The global storage sector's hottest actively-managed ETF, the Roundhill Memory ETF (DRAM), has recently rebalanced its portfolio, including Chinese memory chip leader Gigadevice Semiconductor Inc. (03986) for the first time, making it the fund's eighth-largest holding. Industry insiders view this shift as reflecting the growing attention from international capital towards Chinese semiconductor firms within the global memory industry landscape. The DRAM ETF's top ten holdings now include global chip giants such as Samsung Electronics, Micron Technology, SK Hynix, SanDisk, Western Digital, Seagate Technology, and Gigadevice.
Market Overview
The Nasdaq Golden Dragon China Index closed up 1.41%. In overnight US trading, the Dow Jones Industrial Average rose 306.63 points, or 0.59%, to close at 52,182.74. The S&P 500 gained 86.41 points, or 1.18%, ending at 7,440.43. The Nasdaq Composite surged 522.52 points, or 2.07%, to settle at 25,820.14. Major tech stocks mostly advanced, with Tesla up over 8%, SpaceX rising more than 7%, Google gaining nearly 5%, and Nvidia climbing over 1%. Super Micro Computer fell over 8%. Most storage-related stocks gained, with Western Digital up over 11% and Micron Technology rising over 1% after briefly dropping more than 9% intraday; SanDisk fell nearly 2%. Optical communications stocks broadly rose, with Corning up over 15% and Applied Optoelectronics gaining over 10%. Semiconductor equipment & materials and computer hardware were among the top gainers, with KLA up nearly 12%, Applied Materials rising over 10%, and ASML gaining nearly 5%. Popular US-listed Chinese stocks mostly rose, with Baidu up over 7%, Xpeng Group gaining over 5%, and NetEase rising over 4%. The Hang Seng Index ADR rose 180.98 points, or 0.79%, to 23,207.66. NYMEX WTI crude oil for the front-month contract gained $1.19, or 1.72%, to $70.42 per barrel. COMEX gold for the front-month contract fell $65.80, or 1.61%, to $4,030.5 per ounce.
Trading Reminders
Ahead of the Hong Kong Special Administrative Region Establishment Day, the Hong Kong stock market will be closed on Wednesday, July 1st, and resume normal trading on Thursday, July 2nd. Southbound Stock Connect and Northbound Stock Connect services will be suspended on July 1st and resume as usual from July 2nd. Due to the US Independence Day holiday, the US stock market will be closed on Friday, July 3rd, and resume normal trading on Monday, July 6th.
Sector Highlights
The State Council executive meeting reviewed and approved the "15th Five-Year" Carbon Peaking Action Plan and the "15th Five-Year" National Health Plan. The meeting emphasized leveraging the strategic guiding role of the carbon peaking and carbon neutrality goals to promote economic restructuring and upgrading, and create more green economic growth drivers. Efforts should focus on key areas and critical links, accelerating the optimization of the energy mix, promoting green and low-carbon industrial transformation, improving systems for laws, regulations, standards, and carbon emissions statistics and accounting, conducting scientific and orderly evaluation and assessment, and integrating green and low-carbon principles into all areas and links of the national economic cycle to foster green production and lifestyles, laying a solid green foundation for high-quality development.
The State Council issued the "15th Five-Year" Education Development Plan. The plan outlines six comprehensive reform tasks, including establishing and practicing a scientific concept of education development, strengthening the integrated advancement of coordinated work on education, technology, and talent, optimizing education management and operational mechanisms, deepening education evaluation reform, promoting digital and intelligent transformation in education, and improving the strategic investment mechanism and legal safeguards for education. It also arranges 15 major projects, such as the Ideological and Political Leadership Enhancement Plan, the "Double Excellence" Construction Plan for High-Level Applied Undergraduate Universities, the National Interdisciplinary Center Construction Plan, and the Plan for Promoting High-Quality and Full Employment of University Graduates.
Midea Group (00300): The company's PortaSplit air conditioner has seen its ToB shipments in the European market exceed 200,000 units this year, doubling year-on-year. According to information from Midea Group, Xiong Xueqin, Director of Midea Air Conditioner Europe, stated that to meet urgent order demands, the company has coordinated with factories to arrange overtime for accelerated production and utilized the China-Europe Railway Express for rapid shipment. Some products have already arrived at destination ports, and local subsidiaries are expediting customs clearance to deliver goods to channel terminals as quickly as possible for consumer purchase. Regarding the hot sales of the PortaSplit in Europe leading to scarcity, Xiong Xueqin mentioned there are currently no definite plans for price increases. Due to frequent fluctuations in commodity markets and significant uncertainties in core raw material prices and exchange rate movements, pricing will be reasonably adjusted based on actual market supply-demand dynamics and industry conditions.
CATL's Jianshawo Mine has obtained its work safety permit. Regarding the progress of resuming operations at CATL's Jianshawo Mine, an industry insider close to the company informed on the evening of June 29th that "all production-related permits have been secured, with the most critical work safety permit obtained today." On June 24th and 25th, visits to the mine site revealed that some local residents working at the mine have begun receiving training in preparation for returning to work. On June 28th, related investors photographed large flatbed trucks transporting electric mining trucks parked at the mine entrance. This development involves the Hong Kong-listed lithium mining sector.
ND Paper (02689) anticipates that at least 99.9% of the total outstanding amount of its $400 million perpetual capital securities will be effectively tendered for repurchase on or before the expiry date. As of the end of the early bird repurchase period (which concluded at 4:00 p.m. London time on June 26, 2026), the principal amount of securities validly tendered and not withdrawn for repurchase under the early bird terms was $74.3 million (approximately 18.6% of the total outstanding securities). Since connected holders (collectively holding approximately 81.3% of the outstanding principal amount) have committed to the company that they will only tender all their held securities for repurchase after the early bird period, the company expects at least 99.9% of the total outstanding securities to be effectively tendered by the expiry date.
Shenglong International (01182) announced its annual results, reporting a net profit of HK$72.919 million, a year-on-year increase of 756.46%. The company stated the revenue increase was mainly attributable to higher revenue from gold-bearing carbon processing in Yunnan and gold ore processing in Henan during the year. Reasons for the revenue growth include: (i) completion of mine area infrastructure construction and resumption of gold ore production and processing in Henan; and (ii) record-high gold prices, prompting the group to sell more gold ingots in Yunnan to realize greater profits.
Envision Green (01783) plans to acquire 100% equity in YV CLOUD Limited and Shanghai Youfu Cloud for a maximum consideration of HK$2.5 billion to enter the IDC and AI computing power business. Payment will be a combination of cash and approximately 33.05785 million consideration shares (issued at HK$6.050 per share), subject to a price adjustment mechanism, with the maximum total consideration not exceeding HK$2.5 billion. Upon completion, the target companies will become wholly-owned subsidiaries. The target group is primarily engaged in providing cloud computing services and currently holds the necessary licenses for such services. The operating company has established an extensive network and connections in the internet data center and cloud computing fields and possesses the qualifications to procure the high-performance GPUs required for its cloud computing services.
Fibocom (00638) plans to acquire a 37.16% stake in Hangsheng Electronics for 1.428 billion yuan to achieve vertical integration of hardware and software in "communication modules + automotive electronic systems." Through this transaction, the company can effectively expand its automotive electronics product portfolio, completing the leap from single communication modules to complete system-integrated products for its automotive business, realizing vertical integration of "communication modules + automotive electronic systems," and gaining the capability to deliver self-developed system-level products directly to automakers. This will elevate the company from a Tier 2 supplier to a Tier 1 supplier, significantly enhancing product value contribution and comprehensive service capabilities.
Regina Miracle (02199) announced its annual results for the year ended March 31, 2026. Revenue was approximately HK$7.718 billion, down 1.6% year-on-year. Profit attributable to owners of the company was about HK$283 million, up 53.9% year-on-year. Adjusted profit attributable to owners was approximately HK$590 million, an increase of 46.7% year-on-year. Earnings per share were 23.1 HK cents, with a proposed final dividend of 5.3 HK cents per share.
Yue Gang Wan Zhi Suan (01396) plans to issue a total of 23,620,200 subscription shares at a discount of approximately 18.40% to raise net proceeds of about HK$277 million. The subscription price is HK$11.75 per share, representing a discount of approximately 10.03% to (i) the average closing price of HK$13.06 per share over the last five consecutive trading days prior to the subscription agreement date, and (ii) a discount of approximately 18.40% to the closing price of HK$14.40 per share on the subscription agreement date as quoted on the Stock Exchange. The subscriber has irrevocably and unconditionally committed to a 6-month lock-up period for the subscription shares from the completion date.
New Stock Grey Market Performance
"The first puncture surgical robotics stock," Zhen Jiankang Medical-B (02697), soared 183.7% in grey market trading. The stock is set to list officially on the Hong Kong Exchange on Tuesday, June 30th. At the close of grey market trading, the price touched a high of HK$357, up 177% from the offer price of HK$126.20 per 20-lot.
Jiangxi Bio (06915) closed down 3.48% in grey market trading, resulting in a loss of HK$195 per 500-lot, excluding fees. The stock is scheduled to list in Hong Kong on Tuesday, June 30th. The grey market closing price was HK$10.81 versus an offer price of HK$11.20.
Life Harmonic (03952) rose 7.78% in grey market trading. The stock will list in Hong Kong on Tuesday, June 30th. The grey market closing price was HK$92.15 compared to an offer price of HK$85.50 per 100-lot.
Xunlong Technology (06715) closed up over 38% in grey market trading, yielding a profit of HK$2,900 per 100-lot, excluding fees. The stock is set to list in Hong Kong on Tuesday, June 30th. The grey market closing price was HK$104.5 versus an offer price of HK$75.50.
Stock Spotlight
ASMPT (00522): Procurement of advanced packaging equipment has entered a period of intensive volume ramp-up. On June 8th, ASMPT announced it had secured a follow-on order from a globally leading integrated device manufacturer (IDM) to supply eight thermal compression bonding (TCB) machines for its chip-to-wafer (C2W) applications. A major South Korean AI chip investment plan was unveiled, with Samsung and SK Hynix leading a 518 trillion won investment to build two plants each, aiming to double DRAM capacity within five years. Kaiyuan Securities noted that AI chips are driving the penetration of heterogeneous advanced packaging solutions, and procurement of advanced packaging equipment has entered a phase of intensive volume expansion. TCB equipment, as a core tool in the bonding process, will continue to benefit from the dual capacity construction wave for HBM and 2.5D packaging.
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