KWUNG'S AROMA (1925) announced that its indirect wholly-owned subsidiary Anhui Fen Yuan subscribed for RMB50 million interests in the Bamboo Run Multi-Strategy Enhanced Income No. 2 Private Securities Investment Fund, financed by the Group's surplus cash reserves. The fund, managed by Shanghai Bamboo Run Investment, employs a macro-driven asset allocation strategy across securities, bonds, and derivatives, with redemption available after 90 days at no cost. Directors consider the subscription offers better returns than bank deposits and enhances capital efficiency. The transaction constitutes a discloseable transaction with applicable percentage ratios between 5% and 25%.
China Eastern Airlines (00670) announced that its wholly-owned subsidiary Shanghai Airlines will sell the Shanghai Airlines Hongqiao Base land and properties located at Sui Ning Road, Changning District, to China Cargo Airlines for RMB137.60 million, expecting to recognize a gain of approximately RMB43.5 million. The transaction price is based on an assessment report by Shanghai Dongzhou Asset Appraisal, with transfer procedures to be completed within 60 working days after contract effectiveness. The connected transaction, which requires reporting and announcement under Hong Kong Listing Rules but not independent shareholder approval, was approved by the Board to optimize Shanghai Airlines' asset structure and support its core business.
Bank of Zhengzhou (6196.HK, 002936.SZ) has obtained regulatory approval to acquire Junxian Zhengyin Rural Bank and Yanling Zhengyin Rural Bank, establishing branches to take over all assets, liabilities, operations, and staff following asset verification. The approvals were issued by Hebi Financial Regulatory Sub-branch and the China National Financial Regulatory Administration Xuchang Regulatory Sub-branch in 2025.
JXR(1951.HK) reported that its total IVF egg retrieval cycles reached 28,039 in 2025, narrowing the year-over-year decline to 1.4% and essentially recovering to 2024 levels. The Chengdu flagship hospital was a standout performer with 14,070 cycles, representing 1.3% growth, while the Greater Bay Area operation improved its decline from 13.5% in the first three quarters to 5.9% for the full year. Overseas markets (U.S. and Laos) also showed recovery, with the decline narrowing from 10.8% to 6.9%. The company has completed liquidation of its Laos operations.
Concord New Energy Group Limited announced that its ordinary shares are expected to be secondarily listed on the Main Board of the Singapore Exchange (SGX) and commence trading on January 6, 2026. The Company had previously obtained a listing eligibility letter from SGX, with the final listing subject to the fulfillment of relevant conditions and prevailing market conditions.
CanSino Biologics Inc. announced that its self-developed 24-valent pneumococcal polysaccharide conjugate vaccine (PCV24) has received approval from the China National Medical Products Administration to proceed with clinical trials. The vaccine covers the major prevalent pneumococcal serotypes and is intended for individuals aged 2 months and above. Currently, no similar product is available on the market globally.
To meet the share vesting requirements under the Restricted Share Award Plan, the board of directors of LI-NING Company Limited has resolved to set an annual cap for the 2026 restricted share purchase period. The company intends to spend a maximum of HK$300 million to buy 15 million of its own shares in the open market. This transaction constitutes a continuing connected transaction as it involves connected persons.
Tianjin Tianbao Energy Co., Ltd. announced that in December 2025, it was rated as the AAA-level top credit grade in the power sales industry by Tianjin Electric Power Trading Center, becoming one of the 13 power sales companies in Tianjin to receive this rating. Conducted through a comprehensive assessment across multiple dimensions including financial status and compliance management, this rating signifies that the company's core capabilities such as market-oriented transaction and risk control have gained high recognition from the industry.
Sunac China Holdings Limited (01918.HK) announced that, following the completion of its comprehensive offshore debt restructuring on December 23, 2025, the Hong Kong High Court issued an order on January 5, 2026 to dismiss the winding-up petition. The petition was jointly applied for withdrawal by the company and the petitioner, China Cinda (HK) Asset Management Company Limited. Currently, the company has no outstanding winding-up petitions.
The Hong Kong stock market delivered strong performance in 2025, with the Hang Seng Index advancing 27.77% for the year—its best showing in five years. Among the top-performing constituents, China Hongqiao and Zijin Mining capitalized on rising metal prices to achieve substantial earnings growth, while SMIC benefited from the semiconductor sector recovery, posting 18.20% year-on-year revenue growth in the first three quarters. Conversely, Meituan saw profits tumble amid intensified industry competition, and Li Auto swung from profitability to losses. Institutional analysts believe that with continued policy support and capital inflows, the Hong Kong market is well-positioned to sustain its upward momentum in 2026.
On January 5, 2026, SKB BIO-B(06990.HK) issued an announcement stating that its core product sacituzumab govitecan (SAC-TMT) in combination with pembrolizumab for the first-line treatment of specific PD-L1-positive locally advanced or metastatic non-small cell lung cancer has been granted Breakthrough Therapy Designation by the NMPA. This designation supports subsequent conditional approval and priority review applications to accelerate the launch of the indication. Previous relevant Phase 3 clinical trials have shown significant clinical benefits, and the product has accumulated five Breakthrough Therapy Designations, with three indications approved in China and two included in medical insurance. The company and MSD are also advancing multiple clinical studies globally, while the announcement reminds that the development and commercialization of unapproved indications are subject to uncertainties.
Zhongzheng International entered into an acquisition agreement with the seller, proposing to acquire all equity interests in the target company (a digital service provider in the beauty industry) and the outstanding shareholder loans for HK$62.5 million. The consideration will be settled by issuing 342 million consideration shares at HK$0.1828 per share.
Fudan Zhangjiang entered into an agreement with SPD Bank to subscribe to a structured deposit product with RMB210 million of its own idle funds generated from daily operations. The product is a principal-guaranteed floating-income type with a term of 87 days, an expected annualized return rate ranging from 0.70% to 1.90%, and is linked to the euro-to-U.S. dollar exchange rate.
S.F. Holding announced that as of December 31, 2025, it had repurchased a total of nearly 39 million A-shares with an aggregate amount of approximately RMB1.542 billion, representing 102.8% of the minimum target (RMB1.5 billion) under the share repurchase program, at an average transaction price of RMB39.59 per share.
Knowledge Atlas(02513.HK) announced that it will conduct an IPO from December 30, 2025 to January 5, 2026, planning to globally offer 37.4195 million H shares, with an offer price of HK$116.20 per share. The H shares are expected to start trading on the Hong Kong Stock Exchange at 9:00 a.m. on January 8, 2026.
On December 30, 2025, Hong Kong's three major indices fluctuated and strengthened. The Hang Seng Index closed up 0.86%, the Hang Seng Tech Index rose 1.74%, and the Hang Seng China Enterprises Index climbed 1.12%. The total market trading volume reached HK$199.769 billion, with a net outflow of HK$3.845 billion in Southbound Capital.
