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Company news and operating events

Material corporate disclosures, operating changes, transactions, governance and company-level developments.

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541
U.S. equitiesImportance 85

Johnson & Johnson's MonumenTAL-6: Tecvayli+Talvey Cuts Myeloma Progression Risk 89%, Death 62%

Johnson & Johnson released phase 3 MonumenTAL-6 data showing that the combination of bispecific antibodies Tecvayli and Talvey reduced the risk of disease progression or death by 89% and the risk of death by 62% in patients with multiple myeloma who had received two to five prior lines of therapy. The trial enrolled patients previously treated with a CD38 antibody, with about 80% being resistant to daratumumab. The first interim analysis met both progression-free survival and overall survival endpoints.

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542
A-sharesImportance 40

GCL Energy Technology's Yuanji Intelligent Computing Data Services Founded, Focuses on AI Software and Data

GCL Energy Technology's subsidiary, GCL Yuanji Intelligent Computing Data Services (Qingyang) Co. , Ltd. , has been established. The company specializes in AI application software development, AI theory and algorithm software, AI public service platform technical consulting, and data processing and storage support services. It is jointly held by Wuxi GCL Yuanji Technology Co. , a GCL Energy Technology subsidiary, and other shareholders.

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543
A-sharesImportance 40

Yingfeng Environment's Indirect Subsidiary Yingfeng Zhisuan (Zhongwei) Technology Founded with RMB 10 Million

Yingfeng Environment has established an indirect wholly-owned subsidiary, Yingfeng Zhisuan (Zhongwei) Technology Co. , Ltd. , with a registered capital of RMB 10 million. The company, with legal representative Jin Taotao, will focus on cloud computing equipment services, artificial intelligence software development and hardware sales, AI general application systems, and integrated circuit design.

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544
Hong KongImportance 70

01.AI Targets Palantir in ToB Pivot, Li Kaifu Leads Sales, Aims for 2026 Orders Over 1.5 Billion Yuan, 2027

01. AI, founded by Li Kaifu, pivoted from a large language model company to enterprise AI, benchmarking Palantir. Li Kaifu serves as the company's top salesperson. In 2025, orders reached 500 million yuan with audited revenue of 250 million yuan. By May 2026, orders exceeded 1.5 billion yuan. The company targets 1.5-2 billion yuan in contracts for 2026 and aims for breakeven. It is pursuing a Pre-IPO round and plans a Hong Kong listing in 2027.

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545
U.S. equitiesImportance 50

LINE to Shut Down Short-Video Service LINE VOOM on September 30, 2025, After Consolidating Video Resources

LINE will end its short-video service LINE VOOM on September 30, 2025, after concentrating video business resources onto the platform. Launched in 2021 during the short-video boom, LINE VOOM absorbed resources from GYAO! and LINE LIVE, which were closed in spring 2023. LINE began creator support in 2024. The termination was announced on July 2, 2025, at LINE's 15th anniversary event, where the VOOM tag was replaced by a shopping tag. The service had a notably enthusiastic user base among children.

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546
A-sharesImportance 50

Feikai Materials Shareholders Fall by 19,375; Stock Drops 25.78% as Q1 Revenue Rises 24.56%

Feikai Materials reported that as of July 20, its shareholder count dropped to 86,973, a decrease of 19,375 or 18.22% from July 10, marking the second consecutive decline. The stock fell 25.78% since the prior period, closing at RMB 34.70 on July 24, up 4.87% that day. Margin balance declined 22.52% to RMB 1.575 billion. For the first quarter, revenue rose 24.56% to RMB 873 million, net profit increased 9.57% to RMB 131 million, basic EPS was RMB 0.23, and ROE was 2.64%.

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547
A-sharesImportance 20

Shengtong Energy Shareholder Count Falls to 13,433 for Third Straight Period; Stock Down 27%, Q1 Net Loss 8.3

Shengtong Energy's shareholder count dropped to 13,433 as of July 20, a 16.17% decrease from July 10 and the third consecutive decline. The stock price stood at 44.95 yuan on July 27, up 7.46% on the day but down 27.16% since the period of concentration. The company reported first-quarter revenue of 1.288 billion yuan, down 23.10% year-on-year, and a net loss of 8.34 million yuan, down 128.22% year-on-year, with basic earnings per share of -0.0296 yuan.

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548
A-sharesImportance 70

Lixin New Energy Warns of Speculation, Power Price Risk After 8-Day Rally; H1 Net Profit Up 570%-793%

Lixin New Energy (001258. SZ) hit the daily limit at 14.33 yuan on July 27, marking its seventh limit-up in eight trading days, with a market value of 13.4 billion yuan. The company warned of non-rational speculation and the risk of falling power prices as electricity market reforms deepen. It also forecast a 570.26% to 793.68% surge in first-half 2026 net profit to 60 million-80 million yuan, driven by higher investment income from a joint venture and a 71.49 million yuan subsidy recovery.

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549
OtherImportance 45

MiniMax Targets Model Cost-Efficiency, M3 Processes Trillion Tokens Daily, H3 Multimodal Model Imminent

MiniMax management held an analyst meeting on July 23, stating that its primary goal is to achieve the best cost-efficiency for each model. The M3 model processes a trillion tokens daily, and the open platform/API revenue has achieved a healthy gross margin. The company has built its own computing capacity through domestic and international acquisitions and long-term leases secured when GPU and AI server rental prices were significantly lower than current levels. The upcoming H3 multimodal model, capable of understanding text, images, video, audio, and music, and generating video, images, and audio, is in the final stages of release preparation. MiniMax's current market value is approximately $8 billion to $8.5 billion. The company needs to demonstrate simultaneous improvement in model usage, commercial revenue, and inference costs, while its commercialization ability, cash burn, and self-funding capacity remain under observation.

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550
A-sharesImportance 88

Changxin Technology debuts at RMB3 trillion market cap; Hefei state capital holding valued at RMB1.1 trillion

Changxin Technology listed on July 27, reaching a market capitalization exceeding RMB3 trillion, making it the largest A-share IPO this year and the second-largest on the STAR Market by value. The stock debuted just 148 days after its application was accepted. In the first quarter, the company—now the world’s fourth-largest DRAM manufacturer—reported revenue of RMB50.8 billion and net profit of more than RMB33 billion. Hefei’s state capital system collectively holds a 36.79% stake, valued at approximately RMB1.1 trillion based on the listing, representing an unrealized gain of over RMB1 trillion. The company’s rise has boosted Hefei’s integrated circuit industry, which saw output grow from under RMB18 billion in 2016 to RMB151.4 billion in 2025.

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551
OtherImportance 75

Musk's The Boring Company in Talks to Raise $4 Billion at $20 Billion Valuation

Elon Musk's tunnel-digging venture, The Boring Company, is in discussions to raise $4 billion in a funding round that would value it at $20 billion, a sharp increase from its $5.7 billion valuation in 2022. The company, which operates a transit system in Las Vegas using Tesla vehicles, has faced environmental fines and safety incidents that paused expansion. It plans networks in Nashville and Dubai.

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552
Hong KongImportance 78

Baidu Q1 Revenue 32.1 Billion Yuan, Net Profit Down 55%, AI Share Rises to 52%

Baidu reported Q1 2026 total revenue of RMB 32.1 billion, down 1.16% year-on-year, with net profit attributable to shareholders falling 55.36% to RMB 3.445 billion. AI business revenue as a share of general business rose to 52% from 43% in Q4 2025, driven by intelligent cloud revenue of RMB 8.8 billion, up 79%. Traditional online marketing revenue declined 22% to RMB 12.6 billion. Apollo Go provided 3.2 million fully driverless rides, with total orders up over 120%. Kunlun Chip began its STAR Market listing process in May 2026.

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554
Hong KongImportance 78

Zhongji Innolight Sets HK IPO at HK$980, Raises Over HK$53.4 Billion

Zhongji Innolight, a global optical interconnect solutions provider, priced its Hong Kong IPO at HK$980 per share, a 3% discount to the top of the indicative range and a 21% discount to its A-share close. The base offering raised approximately HK$53.4 billion, with potential to reach HK$61.4 billion if the over-allotment option is fully exercised. The IPO attracted 33 cornerstone investors, including Temasek, Abu Dhabi Investment Authority, Hillhouse, BlackRock, Alibaba, and Tencent, subscribing for about HK$27 billion. Trading on the Hong Kong Stock Exchange is set to begin on July 30.

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556
OtherImportance 35

Microsoft Tests Smart Download Client on Xbox Insider Alpha Skip-Ahead

Microsoft is testing a new Smart Download Client feature on Xbox Insider Alpha Skip-Ahead users. The tool evaluates multiple download nodes via the user's home broadband before starting a download, automatically selecting the fastest node. During the download, periodic network assessments enable seamless switching to a faster node. The feature aims to accelerate game downloads, installations, and updates. It will roll out to all users after testing completes.

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557
OtherImportance 50

Sony Criticized for Promoting Vinyl Turntable While Ending PS Disc Production

Sony Electronics promoted its LX3 vinyl turntable on social media, urging users to rediscover the warmth of vinyl. The campaign drew criticism as Sony had previously announced it would stop producing physical PlayStation game discs from January 2028. Users accused the company of hypocrisy. In response, the game physical media advocacy group Does it play launched the "#PSBlackout" boycott, calling players to avoid PlayStation consoles and services from August 23 to 30.

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559
U.S. equitiesImportance 55

Microsoft Prioritizes AI Compute for 365 Copilot and GitHub Copilot Over Azure Clients

Microsoft Chief Financial Officer Amy Hood said in January that the company allocates AI compute capacity first to its own AI products, then to long-term R&D, and lastly to Azure customers. If all GPUs deployed in the first half of the fiscal year had been allocated to Azure, its growth rate would have exceeded 40% instead of the actual 39%. Azure sales quotas were raised by up to 30%. After a series of GitHub outages, Microsoft used Amazon cloud capacity and explored renting Oracle infrastructure, but security and compliance concerns stalled the latter.

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560
U.S. equitiesImportance 30

Microsoft Launches $899 Surface Laptop with 8GB RAM and Snapdragon Chip; Tests Show Stuttering, Company

Microsoft has launched an entry-level Surface laptop starting at $899, equipped with 8GB of RAM and a Qualcomm Snapdragon chip. Tests show the device struggles with video streaming when running around 10 Chrome tabs plus constant apps like Slack and Signal. Even opening a Google Docs document causes stuttering or freezing. The laptop runs Windows 11, which uses over 4GB of RAM at boot and typically around 6.7GB under normal use. After exhausting physical memory, the system relies on SSD virtual memory, leading to frequent swapping and pauses. Microsoft previously said 16GB is necessary for smooth Windows 11 performance but now claims 8GB is sufficient for daily use.

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561
OtherImportance 20

Hellobike E-Bike Power Failure Leads to PhD Student's Grade 10 Disability, Court Mediates RMB 215,000

A PhD student at a Xiamen university suffered a Grade 10 disability after a Hellobike campus e-bike suddenly lost power, locking the rear wheel and causing a crash. The student claimed RMB 264,549.08 in damages, but a court mediation on July 17, 2026, resulted in a settlement of RMB 215,000 from Shanghai Hellobike Puhui Technology Co. , Ltd. The accident occurred in June 2025, and the company's fault report confirmed the power failure was linked to the fall.

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563
Hong KongImportance 65

SHEIN Turns to Hong Kong Listing After Supply Chain Disclosure Dispute

Fast-fashion retailer SHEIN has shifted its IPO plans to Hong Kong after facing supply chain risk disclosure hurdles in New York and London. UK regulators approved its London listing application, but China's securities watchdog did not give the green light. The company omitted direct mention of Xinjiang cotton allegations in its Hong Kong filing.

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564
A-sharesImportance 88

Moonshot AI Unveils Kimi K3 Open-Source Model with 2.8 Trillion Parameters, Raises $3.5 Billion in Series F

Moonshot AI released the Kimi K3 model weights and technical report on July 27, 2026, alongside three key infrastructure technologies: MoonEP, FlashKDA and AgentEnv. The 2.8-trillion-parameter mixture-of-experts model features native visual understanding and a 1-million-token context window. It achieved top open-source scores on benchmarks including the Artificial Analysis Intelligence Index v4.1 and Frontend Code Arena, though it remains slightly behind Claude Fable 5 and GPT-5.6 Sol. On July 29, the company completed a Series F round of over US$3.5 billion at a US$50 billion pre-money valuation. Rapid adoption followed across Huawei Ascend, Alibaba Cloud and global providers like Nebius and Cursor.

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565
A-sharesImportance 40

Sunwoda and Kaixian Capital Set Up Tianjin Kaixin Energy Storage Partnership with RMB 5 Billion

Tianjin Kaixin Energy Storage Equity Investment Partnership has been established with a capital contribution of RMB 5 billion. The partnership is jointly held by Shenzhen Xinneng Industrial Development Technology Co. , Ltd. , a subsidiary of Sunwoda, and Kaixian Capital Management Co. Its business scope includes investment management, asset management services using self-owned funds, and investment activities using self-owned funds.

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566
A-sharesImportance 35

BTR Sets Up Carbon Energy New Materials Subsidiary with 30 Million RMB Registered Capital

BTR, a Chinese battery materials manufacturer, has established a new wholly owned subsidiary, Shenzhen BTR Carbon Energy New Materials Technology Co. , Ltd. , with a registered capital of 30 million RMB. The company, headed by legal representative Chen Long, will focus on the manufacturing and sales of graphite and carbon products, as well as the research and development and promotion of new materials.

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567
Hong KongImportance 40

HSBC Hong Kong and Hang Seng Bank Integrate Mid- and Back-Office Functions; Tang Yingxin to Serve as COO of

HSBC Holdings' Hong Kong arm and Hang Seng Bank have announced the integration of seven mid- and back-office functions. Hang Seng Bank Chief Operating Officer Zhao Huiwen will retire next month, and her position will not be filled. Tang Yingxin, currently COO of HSBC Hong Kong, will assume the additional role of COO at Hang Seng, overseeing a new operations team and reporting to the HSBC Asia and Middle East COO. Tang has been with HSBC for nearly 24 years.

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568
Hong KongImportance 85

Yao Shunyu Joins Tencent as Chief AI Scientist, Integrates AI Units; Hunyuan Hy3 Launches with 68x Call Growth

Yao Shunyu joined Tencent in December 2025 as Chief AI Scientist, reporting to President Liu Chiping and leading AI Infra and the Large Language Model Department. He consolidated AI capabilities from various business lines, dissolved the AI Lab in March 2026, and merged the Hunyuan LLM and multimodal teams into a Foundation Model Department in July 2026. The Hunyuan Hy3 model, released on July 6, 2026, saw total calls surge over 68 times compared to its predecessor, topping OpenRouter's global leaderboard, with 60% of WorkBuddy users selecting Hy3. WorkBuddy achieved 20 million monthly visits in June 2026, surpassing the combined total of its next two competitors.

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569
Hong KongImportance 68

HSBC Holdings to Sell A$30 Billion Australian Loan Portfolio to Blackstone

HSBC Holdings plans to sell its Australian loan portfolio valued at over A$30 billion (approximately HK$164.6 billion) to Blackstone Group, marking the private equity firm's entry into the Australian home loan market. The sale follows failed negotiations with National Australia Bank and Macquarie Group, while KKR, Apollo Global Management, and Cerberus Capital Management had also expressed interest.

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570
Hong KongImportance 60

Kuaishou Assists Police in Dismantling Two Late-Night Live-Streaming Pornography-Linked Fraud Rings, Arresting

Kuaishou Security Center detected organized black-market groups using late-night live streams with suggestive content to lure users to external platforms for fraud. After reporting leads, Kuaishou assisted authorities in dismantling two rings, arresting 15 suspects (11 criminally detained) and banning over 1957 accounts. The groups operated with high organization and cross-border elements.

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