AI Capital Markets: Zhongji Innolight’s HK debut saw shares slide then pare losses after investors cooled on AI trades, even as the optical-transceiver maker raised HK$53.4b for R&D and global expansion. Semiconductor Sentiment: CXMT’s blockbuster listing and the broader AI chip sell-off kept pressure on regional markets, with SK hynix and Micron also in focus. HK Research Funding: CityUHK topped Hong Kong universities in RGC funding, winning three major projects including a five-year Areas of Excellence grant. Wealth & Fintech: WRISE launched WRISE AI Labs and appointed Dr. Jeffrey Wu to push AI-native wealth management, while Visa rolled out tools for AI agent payments, tokenised credentials and stablecoin settlement. Cross-border Infrastructure: Hong Kong and Shenzhen signed agreements to implement Huanggang Port colocation arrangements. Energy & Shipping Risk: Oil stayed volatile as Middle East tensions flared; separate reports also flagged continued Iranian oil sales via maritime “dark” activity. Regulatory Watch: Shein disclosed a US FTC probe tied to its US operations, warning outcomes could mean significant payments. Industry & Compliance: Vietnam is tightening risk-based compliance, shifting from broad audits to targeted inspections. Defence Tech: Reuters reported Iran is set to receive up to 400 Chinese shoulder-fired air-defence systems via a Hong Kong intermediary.