GF Fund Hang Seng Consumption ETF(QDII)

CGC Increases Stake in Techtronic Industries by 2,683,875 Shares

Honor Collaborates with PopMart on Joint Brand Project

CFRA Maintains KFC China's Hold Rating, Raises Target Price to $52

Pop Mart clarifies it has no plans to develop a mobile phone, will launch an IP co-branding with a well-known mobile phone brand

Pop Mart announces that its six major global production bases are fully operational.

Pop Mart is rumored to launch a 'trendy toy phone' this month in collaboration with a mainstream brand.

ANTA Sports Expresses Interest in PUMA Equity Deal, Future Brand Synergy Potential

Xianyu Launches 'Yu Li Gou' Service to Ensure Authenticity of Collectibles

Pop Mart's POP MART Gallery opens in Beijing's 798 Art District

Pop Mart faces declining secondhand market prices and scalper retreat after new product release

Mihoyo-backed card company Suplay applies for Hong Kong IPO

ANTA Sports Seeks to Acquire Puma Shares but Deal Stalls

Pop Mart Co-Presents "Light to Night Singapore 2026" Festival

Pop Mart to launch "Pucky Tap Tap Babies Series" vinyl plush pendant blind box in the US market.

Pop Mart to open its 13th UK store in Southampton on January 16, 2026.

Pop Mart is expected to have its annual dividend ex-date on May 29, 2026

Pop Mart announced the upcoming opening of its POP MART Gallery.

Pop Mart Grants Approximately 52,000 Awards Under Post-IPO Share Award Scheme

Pop Mart's 'Year of the Horse' limited edition blind boxes sold out quickly on online channels

Pop Mart Selected for "Annual Excellent Hong Kong Stock Connect Company" List

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Capital is rapidly flowing into the AI toy sector

- At CES 2026, the AI pet toy "Joobie" attracted significant attention, showcasing innovative features that enhance user interaction.  
- With over 30 Chinese companies participating in AI pet development, these products aim to combine technology with emotional connection, evolving from simple toys to companions that adapt to user interactions.  
- The AI toy market is projected to grow substantially, with significant investments flowing in, indicating a robust future for emotional and interactive consumer products.

Wallstreetcn

POP MART

The AI Pet Toy Craze Has Arrived

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ANTA SPORTS has proposed to acquire a 29% stake in Puma, with funds ready, but progress has stalled. The Pino family hopes for an offer exceeding €40 per share. Puma's stock price rose 9% due to the acquisition news, with a market value of €3.3 billion, down about 50% compared to the same period last year. Analysts believe that the Artemis Group's sale of shares is a positive signal for Puma's equity development, which may support brand investment and transformation strategies

Stheadline

ANTA SPORTS

ANTA SPORTS reportedly intends to acquire a 29% stake in Puma and is prepared with the acquisition funds

Chinese toymaker Pop Mart has expanded its supply chain by adding manufacturing facilities in Mexico, Cambodia, and Indonesia to meet rising global demand. The company, known for its Labubu dolls, collaborates with local partners for production. This strategic move aims to enhance resilience and efficiency in their supply chain. Pop Mart is also aggressively entering the U.S. market, planning to open more stores this year. Despite a significant increase in production capacity, shares have fallen about 40% from their peak due to concerns over the sustainability of Labubu's popularity.

- Chinese toymaker Pop Mart is expanding its manufacturing network by adding facilities in Mexico, Cambodia, and Indonesia to meet increasing global demand.  
- The company plans to enhance its supply chain's resilience and efficiency while leveraging local manufacturing partners, moving beyond its previous reliance on factories solely in China and Vietnam.  
- This strategic expansion follows the success of its Labubu product, which has driven demand in various markets, and Pop Mart aims to aggressively pursue growth in the U.S. market this year.

Reuters

China's Pop Mart expands supply chain amid global push

- The article discusses the growth and strategies of Hitcard, a company in the collectible card market, which has seen significant revenue increases and aims to innovate within the industry.  
- Hitcard differentiates itself through a focus on high-quality craftsmanship, limited production runs, and a diverse range of IP collaborations, while maintaining a strong online presence, particularly on platforms like Douyin.  
- The company emphasizes sustainable practices and aims to enhance the value of IP through innovative product designs, positioning itself as a leader in the evolving collectible card landscape.

Dialogue with Hitcard: How to Build a Card Moat in an IP-Dependent Track?

In the Hong Kong stock market, the three major indices are consolidating at high levels, with the Hang Seng Index and the Technology Index showing slight pullbacks. There is a clear rotation and differentiation among sectors, with the leading communication equipment company YOFC rising against the trend, while the retail, e-commerce, and internet content sectors show mixed performance. Among the actively traded stocks, WanLian Holdings surged 65.33%, indicating a significant spread of interest. Consumer data exceeded expectations, boosting market sentiment. Funds are focusing on consumer recovery and leading companies in related industries

- The Hong Kong stock market is experiencing slight pressure, with the Hang Seng Index down 0.40% at 25,331.93 points.  
- Retail sector performance is mixed, with Alibaba up 1.06% and JD.com down 0.35%, indicating a widening performance gap among companies.  
- Recent retail sales growth of 5.3% has improved market sentiment, attracting investor interest in domestic consumption recovery and retail upgrades.

Market Heartbeat

YOFC

BABA-W

MNSO

JD-SW

TENCENT

BIDU-SW

KUAISHOU-W

BYD ELECTRONIC

LEGEND UPSTAR

INNOGEN-B

CHINA BOTON

CHINA NEW HLDGS

CCIAM FUTURE EN

XIAOMI-W

Alibaba

Hong Kong stock market intraday | Hang Seng Index down 0.40%, Technology Index under pressure, YOFC leads the sector

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Several mergers and acquisitions were reported: Anta Sports and Li Ning are considering a takeover of Puma; Deutsche Boerse is in talks to acquire Allfunds; Piraeus Bank completed its acquisition of Ethniki Holdings for 600 million euros; UniCredit bought a stake in Generali; Naver Financial agreed to acquire Dunamu in a deal valued at 15.13 trillion won.

LI NING

Deals of the day.-Mergers and acquisitions

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Midea Group Co. Ltd. has filed a disclosure with the Hong Kong Stock Exchange after repurchasing 1,252,400 shares at a price of up to RMB 80.62 each. The filing details the share repurchase but does not specify the total number of shares repurchased or the exact repurchase price. This information was published by Midea Group via the HKEX Issuer Information Service.

MIDEA GROUP

Midea Group

Midea Group Files HKEX Disclosure After Repurchasing 1,252,400 Shares at Up to RMB 80.62 Each

Puma shares surged 22% amid speculation of a takeover by Chinese suitors, including Anta Sports and possibly Li Ning and Asics Corp. Despite a 60% drop this year, interest in Puma is high due to its vulnerable share price. Anta may partner with private equity for a bid. Puma's market cap is EUR2.29 billion, and it is undergoing a revamp under CEO Arthur Hoeld. The company faces challenges like weak demand, trade tariff uncertainty, and declining sales, prompting job cuts and reduced discounting.

Dow Jones

Beaten-down Puma shares are soaring. The sportswear maker may have a suitor.

ANTA SPORTS is rumored to be considering a competitive acquisition of PUMA, but Anta Group stated that it does not comment on market rumors. Li Ning and Japan's ASICS are also seen as potential bidders. Li Ning has discussed financing options with banks but stated that no substantial negotiations have taken place. The valuation expectations of PUMA's largest shareholder, the Pinault family, may become a barrier to the transaction

ANTA Sports is considering a competitive acquisition of PUMA Group, which responded by stating it does not comment on market rumors

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YUMC

Yum China plans aggressive store expansion for KFC and Pizza Hut, aiming to increase KFC's store count by one-third to over 17,000 by 2028, with operating profit surpassing 10 billion yuan. The company will add over 600 net new Pizza Hut stores annually for the next three years, doubling operating profit by 2029 compared to 2024.

- Yum China Holdings announced plans to aggressively expand its store presence and enhance profitability during its investor day in Shenzhen.  
- By 2028, KFC aims to increase its store count in China by one-third to over 17,000, with operating profit expected to exceed 10 billion yuan ($1.41 billion).  
- The company also plans to add over 600 net new Pizza Hut stores annually for the next three years, targeting to double the brand's operating profit in China by 2029 compared to 2024.

YUM CHINA

YUM China

Yum China lays out aggressive store expansion plans for KFC, Pizza Hut

Yum China Holdings Inc. has unveiled its "RGM 3.0" strategy, aiming to expand its store network to over 30,000 by 2030. The plan includes enhancing operational efficiency through diversification and consolidation, targeting double-digit EPS and free cash flow growth. Financial goals include operating profit margins of 10.8%-10.9% by 2025 and at least 11.5% by 2028, with restaurant margins projected to rise to at least 16.7% by 2028. Capital expenditures are expected to be $600-$700 million annually from 2026 to 2028.

- Yum China Holdings Inc. has introduced its “RGM 3.0” strategy, focusing on resilience, growth, and competitive advantage through innovation and efficiency.  
- The company plans to expand its store network to over 20,000 by 2026 and 30,000 by 2030, with financial targets including an operating profit margin of 10.8%-10.9% for 2025.  
- Yum China expects to invest $600 million to $700 million annually from 2026 to 2028 and aims to return nearly all annual free cash flow to shareholders starting in 2027.  

Yum China Announces RGM 3.0 Strategy With Plans to Accelerate Store Expansion to Over 30,000 by 2030, Target Double-Digit EPS and Free Cash Flow Growth, and Enhance Operational Efficiency Through Front-End Diversification and Back-End Consolidation

SBUX

PZZA

The consumer industry is facing a decline, and Starbucks China was acquired by Hillhouse Capital at a valuation of $13 billion, with business gradually recovering. Meanwhile, Papa Johns' stock price plummeted by 21%, and the collapse of the acquisition reflects private equity's cautious attitude towards the restaurant industry. Pizza Hut's sales have declined for eight consecutive quarters, facing operational difficulties

- The consumer sector is experiencing a significant downturn, with third-quarter reports reflecting a broader economic trend.  
- Starbucks China has seen a recovery, reporting a 6% revenue increase in Q4 2025, while other brands like Papa John's face severe challenges, highlighted by a 21% stock drop after a failed acquisition.  
- Analysts predict that the consumer industry may stabilize by 2026, but current inflation pressures and declining consumer confidence continue to exacerbate the situation.

Yum! Brands

Starbucks

Papa Johns

The sluggish consumer industry: When will the spring breeze arrive?

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06690

Daiwa Capital Markets released a research report stating that Haier Smart Home's third-quarter performance met expectations, with revenue increasing by 10% year-on-year to RMB 77.56 billion and net profit of RMB 5.34 billion, a year-on-year increase of 13%. Revenue from the mainland increased by 11% year-on-year, with the air conditioning business performing exceptionally well, growing by over 30% year-on-year, mainly benefiting from product innovation and direct sales transformation strategies. Overseas revenue grew by 8% year-on-year, with a slight increase in operating profit margin. Looking ahead to the fourth quarter of 2025, the report indicates that despite facing challenges from a high base effect, management expects revenue to maintain mid-single-digit growth, and net profit growth rate is expected to exceed revenue growth rate. The "Buy" rating is maintained, with the target price raised from HKD 39.1 to HKD 39.4

Zhitong

Haier Smart Home

HAIER SMARTHOME

Daiwa Capital Markets: Raises Haier Smart Home target price to HKD 39.4, maintains "Buy" rating

According to the latest information from the Hong Kong Stock Exchange, on October 27, Morgan Stanley increased its holdings in YUM China by 800,791 shares, at a price of HKD 349.0353 per share, for a total amount of approximately HKD 280 million. After the increase, the latest number of shares held is approximately 40.6203 million, with a latest holding ratio of 11.2%

JPMorgan Chase

Morgan Stanley increased its holdings in YUM China by approximately 800,800 shares at a price of about HKD 349.04 per share

According to the Zhitong Finance APP, YUM China announced that it will spend USD 3.2 million to repurchase 73,000 shares on October 30, 2025; and spend HKD 6.267 million to repurchase 18,400 shares

GF Fund Hang Seng Consumption ETF(QDII)(159699.SZ)

The AI Pet Toy Craze Has Arrived

ANTA SPORTS reportedly intends to acquire a 29% stake in Puma and is prepared with the acquisition funds

China's Pop Mart expands supply chain amid global push

Dialogue with Hitcard: How to Build a Card Moat in an IP-Dependent Track?

Hong Kong stock market intraday | Hang Seng Index down 0.40%, Technology Index under pressure, YOFC leads the sector