PRE-MARKET CHINESE STOCK NEWS: HSBC earnings disappoints, CK Hutchison sells stake in VodafoneThree, SAIC and Seres report softer vehicle sales and production

ChinaBudweiser Brewing Co (1876 HK) - Co. Q1 net USD 226mln (prev. USD 224.5mln Y/Y), normalised net USD 234mln, adjusted EBITDA USD 463mln (prev. USD 586mln Y/Y), rev. USD 1.49bln (exp. USD 1.47bln). (Newswires)CK Hutchison (1 HK) – Co. agreed to sell its 49% stake in VodafoneThree, the UK’s largest mobile operator, in a GBP 4.3bln buy-out deal, Bloomberg reports. VodafoneThree, jointly owned by CK Hutchison and Vodafone (VOD LN), will pay CK Hutchison in cash for cancellation of the stake.HSBC (5 HK) - Q1 2026 (USD): Revenue 18.6bln (exp. 18.49bln). CET1 ratio 14% (exp. 14%), Pretax profit 9.38bln (exp. 9.59bln). Raises FY26 NII to USD 46bln (prev. "at least USD 45bln"); Declares first interim dividend of USD 0.10/shr. Net interest income 8.945bln (prev. 8.302bln Y/Y). Expected credit losses rose by USD 400mln (to USD 1.3bln), driven by an unexpected fraud-linked loss tied to secondary securitisation exposure with a UK financial sponsor, alongside pressure from the US-Israel war with Iran, and a weaker economic outlook. (HSBC)Meitu (1357 HK) - Co. Q1 (CNY) core business rev. rose 34.3% Y/Y to 852mln. Co. stated other businesses remained stable overall. (Newswires)SAIC Motor Corp (600104 CH) - Co. Apr vehicle unit sales 328.8k (prev. 376.5k Y/Y), YTD vehicle unit sales fell 1.5% Y/Y to 1.30mln, and vehicle production 345.7k (prev. 403.2k Y/Y). (Newswires)Seres Group Co (601127 CH) - Co. Apr vehicle production fell 4.2% Y/Y to 37.2k, vehicle sales fell 0.8% Y/Y, and NEV production rose 0.6% Y/Y to 34.5k. (Newswires)TCL Technology Group (000100 CH) - Co. is seeking up to USD 800mln in talks with several Indian companies for the sale of a 51% stake in an Indian plant. (Economic Times)Xiaomi (1810 HK) - Co.'s founder says the Co. has received over 80k orders for its SU7 cars. Wuliangye Yibin Co (000858 CH) downgraded to Sell from Buy at Goldman Sachs