ITC Neocloud Group Ltd. (0199.HK), formerly known as ITC Properties Group Ltd., announced on Tuesday that it plans to acquire 80% of Guangzhou Chaoqi Xiyang Technology Co. Ltd. for 83.6 million yuan ($12.47 million) to expand its AI computing power orchestration services.

Established in July this year, Chaoqi Xiyang has taken delivery of 26 high-performance servers and signed two computing power orchestration service contracts with a Shanghai-based AI infrastructure company, with aggregate service fees of approximately 649 million yuan. Service delivery and collection have commenced under the first contract. A deposit has been received under the second, while collection of the first monthly service fee remains pending while invoicing procedures are in progress.

Chaoqi Xinyang recorded revenue of approximately 3.41 million yuan and a loss of approximately 29 million yuan from the time of its establishment through the end of August, with the loss mainly attributable to one-off financing advisory fees. ITC said the acquisition would bring together equipment, customer contracts and financing arrangements to accelerate the development of its computing services business.

ITC’s original businesses included property development, sales and investment. The company recorded revenue of HK$413 million ($52.6 million) in its latest fiscal year through March. Its loss for the year totaled approximately HK$528 million, narrowing by 35% year on year. The company is expanding into AI infrastructure and cloud services and recently changed its name to ITC Neocloud.

Following the acquisition announcement, ITC Neocloud’s stock rose 7.29% to close at HK$2.795 on Tuesday, bringing its gains over the past six months to more than 190%.

By Lee Shih Ta

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Shares of robot vacuum component maker Shenzhen Camsense Technologies Co. Ltd. (6802.HK) soared in their Hong Kong trading debut on Wednesday, nearly doubling at the open and climbing during the morning to close at HK$173.60 by the midday break, up nearly 200%.

The company sold 11.6 million shares for HK$58.85 each, raising net proceeds of nearly HK$615 million ($78.85 million). The public offering for local investors was oversubscribed by 3,546 times, while the international offering was oversubscribed by 4.5 times. Two cornerstone investors purchased 1.87 million shares, accounting for 16.13% of the total being sold.

The company generated revenue of 196 million yuan ($29.2 million) in the first quarter of 2026, up about 49% year-over-year. It swung to a profit of 7.76 million yuan during the latest three-month period, reversing a loss of 6.67 million yuan a year earlier.

The company plans to use 65% of the IPO proceeds to enhance its R&D capabilities. Another 25% will go to upgrading its manufacturing capabilities, with the remaining 10% earmarked for general working capital.

By Lau Chi Hang

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AI technology company Nuobikan Artificial Intelligence Technology (Chengdu) Co. Ltd. (2635.HK) said on Tuesday it plans to place 16.49 million new shares, representing about 4.17% of its enlarged share capital. The placement price of HK$8.19 per share represents a 13.61% discount to Monday’s closing price of HK$9.48. The company expects to raise net proceeds of HK$131 million ($17 million).

Nuobikan plans to use 40% of the proceeds to develop AI operations and maintenance technology for large infrastructure projects, including railways, petrochemical facilities and airports. It will use another 20% for overseas expansion, 20% for potential acquisitions and the remaining 20% for working capital.

Nuobikan listed last December at HK$80 per share, raising net proceeds of about HK$257 million. It had used about HK$160 million of that by the end of August, leaving about HK$97 million unspent.

It made a 10-for-1 share split in March and was included in the Hong Kong Stock Connect program in April, making its stock accessible to Mainland-based investors. Its shares subsequently climbed as high as HK$83.20 on a post-split basis, more than 10 times the split-adjusted IPO price, before falling sharply. The stock is now down nearly 90% from that peak. It opened lower Tuesday and traded at HK$8.75 by the midday break, down 7.7% and hitting a new 52-week low.

By Lee Shih Ta

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Shares of new materials maker Red Avenue New Materials Group Co. Ltd. (9607.HK; 603650.SH) fell in their trading debut on Tuesday, as the company was one of four new listings on the Hong Kong Stock Exchange ahead of the Oct. 1 National Day holiday. Red Avenue’s shares closed at HK$40.14 by the midday break, down 8.8% from their IPO price of HK$44.

The company sold 68.1 million Hong Kong-listed H-shares, raising net proceeds of about HK$2.9 billion ($370 million). The Hong Kong portion of the listing for local investors was about 2.4 times oversubscribed, while the international portion was 1.75 times oversubscribed. Eight cornerstone investors bought 22.6 million shares, or about a third of the shares on offer.

Red Avenue’s three main product areas comprise rubber additives for tires, electronic materials and fully biodegradable materials. Its revenue rose 29% in the first half of this year to 2.13 billion yuan ($317 million) from 1.65 billion yuan a year earlier. Rubber additives accounted for 61.9% of total revenue in the latest six-month period, down from 70% a year earlier. Electronic materials rose to 32.5% of revenue in the latest period from 26.7% a year earlier, while fully biodegradable materials rose to 5.6% of revenue from 3.3%.

The company recorded a profit of 389 million yuan in the first half of the year, up 10.8% from 351 million yuan a year earlier.

By Doug Young   

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Printed circuit board (PCB) manufacturer Shenzhen Kinwong Electronic Co. Ltd. (3228.HK; 603228.SH) opened 7% lower in its Hong Kong trading debut on Tuesday, but then reversed course to close up 9.3% at HK$76.40 by the midday break.

The company sold 72.9 million shares for HK$69.88 each, raising net proceeds of nearly HK$4.96 billion ($636 million). The public offering for local investors was oversubscribed by nearly 93 times, while the international offering was oversubscribed by 9.6 times. A total of 14 cornerstone investors subscribed for 34.79 million shares, accounting for 47.69% of the offering.

Kinwong Electronic is the world's largest automotive electronic PCB supplier with 10.6% of the market, based on 2025 revenue. In the broader global market, it ranks 11th with 2.5% share.

The company reported its revenue rose 18% year-over-year to 5.34 billion yuan in the first four months of this year. But its profit over that period declined 25.3% to 317 million yuan.

By Lau Chi Hang

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The tie-up gives the dual -listed memory storage specialist a larger foothold in the emerging market for on-device AI, as its H-shares could soon qualify for the Stock Connect program

By Teri Yu

Memory products maker Shenzhen Longsys Electronics Co., Ltd. (9976.HK; 301308.SZ) said it has formed a partnership to run complex AI agent workflows directly on smartphones with U.S. chip giant Qualcomm, AI foundational model developer StepFun and on-device AI agent software provider InfrisAI, in a strategic move into the on-device AI market.

The partnership, unveiled this week during Qualcomm’s Snapdragon Summit 2026 in Hawaii, adapts StepFun’s StepEdge-Omni 30B-MoE model for Qualcomm’s sixth-generation Snapdragon 8 Elite mobile platform.

Longsys, which designs and sells memory storage products under brands including FORESEE and Lexar, is supplying the storage-management technology needed for smartphones to handle the large volumes of data needed to run AI models locally on devices rather than relying on the cloud.

The collaboration was demonstrated on a Qualcomm reference handset and showed an AI assistant carrying out multi-step office tasks on the device, from interpreting emails and planning an itinerary to syncing calendars.

The step highlights a widening effort to make AI features faster, more private and less dependent on remote computing infrastructure. While chip designers have focused on adding more computing power to handsets, Longsys is seeking to show that storage, usually treated as a largely standardized component, can also play a role.

Large models running on phones must continuously retrieve model parameters, temporary data and conversation history, placing pressure not only on processors and memory but also on device storage. Longsys said its solution allows model weights to be loaded more efficiently from flash storage, helping to reduce the amount of working memory that must remain occupied during inference.

Its system combines an intelligent storage-management engine, branded iSA, with UFS 4.1 storage chips using a controller developed by its Wisemem affiliate.

The product could give Longsys an edge as handset makers attempt to deploy increasingly sophisticated AI agents on devices. Instead of relying solely on more expensive processors or more DRAM, manufacturers may be able to improve performance through closer coordination between computing and storage.

For Longsys, the venture provides a high-profile showcase for technology it has already tested in AI personal computers and mobile workstations. The move could help differentiate Longsys in a crowded storage market where companies typically compete on price, capacity and transmission speed.

The partnership also comes just weeks after Longsys completed its Hong Kong IPO to complement its existing listing in Shenzhen, raising net proceeds of HK$6.8 billion ($867 million) in the process. The Hong Kong offer price was about 40% below Longsys’ A-share closing price at the time of pricing, underscoring the valuation gap that can arise when companies listed on Mainland markets seek to tap Hong Kong’s more international investor pool.

Longsys’ Hong Kong-listed shares are currently within their stabilization period. After that period expires, the shares will be eligible for review for inclusion in the Stock Connect program making them accessible to Mainland China-based buyers. That may bring a new pool of investors familiar with Longsys’ business to the Hong Kong stock and could reduce the big valuation gap between the two listings.

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Fabless integrated circuit designer Montage Technology Co. Ltd. (6809.HK; 688008.SH) said on Thursday it was notified that shareholder WLT Partners L.P. intends to reduce its holdings in the company's Shanghai-listed shares. The planned share reduction will involve up to 2.33 million shares, representing approximately 0.19% of the company's total share capital.

The share reduction will take place within a three-month period starting Nov. 2, with the final selling price determined by market rates.

WLT Partners L.P. currently holds 45 million shares of Montage Technology. Combined with the 25.68 million shares held by its affiliated Shanghai Rongying Enterprise, the two parties collectively own 5.79% of the company.

The company's Shanghai-listed shares fell 4% to 214.5 yuan on Thursday, while its Hong Kong shares opened nearly flat at HK$300 on Friday. The Hong Kong stock has surged 180% from its listing price this year.

By Lau Chi Hang

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Packaging paperboard products maker Nine Dragons Paper (Holdings) Ltd. (2689.HK) announced on Wednesday that its profit rose 102.6% year-on-year to 3.58 billion yuan ($534 million) for its fiscal year through June.

The company’s revenue for the year rose 18.6% to 75 billion yuan, driven by a 14% increase in sales volume to 24.5 million tons and a 4% rise in the average selling price. Its gross profit grew 50.8% to 10.93 billion yuan, while its gross margin rose to 14.6% from 11.5%.

The company attributed the strong profit growth mainly to cost advantages from the vertical integration of its raw-material supply chain, as well as a higher proportion of premium products that lifted its average selling price. Packaging paper accounted for 88.1% of total revenue, with the remaining 11.9% coming from printing and writing paper, high-value specialty paper and pulp products.

Nine Dragons produces linerboard, high-performance corrugating medium, white cardboard and printing and writing paper, and is one of China’s leading packaging paper producers. The company had total annual design capacity of about 24.8 million tons for papermaking and about 5.4 million tons for wood pulp at the end of June.

The company’s shares opened higher on Thursday and traded at HK$6.05 by the midday break, up 2.02%. The stock is down about 14.9% over the past six months.

By Lee Shih Ta

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Kanzhun Ltd. (BZ.US; 2076.HK), operator of China’s leading online recruitment platform Boss Zhipin, disclosed that its founder and Chairman Zhao Peng sold down some of his company shares on Monday for about HK$863 million ($110 million).

According to a filing submitted to the U.S. Securities and Exchange Commission (SEC), Zhao-controlled Techwolf Ltd. sold 15.17 million Class A ordinary shares in a block trade on the Hong Kong Stock Exchange for HK$56.90 per share, representing a discount of about 2.7% to that day’s closing price.

The transaction included 4.46 million existing Class A shares and 10.7 million Class B shares that were converted into Class A shares on a one-for-one basis at the time of the sale. Bloomberg, citing people familiar with the matter, reported that Zhao sold the shares to pay a new Chinese tax on offshore income, although the company has not publicly disclosed the reason for the sale.

Separately, the company announced on Tuesday that it would pay an annual cash dividend of $0.255 per ordinary share, or $0.51 per American depositary share (ADS), for a total payout of approximately $230 million. Starting in 2026, the company said it also plans to allocate at least 50% of its adjusted net income from the preceding year to dividends and share repurchases for three consecutive years.

Kanzhun’s Hong Kong-listed shares closed down 3.59% at HK$56.35 on Tuesday. The stock is down about 28% this year.

By Lee Shih Ta

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Alibaba on Monday pared its stake in logistics firm ZTO Express (Cayman) Inc. (2057.HK; ZTO.US), offloading 25 million American depositary shares (ADS) at $20.02 apiece in a transaction valued at $500 million.

The marketed price range for the sale was $20.02 to $20.22, according to foreign media reports, with the sale ultimately pricing at the bottom end. The final price represented a 4.5% discount to ZTO’s Friday closing price of $20.96.

ZTO's U.S.-listed ADSs fell 7% on Monday, the day of the Alibaba sale, before staging a 2% rebound on Tuesday. The company's Hong Kong-listed shares also shed 5% on Tuesday. The stock is down more than 20% from its peak in the past year.

By Lau Chi Hang

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Robot vacuum spatial perception component maker Shenzhen Camsense Technologies Co. Ltd. (6802.HK) launched its Hong Kong IPO on Tuesday, offering shares at HK$58.85 each. The company expects to raise net proceeds of approximately HK$615 million ($78 million), with trading scheduled to begin on Sept. 30.

Camsense is offering 11.59 million shares, with subscriptions closing at noon on Sept. 25. The IPO has attracted two cornerstone investors, BYD-owned Golden Link and Taiwan ZMAX Optec, which have collectively agreed to subscribe for a combined HK$110 million worth of shares, or about 16.13% of the offering. The company will use the funds mainly for product R&D, technology platform development, capacity expansion and general working capital.

Camsense produces LiDAR products and line laser sensors used for navigation, positioning and obstacle avoidance in robot vacuum cleaners. It ranked first in China’s robot vacuum spatial perception product market by revenue in 2025. Its revenue rose 41.6% last year to 614 million yuan ($91.7 million), while it swung to a net profit of 2.2 million yuan. Its first-quarter revenue increased another 48.7% to 196 million yuan, as its net profit reached 7.76 million yuan. Products used in robot vacuum cleaners accounted for 98.4% of its revenue.

By Lee Shih Ta

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AI infrastructure software provider Transwarp Technology (Shanghai) Co. Ltd. (6727.HK) opened flat in its Hong Kong trading debut on Monday, then edged slightly lower to end the morning session at HK$47.82, down 2.4% from its listing price.

The company sold 14.01 million shares for HK$49 each, raising net proceeds of nearly HK$630 million ($80.77 million). The public offering for local investors was oversubscribed by nearly 73 times, while the international offering was oversubscribed by 0.42 times. Two cornerstone investors subscribed for 1.51 million shares, accounting for 10.75% of the offering.

Transwarp's revenue rose 20.6% year-over-year to 447 million yuan in 2025, while its loss narrowed by 28.6% to 245 million yuan. The company recorded revenue of 174 million yuan in the first half of this year, up 14.1% year-over-year, while its loss narrowed to 113 million yuan from 143 million yuan a year earlier.

The company will use 30% of the IPO proceeds for R&D, 20% to upgrade and expand its products and solutions, 15% to strengthen its sales channels and team building, 5% to enhance its commercialization capabilities and brand influence, and 20% on strategic investments. The remaining 10% will be used as working capital.

By Lau Chi Hang

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Pearlescent pigment maker Global New Material International Holdings Ltd. (6616.HK) said on Friday it plans to issue Hong Kong dollar-settled 3.25% convertible bonds with an aggregate principal amount of 1.3 billion yuan ($194 million), due in September 2027. The initial conversion price is HK$10.93 per share, representing a 15.05% premium to the Sept. 17 closing price of HK$9.50.

Assuming full conversion, the bonds would be exchanged for about 139.1 million shares, representing 10% of the company’s enlarged share capital. Global New Material expects to receive net proceeds of about 1.28 billion yuan, equivalent to about HK$1.5 billion ($191 million). It plans to use 95% of the proceeds to refinance existing indebtedness, including funding a concurrent repurchase of existing convertible bonds. The remaining 5% is earmarked for working capital and general corporate purposes.

The company plans to repurchase its 4.25% convertible bonds issued in January this year at 103% of their principal amount plus accrued interest. As of the announcement date, eligible bondholders had committed to sell about HK$990 million in aggregate principal of those bonds, leaving about HK$10 million outstanding.

Global New Material’s shares opened higher on Friday and traded at HK$9.565 by the midday break, up 0.68%. The stock is up 17.6% over the past six months.

By Lee Shih Ta

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Optical communications product maker Ligent Technologies Inc. (9856.HK) launched its Hong Kong IPO on Monday, aiming to raise about HK$5.45 billion ($695 million) by selling 172 million shares to investors for HK$32.96 each. Subscriptions for the offering will close on Sept. 17, with a trading debut set for Sept. 22.

Founded in the early 2000s as an optical communications company, Ligent’s revenue rose 27.7% in the first half of 2026 to 5.39 billion yuan ($803 million) from 4.22 billion yuan a year earlier. About 70% of its revenue comes from datacom transceivers. Its profit rose 29.6% to 661 million yuan in the first half of this year from 510 million yuan a year earlier.

Nearly 30 cornerstone investors, including Primavera, Mirae Asset Securities and Barings, have agreed to collectively buy about 47% of the shares being sold.

By Doug Young

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AI large-model developer Z.AI Co. Ltd. (2513.HK), also known as Zhipu, announced on Sunday it plans to concurrently place new shares and issue convertible bonds to raise combined net proceeds of up to about HK$39.27 billion ($5 billion), mainly to fund model development, computing infrastructure and business expansion.

The company plans to place up to 22 million new Hong Kong-listed H shares at HK$714 each, representing a 9.96% discount to last Friday’s closing price of HK$793, generating net proceeds of about HK$15.66 billion. It will also issue 20.14 billion yuan ($3 billion) of U.S. dollar-settled zero-coupon convertible bonds due in 2027, with an initial conversion price of HK$892.50 per share, raising net proceeds of about HK$23.61 billion.

Z.AI will use about 60% of the proceeds for R&D of next-generation GLM foundation models, training and inference computing resources and related infrastructure; 15% for business expansion, strategic investments and potential acquisitions; and 25% for working capital and other general corporate purposes.

This marks Z.AI’s second share placement since its IPO earlier this year. The company placed 19.78 million shares at HK$1,588 each in July, raising net proceeds of HK$31.37 billion. As of the end of August, it had used HK$10.95 billion of that, leaving HK$20.42 billion unutilized. Including the latest placement, the two placements will raise about HK$47.04 billion in net proceeds.

Z.AI’s revenue surged 400% year-on-year to 954 million yuan in the first half of this year, while it posted a loss of 2.07 billion yuan for the period. It had 3.99 billion yuan in cash and cash equivalents at the end of June.

The company’s shares opened lower on Monday and were trading at HK$735.5 at the midday break, down 7.25%.

By Lee Shih Ta

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Camera module maker Q Technology (Group) Co. Ltd. (1478.HK) announced on Thursday that sales of its camera modules for mobile products fell 14.9% year-on-year to 37.85 million units in August. Sales of its biological recognition modules for the month totaled about 13.31 million units, up 25% from July but down 35.3% from a year earlier. Overall sales of mobile products dropped 21.3% year-on-year to about 51.15 million units.

The company blamed the year-on-year decline in mobile product sales on weak smartphone demand amid rising memory prices. By comparison, automotive and internet of things (IoT) products performed better, with August sales reaching about 890,000 units and 2.37 million units, respectively, up 33% and 20.7% year-on-year. The gains were mainly driven by a significant increase in sales of LiDAR products used in smart vehicles and embodied robots, as well as satisfactory sales of products used in handheld imaging terminals.

Q Technology sold about 423.5 million units of mobile products in the first eight months of the year, 5.72 million units of automotive products and 12.94 million units of IoT products. Its India unit sold about 10.3 million camera modules in August, up 130.4% year-on-year, while sales of biological recognition modules fell 39.4% to about 1.69 million units.

Shares of Q Technology opened lower on Friday and traded at HK$5.46 by the midday break, down 2.06%. The stock is down about 34% over the past six months.

By Lee Shih Ta

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AI infrastructure software provider Transwarp Technology (Shanghai) Co. Ltd. (6727.HK) launched its public offering on Friday, aiming to sell about 14 million shares for HK$49 to HK$61 apiece. The listing would raise up to HK$850 million ($109 million) at the top of that range, with the subscriptions closing on Sept. 16 and a trading debut set for Sept. 21.

Transwarp supplies corporate and government clients with AI and big data infrastructure software products and related services. Measured by revenue, the company is China's fifth-largest provider of AI infrastructure software, capturing 2.7% of the market last year. It currently serves more than 1,800 clients.

The company generated 447 million yuan ($66.6 million) in revenue last year, up 20.6% from a year earlier, though it still posted a loss of 245 million yuan. Its revenue climbed 26.5% year-over-year in the first quarter of this year to 81.24 million yuan, as its loss for the period narrowed by 33% to 56 million yuan.

By Lau Chi Hang

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Chinese cloud services provider Beijing Xunzhong Communication Technology Co. Ltd. (2597.HK) said on Thursday it plans to place 11.19 million new shares at HK$28.20 apiece, representing a 19.43% discount to Wednesday’s closing price of HK$35. The placement is expected to raise net proceeds of about HK$314 million ($46.8 million), with the new shares representing about 8.42% of the company’s enlarged share capital.

Xunzhong plans to use about 90% of the proceeds to develop its newly established computing power operations business, including the purchase of AI training and inference servers, development of computing power platforms and products, procurement of flexible computing capacity, recruitment and market expansion. The remaining 10% will be used for general working capital.

Xunzhong Communications listed in Hong Kong in July last year at HK$13.55 per share, raising HK$367.5 million. As of the end of June, it had used 328.8 million yuan of the IPO proceeds, leaving only about 5.71 million yuan left.

The company’s revenue rose 19.1% year-on-year to 326 million yuan in the first half of this year, but its net profit fell 48.2% to 13.27 million yuan. Its gross margin declined by 1.62 percentage points to 20.13%. The company recorded a net operating cash outflow of 191 million yuan during the period, while its cash and cash equivalents stood at about 29.55 million yuan at the end of June.

Shares of the company opened higher on Thursday and were up 21.4% at HK$42.5 by the midday break.

By Lee Shih Ta

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Shares of robotics manufacturer Excelland Robotics (Wuxi) Co. Ltd. (3231.HK) opened 142% above their IPO price in their trading debut on Wednesday, and climbed through the morning session to end at HK$37.50 by the midday break, up 159%.

The company sold 45 million shares for HK$14.45 each, raising net proceeds of HK$577 million ($73.97 million). The public offering for local investors was 139 times oversubscribed. But the international placement, which typically goes mostly to global institutional investors, failed to be fully subscribed, with an overall subscription rate of about 94%. Two cornerstone investors subscribed to a total of 1.63 million shares, accounting for 3.63% of the total offering.

The company's revenue last year rose 19% to 318 million yuan ($47.4 million), while its net loss for the period narrowed 27% year-over-year to 110 million yuan. In the first quarter of this year, its revenue increased 5.7% from a year earlier to 76.51 million yuan. However, the company still recorded a loss of 31.22 million yuan for the three-month period, up 20% year-over-year.

By Lau Chi Hang

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Smart cockpit and connected-vehicle solutions provider Pateo Connect Technology (Shanghai) Corp. (2889.HK) announced on Tuesday it plans to place up to 4.89 million new shares to raise about HK$578 million ($74.6 million), in its third such placement this year.

The shares will be sold for HK$120.28 apiece, representing a 14.39% discount to the previous day’s closing price of HK$140.50. They will be purchased by at least six independent investors and represent about 5.57% of the company’s enlarged issued H-share capital.

Pateo plans to use 40% of the net proceeds for strategic mergers, acquisitions and investments in areas including AI, optical communications, chips and semiconductors. The remaining 60% will be used for working capital, share repurchases, repayment of bank debt and general corporate purposes.

The company raised combined net proceeds of about HK$495 million through a share subscription in May and a placement in June. Only about 5.58 million yuan of those proceeds remained unused as of the latest announcement date.

Pateo’s revenue rose 105.1% year-on-year to 2.23 billion yuan ($332 million) in the first half of the year, while its net loss widened 35.1% to 307 million yuan. The company had cash and cash equivalents of 1.54 billion yuan at the end of June.

Shares of Pateo Connect opened lower on Tuesday and closed at HK$114.5 by the midday break, down 18.51%. The stock has fallen about 47.6% year-to-date.

By Lee Shih Ta

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Hong Kong wireless carrier SmarTone Telecommunications Holdings Ltd. (0315.HK) on Thursday announced its revenue rose 6% year-over-year to HK$6.6 billion ($846 million) in its fiscal year through June, while its profit climbed 10% to HK$525 million.

Revenue from services and other related segments declined, with average revenue per user (ARPU) for monthly mobile service plans slipping to HK$220 from HK$222 a year earlier. But rising handset and accessory sales offset the decline. Meanwhile, stringent cost controls and improving operational efficiencies helped drive down staff costs and other operating expenses by 8% and 4% year-over-year, respectively.

But the true driver behind the company's earnings growth didn’t stem from its core operations. Instead, it owed primarily to the absence of expected credit losses on financial assets at amortized cost, compared with a loss of HK$50 million in the prior year.

Shares of SmarTone opened down 0.2% at HK$4.80 on Friday. The stock is down about 10% from its 52-week high.

By Lau Chi Hang

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Display chip designer Viewtrix Technology Co. Ltd. (3310.HK) announced on Wednesday that it plans to float yuan-denominated shares though an IPO on one of China’s domestic markets, launching the process by signing a listing tutoring agreement with GF Securities.

Viewtrix said its board approved the appointment of GF Securities as the tutoring institution on Sept. 2, following an assessment of capital market opportunities after the company’s recent Hong Kong listing. The move is intended to support the company’s business development, deepen its industrial presence and strengthen its overall competitiveness. It will now submit a filing application for the listing tutoring to relevant regulators.

Viewtrix develops, designs and sells display driver chips and micro-OLED display back panels and drivers. Its revenue fell 30.5% year-on-year to 318 million yuan ($47 million) in the first half of the year, while its net loss widened 0.8% to 151 million yuan. Its gross margin improved to 12.4% from 9.1%.

Shares of Viewtrix opened higher on Thursday and traded at HK$27.98 by the midday break, up 2.19%. The stock is up about 34% from its offer price following its Hong Kong trading debut in May.

By Lee Shih Ta

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Conglomerate Swire Pacific Ltd. (0019.HK) on Wednesday announced a placement of nearly 363 million shares of Cathay Pacific Airways (0293.HK) — representing 5.96% of the airline's issued shares — to raise HK$4.79 billion ($613 million). It said it will use the proceeds to repurchase bonds with a principal amount of HK$4.69 billion.

Originally slated to mature in 2027, the bonds will be repurchased at a price set at 109.08% of their principal amount, translating to a total redemption cost of HK$5.12 billion.

Swire set the placement price at HK$13.20 per share, representing a 7.7% discount to Cathay's Tuesday closing price of HK$14.30 and a 9.5% markdown from the five-day moving average of HK$14.58. Following the placement, Swire's equity stake in Cathay Pacific dropped to 39.15%.

The share placement is expected to yield HK$1.12 billion in gains for Swire, while the overall maneuver — pairing the placement with the bond buyback — is expected to generate a net profit of roughly HK$704 million for the conglomerate. Swire further pledged a 180-day lock-up period for its remaining holdings in the airline.

Cathay's stock retreated 1.14% on Wednesday to end the session at HK$13.88, while Swire closed flat at HK$105.90. Cathay Pacific edged up 0.14% when the market opened on Thursday, while Swire remained flat.

By Lau Chi Hang

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The company, which serves more than 100 Fortune Global 500 companies, derives over half its revenue overseas, and counts Baillie Gifford among its cornerstone investors

By Teri Yu

Intelligent robot-component supplier Mech-Mind Robotics Technologies Co. Ltd. (9615.HK) made its Hong Kong trading debut on Tuesday at an offer price of HK$107.70 per share, raising approximately HK$2.35 billion ($300 million).

The listing was backed by cornerstone investors including century-old Scottish asset manager Baillie Gifford, Chinese insurance asset-management leader Taikang Life, Wall Street quantitative trading firm Jane Street, BYD's industrial investment arm Golden Link, and institutions such as Invus, Ghisallo, Ruihua, NGS Super Fund and E Fund.

Founded in 2016, Mech-Mind, whose name means "robot's brain," provides embodied AI infrastructure. Rather than building robot bodies, it supplies the “eyes, brains and hands” that give robots their intelligence and mobile abilities.

Its Mech-Eye industrial 3D cameras capture high-precision point-cloud data; its software platform, built around the Mech-GPT multimodal large model, handles perception, semantic understanding, task planning and motion control; and its Mech-Hand five-finger dexterous hands perform grasping and assembly. Together, the three form a closed loop from sensing to decision-making to execution in factories, warehouses and other operational settings.

The company has shipped more than 29,000 units worldwide to date, serving over 100 Fortune Global 500 companies, including CATL, BYD, Toyota, Midea and Foxconn, across more than 50 typical application scenarios. Third-party research cited in its listing documents ranks Mech-Mind first globally in the market for AI + 3D vision-guided non-specialty intelligent robot components, with 22.1% of the market by revenue in 2025. Its global shipment share topped 27% — more than its next four largest rivals combined.

Its revenue rose to 388.8 million yuan ($54.3 million) in 2025 from 268.8 million yuan in 2024 and 180.8 million yuan in 2023, averaging 46.6% annual growth over the two-year period. Its gross margin rose to 64.6% in 2025 from 51.1% a year earlier and 39.1% in 2023, while its gross profit climbed to 251.1 million yuan from 70.6 million yuan two years earlier.

The company’s losses are narrowing as its business scales. Mech-Mind’s adjusted net loss fell to 109 million yuan in 2025 from 334 million yuan in 2023. Its 2025 operating loss was smaller than that year’s R&D spending of 113 million yuan, suggesting the core business was nearing break-even before R&D costs. Existing customers accounted for 61% of revenue in 2023, rising to 78% in 2025 and 86% in the first quarter of 2026, while average deployments per customer climbed from 7.2 units to 13.2.

Revenue for the first quarter of 2026 rose 73.1% year on year to 106.9 million yuan, while its loss narrowed 19.5% to 56.8 million yuan.

Mech-Mind has targeted the global market since its founding, with 16 business centers covering major industrial hubs such as Tokyo, Seoul, Chicago and Munich. Its overseas revenue jumped to 195.5 million yuan in 2025 from 97.7 million yuan in 2024 and 58.6 million yuan in 2023, growing at an average of 82.7% annually, and accounting for a majority 50.3% of total revenue last year — up from 32.4% in 2023. The company now serves more than 900 overseas customers across 50 countries and regions.

Mech-Mind said it will allocate about 31.8% of the IPO proceeds to R&D, and another 29.4% to global expansion and commercialization. The remainder will fund a broader product portfolio and application scenarios, expanded production capacity, improved operational efficiency, and be used for general working capital.

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Data center operator SUNeVision Holdings Ltd. (1686.HK) reported its revenue rose 6% year-over-year to HK$3.12 billion ($400 million) during its latest fiscal year through June, while its profit grew 17% to HK$1.15 billion.

The company said it observed a significant uptick in demand for premium data centers over the past year, especially during the second half of the fiscal year, with demand from Chinese clients especially strong.

The company’s recurring revenue from its data center and IT facility operations increased 8% year-over-year to HK$2.86 billion during the fiscal year. Falling interest rates during the period also reduced the company's borrowing costs, providing additional profit growth.

SUNeVision’s shares opened up 7% at HK$5.225 on Wednesday. The stock is down over 30% from its 52-week high.

By Lau Chi Hang

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The Shenzhen-listed company is seeking to raise up to $800 million as its first-half profit surged by a factor of more than 700, fueled by spiking memory prices

By Teri Yu

Shenzhen Longsys Electronics Co. Ltd. (9976.HK; 301308.SZ) launched its Hong Kong IPO on Monday, seeking to raise up to HK$6.28 billion ($801 million) as it reported a record first-half profit on soaring memory chip prices. The company is offering 26.1 million shares for up to HK$240.60 each, giving Longsys an implied market value of up to HK$195 billion.

Longsys is part of a group of Chinese companies making second listings in Hong Kong to target the city’s international investor pool, in this case complementing its existing listing on China’s domestic market in Shenzhen. The company’s Shenzhen-listed shares are up around 50% so far this year, as investors have gravitated toward companies expected to benefit from global expanding AI infrastructure and broader semiconductor self-sufficiency drive.

Citic Securities and Citigroup are underwriting the deal. A group of cornerstone investors, including Lenovo and Ingenic Semiconductor, have agreed to buy 18.89% of the shares on offer. Subscriptions close on Thursday, with final pricing expected on Sept. 4, and a trading debut set for Sept. 8.

The IPO comes after a major earnings rebound for Longsys driven by higher memory prices from AI-related buying. Its revenue for the six months through June jumped 136.3% year-on-year to 24.09 billion yuan ($3.38 billion), while its net profit soared to 10.58 billion yuan from just 14 million yuan a year earlier, up by more than 700 times.

Longsys was founded in 1999 and listed on Shenzhen’s ChiNext board in 2022. The company has positioned itself as an independent branded memory-product maker with capabilities spanning controller-chip and memory-chip design, firmware algorithms, packaging and testing and sales. It markets its industrial and enterprise products under the Foresee brand, consumer storage under Lexar, and overseas industrial products through Zilia.

Longsys ranked ninth globally by 2025 storage-product revenue, and was second among independent memory makers, holding about 1.2% of the global memory-products market, according to third-party data cited in its listing document.

Enterprise storage, which offers Longsys a more direct route into AI infrastructure spending, was one of its fastest-growing businesses in the first half of this year. Revenue from the segment tripled year-on-year to 2.14 billion yuan, as its products entered the supply chains of several major internet companies and server manufacturers.

Its international operations also helped fuel the revenue expansion. Zilia generated 3.95 billion yuan in external sales in the first half of the year, up 184.6% year-on-year, while Lexar’s global sales revenue rose 84.9% to 3.97 billion yuan. Longsys generates nearly 70% of its revenue from outside Mainland China and serves customers including Dell, Lenovo, Mindray, Oppo, Samsung, Transsion and Xiaomi.

Longsys said production of its self-designed controller chips have exceeded 280 million cumulative units. Its 5-nanometer UFS 4.1 controller has entered large-scale production, while its newer storage processing unit chip supports NAND I/O speeds of up to 4,800 MT/s.

Longsys plans to use 78.3% of its IPO proceeds for R&D in chip design and advanced memory products. The balance will be used for capacity expansion at its plants in Suzhou and Brazil, and for global promotion of its Foresee, Lexar and Zilia brands, as well as potential strategic investments or acquisitions.

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China’s largest third-party on-demand delivery service provider’s first-half profit more than doubled as it expanded its autonomous vehicle delivery network to 124 cities

By Teri Yu

Hangzhou SF Intra-city Industrial Co. Ltd. (9699.HK) last Friday reported its strongest half-year performance since its 2021 listing, as its profit more than doubled to 349.3 million yuan ($49 million) from 137 million yuan a year earlier on deepening ties with merchants and growing use of AI and driverless vehicles to keep costs in check.

Revenue for China’s largest third-party on-demand delivery service provider climbed 14.7% year-on-year to 11.74 billion yuan in the first half of 2026, according to its latest financial report. Its gross profit rose by a faster 20.9% to 823.2 million yuan, lifting its gross margin to 7% from 6.7% a year earlier. On an adjusted basis, which strips out share-based compensation and other non-operational items, its net profit grew 70.8% to 265.8 million yuan.

Founded in 2016 and spun off from logistics giant S.F. Holding (6936.HK; 002352.SZ), SF Intra-city has built a reputation as a “neutral” third-party delivery partner, fulfilling orders for merchants, consumers and other platforms alike rather than providing delivery services for its own retail businesses. That positioning has become an increasingly valuable selling point as merchants look to diversify beyond dominant super-apps like Meituan and Alibaba’s Taobao Flash.

The company said order volume from its core intra-city delivery business grew more than 30% in the first half year-on-year, pushing the segment’s revenue up 24.4% to 7.19 billion yuan. Within that, revenue from merchant-facing delivery jumped 28.1% to 5.72 billion yuan. Food and beverages, supermarket and grocery orders logged some of the strongest revenue growth. Consumer-facing delivery revenue grew by a slower 11.8% to 1.47 billion yuan, while the company’s smaller last-mile delivery unit rose 2.1% to 4.55 billion yuan.

SF Intra-city’s merchant base swelled 44% over the 12 months through June to 1.23 million active accounts, while its consumer base topped 27 million. Its monthly active riders grew 20% in the first half, with the number of "middle-to-high-income" riders up 17%.

The company said it also maintained a leading market share among top customers, supported by a nationwide fulfillment network, as it added more than 4,300 new partner stores during the period. Orders for its premium one-on-one “exclusive delivery” service doubled, evidence it cited as showing that its push into higher-margin, higher-touch services is gaining traction.

Much of the profit improvement, the company said, came from economies of scale and the growing use of AI tools to coordinate everything from customer acquisition to rider dispatch. It also pointed to progress on autonomous delivery, saying its unmanned vehicle fleet now operates in 124 cities nationwide, logging more than 60,000 trips with over 1,000 vehicles on the road. The company described the technology as a supplement to its human-powered rider network rather than a replacement, though the rapid rollout suggests it sees driverless delivery as an increasingly important future profit driver.

The company’s latest first-half profit already exceeds its entire 2025 net profit of 277.7 million yuan, a record at the time, underscoring how quickly profitability has scaled as SF Intra-city moves past the cutthroat subsidy wars that once defined China’s on-demand delivery sector. The company had cash and short-term investments of nearly 2.5 billion yuan on hand at the end of June, which it can use to keep investing in its network and technology.

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Large-model AI company Z.AI Co. Ltd. (2513.HK), also known as Zhipu, said on Monday that its revenue rose fivefold year-on-year to 954 million yuan ($142 million) in the first half of 2026. Its loss for the period narrowed 12.1% to 2.07 billion yuan from 2.36 billion yuan a year earlier, while its adjusted net loss widened 12.1% to 1.96 billion yuan from 1.75 billion yuan.

The company’s revenue growth was mainly driven by its open platform and API business, whose revenue surged 27.4 times to 825 million yuan, accounting for 86.5% of the total, up from just 15.2% a year earlier. Revenue from its enterprise-level agents business jumped 304.4% to 55.6 million yuan, while its enterprise-level general-purpose large models segment fell 54.6% to 67 million yuan.

The company said its revenue mix shifted in the first half from on-premise deployment toward API services billed on a per-invocation basis, with coding becoming a key commercialization scenario. Its R&D expenses for the latest six-month period rose 33.6% to about 2.13 billion yuan. As of June, the company’s GLM MaaS platform had more than 5.8 million enterprise and developer users, rising to over 7.4 million as of the announcement date. Z.AI also said it achieved large-scale inference across a cluster of more than 100,000 domestic chips, with unit token inference costs down 80% from the start of the year.

Management said gross margin for the open platform and API business improved by about 25 percentage points year-on-year to 24.6%, as the company continues to expand from coding into higher-value scenarios including agent and co-work.

Z.AI’s shares opened lower on Tuesday but later reversed course to end at HK$1,230 by the midday break, up 2.93%. The stock now trades about nine times higher than its March IPO price.

By Lee Shih Ta

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Semiconductor memory manufacturer Shenzhen Longsys Electronics Co. Ltd. (9976.HK; 301308.SZ) launched its Hong Kong IPO on Monday, aiming to sell 26.1 million shares for HK$240.60 each to raise HK$6.26 billion ($803 million). Subscriptions will close on Thursday, with a trading debut set for Sept. 8.

The company was the world's ninth-largest memory manufacturer in 2025 by revenue with 1.2% of the market. It operates three main brands: Foresee, Zilia, and Lexar.

The company generated revenue and profit of 22.77 billion yuan and 1.5 billion yuan last year, respectively, up 30% and 196%, year-on-year. In the first six months of this year, its revenue surged 136.3% year-over-year to 24.09 billion yuan, while its profit skyrocketed 260-fold to 10.7 billion yuan.

Longsys plans to allocate nearly 80% of its IPO proceeds to bolster its chip design and R&D for advanced memory products. Approximately 12% is earmarked for strategic investments or acquisitions, with the remaining 10% for working capital.

By Lau Chi Hang

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Home embodied AI robotic systems provider OneRobotics (Shenzhen) Co. Ltd. (6600.HK) announced on Thursday that its revenue rose 31.8% year-on-year to 522 million yuan ($77.7 million) in the first half of the year. But the company swung to a net loss of 35.53 million yuan for the period, reversing a profit of 27.9 million yuan a year earlier.

OneRobotics said its revenue growth was driven mainly by new products and overseas sales. Its onero H1 humanoid home robot, Acemate sports robot and Kata Friends companion robot all contributed revenue during the period, with the three new product lines generating combined revenue of about 68.4 million yuan. Revenue from Europe and North America surged 97.5% and 85.7%, respectively, with the two markets together accounting for 42.1% of total revenue.

The company’s gross profit rose 22.5% to 263 million yuan during the period, while its gross margin fell to 50.4% from 54.2%. It attributed its loss mainly to exchange-rate fluctuations and increased R&D investment. It recorded a net foreign exchange loss of 42.7 million yuan in the first half, compared with a gain of 6.1 million yuan a year earlier. R&D expenses also jumped 73.3% to 102 million yuan, accounting for 19.5% of revenue.

The company’s shares opened lower on Friday and were trading at HK$53.15 by the midday break, down 7.81%. The stock is down about 60.8% over the past six months.

By Lee Shih Ta

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Direct-writing lithography equipment manufacturer Circuit Fabology Microelectronics Equipment Co. Ltd. (9630.HK; 688630.SH) announced on Wednesday that its revenue rose 69% year-on-year to 1.11 billion yuan ($165 million) in the first half of this year, while its profit surged 98.1% to 281 million yuan. Its gross profit margin increased to 42.5% from 40.5% a year earlier.

Revenue from its PCB direct imaging equipment and automation systems rose 85.4% to 880 million yuan during the period, mainly as the AI computing power industry chain drove higher capital expenditure on high-end PCBs, boosting both the price and volume of advanced LDI equipment. Revenue from its semiconductor direct-writing lithography equipment and automation systems rose 22.2% to 169 million yuan.

The company’s revenue from China surged 88% year-on-year to 948 million yuan during the six-month period, accounting for 85.7% of its total, mainly as AI computing power demand drove PCB and IC substrate manufacturers to accelerate capacity expansion, coupled with faster domestic substitution. Revenue from overseas markets was about 158 million yuan, similar to a year earlier.

The company said demand for AI servers, HBM advanced packaging and high-end IC substrates remains strong, while domestic substitution of semiconductor equipment continues to accelerate, pointing to broad long-term growth prospects for the industry. It plans to further ramp up production of its advanced packaging, PLP and laser drilling equipment.

CFMEE shares opened lower on Thursday before reversing higher, trading at HK$386.8 by the midday break, up 7.86%. The stock is up about 53% above its offer price since listing in June.

By Lee Shih Ta

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Refrigeration components maker Zhejiang Sanhua Intelligent Controls Co. Ltd. (2050.HK; 002050.SZ) reported on Wednesday its revenue rose 3.9% year-over-year to 16.9 billion yuan ($2.51 billion) in the first half of this year, while its profit fell 3.1% to 2.04 billion yuan.

Revenue from its refrigeration and air-conditioning appliance components segment edged up 0.5% year-over-year to 10.44 billion yuan, while its automotive components business grew 9.9% to 6.46 billion yuan.

The profit decline despite the revenue growth owed mostly to 286 million yuan in foreign-exchange losses, coupled with a 198 million yuan loss from changes in the fair value of its equity instruments.

The company said it will seize on opportunities presented by the rapid development of bionic robots to broaden its product pipeline, accelerate the construction of production bases, and improve its product designs while enhancing its overall product competitiveness.

Shares of Sanhua Intelligent opened up 0.15% at HK$26.20 on Thursday. The stock is down over 40% from its 52-week high.

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Electronics manufacturer Luxshare Precision Industry Co. Ltd. (2475.HK; 002475.SZ) announced on Tuesday it expects to report its net profit for the first nine months of this year to reach 13.25 billion yuan ($1.97 billion) to 14.40 billion yuan, up 15% to 25% year-on-year. Its adjusted net profit is expected to come in at 10.37 billion yuan to 11.72 billion yuan, up 8.6% to 22.8%.

The company said it continued to deepen work with customers across its three core businesses of consumer electronics, communications and data centers, and automotive electronics during the period. Its consumer electronics business benefited from innovation in AI-enabled devices and stronger ODM/JDM capabilities, while communications and data centers were boosted by accelerating AI infrastructure development. Its automotive electronics segment, meanwhile, benefited from the company’s global expansion and integration synergies with Leoni.

Luxshare Precision reported revenue of 174.50 billion yuan in the first half of this year, up 40.16% year-on-year. Its net profit rose 18.04% to 7.84 billion yuan, while its adjusted net profit increased 6.47% to 5.96 billion yuan. The company said it recorded about 1.99 billion yuan in foreign-exchange losses during the six-month period, although its gross margin still rose 0.17 percentage points year-on-year to 11.78%, mainly driven by growth in higher-margin businesses including communications, data centers and automotive electronics.

The company’s Hong Kong shares opened higher on Tuesday and were trading at HK$58.9 by the midday break, up 0.08%. The stock has fallen about 7% since its July listing.

By Lee Shih Ta

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Smartphone glass supplier Lens Technology Co. Ltd. (6613.HK; 300433.SZ) reported its revenue fell 12.4% year-over-year to 28.9 billion yuan ($4.3 billion) in the first half of this year, while its profit plunged nearly 50% to 577 million yuan.

In the second quarter, the company’s revenue fell 7.4% to 14.73 billion yuan, but its profit rose 1.8% to about 730 million yuan.

Lens Technology said its operations faced headwinds in the first half from adverse currency fluctuations. Shortages and price hikes in consumer-grade storage components also affected some consumer electronics clients, dampening overall demand and driving a downturn in its smartphone and computer businesses.

The company said it is aggressively developing new materials, processes, products, and equipment geared toward next-generation AI, from computing power to smart terminals. It is also deepening the vertical integration of its supply chain to drive the execution of its diversified strategic layout.

Shares of Lens opened up 3.8% at HK23.82 on Monday. The stock is down nearly 30% from its 52-week high.

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Ride-hailing platform Chenqi Technology Ltd. (9680.HK) on Wednesday reported its revenue surged 140.7% year-on-year to 4.04 billion yuan ($600 million) in the first half of 2026, as its loss narrowed 45% to 68.49 million yuan.

The company noted that intensified collaboration with third-party mobility platforms during the period, coupled with its geographic expansion, drove up its ride-hailing transaction value. As a result, its gross profit climbed to 500 million yuan for the latest six-month period, up from 195 million yuan a year earlier.

Its first-half order volume soared 150.6% to 183 million in the first half of this year, up from 73.3 million orders in the same period of 2025. Its average daily orders also jumped roughly 150.7% to 1.02 million from 405,000 a year earlier.

Shares of Chenqi opened flat at HK$7.98 on Thursday. The stock is down 39% from its 52-week high.

By Lau Chi Hang

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Trucking app operator Full Truck Alliance Co. Ltd. (YMM.US) reported on Wednesday its revenue rose 4.4% year-on-year in the second quarter to 3.38 billion yuan ($501 million), as strong growth for its transactions services offset declines for its freight brokerage business.

The company’s transaction services segment was its strongest performer, up 33.1% year-on-year to 1.77 billion yuan, accounting for more than half of total revenue. Freight brokerage services fell 15.7% to 995 million yuan in the second quarter from 1.18 billion yuan a year earlier, as the company blamed a decrease in transaction volume.

Full Truck Alliance said its revenue could start contracting in the third quarter, forecasting between 3.32 billion yuan and 3.42 billion yuan for the period, compared with 3.36 billion yuan a year earlier. Revenue at the center of that range would be roughly flat year-on-year.

Full Truck Alliance’s net profit for the second quarter rose 6.3% to 1.35 billion yuan from 1.26 billion yuan a year earlier. The company also declared a third-quarter dividend of $0.084 per American depositary share (ADS).

Full Truck Alliance’s ADSs fell 1.1% on Wednesday to close at $8.70. The stock is down about 21% this year.

By Doug Young

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Auto glass maker Fuyao Glass Industry Group Co. Ltd. (3606.HK; 600660.SH) announced on Tuesday that its revenue rose 2.44% year-on-year to 21.97 billion yuan ($3.26 billion) in the first half of the year, while its net profit fell 17.37% to 3.97 billion yuan. Its pre-tax profit declined 19.95% to 4.64 billion yuan.

The company’s revenue from automotive glass increased 3.75% to 20.27 billion yuan during the period, while the segment’s gross margin rose 1.49 percentage points to 32.02%. The company’s overall gross margin increased 1.74 percentage points to 38.33%. Fuyao cited industry data saying China’s automobile production and sales fell 4% and 4.1%, respectively, in the first half of the year.

The company attributed the profit decline mainly to foreign-exchange movements. It recorded an exchange loss of 803 million yuan during the period, compared with an exchange gain of 602 million yuan a year earlier. Excluding the impact of those currency movements, its first-half pre-tax profit would have increased 4.78% year-on-year.

Fuyao’s shares opened lower on Wednesday before reversing course, and were up 3.08% at HK$58.50 at the midday break.

By Lee Shih Ta

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Logistics company ZTO Express (Cayman) Inc. (2057.HK; ZTO.US) reported its revenue rose 22.5% year-over-year to 27.8 billion yuan ($4.12 billion) in the first half of 2026, as its profit rose 31.5% to 5.17 billion yuan.

The company attributed the top- and bottom-line growth primarily to an uptick in parcel volume and a strategic shift toward higher-value customer segments. During the period, revenue from its core express delivery business rose 22.8% compared to the same period of 2025, while its freight forwarding services grew by 4.1% and revenue from sales of materials edged up 0.5%.

However, ZTO lowered its annual parcel volume guidance, citing shifts in market dynamics and an industrywide slowdown in parcel volume growth. It revised its forecast down to between 40.8 billion and 42.4 billion parcels — representing a year-over-year increase of 6% to 10% — from its initial estimate of 42.37 billion to 43.52 billion parcels, which would have represented 10% to 13% growth.

Shares of ZTO opened flat at HK$182.8 on Wednesday. The stock is down 11% from its 52-week high.

By Lau Chi Hang

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As global trade becomes fragmented, Chinese enterprises are embracing hard technology and non-market strategies to build durable, world-class brands

By Da Cheung

Chinese enterprises are adapting to a shifting global economy by strategically pivoting from rapid business model innovation toward "hard technology" — tangible, complex engineering and scientific breakthroughs, executives said at Frost & Sullivan’s 20th Global Growth, Innovation and Leadership Summit in Shanghai on Aug. 4.

Aroop Zutshi, global president of Frost & Sullivan, said that Chinese innovation is shifting from a speed-first approach to a quality-first model. The overarching narrative at the gathering of over 300 speakers is that Chinese companies are aiming to shed their traditional "Made in China" label in favor of building durable, world-class brands. Frost & Sullivan China Chairman Neil Wang added that the underlying code of this new model is "strategic resolve," urging companies to contribute to global business paradigms rather than just learning from them.

To further guide this transition, the summit saw the release of the "China's Next 50 Years" white paper, which deconstructs long-term industrial opportunities. Wang introduced the "Resilience Triangle" of mission, innovation, and trust, as essential pillars for companies attempting to survive economic cycles.

As Chinese companies attempt to expand overseas, they face an increasingly fragmented global trade environment. To navigate these geopolitical headwinds, experts at the summit advised firms to deploy "non-market strategies."

Companies must integrate strict local compliance, localized operations, and active participation using multilateral cooperation into their business plans, rather than relying solely on traditional market competition, said Frost & Sullivan’s global chief economist Vinod K. Aggarwal.

Meanwhile, domestic financial leaders used the event to pitch international capital on the diversification benefits of Chinese assets. Tu Guangshao, former executive vice mayor of Shanghai, argued that global capital is shifting toward non-U.S. dollar assets, providing a strategic window to elevate Shanghai as a global hub for yuan asset allocation.

The summit also highlighted a strategic shift in China's AI sector, moving away from consumer hype toward industrial reality. The focus is shifting heavily toward practical commercialization, with experts emphasizing the need to translate tool-level AI advantages into long-term systematic capabilities across the supply chain.

Forums at the event targeted commercial applications in semiconductor manufacturing, enterprise workflows and embodied intelligence. Discussions highlighted the leap in brain-computer interfaces and the development of "AI Native" products.

In the healthcare sector, synthetic biology and AI-empowered biomanufacturing are being positioned by industry insiders as a "third biotech revolution." Forums detailed clinical translations in CAR-T cell therapy, 3D cell intelligent manufacturing, and new regenerative aesthetic materials.

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Silicon carbide (SiC) epitaxial wafer maker Guangdong Tianyu Semiconductor Co. Ltd. (2658.HK) said last Friday it expects to report a net loss of 104 million yuan ($15 million) to 123 million yuan for the six months through June, reversing a net profit of about 30.9 million yuan a year earlier.

The company said its revenue rose modestly year-on-year during the period, but its gross profit fell substantially as supply-demand rebalancing and intense competition in the SiC epitaxial-wafer market drove down average selling prices. Its production volume was also affected by the customary seasonal slowdown around the Chinese New Year holiday in the first quarter. While customer orders and production gradually recovered in the second quarter, the improvement couldn’t fully offset fixed manufacturing costs and depreciation incurred during the first half.

The company also booked a non-cash provision for inventory write-downs due to lower estimated selling prices and a higher inventory balance. Meanwhile, depreciation of the Hong Kong dollar against the yuan increased foreign-exchange losses on the company’s Hong Kong dollar-denominated funds. Administrative and other operating expenses also rose after the company recognized impairment losses on trade receivables that were settled more slowly than expected.

Tianyu’s shares opened lower on Monday and traded at HK$37.1 by the midday break, down 1.07%.

By Lee Shih Ta

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AI company SenseTime Group Inc. (0020.HK) said on Sunday it expects to report a 500 million ($74.15 million) to 700 million yuan profit for the first half of 2026, reversing a net loss of 1.49 billion yuan a year earlier and marking the first profit since its IPO.

On a non-IFRS basis, the company’s loss narrowed by 60% to 70% year-over-year from a loss of 1.16 billion yuan in the prior-year period.

SenseTime attributed the improving profitability to narrower year-over-year losses in its core business segments during the first half of the year. The improvement to its bottom line was also driven by fair-value gains on investments from its AI ecosystem enterprises.

Shares of SenseTime opened up 7% at HK$1.505 on Monday. The stock is down 50% from its 52-week high.

By Lau Chi Hang

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Analog chipmaker Suzhou Novosense Microelectronics Co. Ltd. (688052.SH; 2676.HK) said on Thursday it expects to report revenue of about 2.54 billion yuan ($377 million) for the first half of 2026, up 66.7% year on year. Its net profit is expected to reach about 67 million yuan, reversing a net loss of 78.01 million yuan a year earlier.

Excluding non-recurring items, the company is expected to post a net loss of about 48 million yuan for the latest six-month period, narrowing by 57.64 million yuan from a year earlier. Non-recurring gains mainly included about 94 million yuan in fair-value gains from equity investments made indirectly through private equity funds. Notably, the company’s net profit and adjusted net profit both turned positive in the second quarter, reaching about 102.74 million yuan and 6.77 million yuan, respectively.

The company attributed the improvement to stronger customer demand, an expanded product portfolio and overseas business growth, which boosted its sales and revenue. A lower expense-to-revenue ratio also helped improve its profitability.

Novosense shares opened higher on Friday and traded at HK$163.2 by the midday break, up 8.66%. The stock has gained about 40% so far this year.

By Lee Shih Ta

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Leading Chinese contract chipmaker Semiconductor Manufacturing International Corp. (SMIC)(0981.HK; 688981.SH) on Thursday reported strong revenue and profit growth in the second quarter, as AI-fueled demand remained strong for its cutting-edge products.

SMIC’s revenue rose 36.1% year-on-year to 3.01 billion yuan ($446 million) during the three months to June from 2.21 billion yuan a year earlier. Its gross margin for the latest quarter rose nearly 5 percentage points to 25.3% from 20.4% a year earlier, benefiting from higher prices for its finished products and cost-cutting that saw its operating expenses fall 24.3% year-on-year.

As a result, its profit for the quarter more than tripled to 479 million yuan from 132 million yuan a year earlier. The company forecast its revenue would grow 2% to 4% sequentially in the third quarter, which would translate to about 30% year-on-year revenue growth for the period.

SMIC’s Hong Kong-listed shares are down about 5% this year, while its China-listed stock is up about 5.4%.

By Doug Young

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Enterprise large-model AI application provider Deepexi Technology Co. Ltd. (1384.HK) said on Thursday it plans to place 14.29 million new Hong Kong-listed H-shares, representing about 4.1% of its enlarged issued share capital. The placement price is HK$35 per share, representing a discount of about 3.74% to Wednesday’s closing price of HK$36.36, with net proceeds expected to reach about HK$488 million ($62.2 million).

Deepexi completed another H-share placement in May, selling 7.94 million shares for HK$50.58 each to raise about HK$395 million. None of those proceeds from that placement had been used as of June 30.

The company said proceeds from the previous placement were mainly earmarked for overseas expansion and building localized capabilities, while the latest fundraising will focus on the large-scale deployment of AI agents. About 70% of net proceeds from the new placement will be used for R&D and upgrades involving enterprise AI employee infrastructure, its token productivity platform, its DeepWorks enterprise AI agent platform and computing resources. Another 20% will go toward strategic investments and acquisitions, with the remaining 10% used for working capital and general corporate purposes. The proceeds are expected to be fully utilized by the end of 2028.

Deepexi shares opened lower on Thursday before rebounding, and were trading at HK$37.14 by the midday break, up 2.15%.

By Lee Shih Ta

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Hony Media Group Ltd. (0419.HK) announced on Wednesday that it has formed a joint venture with AIROBO PTE. Ltd. to enter the robotics platform operation business, broadening its AI applications beyond healthcare.

The new venture, AIROBO (HK) Ltd., is 70% owned by Hony Media, with AIROBO holding the remaining 30%. The venture has also established a wholly owned subsidiary, AIROBO (Chengdu) Technology Co. Ltd., in China’s Sichuan Pilot Free Trade Zone to handle business development, platform technology operations and customer service in Mainland China.

Hony Media said the move reflects a shift in the robotics sector from hardware manufacturing toward platform-based operations, creating new market opportunities. It added it intends to apply its AI algorithms, data platform operations and intelligent system development experience from the healthcare sector to robotics scenarios.

AIROBO PTE, a robotics technology company, is expected to bring experience in robotics platform operations and technology R&D, while Hony Media will contribute corporate management skills and market resources. Hony Media said the partnership will accelerate technology deployment, deepen market penetration and diversify its revenue streams.

Hony Media executive director and CEO Yuen Hoi Po said the venture marks an extension of the company’s AI and digitized operation capabilities into physical robotics scenarios.

Hong Kong-listed Hony Media said it will continue to focus on its core competitiveness in AI and digitized operations, while exploring further technological innovation and industrial integration.

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Enterprise AI solutions provider AInnovation Technology Group Co. Ltd. (2121.HK) said on Tuesday it expects to post an adjusted net profit of between 2 million yuan ($296,000) and 4 million yuan for the six months through June, improving from an adjusted net loss of 6.68 million yuan a year earlier.

The company attributed the improvement mainly to stronger demand and better operating efficiency driven by advances in its platform capabilities and product standardization. It said it would continue using its technology and products to help customers cut costs and improve efficiency, while strengthening the sustainability of its own operations.

AInnovation shares opened higher on Wednesday and were trading at HK$4.03 by the midday break, up 2.54%. The stock is down about 29% since the start of the year.

By Lee Shih Ta

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Digital twin technology company Beijing 51World Digital Twin Technology Co. Ltd. (6651.HK) on Monday reported its revenue more than doubled in the first half of 2026 and its loss narrowed, as its physical AI core business grew more than sixfold to account for nearly half of its revenue.

The company’s revenue rose 130% year-on-year to 124 million yuan ($18.4 million) for the six months to June from 58.3 million yuan a year earlier. Within that figure, the company’s 51Sim business rose to 51.3 million yuan, or 41.2% of total revenue, from 7.9 million yuan a year earlier Sales from its 51Aes product rose 65% year-on-year to 72.3 million, accounting for 58% of its revenue.

Its loss for the period narrowed to 70.1 million yuan from a 94 million yuan loss a year earlier.

51World raised about HK$730 million ($93 million) through its Hong Kong listing at the end of last year. Its stock closed at HK$80.20 on Monday before the announcement, up 163% from its offer price of HK$30.50.

By Doug Young

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AI inference SoC provider Axera Semiconductor Co. Ltd. (0600.HK) announced on Sunday that its revenue jumped 181.8% year-on-year to 402 million yuan ($60 million) in the first half of the year. But its loss for the period widened to 688 million yuan from 562 million yuan a year earlier, while its adjusted loss also increased to 540 million yuan from 319 million yuan.

All three of the company’s core businesses recorded strong growth during the period. Revenue from on-device computing products rose 169.5% to 341 million yuan, accounting for 84.8% of the total. Revenue from edge AI products surged 251.9% to 27.7 million yuan, while revenue from smart vehicle solutions jumped 252.1% to 29.1 million yuan. The company’s gross profit increased 308.3% to 117 million yuan, lifting its gross margin to 29% from 20% a year earlier.

Axera said its shipments of smart vehicle SoCs reached around 420,000 units in the first half of the year, while it secured 24 new mass-production vehicle model design wins. Its R&D expenses rose 81% year-on-year to 516 million yuan, mainly due to increased investment in new chip models for smart vehicle solutions and edge AI products.

Axera shares opened higher on Monday before reversing course, and were down 9.35% at HK$12.89 by the midday break. The stock was about 54.3% below its IPO price in February.

By Lee Shih Ta

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Intelligent connected vehicle (ICV) simulation testing company Beijing Saimo Technology Co. Ltd. (2571.HK) said last Friday it expects to report its revenue ranged between 72 million yuan ($10.67 million) and 75 million yuan in the first half of this year, down 17.5% to 20.8% from a year earlier. It added it expects to post a loss of 47 million yuan to 51 million yuan for the period, reversing a profit of 39 million yuan in the year-ago period.

The company said it is undergoing a strategic shift from simulation testing and certification services toward the physical AI sector. It will step up R&D in robot simulation training, physical AI world models, and other cutting-edge technologies. The need for investment during the transition caused experimental costs and depreciation expenses for related equipment to jump during the period.

Saimo added that intensifying competition during the period, compounded by shifts in technical solutions being used by its clients, pressured revenue and gross margins for some of its existing products.

Shares of Saimo opened flat at HK$16.90 on Monday. The stock is down 6% from its 52-week high.

By Lau Chi Hang

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As the consumer electronics and home appliances trade show pivots to an experiential showcase, Asian tech firms may lead the charge in bringing AI and robotics home

By Da Cheung

Next month, the IFA consumer electronics show in Berlin will attempt to convince ordinary consumers that the future of home technology looks less like a new television and more like a humanoid robot. And Chinese firms will be leading that charge, with a major China contingent set to attend.

Scheduled for four days from Sept. 4, IFA 2026 is transforming from a traditional product exhibition into an experiential extravaganza. According to the organizer, the event aims to contextualize a sudden influx of AI and robotics into everyday life objects. However, as the tech industry rushes to showcase these advancements, a core tension is emerging: how to translate enterprise-level AI and robotics into practical, consumer-ready gadgets.

Asian technology firms may dominate the show’s innovation hub, known as IFA Next. Organizers claim this year will feature the largest showcase of humanoid robots to date, with national pavilions from China, South Korea, Taiwan and Singapore taking center stage.

Companies such as Unitree (688836.SH), Agibot, and Deep Robotics will participate in events like "Robots on the Runway," where machines will literally strut down a catwalk to blend technology and entertainment. The show will also host RoboCup, a robotic soccer tournament designed to demonstrate dynamic movement and strategy. IFA Management CEO Leif Lindner says the heavy focus on robotics is "more than just a showpiece," insisting these systems are moving closer to practical application in homes, healthcare and the service sector.

The show may also demonstrate to what extent humanoid robots are ready for everyday consumer use, and how companies are planning to deploy complex, autonomous machines in unpredictable home environments.

The challenge of making AI tangible for regular consumers is also reflected in the event's opening keynote. AMD (AMD.US) Senior Vice President Jack Huynh will deliver a presentation titled "The Era of Personal AI: The Future of Imagination."

Beyond walking robots and AI processors, the consumer tech battleground is expanding into new form factors. Startups are moving away from traditional screens, focusing instead on AI-driven wearables designed to redefine how humans and machines interact.

Exhibitors will showcase smart glasses, extended reality devices, and AI-integrated rings — wearable technologies that allow users to operate devices intuitively with minimal physical input. Companies like Plaud and Flowtica are also pitching AI productivity tools aimed at simplifying everyday work processes like note-taking and meeting management.

Ultimately, IFA 2026 is attempting to bridge the gap between abstract tech buzzwords and tangible consumer benefits. Whether these Asian-led innovations and AI wearables are truly ready for the average living room — or if they remain expensive prototypes — will be the real test for the September show.

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