Daily Brief China: Yixin Group , Geely Auto, Jinke Smart Services, HashKey Digital Asset Group Lt, Meituan, Ping An Insurance (H), Xiamen Tungsten Co Ltd A, Guangdong Topstar Technolo-A, InxMed and more

• There are 2 constituent changes for the CSI Hong Kong Connect Internet Index in December. Plus there are large capping changes for some stocks.
• Estimated one-way turnover at the rebalance is 11.9% and the round-trip trade is HK$26.6bn (US$3.4bn). There are 16 stocks with more than 1x ADV to trade.
• The adds drifted lower vs the deletes in September and October but have started outperforming in December. There could be more outperformance following announcement of the index changes.

• The deliveries still grew strongly by 24% YoY in November 2025.
• We believe Geely will take BYD’s place as the largest Chinese producer.
• We also believe the stock has an upside of 49% for the next twelve months.

• Jinke Smart Services (9666 HK)’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.
• The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).
• Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. 

• HashKey Digital Asset Group Lt (2365361D HK) is looking to raise at least US$200m in its upcoming Hong Kong IPO.
• It operates the largest licensed crypto exchange in Hong Kong.
• In this note, we look at the firm’s past performance.

• After a tragic 61.4pp underperformance against the HSI in 2025, the market is almost unanimously bearish on Meituan (3690 HK), which presents opportunities in 2026.
• Negative news did not push it further down; P/B is at over 1SD below average, and net cash-to-share price is 5.6pp above the historical average.
• 3Q25 margins are so depressed that sustaining the price war is difficult. As the 7th-heaviest HSI constituent, it is the one to move the Index next year. 

• Ping An L&H: quality-focused restructuring has nearly doubled agent productivity since 2019, pushing NBV to post-Cvoid highs despite a much smaller agency force.
• Ping An P&C: tech integration and enablement is closing the gap vs. market leader in product distribution and customer acquisition.
• Integrated finance and health/senior care strategy presents cross-selling opportunities and differentiated upside not yet priced in.

• Xiamen Tungsten holds a dominant position in the global tungsten market, benefiting from a vertically integrated business model that spans from mining to high-value-added downstream products.
• Strategic expansion into new energy materials, particularly battery cathodes, positions the company to capitalize on the rapid growth of the electric vehicle (EV) and energy storage markets.
• While exposed to commodity price volatility and regulatory risks, the company’s strong market share, diversified operations across tungsten, rare earths, and battery materials, and consistent financial performance provide a solid foundation for future growth.

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• After suspending shares for near-on three weeks, Boyu had a change of heart on the 18th November, and tabled a delisting Offer for Jinke Smart Services (9666 HK). 
• Boyu is offering HK$8.69/share IF the Scheme-like vote and 90% tendering conditions are satisfied. Failing that, the unconditional MGO price of $6.67/share is the fall-back.
• The Revised Composite Doc is now out, with the EGM on the 24th December. The IFA says “fair & reasonable“. They said the same at HK$6.67/share. 

• Guangdong Topstar Technology is an integrated industrial automation solutions provider in China, focusing on intelligent equipment such as industrial robots, injection molding machines, and CNC machines. The company aims to provide turnkey smart factory solutions, leveraging its core technologies in controllers, servo drives, and vision systems.
• The company is experiencing severe financial distress, evidenced by a dramatic decline in revenue and a shift to a significant net loss in the most recent full fiscal year. This is corroborated by deeply negative multi-year compound annual growth rates (CAGRs) for both revenue and net income.
• While Topstar operates in the high-growth Chinese industrial automation market, which benefits from strong secular tailwinds like rising labor costs and government support, its recent performance indicates significant execution challenges and intense competitive pressures from both domestic and international players.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• InxMed, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and CCBI are the joint book runners.
• In this note, we look at the company’s core product, ifebemtinib, and assess the selling point around the core product.
• We also look at the company’s pre-IPO investors and management team.