Daily BriefsTMT/Internet

Daily Brief TMT/Internet: Tencent, NVIDIA Corp, Hang Seng Index, NetEase , Unisound AI Technology and more

In today’s briefing:

  • Tencent/Netease: One Approval for Tencent in June
  • NVIDIA (NVDA US) At All-Time High Acquires CentML: Weekly Tactical Outlook (June 30 – July 4)
  • Hong Kong Single Stock Options Weekly (June 23 – 27): Breadth Snaps Back and Option Volumes Surge
  • Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding
  • Unisound AI IPO (9678.HK): Pricing and Hong Kong Debut, Low Float and High Valuation


Tencent/Netease: One Approval for Tencent in June

By Ke Yan, CFA, FRM

  • China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.
  • The pace of China game approval appears to have accelerated to the same level as pre-tightening.
  • In June, Tencent received approval for a domestic game. The company, with Netease and Kingsoft, also received approval for one imported game each.

NVIDIA (NVDA US) At All-Time High Acquires CentML: Weekly Tactical Outlook (June 30 – July 4)

By Nico Rosti

  • NVIDIA Corp (NVDA US)  stock keeps climbing towards an hypothetical 5 trillion $ market cap, as the artificial intelligence (AI) trade accelerates.
  • Unconfirmed rumors say NVIDIA has acquired CentML, a machine learning startup that provides an optimization platform to enhance the efficiency and cost-effectiveness of AI model training and deployment.
  • After 5 weeks up in a row and a furious, vertical rally, the stock begins to appear OVERBOUGHT, according to our model.

Hong Kong Single Stock Options Weekly (June 23 – 27): Breadth Snaps Back and Option Volumes Surge

By John Ley

  • Breadth rebounded sharply after last week’s weakness, with most single stocks posting gains.
  • Single stock option volumes surged, reaching the highest levels seen since early April.
  • Xiaomi stood out this week across multiple contract and volume statistics.

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

By Joe Jasper

  • We discussed in last week’s June 19 report how bullish price and RS trends on Israel’s TA-125 was our tell that global equities were looking past Israel-Iran tensions.
  • Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
  • As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).

Unisound AI IPO (9678.HK): Pricing and Hong Kong Debut, Low Float and High Valuation

By Andrei Zakharov

  • Unisound AI Technology, Chinese AI startup with focus on intelligent voice and speech processing technologies, priced its IPO at HK$205.00 per share, top of a range.
  • Beijing based AI company raised ~HK$320M in this offering, of which cornerstone investors acquired ~HK$95M worth of shares or ~30% of the total offer H shares.
  • The claw-back was triggered due to strong retail demand. The HK offering was ~92 times oversubscribed, and the allocation was increased to 624,400 H shares.

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