Comcast (CMCSA.O) jumped about 11% after saying it will split NBCUniversal and Sky into two separately listed companies. Rocket Lab (RKLB.O) agreed to acquire satellite-communications company Iridium for $54 per share; Rocket Lab rose over 9% and Iridium jumped more than 20%. U.S. equities opened higher: Dow Jones Industrial Average +0.23%, S&P 500 +0.50%, Nasdaq Composite +0.80%. Notable movers at the open included NVIDIA (NVDA.O) +0.4%, Broadcom (AVGO.O) +2.1%, Micron Technology (MU.O) -2.0%,

Hang Seng opened lower after yesterday's rebound and slipped back below 23,000, falling over 300 points intraday to a low of 22,685.14. At midday the Hang Seng Index was down 1.19% at 22,752.96 while the Hang Seng Tech Index was up 1.40% at 4,454.38; turnover was HK$139.9 billion. Semiconductors and optical-communications led gains and commercial-space names were strong; yesterday's new-drug leaders pulled back while consumer, oil and precious-metals sectors lagged. IPO movers: Zhenjiankang Medical (02697.HK) +197.31%, Xunlong Technology (06715.HK) +44.5%. Dida Mobility (02559.HK) +90.55% after Tongcheng Travel (00780.HK) said yesterday it will launch a full tender offer for Dida (Tongcheng -4.15%). Selected stock moves: SMIC (00981.HK) +7.61%, Yangtze Optical Fibre and Cable (06869.HK) +7.94%, Nongfu Spring (09633.HK) -8.00%, Laopu Gold (06181.HK) -5.58%, Yaojie Ankang-B (02617.HK) -9.04%, PetroChina (00857.HK) -4.66%.

Data show year-to-date broad-based ETF assets have continued to decline; no single ETF in the market currently exceeds 100 billion yuan. The largest equity ETF is the Huatai-PineBridge CSI 300 ETF at 98.92 bln yuan, followed by ChinaAMC Sci‑Tech Innovation 50 ETF 66.78 bln, E Fund CSI 300 ETF 63.59 bln and Harvest Sci‑tech chip ETF 60.75 bln. By end-2025 the market’s total ETF assets had topped 6 trillion yuan; the largest single ETF was above 400 bln yuan and seven ETFs exceeded 100 bln yuan, all equity products.