PRE-MARKET CHINESE STOCKS NEWS: China maintained benchmark LPRs, US and China hold dialogue ahead of Trump-Xi summit

Air China (753 HK) - Major airlines reportedly oppose the Co.’s request to operate additional flights to the US. (Newswires)

CATL (300750 CH) - Co. developed a new battery technology for American vehicles despite the Chinese group being mostly shut out by US trade barriers. (Newswires)

CXMT (688825 CH) - Co. said its fifth-generation technology platform entered mass production. (Newswires)

Legend Holdings (3396 HK) - Co. plans to sell its 90% stake in Banque Internationale à Luxembourg (BIL), with the bank valued at around EUR 2.5bln. (Newswires)

New World Development (17 HK) - Co.’s proposed REIT spin-off application has been accepted by the Shanghai Stock Exchange, with the REIT offering expected to raise CNY 3.82bln. (Newswires)

S.F. Holding (002352 CH) - Co. August (CNY) rev. rose 2.8% Y/Y to CNY 25.5bln. (Newswires)

YTO Express (600233 CH) - Co. August (CNY) express delivery rev. rose 8.0% Y/Y to CNY 5.82bln. (Newswires)

Travel Platforms

China opened investigations into four online and travel booking platforms due to suspected practices that may undermine competition and merchants' rights. (Newswires)

Power

China’s electricity consumption surpassed 1tln kWh in August and peak power load climbed to a record. (Newswires)

Trade

US President Trump said on Friday regarding Chinese President Xi's visit that they get along very well and that it is a great honour he is visiting, while he added that they will have a lot of different deals and that some say China is spying on the US, while the US is spying on China too.

US and China were reported on Friday to be discussing cutting tariffs on US LNG ahead of Xi's visit, with potential USD 30bln reciprocal tariff cuts, while the visit could bring broader energy and agricultural deals.

US and Chinese officials started talks in New York to prepare for the Trump-Xi summit, as both sides seek to preserve and potentially extend a fragile trade truce. China's top trade negotiator said trade talks are ‘not bad’ and that talks will continue on Monday among the working group, while he confirmed that both sides discuss AI along with trade and investment.

US Treasury Secretary Bessent said they had a very successful engagement with the Chinese on trade and AI, while they agreed to hold another meeting on AI dialogue and the US suggested a notification system between the two countries.

USTR Greer said they implemented a board of trade, with the US and Chinese teams to continue working on board of trade agreement, while the board of trade from the Chinese side is likely to include consumer goods and low-tech items.

Other News

Chinese 1-Year Loan Prime Rate (Sep) 3.00% vs. Exp. 3.00% (Prev. 3.00%)

Chinese 5-Year Loan Prime Rate (Sep) 3.50% vs. Exp. 3.50% (Prev. 3.50%)

Chinese state TV affiliate CCTV warned Anthropic’s privacy-policy revisions increased risk to user data by allowing information to be shared with US intelligence agencies when the company considers it necessary without legal procedures.

Hong Kong Chief Executive Chan said that they plan to expand the market for dim sum bonds.