US Soybean Prices Surge On Large China Order, Kuaishou Beats Earnings Expectations
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Key News
Asian equities were mixed overnight on light volumes as investors await Nvidia’s earnings results after the US market close.
China has placed a ban on Japanese seafood after their recent kerfuffle, which weighed on investor sentiment. Sina Finance reported before the China market opened that COFCO Group, China’s largest state-owned food processing holding company, "ordered at least 14 shipments of US soybeans on Monday. Based on a shipment volume of 60,000 tons per ship, these 14 shipments total 840,000 tons, and will be shipped in December and January respectively.” I would have thought the positive sign on US-China trade relations would have lifted markets, though Xiaomi's (-4.81%) earnings results yesterday weighed on indices.
Mainland investors bought the Xiaomi dip via Southbound Stock Connect. Mainland investors were once again net buyers of Hong Kong-listed stocks and ETFs with $842 million worth of inflow via Southbound Stock Connect, a mutual market access program. Breadth was weak in both Hong Kong and Mainland China as decliners outpaced advancers. Energy and nonferrous metal (precious metals and metals/mining) stocks outperformed. CATL gained +1.59% despite the IPO lockup expiring amid concerns of potential selling.
According to Wind, the “Ministry of Commerce reported China's total retail sales of consumer goods reached 41.2 trillion yuan from January to October, growing +4.3% year-on-year.” Additionally, Alibaba gained +1.16% as Mainland investors bought $269 million via Southbound Stock Connect. The HS Tech ETF, Gangfeng Lithium, Hua Hong Semi, and SMIC were also net buys via Southbound Stock Connect, while the HK Tracker ETF and Tencent were net sells.
Mainland China was led by large capitalization stocks and value sectors such as banks, insurance, and energy, along with nonferrous metals. Growth stocks underperformed, except for technology hardware, as Shanghai gained +0.20%, Shenzhen fell -0.50%, and the STAR Board fell -1.00%, respectively.
Kuaishou Technology Q3 Earnings Overview
Online short video provider Kuaishou Technology (1024 HK) released Q3 financial results after the Hong Kong close.
- Revenue increased by +14.2% to RMB 35.6B from RMB 31.1B and versus analyst expectations of RMB 35.3B.
- Total E-Commerce Gross Merchandise Value increased to RMB 385B from RMB 334B.
- Daily Active Users on the Kuaishou App reached over 416.2 million in Q3 2025, marking the third consecutive quarter of record highs.
- Adjusted Net Income increased by +26.3% to RMB 4.99B from RMB 3.95B and versus analyst expectations RMB 4.83B.
- Adjusted EPS was RMB 1.13 from RMB 0.90 and versus analyst expectations RMB 1.11.
- During the three months ended September 30, 2025, and up to the Latest Practicable Date, the company repurchased a total of 3,451,600 shares.
Last Night's Performance
| Country / Index | Ticker | 1-Day Change |
|---|---|---|
| China (Hong Kong) | HSI Index | -0.4% |
| Hang Seng Tech | HSTECH Index | -0.7% |
| Hong Kong Turnover | HKTurn Index | -12.7% |
| Hong Kong Short Sale Turnover | HKSST Index | 1.4% |
| Short Turnover as a % of Hong Kong Turnover | N/A | 19.8% |
| Southbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | 841.72 |
| China (Shanghai) | SHCOMP Index | 0.2% |
| China (Shenzhen) | SZCOMP Index | -0.5% |
| China (STAR Board) | Star50 Index | -1% |
| Mainland Turnover | .chturn Index | -10.3% |
| Northbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | Not Available |
| Jing Daily China Global Luxury Index | CHINALUX Index | -0.1% |
| Japan | NKY Index | -0.3% |
| India | SENSEX Index | 0.6% |
| Indonesia | JCI Index | 0.5% |
| Malaysia | FBMKLCI Index | 0.6% |
| Pakistan | KSE100 Index | 1% |
| Philippines | PCOMP Index | 1% |
| South Korea | KOSPI Index | -0.6% |
| Taiwan | TWSE Index | -0.7% |
| Thailand | SET Index | 0.2% |
| Singapore | STI Index | 0% |
| Australia | AS51 Index | -0.3% |
| Vietnam | VNINDEX Index | -0.7% |
| Indicator | Hong Kong | Mainland |
|---|---|---|
| Today's Volume % of 1-Year Average | 83% | 103% |
| Advancing Stocks | 203 | 1149 |
| Declining Stocks | 266 | 3914 |
| Outperforming Factors | Low Volatility, Buyback, Dividend Yield | Value, Large Caps, EPS Revision |
| Underperforming Factors | Growth, Momentum, Quality | Quality, Growth |
| Top Sectors | Materials, Energy, Discretionary | Energy, Materials, Financials |
| Bottom Sectors | Tech, Healthcare, Staples | Real Estate, Communication, Healthcare |
| Top Subsectors | Non Ferrous Metals, Petroleum/Petrochemical, National Defense | Motorcycle, Precious Metals, Oil/Gas |
| Bottom Subsectors | Tech Hardware, Consumer Durables/Apparel, Construction Materials | Gas, Cultural Media, Internet |
| Southbound Connect Buys | Alibaba, Xiaomi (Very Large), HS Tech ETF (Moderate), Gangfeng Lithium, Hua Hong Semi, SMIC (Small) | |
| Southbound Connect Sells | HK Tracker ETF (Large), Tencent (Small) |
| MSCI China All Shares Index | # of Stocks | Average 1-Day Change (%) |
|---|---|---|
| Hong Kong Listed | 160 | -0.08 |
| Communication Services | 11 | -0.33 |
| Consumer Discretionary | 28 | 0.51 |
| Consumer Staples | 13 | -0.42 |
| Energy | 6 | 1.8 |
| Financials | 25 | 0.05 |
| Health Care | 15 | -0.62 |
| Industrials | 21 | 0.05 |
| Information Technology | 12 | -3.38 |
| Materials | 10 | 1.89 |
| Real Estate | 7 | 0.02 |
| Utilities | 12 | -0.4 |
| Mainland China Listed | 385 | 0.34 |
| Communication Services | 8 | -1.28 |
| Consumer Discretionary | 28 | -0.61 |
| Consumer Staples | 21 | -0.33 |
| Energy | 12 | 2.33 |
| Financials | 66 | 0.77 |
| Health Care | 33 | -0.67 |
| Industrials | 57 | 0.44 |
| Information Technology | 91 | -0.29 |
| Materials | 49 | 2.14 |
| Real Estate | 6 | -1.51 |
| Utilities | 14 | 0.27 |
| US & Hong Kong Dually Listed | Ticker | 1-Day Change (%) |
|---|---|---|
| Tencent HK | 700 HK Equity | -0.2 |
| Alibaba HK | 9988 HK Equity | 1.2 |
| JD.com HK | 9618 HK Equity | -0.7 |
| NetEase HK | 9999 HK Equity | 0.3 |
| Yum China HK | 9987 HK Equity | 1.6 |
| Baozun HK | 9991 HK Equity | 1.2 |
| Baidu HK | 9888 HK Equity | -0.2 |
| Autohome HK | 2518 HK Equity | 0 |
| Bilibili HK | 9626 HK Equity | 0.1 |
| Trip.com HK | 9961 HK Equity | 1.8 |
| EDU HK | 9901 HK Equity | 1.3 |
| Xpeng HK | 9868 HK Equity | -0.3 |
| Weibo HK | 9898 HK Equity | -2.6 |
| Li Auto HK | 2015 HK Equity | -2.6 |
| Nio Auto HK | 9866 HK Equity | -2.1 |
| Zhihu HK | 2390 HK Equity | -0.9 |
| KE HK | 2423 HK Equity | 2.1 |
| Tencent Music Entertainment HK | 1698 HK Equity | 0.9 |
| Meituan HK | 3690 HK Equity | -0.6 |
| Hong Kong's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| XIAOMI CORP-CLASS B | -4.8 |
| ALIBABA GROUP HOLDING LTD | 1.2 |
| TENCENT HOLDINGS LTD | -0.2 |
| SEMICONDUCTOR MANUFACTURI-H | -1.4 |
| POP MART INTERNATIONAL GROUP | -2.3 |
| MEITUAN-CLASS B | -0.6 |
| BYD CO LTD-H | -0.9 |
| HUA HONG SEMICONDUCTOR LTD-H | 0.2 |
| XPENG INC - CLASS A SHARES | -0.3 |
| BAIDU INC-CLASS A | -0.2 |
| Shanghai and Shenzhen's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| ZHONGJI INNOLIGHT CO LTD-A | 3.3 |
| CONTEMPORARY AMPEREX TECHN-A | 1.6 |
| EOPTOLINK TECHNOLOGY INC L-A | 1.7 |
| BEIJING TEAMSUN TECHNOLOGY-A | 1.5 |
| FOXCONN INDUSTRIAL INTERNE-A | 0.5 |
| DO-FLUORIDE NEW MATERIALS -A | 3.9 |
| GANFENG LITHIUM GROUP CO L-A | 3.9 |
| SUNGROW POWER SUPPLY CO LT-A | 0.8 |
| TIANQI LITHIUM CORP-A | 6.1 |
| BLUEFOCUS INTELLIGENT COMM-A | -2 |
Last Night’s Exchange Rates, Prices, & Yields
- CNY per USD 7.10 versus 7.11 yesterday
- CNY per EUR 8.23 versus 8.24 yesterday
- Yield on 10-Year Government Bond 1.81% versus 1.81% yesterday
- Yield on 10-Year China Development Bank Bond 1.88% versus 1.87% yesterday
- Copper Price -0.56%
- Steel Price +0.29%
