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Kevin Ip
HK & China Markets Correspondent

Focusing on HK equities, A-shares, and China macro. Leverages seven years of experience at HKEX to provide expert financial journalism.

Latest

Moonshot AI confidentially filed an A1 application with HKEX to launch its Hong Kong IPO process at a reported $50 billion pre-money valuation.

Moonshot AI files confidentially for HK IPO at $50 billion valuation

The Kimi chatbot developer has begun its Hong Kong listing journey with a confidential exchange filing. A new funding round at a $50 billion pre-money valuation is expected to be its last before going public. The company raised $3.5 billion in a Series F round last July at a $35 billion post-money valuation.

China's MOFCOM, MIIT and SAMR jointly issued overseas competitive conduct guidelines for the auto industry requiring cost-based pricing and price-tier transparency, prompting broker target cuts on XPENG-W and GWMOTOR.

China Auto Export Pricing Rules Curb Overseas Discounting as 8.32M Shipped

**China's three ministries now require cost-based pricing and price-tier transparency for every auto export, a compliance regime brokers are already pricing into XPENG-W and GWMOTOR targets.**

WeRide will join the HKEX Tech 100 Index on September 14 as one of 10 companies added in the first rebalancing under HKEX's enhanced methodology.

WeRide joins HKEX Tech 100 Index as 10 stocks added

**Key Takeaways:** - WeRide added to HKEX Tech 100 Index, effective September 14 - Q2 2026 revenue rose 82% year-on-year to US$34.2 million - L4 fleet spans 13 countries with about 3,400 vehicles

China's three financial regulators jointly issued rules applying a 20 percent individual income tax on restricted share transfers of listed companies, with reconciliation filings due by June 30 of the following year.

China Imposes 20% Tax on Restricted Share Transfers in New Rule

China's three financial regulators have standardized the 20 percent individual income tax on restricted share transfers, closing a long-standing compliance gap for shareholders of listed companies.

China's housing ministry and two other agencies issued a notice on Aug 28 requiring pre-sold homes to be structurally topped out and steering new land deals toward cash sales to curb delivery risks.

Three ministries overhaul China home sales, squeezing developer cash flow

**China's three ministries on Friday required pre-sold homes topped out and pushed new land deals toward cash sales, tightening rules after a four-year slump.**

HKEX will launch weekly and monthly options for SHEIN-W on its Sept. 1 Main Board debut, with derivative warrants and short-selling eligibility available from day one.

HKEX to launch SHEIN-W options as stock debuts Sept 1

**Key Takeaways:** - HKEX launches weekly and monthly options for SHEIN-W on Sept. 1 - Derivative warrants may list on the same day as the stock debut - SHEIN-W eligible for short selling from its first trading day

China and Hong Kong regulators tighten IPO review standards for pre-profit companies, requiring clearer commercialization paths and earnings improvement outlooks.

China Tightens IPO Reviews for Pre-Profit Firms in Two Markets

**Key Takeaways:** Regulators in mainland China and Hong Kong are tightening IPO scrutiny for pre-profit companies, demanding clearer commercialization paths and earnings improvement outlooks before approving listings.

HKEX is exploring a merger of its GEM board with the main board through a new Chapter 18D listing rule, affecting about 300 companies.

HKEX proposes Chapter 18D merging GEM with main board, 300 firms

Hong Kong Exchanges and Clearing is exploring a merger of its GEM board with the main board through a new Chapter 18D listing rule. The proposal would affect about 300 companies and form the core of the second phase of the listing regime review.

Hong Kong Exchanges and Clearing is exploring a new listing-rules chapter that would fold about 300 GEM companies into the main board as part of a second-phase review.

HKEX mulls Chapter 18D folding 300 GEM firms into main board

Hong Kong's bourse operator is weighing a listing-rule overhaul that would fold about 300 small-cap companies into its main board.

China's Ministry of Industry and Information Technology announced plans to develop 6G, AI, robotics, and other emerging industries as pillar sectors during the 15th Five-Year Plan period (2026-2030).

China's 15th Five-Year Plan bets on 6G, robotics for growth

**Key Takeaways:** China's 2026-2030 industrial policy names 6G, quantum computing, and embodied AI as growth engines, targeting 100 demonstration parks by 2035.

China's MIIT announced plans to accelerate 6G core technology research and prepare for commercialization during the 15th Five-Year Plan period through 2030.

China's 6G plan targets 2030 commercialization, lifting telecom suppliers

**China's MIIT is laying the groundwork for 6G commercialization by 2030, a policy push that could reshape the global telecom supply chain.**

FTSE China A50 index futures widened their decline to 2% as selling pressure in Chinese large-cap equities deepened, tracking a broad-based retreat across mainland benchmarks.

FTSE China A50 futures slide 2% as A-share selling deepens

**Key Takeaways:** - FTSE China A50 index futures widened their decline to 2% on Friday as selling pressure in Chinese large-cap equities deepened. - Nearly 4,000 A-share stocks traded lower, with pharmaceutical and biotech names leading the decline while gold and digital currency themes bucked the trend. - Everbright Securities expects the market to remain in a bottoming-out consolidation phase until external risks ease and trading volume expands.

China's WanDe All-A index fell 1.5% for the week as US 30-year Treasury yields hit 5.30%, the highest since June 2007, driving sector rotation toward resources and banks.

China A-shares slide 1.5% as US 30-year yield hits 5.30%

**Key Takeaways:** - WanDe All-A fell 1.5% for the week as US 30-year Treasury yields hit 5.30%, the highest since June 2007 - Oil & petrochemicals led sector gains at +5.4%, while media and computers each fell more than 5% - **Sector split**: Oil & Petrochemicals +5.4% | Non-ferrous Metals +2.5% | Banks +2.4% | Media -5.5% | Computers -5.0% | Defense -3.8%

Morgan Stanley and Goldman Sachs both increased their long positions in Zhongji Innolight H-shares, with Goldman's stake rising to 10.57 percent.

Morgan Stanley, Goldman Sachs raise Zhongji Innolight H-share stakes to 10.57%

**Key Takeaways:** - Goldman Sachs raised its Zhongji Innolight H-share long position to 10.57 percent from 9.33 percent. - Morgan Stanley increased its stake to 8.3 percent from 8.15 percent, per HKEX filings. - Both banks' increases reflect institutional confidence in the AI optics sector.

The Stock Exchange of Hong Kong extends new listing application validity from six to 12 months in a three-year temporary waiver.

HKEX extends listing application validity to 12 months in three-year waiver

**Key Takeaways:** - HKEX extends new listing application validity from six to 12 months - Temporary waiver effective today, running for three years - HKEX shares rose 0.766% with short selling at $410.47 million

HKEX unveils its most significant listing reform since 2018, lowering WVR thresholds for tech enterprises as Hong Kong IPO fundraising tops $40 billion.

HKEX WVR reform cuts tech listing bar as IPO haul tops $40B

**Key Takeaways:** - HKEX unveiled its biggest listing reform since 2018, lowering WVR thresholds for tech enterprises - Hong Kong IPO fundraising tops $40 billion with the exchange posting a record quarter - Multiple tech companies have begun restructuring to pursue Hong Kong listings under the new rules

Daiwa downgraded Kuaishou-W to Hold from Buy and cut its price target 44.4% to HK$40, citing deteriorating core business in the second half.

Daiwa cuts Kuaishou to Hold, slashes target 44% to HK$40

**Key Takeaways:** - Daiwa downgraded Kuaishou-W two notches to Hold from Buy - Price target slashed 44.4% to HK$40 from HK$72 - 2026 net profit forecast cut about 40% on weak 2H outlook

Hengrui Pharma reported first-half net profit of RMB4.465 billion, up 0.3%, as bulk-buying programs squeezed its generics business while innovative drug sales rose 16.4%.

Hengrui Pharma profit rises 0.3% as generics drag on bulk buying

**Key Takeaways:** - Net profit RMB4.465 billion, up 0.3% YoY, missing analyst estimates - Innovative drug sales jump 16.4% to RMB8.809 billion, 63.2% of pharma revenue - Company plans RMB1-2 billion A-share buyback for employee incentives

SHEIN plans to start bookbuilding as early as Monday for a Hong Kong IPO targeting a $26-27 billion valuation and raising about $2 billion.

SHEIN targets $26B valuation in Hong Kong IPO to raise $2B

**Key Takeaways:** - SHEIN targets $26-27 billion valuation, down from nearly $100 billion peak in 2022 - Company plans to sell about 8 percent stake to raise around $2 billion - Bookbuilding may start as early as Monday, with existing shareholders as anchors

Hong Kong-listed gold mining stocks rallied sharply on Thursday, led by Zijin Gold International up 11.33%, as spot gold reclaimed the $2,400 level.

Hong Kong gold miners surge as spot gold reclaims $2,400

**Key Takeaways:** - Zijin Gold International jumps 11.33% to lead Hong Kong gold miners higher - Lingbao Gold, China Gold International, Zhaojin Mining each gain at least 8.8% - Spot gold reclaims $2,400 as U.S. inflation expectations ease

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