new SFTS shares at $1.25 each. The spin-off is subject to regulatory approval, with a long-stop date set for June 1, 2026.
SGX:N01.SI:Nera Telecommunications
Nera Telecommunications secured a $30 million frame contract renewal with a Southeast Asian service provider. The company will deploy smart services and manage infrastructure operations for 60 months, boosting its performance outlook for FY2025.
SGX:A04.SI:ASL Marine Holdings
A fire at ASL Marine’s Batam shipyard on June 24 killed four and injured five, all subcontractor employees. The incident happened aboard a Floating Storage and Offloading (FSO) vessel under repair. Investigations are ongoing and all work on the FSO is suspended.
SGX:C6L.SI:Singapore Airlines
Singapore Airlines reported $19.5 billion in revenue for FY2024/2025, up 2.8% y-o-y. CEO Goh Choon Phong’s pay dropped 13.5% to $7.013 million, with $3.12 million in bonuses. The airline awarded eligible staff bonuses of 7.45 months. CCO Lee Lik Hsin and COO Tan Kai Ping earned between $3 million and $3.2 million each, down from the previous year.
SGX:BN4.SI:Keppel
Keppel has partnered with the Asian Infrastructure Investment Bank to mobilize US$1.5 billion in sustainable infrastructure across Asia Pacific by 2030. Sectors targeted include power, urban services, and digital infrastructure. Keppel expects no material financial impact from the deal in the current year.
SGX:U96.SI:Sembcorp Industries
Sembcorp Solar Vietnam, a unit of Sembcorp, delayed its acquisition of a 49MW hydropower asset due to pending government approvals. The asset is part of a 245MW portfolio from Gelex Group. This is the second delay since late 2023. Sembcorp has completed acquisitions of three other renewable units totaling 196MW.
SGX:D05.SI:DBS Group
DBS Group reported a 30% increase in Hong Kong private banking revenue for the first five months of 2025. The bank also plans to hire 40 more private bankers this year.
SGX:S63.SI:Singapore Technologies Engineering
ST Engineering plans to sell its US-based unit LeeBoy for US$290 million to France’s Fayat Group. The deal is expected to save US$9 million in annual interest, aligning with ST Engineering’s portfolio rationalization strategy.
SGX:Z74.SI:Singapore Telecommunications (Singtel)
Despite its unit Optus receiving an A$100 million fine for past misconduct, Singtel remains favored among analysts. Maybank and CGS International maintained positive ratings with target prices at $4.30 and $4.10 respectively. DBS Group Research raised its target price to $4.58, citing strong core growth, data center expansion, and asset monetization.
SGX:Y92.SI:Thai Beverage
Thai Beverage’s long-anticipated BeerCo IPO remains delayed due to market conditions. Analysts from CGS International and UOB Kay Hian maintain neutral ratings. DBS’s Chee Zheng Feng still holds a “buy” call with a 63-cent target, noting strong performance in Thailand and rapid Myanmar growth. The company saw a 98% y-o-y revenue boost in Myanmar for 1HFY2025, while its Vietnam business remains pressured by regulatory and economic headwinds.
US:GOLD:Gold Spot Price
Gold slipped to around US$3,330 per ounce as the Iran-Israel ceasefire appeared to hold. Fed Chair Jerome Powell reaffirmed caution on rate cuts. Despite this, gold has rallied 27% year-to-date.
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