PRE-MARKET CHINESE STOCKS NEWS: Earnings from China CITIC Bank, CNOOC, Li Auto and Meitu
Alibaba (9988 HK) - Co. completed a placement of 710mln new shares at HKD 112.70/shr, raising gross proceeds of HKD 80.0bln, with 60% earmarked for global computing infrastructure and the remainder for data-centre buildout and cloud upgrades to support AI capabilities; separately launched its lower-cost Qwen3.8 Flash AI model for global adoption and has committed more than CNY 380bln to AI over three years. (Newswires)
Baidu (9888 HK) - Co. will become dual primary-listed on the Hong Kong Stock Exchange and Nasdaq, with its Hong Kong listing to become a primary listing effective September 1st. (Newswires)
CGN New Energy (1811 HK) - Co. H1 (USD) net 82.1mln (prev. 164mln Y/Y), rev. 773mln (prev. 857mln Y/Y). (Newswires)
China CITIC Bank (998 HK) - Co. H1 (CNY) net 37.6bln (prev. 36.5bln Y/Y), net interest income 73.2bln (prev. 71.2bln Y/Y), net fee and commission income 17.2bln (prev. 16.9bln Y/Y), NIM 1.62% (prev. 1.63% Y/Y), NPL ratio 1.15% (prev. 1.16% Y/Y). (Newswires)
China Communications Services (552 HK) - Co. H1 (CNY) net 1.97bln (prev. 2.13bln Y/Y), rev. 74.5bln (prev. 76.9bln Y/Y). (Newswires)
China Mengniu Dairy (2319 HK) - Co. H1 (CNY) net 2.37bln (prev. 2.04bln Y/Y), rev. 44.79bln (prev. 41.57bln Y/Y), with product innovation and omni-channel expansion supporting revenue while its fresh milk business outpaced industry growth and gained market share. (Dow Jones Newsplus)
CNOOC (883 HK) - Co. H1 (CNY) net fell 23.5% Y/Y to 85.8bln, rev. fell 20.0% Y/Y to 206.1bln. (Newswires)
Li Auto (2015 HK) - Co. Q2 (CNY) operating loss 2.3bln (prev. profit 827mln Y/Y), rev. fell 15.0% Y/Y to 25.7bln (exp. 26.64bln), expects Q3 vehicle deliveries of 95k-100k units. (Newswires)
Meitu (1357 HK) - Co. H1 (CNY) adjusted net 652mln (prev. 467mln Y/Y), rev. 2.21bln (prev. 1.82bln Y/Y), gross margin 71.5% (prev. 73.6% Y/Y). (Newswires)
Prudential (2378 HK) - Co. H1 (USD) adjusted net 1.52bln (prev. 1.37bln Y/Y), operating profit 1.81bln (prev. 1.64bln Y/Y), new business profit 1.38bln (prev. 1.26bln Y/Y), announced USD 1.5bln of share buybacks and raised interim dividend 15% Y/Y to USD 0.0888/shr. (Newswires)
Sunny Optical Technology (2382 HK) - Co. H1 (CNY) net 1.81bln (prev. 1.65bln Y/Y), rev. 21.90bln (prev. 19.65bln Y/Y). (Dow Jones Newsplus)
Tsingtao Brewery (168 HK) - Co. H1 (CNY) net 3.92bln (prev. 3.90bln Y/Y), rev. 19.65bln (prev. 20.49bln Y/Y), while sales volumes across online, convenience and modern retail channels reached record highs despite weak consumer demand. (Dow Jones Newsplus)
Zhongji Innolight (3308 HK) - Co. enters into the Shenzhen-Hong Kong Stock Connect programme. (Newswires)
IPO
Shein is said to guide its Hong Kong IPO price at HKD 48.56/shr, the middle of its offer range. (Newswires)
Batch Hong Kong pre-market roundups of this kind rarely move a single name so much as set the tone for the session, and the strand with the most historical form here is the AI capex cycle: large-scale equity raisings by Chinese platform companies to fund compute buildout have tended to be absorbed without lasting damage when use of proceeds is specified, though placements priced at a discount typically weigh on the stock near term while peers in the cloud and hardware chain, optical and component suppliers in particular, trade on the demand signal. The bank prints continue a well-established pattern in which Chinese lenders hold earnings roughly flat through NIM compression by leaning on fee income and stable asset quality, a mix the market has learned to read as resilience rather than growth. The energy major's profit decline tracks the crude complex mechanically, and upstream earnings of this kind have historically been a pass-through story rather than an idiosyncratic one. The EV maker's swing to operating loss with a delivery guide fits the recurring pattern in that sector where guidance, not the backward print, drives the next session's pricing, and margin trajectory in a price-war environment has been the differentiator between names that recover and those that do not. The insurer's buyback and dividend raise follows the template Asia-listed life names have used to defend valuations when new business growth is positive but undemanding. Also on the calendar watch list: a dual primary conversion expanding Stock Connect eligibility, which has precedent as a southbound flow catalyst, and a large consumer IPO priced mid-range, whose aftermarket has in past episodes set risk appetite for the broader Hong Kong new-issue pipeline.