Fitch Ratings revised the outlook on MEITUAN-W (03690.HK)’s Long-Term Issuer Default Rating (IDR) to Negative from Stable, while affirming its BBB+ issuer rating. Fitch also affirmed Meituan’s senior unsecured rating and the BBB+ rating on its outstanding US dollar senior notes.

The outlook revision reflected that, following the launch of a subsidy war in 2Q25, escalated competition in the food delivery sector sparked a slower-than-expected recovery in Meituan’s profitability and FCF. Heavy subsidy spending eroded short-term earnings visibility. Fitch expected Meituan’s FCF not to turn positive until 2027, assuming competition eases meaningfully.

The rating affirmation reflected Fitch’s view that Meituan’s recovery trajectory remains intact, albeit delayed. Fitch believed that once competition normalizes, Meituan’s leading market position in China's local-services sector and efficiency edge against its competitors will support its recovery. The rating also took into account the company’s net cash position, which provides flexibility to absorb short-term earnings pressure.
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CITIC SEC (06030.HK) announced that, for 1Q26, operating revenue amounted to RMB23.155 billion, representing a YoY increment of 40.91%, in accordance with China Accounting Standards for Business Enterprises. It recorded a net profit of RMB10.216 billion, up 54.6% YoY, while basic EPS was RMB0.67.
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As announced by CHINA OVERSEAS (00688.HK), for March 2026, the contracted property sales of the China Overseas Series of Companies amounted to approx. RMB28.578 billion, with a YoY increase of 34.8%, and the corresponding sales area was approx. 941,800 square meters, down 0.6% YoY.

From January to March 2026, the accumulated contracted property sales of the China Overseas Series of Companies amounted to approx. RMB51.52 billion, up 11% YoY, and the accumulated corresponding sales area was approx. 1.8171 million square meters, down 17.1% YoY.
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NEW WORLD DEV (00017.HK)'s The Pavilia Farm III in Tai Wai had its price list updated today (9th), involving revised prices for 50 units.

Sunny Cheng, Director of Ricacorp Properties (New Territories), said that after the update, discounted prices start from HKD7.458 million, with discounted price per square foot starting from HKD19,597. Compared to the overall secondary market transaction price of HKD22,564 per square foot in the same housing estate in March, the project still offers a discount of more than 10%, which was believed to be appealing to both investors and end-users.
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CATL (03750.HK) has signed a strategic cooperation agreement with Guangzhou Public Transport Group to deepen collaboration in areas including battery supply, maintenance, recycling, and battery swap network development.

The two parties are set to jointly plan a taxi battery swap network in Guangzhou to provide diversified energy replenishment solutions for residents, while also expanding into new business areas such as electric vessels and the low-altitude economy.
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The Pavilia Farm III in Tai Wai updated its price list today, involving 50 units, with an average discounted price of $21,344 per square foot and an entry price of $7.458 million.

Louis Chan, Vice Chairman and Chief Executive Officer (Residential) of Asia Pacific at Centaline Property, said that, the new price list for The Pavilia Farm III represents about a 10% discount from the current secondary market prices of The Pavilia Farm I and II, making the pricing attractive and competitive.

The project enjoys a strategic location with convenient transport and living facilities. Coupled with the advantage of completed units, tenancy is assured.

Chan expected rental levels for this phase to reach $65-70 per square foot, comparable to urban projects, with rental yields estimated at 3.5-4%, which will definitely attract investors.

He forecasted that half of the units in this project will be purchased by buy-to-let investors, with an equal number bought by users, including buyers from mainland China.
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The Central Residence By The Park in Central Mid-Levels, co-developed by PCPD (00432.HK) and CSI PROPERTIES (00497.HK), had its final special platform unit launched today (9th), which will be offered for sale by tender next Monday (13th).

The project provides a total of two similar platform units, all of which have now been released and are expected to be well received by the market.
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At close, HSI dropped 140 pts or 0.5% to 25,752. HSTI dropped 101 pts or 2.1% to 4,821. HSCEI fell 65 pts or 0.8% to 8,611. Market turnover reached $244.98 billion.

Active Heavyweights:
XIAOMI (01810.HK) closed at $31.36, down 4.3%
BABA (09988.HK) closed at $122.9, down 2.8%
MEITUAN (03690.HK) closed at $88, down 0.6%
PING AN (02318.HK) closed at $62.25, down 0.2%
TENCENT (00700.HK) closed at $508.5, up 0.1%

HSI & HSCEI Constituents on Move:
LONGFOR (00960.HK) closed at $7.43, down 5.6%
XPENG-W (09868.HK) closed at $66.95, down 5.4%
CHINAHONGQIAO (01378.HK) closed at $39.3, up 5.2%
ALI HEALTH (00241.HK) closed at $4.65, down 5.1%
BYD COMPANY (01211.HK) closed at $101.8, down 4.7%
LI NING (02331.HK) closed at $22.66, up 3.7%
KUAISHOU-W (01024.HK) closed at $45.02, down 3.6%
CHINA RES MIXC (01209.HK) closed at $48.42, up 3.6%
WUXI APPTEC (02359.HK) closed at $128.9, up 3.5%
GEELY AUTO (00175.HK) closed at $24.38, up 2.4%, hitting new high

HSMI & HSSI Constituents on Move:
XUNCE (03317.HK) closed at $288, up 23.9%, hitting new high
160 HEALTH (02656.HK) closed at $53, down 21.6%
WELLCELL HOLD (02477.HK) closed at $18.26, down 11.3%
HAIXI PHARMA (02637.HK) closed at $206, up 9.2%, hitting new high
GOFINTECH QUANT (00290.HK) closed at $6.17, up 7.7%, hitting new high
YOFC (06869.HK) closed at $240.4, up 6.9%, hitting new high
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MANYCORE TECH (00068.HK), one of the Hangzhou Six Little Dragons, launched its IPO from today (9th) to 14 April, with expected net proceeds of approx. $1.024 billion, about 30% of which will be used to implement its international expansion strategy.

CFO Shen Bei said that overseas revenue currently accounts for about 10% of total revenue, but the amount of overseas revenue has continued to increase in recent years. Last year, it rose approx. 28% YoY to about RMB74 million.

The Company's products and technologies have expanded into markets including Japan, South Korea and North America, with hopes to use the fundraising proceeds to build a sales team and improve products, etc..

MANYCORE TECH's Vice President of Public Relations, Wang Peijun, said that, in terms of products and technology, the Company's core products have expanded to more than 200 regions worldwide, and has open-sourced underlying capabilities related to spatial intelligence.

Furthermore, the Company also aims to leverage its capabilities like 3D spatial design to help Chinese enterprises expand overseas, particularly in cross-border e-commerce.
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FAST RETAIL-DRS (06288.HK) announced its interim results for the six months ended February 2026. First-half consolidated revenue reached JPY2.0552 trillion, up 14.8% YoY. Business profit totaled JPY386.9 billion, up 28.3% YoY. The Group recorded JPY28.1 billion under finance income net of costs, comprising JPY23.1 billion in interest income net of expenses and JPY5 billion from foreign exchange gains on foreign currency denominated assets. Overall, first-half profit before income taxes increased 17.9% YoY to JPY428.8 billion, and profit attributable to owners of the Parent rose 19.6% YoY to JPY279.2 billion for the period.

Reflecting considerations such as the stronger-than-anticipated first-half performance and the current sales environment, the Group revised upwards its forecast for the full fiscal year that was previously announced in January 2026. The Group expected to achieve a record performance of JPY3.9 trillion, a 14.7% increase compared with the actual total from the previous year, with revised business profit of JPY690 billion, a 25.2% YoY increase, and profit attributable to owners of the Parent projected at JPY480 billion, a 10.9% increase. Additionally, the expected annual dividend per share for fiscal 2026 has been raised by JPY100, to JPY640, which comprises interim and year-end dividends of JPY320 each. That would represent an increase in the full-year dividend of JPY140 per share, compared to the previous year.
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The HSI concluded the midday down 91 points or 0.4% at 25,801. The HSCEI fell 38 points or 0.5% to 8,638. The HSTECH dropped 62 points or 1.3% to 4,861. The total half-day turnover for the market totaled HKD126.652 billion.

US President Donald Trump stressed that all US naval vessels, aircraft, military personnel, and equipment will remain around Iran until a real agreement is reached and fully implemented. If the agreement fails to be honored, he warned that the scale and intensity of military action would far exceed previous operations. Some reports also said the Strait of Hormuz is still under blockade.

Amid international oil price surges, CNOOC (00883.HK) and PETROCHINA (00857.HK) climbed 1.5% and 1.3%, while SINOPEC CORP (00386.HK) fell 0.8%.

BABA-W (09988.HK) receded 2.8%. It has reportedly established a new Group Technology Committee and upgraded its Tongyi large model division. It is also said that Unitree Robotics is brewing an overseas strategic partnership with BABA-W, with its latest robot R1 appearing at Alibaba Xixi Campus.

TENCENT (00700.HK) added 0.9%. NTES-S (09999.HK) inched up 0.7%. LENOVO GROUP (00992.HK) and SENSETIME-W (00020.HK) slipped 2.8% and 1.5%. MEITUAN-W (03690.HK), JD-SW (09618.HK), BILIBILI-W (09626.HK), and BIDU-SW (09888.HK) lost 0.1-0.7%. KUAISHOU-W (01024.HK) plunged 3.6% after S&P said its free cash flow may more than halve this year and its capital expenditure may surge 70%.

Chip stock HUA HONG SEMI (01347.HK) hiked 0.9%, while its peer SMIC (00981.HK) edged 0.3% lower. AI stocks were hyped up. KNOWLEDGE ATLAS (02513.HK) soared 13.1%. MINIMAX-W (00100.HK) jumped 3.7% after launching its AI Agent command-line tool MMX-CLI. XUNCE (03317.HK) spiked 15.6%, with a turnover of HKD1.62 billion.
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Two fully laden Chinese oil tankers are sailing from the Persian Gulf toward the Strait of Hormuz and may become the first batch of vessels to cross the strait since the US-Iran ceasefire took effect, according to foreign media reports.

Tracking data showed that COSCO SHIPPING's "Cospearl Lake", and "He Rong Hai", owned by a smaller company, were heading east at close to maximum speed early this morning (9th).

The tracking systems for both vessels indicated that they are owned by China, a measure typically adopted for security reasons before receiving approval from Iran to transit.

However, uncertainty remains over whether the two tankers will be able to pass through Hormuz smoothly, as several vessels have turned back at the last minute in the past 24 hours and traffic flow in the area has yet to show a visible recovery.
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CATHAY PAC AIR (00293.HK)'s Cathay Cargo has launched Manage Booking, a significant upgrade to the carrier's online booking platform that gives freight forwarders direct control over booking modifications on the website at any time, including the updating of shipper or consignee information, flight and date adjustments, and shipment size modifications.

The new feature addresses a longstanding industry challenge: the need to make changes quickly after bookings are confirmed, without relying on phone calls, manual workflows, or waiting for follow-up during office hours.

Dominic Perret, Director Cargo, Cathay, said that digital solutions like Manage Booking are about making it easier for freight forwarders to work with the airline, giving them the control and transparency they need to operate with confidence.
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CATHAY PAC AIR (00293.HK) is set to raise its cargo fuel surcharges again on April 16 after doing so on April 3, according to the airline's website.

For short-haul flights, the surcharge was increased from HKD3.5/ kg on April 2 to HKD4.5/ kg on April 3, and will be further raised to HKD5.1/ kg on April 16, representing a cumulative increase of 45.7%.

Long-haul flights will also see staged increases, with a total rise of 44.2%. The surcharge for these flights will reach HKD18.6/ kg starting April 16.
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HIBOR
Tenor | Latest rate | Change (vs. last trading day)
Overnight | 2.6% | +53.839 bps
1-Week | 2.40429% | +40.429 bps
1-Month | 2.32321% | +24.523 bps
3-Month | 2.42798% | +8.203 bps
6-Month | 2.7% | +5.869 bps
12-Month | 3.04857% | -0.262 bps

Source: HKAB As of: 2026-04-09 11:15
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A duplex penthouse at LP10, LOHAS Park in Tseung Kwan O, co-developed by Nan Fung and MTR CORPORATION (00066.HK), was sold together with a parking space for HKD93 million, setting a new record for apartment units in Tseung Kwan O.

The transaction was facilitated by Midland Realty. The unit is Flat A on 53/F and 55/F of Tower 1 (T1-A), with a saleable area of 3,483 square feet and a 1,569-square-foot rooftop, featuring a private swimming pool. It was sold yesterday together with one parking space for HKD93 million, representing HKD26,701 per square foot.
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A March investment loss of 6.27% is MPF's worst performance month since September 2022, in absolute dollar terms, MPF's is estimated at approx. $102 billion, the system's largest ever monthly dollar loss, or $21,326.5 per MPF member, equivalent to almost half of 2025's annual gain and contributing to a 1Q26 investment loss of $31.2 billion, MPF's first 1Q loss since 2022, equivalent to a loss of $6,506 per MPF member, according to data from MPF Ratings.

Asian equities, on the back of substantial declines in Korean equities, and Japanese equities were MPF's worst performing asset classes in March, but despite these declines, US equities continue to be MPF's worst performing asset class in 2026.

After factoring in contributions, total MPF assets end March at approx. $1.532 trillion, down $99.2 billion MoM, equivalent to an average MPF account balance of $319,561, down $20,701 MoM.
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BLUE COAST series in Wong Chuk Hang, co-developed by CK ASSET (01113.HK) and MTR CORPORATION (00066.HK), posted a sale of a high-floor four-bedroom unit by tender yesterday (8th). Both the transaction price and price per square foot set new highs for the entire series, marking another "double record" deal.

The unit sold is Flat A, 36/F, Tower 1A, featuring a four-bedroom layout with one en-suite, a store room and a lavatory, with a saleable area of 1,263 square feet. The transaction price was HKD44.0787 million, with a price per square foot of HKD34,900.
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SBP GROUP (01177.HK) announced that TQB3205 "Pan-KRAS inhibitor", an innovative drug independently developed by its subsidiary Chia Tai Tianqing Pharmaceutical, had received approval for investigational new drug application from the US Food and Drug Administration for the treatment of advanced malignant tumors.
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GPIXEL (03277.HK), a Chinese complementary metal-oxide semiconductor (CMOS) image sensor (CIS) provider, has announced its Hong Kong listing plan.

The company plans to issue more than 65.2942 million H-shares, and 10% of them will be allocated for the Hong Kong public offering. With an offer price of HKD39.88 per share, the entry fee for a board lot of 100 shares will be around HKD4,028.23.

The offer period runs from today (April 9) to April 14, with the listing of shares expected for April 17. Cornerstone investors, including CPE Peepal, HHLRA, UBS AM Singapore, Arc Avenue, Boyu, GF Fund, Perseverance Asset Management, Yield Royal Investment, and 3W Fund, have agreed to subscribe for shares worth around USD166 million (HKD1.301 billion).
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