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Goldman Sachs released a report updating its Asia Pacific Conviction List for May. Some of the Greater China "Conviction List Buys" covered by the broker are listed below:

HKD Index once rose to 7.8087 this morning (3rd), logging an over-3.5-month high, with the spot rate last printing at 7.8125.

Temu, the cross-border e-commerce platform of PDD (PDD.US)      , set up a branch in South Korea, Whaleco Korea, in February 2024, but did not commence its business directly in South Korea, only carrying out overseas online shopping intermediary business there, Yonhap News Agency reported.

Morgan Stanley wrote in a report its belief that Li Auto (LI.US)      's share price will rise in 15 days, with a 70% to 80% chance. The broker gave the company an Overweight rating and a target price of US$65.

Chinese Premier Li Qiang emphasised the need to vigorously develop intelligent connected NEVs during his research at the 2024 Beijing International Automotive Exhibition yesterday (28 Apr). He stressed the need to lead industrial innovation with scientific and technological innovation, while deepening and expanding open cooperation. The automobile industry's premium, intelligent, and green upgrading shall be promoted to better meet and create market demand.

YUM CHINA (09987.HK)  +1.800 (+0.577%)    Short selling $28.31M; Ratio 13.208%   repurchased 60,000 shares on the New York Stock Exchange (NYSE) on 26 April at a price per share ranging from US$39.71 to US$40.41, involving US$2.3999 million, according to YUM CHINA's announcement.

While AI will change the world, Nvidia (NVDA.US)      CEO Jensen Huang does not think human jobs will go away, and that as AI helps businesses, companies will naturally expand. Since companies become more productive, their revenues will increase, Huang said, who has never seen a company grow profitably without hiring more employees.

USD/ JPY rattled sharply today (29th), once dropping to 160.22, which was the first time since 1990 to fall through the level of 160. Afterwards, the yen turned north abruptly and rose 1.1% to last at 156.48 against the dollar, with the high/ low volatility of more than 2%. JPY100/ HKD last posted at 4.98.

Tesla (TSLA.US)      will begin a mapping and navigation partnership with BIDU-SW (09888.HK)  +2.400 (+2.379%)    Short selling $619.80M; Ratio 29.303%   , removing a key hurdle to its full-self-driving-computer (FSD) software's entry into Mainland China market, Bloomberg reported.

Macquarie commented in a report that it identified supportive valuations in China's capital markets in light of the recent uptick in technical investment sentiment. The broker listed its near-term recommendations for a "conviction portfolio" of Chinese stocks: