Rakuten Trade Research Reports

Foreign Equities (HK): Alibaba Donates Its Quantum Lab to Universities

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Publish date: Wed, 29 Nov 2023, 09:35 AM
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Alibaba Group Holding Ltd (9988.HK)

Alibaba Group Holding’s Damo Academy is donating its quantum lab to Zhejiang University, as the e-commerce giant's in-house research initiative allocates more resources to artificial intelligence (AI). The academy will focus on fundamental research including AI in agriculture and healthcare.

Hangzhou-based Alibaba, owner of the South China Morning Post, established Damo in 2017 to focus on fundamental science and disruptive innovations. The institute has 16 laboratories covering areas ranging from AI and autonomous driving to quantum computing and semiconductor research and development.

Chow Tai Fook Jewellery Group (1929.HK)

Chow Tai Fook Jewellery Group’s 1HFY3/24 net profit rose 36.7% YoY to HK$4,551m (US$583.9m) as mobility and retail activity continued to improve in China, Hong Kong and Macau. Samestore sales (SSS) in Hong Kong increased 52.5% during the period while that in Macau jumped 87.3%. SSS in the Mainland was 3.5% lower in 1HFY2024, largely due to the high base of comparison.

Group Chairman Dr Henry Cheng said: “We are witnessing encouraging progress in our transformation journey and we are confident that through active investment in our five strategic priorities, we will further strengthen our competitiveness and enhance earnings quality as we transition into a new phase of higher value growth.”

Galaxy Entertainment Group Ltd (27.HK)

Galaxy Entertainment’s (GEG) will continue to work with junkets and expansion of Electronic Table Games (ETGs) while no plans for other Asian region. GEG aims to leverage all market segments, with continued support of VIP play via junkets, even as younger customers encourage more electronic table game play.

GEG COO Kevin Kelley said “We’re always reshaping our gaming floor. It’s constantly evolving, based on where the question the markets are headed and I think you know, we do a pretty good job of trying to always put the customer in our shoes and do what we need to do for the customer. Obviously, as the electronic games segment continues to grow, we’ll make those modifications.”

New World Development (17.HK)

New World Development offered to buy back as much as US$600m of its outstanding dollar-denominated debt through a public tender to manage its debt load, days after receiving HK$21.8bn (US$2.8bn) from an asset sale to its controlling family. The Hong Kong developer offered to repurchase part of five bonds maturing between 2027 and 2031 and two perpetual securities with a combined outstanding face amount of US$4.14bn.

New World, controlled by Hong Kong’s third-richest billionaire family led by the 76-year old Cheng, has been looking to cut its debts as sliding home prices and higher borrowing costs pressured its finances. The developer this week completed the sale of its 60.9% stake in NWS Holdings to a family-owned entity for HK$21.8bn (US$2.8bn).

Xiaomi Corp-Class B (1810.HK)

Xiaomi has officially unveiled the highly anticipated Redmi K70 Pro, the flagship model of its budget friendly K70 series. Dressed in an elegant black hue, the Redmi K70 Pro showcases a distinctive “ink pen” texture on its back panel. Adding a touch of sophistication to its overall aesthetic.

The highlight of the device is undoubtedly its camera setup. The main camera unit, adorned with ultra-durable 1.3mm-thick glass, features a powerful 50-megapixel main sensor. Notably, Xiaomi claims that the camera offers double optical zoom, promising photography enthusiasts a versatile and immersive shooting experience.

Source: Rakuten Research - 29 Nov 2023

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