Finance Morning: 8 Central Financial Firms Get 360B Yuan Injection, Japan-Korea Stocks Rally

📊 Today's Asia Markets

1. Eight central financial firms to raise 360 billion yuan

Source: Caixin

On September 6, eight central government-controlled financial firms disclosed capital-raising plans totaling 360 billion yuan, aimed at replenishing capital and strengthening risk resilience and the ability to serve the real economy. Industrial and Commercial Bank of China and Agricultural Bank of China plan to raise up to 100 billion yuan and 160 billion yuan respectively through private placements to the Ministry of Finance and China Tobacco, among others.

The Export-Import Bank of China and China Export & Credit Insurance will receive 30 billion yuan and 10 billion yuan respectively from the Ministry of Finance. Four insurers — PICC, China Life, China Taiping and China Re — will receive 15 billion, 35 billion, 7 billion and 3 billion yuan respectively.

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2. Junlebao pushes toward an IPO

Source: Sina Finance

Hebei dairy company Junlebao is pushing toward a Hong Kong IPO at a valuation of 16 billion yuan. Founder Wei Lihua joined the Hebei provincial agriculture department after graduating in 1986, then quit to start his own business, founding Junlebao in Shijiazhuang in 1995 with 90,000 yuan in savings. Over more than 30 years he built it into a dairy firm with brands such as Yuelixian, Jianchun and Youcui.

Its prospectus shows revenue rose from 17.546 billion yuan in 2023 to 20.382 billion yuan in 2025, with adjusted net profit climbing from 603 million to 1.262 billion yuan. In the first half of 2026, revenue reached 10.609 billion yuan and adjusted net profit 745 million yuan. Chilled liquid milk is now its largest business. In August 2026, Junlebao filed its IPO prospectus in Hong Kong for the second time.

Sequoia China holds 8.59%, the largest external institutional shareholder.

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3. Moore Threads hits 20% daily limit down

Source: 21 Business Herald

On September 7, Chinese GPU maker Moore Threads touched the 20% daily limit down in early trading on the STAR Market, its first such drop since listing in December 2025. As of midday, the stock closed at 415.48 yuan, down 103.87 yuan, with a market value of about 195.3 billion yuan, below the 200 billion yuan mark.

The move was triggered by a share unlock: on September 7, 25.7745 million IPO offline placement shares became tradable, accounting for 5.48% of total shares. The company said operations are normal and fundamentals have not changed significantly. In the first half of 2026, revenue reached 1.736 billion yuan, up 147.42% year on year.

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4. Tongguan Gold joins Stock Connect

Source: cnfol

Tongguan Gold (00340) has been included in the Stock Connect securities list. Under the Shanghai and Shenzhen stock exchanges' notices issued on September 7, the company's shares were included in Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect (collectively, Stock Connect), effective September 7, 2026.

This allows mainland investors to trade the company's shares through the Stock Connect mechanism.

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5. Nikkei closes up 2.12% on US chip gains

Source: Kyodo News

Tokyo's Nikkei index rose 1,378.90 points to close at 66,399.84 on September 7, up 2.12%, lifted by gains in US semiconductor stocks that drove buying in high-tech sectors.

The Topix rose 22.57 points to 4,125.80, up 0.55%. SoftBank Group and chip-testing equipment maker Advantest were among the gainers.

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6. Korea stocks surge; Goldman eyes 12,000

Source: Sina Finance

The KOSPI rose more than 3% on Monday, briefly reclaiming the 6,900 mark, with SK Hynix up over 6% and Samsung Electronics up over 4%. OpenAI's launch of GPT-6 Astra last week fueled bets on stronger memory demand and prices.

Goldman Sachs' chief Asia-Pacific equity strategist Moe reaffirmed a 12,000 KOSPI target, implying roughly 80% upside. South Korea's semiconductor exports reached 281.2 billion US dollars in January-August, up 169.6% year on year.

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7. Samsung, SK Hynix memory inventories below 10 days

Source: Sina Finance

Korean brokerage KB Securities warned that Samsung Electronics and SK Hynix's memory-chip inventories have fallen below 10 days of supply. With AI infrastructure investment expanding rapidly, the memory market faces severe supply shortages, exacerbated by the transition to next-generation HBM4.

KB Securities expects DRAM and NAND demand to exceed supply by more than 10 percentage points next year, and hyperscale data-center operators have raised next year's AI infrastructure investment forecasts to 1.3 trillion US dollars, up 60% year on year.

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8. FX intervention drives Japan's reserves lower

Source: Economic Observer

Japan's Ministry of Finance said on September 7 that foreign-exchange reserves stood at 1.21 trillion US dollars at the end of August, down 79.575 billion dollars from end-July, a 6.18% drop — the largest decline in comparable data history.

Reserves have fallen for four consecutive months, with securities assets at 839.559 billion dollars, down 87.773 billion dollars. Between July 30 and August 26, Japan's FX intervention totaled about 15.40 trillion yen (roughly 96.5 billion dollars), a record high.

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9. US 10-year yield faces the 4.8% test

Source: Jin10

The US 10-year Treasury yield is facing a key test at 4.8%, the prior high set in January 2025. Matt Maley, chief market strategist at Miller Tabak + Co., said a sustained break above that level could have a "material" market impact.

Maley noted US government debt has exceeded 40 trillion dollars, with more than 8.4 trillion dollars of government securities to roll over by year-end. HSBC raised its year-end 2026 10-year yield forecast to 4.65% from 4.30%.

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10. Goldman raises Asia-Pacific index target

Source: Cailian Press

Goldman Sachs raised its MSCI Asia Pacific ex-Japan index target to 1,120 points from 1,080, implying about 26% upside. The upgrade reflects strong performance in the Korean and Taiwanese markets and robust tech earnings growth amid AI infrastructure demand.

Goldman said second-quarter earnings for MSCI Asia Pacific ex-Japan constituents rose 102% year on year, with 44% of companies beating estimates. It has an overweight rating on Korea and Taiwan, and neutral on Singapore, Hong Kong, Malaysia and India.

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