There was HKD3.7 billion, HKD595.5 million and HKD289.8 million Southbound Trading net inflow to TRACKER FUND (02800.HK), CNOOC (00883.HK) and YOFC (06869.HK).

There was HKD596 million, HKD502.6 million and HKD23.5 million Southbound Trading net outflow from BABA-W (09988.HK), SMIC (00981.HK) and AKESO (09926.HK).

For Southbound Trading of Shanghai-Hong Kong Stock Connect, TRACKER FUND (02800.HK) was the most active stock with highest net inflow of HKD1.3 billion, while SMIC (00981.HK) was the most active stock with highest net outflow of HKD328.9 million.

For Southbound Trading of Shenzhen-Hong Kong Stock Connect, TRACKER FUND (02800.HK) was the most active stock with highest net inflow of HKD2.4 billion, while GEELY AUTO (00175.HK) was the most active stock with highest net outflow of HKD651.3 million.

At close, Southbound Trading net outflow totaled HKD0 , representing 43.29% of the total transaction amount of HKD110.55 billion.
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The Accounting and Financial Reporting Council (AFRC) took disciplinary action against PricewaterhouseCoopers (PwC) and its two former partners and engagement directors over misconduct in the audit of Evergrande's consolidated financial statements.

The AFRC publicly reprimanded PwC, as well as the two former partners, and imposed total fines of HKD310 million, including HKD300 million on PwC and HKD5 million each on the two former partners. An immediate practice restriction was imposed on PwC, prohibiting it for six months from accepting new clients for any public interest entity engagements, performing such engagements for new clients, or issuing related reports for new clients.

PwC was also directed to report to the AFRC at least every three months over a 12-month period on the progress of its remedial measures and to provide reports, as well as arrange additional training to ensure effective implementation of measures addressing the regulatory concerns identified in this case.
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The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) have announced their arrangements for this year's Labor Day holiday. Both stock exchanges will be closed from next Friday (May 1) to May 5. Trading will resume on May 6.
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VIRTUAL MIND (01520.HK) announced that it signed a memorandum of understanding (MOU) today (23rd) with HSC Digital founder Vadim Krekotin, who acted on behalf of HSC Digital.

Pursuant to the MOU, VIRTUAL MIND will make an initial investment in HSC Digital and conduct relevant business cooperation, subject to satisfactory due diligence, mutual agreement on terms of the Investment, and compliance with applicable regulatory requirements.

VIRTUAL MIND will also have priority to make further investment in HSC Digital, subject to further negotiation and separate definitive agreement to be entered into between the parties.
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SHENZHENEXPRESS (00548.HK) announced that, according to the documents of relevant provincial and municipal authorities, the toll collection on the expressway from Shuijingcun to Guanjingtoucun in Shenzhen City (Shuiguan Expressway), invested and operated by Qinglong Company, in which 50% equity is held by the Company, will be terminated effective from 24:00 on 25 April 2026.

Qinglong Company will, in accordance with the regulations and requirements of the transportation authorities, carry out the handover of the relevant assets of Shuiguan Expressway.

It is expected that the relevant matter will not have a material impact on the Company’s financial position and operating results.
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Affected by a 5.2% YoY decline in global automobile production, FUYAO GLASS (03606.HK) recorded revenue growth of 5% YoY in 1Q26, according to a report from Goldman Sachs. A drop of merely 3.7% in the company's shipment volume, however, indicated continued market share gains.

In FUYAO GLASS management's estimation, the overall impact of cost inflation (such as natural gas and freight rates) will be limited under geopolitical tensions, as soda ash prices and freight rates are expected to falter over the full-year outlook. The company also predicts capitalization of construction-in-progress to remain stable in 2026.

Goldman Sachs has kept a Buy rating on FUYAO GLASS, with a 12-month target price of HKD73.
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China's banking sector will gradually announce its 1Q26 results over the coming week, with revenue and profit growth expected to show moderate improvement, JPMorgan released a research report saying.

Among Chinese state-owned banks, the broker expected ABC (01288.HK) and BANKCOMM (03328.HK) to demonstrate stronger profit growth momentum, leading peers. In contrast, PSBC (01658.HK) may lag due to higher credit costs.

Among joint-stock banks, JPMorgan stated that PING AN BANK (000001.SZ) is estimated to achieve a YoY turnaround to positive revenue and profit growth in 1Q26. Meanwhile, although MINSHENG BANK (01988.HK) has shown signs of revenue rebound, its profit growth is projected to continue contracting.

INDUSTRIAL BANK (601166.SH) may deliver unsatisfactory revenue performance, but its profit growth will remain stable, while CEB BANK (06818.HK) could underperform peers overall.

When selecting stocks in the joint-stock bank segment, the broker kept CMB (600036.SH)'s A-shares as its sector top pick, primarily due to its stable financial growth trend and attractive dividend yield.
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LI NING (02331.HK) recorded mid-single-digit YoY growth in overall retail sell-through in 1Q26, CMSI said in a research report. The growth stood on a low-double-digit increase in the direct-operated channel and a high-single-digit increase in the e-commerce channel, while the wholesale channel posted a low-single-digit increase.

Including around 20% growth in the kidswear business, LI NING's overall reported retail sell-through growth reached high-single-digit levels, in line with the full-year target.

CMSI gave LI NING a target price of HKD23.5 and an Overweight rating.
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In 1Q26, China's telecom sector saw revenue drop by 1.8% YoY to RMB439.4 billion, according to data released by the Ministry of Industry and Information Technology (MIIT).

Calculated at constant prices of the previous year, the total telecom business volume increased by 8.3% YoY.
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VOYAH AUTO (07489.HK) announced that it received more than 20,000 orders for the Voyah Taishan X8, a flagship five-seater SUV, within only 20 hours after the presale started.

The global presale of the Voyah Taishan X8 kicked off yesterday (22nd). This model offers five variants with two powertrain options, namely PHEV and EV. The presale prices range from RMB302,900 to RMB389,900.
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ByteDance officially launched a new generation higher-precision 3D generation large model, Seed3D2.0. The model adopts a MoE architecture, and leverages sparse expert routing to control inference computation while expanding model parameters and resolution.

The technical report for Seed3D2.0 has been released now, and its API is now available on Volcano Engine. The model is capable of generating richer texture details and more precise metallic roughness boundaries.
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CHOW TAI FOOK (01929.HK) delivered mixed results for 4FQ, BOCI said in its research report. Dragged down by an 8.2% decline in retail sales in the Mainland China market, the company's overall retail sales fell by 1.5% YoY.

In addition, demand for gold products by weight remained weak, as consumers largely adopted a wait-and-see attitude because of gold price volatility. On the bright side, the price differential arising from adjustments to China's value-added tax policy boosted store traffic markedly in Hong Kong and Macau.

CHOW TAI FOOK's management confirmed all core guidance targets for FY26 are achievable. Such a confirmation should alleviate market concerns. Following the recent share price pullback, BOCI reiterated a Buy rating on the company, with a target price of HKD18.1.
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After publishing its latest China equity strategy update, client discussions have focused on two core questions: how to position for the upcoming Xi-Trump summit, and whether laggard sectors such as consumers and homebuilders have significant catch-up upside, JPMorgan released a research report saying.

JPMorgan believed that if the Xi-Trump summit takes place as scheduled, it will serve as a key near-term catalyst for the MSCI China Index and the CSI 300 Index. The market expected geopolitical tensions to gradually ease, with lower US tariffs.

More purchases of US goods, such as soybeans, protein, aircraft and chips, may pose public opinion risks. Chip companies focused on domestic self-sufficiency, including ILUVATAR COREX (09903.HK), are expected to remain resilient.

The broker's top picks in China are BYD COMPANY (01211.HK), NAURA (002371.SZ), MINIMAX-W (00100.HK), KNOWLEDGE ATLAS (02513.HK), ILUVATAR COREX, BANK OF CHINA (03988.HK), INNOVENT BIO (01801.HK) and CNOOC (00883.HK).
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WUXI APPTEC (02359.HK)(603259.SH) will announce its 1Q26 results next Monday (27th), CLSA issued a research report saying. The broker expected earnings momentum to continue accelerating, with an improved business mix and room for valuation re-rating.

CLSA forecasted its 1Q26 revenue to grow 20% YoY, including a 25% YoY increase in revenue from continuing operations. High-margin TIDES business and the divestment of low-growth clinical CRO operations are expected to drive adjusted non-IFRS net profit growth of over 35% YoY.

Therefore, the broker kept ratings at Outperform for both the H-/ A-shares of WUXI APPTEC, and lifted its target prices from $144.4/ RMB126.7 to $149.3/ RMB130.9, based on an unchanged 20x PE ratio prediction for 2027.
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Langham Hospitality Group announced that it signed a management agreement with China Xiong'an Group Public Service Management Co., Ltd. to introduce two of its flagship brands, Cordis Hotels and Resorts, and Ying’nFlo, into the Xiongan New Area.

This project represents a key component of Langham Hospitality Group's expansion strategy in China, further fortifying the group's market presence in North China.

The integrated development project is scheduled to commence operations in 1Q28, with a total GFA of 23,700 square meters.
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For CHOW TAI FOOK (01929.HK), in 4QFY26, SSSG in Mainland China elevated 0.2% YoY, slowing from the 21.4% growth in 3QFY26 and also below the broker's expectation of 5% growth, BofA Securities said in a report.

During the conference call, CHOW TAI FOOK's management maintained all key guidance for FY26 intact, the broker noted. The company expected revenue to record LSD-MSD growth, Mainland China's SSSG to be in the MSD-HSD, GPM to range between 31.5% and 32.5%, and OPM to be 20%.

The broker maintained a Neutral rating on CHOW TAI FOOK, with an unchanged TP of HKD13.1.
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A team led by Ma Yanwei at the Institute of Electrical Engineering of the Chinese Academy of Sciences has recently overcome the performance bottleneck of traditional graphite-anode batteries.

The team proposed a lattice phosphorus-nitrogen (PN) bond engineering strategy, enabling black phosphorus anode materials to achieve stable charging and discharging at ultra-high rates, a development of major significance for advancing the practical application of BP-based fast-charging batteries.

Under high-rate charging conditions, a pouch cell developed by the team using black phosphorus as the anode and lithium iron phosphate as the cathode can reach 80% of its theoretical capacity in just 10 minutes. This achievement opens up a new technical path for the next generation of high-energy-density and high-power energy storage devices.
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Chinese robovan operator, Zelos Technology, is planning to list in Hong Kong, which may raise approx. US$600 million, Bloomberg quoted insiders as saying. The Company is in discussions with banks regarding the potential listing.

Founded in 2021, Zelos Technology operates more than 25,000 vehicles in mainland China, providing L4 (highly automated) delivery trucks. Cainiao, the logistics arm of Alibaba Group Holding Limited, became a shareholder in the Company this year through a capital injection of an undisclosed amount.
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XIAOMI-W (01810.HK) announced that the Xiaomi MiMo-V2.5 series models officially launched public beta testing, alongside optimization of Token Plan pricing.

The latest pricing adjustment removes the previous billing method of 1 Token = 4 Credits and no longer differentiates Credit multipliers between 256K and 1M context windows.

Meanwhile, from 00:00 to 08:00 Beijing time each day, the Credits consumption rate for all models will be offered at a 20% discount from the original rate.
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TENCENT (00700.HK) and BABA-W (09988.HK) are in preliminary discussions on investing in an AI startup DeepSeek, according to US tech web The Information, citing multiple sources.

DeepSeek has raised its target valuation for this funding round to over USD20 billion, and the fundraising size may be further expanded.

However, negotiations are still ongoing, and both the final valuation and fundraising scale remain subject to change.
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