Core Viewpoint - The strategic partnership between Snack Preferred and Hong Kong-listed company Huitongda Network aims to establish a joint venture for the exclusive operation of the Snack Preferred brand, focusing on the rapidly growing snack retail and hard discount market [1] Group 1: Partnership Details - Snack Preferred and Huitongda Network will form a joint venture to integrate their resources and accelerate market expansion [1] - The joint venture will be operated regionally by Snack Preferred, continuing its focus on the hard discount snack sector [1] Group 2: Operational Synergies - Huitongda will leverage its nationwide channel network to enhance market coverage in collaboration with Snack Preferred's existing network of over 2,800 stores across more than 10 key provinces [1] - Huitongda's network of over 250,000 member stores is expected to access Snack Preferred's efficient hard discount product offerings, facilitating standardized replication of "fast-moving consumer goods upgrade + small store big chain" [1] Group 3: Technological Integration - The joint venture will utilize Huitongda's self-developed "Qiancheng Cloud AI" industry-specific model and related AI applications to deploy advanced digital tools rapidly [1] - Huitongda has successfully commercialized AI in retail chain scenarios, which will support the digital transformation of Snack Preferred's 2,800 stores across the entire supply chain, from intelligent product selection to logistics and store operations [1]

Group 1 - Strategic partnership established between Huitongda Network and Hunan Snack Youxuan to create a joint venture for the "Snack Youxuan" brand chain [1] - Huitongda, as a leading industrial internet platform, has deep capabilities in supply chain, channel network, AI, and digitalization [3] - Snack Youxuan operates over 2,800 stores across more than 10 core provinces in China, collaborating with over 1,000 quality upstream manufacturers and offering more than 4,000 SKUs [3] Group 2 - Snack Youxuan will operate regionally and focus on the hard discount snack market, while Huitongda will provide support in platformization, ecological development, capital, and AI [6] - The partnership aims to enhance the market competitiveness of Snack Youxuan's "hard discount + full category + franchise expansion" model, accelerating its development towards scale, branding, and specialization [6] - Huitongda's retail chain strategy is rapidly evolving, with this collaboration enriching its retail ecosystem and competitive strength in urban and rural markets [7] Group 3 - Existing 2,800 stores of Snack Youxuan will collaborate efficiently with Huitongda's nationwide member stores to improve overall market coverage [7] - Huitongda's member stores are expected to access Snack Youxuan's quality hard discount products, enhancing product structure and customer traffic [10] - Huitongda has implemented its self-developed "Qiancheng Cloud AI Model" in retail scenarios, enabling rapid deployment of AI tools across Snack Youxuan's stores for comprehensive data and operational integration [10]

Core Viewpoint - The acquisition of Jintongling Technology Group by Huitongda Network marks a significant shift in the Chinese capital market, representing the first successful restructuring case of "H-controlled A" in 2026, and highlights the integration of internet and high-end manufacturing sectors [1][2]. Group 1: Transaction Insights - The transaction aligns with two major policy directions in China: promoting domestic circulation and the integration of AI into traditional industries, with Huitongda leveraging its experience in supply chain and retail operations [2][3]. - Huitongda's acquisition of Jintongling at a price of 1.3996 yuan per share is significantly lower than the current market price, indicating a strategic move as an "industrial investor" rather than a financial one, aiming for operational improvements [4]. Group 2: Strategic Implications for Huitongda - This acquisition reflects Huitongda's ongoing strategic upgrade, with a focus on enhancing profitability and integrating AI with industry, aiming for a dual-driven model of "industry + capital" [5][6]. - The business structure of Huitongda is being reshaped, expanding its valuation logic beyond just profit and growth rates to include capabilities in AI and high-end manufacturing, thus creating a more integrated operational model [6][7]. Group 3: Market Reactions and Future Outlook - The market has responded positively to the acquisition, indicating strong confidence in Huitongda's dual-driven model and the potential of integrating "industrial internet + AI" into its operations [7][8]. - The transaction raises questions about the reevaluation of Huitongda's valuation logic, as it now holds control over a high-end manufacturing company, enhancing its revenue model and risk resilience [7][9].

Group 1 - The core viewpoint of the article highlights the recent developments of Huitongda Network in AI technology implementation and policy response, including the testing phase of its "Qiancheng Retail Robot" and the acquisition of a 25% stake in Jintongling to enhance supply chain control [1][2] - Huitongda's stock price closed at HKD 9.62 on February 23, 2026, reflecting a 1.13% decline for the day and a cumulative drop of 2.73% over the past five days, indicating short-term pressure with the stock trading below its 20-day moving average [1] - The online retail sector, to which Huitongda belongs, has seen a recent increase of 3.52%, although the overall performance of Hong Kong tech stocks has been weak, with the Hang Seng Tech Index down nearly 20% since October 2025 [2] Group 2 - Institutional outlook on Huitongda remains optimistic, with all covering institutions rating the stock as "Buy" or "Hold" from September 2025 to January 2026, and an average target price of HKD 24.04, indicating significant upside potential compared to the current stock price [3] - The company's current price-to-earnings ratio (TTM) stands at 17.38, and its price-to-book ratio is 0.62, suggesting that its valuation is below the industry average [2]

Industry Policy Status - The company responds to the 2026 Central Document No. 1, which emphasizes "multiple measures to expand rural consumption" and "promote the two-way flow of urban and rural factors." The company will adhere to the "AI + smart supply chain" dual-driven strategy to deepen its layout in lower-tier markets, supporting rural revitalization and urban-rural integration [1] Business Progress - On February 13, 2026, the company completed the acquisition of a 25% stake in Jintongling and plans to nominate a majority of the board seats and appoint key management personnel to accelerate the implementation of the "integration of production and sales" strategy, enhancing upstream bargaining power and expanding product categories [2]

Market Overview - The Hang Seng Index opened down 0.25% at 26,501.2 points, while the Hang Seng Tech Index fell 0.19% to 5,350.25 points, and the National Enterprises Index decreased by 0.08% to 9,025.6 points [1] - Major tech stocks experienced declines, with Alibaba down 1.8%, Tencent down 0.38%, and JD.com down 0.85%. However, Netease saw an increase of 1.83% [3][4] Industry Insights - Huatai Securities reported that the Hong Kong market experienced fluctuations last week, driven by global "reflation" trades and upgrades in AI domestic applications, leading to rebounds in resource products and certain software sectors. However, concerns over the intensifying competition among e-commerce giants suppressed the performance of heavyweight stocks [3] - The market remains volatile, with key factors influencing it being US stock performance, consumer activity during the Spring Festival, and advancements in AI technology [3] Regulatory News - The State Administration for Market Regulation held discussions with major platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao, emphasizing compliance with various laws and regulations to enhance promotional practices [5] Company Developments - Qunhe Technology received approval from the China Securities Regulatory Commission for overseas issuance and listing, planning to issue up to approximately 312 million shares in Hong Kong, marking a significant step for the company [6] - China Merchants Energy signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [7] - China Shenhua reported coal sales of 33.2 million tons in January, a year-on-year increase of 9.9%, and total electricity sales of 20.96 billion kWh, up 34.4% year-on-year [7] - China Southern Airlines saw a 1.1% decrease in passenger capacity and a 2.86% decline in passenger turnover in January, with a seat load factor of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines reported a 3.54% decrease in passenger capacity and a 1.03% decline in passenger turnover, with a seat load factor of 85.01%, up 2.16 percentage points year-on-year [7] - Huizhong Network completed the acquisition of a 25% stake in Jintongling, advancing its "production and sales integration" strategy [7] Performance Metrics - China General Nuclear Power completed 1,647.8 GWh of electricity generation in January, a year-on-year increase of 7.9% [8] - R&F Properties reported a contract sales revenue of approximately RMB 720 million in January, down 8.05% year-on-year [9] - Hopson Development Group recorded a contract sales amount of approximately RMB 591 million in January, a year-on-year increase of 24.95% [10] - Kaisa Group reported contract sales of RMB 325 million in January, down 35.3% year-on-year [11] - Jianye Real Estate reported contract sales of RMB 398 million in January, a year-on-year decrease of 31.1% [12] - Shanghai Fudan projected total revenue of approximately RMB 3.982 billion for 2025, a year-on-year increase of 10.92%, but a net profit decrease of 59.42% [12] - Ruian Real Estate issued a profit warning, expecting a net loss of between RMB 1.7 billion and 1.8 billion for the 2025 fiscal year [12]

Major Events - Xunce (03317) has been included in the Hang Seng Index series [1] - Zhonghui Biotech-B (02627) has been included in the Hang Seng Composite Index [1] - Woan Robotics (06600) has been included in the Hang Seng Composite Index [1] - Guangdong-Hong Kong-Macau Holdings (01396) has been included in the MSCI China Small Cap Index [1] - Different Group (06090) has been included in the Hang Seng Index series [1] - Jinfang Pharmaceutical-B (02595) has been included in both the Hang Seng Index series and MSCI Index [1] - Huitongda Network (09878) has completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - Yingda Real Estate (00432) has received a $400 million offer to acquire Rafflesia Investment Limited [1] Operating Performance - SF Holding (06936) reported a total revenue of 26.86 billion yuan from its express logistics, supply chain, and international businesses in January, a year-on-year increase of 2.22% [1] - Lukoil (06623) announced a total revenue of 24.513 billion yuan for the fiscal year 2024 [1] - YTO Express International (06123) issued a profit warning, expecting a net loss of approximately 145 million to 154 million HKD for the fiscal year 2025 [1] - Sands China Ltd. (01928) reported a net profit of $896 million for 2025, a year-on-year decrease of 14.3% [1] - Shanghai Fudan (01385) reported a net profit attributable to shareholders of approximately 232 million yuan for 2025, a year-on-year decrease of 59.42% [1] - Ronshine China (03301) reported a total contract sales amount of approximately 21.8 million yuan in January, a year-on-year decrease of 37.71% [1] - Greater China Financial (00431) reported a shareholder loss of 113 million HKD for 2024, a year-on-year decrease of 75.98% [1]

Group 1 - The company HuTongDa Network (09878) announced the acquisition of a 25% stake in JinTongLing (300091.SZ), with the target company's restructuring plan completed as of the announcement date [1] - The target company is a leading industrial service enterprise in China, focusing on digital technology and supply chain capabilities to empower rural retail stores [1] - The company aims to enhance the living standards of farmers through innovative supply chain and digital services, promoting the "integration of production and sales" strategy [1] Group 2 - The target company specializes in manufacturing fluid machinery, including industrial blowers and high-efficiency steam turbines, with applications in various industries such as wastewater treatment and food preservation [2] - The acquisition aligns with the company's overall strategic direction and will strengthen the synergy and value enhancement of existing business segments [2] - The company plans to nominate a majority of the board members of the target company and appoint key management personnel to lead daily operations and strategic decisions [2]

Company News - China Power (02380.HK) signed three independent general contracting agreements with State Nuclear Power Technology Corporation and Shandong Institute, involving a total investment of 768 million yuan [1] - Huitongda Network (09878.HK) completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - CGN New Energy (01811.HK) reported a power generation of 1,647.8 GWh in January, an increase of 7.9% year-on-year [1] - R&F Properties (02777.HK) recorded a contract sales revenue of approximately 720 million yuan in January, a decrease of 8.05% year-on-year [1] - Hopson Development (00754.HK) reported a contract sales amount of approximately 591 million yuan in January, an increase of 24.95% year-on-year [1] - Aoyuan Group (01813.HK) reported contract sales of 325 million yuan in January, a decrease of 35.3% year-on-year [1] - Jianye Real Estate (00832.HK) reported a contract sales amount of 398 million yuan in January, a decrease of 31.1% year-on-year [1] Financial Performance - Shanghai Fudan (01385.HK) projected total revenue of approximately 3.982 billion yuan for 2025, a year-on-year increase of 10.92%, while net profit is expected to be around 232 million yuan, a decrease of 59.42% year-on-year [2] - Ruian Real Estate (00272.HK) issued a profit warning, expecting a net loss attributable to shareholders between 1.7 billion yuan and 1.8 billion yuan for the 2025 fiscal year [2] - YTO Express (06123.HK) issued a profit warning, anticipating a net loss of approximately 145 million to 154 million HKD for the 2025 fiscal year [3] - Baisheng Group (03368.HK) issued a profit warning, expecting a net loss attributable to shareholders of approximately 186 million yuan for the 2025 fiscal year [3] - IFBH (06603.HK) expects a year-on-year decrease in net profit of approximately 27% to 32% for 2025 [4] Strategic Developments - Yingxing Holdings (01440.HK) is exploring the establishment of its AI infrastructure and Software as a Service (SaaS) capabilities to support its AI-driven business plans [5] - Yinger International (08379.HK) has decided to focus on new business in artificial intelligence and industrial digital transformation, concentrating on technology research and commercial applications in the field of digital finance [5] - Samsonite (01910.HK) is seeking shareholder approval for a dual listing share issuance authorization [5] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.7 million shares for a total of approximately 98.36 million HKD, with a buyback price ranging from 36.30 to 36.48 HKD [6] - Geely Automobile (00175.HK) repurchased 1.595 million shares for approximately 26.91 million HKD, with a buyback price ranging from 16.71 to 16.98 HKD [6] - NetEase Cloud Music (09899.HK) repurchased 92,000 shares for approximately 14.96 million HKD, with a buyback price ranging from 160.3 to 166.5 HKD [6] - Kingsoft (03888.HK) repurchased 725,000 shares for approximately 19.99 million HKD, with a buyback price ranging from 27.38 to 27.76 HKD [6] Industry Performance - China Shenhua (01088.HK) reported coal sales of 33.2 million tons in January, an increase of 9.9% year-on-year, and total electricity sales of 20.96 billion kWh, an increase of 34.4% year-on-year [7] - China Southern Airlines (01055.HK) reported a year-on-year decrease of 1.10% in passenger capacity input and a decrease of 2.86% in passenger turnover, with a seat occupancy rate of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines (00670.HK) reported a year-on-year decrease of 3.54% in passenger capacity input and a decrease of 1.03% in passenger turnover, with a seat occupancy rate of 85.01%, up 2.16 percentage points year-on-year [7]

Group 1 - The company HuTongDa Network (09878) announced the acquisition of a 25% stake in JinTongLing (300091.SZ), with the target company's restructuring plan completed as of February 13, 2026 [1] - JinTongLing is a leading industrial internet company in China that empowers rural retail stores through digital technology and supply chain capabilities, aiming to improve the lives of farmers [1] - The company focuses on "smart supply chain" and "AI+" strategies, promoting integrated production and sales, and enhancing innovative applications in urban and rural circulation [1] Group 2 - The target company specializes in manufacturing fluid machinery, including industrial blowers and centrifugal air compressors, with applications in wastewater treatment, food fermentation, and industrial cooling systems [2] - The acquisition aligns with the group's overall strategic direction and aims to enhance synergy and value in existing business segments, leveraging JinTongLing's technical capabilities to strengthen upstream bargaining power [2] - The company plans to nominate a majority of the board members at JinTongLing and appoint key management personnel to lead daily operations and strategic decisions, ensuring the objectives of the acquisition are met [2]