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Meitu (1357): delivered strong results in the first quarter and early second quarter of 2026. Revenue from imaging and design products increased by 34.3% year-on-year to RMB 852 million in the first quarter, with paid subscribers exceeding 17.9 million. In April and May, total mobile revenue in China and overseas maintained a robust year-on-year growth of nearly 30%, indicating strong underlying performance. In terms of segment performance, productivity applications performed exceptionally well, with revenue surging 74% in May, and annual recurring revenue from AI productivity reaching RMB 580 million. A highlight was the deepening of AI functionality, with user AI computing power consumption in March surging 59% compared to the end of last year. Although domestic monthly active users declined slightly in May, overseas users continued to grow.

Nonfarm payrolls increased by 172,000 in May

Data released by the U.S. Bureau of Labor Statistics on Friday showed that nonfarm payrolls increased by 172,000 in May, almost double the market expectation of 88,000 and far higher than April's 115,000. Meanwhile, the combined upward revisions to March and April employment figures were 93,000 (29,000 and 64,000 respectively), making it the strongest job growth in over two years over the past three months. Following the data release, U.S. Treasury bonds were sold off, with the 2-year Treasury yield rising more than 7 basis points to 4.1% in a single day. The interest rate swap market indicated that traders have fully priced in a Federal Reserve rate hike this year and expect action as early as October.

On Friday, Hong Kong stocks saw a net outflow of HK$2.426 billion through the Stock Connect program. Tencent (700) saw the largest inflow at HK$1.69 billion, followed by Xiaomi Group (1810). SMIC (981) recorded the largest net outflow at HK$2.78 billion, followed by Lenovo Group (992).