Zhitong Hong Kong stocks knew a long time ago | The VAT export rebate rate for new energy vehicles will drop to 9%, Bijiao Technology (06082) has completed the placement of 130 million shares

[Today's headlines]

Two departments: Reduce the VAT export rebate rate for new energy vehicles from 13% to 9% starting April 1, 2027

The Zhitong Finance App learned that on October 12, the Ministry of Finance and the State Administration of Taxation issued a notice on adjusting the export tax rebate policy for some products, making adjustments to the export tax rebate policy for some products. First, starting April 1, 2027, the VAT export rebate rate for new energy vehicles will be reduced from 13% to 9%. Second, with effect from April 1, 2027, VAT export rebates for products such as e-cigarette equipment will be abolished. 3. For the products subject to consumption tax among the above products, the export consumption tax policy will not be adjusted, and the consumption tax refund (exemption) policy will continue to apply. 4. The export tax rebate rate applicable to the products listed in the notice is defined by the export date indicated in the export declaration for the export goods.

Market interpretation:

In terms of new energy vehicles: Advantages include leaders with overseas production capacity, strong brand premiums, ability to raise prices and transfer costs, and low dependence on export tax rebates; on the contrary, it may put profit pressure on enterprises with a high share of exports and weak overseas production capacity. Leading overseas automakers include Geely (00175), Zero Sports Auto (09863), and BYD Co., Ltd. (01211).

In terms of e-cigarettes: The policy is not simply “comprehensively beneficial” to the e-cigarette sector, but rather reduces export profits in the short term and accelerates the clean-up of the industry in the long term. Leading companies that are more likely to benefit are leading companies that have a high degree of compliance, bind to major international customers, increase prices or pass on costs, and upgrade product structures to HNB/compliant atomization: Smore International (06969) and China Tobacco Hong Kong (06055).

[General outlook]

The Nasdaq China Golden Dragon Index fell 0.38%

Overnight, the Dow Jones Industrial Average rose 195.6 points from the previous trading day, or 0.38%, to close at 51850.55 points; the S&P 500 stock index fell 4.3 points to close at 7807.24 points, or 0.06%; and the Nasdaq Composite Index fell 120.27 points to close at 27245.9 points, or 0.44%.

Major technology stocks had mixed ups and downs. Meta rose 3.38% and Apple rose 1.29%; AI hardware stocks declined, and the Philadelphia Semiconductor Index fell 2.67% to 12236.79 points. Storage concept stocks generally fell, with Western Digital down 2.60% and Seagate Technology down 3.80%. Oil and gas stocks generally rose, with ConocoPhillips up 2.58% and ExxonMobil up 1.90%. Lithium stocks generally fell. Chile's mining and chemical industry fell 2.25%, America's Yabao fell 2.73%, and the US lithium industry fell 4.26%.

Most popular Chinese securities fell, and the Nasdaq China Golden Dragon Index fell 0.38%. NetEase rose 0.94%; the Hang Seng Index ADR rose. On a proportional basis, it closed at 24274.57 points, up 3.37 points or 0.01% from the Hong Kong closing market.

WTI crude oil futures on the New York Mercantile Exchange rose $1.31 for the month to close at $93.16 a barrel, or 1.43%. COMEX gold futures fell by $20.40, or 0.48%, to $4195.9 per ounce during the month.

[Hot Topics Preview]

China Construction Machinery Industry Association: Sales of 22,717 excavators of various types increased 14.4% year-on-year in September

The Zhitong Finance App learned that according to statistics from the China Construction Machinery Industry Association on major excavator manufacturers, 2,717 excavators of various types were sold in September 2026, an increase of 14.4% over the previous year. Among them: domestic sales volume was 9911 units (including 218 electric excavators), up 7.16% year on year; 12,806 units were exported (including 65 electric excavators), up 20.7% year on year. Hong Kong stocks in the construction machinery-related industry chain: Zoomlion Heavy Industries (01157), Sany International (00631), China Longgong (03339), Sany International (00631), Zheng Coal Machinery (00564).

Bijiao Technology (06082) completed a total placement of 130 million shares to raise approximately HK$4.02 billion

Bijiao Technology (06082) issued an announcement that all the conditions set out in the placement agreement have been fulfilled, and delivery was made in accordance with the terms of the placement agreement on October 12, 2026. The placement agent has successfully placed a total of 130 million shares at an placement price of HK$31.08 per placement share in accordance with the terms and conditions of the placement agreement, accounting for about 9.54% of the H shares issued immediately before delivery and about 5.00% of the total number of issued shares, and on the date of this announcement, accounting for about 8.71% of the issued H shares and about 4.76% of the total number of issued shares after the expansion of the allotted and issued placement shares.

True Health Medical-B (02697): Completed a preclinical trial of 6 cases of genetically-edited pig liver in vitro, verifying long-term efficacy for the first time in the world

True Health Medical-B (02697) announced that, based on a self-developed organ perfusion system, it has successfully completed preclinical trials to support treatment of six cases of gene-edited pig liver liver assisted acute liver failure models in nonhuman primates. The experiment referred to the relevant requirements of State Council Order No. 818 on clinical research and filing guidelines for clinical research on new biomedical transplantation techniques in clinical transformation, and collaborated with research teams from Yunnan Agricultural University, Kunming First People's Hospital, and the First Affiliated Hospital of Anhui Medical University to set a record of stable liver function infusion support treatment for up to 144 hours and 6 cases exceeding 72 hours. This is the first time in the world that the long-term effectiveness of this technology has been verified.

Shougang Langze (02553) signed a cooperation framework agreement with the Academy of Stone Sciences and Ningbo Engineering to jointly promote the implementation of a bioethanol sustainable aviation fuel (SAF) project in Shizuishan, Ningxia

According to the framework agreement, the three parties will jointly promote the implementation of the bioethanol sustainable aviation fuel (SAF) project in Shizuishan, Ningxia, and use this as an entry point to carry out in-depth cooperation in the two major directions of upstream gas source development and expansion of industrial exhaust microbial fermentation to ethanol technology and extension of green high-value-added downstream products of ethanol to gradually build a “diversified gas source-green ethanol-biofuel and new bio-based materials” industry chain. The main contents include: promoting the implementation of the SAF project with an annual output of 50,000 tons of industrial exhaust gas; joint research on new technologies for combined biofermentation of carbon dioxide to produce ethanol; and jointly expanding the downstream bio-based materials industry chain such as green ethanol and bio-based ethylene.

As of September 30, 2026, Kingdee International (00268)'s annual recurring revenue of subscription services was about 4.604 billion yuan, an increase of about 19.3% year-on-year

The net addition of ARR in a single quarter in the third quarter increased by about 46.9% year-on-year, mainly benefiting from the continued deepening application of AI in the field of enterprise management, which led to a rapid increase in customer demand for Kingdee AI kits and smart engines. In the nine months ended September 30, 2026, the contract amount for the Group's AI native products reached RMB 1,002 billion. Additionally, the net dollar renewal rates (NDR) for AI+SaaS products (Kingdee AI Starry Sky, and Kingdee AI Star) as of September 30, 2026 were 101%, 97%, and 95%, respectively.

SMORE International (06969)'s profit for the third quarter was about 365 million yuan, up about 18.0% month-on-month, about 15.2% year-on-year

SMORE International (06969) announced that in the third quarter of 2026, the group achieved revenue of about 3,946 billion yuan, an increase of about 17.7% month-on-month and a year-on-year decrease of about 6.0%. The revenue from the business for corporate customers during the period was approximately $3.143 billion, up 19.0% month-on-month, and down about 8.4% year-on-year. Revenue from electronic atomization products and related technical services and special purpose atomization products was approximately RMB 2,651 million, up about 16.4% month-on-month and 1.8% year-on-year. The growth was mainly due to strong performance in the US market, and the group began delivering flavored electronic atomization products to a core customer during the period. These new products are already on the terminal market as planned.

Meijiehui Holdings (01389) changed ownership and received a discount of about 34.08% and offered a full purchase offer

According to Rule 26.1 of the Takeovers Code, the offeror is required to make an offer for all issued shares not owned or agreed to be acquired by the offeror and those acting in concert with it. HK$0.3428 per share is a discount of approximately 34.08% per share from the closing price of HK$0.52 per share as reported on the last trading day of the shares. The total value of the offer was approximately HK$87.8394 million.

Chongqing Electromechanical (02722) plans to sell 51% of Chongqing Kafu Automobile Brake and Steering Systems for 897.916 million yuan

The target company is mainly engaged in R&D and production of commercial vehicle steering rod (joint) assemblies and thrust rod assemblies, passenger car suspension subframes and control arm assemblies, and structural parts for new energy battery boxes and energy storage equipment.

[Individual stock prices are clear]

Sinopec's refining and chemical project (02386): Saudi energy facilities have been attacked one after another, and the company is the leader in energy and chemical engineering

Yemen's Houthis said on the 11th that in the past 24 hours, the group has used missiles and drones to carry out 4 military operations against airports and energy facilities in Saudi Arabia. The targets of the attack included King Khalid International Airport in the Saudi capital Riyadh, King Fahd International Airport near Dammam in the eastern province, and two Saudi Aramco facilities.

According to public information, Sinopec's refining and chemical engineering is the leader in energy and chemical engineering. The company previously disclosed operating results for the first half of 2026. The total number of new contracts signed by the company in the Gulf Cooperation Council (GCC) market reached 795 million US dollars, covering many core energy projects in the UAE and Saudi Arabia. Among them, Sinopec Refining & Chemical Engineering won the bid for the emergency restoration EPC project for the Saudi Arabian Amelas Tanoura refinery, with a contract amount of 45 million US dollars.