reports
JD.com Files Its Annual Report on Form 20-F
JD.com Files Its Annual Report on Form 20-F BEIJING, April 16, 2026 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company”), a leading supply chain-based technology and service provider, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission on April 16, 2026 U.S. Eastern Time. The annual report can be accessed on the Company’s investor relations website at . The Company will provide a copy of its annual report containing the audited cons...
- Julia Pan Mengyao
JD.com (9618 HK): 1Q26 Results Preview: Narrowing FD Losses; Solid FY2...
JD has guided for sluggish low single-digit top-line growth in 1Q26, slightly improving from 4Q25’s 1.5% yoy growth, but significantly lower than 1Q25’s 15.8% due to a high base last year driven by national subsidies. However, overall profitability is expected to rebound, driven by narrowing losses in the FD segment, resumption of national subsidies, and contributions from ongoing international expansion. Maintain BUY with a raised target price of HK$155.00 (US$40.00).
- Carol Dou Xiao Qin
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Thursday, April 16, 2026
Top Stories Sector Update | Healthcare The HSHCI rose 11.3%, significantly outperforming the HSI which gained 1.9% from 13 Mar-15 Apr 26. We attribute the healthcare sector’s strong performance primarily to robust 2025 financial results. As a rising pillar industry, biopharmaceuticals have gained strong policy backing to drive future growth and development. Maintain OVERWEIGHT. Sector Update | IT Hardware Handset suppliers’ 2H25 results and 2026 guidance are better than feared. Players focused...
- Jin Yoon
JD.com Announces Completion of CNY10 Billion Offering of CNY-denominat...
JD.com Announces Completion of CNY10 Billion Offering of CNY-denominated Senior Notes BEIJING, April 10, 2026 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced the completion of its offering of CNY10 billion aggregate principal amount of CNY-denominated senior unsecured notes (the “Notes”). The Notes were offered in offshore transactions outside the United States to certain non-U.S. persons (the “Notes Offering”) in reliance on Regulati...
- Jin Yoon
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - April 2026
Greater China Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium a...
AS7 ANTA SPORTS PRODUCTS LTD.
FR FIRST INDUSTRIAL REALTY TRUST INC.
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
02331 LI NING COMPANY LIMITED
TOP THAI OIL PUBLIC CO. LTD.
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
CENTEL CENTRAL PLAZA HOTEL
BN4 KEPPEL CORPORATION LIMITED
GLOBAL SIAM GLOBAL HOUSE PCL
AKRN ACRON
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
RATCH RATCH GROUP PUBLIC CO. LTD.
FUTU FUTU HOLDINGS ADS
PROP PROPNEX LTD
0606923D CHINA DUTY FREE GROUP CO LTD
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
HLA HONG LEONG ASIA LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
09888 BAIDU INC
GOTO GOTO GOJEK TOKOPEDIA
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
HRUM HARUM ENERGY TBK PT
NTTDCR SP NTT DC REIT
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Julia Pan Mengyao
China Internet: 4Q25 Results Recap: AI Bringing Disruptions And Opport...
China online retail companies’ 4Q25 revenue and margins were pressured by the high-base effect and the persistently intense on-demand delivery competition, which are likely to ease in 2026, seeing the solid NBS retail data for Jan-Feb 26, and the latest policy. Meanwhile, online gaming and OTA reported resilient 4Q25 top-line growth and continuous margin improvement, empowered by improved AI efficiency and benign competition. We expect improving AI monetisation and mixed earnings as AI investmen...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Greater China Research Team
Greater China Strategy: Alpha Picks -- April Conviction Calls
Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium and cutting losses on LINK REIT.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
02331 LI NING COMPANY LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
FUTU FUTU HOLDINGS ADS
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
002371 CH NAURA TECHNOLOGY GROUP CO LTD
JD.com Announces Pricing of CNY10 Billion CNY-denominated Senior Notes
JD.com Announces Pricing of CNY10 Billion CNY-denominated Senior Notes BEIJING, April 01, 2026 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced the pricing of its offering of CNY10 billion aggregate principal amount of CNY-denominated senior unsecured notes (the “Notes”). The Notes were offered in offshore transactions outside the United States to certain non-U.S. persons (the “Notes Offering”) in reliance on Regulation S under the Uni...
JD.com Announces Proposed Offering of CNY-denominated Senior Notes
JD.com Announces Proposed Offering of CNY-denominated Senior Notes BEIJING, March 30, 2026 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced that it proposes to offer CNY-denominated senior unsecured notes (the “Notes”) in offshore transactions outside the United States to non-U.S. persons in reliance on Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”), subject to market conditions and other...
- Alvaro del Pozo
- Jin Yoon
Tencent 4Q25 Results: AI Investment to Partly Weigh Down Margins in FY...
What’s new: Tencent’s reported 4Q25 revs that were largely in line with consensus and above our expectations. Rev growth momentum could remain resilient in 1Q across key business segments. Tencent plans to at least double investments in AI to more than RMB36bn which could partly weigh down margins in FY26. We maintain our PT at HKD750. Analysts: Jin Yoon
- Julia Pan Mengyao
Tencent Holdings (700 HK): 4Q25: In-line results; AI Empowers All Busi...
Tencent’s 4Q25 earnings came in better than expected. Revenue grew 15.4% yoy to Rmb192.9b, 2-3% ahead of our and consensus estimates. Gross margin expanded 3.3ppt yoy to 56.4%, in line with consensus forecasts. Non-IFRS operating profit grew 18.4% yoy to Rmb72.6b, while non-IFRS operating margin expanded 1ppt yoy to 37.6% on a positive shift in revenue mix. Non-IFRS diluted EPS ramped up 19.5% yoy, 6.5% higher than consensus estimates. Maintain BUY with a lower target price of HK$757.00.
- Bella Lu Yifei
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Tham Mun Hon
Greater China Daily: Thursday, March 19, 2026
Top Stories Company Results | Fuyao Glass (3606 HK/BUY/HK$60.25/Target: HK$105.00) FYG’s 4Q25 GAAP net profit missed expectations at Rmb2,248m (+11.3% yoy/-0.5% qoq), due to forex losses. Stripping out one-off items, adjusted net profit met estimates at Rmb2,427m (+36.2% yoy/+4.0% qoq) on a yoy margin expansion. Its earnings outlook remains brilliant, backed by: a) continuous market share gain overseas, b) ASP increase on product mix optimisation, and c) its aluminium trim business. Maintain 20...
- Bella Lu Yifei
- Greater China Research Team
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Thailand Research Team
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, March 19, 2026
Greater China Company Results | Fuyao Glass (3606 HK/BUY/HK$60.25/Target: HK$105.00) FYG’s 4Q25 GAAP net profit missed expectations at Rmb2,248m (+11.3% yoy/-0.5% qoq), due to forex losses. Stripping out one-off items, adjusted net profit met estimates at Rmb2,427m (+36.2% yoy/+4.0% qoq) on a yoy margin expansion. Its earnings outlook remains brilliant, backed by: a) continuous market share gain overseas, b) ASP increase from optimisation of product mix, and c) its aluminium trim business. M...
TFG THAIFOODS GROUP
KTC KRUNGTHAI CARD PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
PTT PTT PUBLIC COMPANY LIMITED
PRU PRUDENTIAL PLC
CPALL CP ALL PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
CENTEL CENTRAL PLAZA HOTEL
00700 TENCENT HOLDINGS LTD.
MINT-R MINOR INTERNATIONAL PCL NVDR
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
SCGP SCG PACKAGING PCL
KORE KEPPEL PACIFIC OAK US REIT
- Julia Pan Mengyao
Tencent Holdings (700 HK): Launch Of WorkBuddy And One-Click Deploymen...
We continue to view Tencent as a core holding for investors seeking exposure to AI applications. Tencent launched WorkBuddy on 9 March, an AI agent developed by the Tencent Cloud CodeBuddy team, alongside QQ Open Platform’s integration with OpenClaw. AI applications are also increasingly delivering both cost reductions and revenue uplift across Tencent ecosystems, enabling new monetisation opportunities, with gaming and advertising among the earliest beneficiaries. Maintain BUY with an unchanged...
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, March 12, 2026
Top Stories Company Results | Chongqing Brewery (600132 CH/NOT RATED/Rmb56.22) In 2025, CBC achieved revenue of Rmb14,722m (+1% yoy) and core net profit of Rmb1,188m (-3% yoy). Sales volume increased 1% yoy and ASP remained largely flat. On-premise channels showed a slight improvement during the CNY holiday, but still remained under pressure. In contrast, off-premise channels performed well. While there has been a surge of small players in emerging channels, this is seen as a positive developme...
- Audrey Celia
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, March 12, 2026
Greater China Company Results | Chongqing Brewery (600132 CH/NOT RATED/Rmb56.22) In 2025, CBC achieved revenue of Rmb14,722m (+1% yoy) and core net profit of Rmb1,188m (-3% yoy). Sales volume increased 1% yoy and ASP remained largely flat. On-premise channels showed a slight improvement during the CNY holiday, but still remained under pressure. In contrast, off-premise channels performed well. While there has been a surge of small players in emerging channels, this is seen as a positive developm...
- Research Department
INFORME DIARIO 10 MARZO + RDOS. EUROPA. PREVIEWS (ANÁLISIS BANCO SABAD...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SANTANDER, SECTOR ELÉCTRICO. EUROPA: AIRBUS, PROSUS, VOLKSWAGEN. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. El Brent termina por debajo de los 100 dólares Fuerte volatilidad en los mercados de la mano de las subidas del Brent pero qu...
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