On June 30, NetEase-S rose 3.21% in regular trading, trading at 205.8 HKD/share, with turnover of HKD 490 million.

On the news front, NetEase officially converted from a Hong Kong secondary listing to dual primary listing status effective today, concluding its transition grace period ahead of schedule. Both the Shanghai Stock Exchange and Shenzhen Stock Exchange announced the inclusion of NetEase-S into Stock Connect eligible lists, effective immediately, enabling mainland investors to directly purchase shares and significantly enhancing liquidity prospects.

On the institutional side, Goldman Sachs reiterated its Buy rating and raised its target price to 264 HKD, Morgan Stanley maintained its Overweight rating with a US target of 158 USD, and Bank of America maintained a Buy rating with a target of 268 HKD. Institutions broadly expect revenue and earnings growth to re-accelerate in the second half. Additionally, the highly anticipated new game Forgotten Sea is set for PC public beta on July 9, with institutions estimating first-year gross revenue of approximately RMB 5 billion, serving as a near-term earnings catalyst.

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