Wöchentliche Marktübersicht: A-Aktien erreichen Jahreshöchststand, Cao Cao Chuxing listet an HK - Börse, Roborock u. a. suchen HK

Führen Sie Sie durch die wichtigsten Ereignisse auf den Kapitalmärkten in dieser Woche.

Weekly Market Review

A-shares

This week (from June 23rd to 27th), the A-share market rebounded strongly, with the Shanghai Composite Index returning above the 3,400 mark. Overall, during the week, the Shanghai Composite Index rose 1.91%; the Shenzhen Component Index rose 3.73%; the ChiNext Index rose 5.69%; the CSI 300 Index rose 1.95%; the STAR 50 Index rose 3.17%; and the CSI 1000 Index rose 4.62%. In terms of sectors, 25 out of the 31 Shenwan primary industries rose during the week. Among them, non-bank finance, computer, and communication sectors performed well, while petroleum and petrochemicals, coal, and transportation sectors lagged behind.

Hong Kong Stocks

This week, the Hong Kong stock market warmed up across the board, and all key indices recorded good gains. The Hang Seng Index rose 3.20% during the week; the Hang Seng Tech Index rose 4.06%. In terms of sectors, among the 12 Hang Seng industry indices, all industries except utilities recorded gains.

US Stocks

The three major US stock indices rose across the board this week. The Dow Jones Industrial Average rose 3.82%, the Nasdaq rose 4.25%, and the S&P 500 rose 3.44% during the week.

Weekly Positive News

National Development and Reform Commission: Foster and strengthen emerging and future industries, and carry out in-depth "Artificial Intelligence +" initiatives

The Party leadership group of the National Development and Reform Commission pointed out that it is necessary to accelerate the construction of a modern industrial system, promote the integrated development of scientific and technological innovation and industrial innovation, accelerate the cultivation and development of new productive forces, transform and upgrade traditional industries, foster and strengthen emerging and future industries, and carry out in-depth "Artificial Intelligence +" initiatives. It is also necessary to strengthen, optimize, and expand innovative enterprises. A national venture capital guidance fund will be established, focusing on cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage, investing in seed-stage and start-up enterprises, and appropriately considering small and medium-sized enterprises in the early and middle stages. The market-based management and exit mechanisms for funds will be smoothed out. Efforts will be made to break the "involutionary" competition. (Study Times)

National Development and Reform Commission: The third batch of funds for consumer goods trade-in programs will be allocated in July

On June 26th, Li Chao, the deputy director of the Policy Research Office of the National Development and Reform Commission, said that the third batch of funds for consumer goods trade-in programs this year will be allocated in July. At the same time, relevant parties will be coordinated to adhere to the principle of greater emphasis on sustainability and balance, formulate monthly and weekly plans for the use of national subsidy funds for each sector, and ensure the orderly implementation of the consumer goods trade-in policy throughout the year. (Securities Times)

Goldman Sachs: China's economic growth remains resilient, maintains an overweight recommendation for Chinese stocks

"In terms of market allocation, we maintain an overweight recommendation for A-shares and Hong Kong stocks. We expect the target level of the CSI 300 to be 4,600 points and the target level of the MSCI China to be 84 points, implying an upside potential of about 10%." At a media briefing on June 23rd, Fu Si, a China equity strategist at Goldman Sachs, said. In terms of sector allocation, Fu Si said that Goldman Sachs has recently upgraded the ratings of the banking and real estate sectors, mainly benefiting from domestic policy support. At the same time, it continues to overweight consumer-oriented sectors, including sub-sectors such as medical devices, consumer services, media, and e-commerce retail. Wang Lisheng, an economist at Goldman Sachs China, pointed out that China's economic growth remains resilient in the short term, and policy hedging will significantly increase in the second half of this year.

CATL: The energy density of the company's solid-state battery can reach up to 500Wh/kg, and it is cooperating on the development of civilian electric manned aircraft projects

36Kr learned that CATL said on the interactive platform that the energy density of its solid-state battery can reach up to 500Wh/kg. It is cooperating on the development of civilian electric manned aircraft projects, implementing aviation-grade standards and tests to meet aviation-grade safety and quality requirements.

More than 10 new products, including Xiaomi MIX Flip 2 folding phone and REDMI K80 Ultimate Edition, made their debut on Tmall

36Kr learned that on the evening of June 26th, more than a dozen new products, including the Xiaomi MIX Flip 2 folding phone, Xiaomi AI glasses, Xiaomi Watch S4 smartwatch, Xiaomi Band 10, Xiaomi Open Earbuds Pro, and REDMI K80 Ultimate Edition, made their debut on Tmall. Some new products enjoyed national subsidies and installment-free payment offers at the time of their debut. That evening, the number of visitors to Xiaomi's official Tmall flagship store reached a new high, with 6.5 million people flocking to make purchases.

Xiaomi Group launched Xiaomi AI glasses

36Kr learned that Xiaomi Group launched Xiaomi AI glasses, which support video calls and live broadcasts on third-party apps. The starting price is 1,999 yuan.

China independently developed a new generation of domestic general-purpose processors was released

The central processing unit (CPU) is the core component of a computer, just like the "brain" that commands the operation of each component. Today (June 26th), China's independently developed new generation of domestic general-purpose processor - Loongson 3C6000 was released in Beijing. The newly released Loongson 3C6000 uses the LoongArch instruction set independently designed by China and does not rely on any foreign-licensed technology. It is a new generation of general-purpose processor independently developed and controllable by China, which can meet the computing needs of multiple scenarios such as general computing, intelligent computing, storage, industrial control, and workstations. Currently, the 3C6000 series of processors has obtained the second-level certification, the highest current level of the "Safe and Reliable Evaluation Announcement", which can ensure the application safety in key areas. (CCTV News)

Pony.ai was included in the Nasdaq Golden Dragon China Index

36Kr learned that recently, the Nasdaq Golden Dragon China Index made a new round of adjustments to its constituent stocks, and Chinese Robotaxi company Pony.ai was officially included. The Golden Dragon Index is a vane for Chinese concept stock investment targets. Inclusion in this index means that Chinese autonomous driving technology represented by Pony.ai has entered the mainstream investment vision, attracting investments from ETF funds, hedge funds, and long-term investors. The company's stock liquidity and capital market status will be further enhanced.

Apple's official website supports national subsidies for the first time, with a maximum subsidy of no more than 2,000 yuan

36Kr learned that Apple's official website supports national subsidies for the first time. The event page shows that designated products can enjoy national subsidies of up to 2,000 yuan. Eligible consumers who purchase participating iPhones, iPads, and Apple Watches can enjoy a 15% national subsidy on top of the final price of the product, with a maximum subsidy of 500 yuan per item, limited to single products with a final price of no more than 6,000 yuan. Consumers who purchase participating Macs can enjoy a 20% national subsidy on top of the final price of the product, with a maximum subsidy of 2,000 yuan per item. It should be noted that the event is only available at the Apple Store online store (with a Beijing delivery address) and Apple Store retail stores (in the Shanghai area).

Inspur Information: Plans to repurchase company shares with 200 million - 300 million yuan

36Kr learned that Inspur Information announced that the company plans to use its own funds and self-raised funds to repurchase some of its A-share shares through centralized competitive trading for the purpose of reducing the company's registered capital. The total amount of funds for this repurchase is not less than 200 million yuan (inclusive) and not more than 300 million yuan (inclusive), and the repurchase price is not more than 75.59 yuan per share. The repurchase period is within 12 months from the date when the company's shareholders' meeting approves this share repurchase plan. The company recently obtained a "Letter of Commitment for Listed Company Stock Repurchase Loan" issued by the Shandong Branch of Industrial and Commercial Bank of China Limited, with a loan amount of no more than 270 million yuan and a loan term of no more than 3 years.

Weekly Negative News

68 stocks will face share unlocks next week

Next week (from June 30th to July 6th), 68 stocks will be unlocked. Based on the latest closing prices, the total unlocked market value is 81.671 billion yuan. Next week, 403 million shares of AVIC UAS will be listed and circulated, mainly the restricted shares of the original shareholders at the initial public offering, with an unlocked market value of 20.02 billion yuan. The unlocking scale of Diract Pharma - U ranks second. Next week, 223 million shares will be listed and circulated, mainly the restricted shares of the original shareholders at the initial public offering, with an unlocked market value of 13.272 billion yuan. In contrast, the unlocking pressure of 6 stocks, including Gaishi Food, Zhimingda, Follett, and Quzhou Development, is relatively small, with an unlocked market value of less than 10 million yuan each. (Securities Times)

Bona Film Group: Shareholders such as CITIC Securities Investment plan to reduce their holdings of the company's shares by no more than 5.0016%

36Kr learned that Bona Film Group issued an announcement that shareholder CITIC Securities Investment Co., Ltd. and its persons acting in concert plan to reduce their holdings of the company's shares by no more than 40.9764 million shares (accounting for 3% of the company's total share capital). Shareholder Zhejiang Dongyang Alibaba Pictures Co., Ltd. plans to reduce its holdings of the company's shares by no more than 27.3389 million shares (accounting for 2.0016% of the company's total share capital).

Jinsheng New Materials: The CSRC decided to file a case against the company for suspected illegal and irregular information disclosure

36Kr learned that Jinsheng New Materials issued an announcement that the company received a notice of case filing issued by the CSRC on June 27, 2025. Due to the company's suspected illegal and irregular information disclosure, the CSRC decided to file a case against the company in accordance with relevant laws and regulations.

Jensen Huang has recently reduced his holdings of 225,000 shares of NVIDIA stock, cashing out nearly $33.2 million in total

On June 26th local time, documents submitted by NVIDIA to the US Securities and Exchange Commission (SEC) showed that NVIDIA CEO Jensen Huang has cumulatively reduced his holdings of 225,000 shares of NVIDIA stock since June 20th, cashing out nearly $33.2 million. (Jiemian News)

National Bureau of Statistics: Multiple factors have affected the decline in industrial enterprise profits

36Kr learned that Yu Weining, a statistician from the Industrial Department of the National Bureau of Statistics, said that multiple factors have affected the decline in industrial enterprise profits. From January to May, industrial enterprises above designated size achieved a total profit of 2.72043 trillion yuan, an increase of 603.41 billion yuan compared with the period from January to April. However, affected by multiple factors such as insufficient effective demand, falling industrial product prices, and short-term factor fluctuations, the profit decreased by 1.1% year-on-year. From the perspective of profit composition, the base of short-term factors such as investment income in the same period of the previous year was relatively high, pulling down the profit growth rate of industrial enterprises above designated size from January to May by 1.7 percentage points.

IPO Message Board

New Stocks Listing

Caocao Chuxing

On June 25th, Caocao Chuxing was listed on the main board of the Hong Kong Stock Exchange, becoming the largest mobility platform in the Hong Kong stock market.

The prospectus shows that as of March 31, 2025, the number of cities covered by Caocao Chuxing increased to 146. In the first quarter, the total GTV increased by 54.9% year-on-year, the order volume increased by 51.8% year-on-year, the revenue reached 4.2 billion yuan, and the gross profit margin rose to 8.5%. All key indicators showed significant improvements compared with the same period in 2024.

As of the close of the first trading day, Caocao Chuxing closed down 14.2%, at HK$36.00 per share, with a total market value of HK$19.6 billion.

Chow Tai Fook

On June 26th, Chow Tai Fook was officially listed on the Hong Kong Stock Exchange. Chow Tai Fook integrates the development and design, procurement and supply, franchising, and brand operation of jewelry products. As of the end of 2024, the company had 4,129 stores, including 4,038 franchised stores and 91 self-operated stores, with franchised stores accounting for 97.80%.

From 2022 to 2024, the company's revenues were 3.102 billion yuan, 5.15 billion yuan, and 5.718 billion yuan respectively; the corresponding annual profits were 575 million yuan, 660 million yuan, and 706 million yuan respectively, showing a continuous upward trend in performance.

As of the close of the first trading day, Chow Tai Fook closed up 25.00%, at HK$30.00 per share, with a total market value of HK$11.5 billion.

Ongoing Listings

Anjoy Foods

36Kr learned that Anjoy Foods announced on the Hong Kong Stock Exchange that the company plans to globally issue 39.9947 million H shares (subject to the exercise of the over-allotment option), with 3.9995 million shares for Hong Kong public offering and 35.9952 million shares for international offering. The share offering period is from June 25th to June 30th, 2025, and the expected pricing date is July 2nd. The issue price will not be higher than HK$66.00 per share, and the trading unit per lot is 100 shares. Goldman Sachs and CICC are the joint sponsors. It is expected that the shares will start trading on the Stock Exchange on July 4th, 2025.

Unisoc

The filing materials for the listing guidance of Unisoc (Shanghai) Technology Co., Ltd. have been registered. The guidance institution is Guotai Junan Securities and Haitong Securities. The company is engaged in chip design and plans to conduct an IPO on the A-share market. (Science and Technology Innovation Board Daily)

Jiangsu Yadian Technology

36Kr learned that according to the Shanghai Stock Exchange, the IPO application of Jiangsu Yadian Technology Co., Ltd. (referred to as "Yadian Technology") on the Science and Technology Innovation Board has been accepted.

Zijin Gold International

IFR reported, citing people familiar with the matter, that Zijin Gold International plans to apply for a Hong Kong IPO in the next few weeks, raising about $1 billion to $2 billion. (Caixin)

Reconova

It is reported that Xiamen Reconova Information Technology Co., Ltd. plans to conduct an IPO in Hong Kong. (Sina Finance)

FWD Group

36Kr learned that on June 26th, FWD Group under Richard Li issued an announcement on the Hong Kong Stock Exchange. The share offering period is from June 26th to July 2nd, 2025. It plans to globally issue 91.3421 million shares, with 10% for Hong Kong public offering and 90% for international offering, and an additional 15% over-allotment option. The issue price per share is HK$38.00, and the trading unit per lot is 100 shares. It is expected that the shares will start trading on the Stock Exchange at 9:00 a.m. on July

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