① The spokesperson of the Ministry of Commerce issued a statement regarding the joint statement of the China-US Geneva Economic and Trade Talks. ② Tencent signed a strategic cooperation agreement with Siasun Robot & Automation. ③ Huawei signed a comprehensive cooperation agreement with UBTECH Robotics. ④ CKH HOLDINGS issued a statement in response to the port transaction.
Focus on hotspots.
1. According to the Ministry of Commerce website, from May 10 to 11 local time, the Chinese leader of the China-US economic and trade negotiations, Vice Premier He Lifeng, held high-level talks in Geneva, Switzerland, with the US leader, Treasury Secretary Janet Yellen and Trade Representative Katherine Tai. The two sides had candid, in-depth, and constructive communication regarding the implementation of the important consensus reached during the January 17 call between the Chinese and U.S. Presidents, and reached a series of important agreements in the economic and trade fields.
The spokesperson of the Ministry of Commerce stated that the high-level talks on the China-US economic and trade negotiations achieved substantive progress, significantly reducing the bilateral tariff levels, with the US canceling a total of 91% of the additional tariffs, and China responding by canceling 91% of the countermeasures; the US has suspended the implementation of 24% of the 'reciprocal tariffs,' and China has also suspended the implementation of 24% of the corresponding countermeasures.
2. Tencent signed a strategic cooperation agreement with Siasun Robot & Automation, and both parties will leverage their respective advantages to strengthen the joint technical ecosystem, accelerate innovative developments in embodied intelligence technology, and jointly expand applications in various scenarios in industrial manufacturing, business, education, and more. Tencent will provide foundational resources, including GPU, network, storage, and other high-performance computing support.
3. Huawei and UBTECH Robotics officially signed a comprehensive cooperation agreement in Shenzhen. The two parties will carry out innovative cooperation in the fields of embodied intelligence and humanoid robotics, focusing on product technology research and development, scenario applications, and industrial systems. The agreement stipulates that both parties will leverage Huawei's capabilities such as Ascend, Kunpeng, Huawei Cloud, and large models, along with Huawei's experience in R&D, production and supply, combined with UBTECH's full-stack humanoid robotics technology, to promote the efficiency enhancement and replication of humanoid robots from laboratory innovation to industrial and home scenarios.
4. CKH HOLDINGS announced that it was originally planned to discuss the port transaction at the shareholders' annual meeting on May 22, but due to recent inquiries from shareholders and media, CKH HOLDINGS specifically stated: this transaction will never be conducted under any illegal or non-compliant circumstances. Relevant provisions have been explained in the announcement as of March 4, 2025: 'The completion of the transaction depends on the fulfillment of a series of conditions, including the consent and approval of legal and regulatory authorities, the absence of illegal or legally prohibited situations, obtaining the necessary approvals from the company's shareholders, and other appropriate and customary conditions specified in the final documents.'
Global Markets
In the U.S. stock market, at the close, the S&P 500 Index rose 3.26% to 5,844.19 points, and the Nasdaq Composite Index rose 4.35% to 18,708.34 points, both setting new closing highs since March 3; the Dow Jones Industrial Average rose 2.81% to 42,410.10 points, marking a new closing high since March 27.
Large tech stocks rose collectively, with Microsoft up 2.4%, Apple up 6.31%, NVIDIA up 5.44%, and the market cap returned to above 3 trillion USD. Amazon rose 8.07%, Alphabet-C increased by 3.37%, Meta Platforms rose 7.92%, Broadcom gained 6.43%, and Tesla jumped 6.75%.
The Nasdaq Golden Dragon China Index rose 5.4%. Most China Concept Stocks rose, with ZAI LAB increasing by 14.46%, TAL Education by 8.81%, XPeng Motors by 7.59%, Li Auto by 6.57%, JD.com by 6.47%, PDD Holdings by 6.14%, NIO by 5.79%, Alibaba by 5.76%, Baidu by 5.08%, New Oriental by 4.48%, and Tencent Music by 1.78%.
In the Hong Kong stock market, at the close on Monday, the Hang Seng Index rose 2.98% to 23,549.46 points; the Technology Index rose 5.16% to 5,447.35 points; the Hang Seng China Enterprises Index rose 3.01% to 8,559.23 points.
From the market performance perspective, stocks in Technology, Consumer Electronics, Military Industry, Autos, and Shipping saw the largest gains, while Pharmaceuticals and Golden Industrial Concept saw declines.
Company News
CRRC Corporation (01766.HK): The company and its subsidiaries recently signed several significant contracts involving approximately 54.74 billion yuan; this accounts for about 22.2% of the company’s revenue in 2024.
SUNNY OPTICAL (02382.HK): In April, smartphone lens shipment volume was 0.103 billion units, a month-on-month increase of 9.2% and a year-on-year increase of 1.3%; onboard camera shipment volume was 11.566 million units, a month-on-month increase of 17.8% and a year-on-year increase of 28.9%. This is mainly due to increased customer demand and product structure improvement.
POU SHENG INT'L (03813.HK): Revenue in the first quarter was approximately 5.107 billion yuan, a year-on-year decrease of 5.4%; net income was approximately 0.138 billion yuan, a year-on-year decrease of 20.65%. Comprehensive cumulative operational net income for the first four months was about 6.481 billion yuan, representing a year-on-year decline of 7.7%.
CITIC (00267.HK): Nanjing Iron & Steel's wholly-owned subsidiary, Jinan Mining, won the bidding for the Fanqiao Iron Ore exploration rights, involving 0.92 billion yuan.
YANKUANG ENERGY (01171.HK): Qinghai Salt Lake intends to subscribe for approximately 0.3 billion USD in cash for shares in Highland Resources and become its largest Shareholder.
UBOX ONLINE (02429.HK): H shares have completed full circulation.
