PRE-MARKET CHINESE STOCKS NEWS: Earnings from Sinopec, China CITIC Bank & Ping An Bank

AIA Group (1299 HK) - Co. applied for the listing of a USD 18bln global medium-term note programme. (Newswires)

Bank of Shanghai (601229 CN) - Co. prelim. FY25 (CNY) net 24.2bln (exp. 24.2bln), rev. 54.8bln (exp. 54.9bln), NPL ratio 1.18% (prev. 1.18% Y/Y). (Newswires)

China CITIC Bank (0998 HK) - Co. FY25 (CNY) net 70.6bln (prev. 68.6bln Y/Y), fee and commission income 32.8bln (exp. 32.5bln), NPL ratio 1.15% (exp. 1.16%). (Newswires)

China Hongqiao Group (1378 HK) - Co. final FY25 (CNY) net 22.6bln (exp. 25.1bln), rev. 162.4bln (exp. 157.9bln). (Newswires)

China Petroleum & Chemical (0386 HK) - Co. FY (CNY) net 32.48bln (prev. 48.94bln Y/Y), rev. 2.78tln (prev. 3.07tln Y/Y), said 2025 results were weighed by lower petroleum and petrochemical product prices and lower refined oil product sales volumes, and plans 2026 capex spending of CNY 131.6bln-CNY 148.6bln. (Dow Jones Newsplus)

China Power International Development (2380 HK) - Co. FY25 (CNY) net 2.91bln (prev. 3.86bln Y/Y), rev. 49.0bln (prev. 54.21bln Y/Y). (Newswires)

Hong Kong and China Gas (3 HK) - Co. FY25 (HK$) net 5.69bln (exp. 5.89bln), rev. 54.3bln (exp. 56.9bln). (Newswires)

Ping An Bank (000001 CH) - Co. FY25 (CNY) net 42.6bln (exp. 43.6bln), NII 88.0bln (exp. 89.3bln), NPL ratio 1.05% (prev. 1.1% Y/Y). (Newswires)

Sinopharm Group (1099 HK) - Co. FY25 (CNY) net 7.2bln (exp. 7.4bln), operating profit 16.0bln (exp. 17.1bln), rev. 575.2bln (exp. 583.2bln). (Newswires)

Wynn Macau (1128 HK) - Co. FY25 (HKH) net 1.63bln (exp. 2.07bln), adjusted EBITDA 7.48bln (exp. 7.38bln), rev. 29.0bln (exp. 29.0bln). (Newswires)

Zhaojin Mining Industry (1818 HK) - Co. FY25 (CNY) net rose 149% Y/Y to 4.4bln, rev. rose 56% Y/Y to 18.1bln. (Newswires)

Zijin Mining Group (2899 HK) - Co. final FY25 (CNY) net 51.8bln (exp. 51.7bln), rev. 349.1bln (prelim. 345bln). (Newswires)

Zijin Gold International Resources (2259 HK) - Co. agreed to acquire 241.9mln A-shares in Chifeng Gold, with net proceeds from the proposed investment seen at HKD 9.29bln, and Co. FY25 (USD) net fell USD 0.5bln Y/Y to 1.60bln, rev. rose USD 2.99bln Y/Y to 5.38bln. (Newswires)

Other News

PBoC Governor Pan defended China’s trade surplus and reiterated that they will continue to implement appropriately loose monetary policy, while they will comprehensively use monetary policy tools such as RRR, the policy interest rate and open market operations to maintain sufficient liquidity. (Newswires)

Chinese Premier Li pledged a more balanced trade with global trading partners and to continue opening up the economy. (Newswires)

Data Recap

• Hong Kong CPI Composite Y/Y (Feb) 1.7% vs Exp. 1.5% (Prev. 1.1%)
• Hong Kong Current Account Balance (Q4) 93.9B (Prev. 94.9B)