I. Market News 1. Hong Kong Census and Statistics Department: The provisional number of Hong Kong's population at mid-year was 7.5318 million people. According to data released by the Hong Kong Census and Statistics Department, the provisional number of Hong Kong's population at mid-year in 2024 was 7.5318 million people, up 0.1% from the end of 2023, but down 0.1% from mid-2023. Between mid-2023 and mid-2024, there was a natural decrease of 18,100 people (i.e., more deaths than births), with 34,400 births and 52,400 deaths. During the same period, there were 13,800 net inbound Hong Kong residents (i.e., more people moving in than out), including 44,000 one-way permit holders and 30,200 other Hong Kong residents who moved out. Among the total population in mid-2024, 7.2874 million were permanent residents and 0.2444 million were non-permanent residents. The revised population figure at the end of 2023 was 7.5279 million, with 7.2464 million permanent residents and 0.2815 million non-permanent residents. The population growth rate from the end of 2022 to the end of 2023 was also revised to +0.7%. 2. Hong Kong Tourism Board: The cumulative number of visitors to Hong Kong in the first seven months was about 25 million, an increase of 52% year-on-year. According to statistics, the preliminary number of visitors to Hong Kong in early July was 3.92 million, an increase of about 10% compared to the same period last year, of which about half were overnight visitors. The cumulative number of visitors to Hong Kong from January to July this year was about 25 million, a year-on-year increase of 52%. Among them, 19.3 million were Mainland visitors and 5.8 million were non-Mainland visitors, an increase of 47% and 71% respectively from the previous year. 3. Hong Kong Exchanges and Clearing Limited (00388) hopes to include Real Estate Investment Trust (REITs) in the Shanghai-Hong Kong Stock Connect as soon as possible. Li Wentao, Vice President of the Global Listing Services Department of Hong Kong Exchanges and Clearing, said at the Boao Real Estate Forum that the Group hopes to include REITs in the Shanghai-Hong Kong Stock Connect as soon as possible. He continued that the inclusion of REITs in the Shanghai-Hong Kong Stock Connect is an issue of great concern, and that it is also an announcement made after the China Securities Regulatory Commission (CSRC) repeatedly mentioned in public last year that it was studying the inclusion of REITs in the scope of the Shanghai-Hong Kong Stock Connect. Hong Kong Exchanges and Clearing also hopes that this can be implemented as soon as possible. II. Corporate News 1. Alibaba Group Holding Limited (09988) released its first quarter results for the three months ended June 30, 2024. According to the financial report, the net profit attributable to ordinary shareholders for the period was RMB 24.269 billion ($3.34 billion), a decrease of 29% year-on-year; net profit was RMB 24.022 billion, a decrease of 27% year-on-year; diluted earnings per share was RMB 1.24. The group's revenue for the period was RMB 243.236 billion, a year-on-year increase of 4%. 2. Alibaba Group's Chief Financial Officer, Xu Hong, said at an earnings briefing that most of the group's businesses, except for its core e-commerce business, will achieve profitability within 1-2 years and gradually begin to contribute to scalable profitability. He said that Alibaba is seeking to transfer its primary listing to Hong Kong. The Group will hold a shareholders meeting on August 22 and make proposals at the meeting. If approved, the primary listing in Hong Kong is expected to be completed by the end of August 2024. As for whether to access the Hong Kong-Shanghai Stock Connect afterwards, it will be necessary to fulfill some procedures under the different rules of each exchange before proceeding, and he expects that it will ultimately be achieved. 3. JD.com, Inc. (09618) released its second quarter results for 2024. According to the financial report, the net profit attributable to ordinary shareholders for the second quarter was RMB 12.644 billion ($1.7 billion), a year-on-year increase of 90.9%; basic earnings per share were RMB 4.2 yuan. The total revenue for the second quarter was RMB 291.397 billion, a year-on-year increase of 1.2%. Among them, revenue from products was RMB 233.908 billion, compared to RMB 233.855 billion in the same period last year. Service revenue was RMB 57.489 billion, compared to RMB 54.076 billion in the same period last year, a year-on-year increase of 6.31%. 4. Kingdee International Software Group Company Limited (00268) announced its interim results for the six months ended June 30, 2024. According to the financial report, the loss attributable to owners of the Company for the period was approximately RMB 0.218 billion, a decrease of approximately 23.2% compared to the same period last year. Basic loss per share was approximately RMB 6.12. No interim dividend will be paid. Revenue for the period was RMB 2.87 billion, a year-on-year increase of approximately 11.9%. Among them, revenue from cloud service business increased by 17.2% year-on-year to RMB 2.39 billion, accounting for approximately 83.2% of the Group's revenue. 5. China United Network Communications Limited (00762) announced its interim results. For the period, the net profit attributable to equity holders of the Company was RMB 13.793 billion, up 11.31% year-on-year. Basic earnings per share were RMB 0.45. An interim dividend of RMB 0.2481 per share will be paid, up 22.2% year-on-year. For the period, revenue was RMB 197.341 billion, a year-on-year increase of 2.87%. EBITDA was RMB 55 billion, up 2.7% year-on-year. 6. CK Asset Holdings Limited (01113) announced its interim results for the six months ended June 30, recording a attributable surplus of HKD 8.603 billion for shareholders, down 16.73% year-on-year, with a basic earnings per share of HKD 2.44. An interim dividend of HKD 0.39 per share will be paid. Group revenue for the period was HKD 22.008 billion, down 10.55% year-on-year.

1. The provisional number of Hong Kong's population at mid-year was 7.5318 million people. According to data released by the Hong Kong Census and Statistics Department, the provisional number of Hong Kong's population at mid-year in 2024 was 7.5318 million people, up 0.1% from the end of 2023, but down 0.1% from mid-2023. Between mid-2023 and mid-2024, there was a natural decrease of 18,100 people (i.e., more deaths than births), with 34,400 births and 52,400 deaths. During the same period, there were 13,800 net inbound Hong Kong residents (i.e., more people moving in than out), including 44,000 one-way permit holders and 30,200 other Hong Kong residents who moved out. 2. The cumulative number of visitors to Hong Kong in the first seven months was about 25 million, an increase of 52% year-on-year. According to statistics, the preliminary number of visitors to Hong Kong in early July was 3.92 million, an increase of about 10% compared to the same period last year, of which about half were overnight visitors. The cumulative number of visitors to Hong Kong from January to July this year was about 25 million, a year-on-year increase of 52%. Among them, 19.3 million were Mainland visitors and 5.8 million were non-Mainland visitors, an increase of 47% and 71% respectively from the previous year.

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China United Network Communications: china united network communications announced its interim results. For the period, the net profit attributable to equity holders of the Company was RMB 13.793 billion, up 11.31% year-on-year. Basic earnings per share were RMB 0.45. An interim dividend of RMB 0.2481 per share will be paid, up 22.2% year-on-year. For the period, revenue was RMB 197.341 billion, a year-on-year increase of 2.87%. EBITDA was RMB 55 billion, up 2.7% year-on-year.

CK Asset: CK Asset Holdings announced its interim results for the six months ended June 30, recording a attributable surplus of HKD 8.603 billion for shareholders, down 16.73% year-on-year, with a basic earnings per share of HKD 2.44. An interim dividend of HKD 0.39 per share will be paid. Group revenue for the period was HKD 22.008 billion, down 10.55% year-on-year.

Alibaba: Alibaba Group Holding Limited released its first quarter results for the three months ended June 30, 2024. According to the financial report, the net profit attributable to ordinary shareholders for the period was RMB 24.269 billion ($3.34 billion), a decrease of 29% year-on-year; net profit was RMB 24.022 billion, a decrease of 27% year-on-year; diluted earnings per share was RMB 1.24. The group's revenue for the period was RMB 243.236 billion, a year-on-year increase of 4%.

Alibaba: Alibaba Group's Chief Financial Officer, Xu Hong, said at an earnings briefing that most of the group's businesses, except for its core e-commerce business, will achieve profitability within 1-2 years and gradually begin to contribute to scalable profitability. He said that Alibaba is seeking to transfer its primary listing to Hong Kong. The Group will hold a shareholders meeting on August 22 and make proposals at the meeting. If approved, the primary listing in Hong Kong is expected to be completed by the end of August 2024. As for whether to access the Hong Kong-Shanghai Stock Connect afterwards, it will be necessary to fulfill some procedures under the different rules of each exchange before proceeding, and he expects that it will ultimately be achieved.

JD.com, Inc.: JD.com, Inc. released its second quarter results for 2024. According to the financial report, the net profit attributable to ordinary shareholders for the second quarter was RMB 12.644 billion ($1.7 billion), a year-on-year increase of 90.9%; basic earnings per share were RMB 4.2 yuan. The total revenue for the second quarter was RMB 291.397 billion, a year-on-year increase of 1.2%. Among them, revenue from products was RMB 233.908 billion, compared to RMB 233.855 billion in the same period last year. Service revenue was RMB 57.489 billion, compared to RMB 54.076 billion in the same period last year, a year-on-year increase of 6.31%.

Hong Kong Exchanges and Clearing Limited: Li Wentao, Vice President of the Global Listing Services Department of Hong Kong Exchanges and Clearing, said at the Boao Real Estate Forum that the Group hopes to include Real Estate Investment Trust (REITs) in the Shanghai-Hong Kong Stock Connect as soon as possible. He continued that the inclusion of REITs in the Shanghai-Hong Kong Stock Connect is an issue of great concern, and that it is also an announcement made after the China Securities Regulatory Commission (CSRC) repeatedly mentioned in public last year that it was studying the inclusion of REITs in the scope of the Shanghai-Hong Kong Stock Connect. Hong Kong Exchanges and Clearing also hopes that this can be implemented as soon as possible.

Kingdee International Software Group Company Limited: Kingdee International Software Group Company Limited announced its interim results for the six months ended June 30, 2024. According to the financial report, the loss attributable to owners of the Company for the period was approximately RMB 0.218 billion, a decrease of approximately 23.2% compared to the same period last year. Basic loss per share was approximately RMB 6.12. No interim dividend will be paid. Revenue for the period was RMB 2.87 billion, a year-on-year increase of approximately 11.9%. Among them, revenue from cloud service business increased by 17.2% year-on-year to RMB 2.39 billion, accounting for approximately 83.2% of the Group's revenue.

JD.com, Inc.: JD.com, Inc. released its second quarter results for 2024. According to the financial report, the net profit attributable to ordinary shareholders for the second quarter was RMB 12.644 billion ($1.7 billion), a year-on-year increase of 90.9%; basic earnings per share were RMB 4.2 yuan. The total revenue for the second quarter was RMB 291.397 billion, a year-on-year increase of 1.2%. Among them, revenue from products was RMB 233.908 billion, compared to RMB 233.855 billion in the same period last year. Service revenue was RMB 57.489 billion, compared to RMB 54.076 billion in the same period last year, a year-on-year increase of 6.31%.

Li Wentao pointed out that for real estate companies, the Hong Kong market is relatively mature, with a large number of real estate companies listed in Hong Kong and a platform for reits already in place. Generally speaking, the listing structure of real estate enterprises adopts the financing of the enterprise platform, including the use of reits, and the main models are enterprise listing and reits listing.

1. Alibaba: Alibaba Group Holding Limited released its first quarter results for the three months ended June 30, 2024. According to the financial report, the net profit attributable to ordinary shareholders for the period was RMB 24.269 billion ($3.34 billion), a decrease of 29% year-on-year; net profit was RMB 24.022 billion, a decrease of 27% year-on-year; diluted earnings per share was RMB 1.24. The group's revenue for the period was RMB 243.236 billion, a year-on-year increase of 4%. 2. Alibaba: Alibaba Group's Chief Financial Officer, Xu Hong, said at an earnings briefing that most of the group's businesses, except for its core e-commerce business, will achieve profitability within 1-2 years and gradually begin to contribute to scalable profitability. He said that Alibaba is seeking to transfer its primary listing to Hong Kong. The Group will hold a shareholders meeting on August 22 and make proposals at the meeting. If approved, the primary listing in Hong Kong is expected to be completed by the end of August 2024. As for whether to access the Hong Kong-Shanghai Stock Connect afterwards, it will be necessary to fulfill some procedures under the different rules of each exchange before proceeding, and he expects that it will ultimately be achieved. 3. JD.com, Inc.: JD.com, Inc. released its second quarter results for 2024. According to the financial report, the net profit attributable to ordinary shareholders for the second quarter was RMB 12.644 billion ($1.7 billion), a year-on-year increase of 90.9%; basic earnings per share were RMB 4.2 yuan. The total revenue for the second quarter was RMB 291.397 billion, a year-on-year increase of 1.2%. Among them, revenue from products was RMB 233.908 billion, compared to RMB 233.855 billion in the same period last year. Service revenue was RMB 57.489 billion, compared to RMB 54.076 billion in the same period last year, a year-on-year increase of 6.31%.

Alibaba: Alibaba Group Holding Limited released its first quarter results for the three months ended June 30, 2024. According to the financial report, the net profit attributable to ordinary shareholders for the period was RMB 24.269 billion ($3.34 billion), a decrease of 29% year-on-year; net profit was RMB 24.022 billion, a decrease of 27% year-on-year; diluted earnings per share was RMB 1.24. The group's revenue for the period was RMB 243.236 billion, a year-on-year increase of 4%.

Alibaba: Alibaba Group's Chief Financial Officer, Xu Hong, said at an earnings briefing that most of the group's businesses, except for its core e-commerce business, will achieve profitability within 1-2 years and gradually begin to contribute to scalable profitability. He said that Alibaba is seeking to transfer its primary listing to Hong Kong. The Group will hold a shareholders meeting on August 22 and make proposals at the meeting. If approved, the primary listing in Hong Kong is expected to be completed by the end of August 2024. As for whether to access the Hong Kong-Shanghai Stock Connect afterwards, it will be necessary to fulfill some procedures under the different rules of each exchange before proceeding, and he expects that it will ultimately be achieved.

JD.com, Inc.: JD.com, Inc. released its second quarter results for 2024. According to the financial report, the net profit attributable to ordinary shareholders for the second quarter was RMB 12.644 billion ($1.7 billion), a year-on-year increase of 90.9%; basic earnings per share were RMB 4.2 yuan. The total revenue for the second quarter was RMB 291.397 billion, a year-on-year increase of 1.2%. Among them, revenue from products was RMB 233.908 billion, compared to RMB 233.855 billion in the same period last year. Service revenue was RMB 57.489 billion, compared to RMB 54.076 billion in the same period last year, a year-on-year increase of 6.31%.

Kingdee International Software Group Company Limited: Kingdee International Software Group Company Limited announced its interim results for the six months ended June 30, 2024. According to the financial report, the loss attributable to owners of the Company for the period was approximately RMB 0.218 billion, a decrease of approximately 23.2% compared to the same period last year. Basic loss per share was approximately RMB 6.12. No interim dividend will be paid. Revenue for the period was RMB 2.87 billion, a year-on-year increase of approximately 11.9%. Among them, revenue from cloud service business increased by 17.2% year-on-year to RMB 2.39 billion, accounting for approximately 83.2% of the Group's revenue.

5. China United Network Communications (00762) announced its interim results, with a net income of CNY 13.793 billion attributable to equity holders, a YoY increase of 11.31%. Basic earnings per share were CNY 0.45. The company declared an interim dividend of CNY 0.2481 per share, a YoY increase of 22.2%. During the period, revenue was CNY 197.341 billion, a YoY increase of 2.87%. EBITDA was CNY 55 billion, a YoY increase of 2.7%.

CK Asset: CK Asset Holdings announced its interim results for the six months ended June 30, recording a attributable surplus of HKD 8.603 billion for shareholders, down 16.73% year-on-year, with a basic earnings per share of HKD 2.44. An interim dividend of HKD 0.39 per share will be paid. Group revenue for the period was HKD 22.008 billion, down 10.55% year-on-year.

7. CKH Holdings (00001) has announced its interim results for the six months ended June 30, 2024. Under the IFRS16 benchmark, a net income attributable to ordinary shareholders of HKD 10.205 billion was recorded, a decrease of 8.95% year-on-year, with earnings per share of HKD 2.66. A mid-term dividend of HKD 0.688 per share was distributed. During the period, the total revenue of the group was HKD 232.644 billion, an increase of 3.92% year-on-year.

8. MTR Corporation (00066) has announced that for the six months ended June 30, 2024, the net income attributable to shareholders was HKD 6.044 billion, an increase of 44.66% year-on-year, with basic earnings per share of HKD 0.97. A mid-term dividend of HKD 0.42 per share was distributed. During the period, the total revenue of the group was HKD 29.271 billion, an increase of 6.2% year-on-year.

9. JD Logistics (02618) has announced its three-month and six-month performance ending June 30, 2024. The financial report shows that the net profit attributable to owners of the company for the mid-term was CNY 2.264 billion, turning losses into profits year-on-year, with earnings per share of CNY 0.36. No dividends were distributed. The total revenue during the period reached CNY 86.345 billion, an increase of 11% year-on-year, including CNY 59.9 billion from external customers, an increase of 11.2% year-on-year, accounting for about 70% of the total revenue.

10. Li Auto Inc. (09863) has released its interim results for the six months ended June 30, 2024. The net loss attributable to the owners of the company was CNY 2.212 billion, with a loss per share of CNY 1.65. The group gained revenue of CNY 8.845 billion during the period, an increase of 52.16% year-on-year. The gross profit was CNY 0.1002 billion, turning losses into profits from gross losses of CNY 0.342 billion in the same period last year; R&D expenses were CNY 1.221 billion, an increase of 48.37% year-on-year.

11. JD Health International Inc. (06618) has released its interim results for 2024. The financial report shows that the net profit attributable to the owners of the company during the period was CNY 2.037 billion, an increase of 30.48% year-on-year, with basic earnings per share of CNY 0.65, an increase of 30% year-on-year. The total revenue during the period was CNY 28.344 billion, an increase of 4.55% year-on-year.