Apr 29 Asian Marco Initial Thoughts Expect another mixed open; Japan closed, big earnings day in HK


29 Apr

Asia
Australia 
Market futures indicate a higher open +17pts, exepct muted trading ahead of the Export & Import Price data. Updates due from Woolworths and Newcrest Mining. Oil up overnight +VE Oil Search and Woodside Pet, GOLD also up +VE Evolution and Resolute
Japan 
Market closed for Golden Week re-opens Thursday 6 May
S Korea 
Expect markets to open flat following the US, investors remain cautious ahead of short selling resuming on Monday so expect some further weakness which could prompt some bargain hunting.
Taiwan 
Market to open flat following the US but good local news should prompt bargain hunting
China 
Market to open lower with caution ahead of the Labour Day holidays as the concerns on debt defaults and government tightening remain. But downside likely to be limited if Team China decide to supportive market.
HK 
ADR’s +152pts at 29,223 but expect a muted open as today is a big day for reporting with with Chinese banks, airlines, shippers, Pharma and others reporting. T/O continues to drop ahead of next weeks labour day holidays, and Southbound trading will be paused starting starting today and resumes on May 6th.
US Futures Opened mixed Dow -3pts, S&P +0.2%, NDX +0.5%

Developing Asian economies are to grow a solid 7.3 percent this year after last year contracting slightly due to the COVID-19 pandemic, the Asian Development Bank (ADB) said in a report yesterday.  However, that forecast is in doubt as COVID-19 outbreaks flare in several countries, including Thailand, India and the Philippines, the lender said. Those setbacks threaten the trend just as growth has been gaining momentum. Slight -VE for sentiment.

DOW -0.48%, NDX -0.28%, S&P -0.08%, Russel 2K +0.13% 
Markets opened lower and traded sideways in a tight range all day. The S&P did spike to a new intraday high after the after the FOMC data but then closed lower. Fed left rates unchanged, intends to keep monetary policy unchanged despite the strengthening economy, it mentioned employment recovering and rising inflation. He maintained that it would be sometime before its objectives were achieved and so not yet time to talk about tapering. He also mentioned asset prices being high and frothiness in the equity market.
Dow was hurt by disappointing earnings from Amgen -7.2%
Boeing -2.9% after posting its sixth straight quarterly loss, ( -VE for the Dow) It also confirmed a halt on 737 MAX deliveries after electrical problems re-grounded part of the fleet, and voiced concerns over a surging pandemic in India and U.S.-China political tensions.
Alphabet +3% on better-than-expected earnings after the bell on Tuesday, revenue was +34% YoY .
Microsoft -2.8% despite beating analyst estimates. It had its largest revenue growth since 2018, thanks in part to gains in PC sales resulting from coronavirus-driven shortages last year.
Biden’s American Families Plan due out at 9pm
Banks JPMorgan Chase +0.7%, Citigroup -0.1% Wells Fargo unch, Amex +1.4%%
Work from home names: Facebook +1.2%, Apple -0.6%, Amazon +1.2%, Netflix +0.2%,  Disney -0.7%, Zoom Video -0.7%, Alphabet +3% and Microsoft -2.8%,
Tech NXP Semi -2.3%, Nvidia -0.7%, Micron -3.8%, AMD -1.4%, Skyworks -0.5%
Re-opening stocks  Boeing -2.9%, Caterpillar +0.8%, Simon Property +0.6%, Kohl’s +0.7%, Nordstrom +1.8%, Gap -0.4%, United Airlines +0.1%, Carnival unch, Wynn Resorts +2%, Chevron +2.5%, Exxon Mobil +3%,  
Lock down names Campbell Soup -0.9% General Mills +0.4%, JM Smucker -0.4%
AFTER MARKET
Apple +2.3% as sales +54% during the quarter, with each product category seeing double-digit growth. The company also said it would increase its dividend by 7%, and authorized $90 billion in share buybacks.
Facebook +6.3% revenue +48%, driven by higher-priced ads.
Other
Dogecoin was+20% in 24 hours after tweets from Elon Musk and Mark Cuban tweeted positively but many others warn about is being a purely speculative crypto.
DATA
MBA Mortgage Applications -2.5% vs +8.6% prior
MBA 30 yr Mortgage Rate +3.17% vs +3.2% prior
Wholesale Inventories Ad v Mar +1.4% MoM vs +0.9% Feb revised (F/cast was +0.4%)
Goods Trade Balance Adv Mar $-90.59b vs -87.07b Feb (F/cast was -85b)
EIA Gasoline Stocks Change +0.092m vs +0.086m prior (consensus was +0.508m)
EIA Crude Stocks Change +0.09m vs +0.594m prior (consensus was +0.659m)
USD was slightly weaker vs Yen & Euro. Bitcoin +0.1% @ 54,846.58, VIX -1.6% @ 17.28, US T10 @ 1.611%
OIL Brent +0.9%, WTI +1.13% as U.S. distillate inventories posted a large drawdown and refining activity picked up, boosting hopes for rising fuel demand but concerns over India remain
Gold +0.16%, Silver -0.64%, Copper +0.21% Platinum -2.2%, Palladium -0.8%.
AHEAD Initial Claims, 4 week Average Claims, Continuing Claims, GDP (Growth Rate and Price Index), Core PCE Prices, PCE Prices, Pending Home Sales,  EIA Natural Gas Report.
Earnings: The busiest day for earnings about 11% of S&P 500 due to report;  Amazon, Caterpillar, McDonald’s, Twitter, Bristol-Myers Squibb, Comcast, Merck, Northrop Grumman, Airbus, Kraft Heinz, Intercontinental Exchange, Mastercard, Gilead Sciences, U.S. Steel, Cirrus Logic, Texas Roadhouse, Cabot Oil, PG&E, Royal Dutch Shell, Church & Dwight, Carlyle Group, Southern Co.

DAX +0.28%, CAC +0.53%, FTSE +0.27% 
Markets opened slightly higher and were gradually working better from late morningThe initial weakness was after German Consumer confidence missed but Deutsche Bank +10.7% released its highest quarterly profit since 2014;a net profit of €908m in the first three months of 2021, compared to €43m in the first quarter of 2020.
Lloyds Bank +3.5% also beat earnings expectations.
Delivery Hero’s +9.4% on a strong 2021 outlook
Sinch -10.8% after its interim first-quarter report.
Earnings were out from Sanofi +2.4%, Dassault Systemes +0.3%, Banco Santander +2.7%, Spotify -12.3%, French Connection -1.3%, GlaxoSmithKline -0.8%
Travis Perkins -12% after the British builders’ retailer completed its demerger from subsidiary Wickes.
Puma -3.6% expects a consumer backlash against Western brands in China and congestion at ports to hit its sales though it gave an upbeat outlook for 2021 following a strong first quarter.
DATA
GERMANY
Gfk Consumer Confidence May -8.8 vs -6.1 April (F/cast was -3.8)
FRANCE
Consumer Confidence Apr 94 vs 94 Mar (F/cast was 95)
AHEAD
EUROZONE Loans to Households, Loans to Companies, M3 Money Supply, Consumer Confidence, Sentiment (Economic, Industrial and Services), Consumer Inflation Expectations
GERMANY Import Prices, Unemployment Rate, Unemployment Change, Inflation Rate,
FRANCE 
No data due
UK Car Production

JAPAN Markets closed for Golden Week re-open Thursday May 6Yen currently 108.58
No data due 
Tokyo reported 925 more Covid-19 cases Wednesday,  Osaka 1,260  -VE
The governors of Tokyo and three neighboring prefectures urged residents Wednesday to refrain from traveling to, from and within the metropolitan area a day before the start of the country's Golden Week holidays amid a fourth wave of coronavirus infections. -VE
Government is planning to introduce vaccine passports to help restart international travel, the Kyodo news agency reported on Wednesday.   The passports would take the form of scannable smartphone apps that carry COVID-19 inoculation information, Kyodo said, citing government sources. +VE
Japan has only used about a fifth of the COVID-19 vaccine doses it has imported so far, government data showed on Wednesday, underscoring logistical hurdles such as a shortage of medical staff, as it grapples with a sluggish inoculation campaign. -VE
China and Japan accused each other of inappropriate behaviour after a Chinese government official posted a tweet of an iconic Japanese woodblock print manipulated to show nuclear waste being poured into the sea, launching a new diplomatic spat. -VE
Honda Motor Co will suspend three plants in Japan as many as six days in May due to a chip shortage, a spokesman said on Wednesday.  Honda will suspend two plants in Saitama Prefecture for six days and its Suzuka plant in Mie Prefecture for five days, he said. The output cut was reported earlier by Kyodo. -VE
Toyota Motor Corp said Wednesday its global sales in March surged 44.2 percent from a year earlier to a record 982,912 vehicles, buoyed by strength in its key U.S. and Chinese markets and showing a sharp rebound from the initial fallout from the coronavirus pandemic. +VE
Sony Corp reported on Wednesday a record net profit of ¥1.17 tn but it expects operating income to slip 4.3% this business year following record profit from sales of music, games and other content to people forced to stay at home by COVID-19 lockdown measures.  Basically the high base effect from last year.  -VE cross read to Nintendo, Square Enix
Nexon announced buying $100m bitcoin saying it was doing so to protect against currency debasement.
Yomiuri Center (YC), which delivers Yomiuri Shimbun newspapers, is expanding a tie-up with McDonalds for home delivery of food nationwide, The Yomiuri Shimbun Holdings and McDonalds Company (Japan), Ltd. announced Wednesday. +VE
Organisers of the Tokyo 2020 Olympics rolled out stricter coronavirus countermeasures on Wednesday, including a plan to test athletes daily, as they try to reassure a Japanese public made increasingly sceptical by the resurgent pandemic.  Tough for the athletes that have trained for this and what could be the focus of their career but cancelling just seems to make sense.

SOUTH KOREA 
Expect markets to open flat following the US, investors remain cautious ahead of short selling resuming on Monday so expect some further weakness which could prompt some bargain hunting.
Data out
Business Confidence Apr 96 vs 89 Mar (F/cast was 90)
KDCA reported 775 new COVID-19 cases, including 754 local infections on Wednesday. -VE
Government will offer some exemptions to mandatory quarantine measures for people who have been fully inoculated against COVID-19, in an effort to encourage more vaccinations. From May 5, residents who have had both coronavirus vaccine shots will not have to undergo the mandatory two-week quarantine for people who have been in contact with a confirmed patient or have returned from overseas travel +VE
South Korea resumes the short selling of stocks Monday, ending a 14-month ban imposed to protect investors from a sudden market fall triggered by the pandemic.  Despite the government’s cautious moves -- leaving some restrictions in place even after the temporary ban expires -- retail investors are still wary over a possible drop in stock prices, according to industry sources Wednesday; it explains the market weakness over the past few days.
SK Broadband is presenting a new family plan targeting adults living separately from their aging parents and looking out for them in this coronavirus pandemic. +VE
President Moon Jae-in has maintained a prudent approach to issuing pardons, and no exception is expected for Samsung Electronics Vice Chairman Lee Jae-yong, who is serving jail time on bribery charges.
The heirs of the late Samsung Group Chairman Lee Kun-hee on Wednesday announced what will become of the late tycoon’s assets, which amount to over 30 trillion won ($27 billion), in the country’s biggest inheritance in recent history.  They plan to return much of that wealth to society. The unparalleled donation will include artworks and antiques worth nearly 10 trillion won, and 1 trillion won is to be allocated for the cause of bettering the country’s health care system.  Of the 20 trillion-won worth of assets that the family is inheriting, shares in Samsung companies account for 19 trillion won. The family expects an inheritance tax of 12 trillion won and plans to pay it in six installments over five years. I would expect higher dividends ahead from Samsung and associated companies to help pay the bill.
The number of babies born in South Korea fell to a record low in February, data showed Wednesday, underscoring the country's chronically low birth rate. -VE
South Koreans may be able to purchase COVID-19 self-test kits as early as next Monday, industry officials said Wednesday.  Coming are two types of home test kits developed by local biotech firms SD Biosensor and Humasis. The test kits will be available at local pharmacies or via online channels, according to the companies. +VE

TAIWAN 
Expect market to open flat following the US but good local news should  prompt bargain hunting
No data due 
United Microelectronics Corp, yesterday said that it plans to invest NT$100 billion (US$3.58 billion) over three years to expand capacity at a local factory to resolve supply constraints. The investment would be made together with customers, UMC said, without elaborating which other firms would be involved.  There is speculation that Samsung Electronics Co, Qualcomm Inc and MediaTek Inc might be the Hsinchu-based company’s partners amid a severe shortage of 28-nanometer chips.  +VE
Taiwan Semiconductor Manufacturing Co’s most advanced technology would stay in Taiwan, Minister of Economic Affairs Wang Mei-hua said yesterday in response to lawmakers’ queries on talks between the manufacturer and the EU. “Regardless whether TSMC establishes production facilities or pursues cooperation in Europe, Taiwan will remain the home base for its most advanced technologies,” Wang said +VE
MediaTek Inc, yesterday posted record net profit for last quarter and forecast 40 percent annual revenue growth this year, benefiting from robust demand for its flagship 5G smartphones chips and other chips.  The Hsinchu-based firm said that growth momentum would this year accelerate, thanks to healthy end-market demand and an increase in new IC design projects. Last year, revenue grew 30.8 percent to NT$322.15 billion (US$11.53 billion), MediaTek said, adding that it is forecasting an equally high growth rate this year. +VE
The number of presale and new housing units on the market declined last quarter from the previous quarter, but selling prices continued to climb, defying policy measures to reverse the trend, a survey by Cathay Real Estate Development Co showed yesterday.
The number of presale and new housing projects fell 22 percent from the fourth quarter of last year to 230, while the overall number of housing units on the market fell 7.6 percent to 21,812, the quarterly survey showed. -VE

CHINA 
Expect market to open lower with caution ahead of the Labour Day holidays as the concerns on debt defaults and government tightening remain. But downside likely to be limited if Team China decide to supportive market.
No data due
China seeks stronger ties in South Asia with united Covid-19 front. Beijing fears rise in coronavirus cases in India could flow over into neighbouring countries and China, observers say. Chinese Foreign Minister Wang Yi and his counterparts from Afghanistan, Pakistan, Nepal, Sri Lanka, and Bangladesh agreed on Tuesday to set up an emergency supplies reserve and a cooperation centre on poverty alleviation, among other initiatives.    
Philippines tells China to mind its own business over maritime drills China has no business telling the Philippines what it can or cannot do within its waters, Manila's defence ministry said on Wednesday, rejecting Beijing's opposition to its ongoing coastguard exercises.
German Chancellor Angela Merkel called on Wednesday for dialogue with Beijing on human rights to resume as soon as possible, in her last government consultations with China as leader of Europe’s biggest economy.
EU lawmakers vow to kill China investment deal over Beijing’s sanctions.  They want to reject the agreement ‘to show once and for all that the EU is not just a supermarket but rather has principles’, says a French member of the European Parliament.  Parliamentarians in Brussels debate the sanctions for the first time since they were put in place last month. -VE
Huawei Technologies saw revenue fall 16.5% in the first quarter compared to a year earlier, hurt by a dip in sales after selling its budget smartphone unit Honor in November.  Revenues were 152.2 billion yuan ($23.46 billion) in the first quarter, it said on Wednesday. But net profit margin rose 3.8 percentage points compared to a year earlier to 11.1%, it said, as the company cut costs and received a boost from $600 million in royalty payments. “2021 will be a challenging year for us, but it’s also the year that our future development strategy will begin to take shape,” Huawei’s rotating chairman Eric Xu said in the statement. Slight +VE
China and Russia sow disinformation to undermine trust in Western vaccines, EU report says  State media pushed fake news online sensationalising vaccine safety concerns and promoting Russian and Chinese shots as superior, the study says.  The campaigns, aimed at dividing the West, also make unfounded links between jabs and deaths in Europe, according to the report
A Chinese businessman pleaded guilty on Wednesday to US charges that he smuggled marine technology out of the United States for the benefit of a Chinese military research institute, which had tasked Qin with obtaining items used for anti-submarine warfare and that he obtained hydrophones for it from a US manufacturer.  -VE

HONG KONG  
ADR’s +152pts at  29,223 but expect a muted open as today is a big day for reporting with with Chinese banks, airlines, shippers, Pharma and others reporting.  T/O continues to drop ahead of next weeks labour day holidays, and Southbound trading will be paused starting starting today and resumes on May 6th.
No data due
Short Selling Wednesday 13.1% vs 10.3% Tuesday
Top Shorts
  Ali Health (241) 40%, Wharf REIC (1997) 36%,  Hengan (1044) 35%, Bank Of China (3988) 31%, BOCOM (3328) 29%, Hang Lung Property (101) 28%,  Haidilao (6862) 28%, Hang Seng Bank (11) 28%, Bud Apac (1876) 27%, CK Asset (1113) 24%,
Earnings due Thursday see list below.
EARNINGS Out Tuesday 27 April 
After market 
ZTE (00763.HK) announced that the first-quarter net profit surged by 179.7% to RMB2.18 billion, with basic earnings per share of RMB0.47.
BYD ELECTRONIC (00285.HK)  announced first quarters result ended March 2021. The net profit amounted to RMB808 million, up 22.9% yearly. EPS was RMB0.36.
PICC GROUP (01339.HK) announced first quarter results ended March 2021. Operating income rose 2.9% year on year to RMB173.762 billion. Net profit amounted to RMB10.034 billion, up 42.1%.  EPS equaled RMB0.23.
SHENZHENEXPRESS (00548.HK) announced that net profit amounted to RMB541 million for the first quarter of 2021, against net loss of RMB133 million in the same period last year. The Group is expected to record a significant YOY increase in net profit for the first half of 2021. However, the Group cannot make a more accurate forecast.
SINOTRANS (00598.HK)announced unaudited consolidated results for the first quarter ended 31 March 2021. Net profits attributable to shareholders approximated RMB835 million, up 2.45 times yearly.
CHINA OILFIELD (02883.HK) announced the first-quarter result ended March 2021. The net profit amounted to RMB181 million, down 84.1% yearly. EPS was RMB0.04.
CHINA LIFE (02628.HK) announced that, based on China Accounting Standards for Business Enterprises, net profit was RMB28.589 billion in the first quarter of 2021, an increase of 67.3% year on year.  EPS equaled RMB1.01.
PICC P&C (02328.HK) announced first quarter results ended March 2021. Net profit was RMB8.942 billion, up 40.7% yearly; gross written premiums reached RMB135.836 billion, up 6.4% yearly.
At Lunch 
CHINA OVERSEAS (00688.HK) announced that for the first quarter of 2021, the operating profit was RMB6.18 billion, an increase of 10.3% as compared to the same period in last year.  The Group together with its associates and joint ventures achieved contracted property sales of RMB89.41 billion, an increase of 49.7% yearly.
CHINA TELECOM (00728.HK) announced first-quarter results ended March 2021. Operating revenues were RMB106.873 billion, representing an increase of 12.7% over the same period of last year; profit attributable to equity holders was RMB6.441 billion, representing an increase of 10.6% over the same period of last year.
HKEX (00388.HK) announced the first-quarter results. Net profit burgeoned 70% yearly to $3.84 billion, slightly above $3.82 billion in brokers' median forecast.  EBITDA leaped 61% annually to $4.809 billion.Asked at a shareholder meeting when the secondary-listed China concepts will be eligible to join the Southbound Trading,Chairman Laura Cha replied that this is not a decision can be made by HKEX itself but the Exchange will keep close contact with the related department of China in hope of early wrap-up. She also revealed that there is not specific timetable at this juncture.  The new CEO Nicolas Aguzin will be on board next month, by then the Exchange and Hong Kong's capital market will embrace opportunities, Cha added.
WATCH
Macau Hoteliers and Innkeepers Association told Radio Macau that the hotel occupancy rate during the "May 1 Golden Week" holiday has reached 60-70%, and the average room rate MOP400-500. +VE
CHINA VANKE (02202.HK)  plans to spin off its property management unit for a Hong Kong listing to raise roughly US$2 billion, Bloomberg citing sources. The real estate developer is in talks with several banks on the plan, which may be rolled out as soon as end-2021, the people said.  But Management denied the report.
Taobao Live announced a plan to further enrich its e-commerce ecosystem by nudging 2,000 live rooms and 200 partners to generate RMB100 million in annual salesturnover
Chinese Estates (0127), together with chief executive Kimbee Chan Hoi-wan and Joseph Lau Luen-hung's family, has subscribed for Kaisa Group's (1638) US dollar bond issue for a total of US$300 million (HK$2.34 billion).
Hong Kong's average home prices rose for the third straight month in March to a 20-month high, while analysts predicted they could break a record high this quarter. The private domestic price index rose by 0.8 percent month-on-month, or 2.6 percent year-on-year, to 388.3, data from the Rating and Valuation Department showed. +VE Developers
GEELY AUTO (00175.HK) Owner Consolidate Smart EV Biz Assets through JVThe Company announced earlier that it had entered into the cooperation framework agreement with Geely Holding in relation to the formation of the JV Company which will establish an indirect wholly foreign-owned enterprise in the PRC for the purpose of engaging in the research and development, purchase and sale of the electric mobility related products such as the intelligent electric vehicles under the ZEEKR Brand and the provision of service relating thereto. +VE
Hong Kong legislature passes immigration law amendment The amendment will empower immigration authorities requesting airlines not to “allow individual persons to board the plane” to Hong Kong, and to provide them with passenger information before a flight departs. -VE for freedom or movement; Government says it is to “reduce at source the number of non-ethnic Chinese illegal immigrants and overstayers” who might lodge asylum bids, but the use could be  much wider.
Hong Kong Bar Association is currently investigating barrister Martin Lee Chu-ming and Margaret Ng Ngoi-yee and may strike off the two if they are found guilty of disciplinary offence.
The Correctional Services Department (CSD) has complained of overcrowding at two of its detention centers, with the number of people remanded in custody hitting a decade high due to a spike in arrests made over the 2019 anti-government protests.  In its annual review published on Wednesday, the department said the average daily number of people on remand last year was 1,962, representing a 37 percent jump from 2011, RTHK reports.
The Legislative Council has passed the 2021-22 budget, including about HK$120 billion of counter-cyclical measures. Financial Secretary Paul Chan Mo-po said details for the HK$5,000 electronic consumption vouchers would be announced in time for applications to start this summer. Slight +VE
Almost seven in 10 Hong Kong residents disapprove of Carrie Lam Cheng Yuet-ngor being the chief executive, with nearly two-fifths giving her zero mark in the latest popularity poll.  Only 18 percent of respondents said they have confidence in Lam, out of the 1,004 people that the Hong Kong Public Opinion Research Institute interviewed last week. That was two percentage points lower than the previous poll conducted in early April. Some 68 percent cast a vote of no-confidence in Lam, making her net popularity at negative 50 percentage points, three points lower than the previous survey.   Shows that while the street protests may have been stopped you can’t make people like the administration.
Earnings Due Wednesday 29 April 
Northeast Electric Development Co. Ltd. - H Shares 00042.HK Electric Equipment
Sichuan Expressway Co. Ltd. - H Shares 00107.HK Road and Railway
Beijing Jingcheng Machinery Electric Company Limited - H Shares 00187.HK Machinery & Equipment
CSSC Offshore & Marine Engineering (Group) Company Limited - H Shares 00317.HK Commercial Vehicle
Angang Steel Co. Ltd. - H Shares 00347.HK Steel
China Eastern Airlines Corporation Ltd. - H Shares 00670.HK Airline Services Air China Ltd. - H Shares 00753.HK Airline Services
Xinhua Winshare Publishing and Media Co., Ltd. - H Shares 00811.HK Publishing
PetroChina Co. Ltd. - H Shares 00857.HK Petroleum & Gases
China Longyuan Power Group Corporation Ltd. - H Shares 00916.HK Electricity Supply
China Suntien Green Energy Corporation Ltd. - H Shares 00956.HK Gas Supply China CITIC Bank Corporation Ltd. - H Shares 00998.HK Banks
Chongqing Iron & Steel Co. Ltd. - H Shares 01053.HK Steel
China Southern Airlines Co. Ltd. - H Shares 01055.HK Airline Services
Huadian Power International Corporation Ltd. - H Shares 01071.HK Electricity Supply
Dongfang Electric Corporation Ltd. - H Shares 01072.HK Electric Equipment
Luoyang Glass Co. Ltd. - H Shares 01108.HK Industrial Goods
COSCO SHIPPING Energy Transportation Co., Ltd.- H Shares 01138.HK Marine & Harbour Services
Zoomlion Heavy Industry Science and Technology Co., Ltd-H Sh 01157.HK Machinery & Equipment
Yanzhou Coal Mining Co. Ltd. - H Shares 01171.HK Coal
China Railway Construction Corporation Ltd. - H Shares 01186.HK Infrastructure
Agricultural Bank of China Ltd. - H Shares 01288.HK Banks
Dynagreen Environmental Protection Group Co., Ltd. - H Share 01330.HK Environmental Goods
New China Life Insurance Co. Ltd. - H Shares 01336.HK Insurance
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares 01349.HK Biotechnology
Industrial and Commercial Bank of China Ltd. - H Shares 01398.HK Banks
GUOLIAN SECURITIES CO., LTD.-H shares 01456.HK Securities
Red Star M
Metallurgical Corporation of China Ltd. - H Shares 01618.HK Infrastructure
Shanghai Dazhong Public Utilities (Group) Co., Ltd.-H shares 01635.HK Gas Supply
Postal Savings Bank of China Co., Ltd.-H shares 01658.HK Banks
RRC Corporation Ltd. - H Shares 01766.HK
Shandong Gold Mining Co., Ltd. - H Shares 01787.HK Precious Metal
Xinte Energy Co., Ltd. - H Shares 01799.HK Alternative Energy
China Communications Construction Co. Ltd. - H Shares 01800.HK Infrastructure
Shanghai Junshi Biosciences Co., Ltd. - H Shares 01877.HK Biotechnology
COSCO SHIPPING Holdings Co., Ltd.- H Shares 01919.HK Marine & Harbour Services
China Minsheng Banking Corp., Ltd. - H Shares 01988.HK Banks
BBMG Corporation - H shares 02009.HK Construction Materials
China Zheshang Bank Co., Ltd. - H Shares 02016.HK Banks
Yantai North Andre Juice Co. Ltd. - H Shares 02218.HK Soft Drinks
Guangzhou Automobile Group Co., Ltd. - H Shares 02238.HK Automobiles & Components
Weichai Power Co. Ltd. - H Shares 02338.HK Automobiles & Components
WuXi AppTec Co., Ltd. - H Shares 02359.HK Biotechnology
BOC Hong Kong (Holdings) Ltd. 02388.HK Banks
Shanghai Electric Group Co. Ltd. - H Shares 02727.HK Electric Equipment
COSCO SHIPPING Development Co., Ltd.- H Shares 02866.HK Marine & Harbour Services
Bank of Communications Co., Ltd. - H Shares 03328.HK Banks
Chongqing Rural Commercial Bank Co., Ltd. - H Shares 03618.HK Banks
Bank of Qingdao Co., Ltd. - H Shares 03866.HK Banks
Zhuzhou CRRC Times Electric Co., Ltd. - H Shares 03898.HK Commercial Vehicle China International Capital Corporation Ltd. - H Shares 03908.HK Securities
DFZQ-H shares 03958.HK Securities
China Railway Signal & Communication Corporation Ltd. -H Shs 03969.HK System Applications & IT Consulting
Bank of China Ltd. - H Shares 03988.HK Banks
Shanghai La Chapelle Fashion Co., Ltd.-H Shares 06116.HK Apparel
JOINN Laboratories (China) Co., Ltd.- H Shares 06127.HK Medicine
Everbright Securities Company Limited-H shares 06178.HK Securities
CanSino Biologics Inc. - H Shares 06185.HK Biotechnology
Qingdao Port International Co., Ltd. - H Shares 06198.HK Marine & Harbour Services
Haier Smart Home Co., Ltd. - H Shares 06690.HK Household Appliances
Shenwan Hongyuan Group Co., Ltd. - H Shares 06806.HK Securities
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shs 06869.HK Telecomm. & Networking Equipment
China Galaxy Securities Co., Ltd. - H Shares 06881.HK Securities
Huatai Securities Co., Ltd. - H Shares 06886.HK Securities

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