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Hong Kong Stocks Slip as Investors Await Trump-Xi Trade Talks; InnoCare Pharma Falls

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Hong Kong stocks edged lower Thursday as investors focused on the Trump-Xi summit and an agreement to extend the U.S.-China trade truce.

The Hang Seng Index fell 72.99 points, or 0.3%, to close at 24,761.13, while the Hang Seng China Enterprises Index lost 7.80 points to finish at 8,266.01.

U.S. Treasury Secretary Scott Bessent said Washington and Beijing had reached a deal to extend their 11-month trade truce.

Investors are watching the summit for progress on trade relations.

Oil prices eased as traders reassessed supply risks linked to the Iran conflict. Brent crude fell 0.8% to $102.27 per barrel, while West Texas Intermediate crude also fell 0.8% to $91.43 per barrel.

Tensions remained elevated after Iran's president vowed not to surrender following Trump's warning of further escalation.

In corporate news, InnoCare Pharma (HKG:9969, SHA:688428) closed nearly 8% lower after signing a $3.3 billion drug discovery deal with Eli Lilly.

What else is happening in Asia?

Asia

Beijing Compass Technology Development Seeks Up to 500 Million Yuan in Bank Credit Lines

The board of Beijing Compass Technology Development (SHE:300803) approved applications for comprehensive credit lines from three banks to fund working capital loans and related business needs, according to a Wednesday aftermarket filing with the Shenzhen bourse.The company will seek up to 250 million yuan from Agricultural Bank of China with a one-year term, up to 150 million yuan from Xiamen International Bank with a three-year term, and up to 100 million yuan from Industrial Bank with a one-year term.Shares of the investment software developer were down 2% in recent trade.

SHE:300803
Asia

Liquidators Issue Final Notice to Creditors for ST Group Units' Dissolution

ST Group Food (SGX:DRX) said liquidators have issued their final notice and report to the creditors for the liquidation of GCTea 2B and GCTea 2A, according to a Wednesday filing to the Singapore stock exchange.The liquidators also plan to file the 'Notice of Final Account' before the dissolution.Last year, the company decided to liquidate GCTea 2B and GCTea 2A as part of its strategic plans to exit from the Gong Cha Brand in the United Kingdom.

SGX:DRX
Asia

South Korean President, Trump Discuss Warships Construction

South Korean President Lee Jae Myung and U.S. President Donald Trump met on Tuesday on the sidelines of the UN General Assembly to discuss defense and industrial collaboration, including naval shipbuilding.Lee said he expects tangible results from the bilateral partnership, highlighting South Korea's growth strategy in semiconductors, artificial intelligence, and the "7 SEED" initiative targeting small modular reactors, nuclear fusion, and renewables, according to a press release from the South Korean president's office on Wednesday.

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