I. Market Highlights
1. Hong Kong Government: A working group to promote the development of the gold market was formally established
The Hong Kong Government announced the formal establishment of a working group to promote the development of the gold market. The working group is chaired by the Secretary for Financial Services and the Treasury, Christopher Hui. The members include relevant government officials, representatives of regulators, financial institutions, exchanges and industry insiders. The working group will also invite other industry participants to participate in discussions on individual topics. Unofficial members include Zhang Peizhi, Zhang Dexi, Feng Xiaozhong, Li Weihong, Lu Haitao, Ma Manfu, Xie Manquan, Huang Shaoji, Huang Ciming, Xu Lei, Zhang Qiaochun, and Zhu Jing.
2. The Hong Kong Monetary Authority announced a reduction in the benchmark interest rate from 5% to 4.75%.
3. Macau's lucky gaming tax in the first 11 months increased by 37.2% of MOP 81.045 billion year over year
According to the central account budget execution data released by the Macau Finance Bureau, in the first 11 months, Lucky Gaming's tax revenue was 81.045 billion patacas (same below), with an implementation rate of 96.9%, an increase of 37.2% over 59.073 billion yuan in the same period last year.
Also, according to reports, Macau's total revenue for the first 11 months of this year was 100.955 billion yuan, total expenditure was 83.83 billion yuan, and a fiscal surplus of 17.125 billion yuan.
4. Shenzhen issues up to 0.5 billion yuan of “training vouchers” every year
The Shenzhen Municipal Bureau of Industry and Information Technology issued “Certain Measures for Shenzhen to Build a Pioneer City of Artificial Intelligence”. Measures are proposed, and “training vouchers” will be issued. A maximum of 0.5 billion yuan of “training vouchers” are issued every year to reduce the cost of developing and training artificial intelligence models. Enterprises, institutions of higher learning, and scientific research institutions that rent intelligent computing power to carry out large-scale model training will be given a maximum of 10 million yuan in funding at no more than 50% of the service contract amount, and the funding ratio for startups will be raised to 60%.
II. Company News
1. GCL Technology (03800) announced that it will place up to 1.56 billion shares on a best-effort basis through placement agents, equivalent to 5.48% of the expanded share capital, with an placement price of HK$1 per share, a discount of 17.36% from yesterday's closing price of HK$1.21, and raising capital of HK$1.56 billion, net of HK$1.53 billion, to be used for capital expenditure and general working capital purposes. Furthermore, the company is currently exploring the possibility of issuing convertible bonds, which are expected to be launched around January 2025. On the date of the announcement, the company was discussing with potential independent investors the possibility of issuing and subscribing to convertible bonds. The total principal amount is expected to be 0.5 billion US dollars. It is anticipated that the pricing of these convertible bonds will also be subject to market terms. If a subscription agreement is signed for the issuance and subscription of convertible bonds, the company will make further announcements regarding the possible issuance.
2. Xingda International (01899) announced that it will hold a board meeting on January 2, 2025 to recommend payment, declaration and payment of a special dividend.
3. Keystone Capital (00804) announced that it will place up to 81.21 million shares, accounting for about 16.67% of the expanded share capital. The placement price is HK$0.176 per share, a discount of about 19.63% from the closing price of HK$0.219 on the previous trading day. The total proceeds are approximately HK$14.29 million, with a net amount of approximately HK$1,386 to be used as general working capital.
4. China Xuyang Group (01907) announced that it has signed an investment agreement with Shenzhen Venture Capital Manufacturing Transformation and Upgrading New Materials Fund (Limited Partnership). As a strategic investor, the Shenzhen Venture Capital New Materials Fund invested RMB 0.8 billion in Xuyang Xuyang, a subsidiary of Xuyang Group, to help transform and upgrade Xuyang Group's new nylon materials business. Xuyang Group's caprolactam production capacity has reached 0.75 million tons/year. It is the second largest caprolactam producer in the world, and ranks at the world's leading level in terms of industrial chain competitiveness, supply chain efficiency and profitability. In recent years, with the country's attention and support for the new materials industry, the Group has continuously increased R&D and innovation in the field of new materials.
5. China Biopharmaceutical (01177) announced that the Group's self-developed first-class innovative drug bemosubimab injection, with or without anlotinib hydrochloride capsules, as a phase III clinical study (TQB2450-III-05) in patients with locally advanced/unresectable (NSCLC) that did not progress after synchronized/sequential chemoradiotherapy (stage III), has completed a pre-determined mid-term analysis of the plan. The Independent Data Monitoring Committee (IDMC) determined that the primary study had no progression survival (PFS) The benefits Threshold value. The Group has communicated with the Drug Evaluation Center (CDE) of the China National Drug Administration regarding the marketing application for this indication and obtained written consent from the CDE to submit the marketing application. The Group will submit a listing application in the near future.
6. Jingrui Holdings (01862) announced that on December 18, 2024, the High Court ordered the hearing of the winding-up petition to be adjourned until January 22, 2025.
