Citi cut its target price on Tencent to HKD 758 from HKD 763 and kept a Buy rating. For Q2 Citi forecasts revenue +9.3% YoY to CNY 201.7 bln and adjusted net profit +5.1% YoY to CNY 66.25 bln, citing caution over AI-related spending and profit drag;

Panda Dairy plans to repurchase 15–25 mln yuan of its shares, capped at 24 yuan per share.

Key News 1. Hong Kong Stock Exchange (00388.HK): IPO fundraising amount for the first half of 2026 is HK$210.2 billion, a 92% increase compared to HK$109.4 billion in the same period last year. Individual Stock News 1. Sinopec Oilfield Service (01033.HK): Won a natural gas pipeline project worth RMB 1.772 billion. 2. China Biopharmaceutical (01177.HK) and AstraZeneca reached an exclusive licensing agreement for TQC3721. 3. Yuexiu Property (00123.HK) subsidiary plans to invest approximately RMB 761 million to acquire a stake in a land parcel in Xiaoshan District, Hangzhou. 4. Lens Technology (06613.HK): Its full cash offer to acquire Juteng International Holdings is under antitrust review. 5. MOMENTA-W (06880.HK) listed today, receiving 413.63 times oversubscription, priced at HK$295.6 per share. 6. Zhipu (02513.HK): With the cornerstone investor lock-up period nearing its end, several institutional investors have expressed clear long-term optimism and will continue to hold their shares. 7. Luxshare Precision (02475.HK): The H-share offering price has been set at HK$63.28 per share, and it is expected to be listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2026. 8. Shanghai Fudan (01385.HK): Net profit for the first half of the year is expected to be approximately RMB 800 million to RMB 1 billion, representing a year-on-year increase of approximately 313.19% to 416.49%. 9. Hongyang Real Estate (01996.HK): Cumulative contracted sales for the first half of 2026 amounted to RMB 944 million, with a cumulative sales area of 99,998 square meters and an average selling price of RMB 9,440 per square meter. 10. Greentown China (03900.HK): Contracted sales area for the first half of 2026 was approximately 1.82 million square meters, with a contracted sales amount of approximately RMB 60.2 billion; of which the equity amount attributable to Greentown Group was approximately RMB 40.7 billion. 11. Everest Medicines (01952.HK): Completed the signing of an exclusive licensing and collaboration agreement with Travele Therapeutics, receiving an upfront payment of US$112 million and being eligible to receive development, regulatory, and commercial milestone payments totaling up to US$1.03 billion for up to five indications. 12. City Construction Design (01599.HK): The Group won bids totaling approximately RMB 959 million (unaudited) in the second quarter, of which RMB 414 million were in the surveying, design, and consulting segment, and RMB 545 million were in the engineering, general contracting segment.