I. Market News 1. Hong Kong Census and Statistics Department: The provisional number of Hong Kong's population at mid-year was 7.5318 million people. According to data released by the Hong Kong Census and Statistics Department, the provisional number of Hong Kong's population at mid-year in 2024 was 7.5318 million people, up 0.1% from the end of 2023, but down 0.1% from mid-2023. Between mid-2023 and mid-2024, there was a natural decrease of 18,100 people (i.e., more deaths than births), with 34,400 births and 52,400 deaths. During the same period, there were 13,800 net inbound Hong Kong residents (i.e., more people moving in than out), including 44,000 one-way permit holders and 30,200 other Hong Kong residents who moved out. Among the total population in mid-2024, 7.2874 million were permanent residents and 0.2444 million were non-permanent residents. The revised population figure at the end of 2023 was 7.5279 million, with 7.2464 million permanent residents and 0.2815 million non-permanent residents. The population growth rate from the end of 2022 to the end of 2023 was also revised to +0.7%. 2. Hong Kong Tourism Board: The cumulative number of visitors to Hong Kong in the first seven months was about 25 million, an increase of 52% year-on-year. According to statistics, the preliminary number of visitors to Hong Kong in early July was 3.92 million, an increase of about 10% compared to the same period last year, of which about half were overnight visitors. The cumulative number of visitors to Hong Kong from January to July this year was about 25 million, a year-on-year increase of 52%. Among them, 19.3 million were Mainland visitors and 5.8 million were non-Mainland visitors, an increase of 47% and 71% respectively from the previous year. 3. Hong Kong Exchanges and Clearing Limited (00388) hopes to include Real Estate Investment Trust (REITs) in the Shanghai-Hong Kong Stock Connect as soon as possible. Li Wentao, Vice President of the Global Listing Services Department of Hong Kong Exchanges and Clearing, said at the Boao Real Estate Forum that the Group hopes to include REITs in the Shanghai-Hong Kong Stock Connect as soon as possible. He continued that the inclusion of REITs in the Shanghai-Hong Kong Stock Connect is an issue of great concern, and that it is also an announcement made after the China Securities Regulatory Commission (CSRC) repeatedly mentioned in public last year that it was studying the inclusion of REITs in the scope of the Shanghai-Hong Kong Stock Connect. Hong Kong Exchanges and Clearing also hopes that this can be implemented as soon as possible. II. Corporate News 1. Alibaba Group Holding Limited (09988) released its first quarter results for the three months ended June 30, 2024. According to the financial report, the net profit attributable to ordinary shareholders for the period was RMB 24.269 billion ($3.34 billion), a decrease of 29% year-on-year; net profit was RMB 24.022 billion, a decrease of 27% year-on-year; diluted earnings per share was RMB 1.24. The group's revenue for the period was RMB 243.236 billion, a year-on-year increase of 4%. 2. Alibaba Group's Chief Financial Officer, Xu Hong, said at an earnings briefing that most of the group's businesses, except for its core e-commerce business, will achieve profitability within 1-2 years and gradually begin to contribute to scalable profitability. He said that Alibaba is seeking to transfer its primary listing to Hong Kong. The Group will hold a shareholders meeting on August 22 and make proposals at the meeting. If approved, the primary listing in Hong Kong is expected to be completed by the end of August 2024. As for whether to access the Hong Kong-Shanghai Stock Connect afterwards, it will be necessary to fulfill some procedures under the different rules of each exchange before proceeding, and he expects that it will ultimately be achieved. 3. JD.com, Inc. (09618) released its second quarter results for 2024. According to the financial report, the net profit attributable to ordinary shareholders for the second quarter was RMB 12.644 billion ($1.7 billion), a year-on-year increase of 90.9%; basic earnings per share were RMB 4.2 yuan. The total revenue for the second quarter was RMB 291.397 billion, a year-on-year increase of 1.2%. Among them, revenue from products was RMB 233.908 billion, compared to RMB 233.855 billion in the same period last year. Service revenue was RMB 57.489 billion, compared to RMB 54.076 billion in the same period last year, a year-on-year increase of 6.31%. 4. Kingdee International Software Group Company Limited (00268) announced its interim results for the six months ended June 30, 2024. According to the financial report, the loss attributable to owners of the Company for the period was approximately RMB 0.218 billion, a decrease of approximately 23.2% compared to the same period last year. Basic loss per share was approximately RMB 6.12. No interim dividend will be paid. Revenue for the period was RMB 2.87 billion, a year-on-year increase of approximately 11.9%. Among them, revenue from cloud service business increased by 17.2% year-on-year to RMB 2.39 billion, accounting for approximately 83.2% of the Group's revenue. 5. China United Network Communications Limited (00762) announced its interim results. For the period, the net profit attributable to equity holders of the Company was RMB 13.793 billion, up 11.31% year-on-year. Basic earnings per share were RMB 0.45. An interim dividend of RMB 0.2481 per share will be paid, up 22.2% year-on-year. For the period, revenue was RMB 197.341 billion, a year-on-year increase of 2.87%. EBITDA was RMB 55 billion, up 2.7% year-on-year. 6. CK Asset Holdings Limited (01113) announced its interim results for the six months ended June 30, recording a attributable surplus of HKD 8.603 billion for shareholders, down 16.73% year-on-year, with a basic earnings per share of HKD 2.44. An interim dividend of HKD 0.39 per share will be paid. Group revenue for the period was HKD 22.008 billion, down 10.55% year-on-year.

Baidu's self-driving online car-hailing platform "Carrot Fast Run" plans to trial operation in the Hong Kong region.

Baidu's self-driving online car-hailing platform "Carrot Fast Run" intends to trial operation in the Hong Kong region, with the first phase of testing scheduled to begin at the airport by the end of this year. The Hong Kong Transport Department confirmed that Baidu submitted applications for a pilot license for autonomous driving testing and an automatic vehicle certificate last month, which are still under review. The department will strictly oversee the process, promoting orderly and safe testing of autonomous vehicles in Hong Kong. According to documents from the Hong Kong Islands District Council, the first phase of testing will start before the end of the year, initially taking place during non-busy hours with a local driver having over ten years of driving experience on board as a backup operator.

John Lee Ka-chiu: Guangdong and Hong Kong have reached 126 economic and trade cooperation projects, with a total value exceeding 100 billion yuan.

Chief Executive John Lee Ka-chiu led a delegation of about 80 representatives from the political and business sectors, including over 60 representatives from large enterprises, financial institutions, and chambers of commerce in Hong Kong, to Guangzhou to attend the "Guangdong-Hong Kong Economic and Trade Investment Cooperation and Exchange Conference." In his speech, John Lee stated that the policy address he delivered last month proposed a series of reform measures to promote Hong Kong's continued active participation in the development of the Greater Bay Area. Today's exchange conference will witness Guangdong and Hong Kong reaching 126 economic and trade cooperation projects, with a total value exceeding 100 billion yuan, demonstrating both sides' determination and commitment to deepening economic and trade investment cooperation.

He stated that among these economic and trade cooperation projects, 101 come from Hong Kong businesses investing in Guangdong, with an investment amount exceeding 91 billion yuan, covering areas such as financial cooperation, modern logistics, intelligent manufacturing, biomedical, and ai, showcasing the sense of national sentiment and practical actions of Hong Kong entrepreneurs in actively serving the development of Guangdong and the mainland.

Shenzhen's real estate market sees increased volume and steady price, as the average sale price of new residential commodities in October turns positive for the first time in 18 months.

Since Shenzhen's "9.29" real estate new policy, real estate transactions have continued to rise, with the market showing an increase in volume and steady price. Data shows that from November 1 to 24, Shenzhen's new residential commodities had 7,800 online signed sales (0.7701 million square meters), with an average daily year-on-year growth of 201.3% and month-on-month growth of 85.8%; the second-hand residential online signed sales totaled 5,477 units (0.5092 million square meters), with an average daily year-on-year growth of 118.5% and month-on-month growth of 15.6%.

More noteworthy is that, according to the National Bureau of Statistics housing price index, in October this year, the sales prices of newly built commodity residences in shenzhen changed from a 1.0% decline last month to a 0.1% increase, marking the first positive change in nearly 18 months; the sales prices of second-hand residences changed from a 1.3% decline last month to a 0.7% increase, marking the first positive change in nearly 13 months.

Guangzhou will issue government dining consumption vouchers totaling 0.1 billion yuan.

On November 25, Guangzhou held a press conference titled "Spurring the Economy to Stabilize Growth · Boosting Consumption". Luo Zheng, Deputy Director of the Guangzhou Municipal Bureau of Commerce, revealed at the meeting that in order to continue promoting stable growth, boosting consumption, and benefiting the public, Guangzhou will implement a series of related measures by the end of the year, including the issuance of 0.1 billion yuan "Food in Guangzhou" government dining consumption vouchers.

1. Alibaba: Alibaba Group Holding Limited released its first quarter results for the three months ended June 30, 2024. According to the financial report, the net profit attributable to ordinary shareholders for the period was RMB 24.269 billion ($3.34 billion), a decrease of 29% year-on-year; net profit was RMB 24.022 billion, a decrease of 27% year-on-year; diluted earnings per share was RMB 1.24. The group's revenue for the period was RMB 243.236 billion, a year-on-year increase of 4%. 2. Alibaba: Alibaba Group's Chief Financial Officer, Xu Hong, said at an earnings briefing that most of the group's businesses, except for its core e-commerce business, will achieve profitability within 1-2 years and gradually begin to contribute to scalable profitability. He said that Alibaba is seeking to transfer its primary listing to Hong Kong. The Group will hold a shareholders meeting on August 22 and make proposals at the meeting. If approved, the primary listing in Hong Kong is expected to be completed by the end of August 2024. As for whether to access the Hong Kong-Shanghai Stock Connect afterwards, it will be necessary to fulfill some procedures under the different rules of each exchange before proceeding, and he expects that it will ultimately be achieved. 3. JD.com, Inc.: JD.com, Inc. released its second quarter results for 2024. According to the financial report, the net profit attributable to ordinary shareholders for the second quarter was RMB 12.644 billion ($1.7 billion), a year-on-year increase of 90.9%; basic earnings per share were RMB 4.2 yuan. The total revenue for the second quarter was RMB 291.397 billion, a year-on-year increase of 1.2%. Among them, revenue from products was RMB 233.908 billion, compared to RMB 233.855 billion in the same period last year. Service revenue was RMB 57.489 billion, compared to RMB 54.076 billion in the same period last year, a year-on-year increase of 6.31%.

Haidilao (06862) and its overseas business super hi (09658) announced that as of September 30, the third-quarter net income was 37.724 million yuan (USD, same below), compared to a loss of 1.39 million yuan in the same period last year, with earnings per share of 6 cents. The revenue during the period was approximately 0.19 billion yuan, an increase of 14.6%. No new stores were opened in the third quarter, and one restaurant located in Southeast Asia was temporarily closed, with plans to reopen it as a second brand restaurant in the near future. As of September 30, the total number of haidilao restaurants was 121, a net increase of 6 from the end of last year. The overall average table turnover rate for the group was 3.8 times per day, an increase of 0.1 times compared to the same period last year, with total customer traffic exceeding 7.4 million, a growth of 4.2%. The same-store sales growth rate was 5.6%. The operating profit margin was 7.5%, up 1.8 percentage points.

Asia Vets (01274) announced plans to place 4.427 million new H shares at HKD 17.58 each to no fewer than six placees, representing about 1.92% of the enlarged share capital of the company, with the placing price at a 13.19% discount to the company’s closing price the previous day. The net proceeds from this placement will be 73.28 million yuan, which will primarily be used to enhance research and development of high-end intelligent driving, integrated cockpit solutions, and products; capital expenditure for upgrading R&D facilities and production facilities; expanding the overseas sales and service network, as well as for working capital and general corporate purposes.

According to exchange information, jpmorgan reduced its shareholding in alibaba (09988) by 69.83 million shares on last Tuesday (19th), at an average price of HKD 85.467 per share, involving an amount of 5.968 billion HKD, bringing the latest holding to 6.85%.

According to exchange information, jpmorgan reduced its shareholding in bilibili (09626) by 1.82 million shares on last Tuesday (19th), at an average price of HKD 147.3373 per share, involving an amount of 0.268 billion HKD, bringing the latest holding to 8.5%.

5. China Power (02380) announced that according to the company's preliminary statistics, the group's consolidated total electricity sales volume for October 2024 was 9.7505 million megawatt-hours, an increase of 20.59% compared to the same period last year; while the consolidated total electricity sales volume for the first ten months of 2024 was 0.108 billion megawatt-hours, an increase of 30.56% compared to the same period last year.

6. Ubox Online (02429) announced that the company has submitted a filing application to the China Securities Regulatory Commission on November 25, 2024, regarding the proposed implementation of full circulation of H-shares, aiming to convert a total of 76.3197 million non-listed shares into H-shares on a one-to-one basis.

7. Kingkey Fin Int (01468) issued a profit warning, expecting to record a net income of no more than approximately 2.5 million Hong Kong dollars for the six months ending September 30, 2024, compared to a net income of approximately 66.5 million Hong Kong dollars in the same period last year. The net income during the mid-2023 period was primarily due to a one-time fair value adjustment of the payable or contingent consideration related to the acquisition of FGA Holdings Limited and its subsidiaries, amounting to approximately 0.1177 billion Hong Kong dollars. This adjustment did not occur during the mid-2024 period and was unrelated to the group's operation. Without this adjustment, a net loss of approximately 51.2 million Hong Kong dollars would have been recorded for the mid-2023 period.