PRE-MARKET CHINESE STOCKS NEWS: Tech underperformed in US on Chinese competition concerns after CXMT reported key progress on a new memory cell architecture to boost DRAM density
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PRE-MARKET CHINESE STOCKS NEWS: Tech underperformed in US on Chinese competition concerns after CXMT reported key progress on a new memory cell architecture to boost DRAM density
PBoC sets USD/CNY mid-point at 6.7298 vs exp. 6.6981 (prev. 6.7313)
LG Energy Solution (373220 KS) is said to sign a multi-year LFP cathode supply agreement with L&F Co. in a deal worth trillions of won
On the Newsquawk feed at , 20 minutes before this page.
BYD (1211 HK) - Co. is considering mass car production in Hungary in Q4, with France and Spain shortlisted for its next European plant, and expects to employ 40k local staff in Europe by 2030. (Newswires)
China Coal Energy (1898 HK) - Co. reported September commercial coal production fell 9.1% Y/Y to 10.5mln tonnes. (Newswires)
China Resources Cement (1313 HK) - China Resources Building Materials expects a 9M net loss of CNY 750-850mln, citing lower cement selling prices. (Newswires)
CLP Holdings (2 HK) - Co. reported 9M Hong Kong electricity sales rose 2.5% Y/Y to 28,131GWh, supported by solid economic activity. (Newswires)
Goertek (002241 CH) - Co. terminated plans to spin off Goertek Microelectronics for a Hong Kong listing. (Newswires)
Longfor Group (960 HK) - Co. reported September contracted revenue fell 60% Y/Y to CNY 1.42bln. (Newswires)
Man Wah Holdings (1999 HK) - Co. guides H1 net profit to fall 70-90% Y/Y, primarily due to cost pressures. (Newswires)
Pou Sheng International (3813 HK) - Co. reported September revenue fell 2.5% Y/Y to CNY 1.31bln. (Newswires)
Shenzhen Expressway (548 HK) - Co. reported August Shenzhen toll revenue of CNY 336mln (prev. CNY 390mln Y/Y). (Newswires)
Tencent Holdings (700 HK) - Co. announced initial price thoughts for USD-denominated 10Y and 20Y bonds at +115bps and +140bps over Treasuries, respectively, alongside CNH-denominated Reg S 10Y bonds at 2.90%. (Newswires)
Times China Holdings (1233 HK) - Co. reported September contracted revenue fell 7.3% Y/Y to CNY 279mln. (Newswires)
Yue Yuen Industrial (551 HK) - Co. reported September revenue rose 5.6% Y/Y to USD 669mln. (Newswires)
Z.AI (2513 HK) - Co. introduced its GLM-Legal AI model designed for legal workflows, according to a post on X. (Newswires)
Automakers
Chinese automakers are accelerating their push into solid-state batteries, with companies including Chery Auto advancing development. (Shanghai Securities News)
China will cut the VAT export tax rebate rate on new energy vehicles to 9% from 13%, effective April 1st, 2027.
Tech - China's ChangXin Memory Technologies (688825 CH) reported key progress on a new memory cell architecture to boost DRAM density, with plans to launch a server-memory product based on the technology by end-2026, as rivals Samsung Electronics (005930 KS) and SK hynix (000660 KS) pursue similar developments. (SCMP)
Other News
China's Foreign Minister Wang Yi said China will work with Russia to safeguard key shipping lanes. (Newswires)
Context
This is a standard pre-market Chinese corporate roundup, with the tradable thread being the CXMT report on a denser DRAM cell architecture and a stated server-memory product target. Episodes where a Chinese challenger claims progress against the Korean memory incumbents have tended to pressure the peer set on sentiment first and fundamentals later, since DRAM is a capacity and capex cycle in which a credible new entrant matters mainly through future supply additions, not near-term share shifts. The distinction worth drawing is between a lab milestone and qualified volume production; past Chinese semiconductor advances have been discounted heavily until customers and yields were visible, so the end-2026 timeline is the tell rather than the headline itself. Elsewhere the tape is familiar: property names still posting steep contracted-sales declines, a cement loss warning consistent with the same construction weakness, and BYD's European localisation push following the established pattern of Chinese automakers building inside the tariff wall. Tencent's return to the dollar and offshore yuan bond market fits the recurring pattern of large Chinese issuers testing credit windows when spreads are receptive. Follow-ons worth noting are any Samsung or SK hynix response on capex and pricing, and whether the memory complex's weakness extends beyond the single session.
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