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HSI -41pts (-0.2%) 26,194.82 HSCEI -16pts (-0.2%) 9,320 T/O HK$203.7bn (+22% DoD)
Markets saw a weak opened but working higher following the handover from Asia. Earnings still in focus; BP, BMW and SocGen beat, Stellantis raised its FY profit margin target.
Eurozone PPI accelerated on high energy prices.
PPI Jun +1.4% MoM vs +1.3% May (F/cast was +0.6%)
PPI Jun +10.2% YoY vs +9.6% May (F/cast was +9.4%)
Opened slightly higher in Asia Dow +50pts, S&P and NDX +0.1% but have moved higher in European time now Dow +154pts and S&P +0.3% and NDX +0.1%. Last big week for US earnings
Total Vehicle Sales, Redbook, Factory Orders, IBD/TIPP Economic Optimism, Logistics Managers Index, API Crude Oil Stock Change
Earnings due from : Alibaba, Amgen, Eli Lilly, Clorox, KKR, Under Armour, Eaton, Discovery, Pitney Bowes, Marriott, ConocoPhillips, Activision Blizzard, Avis Budget, Public Storage, Devon Energy, Jacobs Engineering, Bausch Health, Incyte, Philips 66, Ralph Lauren, Expeditors International, Nikola, Warner Music.
CHINA CSI 300 closed +1pt flat @ 4,935
CSI 300 opened lower but worked better through the morning before easingback into lunch. PM traded sideways 4,920/40 level. Investors concerned over the spread of covid as the Govt restricts travel -VE airlines etc. Adding to concerns over property. Infrastructure +VE on hopes of more stimulus and Power companies strong too.
Leaders were the medical device and biotech sectors alone with home appliances and shipping.
Laggards were lithium batteries and semiconductors
Shanghai Composite -16pts (-0.5%) @ 3,448 T/O US$84,068 -10.3% DoD
Shenzhen Composite -61pts (-0.4%) @ 14,737 T/O US$124,519 -7% DoD
ChiNext Composite Index -37pts (-1%) @ 3,637
China's National Health Commission reported 90 COVID-19 confirmed cases yesterday (2 August), (-8 DoD) with 61 of them being local cases (45 of them recorded in Jiangsu).
HSI Pre market opened @ 26,289 +53 vs -136pts ADR’s but market sold off first to 26,000 and then down to 25,800 before a bounce back; at lunch -249pts @ 25,987. PM market saw and initial rally but saw resistance approaching yesterday’s close, eased back and traded sideways for the rest of the afternoon before seeing an 84pt uptick in the closing auction.
Most sectors weak Tech especially on concerns about further regulation of the on-line games sector. Alibaba +0.7% ahead of earnings.
HK looking to ease travel restictions from several countries; +VE for travel names.
Standard Chartered +0.6% numbers coming out announces dividend and buyback.
Evergrande -8% as Beijing says its debt problem is ‘liquidity stress’
HONG KONG DATA
HK reported no new local untraceable covid cases and 4 imported case. Via a flight from Turkish Airlines who have been prohibited from operating into Hong Kong from 4-17 August.
EARNINGS Due Wednesday Include Power Assets (6), HK & Shanghai Hotels (45), Concord New Energy (182), Pacific Century Premium Developments (432), Lee&Man Chemical (746), CK Infra (1038), Lee&Man Paper (2314), Beijing Capital Land (2868) and others
Short Selling Tuesday 12.9% vs 16.3% Monday
Top Shorts Country Garden (2007) 47%, Bank of China (3988) 43%, Mengniu Dairy (2319) 41%, CLP (2) 41%, BankComm (3328) 40%, Hang Lung Property (101) 38%, CK Asset (1113) 36%, Baba (9988) 33%, MTRC (66) 32%, Wharf REIC (1997) 31%, Shenzhou (2313) 31%, Ping An (2318) 29%, HSBC (5) 28%, CKH (1) 26%, Hang Seng Bank (11) 25%, Haidilao (6862) 25%.
AFTER MARKET NEWS
NEW WORLD DEV (00017.HK) announced that it repurchased 1.5 million shares of the company on the Stock Exchange today (3rd), involving $55.5868 million.
LANSEN PHARMA (00503.HK) issued a supplemental announcement, stating that for the six months ended 30 June 2021, the group’s net profit is expected to record a significant decrease by approximately 98% as compared with that of the same period last year.
SJM HOLDINGS (00880.HK) announced interim result ended June 2021. The gaming, hotel, catering, retail and related services revenues rose 19.4% year on year to HK$5.222 billion. The loss widened to HK$1.466 billion from HK$1.412 billion in the corresponding period of the previous year. LPS was HK25.8 cents. No dividend was declared.
Adjusted EBITDA was a negative HK$510 million, versus a negative HK$984 million over a year ago.
Trendyol, a Turkish e-commerce platform backed by BABA-SW (09988.HK), is in talks to raise around US$1.5 billion from investors including the US' General Atlantic and Japan's SoftBank Group, reported foreign media. The deal could be completed as soon as next week.
Two Macau residents had tested positive for coronavirus at a Zhuhai testing center on 2 August, reported Macau media. Informed by Zhuhai's health department, the Macau Government immediately took a series of anti-epidemic measures including nucleic acid tests for the infected couple and their children. The four family members were initially diagnosed with the virus. The Macau Government declared a state of immediate prevention, asking residents to present negative virus test results within 24 hours before departing the region.
RONSHINECHINA (03301.HK) announced that during the month ended July 2021, the total contracted sales of the group amounted to approximately RMB15.853 billion, up 30.55% YoY; with the contracted gross floor area of the group amounted to approximately 764,000 square meters and the average contracted selling price amounted to approximately RMB20,752 per square meter.
NTES-S (09999.HK) announced to initiate the 2021 summer rectification works on the online environment for minors, with the aim to build a healthy and green online world for the teenagers, reported Chinese media. NTES-S has also completed upgrades on the anti-addiction systems of its online games, imposing reasonable restrictions on the gaming hours as well as gaming expenses of minors.
EVERGRANDE (03333.HK) announced that in July 2021, the Group achieved contracted sales of properties of RMB43.78 billion, down 12.96% yearly. From January to July 2021, the Group achieved aggregate contracted sales of properties of RMB400.56 billion, up 0.4% yearly.
*BASE METALS WEAK as the virus dents the outlook for consumption, including in China where economic reports also suggest a slowdown from peak expansion. Commodities also dropped after data showed U.S. manufacturing growth eased in July. MAANSHAN (323 HK -4.7%) ANGANG (347 HK -5.8%) CHALCO (2600 HK -6.5%) JIANGXI COPPER (358 HK -2.9%).
*E-COMMERCE/INTERNET WEAK heavy selling in gaming stocks on regulatory fears, after Xinhuanet.com's article stated that Internet games is new kind of "spiritual opium" affecting young people. TENCENT's (700 HK -6.1%) GLORY OF THE KING has been pointed out specifically. XD (2400 HK -8%) NETDRAGON (777 HK -10%) ARCHOSAUR (9990 HK -15%).
ZHONGAN ONLINE (6060 HK -2.7%) was fined 1.45m yuan after regulatory investigation. CBIRC found that the company and its management at the time breached certain provisions of insurance law, including related to its premium rates and terms in its product promotion. KUAISHOU (1024 HK -2.7%) before its IPO lockup shares become tradable tomorrow.
*TECH & COMPONENTS WEAK on policy fears, with chip stocks tied to the auto industry weak after China regulators vows to continue watching chip prices and strengthen punishment of those who hoard chips, manipulate prices or raise prices through collusion. SMIC (981 HK -5.9%) HUA HONG (1347 HK -5%) TRULY (732 HK -5%) ASM (522 HK -2.3%).
*CHINA PROPERTY MIXED sentment weak as CH EVERGRANDE (3333 HK -8%) highlighted on debt concerns. Chinese Ad firm Leo Group files a lawsuit against Hengda Real Estate for payment on advertisement and seeks a Shenzhen court to freeze some of the assets of the CH EVERGRANDE's units, including bank accounts. Leo Group said Hengda owes the company 356m yuan in advertising payment. Meanwhile, Moody's downgrades CH EVERGRANDE to Caa1, outlook is negative. SUNAC (1918 HK -2.4%) CIFI HLDG (884 HK -1.8%) LONGFOR (960 HK -2.1%) KWG (1813 HK -1.7%).
*HK RETAILERS WEAK after the city's retail sales growth slowed sharply and missed estimates in June, +5.8% YoY to HK$28.1b. That was far lower than economists' median estimate of 14.1%. Excluding the effect of price changes, total retail sales volume rose 2.8% YoY, missed the median estimate. I think there was an element of waiting for the government issuing consumption vouchers which started at the weekend.
SASA INTL (178 HK -1.5%) BONJOUR (653 HK -4%) CHOW TAI FOOK (1929 HK -3.2%).
LIFESTYLE INTL (1212 HK -3%), the operator of Sogo shopping malls, posted an interim net profit of HK$220m yesterday, compared with a loss of HK$226.9m a year ago. No dividend was declared.
*PHARMA/BIOTECH STRONG as Covid variant cases continue to surge in various nations. CANSINO (6185 HK +10%) SINOPHARM (1099 HK +1.7%) WUXI BIO (2269 HK +3.7%) PHARMARON (3759 HK +2.9%).
FOSUN PHARM (2196 HK +4.6%) received approval from CSRC to undertake the non-public issuance of not more than 128,144,927 new A-shares.
XINYI SOLAR's (968 HK +7%) after half-year net profit jumped 118.4% to HK$3.07b. Half-year revenue rose 74.7% YoY to HK$8.07b, as its solar glass and solar farm business soared 89.2% and 30.1% respectively. Earnings per share were 34.87 HK cents, and the company proposed an interim dividend of 17 HK cents.
SOHO CHINA (410 HK +15%) but was +26% intraday on speculation Blackstone's takeover deal may progress.
Market had a choppy open but trended lower from recent highs after mixed data and ahead of the RBA decision. RBA left rates and policy unchanged and the market continued to drift lower in choppy trading to close -17pts (-0.2%) @ 7,475
AfterPay +VE on the M&A news but Miners, Financials and Health stocks weak. Qantas -0.9% on news staff will be stood down.
Home Loans Jun -2.5% vs +1.9% May (F/cast was -2.1%)
Building Permits Jun -6.7% vs -7.6% May (F/cast was -5.5%)
Investment Lending for Homes Jun +0.7% vs +13.3% May (F/cast was +8%)
RBA left rates and policy unchanged
Nikkei opened lower at 27,580 but initially ticked higher to 27,700 but then reversed and trended lower to 27,500 going into lunch. PM opened higher currently traded sideways but then worked better to close -139pts (-0.5%) @ 27,642
Topix traded in a similar fashion to close -9pts (-0.5%) @ 1,931
Gaming names weak; following the sell-off in the Chinese names on fears of more restrictions. Travel names weak as the Govt calls for people to refrain from travelling.
Results still in focus with 113 companies due to report today.
Tokyo Core CPI Jul -0.1% YoY vs 0.0% Jun (F/cast was 0.0%)
Tokyo Core CPI Jul +0.1% MoM vs 0.0% Jun (F/cast was -0.1%)
Inflation data was slightly stronger than expected but sentiment hurt by the sell off in Chinese games names. Tech names firm after a positive report on the semiconductor sector. Foreigners rotating out of cyclicals and Steel remains weak.
KDCA reported 1,202 new covid cases (-17 DoD)
Kospi opened flat but worked higher to test 3,235 in early traded but unable to break above and then sold down to 3,213 around late morning before rebounding and worked better through the PM to close +14pts (+0.4%) @ 3,237.
Kosdaq worked higher initially to 1,042 in the first 20 minutes before trending lower before finding support around 1,030 and then worked better to close -2pts (-0.2%) @ 1,036.
Inflation Rate Jul +2.6% YoY vs +2.4% Jun (F/cast was +2.4%)
Inflation Rate Jul +0.2%MoM vs -0.1% Jun (F/cast was 0.0%)
Taiex opened slightly lower ticked higher and traded around flat for most of the day; before closing +50pts (+0.3%) @ 17,554
TSMC and UMC seeing good interest along with Shipping, but weakness in Energy and Plastics and old economy names.
T/O was US$13.72bn vs US$15.59bn Monday
Data out just after the open
Consumer Confidence July 76.92 vs 70.48 Jun
Northbound RMB 72,021m Sell 35,417m vs 36,604m Buy
Southbound HK$ 29,025m Sell 17,343m vs 11,683m Buy
Northbound RMB 83,923m Sell 41,655m vs 42,268m Buy
Southbound HK$ 30,577m Sell 14,928m vs 15,648m Buy
TENCENT (00700.HK) Short selling $3.45B; Ratio 6.699% closed at $446, down 6.1%
MEITUAN (03690.HK) Short selling $713.65M; Ratio 11.191% closed at $211.6, down 2%
PING AN (02318.HK) Short selling $726.10M; Ratio 29.173% closed at $69.15, up 1.3%
BABA (09988.HK) Short selling $1.66B; Ratio 33.299% closed at $193.5, up 0.8%
AIA (01299.HK) Short selling $258.25M; Ratio 18.559% closed at $92.8, up 0.1%
HKEX (00388.HK) Short selling $467.53M; Ratio 19.240% closed at $518, up 0.1%
HSI & HSCEI Constituents on Move:
XINYI SOLAR (00968.HK) Short selling $259.67M; Ratio 10.105% closed at $17.64, up 8.4%
EVERGRANDE (03333.HK) Short selling $35.51M; Ratio 11.329% closed at $5.22, down 7.9%
NTES (09999.HK) Short selling $1.03B; Ratio 27.650% closed at $145.9, down 7.8%
JD HEALTH (06618.HK) Short selling $161.60M; Ratio 18.280% closed at $73.35, down 7.2%
EVERG SERVICES (06666.HK) Short selling $5.50M; Ratio 2.097% closed at $5.27, down 7.1%
SMIC (00981.HK) Short selling $168.78M; Ratio 4.993% closed at $25.45, down 5.9%
WUXI BIO (02269.HK) Short selling $393.24M; Ratio 19.177% closed at $126.2, up 4.2%
WHARF REIC (01997.HK) Short selling $68.99M; Ratio 30.766% closed at $41.1, down 4%
MENGNIU DAIRY (02319.HK) Short selling $220.42M; Ratio 40.619% closed at $45.1, up 3.8%
CONCH CEMENT (00914.HK) Short selling $180.89M; Ratio 21.327% closed at $41.7, up 3.7%
GALAXY ENT (00027.HK) Short selling $46.40M; Ratio 3.567% closed at $50, down 3.6%
HANSOH PHARMA (03692.HK) Short selling $32.88M; Ratio 25.821% closed at $28.5, up 3.3%
CHINA RES BEER (00291.HK) Short selling $173.99M; Ratio 25.892% closed at $60.3, up 3.3%
HK & CHINA GAS (00003.HK) Short selling $32.77M; Ratio 9.240% closed at $12.92, up 1.1%, hitting new high
HSMI & HSSI Constituents on Move:
ARCHOSAUR GAMES (09990.HK) Short selling $4.87M; Ratio 7.594% closed at $8.29, down 14.8%
IDREAMSKY (01119.HK) Short selling $7.81M; Ratio 2.018% closed at $5, down 14.7%
SOHO CHINA (00410.HK) Short selling $32.71M; Ratio 12.317% closed at $3.3, up 14.6%
CMGE (00302.HK) Short selling $8.58M; Ratio 1.058% closed at $3.88, down 13.6%
GENSCRIPT BIO (01548.HK) Short selling $54.94M; Ratio 10.639% closed at $38.75, up 11.2%
CANSINOBIO (06185.HK) Short selling $57.57M; Ratio 5.538% closed at $373, up 10.7%
NETDRAGON (00777.HK) Short selling $458.18K; Ratio 1.043% closed at $16.3, down 10.4%
SHENGYE CAPITAL (06069.HK) Short selling $2.74M; Ratio 5.352% closed at $10.8, up 9.4%, hitting new high
DFZQ (03958.HK) Short selling $5.51M; Ratio 3.816% closed at $7.4, up 1%, hitting new high
Earnings at lunchtime
STANCHART (02888.HK) announced the interim 2021 results. Underlying profit before tax went up 37% year-on-year to US$2.682 billion, above US$2.11-2.422 billion in brokers' forecasts as compiled by our reporters earlier.
HKELECTRIC-SS (02638.HK) announced interim result ended June 2021. The revenue rose 9.4% year on year to HK$5.249 billion. The net profit amounted to HK$880 million, up 8.5%. EPS was HK9.96 cents. An interim dividend of HK15.94 cents was declared, flattish against that in the corresponding period of the previous year.
MARKET HOURS NEWS.
Macau's Novel Coronavirus Response and Coordination Centre announced that starting from 3:30 pm today (3rd), all persons leaving Macau will be required to provide a proof of the negative nucleic acid test result valid for 24 hours, and urged the Macau citizens not to travel overseas unless it is necessary. Macau Police Headquarters alerted that risk is extremely high for community transmission and outbreak of COVID-19 in the city, based on the assessment of Novel Coronavirus Response and Coordination Center and instruction of the Chief Executive. In order to prevent the virus spread in Macau and protect people's life and property, the government announced to enforce the immediate precaution status from 3:30 pm today (3rd).
Under regulatory requirement to gradually exit non-core businesses, CHINA HUARONG (02799.HK) is planning to transfer a 4.99% stake in Chongqing Ant Consumer Finance Co., Ltd., foreign media citing insiders. Discussions with Ant Group are underway. Ant Group may acquire RMB399 million worth of Ant Consumer Finance shares and coordinate other shareholders to carry out their capital increase plan for Ant Consumer Finance.
XIAOMI-W (01810.HK) Chairman Lei Jun expressed on Weibo that he intends to deliver an annual speech on 10 August to address several critical changes, which the company has undergone recently, to the public. The speech is estimated to last approximately one hour. Lei added that the automobile project of XIAOMI-W is still at a preliminary phase, and he will further report relevant details to the investors when there is significant progress.
Chip makers cascaded over 6% after midday, since China's State Administration for Market Regulation (SAMR) has recently launched an investigation into auto chip dealers allegedly practicing price gouging in the market, as Chinese media cited price monitoring and reported sources. SMIC (00981.HK) slid almost 6% in last printing. HUA HONG SEMI (01347.HK) plunged 4.4%.
Micro Connect announced the official launch of the investment platform that links China's small and micro enterprises with global capital. Charles Li, founder of the company, said "drop irrigation" is an investment model the company advocates for small and micro enterprises, hoping to pour the tremendous funds from institutional investors precisely into countless enterprises. The initial intention of the company is to help revive China's economy by injecting capital into the balance sheets of small and micro enterprises, and to grow green shoots from the deep mud of China's real economy.
AlipayHK announced that, on the first day (1 August) of the consumption voucher scheme, the number of transactions was 2.2x of the daily average amount YTD, while the average spending amount per transaction surged over 60% compared to the first seven months of the year.
TENCENT (00700.HK) is rolling out new measures for "double reduction and double clampdown", banning minors aged below 12 to spend money on games, reported Chinese media. The giant will pilot the "double reduction, double clampdown and triple promotion" steps on "King of Glory" and gradually expand the scope to cover its entire gaming portfolio, according to sources. A screen time limit even stricter than policy requirement will be imposed on underage gamers. Specifically, their playtime will be lowered from 1.5 hours to 1 hour on weekdays, and from 3 hours to 2 hours on holidays or weekends. All minors under 12 (i.e. primary school students) are forbidden from in-game spending.
BABA-SW (09988.HK)'s new retail platform Hema expressed that the company has obtained 32 patent licenses, covering fields of data processing, logistics transport and self-checkout. The number of researchers at Hema reached over 600 at the moment, placing with over 150 patent applications under review in around three years.
Based on price monitoring and reported sources, China's State Administration for Market Regulation has recently launched an investigation into auto chip dealerships allegedly practicing price gouging in the automotive chip market, reported Chinese media.
XINYI GLASS-1K (00868.HK)'s interim GPM reached its historical high, up by 18.8 ppts YoY to 53%, with the GPM on float glass also surged by over 30 ppts to 55.3%. The price of float glass is forecast to remain robust with its 2H price projected to be higher than that in 1H, outrunning the increase of relevant costs, said Yin Yee Lee, chairman of the company. Executive director Lee Shing Kan expressed that despite the increase in the international ocean freight price over 1H, the company still holds orders for around two months and is believed to be able to fully pass the relevant costs onto its customers.
Data The company's chairman Lee Yin Yee also remarked that the company has nearly completed the required cold repairs on its production line last year and early this year. Lee added that XINYI GLASS-1K will continue to explore acquisition opportunities in the future.
With the automobile companies around the globe prioritizing to supply chips for regions outside of China, the automobile JV companies between Chinese and foreign brands have seen massive reduction in production output while the impacts of semiconductor shortage on China's passenger vehicle market continued to intensify over 2Q, reported Fitch Ratings. Fitch Ratings forecast the chip supply to gradually increase from 3Q21, which would be beneficial to the recovery of production output, and expected the full-year passenger car delivery amount in China to maintain a high single-digit growth.
Several funds under Ark Investment Management run by Cathie Wood were reported to have acquired over 1.8 million shares of the online broker Robinhood Markets (HOOD.US) last Friday (30th), involving approximately USD65.2 million in total. The Ark Innovation
ETF already owns over 3.62 million Robinhood shares. Robinhood's shares closed at USD37.68 yesterday (2nd), still remaining down against its listing price of USD38.
Chinese logistics autopilot technology and commercial operator Inceptio Technology announced to have completed a USD270 million Series B round financing led by the likes of JD LOGISTICS (02618.HK), MEITUAN-W (03690.HK) and PAG. The company intends to utilize the acquired proceeds on its proprietary full-stack truck autonomous driving system "XUANYUAN", while also advancing the company in the field of EV-related technologies.
The world's biggest container shipping company Maersk has reported unaudited revenue of USD14.2 billion for 2Q with its underlying EBITDA amounting to USD5.1 billion. Maersk remarked that the strong quarterly performance is mainly driven by the continuation of the exceptional market situation with strong rebound in demand causing bottlenecks in the supply chains and equipment shortage. The company added that given the strong result in 2Q and the exceptional market situation still expected to continue at least until the end of the full-year 2021, the full year guidance for 2021 has been revised upwards with an underlying EBITDA now expected in the range of USD18-19.5 billion (previously USD13-15 billion) and underlying EBIT expected in the range of USD14-15.5 billion (previously USD9-11 billion).
Hygiene problems like cockroaches, stale fruit, dirty dishcloths and wrong product labels at NAYUKI (02150.HK) 's tea stores were brought to light by Xinhua reporters disguising themselves as the chain's employees. NAYUKI's management said it had attached great importance to these problems and immediately set up a special working team to thoroughly investigate into the stores involved and make rectifications overnight. Shares of NAYUKI stumbled 8.9% to last post at $9.92 today, once slipping over 10%
Economic Information Daily, a Chinese newspaper speaking for the central government, commented in its article that the network obsession among adolescents is common nowadays, and that online games have posed impact on them not to be underestimated.
The newspaper has recently conducted a survey in Luzhou City, Sichuan Province, and collected 1,929 questionnaires, showing that 26.23% of students played online games once in three days; 11.66% played almost every day; 53.91% played 1-2 hours every day, and so on.
TENCENT's most prevalent online game "King of Glory" was mentioned in the article, with 47.59% surveyed students often played the game. The report furthered that there is high concentration in China's game industry, where Tencent Games gulped half of market shares. In 1H20, Tencent Games and NetEase Games ranked the first and second in terms of 54.46% and 15.29% market shares.
Cryptocurrency investment products and relevant funds continued to record capital outflows for the 4th week in a row, with most of it coming from Bitcoin products, according to data from the digital asset manager CoinShares. In the week ended 30 July, the outflows in the cryptocurrency sector reached USD19.5 million while Bitcoin suffered outflows of USD19.7 million. Other cryptocurrency and investment products such as Ripple, on the other hand, recorded minor inflows.
PRE MARKET NEWS
LETS (002398.SZ) announced that the company and its subsidiaries have been directed to stop accepting the commercial acceptance bills issued by EVERGRANDE (03333.HK) and its connected companies temporarily. LETS expressed that, as of the end of July, the overdue unpaid amount incurred from the commercial acceptance bills issued by EVERGRANDE and its connected companies held by the group amounted to RMB33.1741 million.
XIAOMI-W (01810.HK) defeated Samsung in smartphone shipment in Europe in 2Q21, shipping 12.7 million units, up 67.1% YoY, ranked worldwide number one with a market share of 25.3%, according to report published by Strategy Analytics. Samsung, on the other hand, recorded a 7% decrease in its shipment, delivering 12 million units of smartphones over the course of 2Q, ranked second with 24% shares. Apple (AAPL.US) is trailing behind with 9.6 million units of shipment, up 15.7%; third in the market shares.
Government officials reiterated that the consumption vouchers cannot be cashed in, and should any merchant be discovered to have conducted improper or false transactions by payment platform operators, relevant investigation will be launched and involved merchants may be blacklisted by the government, said Jessie Wong, head of budget and tax policy unit at the Financial Secretary's office.
Some private investors are in talks to sell their stakes in TikTok's owner ByteDance, revealed Setter Capital. More than US$1 billion worth of ByteDance shares are now up for sale, according to the advisory firm.
Moody's downgraded the corporate family rating (CFR) of EVERGRANDE (03333.HK) from "B2" to "Caa1". Equally, the Chinese developer's senior unsecured ratings was lowered from "B3" to "Caa2", with rating outlook brought down from ratings under review to negative.
Prudential, Citigroup (C.US) , HSBC HOLDINGS (00005.HK), BlackRock Real Assets and other financial firms are devising plans to expedite the shutdown of Asian coal-fired power plants in a bid to reduce carbon emissions, Reuters citing insiders.
NEW ORIENTAL-S (09901.HK) announced that the Company is not required to publish a quarterly earnings release or annual results announcement on the New York Stock Exchange or The Stock Exchange of Hong Kong. As such, there is no violation of any rule in the U.S. or Hong Kong as a result of the Company’s cancellation of its board meeting and publication of its fiscal fourth quarter 2021 earnings release.
Economic Information Daily reported China's growing consensus on the menace of online games, which have frequently been likened to "spiritual opium" and "electronic drugs".
Preventing teens' video game addiction is a complex system that requires collaboration and interaction of government units in charge, schools, families and enterprises, the newspaper citing sector insiders. More stringent management measures should be rolled out to accomplish the goals effectively.
XIAOMI-W (01810.HK) Chairman and CEO Lei Jun revealed at the Global Digital Economy Conference that the company's smart factory phase two has commenced operation in July, and is expected to go into production at the end of 2023 with an annual output of 10 million high-end smartphones.
In 2H21, the aggregate amount of the imports and exports of automobile products in China amounted to USD108.81 billion, up 60.1% YoY, reflecting a faster growth pace compared to the first five months of the year, according to data from China Association of Automobile Manufacturers (CAAM).
MINSHENG BANK (01988.HK) announced that the company received a notice from its shareholder, China Oceanwide Holdings Group Co., Ltd., that in the period from 28-30 July, a passive reduction agreed under the loan agreement has been triggered with respect to partial H-shares of the company held and pledged by Long Prosper Capital Limited, a company controlled by China Oceanwide. The passive reduction involves 119 million H-shares in total, accounting for 0.27% of the total share capital of the company.
LIFESTYLE CHI (02136.HK) announced the results for the six months ended 30 June 2021. Net profit increased 70.1% yearly to RMB169 million. EPS was 11.5 fen. No interim dividend was declared.
XINYI GLASS-1K (00868.HK) announced the results for the six months ended 30 June 2021. Net profit reached HK$5.377 billion, representing an increase of 289%.
Earnings per Share was HK133.4 cents. The Company declared an interim dividend of HK66 cents per Share, against HK17 cents per Share in the same period a year ago.
CG SERVICES (06098.HK) issued a positive profit alert, announcing that the company’s unaudited consolidated revenue, profit before income tax, net profit and profit attributable to shareholders for the six months ended 30 June 2021 are expected to record an increase by more than 50% as compared to those for the corresponding period in 2020.
BOER POWER (01685.HK) issued a positive profit alert, announcing that it is expected the group will record an increase of over 500% in net profit for the six months ended 30 June 2021 as compared with the corresponding period in 2020.