Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 5.286 billion on June 26, with notable purchases in SMIC (HKD 896 million), Innovent Biologics (HKD 675 million), and China Construction Bank (HKD 582 million) [1] - Tencent Holdings experienced a net sell-off of HKD 571 million, marking a continuous net sell for 20 days totaling HKD 20.79862 billion [3] - China Construction Bank has seen a net buy for 12 consecutive days, accumulating HKD 8.02139 billion [3] Group 2 - Innovent Biologics plans to place 55 million shares at a price of HKD 78.36 per share, raising approximately HKD 4.265 billion, with 90% allocated for global R&D and 10% for daily operations [4] - Hong Kong Tourism Board reported a 20% year-on-year increase in visitor numbers in May, with mainland visitors rising by 19% [4] - Alibaba Group announced a strategic shift towards a one-stop asset service platform, focusing on AI product upgrades and service system enhancements [4] Group 3 - Xiaomi Group is set to launch its first SUV, the Xiaomi YU7, along with other products, with expectations of significant revenue growth in the coming years [5] - Rongchang Biologics has licensed its proprietary drug to Vor Bio, receiving an upfront payment of USD 125 million and potential milestone payments up to USD 4.105 billion [5]

Core Insights - Alibaba Group's Vice President and President of Alibaba Assets, Li Ran, announced an innovative transformation strategy at the 2025 Alibaba Assets Annual Summit, aiming to transition from an "asset trading platform" to a "one-stop asset service platform" [1] - The strategy includes three major upgrade paths: AI product upgrades, business model upgrades, and service system upgrades, which will comprehensively drive the reconstruction and upgrading of industry service models [1] Group 1 - The strategic positioning shift emphasizes a broader service offering beyond mere asset transactions [1] - The three upgrade paths are designed to enhance operational efficiency and customer experience within the asset management sector [1] - The initiative reflects a significant evolution in Alibaba's approach to asset services, aligning with industry trends towards integrated service solutions [1]