Hong Kong Stock Morning Briefing | International Gold Prices Hit Record High, New LPR Target Rate Swaps Added Under "Northbound Swap Connect"

Stock News
Sep 23

**Today's Headlines**

The General Administration of Sport of China issued the "Guiding Opinions on Promoting High-Quality Development of Sports for Health Promotion"

The General Administration of Sport of China recently released the "Guiding Opinions on Promoting High-Quality Development of Sports for Health Promotion." The guidelines propose that by 2030, a government-led, socially collaborative, and universally shared sports-for-health service system will be basically established, with sports for health promotion work being carried out in all provinces nationwide. The goals include more widespread scientific concepts, a more comprehensive policy system, more diverse service content, more complete institutional frameworks, more adequate talent teams, more sufficient technological support, and stronger organizational guarantees. The health levels and scientific fitness literacy of the people will be significantly improved, with scientific exercise gradually becoming a conscious healthy lifestyle practice.

The Sports Economy Department of the General Administration of Sport released the "2024 China Sports Service Trade Development Report." China's main sports service trade includes five major components: professional sports competition and performance, sports event sponsorship, sports event copyright trading, internet sports services, and sports tourism. In 2024, China's main sports service trade import and export volume totaled RMB 69.342 billion, an increase of RMB 16.455 billion from the previous year, growing 31.1%. China's main sports service trade import and export volume has entered a stable growth phase.

Sports goods sector in Hong Kong stocks includes Li Ning (02331), ANTA SPORTS (02020), Xtep International (01368), Topsports (06110), and others.

**Market Outlook**

International Gold Prices Hit Record High

Overnight US stocks closed with the Dow Jones Industrial Average up 66.27 points to 46,381.54 points, gaining 0.14%; the S&P 500 rose 29.39 points to 6,693.75 points, up 0.44%; the Nasdaq Composite gained 157.5 points to 22,788.98 points, rising 0.7%.

Most large-cap tech stocks rose, with Oracle up over 6%, Apple up over 4%, NVIDIA up nearly 4% to a record high, Taiwan Semiconductor up nearly 3% to a record high, while Amazon, Meta, and Broadcom fell over 1%.

Most popular Chinese concept stocks declined, with NIO down over 6%, JD.com down over 3%, MINISO down over 2%, Li Auto and Bilibili down over 1%; 21Vianet rose over 4%, and iQIYI gained over 3%.

Hang Seng Index ADR rose, closing at 26,364.03 points on a proportional basis, up 19.89 points or 0.08% from Hong Kong's close.

International gold prices hit record highs, with COMEX gold futures front-month contract up $69.30 or 1.87% to $3,775.1 per ounce.

**Hot Topics Preview**

HKEX: New LPR Target Rate Swaps Added Under "Northbound Swap Connect" to Meet Diverse Needs of Overseas Investors

Under the guidance and support of regulatory authorities in both jurisdictions, Hong Kong Exchanges and Clearing Limited's subsidiary OTC Clearing Hong Kong Limited, together with China Foreign Exchange Trade System & National Interbank Funding Center and Shanghai Clearing House, jointly launched interest rate swap contracts referenced to the one-year Loan Prime Rate under "Northbound Swap Connect."

On the launch day, 31 domestic and foreign institutions actively participated, with a total of 53 transactions and notional principal scale reaching RMB 6.46 billion. The trilateral infrastructure successfully organized the first day's trading, clearing, and settlement, with business and systems operating normally and smoothly.

Two Departments: Strengthen Development and Utilization of New Energy Infrastructure Including Rooftop Solar, Distributed Wind Power, Multi-element Energy Storage, and Charging Piles

The Ministry of Industry and Information Technology and the National Development and Reform Commission issued a notice on the "Guidelines for High-Quality Development of Industrial Parks." It proposes accelerating green facility construction in parks, strengthening the development and utilization of new energy infrastructure including rooftop solar, distributed wind power, multi-element energy storage, and charging piles, and exploring the construction of industrial green microgrids, zero-carbon energy supply systems, and park-level digital energy-carbon management centers.

Hong Kong Secretary for Financial Services and the Treasury Christopher Hui: Welcome London Metal Exchange's Approval of Three New Designated Warehouses

Hong Kong Secretary for Financial Services and the Treasury Christopher Hui today welcomed the London Metal Exchange's approval of applications for three warehouses in Yuen Long to be established as designated warehouses. This decision marks solid industry support for the commodity trading policy direction outlined in the Chief Executive's 2025 Policy Address, helping to further improve Hong Kong's commodity trading ecosystem and consolidate Hong Kong's position as an international financial, shipping, and trading center.

Hui said that less than nine months after Hong Kong was included in the London Metal Exchange's global warehouse network, together with the eight previously approved warehouses, the total number of LME-designated warehouses in Hong Kong has increased to 11, giving Hong Kong more hardware advantages and helping to establish Hong Kong as an important delivery hub for the London Metal Exchange in Asia.

This involves Hong Kong stock HKEX (00388).

SFC Consults on Extending Investor ID Regime to Exchange-Traded Derivatives in Hong Kong

According to Zhitong Finance APP, on September 22, the Securities and Futures Commission consulted on proposals to implement an investor identification regime in Hong Kong's exchange-traded derivatives market to further enhance the integrity and sustainable development of Hong Kong's capital markets. The consultation period is three months.

NVIDIA Plans to Invest Up to $100 Billion in OpenAI and Jointly Build 10GW AI Data Centers

On Monday (September 22) local time, NVIDIA and OpenAI announced a partnership including plans to build massive data centers and NVIDIA's investment of up to $100 billion in OpenAI. Boosted by this news, NVIDIA's stock price rose over 4% on Monday, hitting a record high with total market value approaching $4.5 trillion.

ZMJ (00564) Subsidiary Plans to Invest RMB 270 Million to Establish Yaxinke Thermal Management Technology (Yizheng) Co., Ltd. to Enhance Market Competitiveness in Automotive Thermal Management System Cold Plate Business

According to Zhitong Finance APP, ZMJ (00564) announced that its controlling subsidiary Yaxinke Industrial Technology (Nanjing) Co., Ltd. plans to invest RMB 270 million to establish a wholly-owned subsidiary Yaxinke Thermal Management Technology (Yizheng) Co., Ltd. to enhance market competitiveness in automotive thermal management system cold plate business and consolidate market position.

HK ROBOTICS (00370): Aberdeen Robotics China Company and CloudMinds Have Signed Technology License Agreement

According to Zhitong Finance APP, HK ROBOTICS (00370) announced that on September 22, 2025 (after trading hours), the company's wholly-owned subsidiary AI Group, Aberdeen Robotics China Company (a subsidiary 51% owned by the company and 49% owned by CloudMinds), and CloudMinds signed a technology license agreement. Under this agreement, CloudMinds has granted Aberdeen Robotics China Company and its affiliates the right to use approximately 1,780 patents and 110 software copyrights owned by CloudMinds and its affiliates in Greater China.

Jacobson Pharma (00867) Signs Cooperation Agreement with Genor Biopharma for Trastuzumab Injection and Bevacizumab Injection

According to Zhitong Finance APP, Jacobson Pharma (00867) announced that on September 22, 2025, the group signed exclusive cooperation agreements with Chongqing Genor Biopharma Co., Ltd. for Class 1 therapeutic biological products for passive immunization against tetanus and suspected rabies virus exposure.

Wasion Holdings (03393) Wins Top Prize in State Grid's 2025 Second Secondary Metering Equipment Tender with Total Contract Value Exceeding RMB 165 Million

According to Zhitong Finance APP, Wasion Holdings (03393) announced that on September 19, 2025, State Grid Corporation of China announced the results of the 2025 second metering equipment tender. The company's subsidiary Wasion Group Limited won contracts for approximately 487,000 smart meters and metering low-voltage current transformers, with contract value of approximately RMB 97.48 million. Additionally, the company's subsidiary Wasion Information Technology Co., Ltd. won contracts for approximately 37,000 smart integrated terminals and dedicated transformer collection terminals, with contract value of approximately RMB 67.96 million. The company ranked first in total contract amount obtained in this tender.

Changhong Jiahua (03991) Receives Privatization Offer from Changhong Group at Premium of Approximately 32.93%, Trading to Resume on September 23

According to Zhitong Finance APP, Changhong Jiahua (03991) and offeror Rainbow Investment Limited jointly announced that on September 22, 2025, the offeror and the company entered into an implementation agreement for a scheme proposal to scheme shareholders. If approved and implemented, the company will be privatized by the offeror through the scheme, and the ordinary shares' listing status on the Stock Exchange will be withdrawn. The company has applied to the Stock Exchange for resumption of trading in ordinary shares from 9:00 AM on September 23, 2025.

FOURTH PARADIGM (06682) Launches "Xinchuang Model Box" ModelHub XC Connecting Domestic GPUs and Large Models

On September 22, FOURTH PARADIGM officially launched the "Xinchuang Model Box" ModelHub XC platform, Xinchuang community, and Xinchuang model adaptation value-added services. Leading chip manufacturers including Huawei Ascend, Biren Technology, Tianshu Zhixin, Kunlun Core, Moore Threads, and XPEED, along with customer partner CRRC Information, witnessed the launch.

Hong Kong New Stock Butong Group (06090) Dark Pool Once Rose Over 50%

Hong Kong new stock Butong Group's dark pool trading once rose over 50%. Public data shows Butong Group is a Chinese company focused on designing and selling childcare products. The global offering involves 10.9809 million offer shares; Hong Kong offering includes 1.0981 million offer shares; international offering includes 9.8828 million offer shares. The maximum offer price is HK$71.2 per offer share.

**Individual Stock Spotlight**

Lingbao Gold (03330): Benefits from Rising Gold Prices

The company currently owns five major mining production bases and one smelting and processing enterprise, forming a production scale of 7,000 tons of daily ore mining and processing, 1,000 tons of daily gold concentrate processing, annual production of 30 tons of gold, 30 tons of silver, 15,000 tons of electrolytic copper, and 100,000 tons of industrial sulfuric acid.

As of the end of 2024, the company held 37 mining rights and exploration rights, with total exploration and mining area reaching 216.04 square kilometers and total gold resources of 131.8 tons. The company's mineral gold production has remained stable since 2022 at 5-5.5 tons annually. In the first half of 2025, the company's gold production surged 59.8% to 2.9 tons.

The company's revenue mainly comes from gold smelting business, while profits are primarily contributed by gold mining business. In the first half of 2025, the company achieved revenue of RMB 7.8 billion, up 82% year-on-year, with main income from gold smelting. The smelting and mining segments accounted for 81.4% and 18.5% of revenue respectively in H1 2025.

The company's net profit attributable to shareholders has continued to grow since 2020, with significantly accelerated growth since 2024 as profits are being rapidly released.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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