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Citigroup released a research report stating that it has initiated coverage on Zhongji Xuchuang (03308.HK) H shares with a buy rating, based on a forecasted price-to-earnings ratio of 16.2 times for 2027, with a target price of 1,524 Hong Kong dollars.The bank expects the company's revenue and net profit compound annual growth rates from 2025 to 2028 to reach 129% and 149%, respectively, benefiting from strong demand for AI optical communication, bandwidth upgrades, rapid capacity increases, improved product mix, rising adoption of silicon photonics technology, and operational leverage. The bank believes that the company's comprehensive product portfolio, scalable production capacity, cutting-edge technological advancements and R&D capabilities, flexible and resilient supply chain, as well as solid relationships with leading global cloud service providers and AI clients, are likely to support its leading position in the AI era.

MiniMax's stock price surged over 19% today, currently quoted at 357.8 HKD, with a total market value rising to 124.956 billion HKD. Since its stock price fell to a low of 186.2 HKD on July 27, it has now increased by 92.15%, taking about 1 month.According to previous reports, MiniMax disclosed at the mid-year performance meeting in 2026 that the Token consumption in July had reached 20 times that of January, with Q2 revenue growing by 81.8% compared to Q1, and the ARR in August further increased to over 800 million USD. MiniMax's revenue in the first half of the year was 117 million USD, a year-on-year increase of 283.1%, with half-year revenue already exceeding last year's total.

According to Zhitong Finance, this week, Standard Chartered Bank, Starway Technology under Fosun International, and Yunfeng Securities under Yunfeng Financial announced that they have become authorized distributors of the Hong Kong dollar stablecoin HKDAP. Along with the first batch of authorized distributors HashKey and OSL Group, the total number of authorized distributors for HKDAP has reached 5.

Alibaba Group announced the completion of a new share placement of HKD 80 billion, issuing 710 million new ordinary shares to non-U.S. persons outside the United States, with a placement price of HKD 112.7 per share. Alibaba plans to use the net proceeds from the placement entirely to strengthen its global AI layout.Approximately 60%, or HKD 47.871 billion, will be used to expand global computing infrastructure to meet the growing customer demand; the remaining approximately 40%, or HKD 31.914 billion, will be used to accelerate the construction of large-scale AI data centers.The related funds will also be used to upgrade traditional cloud infrastructure such as storage, databases, and high-performance networks, supporting Alibaba's full transition to an Agentic Cloud architecture. The shares offered in this placement are not registered under the U.S. Securities Act of 1933 and are being offered and sold outside the United States to certain non-U.S. persons in reliance on Regulation S.

On August 25, according to Hong Kong Stock Exchange documents, Alibaba Group Chairman Cai Chongxin purchased another 720,000 shares of Alibaba on Tuesday, costing 82 million Hong Kong dollars, following his initial purchase of 720,000 shares.After Alibaba announced a new share placement plan of 80 billion Hong Kong dollars, Group Chairman Cai Chongxin and CEO Wu Yongming increased their holdings by a total of approximately 120 million Hong Kong dollars in Alibaba shares. Among them, CEO Wu Yongming bought 350,000 shares of Alibaba's Hong Kong stock at an average price of about 111.6 Hong Kong dollars, costing approximately 40 million Hong Kong dollars. Together, the two increased their holdings by 1.07 million shares, totaling about 120 million Hong Kong dollars.The proceeds from Alibaba's 80 billion Hong Kong dollar new share placement will be fully invested in full-stack AI capabilities and AI infrastructure construction. The placement received active subscriptions from long-term investors such as global sovereign wealth funds, ultimately achieving nearly 3 times oversubscription.

On August 24, according to the Shanghai Securities Journal, Alibaba announced the completion of the pricing for a new share placement of HKD 80 billion (approximately USD 10.2 billion), with 100% of the net proceeds from the placement to be used for investing in full-stack AI capabilities and strengthening AI infrastructure construction.According to sources close to the transaction, this placement was nearly 3 times oversubscribed, exceeding HKD 200 billion. Sovereign and long-term funds ultimately accounted for over 40% of the subscription, with high order quality. Major sovereign funds from regions such as the Middle East, Europe, and Asia actively participated in this subscription.

Boya Interactive (00434.HK) released its interim results for the three months and six months ended June 30, 2026. In the second quarter of 2026, the group achieved revenue of HKD 125 million, an increase of 12.94% year-on-year; gross profit was HKD 90.202 million, an increase of 21.25% year-on-year. In the first half of 2026, the group achieved revenue of HKD 258 million, an increase of 16.05% year-on-year.As of now, the company disclosed that it holds a total of 4,201 bitcoins, with an average price of USD 68,047.

On August 19, the Hong Kong Stock Exchange released its mid-year results for 2026. In the first half of 2026, revenue and other income reached HKD 16.702 billion, a year-on-year increase of 19%; profit attributable to shareholders was HKD 10.568 billion, a year-on-year increase of 24%, both figures setting new records. Boosted by the performance, the stock price of the Hong Kong Stock Exchange closed at HKD 414.6, up 2.37%. The performance was driven by strong corporate financing demand and an increase in trading volumes of spot, derivatives, and the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. In the first half of the year, 87 new stocks were listed, raising a total of HKD 212.4 billion, a year-on-year increase of 94%.The average daily trading amount in the spot market increased by 18% year-on-year to HKD 283 billion, setting a new high for the same period; the average daily trading contracts in derivatives increased by 6% to 1.8 million contracts; the average daily trading volume of the Shanghai Stock Connect and Shenzhen Stock Connect reached RMB 345.3 billion, more than double that of the same period last year. Goldman Sachs and JPMorgan Chase maintained "Buy" and "Overweight" ratings, respectively. Before the performance announcement, the Hong Kong Stock Exchange announced the renewal of CEO Charles Li's contract for three years, with the new term starting from March 1, 2027, to February 28, 2030, which has been approved by the Hong Kong Securities and Futures Commission.During the period, the Hong Kong Stock Exchange promoted consultations to shorten the stock settlement cycle, simplify the trading unit for each transaction, and introduced the first ETF tracking the "Hong Kong Stock Exchange Technology 100 Index," announcing the launch of Chinese government bond futures. In response to the extension of trading hours, Charles Li stated that the derivatives market operates until 3 a.m. the next day and will prioritize connecting with the North American market, while the spot market requires more detailed communication.

According to Caixin, a large number of mainland and Hong Kong investors participated in the Hong Kong IPO "new share subscription" through ZD Group, and the related funds cannot be redeemed on time. The Hong Kong police stated that as of August 17, 24 investors have reported the case, which has been treated as "fraud" and is being followed up by the Wan Chai District Major Crime Unit, with no arrests made yet.Previously, several investors were informed that the bank accounts of entities associated with ZD Group had been frozen, resulting in the inability to redeem funds, with the scale of involvement reaching the billion Hong Kong dollar level, some of which are cross-border investment funds from the mainland to Hong Kong.

HashKey has become the authorized distributor of the Anchorpoint Hong Kong Dollar stablecoin HKDAP, launched beta testing, and completed the first minting and redemption transaction.

According to The Block, Standard Chartered Bank's subsidiary Anchorpoint officially launched the first phase of the Hong Kong dollar stablecoin HKDAP on Wednesday, opening test access to institutional distributors and professional investors.Anchorpoint was jointly established by Standard Chartered Bank, HKT, and Animoca Brands, and received a stablecoin issuance license from the Hong Kong Monetary Authority (HKMA) in April this year, making it one of the first licensed institutions.

According to Hong Kong 01, the Hong Kong police updated information regarding the virtual currency Fun Coffee scam, revealing that as of August 5, a total of 255 related reports had been received, an increase of 30 from earlier, with total losses rising to approximately HKD 104 million. In addition, the Macau police arrested two women involved in 9 cases amounting to about 3.6 million Macau patacas.Regarding TVB artists who have hosted activities related to the Fun Coffee scam, the Hong Kong police stated that during the investigation, they would definitely contact the victims and relevant individuals to identify the mastermind behind the scam and their roles. Fun Coffee claims to be a large coffee investment enterprise in Phu Quoc, Vietnam, with a capital scale exceeding USD 1 billion. It entered the Hong Kong market by the end of 2025, packaging its image through marathons, banquets, social events, distributing flyers, and inviting artists to promote it, while registering a company, opening offices, and stores in Hong Kong. The actual operation was to lure citizens into downloading the app to complete tasks under the guise of investing in high-tech coffee equipment, gene optimization technology, and agricultural equipment, using Tether (USDT) and other cryptocurrencies for deposits. The platform promised annual returns of up to 197%--278%, with higher returns for larger amounts and longer deposit periods, and set up a commission structure to encourage recruitment. In July 2026, the Hong Kong Securities and Futures Commission listed it as a suspicious investment product. In late July of the same month, the app suddenly ceased operations, withdrawals became impossible, customer service went offline, and the offices and stores were vacated, leading to the collapse of the scam.

Standard Chartered Hong Kong and Greater China and North Asia CEO Mary Huen announced that there will be an official announcement regarding the issuance of the Hong Kong dollar stablecoin HKDAP. At the same time, a distribution agreement will be signed, with its subsidiary Dingdian Financial acting as the issuer of the stablecoin, adopting a business-to-business-to-consumer (B2B2C) model. It will not connect directly with end users but will distribute through recognized distributors to its relevant corporate and institutional client base, including small and medium-sized enterprises, traders, service providers, fund companies, and individual users, for cross-border settlement. Other application scenarios also include tokenized assets.

The Hong Kong Securities and Futures Commission (SFC) issued a restriction notice to Futu Securities International (Hong Kong) Limited, prohibiting it from handling or disposing of assets in customer accounts held by a certain entity, limited to HKD 125,247,000. This entity is suspected of participating in a fraudulent scheme aimed at creating a false or misleading appearance of demand for initial public offering shares. Futu is not the subject of the SFC's investigation, and this restriction notice will not affect Futu or its other clients.According to the notice, Futu must not dispose of or handle the relevant account assets in any way without the SFC's written consent, and must immediately notify the SFC if it receives any instructions related to the restricted assets. The SFC believes that issuing this restriction notice is in the interest of investors and the public. The investigation is still ongoing.

According to Tencent News "Frontline," a 26-year-old male employee of Hong Kong Central Wealth Management Services Limited misappropriated 50 million Hong Kong dollars as margin without authorization, using it to finance the purchase of a double long position in the Southern Eastern Ying Hynix ETF (07709.HK), resulting in a paper loss of up to 150 million Hong Kong dollars. The trader was arrested by the police on July 20 on suspicion of "theft," with the incident occurring from January 9 to July 20.Financial analysts in Hong Kong stated that the reason the 50 million principal turned into a 150 million loss was due to the combination of margin financing and the double leverage of the long ETF. This ETF surged to a historical high of 193.65 Hong Kong dollars at the end of June, driven by the storage chip concept, but then the semiconductor sector sharply corrected, falling to 52.58 Hong Kong dollars by July 20, a decline of over 72%. The police revealed that the relevant positions had not yet been forcibly liquidated, and the final loss would still fluctuate with the stock price. The incident was discovered during a recent audit of the company, which reported it to the police. Central Wealth Management is not a licensed company by the Securities and Futures Commission, and Central Wealth Securities stated that the involved personnel are not their employees and are unrelated to the incident, but after the event, some clients exhibited risk-averse withdrawals.

According to the Hong Kong Securities and Futures Commission, Victory Securities Limited has been reprimanded and fined HKD 1.7 million for violating regulatory requirements, and its responsible personnel's licenses have been temporarily revoked.Previously, Hong Kong Victory Securities announced in February this year that it would close all virtual currency trading functions for users with mainland Chinese identities, retaining only withdrawal permissions and no longer supporting deposits and new transactions. The platform's gradual tightening of services for mainland users includes previous measures such as prohibiting purchases and suspending new address verification, aimed at complying with the regulatory requirements of the Hong Kong Securities and Futures Commission and relevant policies in the mainland.

According to the official announcement, Gate has added Quanto perpetual contracts, which will be launched for the first time in the stock section on July 21 at 16:30 (UTC+8) for TENCENTHKD (Tencent Holdings 00700.HK), ZHIPUHKD (Zhiyuan 02513.HK), MINIMAXHKD (MINIMAX-W 00100.HK), and XIAOMIHKD (Xiaomi Group 01810.HK) Quanto perpetual contracts, supporting 1--20 times leverage.It is reported that the Quanto perpetual contracts support the underlying assets quoted in local fiat currency, with margin and profit and loss settled uniformly in USDT, allowing users to participate in overseas stock derivatives trading, such as Hong Kong stocks, without needing to exchange Hong Kong dollars in advance. This also reduces the impact of exchange rate fluctuations on trading profits, further enhancing the cross-market trading experience.

Anchorpoint, established by Standard Chartered Bank (Hong Kong), is one of the first two holders of the stablecoin issuer license granted by the Hong Kong Monetary Authority in April this year.Standard Chartered and Anchorpoint are expected to issue a joint announcement by the end of this month, within the next two weeks, to launch the HKDAP stablecoin pegged to the Hong Kong dollar. Previously, in April this year, the Hong Kong Monetary Authority issued the first batch of stablecoin issuer licenses to Anchorpoint and HSBC.

Zhipu (02513.HK) announced on the Hong Kong Stock Exchange that the company previously disclosed a plan to place up to 19.78 million new H shares, which has now been completed on July 13, 2026. A total of 19.78 million new H shares were issued and allocated to no less than 6 subscribers at a placement price of HKD 1588 per share, accounting for approximately 4.25% of the total issued H shares after expansion.The total amount raised from the placement is approximately HKD 31.411 billion, with a net amount of approximately HKD 31.375 billion, intended for research and development of general artificial intelligence, business expansion, and optimizing the capital structure.

MINIMAX (00100.HK) announced that it will raise approximately HKD 16.041 billion through the placement of new shares and the issuance of zero-coupon convertible bonds. According to the announcement, the company will place 35.6 million new Class A shares at HKD 268 per share (approximately a 9.89% discount to the closing price of the previous trading day), expecting to raise about HKD 9.541 billion; at the same time, it plans to issue zero-coupon secured convertible bonds with a total principal amount of HKD 6.5 billion due in 2027, with an initial conversion price of HKD 335 per share (approximately a 12.64% premium to the closing price). Morgan Stanley and UBS are acting as arrangers for this transaction, and the placement and bond issuance are independent of each other and not conditional upon one another. If all the bonds are ultimately converted into shares, the two transactions will add up to approximately 55 million shares, accounting for nearly 15% of the company's expanded total share capital. Regarding the use of funds, MINIMAX stated that about 80% of the net proceeds are intended to strengthen AI infrastructure and model development, 10% to accelerate the global commercialization of products, and the remaining 10% for working capital and general corporate purposes.