PRE-MARKET CHINESE STOCKS NEWS: Earnings from China Telecom and Chow Tai fook

China Telecom (728 HK) - Co. 9M (CNY) net fell 14.9% Y/Y to 26.2bln, rev. fell 3.8% Y/Y to 382bln. (Newswires)

Chow Tai Fook Jewellery (1929 HK) - Co. expects H1 net to rise 90-100% Y/Y, driven by fair value gains from gold revaluation and improved sales in key markets. (Newswires)

Luk Fook Holdings (590 HK) - Co. Q2 retail same-store sales rose 12% Y/Y. (Newswires)

MiniMax (0100 HK) - Co. and DeepSeek reportedly received licences for overseas use, according to Chinese press. (Newswires)

Ping An Healthcare and Technology (1833 HK) - Co. 9M (CNY) adj. net rose 19.5% Y/Y to 258.3mln, rev. fell 5.6% Y/Y to 3.51bln; Co. served more than 8,100 paying corporate clients at the end of the reporting period and launched a brain health programme for Alzheimer's disease, providing screening, treatment, rehabilitation, care and support, and payment services. (Newswires)

Prada (1913 HK) - Co. 9M (EUR) rev. rose 15% Y/Y to 4.54bln (+11% at constant currency), Prada brand rev. 2.41bln (prev. 2.43bln Y/Y), Miu Miu rev. 1.16bln (prev. 1.18bln Y/Y), Versace rev. 322mln, Church's rev. 23.2mln; Co. said Versace integration is progressing on track, while heavier ready-to-wear sales have accelerated over the past 2-3 weeks following a seasonal delay in Q3, although October is not yet a definitive indicator of holiday demand. (Newswires)

Xtep International (1368 HK) - Co. Q3 core Xtep brand retail sell-through, including offline and online channels, declined by mid-single digits Y/Y. (Newswires)

Zai Lab (9688 HK) - Co. plans to sell 11.34mln ADSs at USD 22.04/ADS for gross proceeds of USD 249.9mln. (Newswires)

China's Commerce Ministry (MOFCOM) official Jiang Chenghua said China will improve its trade friction response mechanism, strengthen export controls and security reviews, and tighten regulations to counter sanctions. (Newswires)

• Hong Kong Unemployment Rate (Sep) 3.9% vs. Exp. 3.8% (Prev. 3.8%)
• Hong Kong CPI Composite (Sep YY) 1.9% vs. Exp. 1.8% (Prev. 1.7%)

The Chow Tai Fook and Luk Fook prints split cleanly along the line that has defined gold-price-driven retail cycles before: jewellers holding inventory booked at lower cost benefit from revaluation gains when spot rises, which flatters reported earnings without any change in underlying demand. That distinction matters because fair value gains of this kind have historically been treated by the market as lower quality than volume-driven sales growth, and the two names can trade in opposite directions on the same tape despite both being gold-exposed. China Telecom's profit decline on modestly lower revenue fits the established pattern for Chinese telecom operators, where heavy network investment and tariff pressure compress margins even as subscriber bases hold; the read-across is to the other two major carriers rather than to the broader index. Prada's results arrive with the usual luxury-sector questions about whether strength reflects genuine demand or timing effects, and the company's own caution that October is not a definitive holiday indicator is the kind of framing that has preceded disappointment on prior occasions. The Zai Lab offering follows the pattern of Hong Kong-listed biotechs using windows of relative stability to raise capital, with pricing at a discount to the last close the typical tell for how the deal is being received.