China Weekly Kickstart Offshore China rallied 4 while A shares lost 1

Portfolio Strategy Research 1 August 2026 | 12:27AM HKT

Offshore China rallied 4% while A-shares lost 1%; July Politburo meeting strengthened easing rhetoric; PMIs fell in July

MXCN gained 3.9% while CSI300 lost 1.3% this week. The n A: Materials (3.2%) & Ear Rev (4.1%) outperformed, Kinger Lau, CFA | July Politburo meeting strengthened easing rhetoric and Property (-2.3%) & Size (-1.9%) lagged Goldman Sachs (Asia) L.L.C.

emphasized faster implementation of planned measures. Timothy Moe, CFA | Earnings and valuations (Pages 12-16) Premier Li Qiang chaired the State Council executive Goldman Sachs (Singapore) Pte

meeting and called for more concrete measures to promote n MXCN/CSI300 12m forward P/Es are 10.5x/14.8x Si Fu, Ph.D. | sustained innovation-driven, high-quality and sound Goldman Sachs (Asia) L.L.C. n I/B/E/S consensus 2026/27E EPS growth is 17%/17% economic development. Vice Premier He Lifeng held Kevin Wang, CFA and 25%/15% for MXCN and CSI300, respectively | discussions with US Treasury Secretary Scott Bessent and Goldman Sachs (Asia) L.L.C.

USTR Jamieson Greer. CXMT completed its IPO on the n Financials/IT were revised up the most off/onshore Shanghai Stock Exchange’s STAR market on July 27, and is Flows (Page 17) now the largest A-share company by market cap as of Friday’s market close. Unitree announced plans to launch the n Southbound: US$49bn ytd first A-share humanoid robot IPO in early August. Media Key reports reported that a Shanghai-based company has started manufacturing domestic immersion DUV lithography tools. n China Musings: Investor FAQs on Large-Scale IPOs Both industrial profits and revenue increased in June, but official manufacturing and non-manufacturing PMIs fell in Policies and news July. Southbound Connect recorded the largest weekly net n Media reported that regulators may plan to restrict the outflows (-$2.4bn) in past 5 years. connectivity of brokerage trading information systems. Performance (Pages 7-11) Key charts: IPOs, HF Positioning & Barometers n H: Materials (6.7%) & Value (4.7%) outperformed, Comm Svcs (-5.6%) & New China (-4.8%) lagged

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Goldman Sachs China Weekly Kickstart

Charts of the Week: Large-scale IPOs

Exhibit 1: On average, large-scale Chinese IPOs Exhibit 2: Significant post-listing return disparity of Exhibit 3: A clear “V-shaped” pattern around the tended to perform well post their listings large IPOs across sectors issuance dates of large IPOs in the past Post-IPO performance of top 50 Chinese IPOs 1-month post-IPO returns of top 50 Chinese IPOs Index CSI300 average performance around top A-share IPOs^ (rebased to 100) (^22 A shares out of top 50 Chinese IPOs in history) (Absolute performance on average, starting from IPO offer prices) 100% Average Median No. of IPOs - RHS 25 170 103 CSI300 relative performance vs MXAPJ A shares Offshore 80% 160 20 CSI300 absolute performance 60% 102 At listings % 140 20% % 5 -20% % 0

Materials Health Care Financials Comm Svcs Energy Cons Stap IT

Industrials Cons Disc Utilities 110

No. of trading days Number of trading days post listings

Source: Wind, Bloomberg, Compiled by Goldman Sachs Global Source: Wind, FactSet, Compiled by Goldman Sachs Global Investment Source: Factset, Bloomberg, Compiled by Goldman Sachs Global Investment Research Research Investment Research

Exhibit 4: We calculate that inclusion of a hypothetical company with a US$400-600bn market cap could result in it receiving US$1.9-2.5bn assuming its free float reaches 30% in 6 months

(US$bn) AUM Cumulative Passive Flows (Proforma Index Weight) Index Passive 3M 6M 12M 36M MSCI China %-1.4%) 3.3-4.9 (1.6%-2.4%) MSCI China A %-8.3%) 9.6-14.4 (9.2%-13.8%) CSI %-4.6%) 2.5-3.7 (5.1%-7.6%) STAR %-8.7%) 1.9-2.5 (7.9%-10.0%) ~2.5 (10.0%) ~2.5 (10.0%) Total *Note: Illustrative passive flow estimates are based on hypothetical range of US$400bn-US$600bn market cap as of July 27 market close. Index weights are derived from current constituent data. MSCI-related AUM estimates are based on a bottom-up…