PRE-MARKET CHINESE STOCKS NEWS: Xiaomi (1810 HK) Q1 (CNY) adj. net fell 43.1% Y/Y to 6.07bln (exp. 5.83bln), rev. fell 10.9% Y/Y to 99.14bln (exp. 98.85bln)

JD.com (9618 HK) - EU is set to open an in-depth probe into the Co.’s takeover of Ceconomy, according to FT. (Newswires)

KWG Group Holdings (1813 HK) - Co. agreed to sell a 50% stake in Precious Wave Investments to Winner Galaxy for CNY 160mln. (Newswires)

Lenovo Group (992 HK) - Numans proposed to receive a mandate to sell shares in the Co., while Numans holds 4mln shares in Lenovo. (US financial press)

Standard Chartered (2888 HK) - Co. formed a JV with Coinbase (COIN) to expand global fiat access. (Newswires)

Xiaomi (1810 HK) - Co. Q1 (CNY) adj. net fell 43.1% Y/Y to 6.07bln (exp. 5.83bln), rev. fell 10.9% Y/Y to 99.14bln (exp. 98.85bln), Co. said smartphone margin outlook remains pressured by memory costs, noted headwinds from higher component prices and industry competition, and announced plans for a HKD 20bln share repurchase. (Newswires)

Gaming/Tech

China’s gaming regulator approved 154 domestic online games in May, while it also approved four imported online games. (Newswires)

China expanded overseas travel curbs to its top AI talent in private firms, such as Alibaba and DeepSeek. (Newswires)

Other News

USTR Greer said China expects a certain level of US tariffs that we agreed to, and the US got what it wanted from the Trump-Xi summit, including stability and continued tariffs. Greer also stated that the US is mostly giving up on changing China's economic model in favour of managed trade, while the Trump administration's view on Chinese investment in the US has not changed. Furthermore, Greer said reduced tariffs on USD 30bln in Chinese goods won't swing supply chains back to China, and that US tariffs on Chinese goods will likely always be higher than for other countries. (Newswires)

China let the interest rate on some one-year MLF loans decline to a record low, with some banks borrowing at rates as low as 1.45% in May, down from 1.5% in April. (Newswires)