PRE-MARKET CHINESE STOCKS NEWS: Baidu (9888 HK) Q1 (USD) EPS 12.06 (exp. 11.84), rev. 4.65bln (exp. 4.66bln)
Baidu (9888 HK) - Co. Q1 (USD) EPS 12.06 (exp. 11.84), rev. 4.65bln (exp. 4.66bln), and said AI had become a core driver of the Co. (Newswires)
China Railway Construction (1186 HK) - Co. was awarded an Emirates project at Dubai Airport worth USD 4.76bln. (Newswires)
Ju Teng International (3336 HK) - Lens Technology (300433 CH) is to acquire a 27.81% stake in the Co. at HKD 2.20/shr for HKD 734.17mln. (Newswires)
Standard Chartered (2888 HK) - Co. is to acquire Zodia Custody’s regulated digital asset custody business, with terms not disclosed. Co. set out its sustainable growth plan and is to cut corporate functions roles by over 15% by 2030, while it guides RoTE of more than 15% in 2028 and will increase to around 18% in 2030. (Newswires)
Sun Art Retail Group (6808 HK) - Co. FY (CNY) net loss 319mln (exp. profit 110mln), rev. 63.4bln (exp. 63.0bln). (Newswires)
Banks - China banks’ wealth units have reduced fees to as much as zero. (Chinese press)
Steel - China is said to have issued measures to regulate steel capacity replacement. (Newswires)
Other News
PBoC recently released Administrative Measures for List of Entities with Serious Dishonesty in Fields Managed by PBoC, setting stricter criteria for inclusion on the dishonesty list and strengthening penalties and constraints for dishonest behaviour. (Newswires)
Baidu's Q1 EPS beat expectations, indicating stronger than anticipated performance, particularly driven by AI integration, which may bolster investor sentiment. However, revenue slightly missed expectations, suggesting some caution in top-line growth. This mixed result highlights the balancing act between innovation and market expectations, impacting how traders might position around Baidu and related stocks in the sector.