PRE-MARKET CHINESE STOCKS NEWS: China's benchmark Loan Prime Rates eyed

Ferretti (9638 HK) - Co. CEO said the US is going to be a major priority. (Newswires)

HSBC Holdings (5 HK) - Co. issued 2026-28 targets, guiding for ROTE of 17% or better and a 50% EPS dividend, while saying it is on track to reach USD 1.8bln of cost reallocations. (Newswires)

Huanxi Media Group (1003 HK) - Co. will acquire 731.3mln shares in Huanxi Media at HKD 0.275/shr. (Newswires)

EVs - EV firms in China said to raise prices due to higher costs for chips and batteries. (China Securities Times)

Other News

US Treasury Secretary Bessent said the US and China will initially identify USD 30bln of non-critical goods that can have reduced or have no tariffs under the Board of Trade protocol, while he added that China understands that Section 301 trade investigations could bring US tariffs back to levels before the Supreme Court's decision. Bessent also noted that within the next four to eight weeks, US-China consultations on AI guardrails to prevent the proliferation of powerful models are likely to start, and he will meet Chinese Vice Premier He Lifeng before President Xi's September visit to the White House to work out more details on trade arrangements. (Newswires)

US Treasury Secretary Bessent said he had constructive discussions with counterparts on the global economy, global imbalances, cybersecurity, the terrorist threat posed by Iran, and critical minerals.

China’s Foreign Ministry said China and US leaders had constructive talks on AI, while it added that China and the US should jointly promote AI development and governance. (Newswires)

Federal authorities are examining whether Chinese companies deliberately restricted the world's production of storage containers for the shipping trade just before the pandemic began six years ago, and several Chinese executives have been indicted. (CBS News).

China is said to cancel "loan targets" for small companies, as part of a policy shift. (Shanghai Securities News)

Data Recap

• Hong Kong Unemployment Rate (Apr) 3.7% vs Exp. 3.7% (Prev. 3.7%)