HSI -808pts (-2.9%) 27,153 HSCEI -327pts (-3.2%) 9,823 T/O HK$205.25bn (+31.1% DoD)
Markets opened lower and selling on concerns over global sentiment. Basic resources leading the declines as German trade data comes in weaker than expected.
Eurozone ECB Monetary Policy Meeting Accounts
Germany Balance of Trade, Exports, Imports, Current Account
Opened in Asia flat Dow+17pts, S&P 500 and Nasdaq 100 both flat but declined in Asian time and now lower again Dow -455pts S&P and NDX slightly -1.3%
Ahead Initial Claims, 4 Week Average, Continuing Claims, EIA Natural Gas and Oil Stocks Change, Consumer Credit Change.
CHINA CSI 300 closed -52pts (-1%) @ 5,088
CSI 300 opened slightly higher but trended lower through the morning on news the government will tighten up on the listing process for companies and the regulations are also likely to hurt the existing big tech names who listed by VIE by limiting their ability to list new shares.
PBOC talk of a RRR cut later in the year but that is a very blunt instruement and some talk that it might indicate GDP is slowing faster that expected. PBOC revers repo was flat, so no more draining of liquidity. PM market saw support at 5,080 suggesting support from Team China.
Tomorrow we get PPI and Inflation data.
Shanghai Composite -28pts (-0.8%) @ 3,525
Shenzhen Composite -57pts (-0.4%) @ 14,993
ChiNext Composite Index +24pts (+0.7%) @ 3,556
China's National Health Commission announced 17 new confirmed COVID-19 cases yesterday (7 July), with 15 of them being imported and 2 of them being local infections in Yunnan.
HSI Pre market opened 27,882 -79pts vs -109pts ADR’s but market trended lower with Tech especially under pressure but all sectors in the red. Some support at 27,560 with a bounce but then the selling continued to 27,385 and then it traded sideways into lunch. PM saw initially sold down to 27,250 which was support until around 2:30pm when it trended lower again to a low of 27,110 level with a small up tick into the close.
Expect margin call selling in the morning.
LANDSEA LIFE (01965.HK), on debut, finished the day trade at $4.5, up $1.32 or 41.5% against the listing price of $3.18, on volume of 41.16 mn shares and turnover of almost $242 mn. Excluding handling fee, the book gain was $1,320 per board lot size of 1,000 shares.
KEYMED BIO-B (02162.HK), closed at $68, up $14.7 or 27.6% against the listing price of $53.3, on volume of 42.54 million shares and turnover
of $3 billion. Excluding the handling fees, a book gain of $7,350 was reported per board lot of 500 shares.
HONG KONG DATA
The Centre for Health Protection (CHP) of the Department of Health (DH) announced that as of 0.00am, July 8, the CHP was investigating three additional confirmed cases of coronavirus disease 2019 (COVID-19), taking the number of cases to 11,948 in Hong Kong so far.
Short Selling Thursday 14.4% vs 15% Wednesday
Top Shorts Hengan (1044) 62%, Bud Apac (1876) 45%, AIA (1299) 35%, China Life (2628) 35%, Bank of China (3988) 33%, BankComm (3328) 32% Ping An (2318) 32%, Country Garden (2007) 31%, AAC Tech (2018) 29%, Sands China (1928) 27%, HSBC (5) 27%, Henderson Land (12) 26%, ICBC (1398) 25%, AliHealth (241) 25% , Wuxi Bio (2269) 25%, Sunny Optical (2382) 25%
AFTER MARKET NEWS
ANTA SPORTS (02020.HK) announced that for the second quarter of 2021, the retail sales of ANTA branded products recorded 35-40% positive growth compared to the same period of 2020, while that of FILA branded products recorded 30-35% positive growth compared to the same period of 2020.
HKEX (00388.HK) announced the establishment of a Mainland China Advisory Group (Advisory Group). The Advisory Group comprises senior industry experts with deep China market knowledge and experience, who will act as advisors to the Board of HKEX on the development of China’s financial markets and economy. HKEX today also announced the establishment of a new Mainland Markets Panel (Panel) to be chaired by HKEX Chief Executive Officer Nicolas Aguzin. The Panel will comprise industry and market practitioners, who will share knowledge and provide feedback and advice to HKEX on the Group’s China business and initiatives through the Panel’s regular meetings. Laura M Cha, HKEX Chairman, said China Anchored is at the core of HKEX’s strategy. HKEX is committed to further elevating the role of HKEX and Hong Kong as the key facilitator in China’s connectivity with international markets, and the establishment of the new Mainland China Advisory Group and Mainland Markets Panel will provide invaluable support to HKEX in the future development of its China initiatives.
The sales volume of Tesla (TSLA.US)'s China-made electric vehicle slipped 0.9% month-over-month to 33,155 units, with some of them being export items, according to the data of China Passenger Car Association (CPCA). The EV maker is currently manufacturing its Model 3 and Model Y in Shanghai and has sold a total amount of 28,138 units in China last month, with 5,017 units being exports.
360 Jietiao application, a core product of 360 DigiTech, has been removed from the stores, which might be connected to a reform demand issued from PBOC and other financial regulatory departments to 13 Internet financial platforms on 29 April 2021, reported 21st Century Business Herald. 13 internet financial platforms, including TENCENT (00700.HK), JD Finance, ByteDance and 360 DigiTech, were asked to talk with China's regulators, according to the report.
As workers of some carmakers have been granted leaves earlier in the year due to the problem of chip shortage, the companies are forecast to have ample production work force in July and August, China Passenger Car Association (CPCA)'s report suggested. The report predicted the chip shortage to alleviate largely in the third quarter, with the wholesale market projected to skew upwards from August.
After Huawei unveiled the "Seeds of the Future 2.0" program, Chairman Liang Hua said the company will pump US$150 million in the coming five years for fostering digital talents. He expected more than 3 million people can take advantage from the program.
TENCENT (00700.HK) and China Media Group (CMG) jointly announced on 6 July that Tencent has become the strategic video partner for broadcasting the Tokyo 2020 Olympics and the Beijing 2022 Winter Olympics. Accordingly, both sides will work comprehensively and profoundly in resources, content, interaction, crossover, products, technology and other fields.
China's wholesale volume of new energy passenger vehicles reached 227,000 units in June, up 14.7% monthly and 165.7% yearly, according to data from China Passenger Car Association (CPCA). This denoted strong volume growth amid a favorable trend.
Buildings Department has expressed grave concerns over the issue of foundation defects of the private development project -- Pavilia Farm III atop Tai Wai station, as some of the concrete components in the block one and eight of the project failed to meet the designated strength test requirements, and has launched an investigation into the matter.
The department has been notified of the developer's decision to demolish the affected floors of the two towers, and will follow up the details of the demolition and remedial construction with certified persons and registered structural engineers, in order to ensure that the construction process and the buildings themselves to be safe and in compliance with relevant regulation requirements.
Centa Valuation Index (Major Banks) (CVI) last printed at 75.75, down 5.45 pts weekly, reported the research department of Centaline Property. In light of ever-rising housing price which was close to the historic high, Wong viewed banks stayed active but rational in valuation.
Wong also assumed the CVI to hover high still in the coming few weeks, hinting at an uninterrupted price uptrend, which underpinned the CCL upswing to the all-time high.
*COMMODITIES VERY WEAK. CNOOC (883 HK -5.2%) PETROCHINA (857 HK -5.9%) Oil fell as investors await further signals from the OPEC+ alliance on production policy after a breakdown of talks, and as China's recovery has shown signs of faltering.
BASE METALS traded lower as China will sell more metals from state reserves in the near term, after the country released 100,000 tons of copper, aluminum & zinc on July 5, National Food and Strategic Reserves Administration said. MAANSHAN (323 HK -2.9%) JIANGXI COPPER (358 HK -3.3%) CHALCO (2600 HK -5.1%).
*CHINESE BANKS WEAK China could cut banks' reserverequirement ratio to help the economy, CCTV reported, citing a State Council meeting chaired by Premier Li Keqiang. The nation's recovery has shown signs of faltering in recent days, after the services PMI slowed sharply in June. There is also concern that banks performance in 2H may slowdown following a recovery from the pandemic. CMB (3968 HK -5.5%) CCB (939 HK -1.7%) ICBC (1398 HK -1.3%) ABC (1288 HK -0.7%).
*E-COMMERCE/INTERNET VERY WEAK on the news that companies including BABA (9988 HK -4%), TENCENT (700 HK -4%), and Suning.com were fined Wednesday by Chinese anti-monopoly regulators in a new move to tighten control over their fast-developing industries, news reports. In 22 cases, companies were fined 500,000 yuan each for actions including acquiring stakes in other companies that might improperly increase their market power, the State Administration for Market Regulation announced. JD (9618 HK -3.7%) KUAISHOU (1024 HK -3.3%) NTES (9999 HK -3.3%) BILIBILI (9626 HK -7%).
IDREAMSKY (1119 HK +6.5%) bucked the trend and jumped as much as 10% as a recently launched game becomes popular.
*AUTO MAKERS WEAK GREAT WALL (2333 HK -3.6%) plans to invest 100b yuan in research and development that targets new energy and smart vehicles, Chairman Jack Wei said. BYD (1211 HK -2.6%) GAC (2238 HK -3.2%).
YONGDA AUTO SERVICE (3669 HK +5.6%) jumped on profit-alert, said for the six months ended 30 June 2021, the group is expected to record an increase of no less than 110% YoY in the consolidated net profit.
*CHINA PROPERTY WEAK weighted down by debt/liquidity concerns after EVERGRANDE (3333 HK -3%) is reportedly ramping up issuing of short-term IOUs. CH OVERSEAS LAND (688 HK -0.7%) reported contract sales for June of -10% YoY to 51.79b yuan. KAISA (1638 HK -5.4%) reported June contracted sales +10.1% YoY to 9.88b yuan. TIMES CHINA (1233 HK -4.3%) CIFI (884 HK -2%).
* SHIPPING MIXED. COSCO SHIPPING (1919 HK -7%) prelim 1H net income surged 32 times YoY to 37.1b yuan. SINOTRANS (598 HK +6.3%) expects 1H net income to jump as much as 85% YoY to 2.25b yuan. OOIL's (316 HK -8%) total freight volume for the second quarter ended June this year increased by 15.4% YoY, and total revenue increased by 119% to US$3.468b.
DONGYUE GROUP (189 HK +6.1%) jumped as the price of high value-added fluorine material PVDF has been rising recently due to the high demand for lithium batteries and photovoltaic backplanes, as well as the rising prices of various raw materials.
SKYWORTH (751 HK +4.7%) expects interim net profit to rise more than 50% YoY.
NWD (17 HK-3.9%) to demolish and rebuild part of Tai Wai Pavilia Farm III project on founcation defects.
Market opened opened higher and tested to 7,380 in early trades but then traded sideways for most of the morning but then sold down following the rest of Asia and comments from the RBA governor saying that rates rises would due to data not calendar he also noted that immigration had kept wages low and that even with borders closed it will take more time for workers’ incomes to lift fast enough to warrant an increase in official interest rate. But saw support at yesterday’s close and then crawled higher in the last two hours to close +15pts (+0.2%)@ 7,341
Miners and BNPL names firm but Financials were weak. Covid cases continue to rise -VE
Pre market current account was stronger than expected but bank lending slowed and the rising number of covid cases outweighed the good news.
Nikkei opened lower at 28,332 and trended lower through the morning with support around 28,200. PM the market opened lower around 28,170 and dipped to 28,124 but bounced and traded sideways before selling off into the close on the announcement of no spectators at the olympics -249pts (-0.9%) @ 28,118
Topix opened lower at 1,935 and trended lower to 1,928 before bouncing back to 1,935 and then eased into lunch. PM opened lower at 1,929 and dipped to 1,926 before bouncing back to 1,930 and traded sideways but also sold down to close -17pts (-0.9%) @ 1,920.
Current Account May ¥1979.7B vs ¥1321.8B Apr F/cast was ¥1800B
Bank Lending Jun +1.4% YoY vs +2.9% May (F/cast was+2.9%)
Foreign Bond Investment ¥-190.9B vs ¥-1003.4B prior
Foreign Stock Investment ¥-310B vs ¥-146.7B prior
Due Later Eco Watchers Outlook and Current Survey’s
Kospi opened higher and traded around 3,290 for the first hour but then sold down as the latest covid cases numbers came out at a new high (1,275 cases). Market sold down to 3,254 before a bounce and traded around 3,260 to close: -32 pts (-1%) @ 3,253
Kosdaq similar patten opened 1,048, sold down to 1,028 bounced to 1,035 and traded sideways around there to close -13pts (-1.2%) @ 1,034
Taiex opened higher after good trade and inflation data after market Wednesday but sold down on concerns about rising regional covid cases and the selling pressure in regional tech. Found support at 17,750 and started trending higher from 10:30am. Worked back to flat, small upside and closed +15pts (+0.1%) @ 17,866
Northbound RMB 56,866m Sell 29,250m vs 27,616m Buy
Southbound HK$ 30,316m Sell 16,107m vs 14,209m Buy
Northbound RMB 71,483m Sell 35,775m vs 35,708m Buy
Southbound HK$ 29,291m Sell 16,670m vs 12,622m Buy
MEITUAN (03690.HK) -6.4%
PING AN (02318.HK) -4.3%
BABA (09988.HK) -4.1%
TENCENT (00700.HK) -3.7%
AIA (01299.HK) -2.9%
CCB (00939.HK) -1.9%
HKEX (00388.HK) -0.2%
HSI & HSCEI Constituents on Move:
HAIDILAO (06862.HK) -7%
SHENZHOU INTL (02313.HK) -6.7%
EVERG SERVICES (06666.HK) -6.6%
PETROCHINA (00857.HK) -5.9%
AAC TECH (02018.HK) -5.9%
CNOOC (00883.HK) -5.6%
HANSOH PHARMA (03692.HK) -5.5%
CM BANK (03968.HK) -5%
JD HEALTH (06618.HK) -5%
ANTA SPORTS (02020.HK) -4.9%
WUXI BIO (02269.HK) -4.8%
XINYI SOLAR (00968.HK) -4.8%
SUNNY OPTICAL (02382.HK) -4.7%
BIDU-SW (09888.HK) -4.6%
CPIC (02601.HK) -4.5%
ALI HEALTH (00241.HK) -4.4%
GALAXY ENT (00027.HK) -4.1%
CHINA RES BEER (00291.HK) -4%
TECHTRONIC IND (00669.HK) -4%
CG SERVICES (06098.HK) -3.9%
NEW WORLD DEV (00017.HK) -3.9%
JD (09618.HK) -3.6%
CHINA LIFE (02628.HK) -3.5%
NTES (09999.HK) -3.5%
SINOPEC CORP (00386.HK) -3.1%
KUAISHOU-W (01024.HK) -3.1%
HSMI & HSSI Constituents on Move:
MOBVISTA (01860.HK) -12.8%
CGN NEW ENERGY (01811.HK) -11.1%
IDREAMSKY (01119.HK) +6.5%, hitting new high
DONGYUE GROUP (00189.HK) +6.1%, hitting new high
HUTCHTEL HK (00215.HK) +3.8%, hitting new high
MARKET HOURS NEWS.
NEW WORLD DEV (00017.HK) was informed on 3 July by Hip Seng Group of Companies, the contractor of The Pavilia Farm III atop Tai Wai Station, that part of blocks 1 and 8 at the project had failed to meet concrete strength test requirements due to foundation defects.
To ensure building quality, NEW WORLD DEV decided to demolish the completed parts of blocks 1 and 8. The date of intake is expected to be postponed by around nine months as a result.
TENCENT (00700.HK) announced that this year's Tencent Global Digital Ecosystem Summit will take place in Wuhan from 18 August to 19 August. Accordingly, the giant will join hands with all clients, ecosystem partners, technology developers, the government and social organizations to foster industrial development.
MTR CORPORATION (00066.HK) has received proactive notification from the developer of Tai Wai Station Property Development Project, NEW WORLD DEV (00017.HK), that during recent concrete strength tests, it was confirmed that concrete of some walls at the two towers in the third phase of The Pavilia Farm, which are still under construction, did not meet the requirements of the approved design. The Corporation always attaches great importance to the quality of property development projects. It is highly concerned about this issue and have requested the Developer to submit a full investigation report and carry out appropriate follow-up actions to ensure the relevant buildings meet the requirements of the approved design as well as to take into consideration the interests of affected purchasers.
Standard Chartered, CATHAY PAC AIR (00293.HK) and Mastercard announced the launch of a new range of Standard Chartered Cathay Mastercard Credit Cards, namely "Standard Chartered Cathay Mastercard Credit Card", "Standard Chartered Cathay Mastercard Credit Card – Priority Banking", and "Standard Chartered Cathay Mastercard Credit Card – Priority Private". Lay Choo Ong, Head of Consumer, Private and Business Banking, Hong Kong at Standard Chartered said although the pandemic has delayed many people’s travel plans, customer loyalty in earning miles through credit card transactions remains high. The average annual spending of the previous co-branded card was 20% higher than the market average, while the Active Ratio from February to April this year remained at a high level of 90%.
TENCENT (00700.HK)'s CEO Ma Huateng announced at the 2021 World AI Conference that TENCENT will hold an AI Esports Competition for King of Glory, with the aim to provide AI competition at the highest level of appreciation and to arouse young people's interest in applied AI technologies.
Monopoly of payment service sector in China is not only limited to Ant Group, but also involves other institutions, revealed Fan Yifei, Deputy Governor of the People's Bank of China (PBOC), at a regular meeting.
The authority will launch initiatives on payment service providers other than Ant Group, Fan added, foreseeing such move will take place soon. The wide range of "stablecoins" have become speculative instruments with potential threats and risks to financial security and social stability, he opined. The central bank will take actions to prevent the potential risks in this regard, added Fan.
LANDSEA LIFE (01965.HK) plans to adjust its business structure to enhance its earning capability, through expanding the proportion of its community improvement service that has a higher gross profit
margin, and expects to raise the group's overall GPM from 26.7% at the end of last year to 30% over the next three years. The company forecasts the revenue contribution from its community improvement service to jump to 10% within this year and further climb to 15%-20% over the next 2-3 years.
Given users' vehement complaints, China's Ministry of Industry and Information Technology (MIIT) has recently conducted an overall rectification of non-compliant advertising like the nearly invisible close buttons of pop-up windows. 68 leading internet companies, including BIDU-SW (09888.HK), BABA-SW (09988.HK), TENCENT (00700.HK), ByteDance, Sina Weibo and IQIYI, have completed their rectification work so far.
VITASOY INT'L (00345.HK)'s substantial shareholder Mitsubishi UFJ Financial Group, Inc. increased 4.098 million shares of the company at an average price of $25.7969 per share on 5 July, involving almost $106 million excluding handling fee, according to the Disclosure of Interests of Stock Exchange. On 5 July, the stock price once plunged nearly 15% to bottom at an over-a-year low of $25. It eventually ended at $25.95, down 11.7%. On 2 July, an internal memo of VITASOY INT'L spiraled on the internet, stating the male who had stabbed a Hong Kong Police officer on 1 July was a staff of the company, and that the staff's death was unfortunate. Such remarks sparked controversy. As a result, two brand spokesmen of VITASOY INT'L in China announced to cease all kinds of cooperation with the company. What's next, the company's human resources director purportedly resigned.
China's State Administration for Market Regulation, along with several other relevant departments, revised regulations on fair competition, forbidding authorities to grant franchising rights to business operators without any fair competition beforehand, and to set any unreasonable or discriminating conditions that hinder any operators from participating in a fair competition for the franchising rights. Also, authorities are forbidden to force any business operators to participate in any monopoly activities prohibited by the "Anti-monopoly Law".
TENCENT (00700.HK)'s "King of Glory" and "Game for Peace" topped the revenue chart of Chinese mobile gaming apps as the first and second, with the former's revenue posting a record-breaking 20.9% year-over-year increase, while NTES-S (09999.HK)'s "Fantasy Westward Journey" trailed behind at third place, reported Sensor Tower.
36 Chinese mobile games publishers have been listed among the top 100 around the globe, cashing in $2.24 billion in total in June, the report added. As publishers, TENCENT topped the revenue chart as number one, with NTES-S ranked second.
TENCENT (00700.HK) Chairman and CEO Pony Ma Huateng said the company will unroll a space exploration program with National Observatory, lending the AI technology of Tencent YouTu Lab to the Observatory in scouting the space, Sina Tech reported.
SUNEVISION (01686.HK) announced that iAdvantage, a subsidiary of the Company, has entered into a master service agreement on 7 July with a major hyper-scale customer, pursuant to which iAdvantage is engaged to establish a single-user data centre with a total IT power capacity of 10MW for the customer to facilitate the development of its business and enhance its operation in the Greater China hub.
VISA (V.US) processed a crypto-linked credit card spending amount of more than US$1 billion in the first half of year. The company is working with 50 crypto platforms to make customers' conversion and use of digital currencies easier at 70 million global merchants.
Airport Authority Hong Kong (AA) announced that as of the year ended March 2021, it swung to loss of $4.4 billion from a net profit of $5.866 billion last financial year. Despite the continuing impact of the pandemic, the transformation of HKIA from a city airport into an Airport City continued to make steady progress. At the heart of the Airport City is the Three-runway System (3RS). Land reclamation for the 3RS was substantially complete during the year, with follow-on works including pavement of the third runway progressing as planned. The AA is confident that the third runway will be operational in 2022 and completing the 3RS project by 2024, on time and within budget.
The Government will gazette directions and specifications under the Prevention and Control of Disease to maintain most of the social distancing measures currently in place. The above directions and specifications will take effect from 0.00am on July 8, for a period of 14 days till July 21. The Government will maintain most of the social distancing measures currently in place. For cinemas, performance venues and museums, however, the maximum number of customers allowed in the premises will be relaxed to 85% of the normal capacity/the seating capacity. For cinemas and performance venues, no more than six consecutive seats in the same row should be occupied.
CATHAY PAC AIR (00293.HK) has two senior executives stepped down, namely customer director Simon Large and chief risk officer Philippe Lacamp, South China Morning Post cited sources. The resignation of the two members showed the company hoped to reshuffle the management soon to withstand the epidemic headwinds and take the airline back to profit, the report furthered.
PRE MARKET HOURS NEWS
FTSE Russell announced to oust 20 more Chinese companies from its indexes on July 28th after evaluating user feedback on the updated U.S. executive order. The shares to be removed include aerospace-related firms like Aerospace (002389.SZ), Aerosun (600501.SH), Avic Hi-Tech (600862.SH) and AVICHM(600765.SH), as well as CSICL (601989.SH), COMEC (00317.HK) and FIRMACO (600967.SH). They will be deleted from the FTSE GEIS, the FTSE Global China A Inclusion indices and relevant indices.
SMIC (00981.HK) expressed on an interactive platform that its IC chips supply is unable to satisfy the demand at the moment, with its 1Q21 capacity utilization rate reaching 98.7%. According to the company's CAPEX plan for this year, SMIC targets to expand the production capacity of its 12- and 8-inch wafers by 10,000 units and 45,000 units respectively, in order to address the growing demand from customers.
XIAOMI-W (01810.HK) announced that Xiaomi Best Time International Limited, a wholly-owned subsidiary of the Company, is to issue the 2.875% senior bonds due 2031 in the aggregate principal amount of US$800 million; and the 4.1% senior green bonds due 2051 in the aggregate principal amount of US$400 million.
These bonds are unconditionally and irrevocably guaranteed by the Group. The net proceeds of the sale of the bonds are expected to be US$789 million and US$393 million, respectively.
People's Bank of China is expected to be leaning towards launching targeted cuts on the requirement reserve ratio (RRR) specifically for small-medium-sized financial institutions, so as to boost the economic support for SMEs, reported China Securities Journal, citing a leading analyst at MINSHENG BANK (01988.HK). The reported added that, the major consideration for lowering the RRR remains to be the general price level and the end of the third quarter might be the best window to enforce the RRR cut, should the price level begins to recline in July.
China's State Administration for Market Regulation (SAMR) mounted investigation on 22 cases of unlawful operation concentration in the internet industry, pursuant to the Anti-Monopoly Law of the People's Republic of China. The SAMR, as a result, imposed administration penalty on the involved companies with RMB500,000 fine each. The 22 companies involved included companies under Didi, subsidiaries of BABA-SW (09988.HK), TENCENT (00700.HK) and its arms, as well as MEITUAN-W (03690.HK)'s wings.
China aims to step up antitrust law enforcement in key realms this year through investigation and processing of platform enterprises' monopoly cases, The Antitrust Source citing Wu Zhenguo, Director General of the Anti-Monopoly Bureau of China's State Administration for Market Regulation (SAMR). Going ahead, SAMR will further bolster the overseas anti-monopoly compliance among Chinese firms by providing them with necessary guidance and aid, said Wu.
Premier of China's State Council, Li Keqiang expressed during an executive meeting on 7 July that the government intends to boost the economic support and launch relevant measures to aid carbon reduction.
The meeting elucidated the government's aim to maintain stable monetary policy environment and to employ policy tools like lowering the requirement reserve ratio more effectively and in the correct timing, in order to strengthen the financial system's support for small-medium-sized enterprises.
SMOORE INTL (06969.HK) issued a positive profit alert. The company expected the profit and total comprehensive income for the six months ended 30 June 2021 will increase by approximately 3,425% to 3,796% compared to that for the six months ended 30 June 2020. This was mainly due to the absence of fair value changes in financial instruments and listing expenses.
YONGDA AUTO (03669.HK) issued a positive profit alert. The Group is expected to record an increase of no less than 110% in the consolidated net profit attributable to the Shareholders of the Company for the six months ended 30 June 2021 as compared to that for the six months ended 30 June 2020.
COSCO SHIP HOLD (01919.HK) issued a positive profit alert, announcing that the group is expected to record a net profit for the six months ended 30 June 2021 of approximately RMB37.093 billion, as compared to that of approximately RMB1.137 billion for the six months ended 30 June 2020, up approximately 31.6x.
GREENTOWN CHINA (03900.HK) announced that for the first half of 2021, Greentown Group recorded a saleable area of about 4.85 million sqm, with a contracted sales amounting to RMB136.9 billion (increased by 107% year-on-year).