Daily Brief China: Shenzhen Han’s CNC Technology, Shenzhen Yueshi Holding, Hang Seng Index, Changzhou Xingyu Automotive Lighting Systems, Hand Enterprise Solutions, Harbin Yuyantang Traditional Chinese Medicine Outpatient Group, XREAL Ltd, Hongkong Land, NASN Intelligent Tech (Zhejiang) and more

• Shenzhen Han’s CNC Technology (3200 HK) raised around US$615m in its H-share listing in Feb 2026. The lockup on its cornerstones is set to expire soon.
• Shenzhen Han’s CNC Technology is a leading specialized PCB production equipment solution provider in China, focused on the manufacturing and sale of equipment used across key stages of PCB manufacturing.
• In this note, we will talk about the lockup dynamics and possible placement.

• Shenzhen Yueshi Holding is a technology-driven enterprise selling cold chain agricultural products and providing digital cold chain solutions. In 2025, it ranked sixth in China’s market with a 1.0% share.
• The company had over 1,200 sales customers and over 1,000 suppliers during the Track Record Period. Product sales revenue grew over 99.2% year-to-year from 2024 to 2025.
• In 2025, gross profit was RMB168,616 and adjusted net profit was RMB68,717. Net loss was RMB(1,764,225) in 2025, with net liabilities of RMB(274,008) as of December 31, 2024.

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• Hong Kong equities extended their rally with broad participation and continued outperformance versus North American technology stocks.
• Single stock option activity rebounded, with Call trading most active during the week’s strongest market session and Xiaomi seeing a large uptick in volume.
• Consumer Staples and Consumer Discretionary stood out as the strongest sectors during another broadly positive week.

• Changzhou Xingyu designs, manufactures, and sells automotive lighting products and electronic components globally, leveraging technology innovation and intelligent manufacturing. It is the largest provider in China and a major global.
• The company holds 11.6% Chinese automotive lighting market share and 10.2% global intelligent automotive lighting market share in 2025. It covers nine of the world’s top ten automotive manufacturers.
• Revenue was RMB15,256,666 and profit for the year was RMB1,624,084 in 2025. Total equity was RMB11,573,021 as of March 31, 2026.

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• Hand Enterprise Solutions Co., Ltd. is a proven enterprise IT consulting and digital solution service provider in China, offering solutions to large and top-tier enterprises. It ranks fourth overall and.
• Revenue increased by 8.7% from RMB2.98 billion in 2023 to RMB3.24 billion in 2024, and profit increased by 19.2% to RMB234.1 million in 2025.
• In 2025, revenue was RMB3,415,370, gross profit was RMB1,188,101, and gross profit margin was 34.8%.

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• Harbin Yuyantang is a private chain TCM healthcare service provider in China, operating through self-established offline medical institutions. It offers integrated TCM healthcare services, focusing on chronic disease treatment and.
• Harbin Yuyantang ranked fifth in China in 2025. Its offline medical institutions increased from 14 to 59 by May 2026. Revenue grew from RMB150.0 million to RMB399.7 million.
• Revenue was RMB399,725 in 2025, with profit for the year at RMB70,467. Net current liabilities were RMB15,108 as of May 31, 2026.

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• XREAL’s HKEX IPO is a critical refinancing event rather than a strategic milestone. The company’s cash and cash equivalents dwindled to 64 million yuan at the end of 2025, while its annual adjusted losses over the past three years reached nearly 1.1 billion yuan. With 2025 sales, administrative, and R&D expenses standing at 2.35 times its gross profit, the company is heavily reliant on the IPO to survive its cash-burn rate.
• The transition to spatial computing via the Google Android XR partnership is a high-risk gamble. While the upcoming XREAL AURA glasses boast a 70-degree field of view and integration with Google Gemini, the wired split-device design (relying on a companion compute puck) runs counter to the explosive consumer preference for lightweight, untethered smart glasses.
• Luxshare’s operational leverage and equity backing provide a vital safety net, but also limit margins. Luxshare’s 1.18% stake and assembly partnership shield XREAL from the manufacturing scaling challenges faced by smaller players like Rokid and Viture. However, XREAL’s hardware-level 35.2% gross margin in 2025 is capped by expensive microOLED display panels and the high transaction costs of utilizing such advanced manufacturing partners.

• Strategic Vision 2035 accelerates under CEO Michael Smith, pivoting to a USD100 bn ultra-premium property manager, driving third-party capital expansion and double-digit dividend growth.
• Outstanding 1H 2026 results feature USD3.7bn in recycled capital, slashing gearing to 11%, validating the USD 1bn Tomorrow’s CENTRAL transformation in Hong Kong.
• The SGD8.2bn SCPREF launch and Orchard Road acquisition secure recurring fees; trading at a massive NAV discount, Hongkong Land offers immense upside with robust buybacks.

• NASN Intelligent launched its Hongkong IPO aiming to raise up to HK$ 643.9M (~ US$ 82M). NASN develops intelligent driving motion control technologies, currently offering brake-by-wire solutions.
• NASN Intelligent intends to use the IPO proceeds to enhance R&D capabilities, upgrade production/manufacturing facilities, raise service capabilities, raise brand recognition and working capital.
• Valuation that the company is seeking does seem stretched just because the company relatively is in its early stages of growth and it will slowly and steadily scale up.