PRE-MARKET CHINESE STOCKS NEWS: Earnings from Baidu and Xiaomi
Ant Group - Co. is reportedly looking to sell a 3% stake in Paytm for around USD 300mln.
Baidu (BIDU US) - Co. Q2 (CNY) net fell 68.33% Y/Y to 2.32bln, rev. fell 4.2% Y/Y to 31.33bln, EPS 1.06 (exp. 1.51).
Bank of Nanjing (601009 CH) - Co. H1 (CNY) net 13.7bln (prev. 12.6bln Y/Y), rev. 31.6bln (prev. 28.5bln Y/Y).
China Unicom (762 HK) - Co. H1 (CNY) net 9.5bln (prev. 14.5bln Y/Y), rev. 201.4bln (prev. 200.7bln Y/Y).
China United Network Communications (600050 CH) - Co. H1 (CNY) net 4.14bln (prev. 6.35bln Y/Y), rev. 201.4bln (prev. 200.2bln Y/Y).
GigaDevice Semiconductor (603986 CH) - Co. H1 (CNY) net 6.86bln (prev. 575.48mln Y/Y), rev. 11.57bln (prev. 4.15bln Y/Y), with results supported by higher memory-chip sales. (Dow Jones Newswires)
Guotai Junan Securities (601211 CH) - Co. H1 (CNY) net 20.3bln (prelim. 20.0-20.5bln), rev. 47.2bln (prev. 23.9bln Y/Y).
Hong Kong and China Gas (3 HK) - Co. H1 (HKD) net 3.64bln (prev. 2.96bln Y/Y), rev. 29.5bln (prev. 27.5bln Y/Y).
Power Construction Corporation of China (601669 CH) - Co. July YTD new contract value fell 13% Y/Y to CNY 640.5bln.
Rusal (486 HK) - Co. H1 (USD) adjusted net 196mln (prev. loss 194mln Y/Y), recurring net 615mln (prev. loss 16mln Y/Y), rev. 8.34bln (prev. 7.52bln Y/Y); aluminium production rose 4.5% Y/Y to 2.01mln tonnes and alumina production rose 7.6% Y/Y to 3.66mln tonnes.
Xiaomi (1810 HK) - Co. Q2 (CNY) adjusted net 6.2bln (exp. 6.3bln), operating profit 10.9bln (exp. 5.85bln), rev. 108.9bln (exp. 108.3bln); Co. expects memory-chip price increases to moderate in H2, while memory costs remain historically high and consumer demand recovers slowly amid intensifying competition. (Newswires)
ZTO Express (ZTO US) - Co. Q2 (CNY) net rose 56.7% Y/Y to 3.08bln, adjusted EBITDA rose 20.0% Y/Y to 4.24bln, rev. rose 23.0% Y/Y to 14.55bln, adjusted net rose 50.3% Y/Y to 3.09bln. (Dow Jones Newswires)
Insurers
- China plans to support mainland insurers trading Hong Kong-listed ETFs through Stock Connect.
Batch Chinese prints of this kind tend to sort into separate channels rather than trade as one tape. The internet names split on quality: a headline profit decline at a search incumbent is usually read against revenue trajectory and guidance commentary, since prior episodes of sharp net income falls there have often reflected investment or one-off items rather than demand, while an operating profit beat at a handset maker with cautious memory-cost commentary points attention toward the component-cost pass-through that has shaped that sector's margins. Semiconductor and carrier results of this profile have historically fed straight through to the memory and telecom peer set, and a broker's revenue roughly doubling, in line with prelims, reads as a volume story on domestic turnover rather than firm-specific news. The insurer ETF access item, if formalised, has in past Stock Connect expansions been a slow-burn flow story rather than an immediate repricing, with the tell being implementation details rather than the headline itself. The aluminum producer's swing to profit and higher output is the kind of print that has tended to matter for alumina and metal spreads only where it shifts supply expectations. Next in sequence: management calls for capex and buyback language, and any follow-on analyst revisions in the memory and parcel-delivery chains.