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Industrial Production YoY for May in China is 4.5%, higher than the previous value of 4.1%. The forecast was 4.3%.~



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Unemployment Rate for May in China is 5.1%, lower than the previous value of 5.2%. The forecast was 5.2%.~



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Retail Sales YoY for May in China is -0.6%, lower than the previous value of 0.2%. The forecast was 0%.~



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Fixed Asset Investment (YTD) YoY for May in China is -4.1%, lower than the previous value of -1.6%. The forecast was -2%.~



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Alibaba's Cainiao may be disbanded, according to online hearsay. However, Cainiao responded that the relevant claims are false and purely fabricated.

Prior to this, a notice allegedly issued by a Cainiao Post station on a certain campus circulated online, stating that the original operating system of Cainiao Post (including the Cainiao App) would gradually cease operations and be fully integrated into the Taobao system. In the future, users would access parcel pickup services exclusively through the Taobao App portal.

Cainiao Post clarified that the image spread online was misleading behavior by an individual station and has already been removed. The claim that the "Cainiao App will cease operations" is untrue. Consumers can continue to use either the Taobao App or the Cainiao App to collect parcels at Cainiao Post stations.
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There was HKD2.3 billion, HKD1 billion and HKD535 million Southbound Trading net inflow to KNOWLEDGE ATLAS (02513.HK), KB LAMINATES (01888.HK) and KINGBOARD HLDG (00148.HK).

There was HKD853.4 million, HKD651.9 million and HKD487.3 million Southbound Trading net outflow from BABA-W (09988.HK), CNOOC (00883.HK) and TENCENT (00700.HK).

For Southbound Trading of Shanghai-Hong Kong Stock Connect, KNOWLEDGE ATLAS (02513.HK) was the most active stock with highest net inflow of HKD753.1 million, while YOFC (06869.HK) was the most active stock with highest net outflow of HKD632.8 million.

For Southbound Trading of Shenzhen-Hong Kong Stock Connect, KNOWLEDGE ATLAS (02513.HK) was the most active stock with highest net inflow of HKD1.5 billion, while CNOOC (00883.HK) was the most active stock with highest net outflow of HKD565.1 million.

At close, Southbound Trading net outflow totaled HKD0 , representing 41.41% of the total transaction amount of HKD117.35 billion.
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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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