[Today's headlines]
CEO of the Hong Kong Stock Exchange (0388): International investors set their sights on the Chinese market, and the Hong Kong Stock Exchange launched renminbi-denominated gold futures
The Hong Kong Special Administrative Region's 2026 Policy Address proposed deepening Hong Kong's global offshore RMB business and capital market. Hong Kong Stock Exchange Chief Executive Chen Yiting said on the 2nd that international investors have re-set their sights on the Asian region, especially the Chinese market, and are interested in diversifying asset allocation. Hong Kong needs to build a diversified asset ecosystem, not just expand and strengthen the stock market. The Hong Kong Stock Exchange will research and launch RMB denominated gold futures.
[General outlook]
The three major US stock indexes collectively rose last Friday and the NASDAQ reached a new intraday high
Overnight, the Dow Jones Industrial Average rose 250.4 points to close at 51176.96 points, or 0.49%, or 1.26% last week; the S&P 500 stock index rose 56.27 points to close at 7722.72 points, or 0.73%, down 0.27% last week; the Nasdaq Composite Index rose 319.26 points to close at 27190.86 points, or 1.19%. It reached a new intraday high, rising 0.45% last week, with three consecutive weekly gains.
Among popular technology stocks, Google-C rose 1.62%, and the cloud and AI advertising business was steady; Amazon rose 1.33%, and Nvidia hit another record intraday high. The market capitalization once returned to 5.7 trillion US dollars, and eventually closed up 1.34%. Tesla surged 4.65% and SpaceX surged 7.35% due to deliveries exceeding expectations in the third quarter.
The optical communications sector has strengthened collectively, boosted by expectations of data center and network upgrades. Coherent rose 5%, putting overall pressure on storage stocks. Toshiba announced that it will significantly expand HDD production in the Philippines with the goal of doubling storage production capacity by the 2027 fiscal year, raising market concerns about increased competition and pricing power. Seagate fell 10.21%, Western Digital fell 10.22%, and Sandy fell 3.79%.
In terms of popular Chinese securities, the Nasdaq China Golden Dragon Index closed down 2.09%. The Hang Seng Index ADR rose. On a pro rata basis, it closed at 24032.94 points, up 60.65 points, or 0.25% from the Hong Kong closing.
WTI crude oil futures on the New York Mercantile Exchange fell $1.61 for the month, closing at $91.26 a barrel, or 1.73%. COMEX gold futures fell $30.20 for the month's consecutive contracts, or 0.72%, to $4172.1 per ounce.
[Hot Topics Preview]
G7 agreed to join forces to release 100 million barrels of energy reserves in exchange for the US abandoning the ban on diesel exports
Group of Seven (G7) leaders said after meeting on Friday that in view of continued pressure on the fuel market, countries will release 100 million barrels of crude oil and diesel under the coordination of the International Energy Agency (IEA). The G7 said that countries will immediately begin releasing 100 million barrels of energy through IEA coordination for a period of 4 months. Furthermore, within the first 20 days, countries will release diesel reserves “on a large scale”, but it is not clear how much crude oil and diesel each account for 100 million barrels.
First-hand residential transactions in Hong Kong reached a three-month high in September: new listings sold out as soon as they opened, and some people bought 4 units in a row
As the pace of promotion of new homes picked up again, the Hong Kong property market picked up significantly in September. According to data from the Central Plains Real Estate Research Department, in September, the total number of property sales contracts in Hong Kong was 6440, up 11.7% from August. Yang Mingyi, senior co-director of the Central Plains Real Estate Research Department, pointed out that in August, the Hong Kong stock market trend was stable. New listings in Kowloon were sold at close to second-hand market prices, and the market response was enthusiastic to drive the overall property market atmosphere. At the same time, many large banks continued their preferential fixed interest mortgage plans, buyers resumed their willingness to enter the market, and overall transactions ended the downward trend for two consecutive months. It involves local real estate stocks in Hong Kong.
Yankuang Energy (01171): Acquisition of 80% equity interest in Kestrel Coal Mine at a consideration of US$1.85 billion
Yankuang Energy issued a discloseable transaction announcement. Yancoal Australia (03668), the company's holding subsidiary, has successfully completed a transaction with the seller to acquire 100% of Kestrel Group's shares, thereby indirectly obtaining 80% of Kestrel Coal Mine's interests. The down payment of cash consideration upon completion of the acquisition was US$1.85 billion. Furthermore, whether contingent payments totaling up to US$550 million are paid still depends on whether the relevant benchmark coal price exceeds US$225 per ton in any one year within the first five years after completion of the acquisition. The Kestrel Coal Mine is a large metallurgical coal asset located in the Bowen Basin in Queensland, and has a long mining life. Yancoal Australia will confirm its share of Kestrel production and economic benefits from October 1, 2026.
Budweiser Asia Pacific (01876): Internal restructuring generated $52 million in tax expenses plus $30 million provision for Indian receivables
According to the Zhitong Finance App, Budweiser Asia Pacific announced that during the quarter ending September 30, 2026, the Group carried out an internal restructuring involving several of its subsidiaries in mainland China (including Budweiser Xuejin Brewery Co., Ltd.) to improve the Group's capital efficiency. As a result of this restructuring, the Group expects to record approximately $52 million in non-basic withholding tax expenses.
Budweiser Asia Pacific announced that for the quarter ended September 30, 2026, the Group carried out internal restructuring involving several mainland Chinese subsidiaries to improve capital efficiency, and is expected to record non-basic withholding tax expenses of about 52 million US dollars; the Group has made provisions of about 30 million US dollars based on prudential principles for overdue accounts receivable from India's Telangana government beverage company. This year-on-year change is reported as a change in scope. There is no impact on endogenous growth, and the Group will continue to pursue payments. The above matters will have a negative impact on the profit attributable to the Group's equity holders for the three months ending September 30, 2026.
Botai Auto Union (02889) completed the acquisition of 70% of the issued shares of Chengdu Mingyi Electronic Technology
The total consideration is not more than RMB 1.4 billion. The transaction was completed on October 2, 2026 in accordance with the terms and conditions of the share transfer agreement. After delivery, the company held a total of 53.518,600 shares of the target company, accounting for about 70% of the total issued shares of the target company. The target company has become a non-wholly-owned subsidiary of the company, and the target company's financial results will be incorporated into the group's consolidated financial statements.
MTR Corporation (00066) and the Government entered into a settlement agreement for the Hong Kong section of the High Speed Rail and the Sha Zhong Line project to comprehensively resolve historical disputes and claims
The Board believes that a settlement agreement avoids potentially lengthy, complicated and costly dispute resolution procedures, and removes significant litigation risks and uncertainties relating to future claims. The settlement agreement also avoids significant loss of management time and resources, and helps the company maintain a constructive and cooperative relationship with the government regarding railway operations and future infrastructure projects.
Goli Pharmaceutical-B (01672): ASC36_35FDC pre-clinical study unveiled in EASD 2026, showing monthly to quarterly dosing potential and strong weight loss effects
Key preclinical data for ASC36_35FDC (ASC36_35 combination) were reported at the 62nd European Association for the Study of Diabetes (EASD) Annual Meeting, which was held in Milan, Italy from September 28 to October 2, 2026 (EASD 2026). ASC36_35FDC is a monthly to quarterly fixed-dose combination injection of ASC36 (a polypeptide pancreatin receptor agonist) and ASC35 (a polypeptide GLP-1R/GIPR agonist). The study was presented during a brief oral discussion session. According to the data, ASC36_35FDC showed a weight loss trend superior to eloralintide/tirpotide or MET-233I/tirzepatide compounds in diet-induced obesity (DIO) rat models, and had superior formulation stability.
Golden World Holdings (03918)'s total gaming revenue of US$418 million in the first three quarters decreased by 21.5% year-on-year
Jinjie Holdings announced that for the nine months ended September 30, 2026, total gaming revenue was US$418 million, a year-on-year decrease of 21.5%; net gaming revenue was US$389 million, a year-on-year decrease of 16.7%.
[Individual stock prices are clear]
ASMPT (00522): Benefiting from the AI infrastructure capital expenditure cycle to reshape the equipment market
Currently, AI infrastructure is driving up global semiconductor capital expenditure. In 2026, global IDM and fab capital expenditure increased 27% year on year, of which investment in advanced packaging production line planning increased 25% year on year. Judging from the size of the equipment market, total global semiconductor manufacturing equipment sales are expected to reach US$169.2 billion in 2026, an increase of 26% year on year.
According to Open Source Securities, the company is profoundly benefiting from the AI infrastructure capital expenditure cycle to reshape the equipment market. HBM and CoWOS core bonding equipment technology are expected to rise simultaneously. The industry has both beta and alpha, and traditional back-end equipment and SMT businesses are recovering at the same time. In the second quarter of this year, the company achieved a continuous operating revenue of HK$4.936 billion, an increase of 52.1% year on year, and net profit to the mother of HK$418 million, up 177% year on year. The subsequent increase in the share of advanced packaging revenue and the release of scale effects is expected to welcome the double impact of Davis in terms of performance and valuation.