UBS listed its investment ratings and target prices on dotcoms as follows:

Stocks | Investment Ratings | TPs
TENCENT (00700.HK) | Buy | HKD780
MEITUAN-W (03690.HK) | Buy | HKD128
Baidu, Inc. (BIDU.US) | Buy | USD180
Alibaba Group Holding Limited (BABA.US) | Buy | USD184
JD.com, Inc. (JD.US) | Buy | USD48

PDD Holdings Inc. (PDD.US) | Buy | USD170
Vipshop Holdings Limited (VIPS.US) | Buy | USD18.5
NetEase, Inc. (NTES.US) | Buy | USD176
KUAISHOU-W (01024.HK) | Buy | HKD70
Tencent Music Entertainment Group (TME.US) | Neutral | USD13

NETEASE MUSIC (09899.HK) | Buy | HKD300
Bilibili Inc. (BILI.US) | Buy | USD32.2
iQIYI, Inc. (IQ.US) | Buy | USD1.82
JOYY Inc. (JOYY.US) | Buy | USD83
Weibo Corporation (WB.US) | Buy | USD11

Hello Group Inc. (MOMO.US) | Buy | USD9
CHINA LIT (00772.HK) | Buy | HKD50
KANZHUN LIMITED (BZ.US) | Buy | USD23
Trip.com Group Limited (TCOM.US) | Buy | USD80
TONGCHENGTRAVEL (00780.HK) | Buy | HKD23
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US President Donald Trump said Apple Inc. (AAPL.US) agreed to partner with Intel Corporation (INTC.US) to design and manufacture chips in the US.

At the moment, Apple relies heavily on Taiwan Semiconductor Manufacturing Company Ltd. (TSM.US), whose advanced production lines must also meet demand from NVIDIA Corporation (NVDA.US) and Advanced Micro Devices, Inc. (AMD.US).

The US government acquired a 10% stake in Intel last year and announced plans to invest approximately USD10 billion in the company to build or expand factories in the US.

The White House has been strengthening safeguards for critical minerals and semiconductor supply chains to reduce reliance on China.
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Interest Rate Decision for June 2026 in Philippines is 4.75%, higher than the previous value of 4.50%. The forecast was 4.75%.~



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SK Hynix shares set a record high, reaching a peak of KRW2.701 million, and were last up 6.98% at KRW2.697 million. In Hong Kong, XL2CSOPHYNIX (07709.HK) elevated 16.92% to HKD169.3, with a turnover of 54.7682 million shares, involving HKD8.73 billion.

The company said it delivered samples of its HBM4E, designed for next-generation AI processors, to major customers. It will work closely with partners to proceed with mass production in a timely manner.

HBM4E is the seventh-generation HBM, a high-performance DRAM designed for rapid data processing. It is used in GPU and other AI accelerators requiring strong computing power.

Meanwhile, the previous-generation HBM4 will be used in NVIDIA Corporation (NVDA.US)'s Vera Rubin AI supercomputer, which is forecast to be launched in 3Q26. HBM4E is estimated to be applied to the Vera Rubin Ultra platform next year.
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Mary Huen, CEO, Hong Kong and Greater China & North Asia, Standard Chartered, attended the Lujiazui Forum where she delivered a speech and participated in panel discussions. She stated that high-level financial opening requires both innovation and coordination.

Shanghai serves as an onshore financial center supporting China’s high-quality economic development, while Hong Kong is an offshore international platform connecting China with the world, she opined, saying the two cities have different but highly complementary strengths. As Shanghai-Hong Kong collaboration continues to deepen, the scope for China’s financial opening will further expand, and RMB internationalization will gradually move toward broader global allocation.

Huen shared her views from three perspectives: Chinese enterprises going global, asset allocation, and digital finance. First, Shanghai and Hong Kong together are building stronger connectivity between China and the world. Standard Chartered also plays the role of a financial institution "super connector", facilitating more efficient alignment among enterprises, capital and markets. In addition, as the scale of Chinese enterprises expanding overseas increases, demand for cross-border settlement, financing, treasury management and risk hedging is rising, bringing RMB internationalization into an unprecedented "golden window period".

Secondly, Hong Kong is one of the most pivotal platforms linking global capital with opportunities in China. Shanghai and Hong Kong continue to enhance market connectivity, offering unique advantages in terms of convenience and stability. This will attract more capital to participate in the China market and further enhance the influence of Chinese assets in global allocation.
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The Federal Open Market Committee of the Federal Reserve announced its decision to keep the target range for the federal funds rate unchanged at 3.5-3.75%. The Hong Kong Monetary Authority (HKMA) said that the policy decision is in line with market expectations. The statement released after the meeting indicated that inflation has remained elevated, reflecting that the Committee is watchful over the outlook on inflation.

Hong Kong’s monetary and financial markets have continued to operate in an orderly manner. Under the Linked Exchange Rate System, Hong Kong dollar interbank rates generally track the US dollar counterparts, while shorter-tenor interbank rates tend to be also influenced by the supply and demand of Hong Kong dollar funding in the local market such as seasonal factors and capital market activities.

In the HKMA's opinion, US interest rate adjustments will depend on developments in inflation, labor market, and other economic data, and may influence the interest rate environment in Hong Kong. The public should carefully manage interest rate risks when making decisions about property purchase, investment or borrowing. The HKMA will continue to closely monitor market developments and maintain monetary and financial stability.
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Standard Chartered Bank (Hong Kong) announced that its HKD Best Lending Rate remains unchanged at 5.25% per annum. There is also no change for its rates for the HKD savings accounts.
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The market may have underappreciated TENCENT (00700.HK)'s positioning in the AI era, particularly in Agent harness (intelligent agent orchestration engineering) and in accelerating the iteration of its Hunyuan model through agents’ use of query data, Haitong International said in a research report. The broker maintained its Outperform rating on the company, with an unchanged TP of HKD688.

Tencent Workbuddy has become the most-used coding product in China, the report noted. According to market data, Workbuddy charted 8.85 million monthly visits in March, more than double the second-place competitor. In terms of daily active users (DAUs), it has become one of the most popular Agent tools in China. Moreover, Tencent recently invested in DeepSeek, which the broker believed will further reinforce its confidence in Tencent’s competitiveness in the AI sector.
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US President Donald Trump inked an interim agreement with Iran to end the war and reopen the Strait of Hormuz. An oil tanker loaded with LNG in Qatar, according to Bloomberg, is approaching Hormuz, suggesting that traffic through the strait may increase following the implementation of the interim peace deal.

Ship-tracking data showed that the vessel "Mraikh", which loaded cargo earlier this month, is heading toward Hormuz after being stranded in the Persian Gulf since February. The vessel, chartered by QatarEnergy, indicates Pakistan as its next destination. The cargo is projected to ease Pakistan’s natural gas shortage.
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TENCENT (00700.HK)'s cloud business brand, Tencent Cloud, entered into a strategic partnership with CITIC Bank International to establish a long-term strategic alliance and advance CITIC Bank International's "FinTech 2.0" digital transformation, aiming to set a best-in-class industry benchmark and extensively serve the banking sector in Hong Kong and Macau.

Pursuant to the agreement, the two parties will jointly build efficient, intelligent and secure financial services, endeavoring to create a safer banking environment for customers. Harnessing advanced innovative technologies and robust data privacy protection, they will focus on enhancing smart risk management capabilities, thereby fortifying trust and security in digital banking services across the region.

Tencent Cloud and CITIC Bank International will explore the application of innovative AI technologies to comprehensively enhance operational efficiency. The initiative aims to introduce AI into internal banking operations and customer services, streamline workflows and improve operational effectiveness, enabling flexible responses to rapidly changing market demands amid intense competition.
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China's State Administration for Market Regulation (SAMR) issued yesterday (17th) the "Ten Guidelines on Standardizing Subsidy Practices of Food Delivery Platforms (Draft for Consultation)". MEITUAN-W (03690.HK), Taobao Instant Commerce and JD Food Delivery all expressed steadfast support.

Meituan stated that it will carefully study the guidelines, actively cooperate and implement the regulatory requirements to ensure effective execution. The long-cycle, large-scale subsidies and other irrational competition in the food delivery industry have disrupted normal market order. The introduction of the "Ten Guidelines on Standardizing Subsidy Practices of Food Delivery Platforms (Draft for Consultation)" will clarify compliance boundaries for subsidy practices, effectively curtail "involution-style" competition in the industry and foster standardized and healthy development.

Taobao Instant Commerce noted that a healthy industry ecosystem hinges on clear rules. The company steadfastly supports the regulator in formulating relevant guidelines to promote high-quality industry development. It will work with industry participants to jointly safeguard a fair and orderly competitive environment.

JD Food Delivery also said it strongly agrees with measures to counter involution competition, maintain fair market order and protect the legitimate rights and interests of consumers, merchants and riders. The company has consistently adhered to a quality-focused positioning and pursued a sustainable business model. It will continue to standardize subsidy practices, advance anti-involution efforts and reject vicious low-price competition.
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If US inflation remains elevated, the Federal Reserve may need to raise interest rates as early as September, describing it as a prudent move after weighing various risks, Goldman Sachs Vice Chairman and former Dallas Federal Reserve Bank President Rob Kaplan said.

After Fed Chair Kevin Warsh signaled a focus on taming inflation, market sentiment turned hawkish. Traders sold short-term US Treasuries, shoring up yields on some government bonds. Kaplan noted that if inflation stays high, it suggests monetary policy remains overly accommodative.

He added that Fed policy actions are rarely one-off moves, with rate adjustments typically occurring two to three times in succession. If the Fed acts in September, it could imply one to two additional adjustments ahead.

Swap traders currently suggest the Fed to hike rates by a quarter percentage point in October, compared with earlier market expectations of a rate hike in March next year.
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The Federal Reserve kept interest rates unchanged. Tai Hui, Chief Market Strategist, Asia, for JP Morgan Asset Management, said that the Federal Open Market Committee (FOMC) unanimously decided to maintain the federal funds target range at 3.5-3.75% at the meeting chaired for the first time by Federal Reserve Chair Kevin Warsh. With inflation still above target, the market had previously expected the new chair to be eager to cut rates.

He noted that the policy statement saw a significant change in format, with the content reduced by half compared with previous statements. Unlike the classic four-paragraph detailed statement issued in April this year, the latest statement was substantially streamlined and completely abandoned its easing bias. Descriptions of expectations for economic growth, the labor market and inflation were made very concise.

Tai expected that at the current policy rate level, the FOMC appears willing to remain patient, and therefore maintained the view that the Fed will not adjust interest rates this year. He added that the market’s initial interpretation may view the meeting as delivering a hawkish signal, leading to higher bond yields and declines in stocks.
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Hangzhou Souche Automotive Services (Souche), backed by Ant Group, is seeking a target valuation of up to USD901 million in its US IPO.

The company plans to raise up to USD54 million by issuing 3 million American depositary shares (ADSs), priced between USD16 and USD18 each. It will list on Nasdaq under the ticker "DSC".

The China Securities Regulatory Commission approved Souche's New York IPO in April, marking the first clearance for a US listing application in four months.

Investors in Souche include 5Y Capital, Primavera Capital and Ant Group. API (Hong Kong) Investment, a wholly owned subsidiary of Ant Group, will subscribe for up to USD30 million of Souche shares in the offering.

Founded in Hangzhou in 2012, Souche is an automotive industry internet platform company, primarily engaged in digital solutions and transaction services for the circulation of used and new vehicles.
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Optoelectronic interconnect product supplier CREALIGHTS (01191.HK) announced details of its IPO, planning to offer 13.4315 million H shares globally, with approximately 10% for the Hong Kong public offering and about 90% for the international placing.

The offer price is HKD114 per share. With a board lot size of 50 shares, the entry fee is approximately HKD5,757.48. The offer period runs from today (18th) to next Wednesday (24th), with listing expected on 29 June. Huatai International acts as the sole sponsor.

The IPO introduced seven cornerstone investors, including BIWIN STORAGE (688525.SH) and KINGSOFT CLOUD (03896.HK) (KC.US)'s subsidiary Kingsoft Cloud Network, with total subscription amount of approximately RMB763 million.

Based on the offer price of HKD114, net proceeds are estimated at approximately HKD1.415 billion.
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Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. (DeepSeek) completed a Series A financing round, raising approximately RMB51 billion, with a post-money valuation of about RMB400 billion, Chinese media reported, citing data from Qichacha APP.

In addition to venture capital institutions, internet giants TENCENT (00700.HK), JD-SW (09618.HK), and NTES-S (09999.HK), as well as new energy leader CATL (03750.HK), appeared on the list of investors.

In DeepSeek's Series A round, founder Liang Wenfeng reportedly contributed about RMB20 billion, making him the largest single investor in this round. TENCENT invested approximately RMB10 billion; the CATL ecosystem invested about RMB5 billion; NTES-S, JD-SW, Monolith Capital and IDG Capital each invested about RMB3 billion; the China National AI Industry Investment Fund, also known as Guozhi Investment, invested about RMB980 million.
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China Foreign Exchange Trade System (CFETS) announced on Thursday (18th) that the central parity of USD/ RMB lost 34 bps from the previous day to 6.8130.
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Apple Inc. (AAPL.US) is preparing to launch the second-generation iPhone Air in the spring of next year, Bloomberg, citing sources, reported.

The new model is anticipated to add a rear camera for ultra-wide photography. The device is undergoing internal testing at Apple.

While the appearance of the new iPhone Air will remain unchanged, Apple is working to enhance battery life and may achieve this by improving energy efficiency, sources divulged.
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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

Microsoft Corporation (MSFT.US) has built a sizable business by selling AI models to Chinese enterprises, as ByteDance has been Microsoft’s largest AI customer in recent years, primarily using OpenAI models, with annual spending on Microsoft’s AI and cloud services estimated to breach USD1 billion, Bloomberg cited sources as saying.

Other Chinese technology companies, including Ant Group, MEITUAN-W (03690.HK) and TENCENT (00700.HK), have also invested heavily in AI models through Microsoft’s Azure cloud services.

Microsoft has reportedly established subsidiaries in China to keep pace with local innovation and serve multinational clients. President Brad Smith testified before Congress that Microsoft’s business in China remains relatively small, accounting for only about 1.5% of the company’s total revenue in 2024.

ByteDance, MEITUAN-W (03690.HK) and TENCENT (00700.HK) have not responded to the report, while an Ant Group spokesperson said the company develops its own AI models and that its core products do not rely on external models.
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The Federal Reserve announced that it has kept the target range for the federal funds rate unchanged at 3.5-3.75%. Correspondingly, the Hong Kong Monetary Authority (HKMA) has maintained its base rate at 4%.
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