BABA-W (09988.HK) last quoted at HKD113.3, down 2.39%, with trading volume of 107 million shares, involving HKD12.017 billion.

Citi said in a research report that, after Bloomberg reported China plans to invest about RMB2 trillion in data centers over five years to advance the domestic AI industry, shares of BABA-W weakened in the Hong Kong market. The market may be concerned that government-backed data centers could affect pricing and future investment returns of private hyperscalers.

The broker believed such concerns may be premature and that the government investment should not be viewed as a "zero-sum game" with private hyperscalers such as BABA-W, TENCENT (00700.HK) and BIDU-SW (09888.HK).

The broker considered government intervention is more likely aimed at promoting broader AI adoption, as many public enterprises and small and medium-sized enterprises may not be able to afford high token usage costs. Therefore, government-funded capacity will mainly serve SOEs and smaller firms.

Citi reiterated its Buy rating on Alibaba Group Holding Limited (BABA.US), maintaining its target price at USD208.
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Qwen has launched its first full-cycle college entrance examination application Agent, providing free application and advisory services to Mainland candidates.

Built on the Qwen college entrance examination application large model and eight years of Gaokao data experience from Quark, the Gaokao Agent features three core capabilities: "Application Report", "Application Calendar", and "Application Q&A".

It effectively equips each candidate with a dedicated AI expert for college entrance examination applications.
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Vehicle Sales YoY for May in China is -2.1%, higher than the previous value of -2.5%.~



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Amid escalating tensions in Iran, US President Donald Trump accused Iran of shooting down a US helicopter over the Strait of Hormuz and vowed to respond. The US has since completed what it described as defensive strikes against Iran. The market was on the sideline for the release of the US May CPI data tonight (10th).

Heightened geopolitical risks coupled with rising rate hike expectations weighed on gold prices. New York gold futures for August delivery once sank below the USD4,200 mark, hitting a low of USD4,194 per ounce, the lowest level since March 23 and a more than two-and-a-half-month low. It last reported at USD4,230, down 1.3%. Spot gold last stood at USD4,213 per ounce, down 1.1%.

Blue chip ZIJIN MINING (02899.HK) once dropped to HKD28.92, the lowest level since late September last year and an over eight-month trough. It last reported at HKD29.72 in the afternoon session, down 3%, with turnover of HKD2.207 billion. Its subsidiary ZIJIN GOLD INTL (02259.HK) nosedived 5.3%.

ZHAOJIN MINING (01818.HK), WANGUO GOLD GP (03939.HK), CHINAGOLDINTL (02099.HK) and SD GOLD (01787.HK) declined 3.4-3.8%. CHIFENG GOLD (06693.HK) slumped 6.9%. TONGGUAN GOLD (00340.HK) and DRAGON MINING (01712.HK) tumbled 3.8-5.3%.

Citi said in a report that gold closed below its 200MA for the first time since September 2023 affected by strong US employment data last Friday (5th). The broker maintained its bearish view on gold and lowered its three-month target price from USD4,300 per ounce to USD4,000.

Citi warned that if Hormuz remains closed throughout the summer, gold purchases could fall to what is still a substantial USD700-750 billion annually, which could mechanically drive gold prices back to levels seen 9-10 months ago, near USD3,500 per ounce.
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TSMC announced that its consolidated revenue for May reached approximately TWD416.975 billion, up 1.5% MoM and 30.1% YoY.

Cumulatively for the first five months of 2026, revenue totaled approximately TWD1.9618 trillion, representing a 30% YoY increase.
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Alibaba Cloud announced a price reduction for its container computing service ACS Agent Sandbox (default compute quality). The price cut for this compute offering will take effect from 12:00 next Monday (15th).

This round of price adjustment only involves ACS Agent Sandbox (default compute quality). Prices for other compute options, including ACS General-purpose (default and best-effort compute quality) and ACS Performance (default and best-effort compute quality), will remain unchanged.
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Secretary for Environment and Ecology Tse Chin-wan today (10th) issued a written reply to a lawmaker’s question, stating that at present, if anyone purchases household electrical products through a cross-boundary e-commerce platform, or imports them in person for personal use, these conducts are not regarded as a supply in Hong Kong.

If a cross-boundary e-commerce platform only provides product price comparison or buyer-seller matching services, and the transportation is handled by a third-party logistics provider, the platform and logistics company is also not considered as a supplier or seller. Therefore, the aforementioned products do not fall within the regulatory scope of the relevant legislations, viz. the Electrical Products (Safety) Regulation, the Energy Efficiency (Labelling of Products) Ordinance, and the Product Eco-responsibility Ordinance.

In the first four months of 2026 a total of 22 incidents involving household electrical products were recorded after preliminary investigation. None of them was found to involve household electrical products supplied via cross-boundary e-commerce platforms.

The EMSD has proactively established regular communication mechanism with Chinese Mainland e-commerce platforms and reminded them that household electrical products supplied in Hong Kong must comply with local legislative requirements regarding electrical safety standards, and affix energy efficiency labelling.

The EPD has already contacted relevant cross-boundary e-commerce platforms, if their business models involve the distribution or sale of REE in Hong Kong, they are required to register with the EPD as registered suppliers and/or sellers, submit quarterly returns to the EPD for the assessment and payment of recycling levies in accordance with the law.

As for cross-boundary e-commerce platforms that provide matching services for merchants and buyers only and without engaging in the distribution or sale of REE, the EPD has urged them to avoid unregistered merchants to distribute REE in Hong Kong through their platforms. The EPD will continue to monitor the modus operandi of cross-boundary e-commerce platforms in Hong Kong, to ensure that their business activities in Hong Kong comply with the relevant legislative requirements.
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He Xiaopeng, Chairman and CEO of XPENG-W (09868.HK), issued an internal letter today (10th), announcing that in addition to serving as Group CEO, he will personally take on the role of CEO of the robotics business, with immediate effect, Chinese media reported.

He stated that the Group is standing at a historic inflection point, with XPENG’s robotics arm entering the eve of mass production and commercialization.

He added that XPENG’s humanoid robots are now at a particularly critical stage, comparable to the period eight years ago when XPENG was about to launch its first vehicle, the G3, and was on the threshold of mass production and delivery.

XPENG’s robots differ noticeably from those of other manufacturers in terms of technology, product positioning and commercialization roadmap. The company’s vision is to bring robots into households, aiming to develop elegant, aesthetically pleasing and safe humanoid robots capable of close human interaction.

According to He Xiaopeng’s plan, XPENG will achieve mass production of humanoid robots in 4Q26; introduce humanoid robots into offline stores for sales assistance in 1Q27; expand humanoid robots to overseas markets in 2Q27; and by 2028, robots will begin entering more households.
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The Chinese government plans to invest approximately RMB2 trillion (about USD295 billion) over the next five years to build a nationwide data center network, Citi said in a research report, citing Bloomberg. The plan, led by the National Development and Reform Commission, will be primarily operated by large SOE telecom operators and mandates that reliance on local AI accelerators must reach at least 80%.

The broker believed this will serve as a major catalyst for China’s digital infrastructure. Among beneficiaries, GDS-SW (09698.HK) and VNET Group, Inc. (VNET.US) are capturing momentum with record wholesale bookings in 1Q26, while SOE telecom operators are set to solidify their positions as foundational operators in China’s AI economy.

Under the strategic directive requiring at least 80% reliance on local suppliers for key technologies, such as AI chips from Huawei, domestic semiconductor growth will accelerate rapidly. Citi viewed IEIT (000977.SZ), LENOVO GROUP (00992.HK), and ZTE (00763.HK) as key beneficiaries within the localized AI server ecosystem. The mandatory use of domestic chips will drive demand for AI servers in their supply-constrained server businesses.

In addition, the initiative will create a substantial addressable market for CHINASOFT INT'L (00354.HK) in domestic computing power and token-based AI services, as the company is an ITS and ISV partner of Huawei.
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Mainland Chinese authorities are poised to invest approximately RMB2 trillion over the next five years to build nationwide data centers to support the domestic AI industry, Citi said in a report that, citing foreign media. Chinese telecom operators will be responsible for operating these data centers and will use at least 80% domestically produced AI accelerators.

In the broker's view, this new initiative will benefit foundries SMIC (00981.HK) and HUA HONG GRACE (01347.HK); OSAT players CHANG ELEC TECH (600584.SH) and TONGFU MICROELECTRONICS (002156.SZ); equipment suppliers ASMPT (00522.HK) and VITAL DEEPTECH (600641.SH); as well as AI accelerator vendors, as it provides a clearer roadmap for China’s AI localization.

The broker expected the target of more than 80% localization of AI chips to be achievable, as domestic AI chipmakers have already effectively captured the vast majority of China’s AI accelerator market share this year, while imports of NVIDIA Corporation (NVDA.US) H200 have largely stalled.

The broker opined this will also be more favorable for small- and mid-sized AI chipmakers, as state-backed data centers are more willing to procure from a broader range of suppliers.
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As one of the first batch of developers participating in the internal testing of the WeChat AI ecosystem, MAOYAN ENT (01896.HK) has taken the lead in integrating its mini program with WeChat AI Agent capabilities, Chinese media reported.

The move enables services such as movie and performance recommendations, nearby cinema filtering, intelligent seat selection and one-click payment, creating an intelligent one-stop ticketing experience for users.

Looking ahead, MAOYAN ENT and TENCENT (00700.HK) will jointly explore intelligent upgrades in the cultural and entertainment sector and continue expanding into more innovative application scenarios.
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Inflation Rate MoM for May in China is -0.1%, lower than the previous value of 0.3%. The forecast was -0.2%.~



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PPI YoY for May in China is 3.9%, higher than the previous value of 2.8%. The forecast was 3.9%.~



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Inflation Rate YoY for May in China is 1.2%, unchanged from its last period. The forecast was 1.3%.~



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The Hong Kong Monetary Authority (HKMA) injected HKD2.458 billion into banks through its discount window operations yesterday (June 9), marking the largest scale since February 16. On the same day, HKD920 million in funds previously borrowed through the discount window were repaid.
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The US Energy Information Administration (EIA) said that, based on current estimates of maritime traffic through the Strait of Hormuz, total oil inventories among OECD member countries are projected to fall to slightly below 2.3 billion barrels by December, the lowest level since EIA records began in 2003.

Owing to the Iran war causing a loss of 11 million bpd of oil production in the Middle East, member countries will need to rapidly draw down inventories, laying the groundwork for a spike in oil prices in the coming months, EIA said.

Although US President Donald Trump has repeatedly claimed that a deal with Iran is imminent, the EIA noted that as the agreement has not yet been finalized, most oil production in the region remains shut in.

Global oil inventories will continue to decline to meet demand. Brent spot prices are forecast to average about USD105 per barrel in June and July, well above the latest August futures price of USD92.98 per barrel.
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BYD COMPANY (01211.HK) noted that the U.S. Department of Defense published the Notice of Availability of Designation of Chinese Military Companies. Pursuant to the Notice, the U.S. Department of Defense has included the Company into the list of Chinese Military Companies (CMC List).

As the Group is neither a Chinese military company nor a military-civil fusion contributor to the Chinese defense industrial base, the Company considers that there is no justification for the Company’s inclusion in the CMC List.

The CMC List is not a sanctions list and inclusion in the CMC List will not affect the normal business operations of the Group and will not prohibit any persons (other than the U.S. Department of Defense) from business dealings with the Group. The U.S. government procurement limitations tied to the CMC List will not impact the business of the Company, and the CMC List does not restrict transacting in the securities of the Company.

Should the Company subsequently initiate review procedures or, where necessary, undertake legal proceedings to seek the removal of the Company from the CMC List, the Company will make further announcement(s) as and when appropriate.
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Hours after US President Donald Trump vowed retaliation against Iran for shooting down a US Army helicopter, the US military launched a new round of airstrikes on Iran.

US Central Command stated that in response to the downing of a US Army Apache helicopter, its forces initiated defensive strikes against Iran to counter what it described as unprovoked aggression by Iran.

The scale of the latest US strikes remains unclear, but the move is expected to further diminish prospects for a peace agreement. Although Trump has repeatedly said that the US and Iran were close to signing a deal to end the conflict, both sides have continued to engage in attacks over navigation issues in the Strait of Hormuz.

This morning (10th), Brent oil futures and New York oil futures hiked nearly 1%. Spot gold dipped nearly 1% to USD4,218.91 per ounce. US stock futures showed little change, with DJIA futures and S&P 500 futures down 0.08% and 0.01%, respectively, while Nasdaq futures edged up 0.13%.
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TENCENT (00700.HK) announced that it priced USD2.45 billion and CNY15 billion notes under the Global Medium Term Note Programme. The company entered into subscription agreements with the USD Notes Managers for the issuance of USD notes in an aggregate principal amount of USD2.45 billion under the programme, and with the CNY Notes Managers for the issuance of CNY notes in an aggregate principal amount of CNY15 billion under the programme.

The estimated net proceeds from the issue of the USD Notes and the CNY Notes, after deducting underwriting fees, discounts and commissions, will amount to approximately USD2.43 billion and CNY14.94 billion, respectively. The Company intends to use the net proceeds for general corporate purposes (including refinancing).

The Notes are expected to be issued on 16 June 2026.

After the issue of the Notes, the Company will have an aggregate principal amount of approximately USD22.18 billion outstanding notes under the Programme.
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The IPO of SpaceX (SPCX.US) has attracted more than USD250 billion in subscriptions, way above the USD75 billion the company is seeking to raise and representing 3.5-4x the planned offering size, Reuters reported, citing people with the knowledge of the matter. It is expected to become the largest IPO in history

SpaceX is still in the roadshow stage, sources divulged. Founder Elon Musk briefly joined a Zoom meeting with potential investors, while the company’s president and chief financial officer will host a lunch in Manhattan with around 300 institutional investors.
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