HK / China Wrap Investors look for policy clarity ahead of NPC meeting

This and previous notes can be found at at asianmarketsense.com
Check out ERI-C.com for interesting research and trading analysis

HSI -210pts (-0.8%) 26,182 HSCEI -123pts (-1.2%) 9,265 T/O HK$133.91bn (+6.4% DoD) 

Europe
Markets opened lower and trending lower; after weak China data (that was before the covid resurgence and floods), concerns over Afghanistan and covid. Mining stocks weak.
Faurecia strong on agreeing to buy a majority stake in Germany’s Hella for 6.7 billion euros ($7.9 billion) over the weekend.
Lufthansa weak as Germany’s finance agency said on Monday that the country plans to sell up to a quarter of its 20% stake in the coming weeks following positive developments at the bailed-out airline,
Ahead No data due

US Futures
Dow futures -86 pts, or 0.2%. S&P 500 futures and Nasdaq-100 futures -0.2%.
Data NY Empire State Manufacturing Index, Foreign Bond Investment, Net Long Term Tic Flows, Overall Net Capital Flows.

CHINA CSI 300 closed -5pt (-0.1%) @ 4,941
CSI 300 opened lower on a weak Housing number but trended higher despite the rest of the weak data (Industrial Production, Retail Sales and Fixed Asset Investment) that came out; worrying because this was data from before the recent resurgence in Covid and flooding. CSI 300 saw resistance at 4,975 level and sold down into lunch. PM market trended lower but with support around 4,930 level. Investors still struggling with policy as state media called for stricter monitoring of on-line games. NPC meeting starts tomorrow and investors likely to remain cautious looking for clarity on government policy.
Leaders tourism, home appliances, medical beaty, ophthalmology and auto parts.
Laggards lithium battery and energy storage.

Shanghai Composite +1pts (flat) @ 3,517 T/O US$73,124 -0.8%DoD
Shenzhen Composite -105pts (-0.7%) @ 14,644 T/O US$110,206 -6.2% DoD
ChiNext Composite Index -40pts (-1.1%) @ 3,576

CHINA DATA
House Price Index Jul 4.6% YoY vs +4.7% Jun (F/cast is +4.5%)
Fixed Asset Investment Jul 10.3% YoY vs 12.6% Jun (F/cast is 12.3%)
Industrial Production Jul 6.4% YoY vs 8.3% Jun (F/cast is 8.2%)
Retail Sales Jul +8.5% YoY vs 112.1% Jun (F/cast is 12.3%)
Unemployment Rate Jul 5.1% vs 5% Jun (F/cast is 5%)

HONG KONG
Pre market opened @ 26,365 -26pts vs -9pts ADR’s
Market sold down heavily as the China data missed but found support at 26,100 but then bounced back to 26,300 level before selling down again into lunch @ 26,200. PM the market initially drifted lower to 26,050 but then worked better in the last hour. Ecommerce and Tech names remain weak on news that Soros’s investment firm had liquidated its TMT portfolio -VE for Baidu (9888), Tencent Music. Tencent (700) -3.5%, Kuaishou (1024) -6.7%, Meituan (3690) and others.

EARNINGS due Tuesday includes: Towngas China (1083), Luoyang Glass (1108), Times China (1233), AIA Group (1299), Nexteer (1316), 361 Degrees (1361), Mingsheng Education (1569), China Overseas Property (2669), China State Construction Int (3311), Bestway Global (3358) 

HONG KONG DATA
HK reported no new local untraceable covid cases 
and 3 imported cases 

SHORT SELLING Monday 14.4% vs 15.9% Friday
Top shorts 
Country Garden (2007) 57%, Ali Health (241) 47%, Bud Apac (1876) 44%, Hang Lung Ppty (101) 40%, MTR (66) 35%, Haidilao (6862) 35%, Bank of China (3988) 34%, Henderson Land (12) 31%, CK Asset (1113) 31%, HK & China Gas (3) 30%, Hengan (1044) 28%, HKEX (388) 28%, CCB (939) 28%, Mengniu Dairy (2319) 27%, CKH (1) 27%, AAC Tech (2018) 27%, Sunny Optical (2382) 26%, CSPC Pharma (1093) 26%, CLP (2) 26%

AFTER MARKET NEWS

WEIMOB INC (02013.HK) Short selling $105.12M; Ratio 42.240% announced interim result ended June 2021. The revenue rose 44.5% year on year to RMB1.383 billion. The loss widened to RMB558 million from RMB544 million in the corresponding period of the previous year. LPS was RMB0.24. No dividend was declared.

For the six months ended 30 June 2021, HUAZHONG IN-V (06830.HK) is expected to record a significant increase in net profit
by approx 50% as compared the net profit for the six months ended 30 June 2020.

STANCHART (02888.HK) Short selling $2.09M; Ratio 7.128% announced the repurchase of 1.292 million shares last Friday
(13 August) at a weighted average price of GBX465.1356 each, involving GBP6.0096 million.

Tencent Music Entertainment Group (TME.US) has stalled its plan to raise US$5 billion in a Hong Kong IPO in late 2021 given market volatility and Chinese regulation on online platforms, reported Nikkei.
Shares of Tencent Music cratered 2% to US$9.6 in pre-market trading session.

CHINA RES LAND (01109.HK) Short selling $42.66M; Ratio 11.301% announced that for July,
the Group achieved gross contracted sales of approximately RMB23.01 billion with contracted GFA of approximately 1.2989 million square meters, down by 4% and up by 14.6% YoY respectively.

MARKET COMMENTARY
*AUTO MAKERS
WEAK after CAMM data shows national auto production and sales completed 1.863mn and 1.864mn units respectively in July, down 4.1% and 7.5% respectively MoM and down 15.5% and 11.9% respectively YoY. GREATWALL AUTO (2333 HK -4.3%) GEELY (175 HK -6.7%) DONGFENG (489 HK -2.8%) BYD (1211 HK -7.2%).

*E-COMMERCE/INTERNET WEAK China should tighten regulations of online games to ensure they don’t misrepresent history, state media reported. Gaming regulators need to step up management and have “zero tolerance for online games that have deviated from the normal track,” according to a commentary on the China National Radio website on Saturday. The commentary said some games could be give the wrong impression to players, most of whom are young. TENCENT (700 HK -3.7%) ARCHOSAUR GAMES (9990 HK -3%) NETDRAGON (777 HK -2.3%). Confidence across the e-commerce platforms remain weak: ALIBABA (9988 HK -1.6%) MEITUAN (3690 HK -5.1%) JD.COM (9618 HK -4.3%).

*TECH & COMPONENTS MIXED News reported that XIAOMI's (1810 HK -2%) connected company Hubei Xiaomi Yangtze River Industry Fund Partnership Enterprise has been included as a shareholder of Shenzhen Vanguard Semiconductor as the latter's register capital grew. Chip makers traded mixed amid continuous concerns on chip shortage; SMIC (981 HK -2.6%) ASM PAC (522 HK -3.7%) FIT HONG TENG (6088 HK -3%), but HUA HONG (1347 HK +2%) advanced.

*GREEN ENERGY WEAK across the board amid sector rotation/profit-taking. Clean energy companies have rallied this month as investors bet the sector will benefit from continued government support and avoid the crackdown that is spreading to various industries. GOLDWIND (2208 HK -3.8%) LONGYUAN (916 HK -3.2%) DATA RENEW (1798 HK -4.5%) XINYI GLASS (868 HK -4.8%).

*HK PROPERTY STRONG after HK’s home prices jumped to a record high, joining other global real estate markets that are soaring on low mortgage rates and rising demand as the pandemic slowly recedes. Values for resale houses rose 0.65% for the week ended Aug. 8, according to Centaline Property Agency Ltd. SHKP (16 HK +0.8%) HENDERSON (12 HK +0.8%) NWD (17 HK +0.9%) SINO LAND (83 HK +1.7%).

* CHINA PROPERTY FIRM on speculation there will not be additional home curbing measures in the short term, as the growth of China's home price fell to its lowest level in 6 months. Data from NBS indicated that July hone price increased 0.3% MoM, which was lower than the 0.41% in June. TIMES CHINA (1233 HK +9%) stands out after reported contracted sales in the first seven months +31% YoY. LONGFOR (960 HK +1.6%) SHIMAO (813 HK +1%).

* SPORTWEAR MAKERS MIXED after Li NING (2231 HK +3.5%) recorded a 187% surge in 1H net profit to 1.96b yuan, revenue increased by 65% YoY to 10.20b yuan. Sales from directly-operated stores surged by 88.5%, due to the success in pandemic control and consumers' preference towards Chinese brands, and revenue from the e-commerce channel grew 77.8%. ANTA (2020 HK +2%) XTEP (1368 HK -2.6%) CH DONGXIANG (3818 HK -3%).

* PHARMA/BIOTECH WEAK on concern existing vaccines may not as effective to combat the Covid delta variants; FOSUN (2196 HK -1.6%) WUXI BIO (2269 HK -1.1%). Lilly Asia Ventures plans to sell as much as 7.71m Shanghai-traded A shares of CANSINO BIO (688185 CH), or 3.12% of total share capital, over six months. Lilly Asia currently holds 3.12% stake in CanSino in the form of A shares and 5.09% stake as H shares (6185 HK-1.5%). CSPC (1093 HK +2.4%) expected to release results today, and SINOPHARM (1099 HK +5%) is expected to report later this week.

Regional Markets 
Australia
Market opened lower and trended lower in choppy trading before finding support at 7,590 level. Bounced mid afternoon before selling back down to close -46pts (-0.6%) @ 7,583. Earnings and covid continue to dominate the market; as Melbourne extends its lockdown. Beach Energy, Lendlease, Bendigo and Adelaide Bank, and Seven West Media each sold off heavily after reporting earnings results. Argo Investments was flat BUT BlueScope Steel good earnings; more than triple its final dividend, tack on a special payout, and announce a $500 million buy-back. Shares rose to a new 13-year high $26.15 but sold off in the afternoon. There were also gains for JB Hi-Fi, Carsales.com, GWA Group, and GPT Group.
BHP confirmed this morning that it is in talks to merge its $20 billion petroleum business with Woodside Petroleum in what would be another blockbuster deal for the market.
No data due today but Tuesday we get the last RBA minutes.
Japan 
Nikkei opened lower pre market data was better than expected and it avoid at technical recession but the market contiued to trend lower. Obon holidays underway meaning domestic flows lighter. The covid resurgence overhanging the market and talk that the State of Emergency to be extended to Mid September and the area expanded. None of which is going to help PM Suga’s ratings and there is talk of a hung parliament at the next election -VE for sentiment.  
Nikkei sold down into lunch and PM traded sideways/slightly higher to close -454pts (-1.6%) @ 27,523
Topix traded in a similar pattern -31pts (-1.6%) @ 1,925 
Data 
GDP Growth Rate Q2 +0.3% QoQ vs -0.9% Q1 (revised from -1%) (F/cast was +0.4%) 
GDP Growth Annualised Q2 +1.3% vs -3.7% Q1 (revised from -3.9%) (F/cast was +0.8%)
GDP Price Index Q2 -0.7% YoY vs -0.2% Q1 
GDP Expenditure Q2 +1.7% QoQ vs -1.3% Q1 (revised from -1.2%) (F/cast was +1.5%)
GDP External Demand Q2 -0.3% QoQ vs -0.2% Q1 (F/cast was 0.1%)
GDP Private Consumption Q2 +0.8% vs -1% Q1 (revised from -1.4%) (F/cast was 0.0%).
Due later
Industrial Production
Capacity Utilisation 
S Korea
Closed for Liberation Day, re-opens Tuesday.
Taiwan
Taiex opened lower and trended lower before finding support at 16,800 bounced and then traded in the range 16,800/850. Ticked higher in the last hour and closed -123pts (-0.7%) 16,859
Despite the Govt raised its economic forecast and good results and propects for the Tech sector.
T/O was US$11.95bn vs US$13.6bn Friday.
CECC reported 10 new covid cases (inc 2 imported cases)

CONNECT FLOWS   
Shanghai
Northbound RMB 52,256m Sell 24,079m vs 28,178m Buy
Southbound HK$ 19,061m Sell 11,768m vs 7,293m Buy
Shenzhen
Northbound RMB 65,149m Sell 31,523m vs 33,626m Buy
Southbound HK$ 18,248m  Sell 9,702m vs 8,546m Buy

Active Heavyweights
MEITUAN (03690.HK) Short selling $477.40M; Ratio 7.895% closed at $221.4, down 5.1%
TENCENT (00700.HK) Short selling $364.73M; Ratio 2.766% closed at $453.8, down 3.5%
HKEX (00388.HK) Short selling $684.80M; Ratio 27.742% closed at $489.2, down 2.4%
PING AN (02318.HK) Short selling $501.16M; Ratio 21.867% closed at $68.45, up 2%
BABA (09988.HK) Short selling $683.58M; Ratio 19.334% closed at $180.4, down 2%
AIA (01299.HK) Short selling $309.70M; Ratio 13.721% closed at $94, up 1.2%
CCB (00939.HK) Short selling $316.06M; Ratio 27.676% closed at $5.64, up 0.7%

HSI & HSCEI Constituents on Move:
BYD COMPANY (01211.HK) Short selling $687.54M; Ratio 18.653% closed at $253.6, down 7.2%
KUAISHOU-W (01024.HK) Short selling $114.58M; Ratio 9.637% closed at $74.65, down 6.7%
GEELY AUTO (00175.HK) Short selling $645.44M; Ratio 21.282% closed at $26.55, down 6.7%
XINYI SOLAR (00968.HK) Short selling $123.75M; Ratio 15.217% closed at $15.2, down 4.9%
BIDU-SW (09888.HK) Short selling $243.97M; Ratio 30.830% closed at $146.7, down 4.8%
NTES (09999.HK) Short selling $150.84M; Ratio 16.829% closed at $136.4, down 3.9%
JD (09618.HK) Short selling $356.93M; Ratio 31.945% closed at $263.6, down 3.8%
TECHTRONIC IND (00669.HK) Short selling $193.93M; Ratio 15.354% closed at $171.9, up 3.7%, hitting new high
EVERGRANDE (03333.HK) Short selling $14.55M; Ratio 7.166% closed at $5.53, down 3.3%
EVERG SERVICES (06666.HK) Short selling $5.49M; Ratio 1.684% closed at $7.03, down 3.2%
ALI HEALTH (00241.HK) Short selling $160.02M; Ratio 46.904% closed at $11.88, down 3.1%
ENN ENERGY (02688.HK) Short selling $72.47M; Ratio 26.689% closed at $177, up 1.8%, hitting new high

HSMI & HSSI Constituents on Move:
GLORY SUN FIN (01282.HK) Short selling $279.57K; Ratio 5.509% closed at $0.244, up 11.4%
DONGYUE GROUP (00189.HK) Short selling $199.43M; Ratio 22.189% closed at $18.68, up 3.8%, hitting new high
CHINA POWER (02380.HK) Short selling $10.44M; Ratio 5.870% closed at $2.26, up 2.3%, hitting new high

RESULTS at lunchtime

SITC (01308.HK) Short selling $5.52M; Ratio 6.984% announced interim result ended June 2021.
The revenue rose 79.6% year on year to US$1.334 billion. The net profit amounted to US$486 million, up 309.4%.
EPS was US18.24 cents. An interim dividend of HK$1 was declared against a dividend of HK22 cents in the corresponding period of the previous year.

CHINESE EST H (00127.HK) Short selling $9.19K; Ratio 8.564% announced interim result ended June 2021
.The revenue declined 63% year on year to HK$726 million. The profit swung into loss of HK$37.284 million, compared to a profit of HK$786 million for the corresponding period of previous year. LPS was HK2 cents. No dividend was declared.

MARKET HOURS NEWS.

Chinese social platform Xiaohongshu has commenced a new funding round with a valuation of over USD10 billion, reported Chinese media. The company has previously completed six rounds of funding and has amassed approximately USD6 billion valuation in the last round, with company investors including BABA-SW (09988.HK) and TENCENT (00700.HK)

LI AUTO-W (02015.HK) (LI.US) announced to launch its direct-retail center in Suzhou, with two retail centers and six retail showrooms already set up in the city, taking the total number of its retail centers across China to 113. The EV company has also set up brand new retail centers in Lhasa, Dalian and Xiangyang recently.

Tesla (TSLA.US) 's super factory located in Shanghai has begun exporting vehicle models manufactured in the factory to overseas countries, reported Chinese media. In July 2021, Tesla China company has exported a total of 8,210 Model Y vehicles to Europe, marking the first time for the car maker's super factory in Shanghai to supply Model Y to Europe.

Richard Li's FWD Group is pursuing a U.S. IPO as early as September, aiming to raise up to US$3 billion, IFR citing people familiar with the matter. The insurer already made a confidential filing with the U.S. SEC, planning to go public in the third quarter and aiming for a valuation of more than US$15 billion, according to earlier sources.

The quarantine requirements for persons arriving from 16 overseas places will be tightened in view of the latest developments of the COVID-19 epidemic situation. The arrangement will take effect from 0.00am on August 20. 15 overseas places will be upgraded from Group B specified places (medium-risk) to Group A specified places (high-risk), namely Bangladesh, Cambodia, France, Greece, Iran, Malaysia, the Netherlands, Spain, Sri Lanka, Switzerland, Tanzania, Thailand, Turkey, the United Arab Emirates and the United States of America.
Meanwhile, Australia will be upgraded from Group C specified place (low-risk) to Group B specified place (medium-risk).

Trading in the shares of CHINA HUARONG (02799.HK) has been suspended for a while, sparking market concerns over the firm's financial position. CITIC Group, owned by China's State Council, is in talks to buy into CHINA HUARONG and to become its controlling shareholder, REDD citing sources. The relevant plan has recently been approved by the State Council, possibly making CHINA HUARONG a subsidiary of CITIC in the end.

Responding to previous reports suggesting that Geely Holding might participate in Zotye Auto's restructuring, Geely Holding clarified that the group is not involved in the restructuring of Zotye Auto, reported China Securities Journal, citing relevant person in charge at the company.

HSBC HOLDINGS (00005.HK) Short selling $22.31M; Ratio 16.089% announced that HSBC Insurance (Asia-Pacific) Holdings Ltd, an indirect wholly-owned subsidiary of HSBC Holdings plc (HSBC), has entered into an agreement to acquire 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for US$575 million. HSBC expressed that the proposed acquisition, which is subject to regulatory approval, is a key step in achieving HSBC’s stated ambition of becoming a leading wealth manager in Asia, by expanding its insurance and wealth franchise in Singapore.

The remaining stretch of the Sha Tin to Central Link (Hung Hom to Admiralty Section) under MTR CORPORATION (00066.HK) Short selling $12.89M; Ratio 26.037% will be postponed again from its original schedule of the first quarter of 2022, SCMP citing sources. The mass transit operator will not be able to make up for the delays brought by signaling glitches last year.

The Hong Kong Jockey Club will carry out a comprehensive IT operation commencing midnight tonight (16 August) to follow up on the network equipment failure incident on 13 August for the strengthening of the resilience of the IT system. There will be two short periods during which betting and funds transfer services at all channels will be temporarily affected, from 3:50 am to 8:00 am on 16 August and 4:00 am to 4:00 pm on 17 August, respectively. The exercise will be completed in the early afternoon of Tuesday 17 August resulting in a delay offering of betting services at all channels until 4:00 pm on that day. The business hour of Off-Course Betting Branches (OCBBs) will also start from 4:00 pm. In order to ensure that its customers are provided with sufficient time to purchase the tickets of the upcoming Mark Six draw which carries a $43 million jackpot, the Club has decided to postpone the next Mark Six draw from Tuesday 17 August to Thursday 19 August.

Overnight HIBOR last posted at 0.0367%, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.06411%, down for 6 days, marking a 1-month low.

MEITUAN-W (03690.HK) announced that the group's unmanned delivery vehicles, which were launched last year to aid the fight against COVID-19 pandemic in five different cities, have completed over 20,000 deliveries as of 10 August.

XIAOMI-W (01810.HK) Short selling $238.13M; Ratio 18.089% has basically confirmed that the company's automobile headquarter and its first factory will be set up in Beijing, reported Auto Business Review. The confirmation of the location of the above XIAOMI-W's facilities marks a crucial progress in the preliminary preparation works for the company's car-manufacture business, added the report. It also announced Mix 4 handset was released for sale at RMB4,999 at 10am today. According to the group's official Weibo account, the sales value of Mix 4 surpassed RMB300 million just one minute after launch.

WeChat Pay HK launched a new "merchant map" feature, allowing users to search for merchants that support WeChat Pay HK payment nearby and relevant discount details. The first batch of users which chose WeChat Pay HK as the collection method has already received the first instalment of the consumption voucher and is able to use the new merchant map function.

BLUE MOON GROUP (06993.HK) Short selling $961.13K; Ratio 9.121% announced that the company entered into a strategic cooperation framework agreement with CPMC Investment on 13 August 2021. The strategic alliance entails collaboration on the sustainable development of a green supply chain and the collaborative research and development on products and technologies that can enhance brand and product value and boost user loyalty. The two parties will also establish close and effective information sharing mechanism for regular communications to strengthen the operational efficiency.

People's Daily published an article on further improving the development of sporting sectors in China, stating that the sporting industry is burgeoning on digitalization and it is crucial for them to seize the golden opportunity during the present period technological and industry reform, so as to stimulate vitality and creativity among the sporting market.

PRE MARKET NEWS

The People's Bank of China (PBOC) conducted the one-year Medium-term Lending Facility (MLF) operation today (16th), involving RMB600 billion,
with the interest rate kept unchanged at 2.95%. A batch of MLF is set to expire this week with a total volume of RMB700 billion.

The registration period of the Consumption Voucher Scheme ended on Saturday (August 14). The electronic registration portal has ceased operation and post offices and bank branches have also ceased collecting paper forms.
The Government spokesman said that some registrations submitted during the registration period could not be further processed for various reasons, such as inaccurate information or failing to staple a copy of their HKID card to the paper registration form, etc.

In case these registrants may not be able to resubmit before the end of the registration period, the Government has made special arrangement to allow them to resubmit their completed paper registration forms together with their HKID copy in person or by a trusted person.

China Foreign Exchange Trade System announced on Monday (16 August) that the central parity of USD/ RMB rose 82 bps
from the last trading day to 6.4717.

Financial Secretary Paul Chan expressed that the Hong Kong economy has seen consistent improvement with the recently announced economic growth for 2Q reaching 7.6% and achieving a rebound for two consecutive quarters.
Chan forecast that as personal spending increases, the latest
unemployment rate to be announced would see further decline from the current level of 5.5%.

HUTCHTEL HK (00215.HK)'s 3 Hong Kong's CEO KOO Sing Fai expressed during an interview with local media that the company hopes to ride on the wave of cryptocurrency and expand its 5G customer base.
KOO added that the group is currently studying the possibility of including cryptocurrency as one of the monthly fee payment methods. If the plan is feasible, it will be launched as soon as the end of this year.

Indian Prime Minister Narendra Modi declared to launch a US$1.35-trillion national infrastructure plan soon
in order to propel the country’s economic buildout and bring job opportunities to millions of Indian youth.

Macau's Government Information Bureau announced that a Macao
SAR Government order to close certain recreational facilities will be lifted after the stroke of midnight on this Wednesday (18 August), according to an Executive Order published today in the Macao SAR Gazette.
The government added that the decision to allow these facilities to resume operations takes into consideration the improvement in the epidemic situation in Macao, and is aimed at supporting a gradual resumption of normal economic activities and normal life in the city.

LENOVO GROUP (00992.HK) Short selling $59.38M; Ratio 31.281% anticipated to boost its earnings and profit quality in the medium term,
while hoping to raise net profit margin to 4% from 2% in the prior fiscal year, said Chief Financial Officer Wong Wai Ming in an interview. He regarded Solutions & Services Group (SSG) as the major growth momentum, finding such business strategic.

VANKE OVERSEAS (01036.HK) issued a positive profit alert,
expecting that the group will record an increase in profit of no less than 390% for the six months ended 30 June 2021 as compared to the profit of approximately HK$54.9 million recorded for the six months ended 30 June 2020.

SUNSHINE OIL (02012.HK) announced the interim result ended June 2021.
The loss narrowed from CAD27.12 million in the corresponding period of previous year to CAD25.538 million. LPS was CAD0.14. No dividend was declared.

TENCENT (00700.HK) and SoftBank's Latin America-focused fund led the latest investment round for Uala,
totaling US$350 million, reported Reuters. The Argentine financial startup was valued as much as US$2.45 billion.

25 Chinese provincial governments have submitted applications for trial installation of roof-top distributed photovoltaic devices at county level, and around 20 counties in each province are willing to take the trial,
Shanghai Securities News cited people with the knowledge of the matter. Based on the above, at least 500 projects are estimated to be undergoing procedure. On June 20, the National Energy Administration (NEA) had formally issued the "Notice on Reporting the Pilot Program for the Development of the County's Rooftop Distributed Photovoltaic Development", announcing the official launch of a fresh round of photovoltaic support policy trials.

The online game industry must strengthen its self-discipline with control over online games that willfully distort history, said China National Radio (CNR) in a critique. Equally, the competent authorities should step up relevant vetting with "zero tolerance" for titles that have gone amiss, in order to eradicate the soil brewing them. As an illustration, the top broadcaster mentioned a game wrongfully depicting the national hero Yue Fei as a capitulator and the traitor Qin Hui as a high-level character

China's Ministry of Finance (MOF) announced that the Chinese government will endeavor to perfect a series of supportive financial and tax policies, with the aim to foster green and low-carbon development.
MOF expressed that the central government will continue to back the technological innovation in NEV sector. By launching fundamental funding and financial technology projects, the government will strive to propel the innovation and technology development in the relevant sector.

Salt Lake Industry (000792.SZ) has so far not been involved in any substantial cooperation with CATL (300750.SZ) , as Securities Times cited the former at an interactive platform.
Salt Lake Industry said its Lanke Lithium Company possesses a 10,000-ton industrial-grade lithium carbonate device, and is now building a 20,000-ton battery-grade lithium carbonate device. Apart from engaging with Lanke Lithium Company in lithium deployment, the company also allies with BYD (002594.SZ) for proposed construction of a Salt Lake-BYD's 30,000-ton battery-grade lithium carbonate project, which has not started construction yet.

China Three Gorges Corporation Chairman Lei Mingshan and CNOOC Chairman Wang Dongjin had held a seminar earlier, where both parties exchanged opinions on promotion of "carbon neutrality" and deepened cooperation in new energy, international business and capital finance.

Upon the seminar, both companies clinched a strategic cooperation agreement.

In July 2021, China's retail sales of passenger vehicles whopped 1.5 million units, a year-on-year decrease of 6.2%, and an increase of 1% compared to July 2019, with the high base pressure in the second half of 2020, Stcn.com quoted China Passenger Car Association (CPCA) Secretary-General Cui Dongshu.
Cui elaborated on that, saying the world's auto demand/ supply gap is facing bigger pressure briefly after the pandemic subsides, under which the undersupply and uncertainties of international chips deepened the loss of some Chinese automakers as a result of less production.

The Commerce Bureau of Shenzhen Municipality convened a seminar on Amazon's blocking of Chinese cross-border e-commerce sellers, reported 21st Century Business Herald.
Shenzhen Municipal People's Government may unveil policies to support cross-border e-commerce vendors afterwards, revealed the corporate representatives at the meeting.