**Today's Headlines**

**Stablecoin Ordinance Receives 77 Application Intentions in First Month, HKMA Reiterates: Only Several Stablecoin Licenses to be Issued in Initial Phase**

The Stablecoin Ordinance has been implemented since August 1, and the Hong Kong Monetary Authority (HKMA) previously encouraged institutions interested in applying for Hong Kong stablecoin issuer licenses to contact the authority by August 31. An HKMA spokesperson announced on September 1 that 77 application intentions were received in August, involving institutions from banks, technology companies, securities/asset management/investment firms, e-commerce, payment institutions, startups/web3 enterprises, and others. The spokesperson reiterated that in the initial phase of the ordinance implementation, only several stablecoin licenses will be granted.

**Market Outlook**

**US Stock Market Closed on September 1**

Due to the US Labor Day holiday, the US stock market will be closed on September 1. CME precious metals and crude oil contract trading will end early at 02:30 Beijing time on September 2, and stock index futures contract trading will end early at 01:00 Beijing time on September 2. ICE Brent crude oil futures contract trading will end early at 01:30 Beijing time on September 2.

**Hot Spots Preview**

**HKEX (00388) Optimizes Margin Collateral Arrangements, Non-cash Collateral Financing Fee to Drop to 0.25%**

On September 1, Hong Kong Exchanges and Clearing Limited (00388) announced that it will optimize the margin collateral arrangements of its securities and derivatives clearing houses. These measures are part of HKEX's commitment to enhancing market efficiency and reducing costs for market participants. HKEX will adjust the calculation method for interest paid to participants on cash collateral by its clearing houses and reduce financing fees for non-cash collateral. The financing fee for non-cash collateral will be reduced from 0.5% per annum to 0.25%.

**Securities Firms' Hong Kong Stock Connect Trading Volume Reaches HK$12.76 Trillion in First Half**

According to the latest disclosure by the Securities Association of China on securities firms' operating conditions for the first half of 2025, mainland securities firms had established 36 overseas subsidiaries by the end of the first half of this year, with total assets reaching HK$1.64 trillion, an increase of 20.45% year-on-year. Overseas subsidiaries participated in serving 40 companies listing on HKEX, with financing amounts reaching HK$108.1 billion. Cross-border business inventory at the end of the first half was 948.1 billion yuan, an increase of 21.37% year-on-year. Securities companies handled Hong Kong Stock Connect trading volume of HK$12.76 trillion for clients; through Hong Kong subsidiaries, they actively served Shanghai-Shenzhen Stock Connect trading volume of 19.7 trillion yuan.

**JD.com-SW (09618): Proposes to Acquire CECONOMY AG at €4.6 per Share**

JD.com-SW (09618) announced that on September 1, 2025, JD.com Group (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), through its wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the offeror), published an offer document. The offer document relates to a voluntary public takeover offer to all shareholders of CECONOMY AG (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares of CECONOMY (CECONOMY shares) for cash consideration of €4.60 per share. The company previously announced its decision to make this acquisition offer on July 30, 2025.

**New World Development (00017) Controlling Shareholder Cheng Family Considers Capital Injection as Early as End of This Year**

According to foreign media reports, the Cheng family, the controlling shareholder of New World Development, is considering injecting capital into New World Development as early as the end of this year. The Cheng family may contribute approximately HK$10 billion and is seeking partners who can provide roughly equivalent funding in exchange for equity. The plan under discussion is to establish a joint venture to provide liquidity to New World. Negotiations are ongoing, and details of the transaction size and structure may still change. Companies participating in the capital injection negotiations include Blackstone and CapitaLand Group. Both companies may be in talks with New World regarding the acquisition of some of its assets.

**Weihai Bank (09677) Enters into Conditional Domestic Share Subscription Agreements with Shandong Hi-Speed Group and Shandong Hi-Speed**

Weihai Bank (09677) announced that on September 1, 2025, the bank entered into conditional domestic share subscription agreements with Shandong Hi-Speed Group and Shandong Hi-Speed respectively. Shandong Hi-Speed Group and Shandong Hi-Speed conditionally agreed to subscribe for, and the bank conditionally agreed to issue and allot, no more than 324 million domestic shares and no more than 106 million domestic shares respectively, totaling no more than 430 million domestic shares, at a subscription price of RMB 3.29 per domestic share, contributing approximately no more than RMB 1.067 billion and RMB 348 million respectively (equivalent to HK$1.171 billion and HK$382 million respectively, based on the exchange rate on the date of the board meeting).

**China Merchants Bank (02016) Invests 994 Million to Increase Capital in Zheyin Financial Leasing, Shareholding Ratio Rises to 54.04%**

China Merchants Bank (02016) announced that on September 1, 2025, the bank entered into a capital increase subscription agreement with Zheyin Financial Leasing. According to the capital increase subscription agreement, Zheyin Financial Leasing will issue 700 million additional shares at a subscription price of RMB 1.9875 per additional share. The bank will subscribe for 500 million additional shares with a total subscription amount of RMB 994 million. Zhoushan Marine Comprehensive Development Investment Co., Ltd. (Zhoushan Marine Investment), one of Zheyin Financial Leasing's shareholders, will also subscribe for 200 million additional shares at the same subscription price. Zhejiang Innovation Investment Group Co., Ltd. (Provincial Innovation Investment Group, formerly Zhejiang Financial Holdings Co., Ltd.), one of Zheyin Financial Leasing's shareholders, will not participate in this capital increase subscription.

**UBTECH CEO Zhou Jian: Humanoid Robots Have Entered Broader Industry Scenarios, Expected Annual Production Capacity to Exceed 1,000 Units**

UBTECH founder, Chairman and CEO Zhou Jian stated that the company's humanoid robots have expanded from automotive industrial scenarios to broader customer groups, including 3C manufacturing, heavy equipment, advanced semiconductor manufacturing, aerospace and other industries. In the second half of the year, more humanoid robot production line cooperation will be conducted in global large-scale employment scenarios. Combined with first-half and current potential customer orders, it is expected that industrial humanoid robot deliveries will exceed 500 units this year, with annual production capacity exceeding 1,000 units. UBTECH Vice President and Executive Dean of Research Institute Jiao Jichao stated that UBTECH has maintained very close and in-depth cooperation with NVIDIA on the Jetson series platform. The company will further introduce Thor chips to enhance edge computing autonomous capabilities and further conduct large model distillation.

**Tianqi Lithium (09696): Annual Production of 50 Tons Lithium Sulfide Pilot Project Has Substantially Commenced Construction**

On the afternoon of September 1, Tianqi Lithium stated at the 2025 semi-annual performance briefing that the company has successfully completed preparations for the industrialization of lithium sulfide, a core raw material for next-generation solid-state batteries, and continues to promote product quality improvement and cost reduction technology optimization. In response to downstream demand for lithium sulfide from sulfide solid-state electrolytes, the company's annual production of 50 tons lithium sulfide pilot project has substantially commenced construction. The project adopts independently developed new lithium sulfide preparation technology and equipment, with low risk and rapid mass production capabilities, planned to be built in Meishan, Sichuan.

**Yunfeng Financial (00376): Reaches Strategic Cooperation Agreement with Ant DigTech, Strategic Investment in Pharos Public Chain to Build Institutional-Grade RWA Financial New Infrastructure**

Yunfeng Financial (00376) announced that on September 1, 2025, the company reached a strategic cooperation agreement with Ant Digital Technology (the technology commercialization division of Ant Group); at the same time, the group made a strategic investment in Pharos Network Technology Limited (Pharos).

**August Data Summary for New Energy Vehicle Companies**

BYD (01211) announced that the company's new energy vehicle sales in August 2025 were 373,600 units, compared to 373,100 units in the same period last year; cumulative new energy vehicle sales from January to August were 2.864 million units, an increase of 23% year-on-year.

Great Wall Motor (02333) announced that in August 2025, total vehicle sales were approximately 115,600 units, an increase of 22.33% year-on-year; production was approximately 113,200 units, an increase of 15.64% year-on-year.

Geely Automobile (00175) announced that the group's total vehicle sales in August 2025 were 250,200 units, an increase of approximately 38% compared to the same period last year.

Li Auto-W (02015) announced that in August 2025, Li Auto delivered 28,529 new vehicles.

NIO-SW (09866) announced that the company delivered 31,305 vehicles in August 2025, an increase of 55.2% year-on-year.

XPeng Motors-W (09868) announced that in August 2025, XPeng Motors delivered a total of 37,709 smart electric vehicles, an increase of 169% year-on-year and 3% month-on-month, setting a new monthly delivery record. In the first eight months of 2025, XPeng Motors delivered a total of 271,615 smart electric vehicles, an increase of 252% compared to the same period last year.

**Individual Stock Highlights**

**HENLIUS (02696): US FDA Approves HLX14 (Denosumab, US Trade Names: BILDYOS® and BILPREVDA®) Two Products for 8 Indications Including Osteoporosis Treatment in Specific Populations**

HENLIUS (02696) announced that recently, the group received approval letters from the US Food and Drug Administration (FDA), and the Biologics License Applications (BLA) for BILDYOS® and BILPREVDA® were approved by the FDA. These trade names are registered trademarks of N.V. Organon in the United States. This FDA approval is primarily based on a comprehensive review of a series of comparative study data between HLX14 (denosumab) and its reference drug (Prolia®), including analytical similarity studies and clinical comparative studies. These study data fully demonstrate the high similarity between HLX14 and its reference drug in terms of quality, safety, and efficacy. According to the FDA's industry guidance "Scientific Considerations in Demonstrating Biosimilarity to a Reference Product," HLX14 is approved for all indications that the reference drugs Prolia® and XGEVA® have been approved for in the United States. At the same time, the group's HLX14-related production sites and facilities also underwent FDA's Pre-License Inspection (PLI), and these production sites and facilities all meet FDA's cGMP requirements. In addition, after the approval of BILDYOS® and BILPREVDA®, the group has accumulated six products approved for overseas markets and three products approved in the United States, further deepening global commercialization. This approval represents another recognition of the company's products by international mainstream markets and will further advance the company's international expansion process and enhance the international influence of the company's products.