Daily Brief China: Iron Ore, Chow Tai Fook Jewellery, Vobile Group, Guangzhou Xiao Noodles Catering Management and more

• Iron ore futures hit a three-week high as shipments fell by 8.3% WoW, but blast furnace shutdowns signal weak demand and limit further upside.
• Managed money participants reduced net long exposure across all futures and options expiries, reflecting a more cautious market stance.
• The DCE-SGX spread has retreated from the upper Bollinger band and slipped below the 9-day MA, indicating softening momentum. 

• In this insight, we discuss about various aspects of Chow Tai Fook Jewellery (1929 HK) ‘s H1 FY2026 financial performance. It discusses about divergent performance by region and product.
• Details in this note include why dark clouds are looming over the stock price of this counter and why the valuation multiple could decline.
• Finally, we conclude discuss on valuation and how this will impact the stock price.

• Vobile Group is a global leader in SaaS solutions for digital content asset protection and monetization, poised for growth driven by the proliferation of online video and the increasing need for intellectual property protection.
• The company is strategically focused on leveraging Artificial Intelligence (AI) to enhance its service offerings and is expanding its footprint in the rapidly growing Chinese market, which now accounts for a significant portion of its revenue.
• Recent financial performance indicates strong top-line growth and improving profitability, with a notable surge in net profit and expanding gross margins, though the company currently does not pay a dividend.

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• Guangzhou Xiao Noodles Catering Management (XNC HK) launched its Hongkong IPO aiming to raise up to HK$686M. The company plans to sell 97.4M shares at HK$5.64-$7.04 per share.
• Xiao Noodles are a Chinese noodle restaurants operator in China. They operate the Xiao Noodles brand in the Chinese Mainland and Hong Kong SAR.
• The growth outlook quite justifies the incremental valuation. We think Xiao Noodles issue is attractively priced and investors can surely look to have a share in this secular growth story.