The Hang Seng Index opened 114 points lower, new stock LEMO SERVICES rose 62% on its debut, and JINYAN KAOLIN increased by nearly 30% | Hong Kong stock market opens

U.S. President Donald Trump stated during a Cabinet meeting at the White House on Tuesday that he would announce the new Federal Reserve Chairman early next year, hinting at the candidate being Hassett, which aligns with market expectations. The news fueled expectations for a rate cut by the Federal Reserve, with the yield on the U.S. 10-year Treasury bond recently falling to 4.085%, and the U.S. Dollar Index also dropping to 99.26. Bitcoin Surges Back Above $91,000 The three major U.S. stock indices performed well on Tuesday, with the Dow Jones Industrial Average closing up 185 points or 0.39% at 47,474 points; the S&P 500 rising 16 points or 0.25% to 6,829 points; and the Nasdaq gaining 137 points or 0.59% to 23,413 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 0.65% to 7,808 points. Additionally, Bitcoin's price rebounded significantly, rising back above the $90,000 mark, with the latest price at $91,541. Among the focus stocks, Amazon (AMZN) announced the official launch of its next-generation self-developed AI chip, Trainium3, which is the company's first 3nm process chip, boasting a maximum computational performance improvement of 4.4 times over the previous generation and a 4-fold increase in energy efficiency, with memory bandwidth also nearly quadrupling, allowing for faster AI development while significantly reducing operational costs. The stock closed at $234.42 on Tuesday, up 0.23%. In the Hong Kong stock market, the Hang Seng Index opened 114 points lower at 25,980 points. Tech stocks generally showed weakness, with Alibaba (9988) down 0.8%; Tencent (700) down 0.2%; Meituan (3690) unchanged; and Xiaomi (1810) also unchanged. As for JD.com (9618), its spin-off JD Industrial (7618) will begin its public offering today, with the stock opening down 0.3%. LEMO SERVICES Public Offering Oversubscribed 7,323 Times In other new stock news, LEMO SERVICES (2539) had its public offering oversubscribed approximately 7,323 times, with a 0.8% chance of winning a lot, while the international placement was oversubscribed 5.78 times, opening this morning at HKD 64.8, up 62%. Another new stock, JINYAN KAOLIN (2693), had its public offering oversubscribed approximately 6,875 times, with a 0.03% chance of winning a lot, while the international placement was oversubscribed 1.01 times, opening this morning at HKD 9.3, up 27%. Longpan Technology Signs Long-Term Procurement Agreement In individual stock news, Longpan Technology (2465) announced that its subsidiary, Lithium Source Asia Pacific, signed a long-term procurement agreement with Sunwoda Automotive Energy Technology (Thailand) Co., Ltd., expecting to sell 106,800 tons of lithium iron phosphate cathode materials to Sunwoda from 2026 to 2030, with a total contract sales amount estimated at around 4.5 to 5.5 billion RMB. The stock opened at HKD 15.81, up over 7%. Regarding northbound capital flows, there was a net purchase of HKD 4.101 billion in Hong Kong stocks yesterday, with Meituan (3690), Xiaomi (1810), and Alibaba (9988) receiving net purchases of HKD 592 million, HKD 380 million, and HKD 357 million, respectively; Tencent (700), SMIC (981), and China Life (2628) were net sold for HKD 381 million, HKD 76.27 million, and HKD 16.42 million, respectively