【Top Story】AI short drama overseas orders are forecasted to surge by 5000%. According to reports from authoritative media, the volume of overseas orders for AI-generated short dramas is expected to skyrocket by 5000%. Data shows that approximately 128,000 micro-short dramas were launched industry-wide in the first quarter of this year, with AI-generated micro-short dramas accounting for 122,000, or over 95%. It is understood that due to the short production time and low cost of AI short dramas, many creative teams are pivoting to focus on this area. Data indicates that revenue per episode overseas is 40% to 50% higher than in the domestic market, attracting numerous companies to increase their investment in overseas custom content. Concurrently, downloads and in-app purchase revenue for overseas short drama applications are showing a sharp increase, particularly in North America where user payment habits are mature, contributing significant core revenue. Emerging markets like Southeast Asia still possess substantial room for penetration growth. Governments in various domestic regions are building supportive systems through tangible policies, such as providing computing power subsidies, venue support, and overseas expansion incentives, accelerating the establishment and development of AI short drama companies. Huatai Securities noted that ByteDance launched Seedance 2.0 on February 7th, with its core breakthrough being the transition from low-certainty "blind box-style generation" to a highly controllable, reusable creative workflow. Huatai Securities believes Seedance 2.0 has the potential to provide technical support for the large-scale implementation of domestic AI comic dramas, AI short dramas, and the industry development of AI movies. The surge in overseas orders for AI short dramas involves Hong Kong-listed companies possessing "vast IP reserves + AI technology empowerment + mature overseas distribution channels," such as KUAISHOU-W (01024), NEWBORNTOWN (09911), CHINA LIT (00772), and MOBVISTA (01860).
【Market Outlook】Nasdaq and S&P 500 Hit Record Closing Highs; Most Major Tech Stocks Rise Overnight, U.S. stocks saw the Nasdaq and S&P 500 reach record closing highs. At the close, the Dow Jones Industrial Average fell 118.02 points to 50,461.68, a decline of 0.23%. The S&P 500 index rose 45.65 points to 7,519.12, a gain of 0.61%. The Nasdaq Composite Index increased by 312.21 points to 26,656.18, up 1.19%. Most major technology stocks advanced, with AMD rising over 7%, Qualcomm up over 4%, and Intel gaining over 3%. The memory sector surged, with Micron Technology soaring over 19%, its total market value exceeding $1 trillion for the first time; SanDisk rose over 7%, Western Digital increased over 8%, and Seagate Technology climbed over 4%. Semiconductor and space sectors generally rose, with United Microelectronics Corporation up over 15%, ASE Technology Holding gaining nearly 12%, and ON Semiconductor rising over 9%. Most popular Chinese concept stocks increased, with the Nasdaq Golden Dragon China Index up 0.57%. NetEase rose nearly 6%. Hong Kong's Hang Seng Index ADRs also rose, closing at 25,697.15 points, up 97.70 points or 0.38% from the Hong Kong close. On the New York Mercantile Exchange, the front-month WTI crude oil futures contract fell $3.03 to $93.57 per barrel, a drop of 3.14%. COMEX gold futures for the front-month contract declined $14.80, or 0.32%, to $4,541.6 per ounce.
【Key Developments】Gryll: 10% Global Tariff May Be Reimposed After July Expiry The U.S. Trade Representative stated on Tuesday that the 10% global tariff imposed under former President Trump could potentially be reimposed after its scheduled expiration in July. He noted that relevant statutes are unclear on whether the President can reinstate the tariff after the statutory timeline lapses. Previously, following a Supreme Court ruling that deemed a series of so-called reciprocal tariffs illegal, Trump imposed the 10% global tariff in February of this year under Section 122 of the Trade Act of 1974. Under Section 122, the tariff measure can be in effect for up to 150 days unless extended by Congress. The Trump administration had previously indicated it expected to replace the measure with tariffs under a different authority upon its July expiry. However, Gryll stated on Tuesday that he believes there may be legal authority to reimpose the tariff even after the global measure expires.
158 Games Receive Approval in May, Including Products from Tencent and NetEase On May 26th, the National Press and Publication Administration released the approval information for domestic and imported online games for May 2026. A total of 158 games received approval, including 154 domestic online games and 4 imported online games. The May approvals include works from several well-known companies. On May 26th, multiple game companies officially announced receiving approvals. Tencent's (00700) "Chase Carrado" and NetEase's (09999) "Phantom Edge" each received approval. On May 26th, "Chase Carrado" officially announced its approval. According to the game developer, it is a "3D Heartbeat RPG (Role-Playing Game)" featuring "Motorcycle Beauties." Limited public information is available for "Phantom Edge." The game's official introduction describes it as a Chinese-style supernatural search-and-battle game.
Xiaomi Group-W (01810) Initiates HK$20 Billion Share Buyback Program in the Market Xiaomi Group-W (01810) announced it has adopted a new share buyback program to be implemented in the market, effective upon the expiry of the existing share buyback plan on June 2, 2026 (the date of the company's 2026 Annual General Meeting). Under the new share buyback program, the company may repurchase up to a total value of HK$20 billion of its Class B ordinary shares over the next 12 months, until the conclusion of the Annual General Meeting to be held in 2027. Xiaomi Group-W (01810) also released its results for the three months ended March 31, 2026. The group achieved revenue of RMB 99.142 billion and an adjusted net profit of RMB 6.072 billion.
Contemporary Amperex Technology (03750): 601 MWh Large-Scale Energy Storage Project in Bulgaria, Co-developed with Solarpro Holding, Successfully Connected to Grid Recently, a 601 MWh large-scale energy storage project, a collaboration between Solarpro Holding and Contemporary Amperex Technology (03750), was successfully connected to the grid and commenced operation in Bulgaria. After going online, this project effectively increases the local national energy storage installed capacity by approximately 15%, significantly raising the proportion of wind and solar energy and ensuring the stable operation of the power system. Solarpro Holding and Contemporary Amperex Technology plan to further expand the scale of energy storage projects within the next two years.
COSCO SHIPPING Energy Transportation (01138): Charters 2 LR2 Tankers for RMB 800 Million; Invests RMB 3.4 Billion in Gas Carrier Transport COSCO SHIPPING Energy Transportation (01138) announced plans to sign a vessel charter contract with Navios Maritime Partners L.P. (referred to as the "LR2 Vessel Lessor") to charter 2 LR2 newbuild vessels from the LR2 Vessel Lessor or its designated ship-owning company. The charter period is 62 months (with an option for the company), with total charter hire amounting to approximately RMB 800 million over the period, a rate in line with current market prices for similar vessels. Separately, COSCO SHIPPING Energy Transportation (01138) announced a capital increase of RMB 1.018 billion into its wholly-owned subsidiary, Hainan COSCO Shipping Energy Transportation Co., Ltd. The funds, sourced from the company's 2025 private placement of A-shares to specific investors, will be used for milestone payments for the fundraising investment projects "Investing in the Construction of 6 VLCCs" and "Investing in the Construction of 3 Aframax Crude Oil Tankers."
Pony.ai-W (02026) Q1 Revenue Increases 145.0% Year-on-Year; Raises Full-Year Commercialization Target Pony.ai-W (02026) announced its 2026 first-quarter results. Total revenue was $34.25 million, a year-on-year increase of 145.0%. Gross profit was $5.561 million, up 140.1% year-on-year.
UISEE Technology (01511) Wins Order for 10 Autonomous Buses and 6 Autonomous Delivery Vehicles from Xinjiang Airport Group UISEE Technology (01511) announced that, based on the excellent operational performance and technical reliability of its previously deployed autonomous tow tractors and autonomous buses, the company recently secured another order from Xinjiang Airport (Group) Co., Ltd. for 10 autonomous buses and 6 autonomous delivery vehicles. This will further expand the coverage of the group's autonomous driving services within the airport and improve the airport's ground intelligent transportation network.
MINISO Group Holding (09896) Q1 Revenue Grows 28.5% to RMB 5.688 Billion; Adjusted EBITDA Up 6.6% to RMB 1.1057 Billion MINISO Group Holding (09896) released its unaudited quarterly financial results for the three months ended March 31, 2026. Revenue increased 28.5% year-on-year to RMB 5.688 billion. Gross profit rose 25.8% year-on-year to RMB 2.464 billion. Gross margin was 43.3%, compared to 44.2% in the same period last year. Profit for the period surged 199.7% year-on-year to RMB 1.248 billion. Adjusted net profit was RMB 551 million. Adjusted EBITDA increased 6.6% year-on-year to RMB 1.1057 billion.
Ping An Life Insurance Company Increases Holdings in China Life Insurance (02628) by 43.261 Million Shares at Approximately HK$29.25 Per Share Latest data from the Hong Kong Stock Exchange shows that on May 20th, Ping An Life Insurance Company increased its holdings in China Life Insurance (02628) by 43.261 million shares at an average price of HK$29.2505 per share, involving a total amount of approximately HK$1.265 billion. Following the purchase, its latest shareholding stands at approximately 1.155 billion shares, representing a 15.51% stake.
OSIM International (01161) Announces Interim Results; Profit Attributable to Owners Up 27.37% to HK$70.93 Million OSIM International (01161) announced its interim results for the six months ended March 31, 2026. Total revenue increased 4.8% year-on-year to approximately HK$516 million. Profit attributable to owners of the company was HK$70.93 million, a year-on-year increase of 27.37%. Basic earnings per share were 10.4 HK cents. An interim dividend of 5.0 HK cents per share was declared.
New Stock Grey Market | YINGGUANG GU TECHNOLOGY (03310) Grey Market Closes Up 20.52%; HK$854 Profit Per Board Lot YINGGUANG GU TECHNOLOGY (03310) is scheduled to list in Hong Kong on Wednesday, May 27th. At the close of grey market trading, the indicative price was HK$25.08, representing a 20.52% increase from the offer price of HK$20.81. Based on a board lot of 200 shares, this translates to a profit of HK$854 per lot, excluding fees.
New Stock Grey Market | Deep Blue Intelligence (02723) Grey Market Closes Up 168.47%; HK$9,350 Profit Per Board Lot Deep Blue Intelligence (02723) is scheduled to list in Hong Kong on Wednesday, May 27th. At the close of grey market trading, the indicative price was HK$149, representing a 168.47% increase from the offer price of HK$55.5. Based on a board lot of 100 shares, this translates to a profit of HK$9,350 per lot, excluding fees.
New Stock Grey Market | Wasu Media Holding (00901) Grey Market Closes Up Over 93%; HK$3,070 Profit Per Board Lot Wasu Media Holding (00901) is scheduled to list in Hong Kong on Wednesday, May 27th. At the close of grey market trading, the indicative price was HK$63.5, representing a 93.6% increase from the offer price of HK$32.8. Based on a board lot of 100 shares, this translates to a profit of HK$3,070 per lot, excluding fees.
【Company Spotlight】Wasion Holdings (03393): Subsidiary Weiyuan Energy Secures Over RMB 1.6 Billion in New Overseas Orders Recently Wasion Holdings announced that its subsidiary, Weiyuan Energy, has secured new overseas business contracts totaling over RMB 1.6 billion year-to-date in 2026. These primarily cover critical data center infrastructure and related solutions, as well as overseas power distribution products like reclosers. The board believes that obtaining these orders further consolidates the company's leading position in the data center infrastructure field, will help enhance the future revenue base, and is expected to have a positive impact on the 2026 operating performance. Notably, in January of this year, Wasion Holdings announced plans to spin off Weiyuan Energy for a separate listing on the Hong Kong Main Board. Weiyuan Energy is engaged in smart power distribution business, focusing on three main sectors: smart power distribution grids, data centers, and new energy storage. Zhongtai International pointed out that the spin-off and listing of the smart power distribution business is beneficial for unlocking corporate value. Considering capital market conditions and regulatory approval processes, the spin-off and listing plan is expected to be completed within this year.
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