Zhitong Hong Kong Stocks Early Insights | Ping An Life continues to increase its holdings in China Merchants Bank H shares, Shenzhen promotes high-quality development of venture capital and private equity

[Today's Headlines]

Shenzhen's Four Departments: Providing Financing Services Combining "Equity + Debt" for Technology Enterprises through the "Shenzhen Commercial Bank + Hong Kong Investment Bank" Model

The Shenzhen Municipal Bureau of Local Financial Supervision and other four departments issued a notice on the "Action Plan for Promoting High-Quality Development of Venture Capital and Private Equity in Shenzhen," proposing to support the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in optimizing the pilot mechanism for qualified foreign limited partners, expanding the scope of pilot investments, and allowing flexible and autonomous allocation and replacement of investment projects based on total management; supporting Hong Kong private equity funds to directly apply for establishing qualified foreign limited partners in Qianhai;

Establishing a cross-border dual-currency early-stage mother fund and a series of specialized sub-funds in the He Tao Shenzhen-Hong Kong Technology Innovation Cooperation Zone to invest in technology enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area; supporting mainland and Hong Kong venture capital to jointly establish venture capital funds in He Tao, effectively utilizing the role of RMB investment and loan funds, and supporting He Tao in creating a gathering place for venture capital funds aimed at two resources and two markets.

Hong Kong residents engaged in venture capital and private equity will enjoy tax exemption policies for personal income tax burdens exceeding those in Hong Kong in accordance with laws and regulations, while high-end and scarce talents from overseas will receive subsidies based on the difference in personal income tax burdens between the mainland and Hong Kong in accordance with laws and regulations.

Promoting collaboration between large and medium-sized banking institutions in our city and Hong Kong venture capital and private equity institutions, providing financing services combining "equity + debt" for technology enterprises through the "Shenzhen Commercial Bank + Hong Kong Investment Bank" model. Encouraging more eligible venture capital and private equity institutions to go public.

[Market Outlook]

Nasdaq China Golden Dragon Index Rises 2.8%

Overnight, the Dow Jones Industrial Average fell 478.23 points, a decline of 1.14%, closing at 41,433.48 points; the Nasdaq fell 32.23 points, a decline of 0.18%, closing at 17,436.1 points; the S&P 500 index fell 42.49 points, a decline of 0.76%, closing at 5,572.07 points. Tesla (TSLA.US) rose 3.7%, Nvidia (NVDA.US) rose 1.6%, and Apple (AAPL.US) fell 2.9%.

The Nasdaq China Golden Dragon Index rose 2.8%, Alibaba (BABA.US) rose 4.9%, and "Wei Xiao Li" performed well, with Nio (NIO.US) closing up nearly 17%. The Hang Seng Index ADR fell, closing at 23,722.66, down 59.48 points or 0.25% compared to the Hong Kong closing.

[Hot Topics Ahead]

Shanghai Pudong Official Announcement: Alibaba Enters Embodied Intelligence and Robotics Business

On March 11, Shanghai Ant Group Lingbo Technology Co., Ltd. (hereinafter referred to as "Ant Lingbo Technology") held an unveiling ceremony in Shanghai Pudong. Ant Lingbo Technology is the main vehicle for Ant Group to expand its embodied intelligence and robotics business, aiming to create industry-leading robotic products in fields such as home, elderly care, and healthcare. This establishment will help Pudong build an innovation highland led by humanoid robots and an innovative industrial ecosystem with industry influence. According to Qichacha, Shanghai Ant Lingbo Technology Co., Ltd. is a wholly-owned subsidiary of Ant Intelligent (Hangzhou) Technology Co., Ltd., which is a wholly-owned subsidiary of Ant Technology Group Co., Ltd. The company was established in December 2024, with Zhu Xing as the legal representative and a registered capital of 100 million yuan DeepSeek Officially Refutes Rumors: R2 Release is False News

In response to rumors that DeepSeek will release the next-generation R2 model on March 17, DeepSeek's official corporate consulting account stated in the user group, "Refutation: The R2 release is false news."

XPeng Motors (09868) Announces Entry into Poland, Switzerland, Czech Republic, and Slovakia Markets

On March 11, XPeng Motors announced its entry into the markets of Poland, Switzerland, Czech Republic, and Slovakia, with plans to start sales of the XPeng P7, XPeng G9, and XPeng G6 in the second quarter of 2025.

BYD (002594.SZ) Completes H Share Placement

According to Zhitong Finance APP, BYD (002594.SZ) announced that all prerequisites for this placement have been met (including obtaining approval from the Stock Exchange for the listing and trading of the placement shares) and the placement was completed on March 11, 2025.

Wugu Mofang (01837) Issues Earnings Upgrade: Expects Net Profit of Approximately RMB 180 Million to RMB 194 Million in 2024, Year-on-Year Growth of Approximately 18% to 28%

Zhitong Finance APP reports that Wugu Mofang (01837) announced that due to adjustments in the operating strategy of one of the group's important retail channels, and based on the company's preliminary estimates, a total of 210 offline counters under this channel may be closed by 2025, and the group's total revenue for the fiscal year 2025 is expected to decrease by approximately RMB 50 million to RMB 80 million accordingly.

Ping An Life Continues to Increase Holdings in CM BANK H Shares, Holdings Exceed 9% of Total H Shares

Latest information from Hong Kong Stock Exchange shows that Ping An Life increased its holdings by 7.1825 million shares of CM BANK H shares on March 6, involving approximately HKD 336 million. After the increase, Ping An Life's holdings of CM BANK H shares rose to 416 million shares, exceeding 9% of the bank's total H shares. Previously, on January 10, Ping An Life disclosed its holdings in CM BANK H shares, which exceeded 5% of the bank's total H shares. This means that from January 10 to March 6, Ping An Life increased its holdings by nearly 18.7 million shares of CM BANK H shares, with a total expenditure of approximately HKD 8.2 billion based on the average transaction price during the period.

China Jinmao (00817): Expects Owner's Profit of Approximately RMB 1 Billion in 2024, Achieving Turnaround and Significant Growth

China Jinmao released an earnings forecast, estimating that the group will record an owner's profit of approximately RMB 1 billion for the year ending December 31, 2024, achieving a turnaround from an owner's loss of approximately RMB 6.9 billion for the year ending December 31, 2023, and recording significant growth. The increase in operating performance is mainly due to the group's continuous strengthening of lean management, fully promoting cost control and efficiency improvement, with management expenses, sales and marketing expenses, and financing costs decreasing in the current year; the group's joint ventures and associates' projects have also seen a decrease in asset impairment provisions for properties under development and properties held for sale in the current year Thinker Education (01769) Issues Earnings Upgrade: Expected Annual Net Profit Not Less Than 140 Million Yuan, Year-on-Year Increase of Not Less Than 62.8%

According to Zhitong Finance APP, Thinker Education (01769) announced that the group expects to achieve for the year ending December 31, 2024: (i) revenue of not less than RMB 835 million, an increase of not less than 46.3% compared to revenue of RMB 571 million for the year ending December 31, 2023; (ii) net profit of not less than RMB 140 million, an increase of not less than 62.8% compared to last year's net profit of RMB 86 million; and (iii) adjusted net profit attributable to equity holders of the company (non-IFRS measure) of not less than RMB 165 million, an increase of not less than 52.8% compared to last year's adjusted net profit attributable to equity holders of the company (non-IFRS measure) of RMB 108 million.

China Star Optoelectronics (00334) Issues Earnings Upgrade: Expected Annual Profit Attributable to Parent Company Shareholders to Increase by Not Less Than 350% Year-on-Year

China Star Optoelectronics announced that it expects the net profit attributable to the parent company for the year ending December 31, 2024, to increase by not less than 350% compared to RMB 13.1 million for the same period in 2023. This growth is mainly due to the improvement in sales of the company's flat panel module business, with total revenue expected to increase from RMB 2.577 billion in the same period last year to approximately RMB 4.5 billion. In addition, the loss from the realization of derivative financial instruments has also decreased by approximately RMB 50 million.

Decon Agricultural and Animal Husbandry (02419) Announces 2024 Results: Profit Attributable to Equity Shareholders Approximately 4.102 Billion Yuan, Year-on-Year Turnaround

According to Zhitong Finance APP, Decon Agricultural and Animal Husbandry (02419) announced its 2024 results, with revenue of approximately RMB 22.463 billion, a year-on-year increase of 39.0%; profit attributable to equity shareholders of approximately RMB 4.102 billion, a year-on-year turnaround; earnings per share of RMB 10.55, with a final dividend of RMB 0.90 per share.

Genscript Biotech (01548) Releases 2024 Annual Results: Profit Attributable to Shareholders 2.962 Billion USD

According to Zhitong Finance APP, Genscript Biotech (01548) released its annual results for the year ending December 31, 2024, with revenue from continuing operations of approximately USD 594.5 million, a year-on-year increase of 6.1%; profit attributable to parent company shareholders of USD 2.962 billion, compared to a loss of USD 95.477 million in the same period last year; basic earnings per share of 139.63 cents. The revenue from cell therapy business divestiture was approximately USD 3.2 billion, bringing significant profit growth to the group during the reporting period. The adjusted net profit from the group's continuing operations during the reporting period was approximately USD 59.8 million, an increase of 2.9% compared to approximately USD 58.1 million in the previous period.

【Stock Highlights】

BOSS Zhipin-W (02076) Achieves Double Growth in Revenue and Profit for 2024, Adjusted Net Profit of 2.711 Billion Yuan, Year-on-Year Increase of 25.7%

According to Zhitong Finance APP, BOSS Zhipin-W (02076) announced its fourth-quarter results for 2024, with revenue of RMB 1.8236 billion, a year-on-year increase of 15.4%. Operating profit was approximately RMB 381 million, a year-on-year increase of 71.2% The adjusted operating profit is approximately RMB 659 million, an increase of 26.8% year-on-year. The net profit is RMB 444 million, an increase of 34.1% year-on-year. The adjusted net profit is RMB 722.4 million, an increase of 14.9% year-on-year.

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