In today’s briefing:
- Hisense Home Appliances (921 HK): Global Index Deletion Coming Up
- Tencent (700 HK): 2Q25 Preview, Game Up by 16%
- Tencent (700 HK): How Traders Are Positioning Into Earnings
- Tencent (700 HK) Earnings on 13 Aug: Patterns, Pricing, and Possibilities
- Google Is Our Biggest Rival, Kuaishou’s AI Video Chief Says
- JD.com Sets Sights on Europe as It Moves to Buy Ceconomy in $2.4 Billion Deal
- Innovation Global Industries Holdings Limited Pre-IPO Tearsheet
- Pre-IPO Our United Corporation – The Business and the Concerns Behind
- Guming Holdings Lockup Expiry – US$1.5bn Lockup Expiry with Everyone Well in the Money
Hisense Home Appliances (921 HK): Global Index Deletion Coming Up
- The fall in Hisense Home Appliances Group (921 HK)‘s stock price over the last year puts it at risk of deletion from a global index in August.
- Short interest and positioning have picked up in the stock over the last couple of weeks and there should be short covering against the passive selling.
- The AH premium for Hisense Home Appliances Group could increase over the near-term as positioning continues ahead of the passive selling.
Tencent (700 HK): 2Q25 Preview, Game Up by 16%
- We believe game revenue will continue to recover in 2Q25, riding on the policy easing.
- We also believe the operating margin will improve slightly due to the usage of AI.
- We expect the stock has an upside of 23% for year end 2025.
Tencent (700 HK): How Traders Are Positioning Into Earnings
- Context: Tencent (700 HK) is set to release Q2 earnings on 13 April 2025. In the lead-up, options strategies on the Hong Kong Exchange showcase a variety of approaches.
- Highlights: Recent option trades show a mix of bullish and bearish sentiment. Calendar Spreads, Strangles, and Spreads using weekly options are explored.
- Why Read: This review offers real-market insight into how sophisticated participants are positioning around Tencent’s earnings — providing actionable reference points for structuring trades or assessing market expectations.
Tencent (700 HK) Earnings on 13 Aug: Patterns, Pricing, and Possibilities
- Context: Tencent (700 HK)is set to release Q2 earnings on 13 August 2025, 8:00pm HK time. The stock is in a low-volatility phase, but options traders are watching closely.
- Highlight: Option prices imply a post-earnings move near the top of Tencent’s historical range.
- Why Read: Gain insight into how historic patterns and option pricing shape risk and opportunity ahead of Tencent’s earnings release.
Google Is Our Biggest Rival, Kuaishou’s AI Video Chief Says
- An executive at Kuaishou Technology has identified Google as the No. 1 rival to its artificial intelligence (AI) video generator Kling AI, as the short-video specialist tries to capitalize on growing public interest in the tools.
- “Google is a very strong competitor to Kling AI in areas ranging from technology to AI infrastructure and talent, with co-founder Sergey Brin personally overseeing the research and development of its video generation models,” Wan Pengfei, head of Kuaishou’s visual generation and interaction center, said in an interview with Caixin on the sidelines of the World Artificial Intelligence Conference held in Shanghai from Saturday to Monday.
- Riding the AI video wave sparked by OpenAI’s text-to-video model Sora in early 2024, Kuaishou in June that year launched Kling AI, which can create short videos from written prompts and images.
JD.com Sets Sights on Europe as It Moves to Buy Ceconomy in $2.4 Billion Deal
- JD.com is making its boldest push yet into the European market. On Thursday, the Chinese e commerce giant announced plans to acquire all outstanding shares in Germany’s CeconomyAG, the parent company of electronics retailers MediaMarkt and Saturn, in a cash offer valuing the deal at about 2.2 billion euros ($2.5 billion).
- Through its wholly owned subsidiary Jingdong Holding Germany GmbH, JD.com is offering 4.60 euros per share, a 43% premium to Ceconomy’s three month volume weighted average price and 23% above its July 23 close, before news of the potential takeover emerged.
- Shares rose to 4.41 euros Thursday, up 1.26%. Upon completion, Ceconomy would be privatized and delisted.
Innovation Global Industries Holdings Limited Pre-IPO Tearsheet
- Innovation Global Industries (IGI HK) is looking to raise at least US$100mn in its upcoming Hong Kong IPO. The deal will be run by Huatai Financial and CICC.
- Innovation Group Industries Holdings is an upstream aluminium production company that primarily focuses on aluminium smelting and alumina refining.
- Historically, the sale of electrolytic aluminum has been the main revenue driver for IGI, accounting for 95.5%, 90.5% and 85% of IGI’s revenue in 2022, 2023 and 2024.
Pre-IPO Our United Corporation – The Business and the Concerns Behind
- OUR United’s business model is “high-end equipment sales + solution services”. The training system for domestically produced equipment is not yet fully mature, which limits large-scale promotion in hospitals.
- OUR United’s products haven’t been widely recognized.Hospitals generally hold a cautious attitude towards domestic equipment, especially when it comes to complex cases, relying more on technological maturity of imported equipment.
- After the final round of financing, the valuation of OUR United was RMB5.135 billion, which is expensive due to the slow revenue growth and the uncertainties in commercialization outlook.
Guming Holdings Lockup Expiry – US$1.5bn Lockup Expiry with Everyone Well in the Money
- Guming Holdings (1364 HK) raised around US$233m in its Hong Kong IPO in Feb 2025. Its pre-IPO and cornerstone investors will be released from their lockup soon.
- After a hesitant start, the shares are now trading well above the listing price, leaving its pre-IPO and cornerstone investors well in the money.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
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