LUXSHARE PRECISION (002475.SZ) has passed the listing hearing of the Hong Kong Stock Exchange, and has begun gauging interests of investors about its Hong Kong IPO, which may raise approximately USD3 billion, Bloomberg reported, citing sources. CITIC Securities, Goldman Sachs and CICC are acting as joint sponsors.

Over the past year, LUXSHARE PRECISION's share price in Shenzhen has proliferated by more than 1x, with its market cap topping USD77 billion. As an OEM for Apple Inc. (AAPL.US) products, LUXSHARE PRECISION charted revenue of RMB332.3 billion last year, up 24% YoY.
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Li Chenggang, China International Trade Representative and Vice Minister of Commerce, met with Apple Inc. (AAPL.US) Chief Operating Officer Sabih Khan on Monday (22nd).

The two sides exchanged views on China-US economic and trade relations, as well as Apple's development in China and other issues.
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S&P Global announced that Alphabet Inc. (GOOGL.US) will replace Verizon Communications Inc. (VZ.US) as a constituent of the DJIA, further increasing the weighting of large-cap technology stocks among blue chips.

Alphabet Inc. inched up 0.59% to USD348.17 in after-hours trading, while Verizon Communications Inc. faded 0.6%.

S&P Global said Alphabet Inc. will become one of the 30 DJIA constituents before market open next Monday (29th). It believes the inclusion of Alphabet Inc. will enhance the DJIA’s exposure to AI, cloud computing infrastructure and advertising.
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US tech stocks slid overnight (22nd). Alphabet Inc. (GOOGL.US) closed down about 5% after Google DeepMind data scientist and Nobel laureate John Jumper announced his departure to join Anthropic. Space Exploration Technologies Corp. (SPCX.US) lowered for a third straight day, plunging 16.4% for the full session after announcing the issuance of senior unsecured bonds and disclosing that it holds approximately USD100.8 billion in cash.

Futures for the three major US stock indices moved sharply lower. DJIA futures plunged 389 points or 0.7% to 51,730. S&P 500 futures and Nasdaq futures dropped 1.5% and 2.6%, respectively. US memory chip and optical module stocks collapsed in pre-market trading. Intel Corporation (INTC.US), Sandisk Corporation (SNDK.US), Marvell Technology, Inc. (MRVL.US) and Micron Technology, Inc. (MU.US) tumbled more than 7%. Seagate (STX.US) cascaded nearly 7%.

Corning Incorporated (GLW.US), Arm Holdings plc (ARM.US), Advanced Micro Devices, Inc. (AMD.US), Lumentum Holdings Inc. (LITE.US) and QUALCOMM Incorporated (QCOM.US) shrank more than 5%. AI chipmaker NVIDIA Corporation (NVDA.US) dived nearly 3% in pre-market trading. Space Exploration Technologies Corp. (SPCX.US) extended losses by 2.6% pre-market.

Expectations of further US rate hikes intensified. New York gold futures for August delivery sank 2.2% to USD4,112 per ounce. Silver futures for July delivery lost 5.4% to USD62 per ounce. Risk assets were under pressure, with Bitcoin last at USD62,560, down 2.4%, and Ethereum down 4.7% to USD1,663. New York oil futures and Brent oil futures dipped 0.6% and 0.9% to USD73.4 and USD77.3 per barrel, respectively.
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The United States and Iran reportedly reached an agreement to end military operations in Lebanon, after which the US announced a 60-day temporary waiver on sanctions against Iranian oil. Major Asia-Pacific markets broadly declined this morning (23rd). South Korean stocks plunged more than 8%, Hong Kong stocks hit another one-year low, while Singapore outperformed the region by notching a record high.

Mainland China’s three major A-share indices moved lower. The Shanghai Composite Index dipped 0.6% in the afternoon session, the Shenzhen Component Index dropped 2.3%, and the ChiNext Index slid 2.9%. Hong Kong stocks extended a four-day losing streak. The HSI was last at 23,447 pts, down 321 pts or 1.3%, with turnover at HKD210.136 billion. Taiwan stocks ebbed from record highs, down 455 pts or 0.95% to 47,285. TSMC lost 0.2% and Hon Hai dived 3.2%.

Japan's Nikkei pulled back from record highs, collapsing 1,808 pts or 2.5% in the afternoon session to 70,545. Memory chip maker Kioxia once tumbled 16%, marking its biggest drop since November 2025. SoftBank slumped 8.9%. Ajinomoto, which produces semiconductor insulating materials, tumbled 6.4%. MLCC manufacturer Murata Manufacturing sank 5.6%. Citi said ample global liquidity has created favorable conditions for capital inflows into Japanese equities. The rally since April remains within a healthy range without reflecting excessive speculation or bubble conditions, and Citi raised its Nikkei target to 90,000.

South Korea’s KOSPI plummeted 739 pts or 8.1% to 8,375, triggering a circuit breaker and halting trading for 20 minutes. Regulators are studying stabilization measures for leveraged products tied to individual domestic stocks. Two heavyweight stocks dragged the market lower, with Samsung Electronics nosediving 7.8% and SK Hynix cascading 10.5%. MLCC maker Samsung Electro-Mechanics slipped 9.2%, and Hyundai Motor slid 10.6%. The market is closely watching results from global memory chip giant Micron Technology, Inc. (MU.US) due later this week.
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Demand for electric vehicles (EVs) in Europe continued to bolster growth in the local auto market in May, offsetting a plunge in gasoline and diesel sales and helping Chinese brands garner greater market share, data released by the European Automobile Manufacturers' Association (ACEA) showed.

Europe's car registrations climbed 3.6% in May to 1.1525 million units, while registrations in the first five months of the year mounted 4.5% YoY. On the back of newly revised tax incentives and subsidy programs, European consumers showed strong demand for EVs.

In contrast, Chinese automakers delivered standout performances. LEAPMOTOR (09863.HK) saw May sales surge of 465.1%, while CHERY AUTO (09973.HK) and BYD COMPANY (01211.HK) posted leaps of 244.1% and 136.6%, respectively. GEELY AUTO (00175.HK) and SAIC Motor also logged increases of 12.6% and 13.9%, respectively.

As for Tesla (TSLA.US), it achieved a rebound for the fourth consecutive month, with registrations soaring 107.9% to 286,100 units.
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Meta Platforms, Inc. (META.US) poured USD900 million in Indian fintech startup Cred, acquiring an approximately 20% stake, with plans to appoint Cred founder Kunal Shah as the new head of WhatsApp.

Cred operates an App that rewards users for paying their credit card bills on time. Cred is currently valued at USD4.5 billion post-investment.

Shah will succeed current WhatsApp head Will Cathcart, who has led WhatsApp for about seven years. During his tenure, WhatsApp's user base more than doubled.

A Meta spokesperson declined to disclose details of Cathcart’s next project.
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KNOWLEDGE ATLAS (02513.HK) once ballooned 42.3% this morning (22nd), hitting an intraday high of HKD2,980 and marking a seven-session winning streak. The stock was last at HKD2,562, up 22.35%, with turnover of 2.4277 million shares, involving HKD6.084 billion. Market cap breached HKD1 trillion.

In response to an online question about when China’s large language models (LLMs) could reach the level of Anthropic’s Fable, and noting that KNOWLEDGE ATLAS’s GLM-5.2 has narrowed the gap, Tesla, Inc. (TSLA.US) CEO Elon Musk replied that it could happen in 1Q27.

Musk’s remarks prompted a response from KNOWLEDGE ATLAS Founder cum CEO Tang Jie, who said the gap may not take that long to close.

AI industry insiders generally view Musk’s forecast as relatively conservative, estimating that the time gap between Chinese and US models could be shorter than seven months.
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JD-SW (09618.HK) announced that the number of users placing orders during JD 618 marked a new high from 8:00 pm on May 30 to 11:59 pm on June 18, with brisk growth in multi-category service consumption.

During this year’s 618 period, the GMV of JD housekeeping daily cleaning services mushroomed by more than 200% YoY, while home appliance cleaning transaction value shot up by more than 300% YoY.

The number of transactions for home appliances and home furnishing products bundled with integrated delivery and installation services rallied by more than 120%.

Meanwhile, the number of major new product launches by brands leapfrogged by more than 5x YoY. The number of small and medium-sized new merchants participating in 618 rose by over 62%, with more than 3,000 first-time participating merchants achieving transaction value exceeding RMB1 million.

Home appliance brands including MIDEA GROUP (00300.HK), HAIER SMARTHOME (06690.HK), HISENSE HA (00921.HK), TCL ELECTRONICS (01070.HK), GREE APPLIANCES (000651.SZ) and XIAOMI-W (01810.HK) each recorded a GMV of over RMB1 billion.

Among smart digital brands, DJI, Insta360 and CREALITY (03388.HK) posted nearly 100% YoY growth in GMV. High-end smartphones and premium lightweight laptops represented by Apple Inc. (AAPL.US), LENOVO GROUP (00992.HK), Huawei and ASUS charted YoY GMV spike of 300% and 100%, respectively.

In Hong Kong, JD MALL’s Wan Chai store attracted over 10,000 visitors in its first hour of opening, setting a single-day, single-store sales record among similar electrical appliance retail malls in Hong Kong.

During the 618 period, JD Kai Bo Food Supermarket’s Wan Chai branch also opened, bringing the total number of stores in Hong Kong to over 100, with sales hiking by more than 52% YoY.
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Shares of Intel Corporation (INTC.US) proliferated 8.9% in pre-market trading to USD131.82.

US President Donald Trump posted on the Truth Social platform that Intel reached an agreement with Apple Inc. (AAPL.US) to design and manufacture chips in the US.

With backing from the US government, Intel's share price has cumulatively shot up by more than 4.6x over the past 12 months, with its market cap hiking to USD608.7 billion.
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