HSI +149pts (+0.6%) 26,028 HSCEI +88pts (+1%) 9,271 T/O HK$181.83bn (-14.7% DoD)
Europe Markets opened higher; FTSE trending higher, CAC and DAX easing back after encouraging PMI and other data. Some overhang from Friday’s US jobs report and tonights ADP data.
WH Smith weak after forecasting that profits for the year ending August 2022 will be toward the lower end of market expectations.
Manufacturing PMI Aug 61.4 vs 62.8 Jul (F/cast was 61.5)
Unemployment Rate Jul 7.6% vs 7.8% Jun revised (F/cast was 7.6%)
Retail Sales Jul -5.1% MoM vs +4.5% Jun revised (F/cast was -1.2%)
Retail Sales Jul -0.3% YoY vs +6.5% Jun revised (F/cast was +5.5%)
Manufacturing PMI Aug 62.6 vs 65.9 Jul (F/cast was 62.7)
France Manufacturing PMI Aug 57.5 vs 58 Jul (F/cast was 57.3)New Car Registrations Jul -35.3% vs -14.7% Jun (F/cast was +2.5%)
UK Nationwide Housing Prices Aug +11% YoY vs 10.5% Jul (F/cast was +8.9%)Nationwide Housing Prices Aug +2.1% MoM vs +0.6% Jul revised (F/cast was +0.3%)Manufacturing PMI Aug 60.3 vs 60.4 Jul (F/cast was 60.1)
US FuturesOpened Dow +36pts, S&P +0.1% and NDX +0.05%; Ahead ADP employment number, PMI and ISM data.
CHINA CSI 300 closed +64pt (+1.3%) @ 4,870
Market opened flat but tested lower on more regulation concerns this time healthcare and for ecommerce policing fake goods. Market traded down ahead of Caixin PMI which was weak but then rallied into lunch on hopes of more easing/policy boosts from Govt. Infrastructure/Cement after local Govt’s issued more special bonds raising infra investment expectations. PM market eased back with resistance around 4,880.
Broker +VE on T/O pick up.
Shanghai Composite +23pts (+0.7%) @ 3,567 T/O US$121,168bn +19% DoD
Shenzhen Composite -14pts (-0.1%) @ 14,314 T/O US$133,159bn +10% DoD
ChiNext Composite Index -39pts (-1.1%) @ 3,457
China's National Health Commission reported no local COVID-19 cases yesterday (31 August), along with 19 imported cases.
Caixin Manufacturing PMI Aug 49.2 vs 50.2 Jul (F/cast was 50.2)
The Politburo announced that the sixth – and final – plenary session of the 19th Central Committee will be held in November after their meeting on Tuesday, according to state broadcaster CCTV. An exact date was not given for the plenum, which is usually held in October.
Pre market opened @ 25,872 -7pts vs -70pts ADR’s
Initial traded was chopping as investors reacted to the news flow over tightening up on fake goods online, the review of healthcare and the China Caixin data but then rallied from around 10:45 to +159pts (+0.6%) @ 26,038 at lunch. PM continued to see chopping trading but the trend was slightly lower before an uptick in the closing auction. Macau names saw an uptick on the August GGR number with numbers improving into the month end.
HONG KONG DATA
HK reported 1 new covid cases; imported.
After Market News
The World Health Organization (WHO) is monitoring a COVID-19 variant known as "Mu" first emerging in Colombia in January 2021. Known scientifically as B.1.621, "Mu" has been classified as a "variant of interest".
Didi had announced the formation of a labor union last week at an internal forum, yet without specifications, Bloomberg cited sources. The Chinese ride-hailing giant may invite drivers to join the union, according to hearsay. These drivers are mostly part-timers entitled to incomplete labor welfare.
Industry fellow like MEITUAN-W (03690.HK) is also studying the feasibility of an internal labor right association, another sources said. The report also cited three people with the knowledge of the matter that BABA-SW (09988.HK)'s staffers have posted on the company's forum calling for the same labor union.
TENCENT (00700.HK)'s Tencent Video published a statement on optimizing the "paid advanced viewing" services, vowing to amend the video unlocking rules soon and enable users to unlock dramas episode by episode. This will not only protect consumers' rights, but also allow users to enjoy a more personalized binge-watching experience.
SHORT SELLING Wednesday 15% vs 17.3% Tuesday
Top shorts WM Group (288) 49%, Bank Comm (3328) 48%, New World Dev (17) 45%, CK Asset (1113) 44%, MTRC (66) 41%, AIA (1299) 39%, Bank of China (3988) 37%, HSBC (5) 36%, CLP (2) 36%, Haidilao (6862) 36%, Country Garden (2007) 33%, Geely (175) 33%, Hengan (1044) 30%, BYD (1211) 30%, Hang Seng Bank (11) 30%, Power Assets (6) 30%, Hang Lung Ppty (101) 29%, Henderson Land (12) 29%, CCB (939) 28%, Ali Health (241) 27%, Techtronics (669) 27%, HKEX (388) 26%, CKH (1) 26%, Galaxy (27) 26%, ICBC (1398) 25%.
Market to opened lower hitting 7,462 (-1%) in early trades; as indicated by the futures and taking into account the number companies going ExDiv (including Wesfarmers). Miners weak as Iron Ore prices ease and Healthcare under pressure. Financials and Telstra +VE on good macro data that helped the market to trend higher to 7,535 before easing back to close -8pts (-0.1%) @ 7,527
Australia's state of Victoria reported 120 local COVID-19 infections, a sharp increase from yesterday's 76 cases. Australian authorities announced to extend the lockdown measures imposed on Melbourne by another three weeks. The country's Prime Minister Scott Morrison told parliament that Australia will be able to coexist with the virus and that the economy needs to be released from the pandemic measures ultimately.
Data pre market
Manufacturing Index Aug 51.6 vs 60.8 Jul (F/cast was 55)
Manufacturing PMI Aug 52 vs 56.9 Jul (F/cast was 51.7)
GDP growth Q2 +0.7% QoQ vs +1.9% Q1 revised (F/cast was +0.7%)
GDP growth Q2 +9.6% YoY vs +1.1% Q1 revised (F/cast was +9.2%)
GDP Captial Expenditure Q2 +3.2% QoQ vs +4.7% Q1
GDP Final Consumption Q2 +1.2% QoQ vs +0.7% Q1
GDP Deflator Q2 +2.5% QoQ vs +1.8% Q1 revised
Good pre market data and falling covid cases. Uncertainty over PM Suga’s plans for the election.
Nikkei opened higher and tested 28,400 in early trades then eased back but with support around 28,300 before working better into lunch; 28,432.
PM opened flat and traded sideways to close +362pts (+1.3%) @ 28,451
Topix traded in a similar pattern +20pts (+1%) @ 1,981
Leaders Insurers, Banks, Pharma and Machinery. Specifics Nintendo on Nikkei inclusion rumours again & buyback, Komatsu +5.4% news Cathy Woods Arkk Fund buying, Taiyo Yuden as a competitors plant stoppage means smartphone component shortage.
Laggards Shippers, Iron/Steel, Railways (after JR West equity offer to raise 278.6bn Yen; dilution >20%)
Capital Spending Q2 +5.3% vs -7.8% Q1 (F/cast was +4%)
Manufacturing PMI Aug 52.7 vs 53.0 Jul (F/cast was 52.4)
Kospi open slightly lower but ticked higher on good exports data on the open but then sold down to 3,185 before working higher after a strong PMI data; peaked around 1pm @ 3,208 before drifting back to flat before working higher; to close +8pts (+0.2%) @ 3,207
Kosdaq traded in a similar pattern closed +8pts (+0.7%) @ 1,046
Key being Foreigners continued as buyers initially but turned sellers midday but remained Net buyers at the close..
Leaders Banks (Kakao Bank +5.8% on Kospi fast entry) Telco (seen as benefiting from anti google law and MSCI rebalance past) and Autos. After market Korea Post did a secondary placing in Kakao Bank $930m @ 10% -14% discount).
Laggards Gaming despite anti-google law and the fact that most MMORPG’s are played by over 19 yr olds. Chemicals weak with Foreign selling.
Balance of Trade Aug $1.67b vs 1.76b Jul (F/cast was 3b)
Exports Aug 34.9% YoY vs 29.6% Jul (F/cast was 35.7%)
Imports Aug 44% vs 38.1% Jul (F/cast was 46.4%) S Korea
Manufacturing PMI Aug 51.2 vs 53 Jul (F/cast was 52.6)
Market open lower but tested yesterday’s close in early trades after good PMI data but then trended lower to 17,440 level. Bounced back to test flat again but failed and sold down to 17,420 which was tested a couple of times before working better back to flat and then traded sideways to close -16pts (-0.1%) @ 17,474.
Choppy trading after a 7day rally. Seeing good support at 60 DMA.
Leaders Optical Lenses on news PC/NB lenses to see price hikes. Ability (3362) +9.8%.
Leader Construction sector, Laggards Petrochems
Data out during market hours
Manufacturing PMI Aug 58.5 vs 59.7 Jul (F/cast was 59)
T/O wasUS$13b vs US$12.07bn Tuesday
CECC reported 6 new covid cases (5 imported).
Northbound RMB 93,762m Sell 43,844m vs 49,918m Buy
Southbound HK$ 18,429m Sell 10,277m vs 8,152m Buy
Northbound RMB 92,700m Sell 45,543m vs 47,156m Buy
Southbound HK$ 21,537m Sell 9,764m vs 11,773m Buy
PING AN (02318.HK) +1.200 (+1.987%) Short selling $349.21M; Ratio 9.359% closed at $61.6, up 2%
MEITUAN (03690.HK) +4.400 (+1.767%) Short selling $1.76B; Ratio 12.493% closed at $253.4, up 1.8%
TENCENT (00700.HK) +7.200 (+1.496%) Short selling $699.34M; Ratio 4.068% closed at $488.4, up 1.5%
AIA (01299.HK) +0.850 (+0.914%) Short selling $756.02M; Ratio 39.178% closed at $93.8, up 0.9%
HKEX (00388.HK) +3.400 (+0.693%) Short selling $430.60M; Ratio 26.431% closed at $494.2, up 0.7%
BABA (09988.HK) -0.300 (-0.181%) Short selling $978.28M; Ratio 16.331% closed at $165.2, down 0.2%
HSI & HSCEI Constituents on Move:
NTES (09999.HK) +9.100 (+6.422%) Short selling $245.62M; Ratio 16.276% closed at $150.8, up 6.4%
HAIDILAO (06862.HK) +2.000 (+6.309%) Short selling $327.11M; Ratio 35.536% closed at $33.7, up 6.3%
CONCH CEMENT (00914.HK) +2.250 (+5.344%) Short selling $130.29M; Ratio 13.918% closed at $44.35, up 5.3%
JD HEALTH (06618.HK) +3.700 (+5.118%) Short selling $199.63M; Ratio 14.948% closed at $76, up 5.1%
CPIC (02601.HK) +1.100 (+5.023%) Short selling $60.70M; Ratio 13.269% closed at $23, up 5%
XINYI SOLAR (00968.HK) -0.940 (-5.000%) Short selling $159.36M; Ratio 16.225% closed at $17.86, down 5%
LONGFOR (00960.HK) +1.600 (+4.748%) Short selling $30.98M; Ratio 7.757% closed at $35.3, up 4.7%
SHIMAO GROUP (00813.HK) +0.520 (+3.234%) Short selling $26.11M; Ratio 17.063% closed at $16.6, up 3.2%
EVERGRANDE (03333.HK) -0.140 (-3.211%) Short selling $96.36M; Ratio 28.729% closed at $4.22, down 3.2%
SINO BIOPHARM (01177.HK) +0.200 (+3.072%) Short selling $67.42M; Ratio 11.354% closed at $6.71, up 3.1%
HSMI & HSSI Constituents on Move:
YEAHKA (09923.HK) +5.150 (+16.119%) Short selling Ratio 4.661% closed at $37.1, up 16.1%
LEGENDHOLDING (03396.HK) +1.860 (+14.833%) Short selling Ratio 6.382% closed at $14.4, up 14.8%
FIRST PACIFIC (00142.HK) +0.360 (+12.414%) Short selling Ratio 3.706% closed at $3.26, up 12.4%, hitting new high
C&D INTL GROUP (01908.HK) +1.140 (+7.161%) Short selling Ratio 0.736% closed at $17.06, up 7.2%, hitting new high
CHINA MER PORT (00144.HK) +0.400 (+3.053%) Short selling Ratio 1.107% closed at $13.5, up 3.1%, hitting new high
Chinese Minister of Commerce Wang Wentao gave a speech at the 6th
Belt and Road Summit, saying the country has entered the new buildout phase, while implementing its new development philosophy to build up a new development landscape. Equally, Wang supported Hong Kong's participation in the Belt and Road construction, seeing this as a pivotal move in China's high-level opening-up.
SUNAC (01918.HK) +0.150 (+0.754%) Short selling $76.92M; Ratio 18.353% is pondering a potential spin-off and Hong Kong
IPO for its ski resort assets, reported Chinese media.
Ant Group will establish a credit-scoring company with several Chinese SOEs as soon as October, as part of the regulatory-driven reform following its botched November 2020 listing, Reuters cited several insiders. State-backed firms will thus take the first sizeable stake in a major Ant Group asset.
Sophia Chan, Secretary for Food and Health, expressed at the Legislative Council that, following talks with the Philippines and Indonesia, the Hong Kong government is now engaged in discussions with countries including those classified as high-risk places such as Thailand, on vaccination recognition, so as to facilitate the return of Hong Kong citizens from foreign countries to Hong Kong.
Weibo will introduce the "Definition and Penalty (Trial) for Violations of Entertainment We Media Accounts" pursuant to the requirement of China's Office of the Central Cyberspace Affairs Commission, in a bid to establish an effective long-standing governance for healthy "fandom", oversee the behavior of entertainment we media accounts and punish any illegalities, Weibo.com announced.
BABA-SW (09988.HK) is poised to undertake the first session of GBA Shopping Festival under the guidance of Ministry of Commerce and Guangdong Provincial Government during 2-22 September, Chinese media reported. Based on hearsay, the number of participating GBA merchants and the scale of event are the biggest among online activities.
During the bonanza, Taobao & Tmall will accommodate 298,000 prestigious brands from China, Hong Kong and Macau.
BONJOUR HOLD (00653.HK)'s beauty salon brand "About Beauty" has ceased its operation abruptly and the company's website is now inaccessible. All "About Beauty" stores are closed today (1 September) with a notice on the front doors saying that business will be shut down for today, reported local media. Some employees approached the Labour Department for help.
The Gaming Inspection and Coordination Bureau of Macau announced that the August GGR amounted to MOP4.442 billion, up 234% YoY but down 47.4% MoM. Citigroup had projected Macau's August GGR at MOP3.5 billion.
KINTOR PHARMA-B (09939.HK) announced that it has received the approval from the National Medical Products Administration (“NMPA”) of China for two phase III clinical trials of proxalutamide for treating COVID-19 infections in China.
BANK OF E ASIA (00023.HK) announced that the consideration paid by AIA to the Bank for the shares in BEA Life and the Bank’s entry into and compliance with the distribution arrangements contemplated in the Regional Distribution Agreement was approximately HK$5.098 billion in cash, including notional interest for the period from 30th September, 2020 to Closing.
Fitch Ratings announced to lower the outlook on HAIDILAO (06862.HK) +1.650 (+5.205%) Short selling $183.11M; Ratio 39.346% 's long-term issuer default rating (IDR) from "Stable" to "Negative", with its credit rating affirmed at "BBB". Fitch Ratings analyzed that the Negative outlook on HAIDILAO mainly reflects their forecast that the company's funds flow from operations (FFO) adjusted net leverage could be sustained at the level of above 2x in the near-term, due to the weakened profitability and higher capex for restaurant expansion.
Overnight HIBOR last posted at 0.03667%, logging a 1-month low, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.06607%.
China's new ambassador to the U.S. Qin Gang expressed during his speech at a recent virtual welcoming activity that China and the U.S. should focus on the reality and the macro environment and map out the appropriate path for the development of the relationship between the two nations in a rational and responsible manner. Qin remarked that the two countries should not tread towards misunderstanding, misjudgement and confrontations and should instead seek peaceful coexistence based on mutual respect.
Hong Kong Insurance Authority has signed a memorandum of understanding with China Banking and Insurance Regulatory Commission (CBIRC) and Monetary Authority of Macao (AMCM) respectively today (1 September). The memorandum intends to foster cooperation among the regulatory institutions of the three places on innovative fintech services, and remarked that the three parties will consider organizing joint innovation projects on application of new financial technologies.
XIAOMI-W (01810.HK) Chairman and CEO Lei Jun, on his personal Weibo, said Mi Car is officially registered with a registered capital of RMB10 billion and Lei Jun as legal representative.
The wearable devices shipment hiked 32.3% YoY over 2Q21 to 114 million units, despite the signs of slowdown in consumer technology spending, according to a report published by IDC. Among the various devices, earphones and watches stretched 39% each, while the shipment of wristbands remained flattish. Apple topped the chart with a 28.2% market share, with its shipment growth slowed to 9.3%, shipping 32.2 million units. XIAOMI-W (01810.HK) was ranked second with a 12.3% market share, shipping 14 million units, up 37.8% YoY.
E-HOUSE ENT (02048.HK) announced to sell to the JV, TM Home Limited, 55.84% of the issued share capital of Leju and the entire equity interest in EH International. The consideration shall be the sum of HK$2.559 billion, which shall be settled by TM Home Limited allotting and issuing 11.693 million new JV shares to E-House.
In addition, E-House and Alibaba China entered into the second strategic cooperation amendment agreement under which Alibaba China agreed to cause to be granted to Tianji Haofang (an indirect wholly-owned subsidiary of the JV) the exclusive right to develop and operate a Tmall Haofang branded online real estate marketing and transaction service platform.
E-HOUSE ENT (02048.HK) announced that Li Silong and Huang Haojun have resigned as non-executive directors, with effect from tomorrow (2 September). Tang Xing and Lv Peimei have been appointed as non-executive directors with effect from the same day. Tang Xin currently serves as the vice president of BABA-SW (09988.HK) while Lv Peimei is the general manager of the investment management centre of EVERGRANDE
Certain rumors have been suggesting that PING AN (02318.HK)'s affiliated company OneConnect Financial Technology is entangled in illegal behaviours including financial fraud, commercial bribery and concealing of important information. OneConnect Financial issued a statement, clarifying that the company has been operating in full compliance with relevant laws and regulations and that its businesses remain solid at the moment.
The Government will gazette directions and specifications under the Prevention and Control of Disease (Requirements and Directions) (Business and Premises) Regulation, the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation and the Prevention and Control of Disease (Wearing of Mask) Regulation to maintain most of the social distancing measures currently in place.
The above directions and specifications will take effect at 0.00am on September 2 for a period of 14 days till September 15.
PRE MARKET NEWS
A Government spokesman said that today (September 1) the Government had disbursed via the four stored value facility (SVF) operators the first $2,000 consumption voucher to about 810,000 eligible people who had completed electronic registration on or after July 18 or submitted paper forms during the registration period.
These people will successively receive SMS notifications or mobile app push notifications on the disbursement today.
Cathie Wood's ARK Innovation (ARKK.US) -0.760 (-0.619%) is preparing to launch a new ETF focused on transparency, which will track an index that excludes corporates operating in alcohol, banking, gambling and oil. The new ETF holds a maximum of 100 companies, including Salesforce.com (CRM.US) +0.300 (+0.113%) , Microsoft Corp. (MSFT.US) -1.710 (-0.563%) , Apple Inc. (AAPL.US) -1.290 (-0.842%) , Tesla (TSLA.US) +4.810 (+0.658%) and Nike, etc..
Chief Executive Carrie Lam said the Government has extended several waivers and concessions of fees and charges, and the application period of the Special 100 per cent Guarantee Product under the the SME Financing Guarantee Scheme in response to public opinion. Before yesterday's Executive Council meeting, Lam said the concession measures would be extended up to the end of 2022. The Government revenue will likely diminish by $3.4 billion.
Geely Holding Group announced that the company's Lotus Group has officially established Lotus Technology Company and has announced the product plan for the coming five years. The global headquarters of Lotus Technology has been set up in Wuhan and will integrate global resources from China, the U.K. and Germany on R&D and designs. The company will further accelerate its electrification and intelligence campaigns and forge premium smart EVs that target the global market.
Indonesian startup J&T Express is hoping to raise more than USD1 billion from TENCENT (00700.HK), reported The Information. The company is currently engaged in a price war with BABA-SW (09988.HK) +0.300 (+0.181%) Short selling $433.72M; Ratio 12.758% . J&T's key customers include Pinduoduo (PDD.US) +5.040 (+5.306%) and Shopee.
STANCHART (02888.HK) announced that it had repurchased 1.306 million shares in the London market yesterday (31 August), at a weighted average price of GBX453.1243 per share, involving GBP5.9178 million.
Warner Music Group (WMG) announced the global licensing deal with KUAISHOU-W (01024.HK) which will see WMG make its music available on all of Kuaishou’s overseas products including apps Kwai and SnackVideo.
HUARONG INT FIN (00993.HK) published the Annual Results and the interim results on 29 August. The audit opinion issued by its auditors, Ernst & Young, in relation to the financial statements for the year 2020 is unqualified and no audit modification is made by E&Y. Trading in the Shares has been suspended with effect from 1 April 2021. An application has been made for the resumption of trading in the Shares with effect from 9:00 a.m. on 1 September.
E-HOUSE ENT (02048.HK) announced in late April 2021 the proposed issue of 132 million new shares, 133 million new shares, and 66.6666 million new shares respectively to BABA-SW (09988.HK)'s wholly-owned subsidiary Taobao China, major shareholder Zhou Xin, and independent third party Yunfeng. Certain conditions precedent under the Subscription Agreements and the JV Acquisition Agreement have not been satisfied or waived. The relevant Share Subscription Agreements have been terminated.
CHINA TELECOM (00728.HK) (601728.SH)'s chairman Ke Ruiwen expressed during his speech given at the "2021 World 5G Convention" that, following the company's official listing on the main board of the Shanghai Stock Exchange on 20 August, the proceeds raised from the listing are being utilized on the construction of 5G Internet, cloud network infrastructure and technological innovation R&D.
DONGYUE GROUP (00189.HK) -0.900 (-3.358%) Short selling $1.05B; Ratio 42.761% announced the placing of 145 million new shares under the General Mandate. The Company and the Placing Agents entered into the Placing Agreement to place shares to not less than six Placees. The Placing Price of HK$23 per Share represents a discount of 14.2% to the closing price on the date of the Placing Agreement. The estimated net proceeds will be HK$3.31 billion, to be used for enhancing the production capacity of PVDF, PTFE and their raw materials.
The production of the upcoming Apple Watch 7 by Apple has been pushed back due to the complicated designs, reported Nikkei, citing sources. The manufacturers of the smartwatch have begun small-scaled production last week but were said to have encountered grave challenge in terms of production quality, the report added.
China Banking Association (CBA) released the “2021 China Banking Sector Development Report”. It pointed out that, for the first half of 2021, commercial banks achieved net profits of RMB1.1 trillion, up 11.1% YoY. The report projected the sector NIM to stabilize further.
Shanghai Stock Exchange has issued a regulation work letter to PING AN (02318.HK) (601318.SH) . The company expressed that the letter was mainly issued for some routine questioning in relation to certain rumours on the market, reassuring the company's operation remains normal at the moment and its business development solid, reported China Securities Journal.
TENCENT (00700.HK) +8.000 (+1.663%) Short selling $377.90M; Ratio 3.263% 's online game Honor of Kings announced that the game will undergo successive upgrade to prevent minors from game addition pursuant to the notice issued by China's National Press and Publication Administration (NPPA). Regarding the playing time limit, underage users can only play the game between 20:00-21:00 from Fridays to Sundays and statutory holidays. In terms of game spending restrictions, users under 12 years old are unable to recharge the game; those aged over 12 (inclusive) and under 16 have a single recharge upper limit of RMB50, with the monthly recharge ceiling of RMB200; minors aged over 16 (inclusive) have the upper limit of single recharge of RMB100, with monthly recharge cap of RMB400.
China has commissioned and built 993,000 5G base stations up to now, covering all prefecture-level cities, Xinhua citing Minister of Industry and Information Technology Xiao Yaqing at the 2021 World 5G Convention.
MELCO INT'L DEV (00200.HK) +0.480 (+4.248%) Short selling $1.63M; Ratio 14.163% announced the interim results for the six months ended 30 June 2021. Net revenues for the period increased by 9.7% YoY to HK$8.425 billion. The loss narrowed to HK$1.648 billion from HK$3.665 billion for the corresponding period of the previous year. LPS was HK$1.09. No interim dividend was declared.
CHINA JINMAO (00817.HK) +0.030 (+1.186%) Short selling $5.29M; Ratio 13.713% proposed the spin-off and separate listing of its subsidiary Jinmao Property Development Co., Limited on the
Main Board of the Stock Exchange of Hong Kong. The Stock Exchange has confirmed that the Company may proceed with the Proposed Spin-off. The Spin-off Group is principally engaged in the provision of property management services, value-added services to non-property owners and community value-added services in the PRC.
CG SERVICES (06098.HK) announced that it repurchased 402,000 shares of the company through the Stock Exchange on August 31, at a price of $59.05-59.5 per share, involving $23.8366 million.