Spot USD/CNY gained 44 bps to close at 6.7572 today (15th). As of 4:48 pm, USD/CNY in the night session added 49 bps. USD/CNH lifted 11 bps to 6.7590, 18 bps below USD/CNY.
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Wuxi Youbao Embodied Intelligence Technology (literal translation of "無錫優保具身智能科技") was recently established with a registered capital of RMB50 million, Chinese media reported, citing Qichacha APP.

Its business scope includes the research and development of intelligent robots; sales of intelligent robots; elderly care services; remote health management services; and sales of Class I medical devices.

The company is jointly held by Jiangsu Fengshu Information Technology (literal translation of "江蘇豐數信息科技") and Shenzhen UBTECH Medical Robot (literal translation of "深圳市優必選醫療機器人"), a wholly owned subsidiary of UBTECH ROBOTICS (09880.HK),
equity penetration information showed.
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HONOR announced that the HONOR X80 Pro Max is equipped with an 11,000mAh Qinghai Lake battery, supporting 90W wired fast charging and 27W reverse charging, delivering top-tier battery life and becoming the smartphone with the largest battery capacity in the industry.

The HONOR X80 Pro Max new product launch event will be held next Monday (22nd).
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LI AUTO-W (02015.HK) announced that it will publicly issue the first tranche of 2026 Sci-Tech Innovation Bonds in the National Interbank Bond Market, with an issuance size of RMB2 billion and a maturity of three years. The debt financing instrument will be issued at par, with a subscription yield range of 1.5-2.1%. The issuance date is set for June 16.

The company expects to allocate RMB999.25 million of the proceeds to supplement the working capital of its subsidiary Beijing Liding Automobile Sales Co., Ltd. (literal translation of "北京勵鼎汽車銷售有限公司"), RMB800 million for Shanghai Li Auto Technology Co., Ltd. (literal translation of "上海理想汽車科技有限公司"), and RMB200 million for Beijing Chehejia Automotive Technology Co., Ltd. (literal translation of "北京車和家汽車科技有限公司"), to support the normal operations and medium- to long-term development of the above technology-focused subsidiaries.
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The privatization plan of ENN ENERGY (02688.HK) collapsed, BofA Securities said in a research report. ENN (600803.SH) believed that further extending the final deadline of the plan would create greater uncertainty and restrict its flexibility under the Takeovers Code. Taking into account changes in the macro environment and business plans, ENN (600803.SH) decided to terminate the privatization transaction.

The broker said terminating the privatization deal would affect ENN ENERGY's corporate governance image, implying that the parent company may sacrifice the interests of minority shareholders in exchange for its own benefits. The termination also reflects that, as the structural decline in natural gas costs following the Middle East conflict may take longer to materialize, natural gas distributors are facing mounting challenges.

However, ENN (600803.SH) announced that it will increase its stake in ENN ENERGY (02688.HK). The broker understood that the scale of shareholding increase over the next 12 months will not exceed 2%, otherwise it would trigger a general offer, while any future privatization plan would also require a 12-month cooling-off period.
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LUXSHARE PRECISION (002475.SZ) plans to list in Hong Kong as early as July, seeking to raise USD2-3 billion, IFR reported.

Last week, LUXSHARE PRECISION announced that it is applying to issue overseas-listed foreign shares (H shares) and to list on the Main Board of the Hong Kong Stock Exchange.

The company recently received a filing notice from the China Securities Regulatory Commission and plans to issue no more than 441 million overseas-listed ordinary shares.
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China’s internet sector has underperformed since the beginning of the year, in wake of several investor concerns, including rising AI-related spending and earnings risks from disruption wrought by AI agents; ongoing regulatory scrutiny, coupled with geopolitical uncertainties, particularly more companies being added to the US list of Chinese military companies; and weak consumer sentiment, HSBC Global Investment Research said in a report.

While some factors may continue to exert pressure in the near term, opportunities remain in stocks with immediate catalysts. In addition, large-cap Chinese internet stocks are trading at a 47% PE discount relative to their US peers, while Chinese AI-related stocks are at a 40% PE discount.

The broker believed recent concerns over a potential token price war in MaaS (Model-as-a-Service) may be overdone. The MaaS business is now significantly undervalued in BABA-W (09988.HK)’s share price. Based on an ARR of USD1.5 billion in June and 21x P/ARR, the potential value could reach USD13 per share.

Stocks | Investment Ratings | TPs

TENCENT (00700.HK) | Buy | HKD720
KUAISHOU-W (01024.HK) | Buy | HKD65
MEITUAN-W (03690.HK) | Buy | HKD104
NetEase, Inc. (NTES.US) | Buy | USD162
JD.com, Inc. (JD.US) | Buy | USD37
Alibaba Group Holding Limited (BABA.US) | Buy | USD180
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ByteDance plans to negotiate with ILUVATAR COREX (09903.HK) to purchase at least 50,000 Iluvatar CoreX artificial intelligence chips, and has listed ILUVATAR COREX as its third-largest Chinese AI chip supplier, foreign media reported, citing sources.

However, other sources indicated that ByteDance is also considering adopting Kunlunxin chips from BIDU-SW (09888.HK).

ILUVATAR COREX closed at HKD547.5 at midday, up 3.69%, with turnover of 1.9298 million shares, involving HKD1.09 billion.
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XUNCE (03317.HK) announced that it has recently signed strategic cooperation agreements with METAX (688802.SH), ILUVATAR COREX (09903.HK) and BIREN TECH (06082.HK), respectively. Such strategic partnerships mark a significant step forward for the Company in the integration of “computing power + data” and represent a key initiative for the deep integration of the Company’s data infrastructure platform, data tokenization capabilities and computing power, which will accelerate the large-scale adoption of enterprise-level AI.

Pursuant to the strategic cooperation agreement entered into between the Company and MetaX, the parties will explore end-to-end, full-stack intelligent computing technology pathways and solutions covering both software and hardware in key vertical sectors such as smart manufacturing and fintech.

Pursuant to the strategic cooperation agreement entered into between the Company and Iluvatar CoreX, the parties will jointly conduct chip-level adaptation and optimization for vertical scenarios to create integrated hardware-software solutions for high-efficiency computing.

Pursuant to the memorandum of understanding entered into between the Company and Biren Technology, the parties will focus on the intelligentization needs in key areas such as urban management. They will collaborate on the research and development of end-to-end intelligent computing solutions covering both hardware and software to overcome core technological bottlenecks.
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KINGSOFT CLOUD (03896.HK) announced that it will adjust prices for certain products, due to surging global demand for AI computing power and rising hardware costs, effective July 12.

Among them, prices of AI computing power-related products and services will be increased by approximately 15-50%, while prices of file storage-related products and services will be raised by about 30-50%.

Existing orders will not be affected during the current billing cycle. The new prices will take effect at the beginning of the next billing cycle.

KINGSOFT CLOUD last quoted at HKD5.81, up 3.75%, with a trading volume of 48.0469 million shares, involving HKD280 million in turnover.
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Recent media reports about the Chinese government's potential investment in building data centers have aroused market concerns over competition between data centers and public cloud services, Morgan Stanley's research report said, while highlighting the relevant news has not been officially confirmed.

Morgan Stanley believed the reports may refer to an official government policy interpretation released in January last year, which mentioned RMB2 trillion in spending. However, the expenditure was related to network construction among data centers rather than direct investment in data center construction. The broker noted that the biggest bottleneck in China’s AI development lies in chipset production and design, rather than data center infrastructure.

If the recent reports are true and China proceeds with RMB2 trillion of data center investment through SOE telecom operators, it would lead to severe oversupply and have a significant negative impact on the data center industry, the broker opined.
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The automotive industry has entered the most intense stage of competition in the final round, William Li, Founder, Chairman and CEO of NIO-SW (09866.HK), opined, noting that the market environment this year is very challenging, especially in the domestic retail market.

The entire industry should be mentally prepared for a YoY shrinkage of 15-20% in full-year domestic retail sales, he said. With national passenger vehicle ownership reaching 370 million units and many households owning more than one car, Li foresaw the auto industry is beginning to enter an inventory-driven era.

He added that this year marks the start of an accelerated inflection point for battery electric vehicles (BEVs). Data from the China Passenger Car Association showed that the penetration rate of new energy vehicles (NEVs) reached 62.9% in May this year, while BEVs accounted for 67.1% of NEVs, implying that BEV penetration in the overall auto market reached 42.2%.

In fact, in May this year, BEVs ranked first among all powertrain types, toppling gasoline vehicles. Li believed the trend will further accelerate, is irreversible, and will only gain speed.
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The potential privatization and merger transaction of ENN ENERGY (02688.HK) lapsed, which was largely in line with market expectations, HSBC Global Investment Research said in a report. Although market sentiment has shifted, its fundamentals remain solid, sufficient to sustain cash flow and dividends.

In addition, its parent company ENN (600803.SH) announced a proposed increase in shareholding of ENN ENERGY, supporting the broker’s maintenance of a Buy rating on ENN ENERGY, with a TP of HKD66.

The broker noted that the termination of the deal removes short-term overhangs. However, ENN has not provided specific guidance on pricing, timing, or scale regarding its shareholding increase plan.

The broker forecast any increase in stake over the next 12 months to be limited to around 2%, as larger-scale accumulation may risk triggering a mandatory general offer.
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A shareholder surnamed Zhou of CHOW TAI FOOK (01929.HK)'s franchise store, Chow Tai Fook Dahua Lefang Store in Shanghai, borrowed funds in the name of boosting sales performance and promised the ability to purchase gold jewelry in the store at discounted prices, Chinese media reported.

He allegedly borrowed a cumulative amount exceeding RMB10 million from staff and customers before losing contact. The store was subsequently closed in June.

CHOW TAI FOOK's official customer service responded that it had previously received reports regarding the situation and is ready to cooperate with the police at any time, while awaiting the results of the police investigation. It emphasized that the company is also a victim from the brand owner's perspective.

A spokesperson for the CHOW TAI FOOK brand said the company is actively looking into the incident and has always maintained clear standards, regulations and expectations for the management of franchisees. Any violations will be dealt with seriously.
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ENN (600803.SH) announced the withdrawal of its plan to privatize ENN ENERGY (02688.HK). In a research report, Citi stated that the failure of the privatization plan implies a lack of positive catalysts for ENN ENERGY in the near term.

Therefore, the broker lowered the TP on ENN ENERGY from HKD72 to HKD50 and expected the share price to be traded with reference to its fundamentals. The stock was downgraded from Buy to Neutral, supported by an estimated dividend yield of approximately 6.4% in 2026.
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ENN (600803.SH) confirmed that its USD12 billion privatization offer for ENN ENERGY (02688.HK) lapsed, Daiwa issued a research report stating.

The broker said the key focus now is that ENN Natural Gas also indicated plans to accumulate shares of ENN ENERGY in the open market. Given its dividend yield of about 6% and a share price decline of approximately 35% year to date, the broker observed the near-term sentiment hit but saw limited fundamental downside from here.

ENN ENERGY was rated Outperform.
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The US and Iran reached a peace agreement. Brent oil futures last tumbled 4.7%, while New York oil futures extended losses to 5.7%. The two major oil producers listed in Hong Kong sank against the broader market in tandem with oil prices, with PETROCHINA (00857.HK) and CNOOC (00883.HK) shedding more than 3%.

Airlines moved higher. CATHAY PAC AIR (00293.HK) last quoted at HKD12.21, up 2.95%. AIR CHINA (00753.HK) last quoted at HKD4.91, up 10.59%; CHINA EAST AIR (00670.HK) last quoted at HKD3.71, up 8.48%; CHINA SOUTH AIR (01055.HK) last quoted at HKD3.93, up 8.86%.
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Goldman Sachs published a report screening newly listed Hong Kong stocks with potential of being included in Southbound Trading:

MINIMAX-W (00100.HK)
SIGENERGY (06656.HK)
XIZHI TECH-P (01879.HK)
DIAGENS-B (02526.HK)
GPIXEL (03277.HK)
MANYCORE TECH (00068.HK)
DEEPZERO (02723.HK)
SUNMI TECH-W (06810.HK)
YUNJI (02670.HK)
FS.COM (03355.HK)
METIS TECHBIO-P (07666.HK)
LDROBOT (01236.HK)
VIEWTRIX TECH (03310.HK)
TENNOR THERAP-B (06872.HK)
NEW VISION CO (02632.HK)
EPIWORLD (02726.HK)
SDMC (00901.HK)
TOPNC (07688.HK)
GALAXIS TECH (02729.HK)
UISEE TECH (01511.HK)
FOURSEMI (03625.HK)
SHOUGANG LANZA (02553.HK)
SUNSHINE PHARMA (06887.HK)
STAR SPORTS MED (01609.HK)
CREALITY (03388.HK)
LONGBIO-B (01779.HK)
EXTREME VISION (06636.HK)
IMPACT THERAP-B (07630.HK)
HUAYAN ROBOTICS (01021.HK)
AXERA (00600.HK)
RIBOLIFE-B (06938.HK)
HASHKEY HLDGS (03887.HK)
ROBOTPHOENIX (06871.HK)
DAJIN (01081.HK)
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Singapore, which is wrestling with Hong Kong to become a regional gold trading hub, plans to launch a gold clearing system this year, with multiple banks including JPMorgan and Deutsche Bank participating.

Singapore Deputy Prime Minister and Chairman of the Monetary Authority of Singapore Gan Kim Yong stated that Singapore Exchange will establish an over-the-counter (OTC) clearing mechanism by the end of this year, with interbank transactions expected to gradually increase starting next year.

DBS Group, OCBC Bank, United Overseas Bank, ICBC Standard Bank, JPMorgan and Deutsche Bank will sign a memorandum of understanding (MOU) with Singapore Exchange at a meeting today (15th) to become clearing members.

Gan said Singapore will be able to position itself as a trusted hub within the global gold ecosystem, linking regional demand with global liquidity and supporting market activity during Asian trading hours.
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Taobao Instant Commerce announced that the Sichuan Provincial Public Security Department and the Chengdu police have taken action in accordance with the law to combat online rumors, investigating and penalizing individuals responsible for fabricating and spreading defamatory information, effectively safeguarding a clean cyberspace.

The company stated that for some time a certain company had hired organizations including Chengdu Xiaoben Culture to fabricate false information and carry out organized, systematic and comprehensive smear campaigns and rumor attacks against enterprises such as Taobao Instant Commerce and JD Food Delivery. Such practices distort the true nature of market competition and have crossed legal red lines. The company believes that the law will impose appropriate sanctions.

The company emphasized that smear campaigns and rumors harm not only a single company, but also the health of the business ecosystem and the courage for industry innovation. Ultimately, what is undermined is the foundation of trust and the rule of law upon which society depends.
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