Tencent to outbid META for Manus; SK Hynix to ring the Nasdaq bell tonight | Daily News Recap

0710 | Dolphin Focus:

🐬 Stocks

1.$TENCENT(00700.HK)

Media report Tencent, alongside Sequoia China and ZhenFund, plans to buy back 100% of Manus from Meta at the original $2bn price. Tencent would contribute the most and become the largest shareholder, but only as a minority investor without seeking control.Meta’s prior attempt to acquire Manus was halted by security review. Manus focuses on autonomous general-purpose agents and leads peers in commercialization; the deal is still under negotiation, with the company to keep a Singapore entity and target a Hong Kong listing.The move underscores onshore capital’s race for top-tier agent assets and helps plug Tencent’s end-to-end agent tech gap, supportive for a re-rating in Hong Kong AI names.

2.$SK Hynix(SKHY.US)

SK Hynix ADR listed on Nasdaq today at $149, raising $26.5bn and setting a new record for foreign issuers in the U.S. The deal was 7x oversubscribed, with the ADR pricing at a 3% premium vs. its Korea listing.Proceeds will go to HBM capacity expansion and EUV tool purchases, further scaling AI memory. The U.S. listing opens North American institutional channels, potentially easing the persistent ‘Korea discount’ and lifting global appetite for the memory leader.

4.$Li Auto(LI.US)

Li Auto CEO Li Xiang announced on social media that the 9-series flagship Li Auto i9 will debut in Sep. It will include a second Home edition, measure 5,225mm in length with a 3,168mm wheelbase, and feature rotating zero-gravity second-row seats.Positioned for oversized family space, the lineup adopts an 800V high-voltage pure EV architecture. The new model rounds out Li Auto’s high-end pure EV matrix, fills the RMB 500k full-size pure EV SUV gap, and helps offset price wars in pure EVs, with launches likely to lift H2 deliveries.

5.$MINIMAX-W(00100.HK)

MiniMax announced a HK$16bn financing via new share placement plus zero-coupon CB, reportedly oversubscribed by global long-onlys. Roughly 80% of proceeds will go to compute infrastructure and frontier model R&D (per Qianjiang Evening News).Founder Yan Junjie told employees he will forgo salary until AGI is achieved and will contribute 5% of his personal stake, allocating 4% for core team incentives and 1% to an open-source fund. The move aims to address post-lockup volatility and align long-term interests.The sizable raise replenishes long-cycle R&D funding, with foreign long-only participation signaling confidence in China’s model leaders. Zero-salary and share transfer show management’s long-term resolve, but near-term selling from the first unlock is hard to fully offset, and the stock still fell notably on the day.

6.$Taiwan Semiconductor(TSM.US)

TSMC completed its 2025 Q4 dividend distribution ahead of the upcoming earnings release, totaling $4.8bn (NT$155.6bn) at NT$6 per share. Advanced-node AI orders remain strong, quarterly GPM stays above 66%, and cash on hand is ample.The company continues to expand 2nm and 3nm while maintaining a high payout. The sizable distribution signals management’s optimism on full-year AI chip demand and highlights the foundry leader’s stable profitability and cash flow.

7.$Meta Platforms(META.US)

Reuters leaked a Meta memo that its in-house AI chip, codenamed Iris, could enter mass production as early as Sep, co-designed with Broadcom and fabbed by TSMC. Meta plans semiannual chip iterations through 2027 while expanding first-party compute.The push reduces reliance on third-party GPUs and lowers model training costs. If executed, it could reshape overseas compute hardware procurement, create debate on long-term Nvidia GPU demand, and intensify the in-house chip race across the industry.Separately, Meta launched its flagship model Muse Spark 1.1 and, for the first time, a paid version for developers. Mark Zuckerberg said before launch it will be among the most price-competitive AI models on the market.

🐬 Top Gainers

A-share: medical services and life science tools & services. Media also outperformed.

Hong Kong: industrial gases and life science tools & services. Aerospace & defense also gained.

U.S.: drug retailers and silver. Copper also rose.

🐬 Watchlist for Tomorrow

1) None for now. No scheduled items.

Risk disclosure and statement: 海豚研究免责声明及一般披露