May Day holiday consumption heats up; Ant plans to spin off overseas business for Hong Kong listing | Today's important news recap

0506｜Dolphin Research Key Focus:

🐬 Macro/Industry

1、The May Day holiday has ended, with the national consumer market maintaining recovery. Sales growth of key retail and catering enterprises rebounded compared to the Spring Festival. According to the Ministry of Commerce's big data monitoring, sales of key retail and catering enterprises during the holiday increased by 6.3% YoY, higher than the 4.5% and 4.1% during the 2024 National Day holiday and 2025 Spring Festival holiday, respectively. Today, the catering and cultural tourism sectors performed well, with Dolphin Research's focus stocks like Nongfu Spring and Meituan rising.

🐬 Stocks

1、Ant Group

During the holiday, news emerged that Ant Group plans to list its Singapore-registered overseas unit, Ant International, separately in Hong Kong. A few days prior, Ant Group, through a subsidiary, launched a HK$2.814 billion tender offer for Yiu Choy Securities. Dolphin Research commented on this earlier today: the previous acquisition of Yiu Choy Securities was likely not for Ant International's "backdoor listing." Regarding valuation, the potential impact of Ant International's valuation on its affiliate—Alibaba—remains unclear. However, reports indicate that Ant International contributes about 20% of Ant Group's total revenue. Ant Group's valuation in its 2023 buyback plan and the 2024 Hurun Global Unicorn List was around RMB 570 billion, serving as a preliminary reference.

2、CATL

CATL has passed the Hong Kong Stock Exchange's main board listing hearing and will commence pre-IPO PDIE on May 6. Bookbuilding and share offering are expected to begin in early to mid-May, with a target transaction size of approximately $5 billion.

3、Key Earnings Reports and Conference Calls

PLTR:《Palantir: "DOGE + Tariffs" Double Whammy—Will AI Faith Fall from Grace?》、《Palantir (Minutes): Welcome DOGE, Government Efficiency Focus Benefits Us》

🐬 Top Gainers

A-shares: Tobacco, diversified financial services, textiles;

Hong Kong stocks: Water and soft drinks, aviation-passenger transport, asset management and custodian banks;

U.S. stocks: Gold, silver, precious metals, and minerals.

🐬 Tomorrow's Focus

1、China's foreign exchange reserves;

2、AMD, Rivian, Unity, Disney, and Uber will release earnings reports. Dolphin Research will track and provide analysis.

Risk disclosure and disclaimer: Dolphin Research Disclaimer and General Disclosures