Marvell Technology (MRVL.O) U.S. pre-market shares rose 11% after the company reached an agreement with Google to develop custom chips.

MORGAN STANLEY says Xiaomi Group (01810.HK) reported Q2 adjusted net profit of RMB 6.219 billion, down 43% YoY and up 2% QoQ. Smartphone revenue and gross margin materially beat the bank's expectations; electric vehicle and IoT revenue slightly missed. Management said storage price rises should normalize in H2, which would lessen the negative impact on handset margins. MORGAN STANLEY expects smartphone gross margins to remain resilient in H2 and views this as a potential positive surprise and re-rating catalyst. Firm maintains Overweight rating and HK$32 target price.

Zhongji Xuchuang A shares fell more than 10% on turnover near 30 bln yuan; H shares (03308.HK) slid over 13%.