📈 HSI Midday Uptick; Jack Ma Returns to Alibaba; Xiaomi, SMIC, Tencent, HSBC in Focus

HK:3115.HK:Hang Seng Index (HSI)
HSI closed midday at 26,466, up 19 pts (+0.1%). HSTI rose 23 pts to 6,067, while HSCEI gained 9 pts to 9,394. Active movers included HK:3690.HK:Meituan (+2.3% to HK$99.55), HK:1810.HK:Xiaomi (+0.9% to HK$56.7), HK:700.HK:Tencent (+0.4% to HK$646), and HK:9988.HK:Alibaba (-0.3% to HK$154.1).

HK:9988.HK:Alibaba (BABA-W)
Jack Ma has reportedly returned to take part in AI and e-commerce strategy decisions, marking his most direct involvement in five years since stepping back amid regulatory probes.

HK:1810.HK:Xiaomi
Goldman Sachs noted Xiaomi’s entry into China’s air-conditioner market, competing with leaders such as SZ:000333.SZ:Midea Group, and highlighted its potential in high-margin, consolidated sectors.

HK:981.HK:SMIC
Goldman Sachs raised SMIC’s target price to HK$73.1, citing growth in AI demand and expanding fabless semiconductor activity that should drive long-term utilization and margin recovery.

HK:700.HK:Tencent
Tencent was reported to be marketing three Dim Sum bond issuances, with pricing expected shortly. Separately, its cloud arm said it will focus expansion efforts in the Asia-Pacific region.

HK:1638.HK:Kaisa Group
Shares once surged 37% intraday as the firm confirmed its debt restructuring has taken effect.

HK:1211.HK:BYD Company
UBS reiterated a Buy rating, lifting its target price to HK$160, saying a rebound turning point has been reached for China’s top EV maker.

HK:6881.HK:Transthera-B
The biotech soared as much as 64% in early trade, extending its meteoric rise — up nearly 50x since debut — and surpassing HK:3692.HK:Hansoh Pharma in market cap.

HK:2768.HK:Yunfeng Financial
Shares fell 10.6% on opening after announcing plans to raise HK$1.15 billion through a 17% discounted top-up placement.

HK:3800.HK:GCL Tech
The company raised HK$5.39 billion net via an 8.7% discounted share placement, with stock opening 1.6% higher.

HK:5.HK:HSBC Holdings
HSBC repurchased 3.66 million shares worth HK$391 million on Monday, continuing its buyback program.

🌏 Capital Asia Investments’ Billion-Dollar Thai Trades Spark Scrutiny Across Energy, Media & Finance

SGX:CAI.SI:Capital Asia Investments
Singapore-licensed fund manager Capital Asia Investments (CAI), led by co-founders Eugene Tang and George Tan, has executed trades in Thai blue-chips worth about S$658 million. CAI’s positions have spanned energy, media, property, and diversified holdings, with deals drawing attention for their scale and links to Cambodian elites.

TH:BCPG.BK:BCPG
CAI lifted its stake in Thai renewable energy firm BCPG from 3.6% to 5.3% in February 2024 after acquiring over 50 million shares from Thai businesswoman Cattaliya Beevor. The transaction was flagged in Thai SEC filings and later linked to CAI’s Optimum Fund.

TH:BCP.BK:Bangchak Corporation
CAI doubled its stake in parent company Bangchak to 10% in December 2024, later peaking at 13.9% in early 2025. Within weeks, it sold over 190 million shares to newly formed Alpha Chartered Energy, which became Bangchak’s largest shareholder with more than 20%.

TH:VGI.BK:VGI Global Media
CAI emerged as the second-largest shareholder in VGI, the media arm of BTS Group, after joining a private placement of 8.8 billion shares in November 2024. The cash call diluted parent BTS’s stake by nearly half.

TH:BTS.BK:BTS Group
Following VGI’s placement, BTS Group saw its stake in its media unit nearly halved, raising concerns about foreign influence over strategic assets.

TH:FNS.BK:Finansia X
CAI, via Finansa Investment, became the largest shareholder of Finansia X with 24.14% as of July 2025. Finansa was co-founded by Vorapak Tanyawong, incoming Thai deputy finance minister and former president of Krungthai Bank.

TH:UPA.BK:United Power of Asia (now Green Tech Ventures)
CAI’s name surfaced in circular trades at United Power of Asia (UPA). Beevor bought a billion shares in 2020, later sold via intermediaries to CAI. Proceeds were partly used to invest in Phnom Penh’s One Central Tower, linked to Cambodian tycoon Yim Leak.

KH:BIC.CM:BIC Group
Cambodian tycoon Yim Leak, chair of BIC Group and son of former deputy PM Yim Chhay Ly, appeared in BCPG’s shareholder records alongside CAI. His family ties extend to Hun Many, son of ex-premier Hun Sen.

TH:MVP.BK:M Vision
CAI acquired 20 million shares from Yim Leak in 2021, later subscribing to 45 million new shares worth 189 million baht. At its peak, CAI held 13.3%. M Vision channelled funds into bitcoin mining, but CAI’s stake is now set to fall below 4% after a placement to Com7 and TR Partners.

TH:COM7.BK:Com7
Com7 is poised to become M Vision’s largest shareholder after a private placement, reducing CAI’s influence below 4%.