ISHARESHSI

Tencent Holdings released the Next Day Disclosure Report on share repurchase

BlackRock's Long Position in Meituan-W Decreases to 5.89%

J.P. Morgan maintains 'Buy' rating on Alibaba with a price target of $205

SAFE Chief Zhu Hexin Meets AIA Chairman Sir Mark Tucker to Discuss Insurance Development

Goldman Sachs reiterates 'Buy' rating on Tencent, encouraged by progress in its AI strategy

China Mobile's 5G Base Stations Exceed 2.84 Million, Leading Global Coverage and Scale

Tencent, CATL, and others join a new climate coalition to boost carbon credit demand

Xiaomi's High-Strength Die-Cast Aluminum-Silicon Alloy Wins First-Class Industry Science and Technology Award

Alibaba's Qwen Large Model to Receive a Major Upgrade

Xiaomi Officially Kicks Off its 2026 '618' Shopping Festival Promotion

HSBC Opens Fifth Wealth Centre Aiming to Become Asia's Largest Wealth Manager

AIA Plans to Repurchase 5.155 Million Shares for HKD 445.63 Million

Bank Wealth Management Subsidiaries Accelerate Equity Market Entry, Highlighting IPO and Net Subscription Performance

Xiaomi to Launch 17T Series Smartphones for Overseas Markets on May 28

Profund Advisors LLC Reduces Stake in Alibaba

Xiaomi EV Reportedly Taps New Battery Suppliers for Second Brand to Optimize Supply Chain

Alibaba Releases Qwen2.5 AI Model Preview, Surpassing GPT-4 in Some Benchmarks

HSBC Opens 4th Wealth & Health Center, Expands Mainland Medical Partnerships for High-Net-Worth Clients

Media focuses on controversy surrounding Meituan due to platform management issues

CCB Asia Extends Hours During Golden Week, New Accounts Surge 10-Fold Highlighting Cross-border Strength

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Kevin Warsh has been confirmed as the new chairman of the US Federal Reserve. While he asserts commitment to the Fed's independence, concerns arise about potential government influence. Warsh has criticized the Fed's interest rate strategies, reflecting some of President Trump's views, which may impact bond investors.

Businesstimes News

What bond investors should know about a Warsh-led Federal Reserve

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M Stanley has raised its target price for the Hang Seng Index (HSI) to 28,400, anticipating an upward trend extending into the second quarter of next year. The report highlights that Chinese equities are expected to see moderate gains due to earnings improvements, a strong position in the global supply chain, and RMB appreciation. M Stanley also identified key investment themes, including technology stocks aligned with China's 15th Five-Year Plan and companies poised to meet global energy demands. The report emphasizes significant opportunities in China's equity market for targeted portfolio building.

AASTOCKS News

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M Stanley Raises HSI TP to 28,400, Expects Uptrend to Extend to 2Q Next Year

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The IMF praised Hong Kong's economic resilience but warned of risks from geopolitical tensions, forecasting GDP growth to slow to 2.4% this year. It urged financial reforms, including a goods and services tax, to stabilize public revenue. The report highlighted ongoing economic slack and challenges in the commercial real estate market. Financial Secretary Paul Chan noted the government's efforts to stabilize the market and projected increasing surpluses in the operating account over the next five years, emphasizing a positive growth outlook driven by global demand for AI-related electronics.

- The International Monetary Fund (IMF) praised Hong Kong's economic resilience, noting ongoing recovery despite not reaching pre-pandemic levels, while warning of risks from escalating geopolitical tensions.  
- The IMF urged mid-term fiscal reforms, including the introduction of a goods and services tax, to stabilize public revenues, predicting GDP growth to slow from 3.5% in 2025 to 2.4% this year due to weak external demand.  
- The report indicates that private investment hasn't fully recovered and highlights the mixed performance in commercial real estate, projecting a moderate economic growth outlook while emphasizing the need for broader revenue reforms.

SCMP

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IMF lauds resilient Hong Kong economy, but warns of risks linked to Mideast war

On the afternoon of May 18th, the Hong Kong stock market continued its weak downward trend, with the Hang Seng Technology Index plunging over 2%. Pressured by both geopolitical tensions and soaring U.S. Treasury yields, technology heavyweights, automotive, and semiconductor sectors generally faced sharp declines, with Li Auto dropping nearly 14% and SMIC falling over 3%. On the other hand, the logic of high industrial prosperity continued to ferment, with optical fiber and cable and AI concept stocks rising against the trend; additionally, some small-cap stocks experienced significant fluctuations, with Jin Hui Holdings soaring over 55%

Market Pulse

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Tencent HK SDR 10to1

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Alibaba

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Alibaba HK SDR 5to1

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Li Auto

SMIC HK SDR 5to1

Hua Hong

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BYD HK SDR 10to1

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Samsung Electronics Co., Ltd. Sponsored GDR

HSBC 5xShortSG241213

HSBC Holdings Plc

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AIA Group

Xiaomi Corporation

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Hong Kong stocks intraday | The three major indices continue to decline, the Hang Seng Tech drops over 2%, automotive and semiconductor sectors fall together, while AI concepts remain active against the trend

Hong Kong's unemployment rate for Feb to Apr 2023 remains at 3.7%, consistent with market expectations. The underemployment rate decreased to 1.5%. Total employment fell by 7,700 to 3,648,000, while the labor force decreased by 5,200 to 3,787,200. The number of unemployed persons rose by 2,600 to 139,200. Secretary for Labour and Welfare Chris Sun Yuk-han noted the strong economic growth should support the labor market, despite potential geopolitical risks.

- Data from the statistics department shows that the seasonally adjusted unemployment rate remained at 3.7% from February to April, consistent with market expectations.  
- The total number of employed decreased from 3,655,700 to 3,648,000 during the same period, while the unemployment count rose from 136,600 to 139,200.  
- The Director of the Labour and Welfare Bureau noted that strong economic growth in Hong Kong is expected to support the labor market, while geopolitical risks will be closely monitored.

HK Latest Jobless Rate Holds at 3.7%, In Line with Consensus

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Treasury yields have surged to multi-year highs, with the 30-year yield exceeding 5.1% and the 10-year at 4.6%, driven by inflation concerns. Futures markets indicate a strong likelihood of a Fed rate hike by early 2027, potentially as soon as December. These higher yields could increase mortgage and corporate borrowing costs, negatively impact stocks, and slow economic growth.

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Bond yields hit highs as Fed hike bets surge

One result of the massive monetary expansion was an upsurge in inflation, to a peak of over 9% in 2022—which the Fed infamously termed “transitory.”

Grading Powell’s Fed: Good for stocks, bad for affordability

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The Hong Kong economy grew by 5.9% year-on-year in Q1 2026, driven by strong external trade and domestic demand. Total exports rose by 23.7%, while private consumption and investment expenditures increased by 4.9% and 17.7%, respectively. The unemployment rate decreased to 3.7%. The Hang Seng Index reached a four-and-a-half-year high before correcting, but has since recovered. The residential property market also showed strength with rising prices and rentals.

- The Hong Kong government released the Q1 2026 economic report, showing a GDP growth of 5.9% year-on-year, up from 4% in the previous quarter.  
- Strong external trade and a rebound in domestic demand contributed to a significant increase in exports, especially for AI-related products, as well as a rise in private consumption and investment.  
- The labor market improved slightly, with the unemployment rate decreasing to 3.7%, and the housing market continued to strengthen with rising prices and rents.

China Southern Hang Seng ETF

ISHARESHSI-U

ChinaAMC Hang Seng ETF

Govt: HK 1Q Econ Growth at 5.9%; Full-yr Growth Forecast Kept at 2.5-3.5%

The Hong Kong Tourism Board reported that preliminary visitor arrivals in April reached 4.22 million, a 10% increase year-on-year. The growth was bolstered by events like the Hong Kong International Rugby Sevens. From January to April, total arrivals were approximately 18.52 million, up 15% YoY, with Mainland China visitors at 14.18 million and non-Mainland visitors at 4.34 million, increasing by 18% and 8% YoY respectively.

- The Hong Kong Tourism Board reported that approximately 4.22 million visitors arrived in Hong Kong in April, marking a 10% year-on-year increase.  
- The Hong Kong Sevens, held in early April, contributed to a continued growth trend in visitor arrivals.  
- From January to April, total visitor arrivals reached about 18.52 million, a 15% increase from the previous year, with 14.18 million from mainland China and 4.34 million from non-mainland visitors.

HKTB: Apr Preliminary Visitor Arrivals to Hong Kong Up 10% YoY to 4.22 Million; 1-4M Up 15%

《HIBOR》Overnight HIBOR Down to 2.42%, Sinking for 5 Days

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