Little K Morning Report | Tencent Co-invests in Step's $2.5 Billion Financing; OpenAI Invests Over $4 Billion to Establish New Division

① Investor Michael Burry warned that the Nasdaq 100 Index may experience a significant decline; ② Guangzhou: Supporting the research and development of potential blockbuster smart hardware products such as AI glasses; ③ BeiGene: Net profit for the first quarter was 1.608 billion yuan.

cls.cn07:58

The daily online signing volume of second-hand housing transactions in Shanghai has reached a new high in five years, and the fundamentals of the real estate industry may continue to improve.

①Data from the official website of Shanghai Real Estate Trading Center, 'Online Real Estate,' showed that on May 10 (Sunday), a total of 1,664 second-hand housing units (including commercial properties) were transacted online in a single day in Shanghai, breaking the five-year single-day online transaction record for the second time in a month. ②Looking ahead, He Miannan of Everbright Securities believes that leading central and state-owned enterprises with obvious credit advantages will continue to benefit from the industry's supply-side deleveraging and optimization of competitive structure, driving performance stabilization and recovery.

cls.cn07:44

Why did last year's performance decline, how to confirm revenue, and will agency sales be scaled back? Guizhou Maotai responds to investor concerns | Earnings Meeting Coverage

① Last year, Maotai's performance declined for the first time due to an active strategic contraction. In the first quarter of this year, net profit growth lagged behind revenue growth, caused by price reductions of high-end liquor and structural adjustments. ② Regarding the consignment sales model, Maotai will comprehensively coordinate and dynamically adjust product distribution to maintain a stable and orderly market. ③ Maotai emphasized that its financial reports are true, accurate, and complete. Dividends and buybacks will be strictly executed according to plan, and no exclusive purchase channels for shareholders will be established.

cls.cnMay 11 21:27

SMIC's $40 billion acquisition passes regulatory approval; why is the market-based valuation method favored by technology innovation enterprises?

① Today, the official website of the Shanghai Stock Exchange showed that SMIC's issuance of shares to purchase assets has been approved by the M&A Restructuring Committee; ② In recent years, during the wave of mergers and acquisitions in science and technology innovation enterprises, market-based valuation has been favored by these innovative companies; ③ Jiang Xiao believes that the essence of valuation is the judgment of value rather than a guarantee of price. In the new economic era, maintaining sharp judgment and methodological flexibility is more important than pursuing formal precision.

cls.cnMay 11 21:13

STAR Market Daily: SMIC's $40.6 billion acquisition approved; MicroSpace STAR Market IPO application accepted.

①South Asia New Material plans to raise no more than 900 million yuan for its AI computing power high-end high-frequency and high-speed copper clad laminate project; ②Guoyi Quantum's STAR Market IPO has been approved; ③Tebao Bio plans to repurchase shares worth between 300 million yuan and 500 million yuan; ④BeiGene reported a net profit of 1.608 billion yuan in the first quarter, reversing a year-on-year loss to profitability.

cls.cnMay 11 21:07

SMIC's $40.6 billion acquisition has been approved! SMIC Northern will become a wholly-owned subsidiary, with the target valuation nearly doubling.

①On May 11, the M&A Restructuring Examination Committee of the Shanghai Stock Exchange held its 5th review meeting of 2026, approving SMIC's application for the issuance of shares to acquire 49% equity in Zhongxin Northern; ②Zhongxin Northern mainly provides 12-inch integrated circuit wafer foundry services for chip manufacturers at 28nm and above nodes, with a monthly production capacity of 75,000 wafers. After the acquisition is completed, the listed company will strengthen its control over it.

cls.cnMay 11 21:03