This and previous notes can be found at asianmarketsense.com and on SubStack
Check out ERI-C.com for research discovery and trading analysis Free mifid compliant webinar by Daivd Scott this Thursday 4pm HK time; The title is The shift from an 'Early Stage Inflation Bull Market' to a 'Deflationary Boom', Fundamental Signals for Asian Equities & Global Industry Leaders.
HSI -39pts (-0.1) 28,743 HSCEI -25pts (-0.2%) 10,705 T/O HK$116.37bn (-5.1% DoD)
Opened flat/lower FTSE and DAX trending lower (weak data), CAC trading flat. Travel and Leisure +VE. Basic Resouces weak after the China data. The World Bank upgrade not having much impact.
Earnings from Inditex beat +VE outlook
Sinch +VE announced the $1.3 billion acquisition of mobile messaging platform MessageMedia.
Balance of Trade Apr €15.5B vs 20.2B Mar revised (Consensus was 12.5B)
Exports sa Apr +0.3% vs +1.3% Mar revised (Consensus was +0.5%)
Imports sa Apr -1.7% vs +7.1% Mar revised (Consensus was -1.1%)
Current Account Apr €21.3B vs 30.B Mar revised (F/cast was 18.9B).
Opened flat but eased backed Dow -40pts, S&P flat, NDX +0.2%
Meme names in focus today; Wendy’s and Clover Health
MBA Mortgage Applications and 30 yr Mortgage Rate, Wholesale Inventories, EIA Oil Report.
Earnings : Chewy, Dave & Buster’s, Signet Jewelers, John Wiley
CHINA CSI 300 closed +4pts (-0.1%) @ 5,236
CSI 300 opened lower at 5,225 and initial rallied to flat, then slightly higher before selling down to 5,215 after the strong PPI data (which did not include the commodity rally at the end of May) NDC said it would ensure higher PPI didn’t feed into inflation Prompting a rally to 5,250 around 11:10am eased back to 5,243 at lunch. PM opened lower and has sold off on news the Govt looking to impose price curbs on coal which are unlikely to have any long term effect. Found support around 5,220 level before working better into the close
Great Wall being investigated for corruption, linked to an executive who was previously at Orient. Coupled with Banks being asked to test their exposure to Evergrande putting pressure on the bond market. Restructuring of Founder which tries to deal with onshore and offshore creditors are being dealt with under one plan that includes ‘keep well’ bonds; adding to the uncertainty.
NDRC saying it will control ‘livelihood products’, including corn, wheat, and pork prices, to ease some inflation fears. China-U.S. relations remain in focus, as Chinese lawmakers are making progress on legislation to retaliate for foreign sanctions amid a growing rivalry with the US. Market turnover saw a sharp drop of 10.6% on a daily basis, and a record low since May 24.
Leaders Coal miners, petroleum, steel, non-ferrous metals, chemical fiber, and tourism
Laggards brokerage, banks, med beauty, pharma, and digital info were weak.
Shanghai Composite +11pts (+0.3%) @ 3,591
Shenzhen Composite +1pts (flat) @ 14,718
ChiNext Composite Index +5pts (+0.2%) @ 3,265
Guangdong's National Health Commission reported seven more local COVID-19 cases yesterday (8 June), along with one asymptomatic diagnosis.
Inflation Rate May +1.3% YoY vs +0.9% Apr (F/cast was +1.5%)
Inflation Rate May -0.2% MoM vs -0.3% Apr (F/cast was -0.1% )
PPI May +9% vs +6.8% Apr (F/cast is +8.4%)
NDRC says it will seek to prevent PPI rises seeping into the CPI. PBOC action will be key but at this stage no change expected.
Loan data could also be released this week
HSI Pre market opened @ 28,771 -10pts vs +14pts ADR’s followed the CSI 300 pattern; worked better in the first 30 minutes but then sold down to 28,692. Rallied to 28,860 before selling down into lunch. PM opened lower and trended lower until about 2:45pm and then worked better for 45mins before dipping into the close.
T/O dropped again as concerns about further policy tightening along with both the US and China seemingly taking more aggressive legal measures to counter each other on economic and political issues. Mainlanders net bought HK$1.1b worth of HK shs.
HONG KONG DATA
The Centre for Health Protection (CHP) reported 4 new covid cases all imported (3 Tuesday)
A total of 33 cases have been reported in the past 14 days (May 26 to June 8) including three local cases of which one is from unknown sources.
There were 474 home deals involving Ad Valorem Stamp Duty (AVD) in May 2021, up 235 cases or 98.3% monthly, Inland Revenue Department's Stamp Office announced. The taxation amounted to $1.145 billion, up 74.9% monthly.
Short Selling Wednesday 13.1% vs 12.8% Tuesday
Top Shorts Sunny Optical (2382) 42%, Hengan (1044) 31%, Bank of China (3988) 30%, Country Garden (2007) 30%, Bank Comm (3328) 29%,
Xinyi Solar (968) 28%, Henderson Land (12) 28%, Hang Lung PPT (101) 28%, Galaxy Ent (27) 26%, BoC HK (2388) 24%.
AFTER MARKET NEWS
Hong Kong Airlines announced that it will maintain the number of fleets in service at approximately eight A330 aircraft, in view of ailing travel demand in foreseeable future. Meanwhile, the A320 fleet will ground from July 2021 for a year. For pilots, the company will roll out Long Pay Leave (LPL) for all A320 pilots. Those who join a six-month LPL are entitled to one-month fixed salary, and those who join the nine-month package will be given two-month fixed salary.
The restructuring and consistent integration are in no time delay for the airline amid plunging travel demand paired with unspecific recovery timeframe, Hong Kong Airlines stressed.
XIAOMI-W (01810.HK) announced the official operation of Xiaomi franchised shop at Temple Mall in Wong Tai Sin on 10 June, representing the third of such shop in Hong Kong. The company said it had set up over 1,000 Mi Homes in the world, marking a significant milestone of the group in global expansion.
KONG SUN HOLD (00295.HK) announced that the solar power plants owned by the group have generated electricity in an aggregate
volume of approx 617,000 megawatt-hour (‘‘MWh’’) from January to May 2021, up 2.18% year-over-year. The total installed capacity of the group was 838.8 megawatts as at 31 May 2021.
CSPC PHARMA (01093.HK) announced that the “Pregabalin Capsules (75mg, 150mg)” developed by CSPC Ouyi Pharmaceutical, a subsidiary of the Company, has obtained drug registration approval granted by the National Medical Products Administration of the PRC, and is deemed to have passed the consistency of quality and efficacy evaluation of generic drugs.
SUNNY OPTICAL (02382.HK) announced that the shipment volume
of handset lens sets reached nearly 99.41 million units in May 2021, +2% YoY but -19.7% MoM, which was mainly due to the impact of overseas pandemic and the slowing down of domestic smartphone market demand.
HK&S HOTELS (00045.HK), parent of The Peninsula Hong Kong, anticipated at least 70% of employees to have made their vaccination appointments by end-July, local media citing Chief Operating Officer Peter Borer's letter to the staff. Given unceasing negative business impact from the epidemic, Borer made clear that HK&S HOTELS may consider other cost-saving measures (likely including layoff) should there be no operation improvement in the coming months.
SHUN TAK HOLD (00242.HK)'s overseas solely invested project in Singapore -- PARK NOVA has sold 13 of its 54 units and has broken the local price record and reached as high as HKD33,800 per square foot, the group's executive chairman Pansy Ho said. Local project manager revealed that all 13 units sold, which are primarily high-level and substantially-sized units, were bought by local buyers; the most expensive type of the project is the penthouse unit, with an area of approximately 5,900 feet, selling at SGD34.38 million.
The local housing market has picked up the momentum with buyers being mostly users, not speculators, said SHUN TAK HOLD Group Executive Chairman and Managing Director Pansy Ho at the press conference. She added that demand is further unleashed now since promotion activities were restricted in the past due to pandemic. Ho, on another note, talked about China's market where the momentum is still strong with commercial projects at different development stages. Some of them were wrapped up in the last year progressively, such as over 400 flats in Hengqin Project, which was sold out in a month.
SHUN TAK HOLD (00242.HK) has been optimizing its tourism product mix, including deeper cooperation with CHINA TRAVEL HK (00308.HK) by introducing the latter's cross-border fleet onto its platform, said SHUN TAK HOLD Group Executive Chairman and Managing Director Pansy Ho. However, their in-depth partnership has fallen apart amid the epidemic. Vowing to support the government, Ho said SHUN TAK HOLD will provide offers to get citizens vaccinated. The group is in talks to consider offering coupons, gifts, discounts and so on.
HKEX launched a consultation exercise on the Exchange's proposal to raise the profit requirements to be listed on the Main Board, which will take effect on January 1 next year, which revealed that though some respondents did not support the proposals due to various reasons, they were not against the principle of improving the quality and maintaining the diversity of the capital market in Hong Kong, Secretary for Financial Services and the Treasury, Christopher Hui said. After careful consideration of the respondents' feedback and the principle of upholding market quality and protecting the interest of the investing public, the HKEX decided to adjust the level of increase in profit requirements i.e. from an increase by 150% or 200% to an increase by 60%, and postpone the implementation date to January 1, 2022.
JD-SW (09618.HK) announced that it clinched four cooperation memorandums with BAIC MOTOR (01958.HK) in Beijing, whereby both parties will form alliance in digital infrastructure, smart manufacturing, industrial product procurement, unmanned smart logistics vehicles, digital marketing and user operations, automotive after-service platforms, smart supply chains, digital operation platforms, and so on. They aim at setting up a benchmark in digital intelligent service supply chain for the automobile industry.
Centa-Salesman Index (CSI) last stood at 73.97, up 0.86 pts from the previous week.
CSI had been struggling around 70 for the 11th straight week, failing to surpass 80 in one breath, said Wong Leung Sing, senior associate director at research department of Centaline Property. With vibrant second-hand deals and front-line agents' optimism and rationality in the long run, Wong believed CSI will stand at 70 for some time. This may foretell a lengthy home price uptrend.
*CH POLICIES: Beijing's plan to take control of land-sales revenue may reduce local govts' flexibility to manage finances. For some LGFVs that rely mostly on land-sales revenue, the shift means it will take longer for them to receive funds, which may test their liquidity mgmt. China's state-owned BANKS and INSURERS must discuss major decisions with their Communist Party committee before acting, the industry regulator said. Likely to be seen as -VE for developers and banks
*COMMODITIES STRONG. CNOOC (883 HK +3.25) CH OILFIELD (2883 HK +3.4%) PETROCHINA (857 HK +1.5%) as oil resumed its rally to top $70 a barrel in New York as investors grow more confident that the recovery from the pandemic will help demand.
Coal prices jumped before the peak of electricity consumption in the summer; CH COAL (1898 HK +1.3%) YZ COAL (1171 HK +2.9%) CH SHENHUA (1088 HK +1.1%). but talk of Govt looking to control prices.
*TECH & COMPONENTS MIXED. 5G names saw support following HUAWEI's go-it-alone launch of an improved version of its HarmonyOS operating system; without American chips and software. A milestone for China's technological development. ZTE (763 HK +0.5%) COMBA (2342 HK -0.5%) YOFC (6869 HK +3%).
CHIP MAKERS mostly dropped after the NDRC released the outline of the 14th five-year plan for national economic and social development of Shenzhen, aiming optimize chip production lines and expedite SMIC's (981 HK +0.4%) construction of 12-inch wafer manufacturing lines. HUA HONG SEMI (1347 HK -1.4%) FIT HON TENG (6088 HK -1.4%).
*CHINA PROPERTY WEAK on debt concerns. Chinese officials told EVERGRANDE's (3333 HK -4.1%) creditors, including ICBC, to conduct fresh stress tests on their exposure. Evergrande objected to the investigation, saying it's operating normally and has never missed a payment. JINMAO (817 HK -1.3%), SHIMAO (813 HK -0.9%) VANKE (2202 HK -0.8%).
*AUTOS MIXED. GREATWALL MOTOR (2333 HK+0.2%) May vehicle sales +6.2% YoY to 86,965 units, January-May period vehicle sales totaled 517,547 units, a YoY increase of 65.3%.
GAC (2238 HK -0.4%) May vehicle sales +6.75% YoY to 176,800 units. APPLE is currently engaged in a preliminary discussion with CATL (300750.SZ) and BYD (1211 HK-1%) in regard to the battery supply for the company's electric vehicle project "Apple Car", reported Reuters.
*JEWELLERS STRONG, after CHOW TAI FOOK JEWELLERY (1929 HK +6.1%) said annual net profit jumped by 107.7% YoY to HK$6.03b, mainly due to higher sales contribution from the wholesale business, gold products, and watches in the retail business. Same-store sales in mainland China increased by 31.9% whereas HK & Macau fell by 41.3%.
LUK FOOK (590 HK +4.3%) EMPEROR W&J (887 HK +5.3%).
CH FEIHEI (6186 HK -6.6%) sank as media reports of its chairman voicing worries over the outlook for infant formula amid Covid inoculations clouded news of its share buyback plan.
LONGYUAN POWER (916 HK +3.9%) May power generation +20.6% YoY, May wind power generation +18.8%YoY.
CH LOGISTICS (1589 HK -20.3%) dropped following share placement to raise $100m.
ASX opened higher and rallied in early trades to 7,335 (a new high) in the first hour but then trended lower to 7,272 after lunch and then worked better but saw resistances at it approached Tuesday’s closing level and sold down into the close -22pts (-0.3%) @ 7,270. Woolies weak on a downgrade. Brickworks +VE on record earnings. Banks, Consumer Staples and Property weak. Miners and Healthcare +VE
Westpac’s Jun consumer confidence figures -5.2% at 107.2 points, vs expectations +0.8% to 114 points (May was -4.8% @ 113.1).
Building Permits Apr -8.6% vs +18.9%
Nikkei opened lower at 28,900 and traded sideways in the red in a range 28,932/28802 in the am session. PM traded in a tighter range 28,880/28855 to close -103pts (-0.4%) @ 28,861
Topix traded in a similar pattern Morning hit 1,964 just in the green then down to 1,956. PM trading 1960/1958 but then sold down into the close to end -6pts (-0.3%) 1,957
In the PM data
Machine Tool Orders May +140.7 vs 120.8 Apr (F/cast was +134%)
Pre market GDP data was better than expected
Kospi opened lower traded sideways in the morning 3,247/3,234 until around 1pm when it saw selling pressure; closed on the lows -32pts (-1%) 3,2217
Kosdaq opened higher and tested to 988 in early trades but then sold down to 983 and then worked slightly better with resistance at 985. saw selling pressure around 1:25pm closed around the lows -7pts(-0.7%) @ 979
Unemployment Rate May 3.8% vs +3.7% Apr (F/cast was 3.7%)
GDP Growth Rate Q1 +1.9% YoY vs -1.2% Q4 (F/cast was +1.8%)
GDP Growth Rate Q1 +1.7% QoQ vs -1.2% Q4 (F/cast was +1.6%)
KDCA announced 602 new covid cases (vs 454 Tuesday) Wednesday is usually the peak day.
Market opened flat despite strong trade data and trended lower, initial support at 17,000 but then dipped to 16,971 bounced back, but around 11:20am selling pressure resumed. Support at 16,907 and a small bounce to close -110pts (-0.6%) @ 16,966
CONNECT FLOWS (Flows drop DoD)
Northbound Rmb 44,392m Sell 20,772m vs 23,621m Buy
Southbound HK$ 11,948m Sell 5,749m vs 6,199m Buy
Northbound Rmb 50,055m Sell 25,045m vs 25,010m Buy
Southbound HK$ 15,849m Sell 7,614m vs 8,235m Buy
MEITUAN (03690.HK) -1.3%
BABA (09988.HK) -1%
AIA (01299.HK) -0.7%
TENCENT (00700.HK) +0.3%
PING AN (02318.HK) +0.1%
HSI & HSCEI Constituents on Move:
CHINA FEIHE (06186.HK) -6.6%
MENGNIU DAIRY (02319.HK) +4.9%
JD HEALTH (06618.HK) +4.5%
EVERGRANDE (03333.HK) -4.2%
XINYI SOLAR (00968.HK) +3.5%
HENDERSON LAND (00012.HK) +1.7%, hitting new high
HSMI & HSSI Constituents on Move:
CNLP (01589.HK) -20.3%
REMEGEN-B (09995.HK) +12.8%
FIRST PACIFIC (00142.HK) +8.3%, hitting new high
CHOW SANG SANG (00116.HK) +6.4%, hitting new high
LUK FOOK HOLD (00590.HK) +4.3%, hitting new high
FORTUNE REIT (00778.HK) +3.9%, hitting new high
MARKET HOURS NEWS.
REMEGEN-B (09995.HK) Trading has been halted at 3:14 p.m. today, pending release of reasons. The stock leaped 12.8% to $126 before trading halt, on volume of 2.253 million shares.
PA GOODDOCTOR (01833.HK) announced its strategic alliance with UCB, committing to developing innovative patient service, smart medical treatment and the application of AI and big data based on the digital platform. The two parties will jointly explore the possible intersection between drug production, medical treatment as well as relevant insurances by insurance products and innovative payment methods that cover more medical areas.
El Salvador congress passed the law to adopt Bitcoin as a legal tender within the country, rendering it the very first country to do so. The law authorizes businesses to display prices in Bitcoin; while the government accepts the digital currency as a form of tax payment. Any exchanges in Bitcoin will likewise not be subject to capital gains tax. The country's government expressed its hope for the cryptocurrency to enhance the financial inclusion as approximately 70% of its people does not have access to traditional banking service.
The Hong Kong Jockey Club (HKJC) has earlier resumed Mark Six betting services at the Off-Course Betting Branches (OCBBs).
After carefully considering the operation of the OCBBs after the resumption of Mark Six betting services and the demand of customers, the Club has decided to resume normal arrangement of Mark Six lottery draw to three times a week from 15 June
China proposes to change the pricing method for deposit interest rates from the original "benchmark interest rate x multiplier" to "benchmark interest rate + basis point", Reuters cited people with the knowledge of the matter. Upon adoption of the new pricing method, the current deposit interest rates of all banks are lifted by 20 bps, while the fixed deposit interest rates of China's small-and-medium-sized banks and foreign banks are adjusted to benchmark interest rate plus floating 75 bps, which is higher than the upper limit of the upward floating rate of major Chinese banks.
HSBC believes the e-HKD project on which HKMA is working will prove to be a massive boost for Hong Kong's retail industry and will likely to render the infrastructure of electronic payment in Hong Kong even more complete as we see various payment tools such as Octopus cards and the recent "FPS" both recording significant increase in transactions and the amount involved.
HSBC also expressed that its "business collect" project has seen significant growth in transactions since its launch in Asia in 2018, recording a 125% year-over-year rise in the amount of transaction processed in China and Hong Kong regions.
The South Korean government today (9 June) announced that a travel bubble package will be rolled out as soon as next month. Seoul will only allow outbound group tours for fully vaccinated residents, with curbs on the number of flights and the size of outbound travelers, reported Yonhap.
Moody's maintained TENCENT (00700.HK)'s "A1" issuer rating and senior unsecured rating, as well as its "(P)A1" senior unsecured medium-term note program rating, with a stable rating outlook. TENCENT's robust financial profile, huge customer base, and track record of value-added service monetization offered on online and mobile platforms would be conducive to its continuous free cash flow generation, opined Moody's Senior Vice President Lina Choi.
CHINA FEIHE (06186.HK) Chairman Leng Youbin foresaw a cliff-like drop in powdered infant formula sales in the next year or two as many married women would avoid getting pregnant within six months of inoculation, reported Chinese media. Milk makers tumbled broadly. CHINA FEIHE. YST DAIRY (01431.HK), CH MODERN D (01117.HK) but MENGNIU DAIRY (02319.HK) moved higher
TRIP.COM-S (09961.HK) and Juneyao Air struck strategic partnership for resources co-sharing and digital innovation, expecting to join hands in industrial layout, strategic investment, digital innovation and other fields for their passenger airline ecosystem.
Vanke Hong Kong expects to unveil to the public tomorrow (10th), the prices and three unaltered model flats of its "VAU Residence" -- the company's residential project in 11 Liberty Avenue, Ho Man Tin. The company expressed its hope for the new project to commence its sales next weekend earliest. The project offers 165 units with unit types ranging from studio flats to three-bedroom units.
MEITUAN-W (03690.HK) plans to recruit 60,000 employees in 2021, in order to answer the demand for business expansion, reported Chinese media. The newly recruited employees will primarily be placed in positions in charge of logistics and offline promotion, assisting the business of community group buying Select and B2B catering supply chain.
CHINA FEIHE (06186.HK) announces that it intends to utilize the Repurchase Mandate to repurchase shares of the Company on the open market from now to the conclusion of the next annual general meeting of the Company, involving up to US$200 million in funds.
The Chinese government is pondering a price cap on thermal coal, as the electricity cost showed no sign of weakening despite the fast-approaching Summer, reported Bloomberg News, citing people familiar with the matter. One of the proposals, the sources continued to state, is to set a ceiling for the price in which miners sell coals, which is already put into trial in Yulin, Shaanxi province.
The Government welcomes the release of a report today (June 9) by the International Monetary Fund (IMF) which reaffirms Hong Kong's position as an international financial center with a resilient financial system, sound macroeconomic and prudential policies, and robust regulatory and supervisory frameworks.
The Financial Secretary, Paul Chan, said that the government will continue to reinforce her core strengths, give full play to her unique advantages and identify new areas of growth, with a view to ensuring the long-term competitiveness and prosperity of Hong Kong.
Pfizer (PFE.US) will start a large-scale Covid vaccine testing in a group of children below 12 years old. The US drugmaker hopes to enroll 4,500 children volunteers at clinical sites in countries like the U.S., Finland, Poland, and Spain.
SANDS CHINA LTD (01928.HK)'s parent Las Vegas Sands is accused by Marshall Hao, a former partner and the Chairman of Asian American Entertainment (AAE), of alleged contract breach for a Macau casino license. AAE is seeking damages in a Macau court of 70% of Las Vegas Sands' Macau profits between 2004 and 2022, totaling roughly US$12 billion.
The Government announced to maintain the social distancing measures under the Prevention and Control of Disease Regulation for a period of 14 days till June 23. A spokesman for the Food and Health Bureau said a number of local cases with the N501Y mutant strain have been recorded in Hong Kong recently, and the source of infection has yet to be identified. To guard against a rebound of the epidemic situation, it is not appropriate to relax social distancing measures at the moment. The social distancing measures currently in place will be maintained for 14 days.
China's State of Council announced new policy surrounding strengthening the protection for minors. The policy aims to establish a universal mode of conducts and rules for relevant industries as well as a universal online game electronic ID system, in order to ensure cyber safety for the underaged. The policy also stresses about building a full-rounded care-taking system for the minors who suffer from sexual or physical abuses.
ANGELALIGN (06699.HK) set the share price for its IPO at $173 per share, being the upper limit of the offer price range ($147-173), foreign media reported. The public subscription for the stock was closed yesterday. Market rumored that there were over 700,000 subscribers, with listing expected on 16 June.
BYD COMPANY (01211.HK) announced that it has been informed that one of its shareholders, Youngy Investment Holding, which holds more than 5% of the company's shares, is pledging 2.5 million of the company's A-shares (002594.SZ), which account for 1.61% of Youngy's shares. The pledge is due 7 June 2022.
PRE MARKET HOURS NEWS
XIAOMI-W (01810.HK) is recruiting a team to make foray into handset chip market, while it is still negotiating with related IP suppliers for the authorization, China's Semiinsights.com cited sources. The company's first chip may not be for handset but for other equipment, sources added, although its ultimate goal is to make handset chips.
The U.S. Senate passed USICA -- an expansive package of legislation which aims to advance the U.S.'s technological capability to compete with China. The bill now awaits to be passed in the House of Representatives to be signed by president Biden into law.
The bill authorizes approximately USD190 billion to fortify U.S.'s technological research; and an additional USD54 billion specifically for strengthening the country's research and manufacture of semiconductors and telecommunications equipment. The act, additionally, outlines new sanction measures for Chinese entities which are deemed culpable for launching cyber attack on the U.S. or violating the U.S. intellectual property rights by stealing information from U.S. companies.
PCCW (00008.HK) announced that, its subsidiary Asian Motion has offered to sell a principal amount of USD70 million of the existing notes to PCPD (00432.HK) for cash. The net proceeds from the tender are estimated to be approximately USD71.26 million.
Also, Asian Motion has agreed to subscribe for the new notes issued by PCPD in the principal amount of USD100 million. The subscription amount will be satisfied by the net proceeds from the tender and the PCCW group’s internal resources.
China Passenger Car Association (CPCA) announced that the retail sales volume of broad-sense passenger vehicles reached 1.66 million units in May, up 1.1% yearly and 0.8% monthly. Despite chip shortage and other woes, China's new energy car sector was basically resistant to significant sales losses, reported China Passenger Car Association (CPCA). Given a low base and new energy sales uptick, China recorded a 177% NEV retail sales growth in May. Accordingly, CPCA raised its new energy PV sales volume forecast to 2.4 million units for 2021.
As the Dragon Boat Festival is drawing near, the number of travel orders reserved by Ctrip (also known as Trip.com) burgeoned by 135% year-on-year, cited Securities Daily. The average domestic airfare for Dragon Boat Festival was around 30% lower than that for the May Day holiday, according to LY.com.
The People's Government of Shanxi Province convened a meeting yesterday to further enhance risk prevention and control among provincial state-owned enterprises. Whereby, the Province's Deputy Governor Wang Yixin emphasized that the liquidity of provincial companies, especially coal-related firms, must not go adrift. Hence, state-owned capital investment and operating companies shall implement the proposed plans precisely.
CKH HOLDINGS (00001.HK) disclosed that it repurchased 1.0315 million shares on the Stock Exchange on 8 June at prices of $59.35-59.45 per share, involving approximately $61.3 million.
LONGFOR GROUP (00960.HK) announced that Charm Talent, a substantial shareholder of the Company, acquired 2 million shares of the Company on the open market at an average price of HK$45 between 3 June and 4 June, involving HK$90 million.
GAC GROUP (02238.HK) announced that the car production and sales volume for May amounted to 165,732 units and 176,800 units, respectively up 6.64% and 6.75% year-on-year.HK$45 between 3 June and 4 June, involving HK$90 million.