HSI +122pts (+0.4%) 28,559 HSCEI +27pts (+0.3%) 10,589 T/O HK$140.25bn (+1.4% DoD (more if you exclude yesterday’s IPO)
Markets opened lower and were trading sideways; DAX and CAC around flat and the FTSE down about -0.5% as investors react to the FOMC statement/Press conference. Banks leading with Utilities the laggard.
CureVac -45% in premarket trading stateside after a late stage trial of its Covid-19 vaccine missed its targets, casting a potential mass delivery to the European Union into doubt.
Easyjet +4.4% on expected easing of travel while Sartorius Stedim Biotech - 5%.
New Car Registrations May +53.4% vs 218.6% Apr (F/cast was 85%)
Construction Output Apr 42.3% YoY vs 20% Mar revised (F/cast was 40%)
Core Inflation Rate May +1% YoY vs +0.7% Apr (F/cast was +0.9%)
Inflation Rate May +2% YoY vs +1.6% Apr (F/cast was +2%)
Inflation Rate May +0.3% MoM vs +0.6% Apr (F/cast was +0.3%)
Opened lower in Asia Dow -63pts (-0.2%), S&P -0.25% and NDX -0.35% and weakened through the day to Dow -100 pts, S&P -0.45% and NDX -0.55%. Yellen to testimony later.
Initial Claims 412k vs 375k prior (F/cast was 367k)
4 week Average Claims 395k vs 403k prior (F/cast was 383.25k)
Continuing Claims 3.516m vs 3.517m prior (F/cast was 3.4m)
Phili Fed Manufacturing Index Jun 30.7 vs 31.5 May (F/cast was 30)
Later TIPS auction and more.
CHINA CSI 300 closed +21pts (+0.4%) @ 5,102
CSI 300 opened lower but rallied in the first hour to 5,120 news that Vice Premier Liu He has been appointed to lead the third-generation chip R&D and manufacturing project prompted a rally in Tech but it was short lived. Market retrenched to 5,090 level and then worked higher into lunch in choppy trading. PM opened around 5,100 but dipped to 5,080 (Wednesday’s closing level) before working better to close just higher than the PM open.
Leaders Semiconductor, photoresist, and Harmony concept names
Laggards mining services, agriculture, and petroleum sectors
Shanghai Composite +7pts (+0.2%) @ 3,526
Shenzhen Composite +176pts (+1.2%) @ 14,472
ChiNext Composite Index +62pts (+2%) @ 3,285
House Price Index May +4.9% vs +4.8% Apr (F/cast was +5.1%).
Prices of newly-built commodity homes in Beijing +0.3% MoM (+4.3% YoY), Shanghai +0.4% MoM (+4.5% YoY), Guangzhou +1.5% MoM (+11.2% YoY) and Shenzhen +0.6% MoM (+3.7% YoY)
The residential prices of secondary markets of the four major Chinese tier-1 cities tracked annual increment in May, although the trends differed on a monthly basis, National Bureau of Statistics (NBS) data showed.
On a monthly basis, the secondary residential prices of Beijing +1.1% MoM (+9.3% YoY), Shanghai +0.7% MoM (+9.4% YoY), Guangzhou +0.9% MoM (+13.5% YoY) and Shenzhen -0.1% MoM (+10.9% YoY)
HSI Pre market opened @ 28,240 -195pts vs -95pts ADR’s
Market saw some early margin call selling before rallying 220pts to 28,470 and then worked higher to 28,540 level around 11:30am before easing slightly into lunch. PM trended lower for the first 1.5hrs but found support around 28,400 level before working better into the close and ticked +30pts in the closing auction.
Sentiment mixed Fed bringing forward rate hikes as economy rebounds and acknowledges inflation risk. Coupled with China’s focus on addressing the semiconductor shortage. The pre market arrest of Apple Daily directors a concern together with concerns about stiffer action from US, Europe and others.
HONG KONG DATA
Unemployment Rate May 4.9% vs 4.8% Apr (F/cast was 5.1%)
In April 2021, the volume of Hong Kong's total exports of goods and imports of goods increased by 19.7% and 21% respectively over April 2020, according to statistics released by the Census and Statistics Department. Comparing April 2021 with April 2020, the prices of total exports of goods and imports of goods increased by 4.2% and 4% respectively.
The Centre for Health Protection (CHP) reported No new covid cases (vs 1 Wednesday)
Short Selling Thursday % vs 17.4 Wednesday
Top Shorts BankComm (3328) 44%, Mengniu Dairy (2319) 38%, Ali Health (241) 37%, Henderson Land (12) 32%, MTRC (66) 31%, Hang Seng Bank (11) 31%, Bank of China (3988) 31%, Hengan (1044) 30%, Wharf REIC (1997) 30%, Haidilao (6862) 29%, HSBC (5) 28%, Baba (9988) 27%, China Overseas (688) 27%, Petrochina (857) 25%, Country Garden (2007) 25%, ICBC (1398) 25%.
AFTER MARKET NEWS
Nayuki (02150.HK) intends to broaden its outlet network in the coming three years by utilizing approximately 70% IPO proceeds, with an aim to open about 300 and 350 teahouses respectively in ordinary tier-1 and new tier-1 cities in China this and next year. Chairman and CEO Zhao Lin was confident of achieving the goal, saying the company is capable of opening more shops.
The Hong Kong government prepares to shorten the designated hotel quarantine period for visitors from most places to 7 days so long as they are fully vaccinated and passed an antibody test, reported Bloomberg News, citing people familiar with the matter. Authorities are currently trialing different virus antibody tests, which are designed to confirm if a person has been vaccinated or has recovered from COVID-19.
No announcement has been made regarding when the policy will take effect. Visitors from high-risk areas or areas where the outbreak remains uncontrolled, however, will be excluded from the scheme.
WH GROUP (00288.HK) announced that written notice has been served on Wan Hongjian today (17th June) to remove him from office as a Director pursuant to the amended and restated memorandum and articles of association and to terminate his service as an executive Director and a vice president of the Group pursuant to his service agreement and employment contract with the Group, with immediate effect. Accordingly, Wan’s positions as an executive Director, deputy chairman of the Board, and a vice president of the Group have been vacated with immediate effect.
ANTA SPORTS (02020.HK) Positive Profit alert it announced that on a consolidated basis, after taking into account the share of loss of a joint venture, as compared to 2020 interim, profit attributable to equity shareholders of the company for 2021 interim is expected to record an increase of not less than 110%. The expected increase in the profit is mainly attributable to expected growth in overall revenue as the sales of the group was affected by the COVID19 pandemic; estimate increase in the overall gross profit margin due to reduced retail discounts offered by the group's brands and expected decrease in share of loss of a joint venture as compared to 2020 interim.
SITC (01308.HK) issued a positive profit alert. It is expected that the Group will record a net profit for the first half of 2021 in the amount of US$440 million to US$480 million as compared to that for the corresponding six months ended 30 June 2020, representing a notably increase in the amount of approximately US$320 million to US$360 million. Such increase was primarily attributable to the combined effect of the increase in demand of container shipping and logistics services as compared to the corresponding period of the year 2020; and the overall improvement of the Group’s operating efficiency and the effective cost control.
ECA International published the latest Cost of Living research findings, showing that Hong Kong has once again been named as the world's costliest city for expatriates to live and work. Despite sinking rents and weaker currency, Hong Kong has remained the world's most expensive location for overseas workers to live and work, said Lee Quane, Regional Director – Asia at ECA International.
BABA-SW (09988.HK)'s Cainiao will nudge self-pick-up business mode in Europe, with a plan to deploy 2,000 sets of self-pick-up lockers in Spain and France prior to March 2022, Chinese media reported. The company also projected to arrange over 30,000 self-pick-up sites and lockers overseas by the end of the year.
AAC TECH (02018.HK) announced that the company has become a strategic shareholder of Ibeo Automotive Systems GmbH (Ibeo) as they formed a strategic alliance to enhance and perfect Ibeo's manufacture capability and supply chain platform by utilizing the former's optical and imaging technology in the new generation of Ibeo's products. AAC TECH expressed that this partnership will further solidify the company's leading position in the smart phone sector and mark its venture into the automobile industry.
LINK REIT (00823.HK) expressed optimism for future prospect as rent renewal negotiation with business tenants became less difficult than it was 6 months ago, as a result of the easing up of pandemic restrictions, the company's CEO George HONGCHOY said during a press conference. He added that the company's major business remains in Hong Kong with minor ventures in China, Australia and the U.K., and has no plan to sell any of its assets at the moment.
*BASE METALS/COMMODITIES WEAK following the news that China will release national reserves of some base metals to curb inflation. key points are
1. The amount to be released has not been stated; I think it may release some depending on the auction bidding.
2. I think this is China trying to threaten the market lower but that is unlikely to work as demand is not just coming from China.
ANGANG (347 HK -1.7%) JIANGXI COPPER (358 HK -1.3%) MAANSHAN (323 HK -1.6%).
COAL MIXED following sales data;
CH COAL (1898 HK +2%) May coal sales vol +14.3% YoY,
CH SHENHUA (1088 HK -0.2%) May coal sales vol +8.9% YoY.
*TECH & COMPONENT STRONG chip makers rose sharply following the news that Vice Premier Liu He has been appointed to lead the third-generation chip R&D and manufacturing project, to lead China's chip competition with the United States. HUA HONG (1347 HK +10%) SMIC (981 HK +5.4%) BYDE (285 HK +5%) SUNNY OPTICAL (2382 HK +7%).
*CHINESE DEVELOPERS WEAK, as China’s home prices grew at the fastest pace in nine months in May, even as authorities introduced more targeted curbs on the market. More tightening expected. New home prices in 70 cities, excluding state-subsidized housing, rose 0.52% last month from April, when then gained 0.48%.
SUNAC (1918 HK -1.7%) COUNTRY GARDEN (2007 HK -1%) JINMAO (817 HK -1.8%) R&F (2777 HK -1.4%).
Blackstone agreed to buy SOHO CHINA (410 HK +21%) for about $3b.
*AUTO MAKERS FIRM on positive news from BYD (1211 HK +8.4%) announced its plan to spin-off its semiconductor business has received approval from shareholders. BYD also announced that it has delivered the first fully electric bus to the Hungarian transportation operator Volanbusz on 15 June.
GEELY (175 HK +3%) and Volvo-owned electric-car maker Polestar, will produce its new Polestar 3 SUV at Volvo’s U.S. plant in South Carolina. It will be built on the same line as Volvo’s new XC90 SUV, and share a dedicated electric platform that also enables advanced autonomous features. +VE Lex article in the FT
*EDUCATION SLUMP as China is poised to unveil a much tougher than an anticipated crackdown on the country's private tutoring industry, including trial bans on vacation tutoring and restrictions on advertising. NEW ORIENTAL (9901 HK -13%) TIANLI (173 HK -21%) VIRSCEND (1565 HK -6%).
*SPORTWEAR MAKERS FIRM as XTEP (1368 HK +16%) continue to rally following Hillhouse investing in its CBs.
Tokyo's plan to lift lockdown restrictions ahead of the Olympics also supported the sector. ANTA (2020 HK +3.4%) LI NING (2331 HK +3.7%) 361 DEGREES (1361 HK +14%).
CRRC TIMES ELEC (3898 HK +11%) on speculation that a price hike on Mosfet semiconductors will happen soon.
MODERN DENTAL (3600 HK +10%) following ANGELAIGN's (6699 HK -5.2%) successful trading debut yesterday.
ASX 200 sold down for the first 45minutes before finding support at 7,340 level. Employment data was much better than expected; with employment increasing by 115k MoM. It then worked higher but encountered resistance at it approached Wednesday’s record high closing price and then trended lower to close -27pts (-0.4%) @ 7,359
Laggards are miners, CSL, energy stocks, and supermarket Coles
Leaders Banks and Tech
RBA bulletin showed fees paid by households to Australian banks fell at their quickest pace in a decade last year, as the pandemic led to sharp falls in the use of credit cards, personal loans, and overseas ATM withdrawals.
Nikkei opened lower @ 29,149 it initially ticked higher but then trended lower into lunch 28,900 level. PM opened slightly higher worked slightly better to close -272pts (-0.9%) @ 29,018
Topix similar trading pattern, opened lower, tested yesterday’s close. Lunch time was 1,959; currently -12pts (-0.6%) @ 1,964
Data pre market
Tankan Index Jun 22 vs 21 May (F/cast was 18)
Foreign Stock investment ¥-33.2B vs ¥94.5B prior
Foreign Bond Investment ¥+410.6B vs ¥665.9B prior
Kospi sold down heavily on the open to 3,251 in the first 30 minutes. Then worked higher to close -14pts (-0.4%) @ 3,265
Kosdaq intially sold down to 994 but then worked higher to 1,005 around midday then eased and traded sideways to close +5pts (+0.5%) @ 1,004
Taiex opened lower and dipped to 17,150 in the first 10 minutes but then worked higher to close at the day high +83pts (+0.5%) @ 17,391
After Market Central Bank kept rates unchanged @ 1.125% as exepcted.
CONNECT FLOWS (Northbound flows down DoD)
Northbound Rmb 44,547m Sell 22,950m vs 21,597m Buy
Southbound HK$ 16,616m Sell 9,184m vs 7,431m Buy
Northbound Rmb 54,096m Sell 25,575m vs 28,522m Buy
Southbound HK$ 18,664m Sell 8,730m vs 9,934m Buy
CCB (00939.HK) -0.6%
PING AN (02318.HK) -0.6%
TENCENT (00700.HK) +0.4%
MEITUAN (03690.HK) +0.4%
HKEX (00388.HK) -0.2%
BABA (09988.HK) +0.2%
AIA (01299.HK) +0.1%
HSI & HSCEI Constituents on Move:
BYD COMPANY (01211.HK) +8.3%
SUNNY OPTICAL (02382.HK) +7.7%
AAC TECH (02018.HK) +6.1%
KUAISHOU-W (01024.HK) -5.5%
SMIC (00981.HK) +5.4%
CHINA GAS HOLD (00384.HK) +4.9%
HAIDILAO (06862.HK) -3.7%
EVERG SERVICES (06666.HK) -3.6%
ANTA SPORTS (02020.HK) +3.4%
WUXI BIO (02269.HK) +3.3%
ENN ENERGY (02688.HK) +2.2%, hitting new high
PETROCHINA (00857.HK) +1.9%, hitting new high
HSMI & HSSI Constituents on Move:
SOHO CHINA (00410.HK) +21.1%, hitting new high
TIANLI EDU (01773.HK) -21%
XTEP INT'L (01368.HK) +15.8%, hitting new high
CRRC TIMES ELEC (03898.HK) +11.4%
SCHOLAR EDU (01769.HK) -11%
HUA HONG SEMI (01347.HK) +10.1%
C-MER EYE (03309.HK) +9.8%, hitting new high
MARKET HOURS NEWS.
Zhuanzhuan, a second-hand trading platform in China, announced that it wrapped up the round D1 financing led by XIAOMI-W (01810.HK). Zhuanzhuan's strategic shareholders included TENCENT (00700.HK) and 58 Tongcheng.
Britain is mulling over easing travel curbs by, among others, allowing fully-vaccinated people to travel overseas without restrictions, meaning the country may be reconsidering the rollout of vaccine passport plans.
Thailand will open its border completely in 120 days, allowing international visitors who are fully vaccinated to enter the country, in hope to resuscitate the local tourism industry, Thai prime minister Prayut said during a televised speech yesterday (16th). The prime minister said, according to the schedule, Thai government will arrange vaccination for 10 million people each month over the coming months and expects 70% of the population to have received at least one dose of vaccine by October this year.
Chinese president Xi Jinping is arranging for Vice Premier Liu He to head a major project to help Chinese chip manufacturers overcome the ramifications of U.S. sanctions, reported Bloomberg News. According to sources cited in the report, Liu He is tasked to lead the R&D and manufacture projects of third generation chips, which entail formulating series of supportive financial and policy measures.
SMIC (00981.HK) (688981.SH) expressed on an interactive platform that the company is currently facing excessive demand beyond its production capacity, as around 45% of its operating revenue in the first quarter came from customers in Europe or the U.S., reported China Securities Journal.
Ant Group will likely go public by end-2021, although its valuation could slip by 60% to US$120 billion given easing revenue growth, Bloomberg citing a report from Sanford C. Bernstein & Co.
Ant may have to support credit growth by injecting RMB30-40 billion of funds to its new consumer finance segment, the analysts projected.
ByteDance tracked an actual income of RMB236.6 billion, up 111% yearly, in 2020, 36kr.com cited an internal material of ByteDance. Meanwhile, the operating losses amounted to RMB14.7 billion.
Wall Street Journal reported separately that ByteDance's total revenue for 2020 increased by 111% from the previous year to US$34.3 billion.
LINK REIT (00823.HK) released the final results announcement for the year ended 31 March 2021. Total distributable amount, after adjustments and a discretionary distribution of HK$290 million, amounted to HK$6.01 billion, up 0.75% yearly. A final DPU of HK148.34 cents was declared, up 1.8% yearly. Accounting the interim DPU, the full-year DPU amounted to HK289.99 cents, up 1% yearly. Revenue and net property income both increased by 0.2% year-on-year to HK$10.744 billion and HK$8.238 billion respectively.
STANCHART (02888.HK) is looking to double the size of its operation serving affluent Asian clients, aiming to hire or promote 3,000 relationship managers and wealth specialists in the coming five years catering to Asia's ever-growing demand, reported South China Morning Post.
HSBC announced to maintain its the best lending rate at 5%.
The National Security unit of the Police Force arrested the CEO Cheung Kim-hung of NEXT DIGITAL (00282.HK) and 4 other executives and editors of Apple Daily this morning as they searched the company's headquarter in Tseung Kwan O and froze assets worth $18 million in total, belonging to Apple Daily and related companies. Steve Li, senior superintendent of the national security unit, expressed that the police have arrested 5 people at Apple Daily's headquarter and several other places on the allegations of conspiring with other parties to call for foreign sanctions on Chinese and Hong Kong government. The allegations focus on publishing articles to call for foreign sanctions on Chinese and Hong Kong government, and subsequently threatening national security, said the Secretary for Security, John Lee during a press conference. Lee continued to state that the NS department's arrests only target people who manipulate the media as a tool to subvert national security and should not concern other ordinary media workers.
VITASOY INT'L (00345.HK) announced annual result ended March 2021. The net profit amounted to HK$548 million, up 2.3% yearly. EPS was HK51.5 cents. A final dividend of HK29 cents was declared, against a dividend of HK28.4 cents in the corresponding period of the previous year.
BIDU-SW (09888.HK)'s Apollo announced to launch a new model of sharing autopilot vehicle Apollo Moon with BAIC MOTOR (01958.HK)'s new energy automobile brand ARCFOX. The new model is reported to feature autopilot function, laser radar, and biometric security. Wang Yunpeng, vice president of BIDU-SW revealed the total cost for each Apollo Moon amounted to RMB480,000, during a press conference.
KUAISHOU-W (01024.HK) has recently established a new medical business brand called "Xiaoyu (小愉)", which is expected to hit the market by APP, Chinese media reported, while the company will also form another medical brand "Qingchan (輕蟬)". The future development direction of these brands is still up in the air.
BABA-SW (09988.HK)'s Cainiao Network nailed a delivery agreement with Japan's logistics company SG Holdings, whereby the former will help Japanese companies operated on Alibaba's cross e-commerce platform deliver their products to China, The Nikkei reported.
As Zhang Yiming stepped down as the CEO of ByteDance, some of the teams originally subordinate to him have been reorganized to be reporting to TikTok's Global CEO Chew Shou Zi, including TikTok's COO cum manager of North America and Australia market, Vanessa Pappas, reported Chinese media LatePost. The reorganization is reported to aim to further differentiate teams handling local and overseas business development, so as to better adapt to the ever-changing global market.
TENCENT (00700.HK) announced to have founded WeFlyShare Aviation Technology (Hainan) with HNA Group and Donica, aiming to enrich digitalized inflight services with their video, music, information and other resources. TENCENT stated that the company's digitalized inflight services have been operating on different airlines over the past year and they estimate to serve up to 120 million passengers in the coming 3 years.
The Chinese site of BABA-SW (09988.HK) announced that, starting from today to 15 July 2021, sales of drone-related products will be temporarily suspended, including head-mounted display, picture transmission module and flight control module. Posting drone-related information or tutorials will likewise be forbidden.
Pomelo Fashion, a Thai e-commerce startup, weighs to float on the country's stock exchange as soon as this year to capture US$300-400 million, Reuters' IFR quoted sources. It was known that the company's shareholders include JD-SW (09618.HK) and Thai retailer Central Group.
With Central harbourfront king site's tender ending tomorrow (18th), Midland expects the estimate value of the site to reach as high as $48.438 billion. Under the two-envelope approach, Midland added that, the bidders will have to submit design proposals which would inevitably increase the bidding cost. It is, therefore, unlikely for the government to reject all the tenders received.
On 15 June, Ningbo Qingmei Electrical Technology Co., Ltd. (literal translation of posted commercial updates as they added Xiaomi Technology Co., Ltd. and Tianjin Haihe Shunke Equity Investment Partnership (Limited Partnership) as shareholders, Chinese media cited Tianyancha App. With a registered capital of RMB1.7857 million, Ningbo Qingmei was founded in October 2019, and is engaged in R&D and sales of household appliances; Internet sales; R&D and sales of sanitary ware, and more.
Chinese watchdog has started an antitrust investigation into Didi Chuxing to see if Didi is suppressing smaller rivals unfairly and whether its ride-hailing pricing mechanism is transparent enough, Reuters citing insiders.
The ride-hailing firm mentioned last week its preparation for a U.S. listing in July, planning to raise billions of US dollars.
Samsung and Vivo were the fastest-growing 5G smartphone brands globally in 1Q21, reported Strategy Analytics. Shipment of the South Korean firm burgeoned 79% QoQ during the period, while that of the Chinese firm hiked 62% QoQ.
RAZER (01337.HK) announced that the Company had repurchased 8 million shares at $2.11-2.12859 each through the Stock Exchange yesterday (16th), involving $17.0287 million.
China is said to launch certain stricter-than-expected new regulations for the education and training industry, which is worth up to USD120 billion, including restrictions on advertising and forbidding tutorial lessons on holidays, reported Reuters, citing people familiar with the matter. The new regulations are intended to alleviate students' pressure and to raise the birth rate by lowering family living costs. The new rules could be announced next week and implemented as soon as next month.
The chief executive Carrie Lam said when attending the initiative ceremony of the "United Court" transitional housing project in Tung Tau, Yuen Long, the land with a 230,000 square feet area is leased by SHK PPT (00016.HK) for $1 nominal rent and will provide 1,800 units upon completion by mid-2022. Lam added that, currently, the government has already secured land and buildings which could provide approximately 15,000 transitional residential flats, among which 56% is supplied by private developers.
YUEXIU SERVICES (06626.HK), separately listed from YUEXIU PROPERTY (00123.HK), has recorded sufficient subscriptions for the international offer section of its IPO, reported IFR under Reuters.
YUEXIU SERVICES started its IPO yesterday (16th), issuing over 369 million shares, with 10% of them being Hong Kong offer and 90% being international offer. The amount being raised is estimated to be a maximum of $2.41 billion. The company is expected to be listed on 28th.
PRE MARKET HOURS NEWS
CATHAY PAC AIR (00293.HK) and Airbus are working to introduce single-pilot operation on long-haul flights, Reuters citing people familiar with the matter. Under Project Connect, the program known within Airbus, the A350 jet will be operated by only one pilot during high-altitude cruise.
Trading in the shares of NEXT DIGITAL (00282.HK) will be halted this morning, pending release of reasons. The National Security Department of the Hong Kong Police this morning arrested five NEXT DIGITAL directors for suspected contravention of Article 29 of National Security Law, according to Government news. The five arrested directors are NEXT DIGITAL CEO Cheung Kim Hung, NEXT DIGITAL COO Royston Chow Tat Kuen, Apple Daily Editor-in-Chief Ryan Law, Apple Daily Deputy Chief Editor Chan Puiman, and Apple Action News Platform Director Cheung Chi Wai, reported CCTV.
Richard Li's FWD has lodged an application for listing in the US, yet without specifications on the scale and timetable of the issuance, foreign media reported. The insurer has been mulling a flotation as soon as the third quarter, pooling approximately US$3 billion, with a valuation on the company exceeding US$15 billion, as Bloomberg had previously reported.
HKEX (00388.HK) revealed its newly founded Listing Operation Governance Committee yesterday (16th), which aims to monitor the operation and management of the listing division and to ensure the division carries out its duties in an independent, prudent and appropriate manner.
The U.S. will decouple itself from China in certain areas in order to safeguard national security, though it would highly difficult to sever Chinese connections completely in technological aspect, said U.S. Treasury Secretary Janet Yellen. Yellen added that Washington is endeavoring to sanction and rectify unfair behavior which harms U.S. national security and wider economic interest while restricting some of the investments coming from China. However, it is likely that U.S. will not be able to fully detach itself from China in terms of technology, while many of its allies are also reluctant to reduce their business activities in China by a large extent. Also the U.S. will not allow any special treatment for China or any other countries in the negotiation of global minimum corporate tax rate, she said; adding that the U.S. and other countries are still endeavoring to convince China to support the G7's proposal of a 15% global minimum corporate tax rate but stressed that the U.S. will not endorse any special deal that would weaken the global minimum tax regime.
HSBC HOLDINGS (00005.HK) has agreed to sell its French retail unit to U.S. private equity firm Cerberus, likely unveiling the deal in the next few days, Bloomberg citing people familiar with the matter.
The bank's spokesperson declined to comment on the rumor.
YOURAN DAIRY (09858.HK), to be listed tomorrow (18th), was over-subscribed by 2.73 times in the public offering. The stock was priced at $6.98, the lower limit of the offer price range $6.98-8.66. One-lot (1,000 shares) success rate was 80%
Civil Aviation Administration of China yesterday ordered for an immediate four-week suspension of the Air China CA868 flight (from Johannesburg to Shenzhen). 32 passengers on the flight were tested positive for COVID-19 upon arrival on 10 June, according to reports.
ZOOMLION (01157.HK) (000157.SZ) announced the signing ceremony with China Mobile Communications Group Co., Ltd. in Changsha yesterday. Pursuant to which, both sides will kick-start their strategic partnership and achieve high-quality development with an emphasis on 5G+Innovation, cloud infrastructure and cloud synergy, as well as ecosystem integration.
Guangdong's National Health Commission reported four more local COVID-19 cases yesterday (16 June), all of which stemming from Guangzhou.
XINYI GLASS (00868.HK) issued a positive profit alert. The amount of net profit for the six months ending 30 June 2021 is expected to increase by 260% to 290% to the range between HK$4.977 billion and HK$5.391 billion, as compared to the net profit of HK$1.382 billion for the six months ended 30 June 2020.
XINYI SOLAR (00968.HK) issued a positive profit alert. The net profit for the six months ending 30 June 2021 is expected to increase significantly by 100% to 120%, as compared to the amount of the Net Profit of HK$1.407 billion for the six months ended 30 June 2020. Such increase is driven by the increases in the sales and the profitability of the solar glass business of the Group.
XINYI ENERGY (03868.HK) issued a positive profit alert. The amount of net profit for the six months ending 30 June 2021 is expected to increase by 25% to 45%, as compared with HK$438 million for the six months ended 30 June 2020.
Such substantial increase is primarily driven by the revenue contribution from the additional solar farm projects acquired by the Group since the second half of 2020.
SOHO CHINA (00410.HK) announced the voluntary conditional cash offer by Two Cities Master, a fund under Blackstone. The offer price of HK$5 per share represents a 31.58% premium to the closing price of SOHO CHINA before trading halt. Application has been made by the Company for the resumption of trading in the shares with effect from 17 June.
CK ASSET (01113.HK)'s statement disclosed that it repurchased 2.036 million shares on the Stock Exchange on 16 June at $51.85-51.95 each, involving approximately $106 million. Year to date, the company bought back 2.908 million shares, representing 0.0787% of the share capital of the company.
CKH HOLDINGS (00001.HK)'s statement disclosed that it repurchased 100,000 shares on the Stock Exchange yesterday (16 June) at $59.4-59.5 each, involving approximately $5.94 million.
Year to date, the company bought back 1.61 million shares, representing 0.0418% of the share capital of the company.
FLAT GLASS (06865.HK) announced the proposed issuance of A share convertible bonds at a total amount of no more than RMB4 billion, with a term of six years.