Core Viewpoint - Hong Kong Technology Exploration (01137) reported stable performance in its Hong Kong e-commerce business for August 2025, despite ongoing challenges in the local retail environment [1] Group 1: Business Performance - The average daily gross merchandise value (GMV) for August 2025 increased by 0.5% to HKD 21.9 million compared to July 2025 (HKD 21.8 million) [1] - The total monthly GMV for August 2025 reached HKD 678 million, slightly up from HKD 675 million in July 2025 [1] Group 2: Consumer Behavior - Despite an increase in outbound travel among Hong Kong residents during the summer, there remains a robust consumer demand for the company's e-commerce platform [1] - The number of unique customers grew by 2.8% month-on-month and 0.6% year-on-year to 622,000, indicating sustained customer engagement and loyalty [1] Group 3: Year-on-Year Comparison - The average daily GMV and total monthly GMV for August 2025 decreased by 4.4% and 4.5% respectively compared to the same period last year [1]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported stable performance in its Hong Kong e-commerce business for August 2025, despite ongoing challenges in the local retail environment [1] Group 1: Business Performance - The average daily gross merchandise transaction value in August 2025 increased by 0.5% to HKD 21.9 million compared to July 2025 (HKD 21.8 million) [1] - The total monthly gross merchandise transaction value for August 2025 reached HKD 678 million, slightly up from HKD 675 million in July 2025 [1] Group 2: Consumer Behavior - Despite an increase in outbound travel among Hong Kong residents during the summer, there remains a robust consumer demand for the company's e-commerce platform [1] - The number of independent customers grew by 2.8% month-on-month and 0.6% year-on-year to 622,000, indicating sustained customer engagement and loyalty [1] Group 3: Market Challenges - Year-on-year comparisons show a decline in average daily gross merchandise transaction value and total monthly gross merchandise transaction value by 4.4% and 4.5%, respectively, due to weak economic growth, irreversible trends in cross-border shopping, and frequent consumer travel [1]

Core Viewpoint - Hong Kong Technology Exploration (01137.HK) reported stable performance in its electronic commerce business despite ongoing challenges in the local retail environment, with a slight increase in daily transaction value in August 2025 compared to July 2025 [1] Group 1: Performance Metrics - The average daily gross merchandise value (GMV) for August 2025 increased by 0.5% to HKD 21.9 million, contributing to a total monthly GMV of HKD 678 million [1] - However, the average daily GMV and total monthly GMV for August 2025 decreased by 4.4% and 4.5% respectively compared to the same month last year [1] Group 2: Customer Engagement - The number of unique customers grew by 2.8% month-on-month and 0.6% year-on-year, reaching 622,000, indicating sustained customer engagement and loyalty [1]

Group 1 - The establishment of Qingran Youxuan (Guangzhou) Electronic Commerce Co., Ltd. has been registered with a capital of 10,000 RMB [1] - The business scope includes sales of leather products, shoe and leather repair, retail of shoes and hats, sales of bags, and wholesale and retail of clothing and accessories [1] - The company is also involved in internet sales (excluding licensed goods), wholesale of daily necessities, rental of daily necessities, sales of daily consumer goods, retail of jewelry, and sales of pre-packaged food [1]

Core Viewpoint - Hong Kong Technology Exploration (01137.HK) reported a slight decline in total merchandise transaction value by 1.2% to HKD 4.183 billion for the first half of 2025, alongside a net loss of HKD 23.2 million, attributed to losses in new exploration and technology businesses, as well as increased valuation losses on investment properties [1] Group 1: Financial Performance - Total merchandise transaction value decreased by 1.2% to HKD 4.183 billion in the first half of 2025 [1] - Net loss for the first half of 2025 was HKD 23.2 million, compared to a loss of HKD 27.5 million in the same period of 2024 [1] - Basic and diluted loss per share was HKD 0.03 [1] Group 2: Business Strategy - The company adopted a prudent strategy in its Hong Kong e-commerce business to mitigate the impact on sales performance and enhance cost efficiency [1] - Despite facing adverse conditions, the performance of the Hong Kong e-commerce business showed improvement in the first half of 2025 [1]

Group 1 - Shenzhen Smart Energy Creation Trading Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Niu Meng [1] - The company's business scope includes wholesale of electronic components, sales of electronic products, and sales of semiconductor lighting devices [1] Group 2 - The company is involved in the research and development of mechanical equipment and household appliances [1] - It also engages in domestic trade agency, sales of electric measuring motors, and research and development of motor control systems [1] - The company sells photovoltaic equipment and components, as well as various electrical accessories [1] Group 3 - The company is authorized to conduct technology services, development, consulting, exchange, transfer, and promotion [1] - It sells specialized equipment for semiconductor devices and batteries [1] - The company is involved in import and export of goods and technology, as well as wholesale of sports goods and equipment [1]

Core Viewpoint - The Hong Kong stock market's technology sector has significantly outperformed other indices, with the Hang Seng Tech Index rising 63.79% over the past year, surpassing the Nasdaq's 22.90% and the ChiNext Index's 59.11% [1] Group 1: Market Performance - The Hang Seng Tech Index has seen a strong rebound, increasing nearly 26% since April 8, 2023, indicating a robust recovery in the technology sector [3] - The index has accumulated a total increase of 84.77% since 2015, with an annualized return exceeding 6%, outperforming both the CSI 500 Index and the ChiNext Index during the same period [6][8] Group 2: Investment Drivers - The ongoing wave of technological innovation, particularly in AI, is driving a transformation in China's technology industry, enhancing investor confidence in the future of Chinese tech assets [1][3] - Increased capital expenditures by global tech giants and the acceleration of AI commercialization are contributing to the positive outlook for Hong Kong's tech sector [3][4] Group 3: Valuation and Earnings - The current price-to-earnings (P/E) ratio of the Hang Seng Tech Index is 21.94, which is at a relatively low percentile of 23% over the past decade, suggesting good investment value [9] - Earnings reports from major companies within the index show strong growth, with one internet leader exceeding market expectations in both revenue and profit for the second quarter [9][10] Group 4: Capital Flow and External Factors - There has been a significant inflow of capital into Hong Kong stocks, with net purchases reaching 874.58 billion yuan this year, marking a historical high [10] - Expectations of a potential interest rate cut by the Federal Reserve and a generally loose global liquidity environment are favorable for the Hong Kong tech market [4][10]

Core Viewpoint - Qingdao Kuleerte Electronic Commerce Co., Ltd. has been established with a registered capital of 100,000 RMB, indicating a new player in the e-commerce sector focusing on a wide range of consumer goods [1] Company Summary - The legal representative of the company is Jiang Wei, suggesting a centralized management structure [1] - The company’s business scope includes internet sales, daily necessities, personal hygiene products, and various retail categories such as cosmetics, office supplies, and food [1] - The company is authorized to sell pre-packaged food and alcoholic beverages, indicating compliance with regulatory requirements for food safety [1] Industry Summary - The establishment of this company reflects the growing trend in the e-commerce industry, particularly in the sale of daily consumer goods and food products [1] - The diverse range of products offered, from household appliances to outdoor goods, positions the company to cater to a broad consumer base [1] - The inclusion of both general and licensed sales activities highlights the regulatory landscape that e-commerce companies must navigate in China [1]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported stable performance in its Hong Kong e-commerce business for July 2025 compared to June 2025, despite a year-over-year decline in key metrics [1] Group 1: Performance Metrics - The average daily order total merchandise transaction value remained at HKD 21.8 million for both July and June 2025, leading to a total monthly transaction value of HKD 675 million in July 2025, compared to HKD 653 million in June 2025 [1] - Year-over-year, the average daily order total merchandise transaction value and monthly transaction value decreased by 3.5% and 3.6%, respectively, indicating ongoing external travel pressures affecting the overall retail market in Hong Kong [1] Group 2: Customer Metrics - The number of independent customers increased by 0.7% from June 2025, reaching 605,000 customers, up from 601,000 in June 2025 [1] - However, compared to July 2024, the number of independent customers decreased by 1.6% from 615,000, reflecting continued annual external travel pressures [1]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported stable performance in its Hong Kong e-commerce business for July 2025 compared to June 2025, despite a year-over-year decline in key metrics [1] Group 1: Performance Metrics - The average daily order total merchandise transaction value remained stable at HKD 21.8 million for both July and June 2025, leading to a monthly total merchandise transaction value of HKD 675 million in July 2025, compared to HKD 653 million in June 2025 [1] - Year-over-year, the average daily order total merchandise transaction value and monthly total merchandise transaction value decreased by 3.5% and 3.6%, respectively, indicating ongoing external travel pressures affecting the overall retail market in Hong Kong [1] Group 2: Customer Metrics - The number of independent customers increased by 0.7% from June 2025, reaching 605,000 customers, up from 601,000 customers in June 2025 [1] - However, compared to July 2024, the number of independent customers decreased by 1.6% from 615,000 customers, reflecting continued annual external travel pressures [1]