March 24 Asian Macro Initial Thoughts Asia to open lower after US selling off and worries on China


24 Mar

Asia 
Australia 
Saw a choppy open, currently flat after good flash PMI data pre market. Floods worsen -VE for sentiment.
Data out Flash PMI’s
Manufacturing Mar 57 vs 56.9 Feb. (F/cast was 56.2)
Services Mar 56.2 vs 53.4 Feb. (F/cast was 54)
Composite Mar 56.2 vs 53.7 Feb. (F/cast was 54.4)
Japan 
Nikkei futures opened -17pts and have drifted lower, currently -90pts. Expect market to open lower and see further consolidation but may see some bargain hunting later in the session. PMI data due out after the market opens
S Korea 
Expect markets to open lower following the sell off in the US markets and continued concerns about China’s international relations. PPI was stronger than expected adding to inflation concerns.
Data out
PPI Feb +0.8% MoM vs +0.9% Jan (F/cast was +0.4%)
PPI Feb +2% YoY vs +0.8% Jan (F/cast was +1.5%)
Taiwan 
Expect market to open lower following the US sell off despite good local Retail Sales and Industrial Production numbers.
Out After Market Tuesday
Industrial Production Feb 2.96% YoY vs 19.04% Jan revised (F/cast was 3.5%)
Retail Sales Feb +12.81% vs +3.74% Jan revised (F/cast was +4.5%)
China 
To open lower following the US sell off and concerns about international relations and PBOC tightening as it seeks to reign in debt.
Hong Kong 
ADR’s -69pts @ 28,428 with Tencent +VE ahead of results today along with Baba, BoCHK, CLP and Unicom.  Expect more initial downside on margin call selling.  Expect cautious trading and light volumes as company reporting continues.
US Futures 
Opened flat Dow +20pts , S&P +0.1% and NDX +0.3%

DOW -0.94%, NDX -1.12%, S&P -0.76%, Russel 2K -3.58% Markets opened lower, Dow and S&P traded sideways until midday and then sold down in the PM to close just off the day low’s thanks to a late bounce. NDX trended lower throughout the day in choppy trading.  Concerns about re-opening as Europe sees new lockdowns on new highly contagious variants.
Powell and Yellen spoke to the US House Committee on Financial Services; saying they were not worried about the financial stability. Yellen said '“I’d say that while asset valuations are elevated by historical metrics, there’s also belief that with vaccinations proceeding at a rapid pace, that the economy will be able to get back on track,” Yellen said during the testimony. “I think that in an environment where asset prices are high, that what’s important is for regulators to make sure that the financial sector is resilient and to make sure that markets work well.” Powell stressed now was not the time to ease up on the fiscal stimulus. The US T10 eased to 1.62%
US Trade Representative Katherine Tai spoke on Tuesday with top officials in Japan, South Korea, Mexico and France about shared interests ranging from concerns about China's trading practices and human rights to World Trade Organization reforms, USTR said. -VE China
Banks JPMorgan Chase -1%, Citigroup -1.5%, Wells Fargo -1.9%, Amex -2.8%
Work from home names: Facebook -1%, Apple -0.7%, Amazon +0.9%, Netflix +2.3%,  Disney -2.2%, Zoom Video +3.4%, Alphabet +0.5% and Microsoft +0.7%,
Tech NXP Semi -4.4%, Nvidia -0.9% news Nintendo to use its chip in new switch units, Micron -6.4%, AMD -2.4%, Skyworks -2.5%
Re-opening stocks  Boeing -4%, Caterpillar -3.4%, Simon Property -4.2%, Kohl’s -5.4%, Nordstrom -7.8%, Gap -7.8%, United Airlines -6.8%, Carnival -7.8%, Wynn Resorts -5.8%, Chevron -0.6%, Exxon Mobil -1.3%,  
Lock down names Campbell Soup -0.8% General Mills -0.4%, JM Smucker -0.6%
DATA
Current Account Q4 US$-188.5b vs -180.9b Q3 (F/cast was -190b)
Redbook -17.6% MoM vs -17.9% prior
Redbook +9.4% YoY vs +8.5% prior
New Home Sales Feb-18.2% vs +3.25 Jan (F/cast was -5%)
Richmond Fed Manufacturing Index Mar 17 vs 14 Feb (F/cast was 15)
After Market close
API crude Oil Stocks +2.927M vs -1M prior (Consensus was -0.9m)
USD was stronger vs Yen & Euro. Bitcoin -2.2% @ 54,688.80, VIX +7.5% @ 20.3, US T10 @ 1.622%
OIL Brent -4%, WTI -4.4% on concerns new covid wave and variants will hurt demand. After market WTI -6% as API data saw inventories rising.
Gold -0.6%, Silver -2.7%, Copper -1.1%, Platinum -1.1%, Paladium +0.2%
AHEAD MBA  Mortgage Applications, 30 yr Mortgage Rate, Durable Goods, EIA Oil Report, PMI Flash (Manufacturing, Services, Composite)
Powell Testimony

DAX +0.03%, CAC -0.39%, FTSE -0.4%  Markets opened lower following the lead from Asia and worries over third wave of covid but worked higher. FTSE saw resistance at Tuesday’s closing level and traded sideways below it. CAC was similar, only the DAX managed to break above.  Tech weak after the lacklustre debut of Baidu in Hong Kong.
UK data was mixed but unemployment surprisingly fell. Israel’s general election being watched but too close to call.
Zur Rose Group surged on Morgan Stanley initiated coverage of the stock with an “overweight” rating.
Volvo fell weak after warning that the global shortage of semiconductors would affect its production in the second quarter.
DATA
UKClaimant Change Feb 86.6k vs -20.8k Jan revised (F/cast was -17k)
Employment Change Dec -147k vs -114k Nov (F/cast was -140k)
Unemployment Rate Jan 5% vs 5.1% Dec (F/cast was 5.1%)
Average Earnings Inc Bonus Jan +4.8% vs +4.7% Dec (F/cast was +4.8%)
Average Earnings Ex Bonus Jan +4.2% vs +4.1% Dec (F/cast was +4.3%)
CBI Industrial Trends Orders Mar -5 vs -24 Feb (F/cast was -19)
30yr Gilt Auction 1.295% vs 1.302%
AHEAD
EUROZONE PMI Flash (Manufacturing, Services, Composite), Consumer Confidence.
GERMANY PMI Flash (Manufacturing, Services, Composite)
FRANCE PMI Flash (Manufacturing, Services, Composite)
UK Inflation Rate, Core Inflation Rate, PPI Core, PPI Input, PPI Output, Retail Price Index, PMI Flash (Manufacturing, Services, Composite)

JAPAN 
Nikkei futures opened -17pts and have drifted lower, currently -90pts.   Expect market to open lower and see further consolidation but may see some bargain hunting later in the session.  PMI data due out after the market opens.  Yen currently 108.61
Data due pre market BoJ Policy Meeting Minutes
After market open
PMI Flash Manufacturing Mar Feb was 51.4 (F/cast is 52.2)
Services Mar Feb was 46.3 (F/cast is 48.5)
Composite Mar Feb was 48.2 (F/cast is 49.8)
An early spring in Japan is drawing cherry blossom fans to Tokyo’s parks but the government has urged people to limit traditional festivities to prevent a resurgence of COVID-19 infections.
U.S. Trade Representative Katherine Tai spoke on Tuesday with top officials in Japan, South Korea, Mexico and France about shared interests ranging from concerns about China's trading practices and human rights to World Trade Organization reforms, USTR said.
A number of central and local governments are suspending their use of the free messaging app Line as a result of user information having been accessible to an affiliated company in China. The impact of the situation is expanding, as operations such as suicide prevention consultations are also switching their platforms to other social networking services and telephones. -VE Line
Nintendo plans to equip its new Switch model, slated for end-2021 launch, with an upgraded Nvidia (NVDA.US) chip boasting better graphics and processing capability, Bloomberg citing insiders.  The new Switch model will support Nvidia’s Deep Learning Super Sampling (DLSS) technology that utilizes A.I. to offer higher-fidelity graphics in a more efficient way. +VE
KM Biologics Co says it has started a human trial for its COVID-19 vaccine, becoming the country's third candidate to advance to clinical trials.  The first volunteer was injected with the inactivated virus vaccine known as KD-414, the company said in a release. KM Biologics, a subsidiary of confectionary maker Meiji Holdings Co, is also involved in the domestic production of AstraZeneca Plc's COVID-19 vaccine.  +VE
Developers -VE as the average price of land in Japan has fallen for the first time in six years, due to a decline in demand for urban commercial land spurred by the coronavirus pandemic, the government said Tuesday.  Land in all categories, including residential and industrial, had fallen 0.5% from a year earlier as of Jan. 1., compared with a 1.4% rise a year earlier.  -VE
Mitsubishi Corp says it has reached an agreement with Swiss company Glencore Plc to acquire a 30% interest in the Aurukun Bauxite Project in Australia, currently wholly owned by Glencore.  In addition to Mitsubishi's existing aluminum smelting and trading operations, this acquisition marks its first investment in the mining of bauxite, a raw material of aluminum. +VE
The Japanese Ministry of Economy, Trade and Industry is mobilizing to help Renesas Electronics Corp, one of the top providers of chips used in auto electronics, procure equipment after a fire broke out at one of its plants on Friday. +VE
NTT Communications Corp,a domestic sponsor of the Tokyo Games, heads the consortium developing an app in multiple languages, and getting about 7.3 billion yen - about $67 million - in taxpayer money to design mobile tracking software to curb the spread of coronavirus infections during the Tokyo Olympics, that is set for release in June.  Prompting concerns about wasting money.

SOUTH KOREA 
Expect markets to open lower following the sell off in the US markets and continued concerns about China’s international relations.  PPI was stronger than expected adding to inflation concerns.
Data out
PPI Feb +0.8% MoM vs +0.9% Jan (F/cast was +0.4%)
PPI Feb +2% YoY vs +0.8% Jan (F/cast was +1.5%)
KDCA reported 346 new covid cases, including 331 local infections, below 400 for the first time in a week  +VE
Vice finance minister vowed Tuesday to “flexibly intervene” if bond market volatility increases.  “Recently a dampened investor sentiment and increased volatility have been observed in the Treasury bond market,”  he said in a macroeconomics meeting. “We will make our best effort to stabilize the market, including making an adjustment to the issuance of Treasury bonds,” he added.  Slight +VE
Kumho Tire said Tuesday it will sell its natural rubber processing plant in Vietnam to focus on its core business.  It has struck a deal with a joint venture between Korean automaker Hyundai Motor and Thanh Cong Group of Vietnam to sell its rubber factory. It plans to finalize the deal by May. +VE
SsangYong Motor's annual financial report was rejected by its external auditor due to its heavy debt, the cash-strapped automaker said Tuesday. -VE
LG Chem said Tuesday it is working with a local start-up to launch a door-to-door plastic retrieval service. It signed an agreement with zero-waste packaging provider Innerbottle to start a service where residents can simply put plastic waste inside a bag outside their doors and let a worker pick them up. +VE
KT,  will invest big in content to seek growth beyond the platform business, its chief executive said Tuesday. “Media platform is an important business for KT, which can bring tangible changes to our customers directly,” Ku said to the question of why KT is shifting its focus to content. “Content is a crucial pillar of the platform business, and we are sure we can generate profits from content, which will lead to improved corporate value.”   I think the deviation from its core business is -VE
Hyundai Motor Group on Tuesday unveiled a plan to build its own high-speed charging infrastructure for electric vehicle models under the new independent brand “E-pit.” +VE

TAIWAN 
Expect market to open lower following the US sell off despite good local Retail Sales and Industrial Production numbers.
Data due After Market M2 Money Supply
Out After Market Tuesday
Industrial Production Feb +2.96% YoY vs +19.04% Jan revised (F/cast was +3.5%)
Retail Sales Feb +12.81% vs +3.74% Jan revised (F/cast was +4.5%)
Industrial production last month rose as stronger demand for chips and LCD panels boosted manufacturing production, the Ministry of Economic Affairs said. They had expected it to be lower due to less working days. +VE Tech sector especially and they gave a +VE outlook for this month to.
Taiwan would stand with the EU, the US, the UK and Canada to defend human rights, democracy and freedom, the government said yesterday, calling on Beijing to revoke its “retaliatory” sanctions on EU members.
Twenty-three Republican members of the US House of Representatives on Monday called on US President Joe Biden’s administration to pursue a free-trade agreement with Taiwan.  A letter written by US Representative Lisa McClain from Michigan and signed by 22 other representatives seeks to persuade Biden that such a trade deal would benefit both nations economically, and enable the US to address China’s economic influence in the Indo-Pacific region.  +VE
The government has allocated NT$608 billion (US$21.35 billion) to spend on public infrastructure this year, in a bid to stimulate the economy amid the COVID-19 pandemic, the National Development Council (NDC) said on Monday. +VE
Innolux Corp  and AU Optronics Corp yesterday said that water restrictions do not threaten their production, as they have increased their usage of reclaimed water. They said  that they recycle more than 95 percent of their wastewater and use it for flat-panel manufacturing, helping to them minimize the effects of the water shortage. They have also planned ahead with a contingency for private supplies but have yet to use them +VE
Fubon Financial Holding Co yesterday said that its public tender offer for Jih Sun Financial Holding Co was successful, marking the first-ever merger and acquisition of financial holding companies in Taiwan. +VE

CHINA 
Expect market to open lower following the US sell off and concerns about international relations and PBOC tightening as it seeks to reign in debt.
No data due
China faces the threat of foreign outflows from the second half of the year as rising borrowing costs in the US drive investors out of emerging markets, a former adviser to China’s central bank said.  The potential for a reversal in capital inflows and a possible wave of bond defaults are two of the biggest risks facing the economy this year, Li Daokui (李稻葵), a former member of the monetary policy committee at the People’s Bank of China (PBOC), said in an interview. -VE
Two U.S. senators have asked the leading solar energy lobbying group to clarify U.S. dependence on solar products linked to forced labor in China’s Xinjiang, part of push in Congress to address what Western countries say are rights abuses by Beijing. -VE
China’s ability to invade Taiwan ‘much closer than most think’, US Indo-Pacific Command nominee says. Admiral John Aquilino said ‘We have to take this on, put those deterrence capabilities like [the Pacific Deterrence Initiative] in place in the near term and with urgency,’   ‘Conventional deterrence to avoid crisis or conflict is certainly the main effort as I would see it,’ he added  -VE
John Kerry, the Biden administration’s top climate official, joined a virtual meeting on climate change co-hosted by China on Tuesday but had “no plans” to meet with his Chinese counterpart during the event, a US State Department representative said.  The meeting – an annual “Ministerial on Climate Action”, in which high-level officials discuss their implementation of the 2015 Paris Agreement. Slight +VE
French officials expect China’s ambassador in Paris to comply “as quickly as possible” with a foreign ministry summons. over recent tweets targeting French lawmakers and a researcher, Europe Minister Beaune said on Tuesday.  But Beaune said Lu had snubbed the summons, with the Chinese embassy in Paris citing “scheduling issues” in a Twitter post late on Monday and saying the envoy would appear on Tuesday.
China, Russia agree to work together against ‘illegitimate’ sanctions.  Foreign ministers meeting in Guilin also call for a summit of permanent members of the UN Security Council to resolve ‘common problems’.  Wang Yi says Western powers can no longer interfere by ‘making up stories’, while Sergey Lavrov hits out at ‘destructive’ Cold War tactics.
China will mark the 100th anniversary of the founding of the Communist Party of China at a ceremony, where outstanding party members will be awarded with "July 1 Medals" for the first time, officials announced on Tuesday, state media reported.
At a press conference in Beijing party officials unveiled key activities.
President Xi Jinping will deliver a speech and award the medal to party members who made extraordinary contributions. Other outstanding party members, party affairs workers, community-level organizations and senior members who have been members for 50 years will also be recorgnized, the communist publication Global Times said. Party history education will be conducted among its members. But no military parade.
China's MIIT published the Decision on Amending the Implementation of the Law on Tobacco Monopoly of the PRC (Draft for Comments), bringing the rules governing new tobacco products like e-cigarettes in line with those for traditional cigarettes.  While tougher oversight is needed for the vaping market chaos, Beijing Tobacco Control Association (BJTCA) did not recommend placing e-cigarettes under tobacco monopoly regulation, cited Beijing Daily. Rather, BJTCA suggested engaging health departments, food and drug administration units or SAMR in vape supervision.

HONG KONG  
ADR’s -69pts @ 28,428 with Tencent +VE ahead of results today along with Baba, BoCHK, CLP and Unicom.  Expect more initial downside on margin call selling.  Expect cautious trading and light volumes as company reporting continues; Tencent and Xiaomi amongst those reporting today.
No data due
SHORT SELLING Tuesday 13.6% vs 11.7% Monday
Top Shorts  Bud Apac (1876) 71%, Bank Of China (3988) 43%, China Life (2628) 34%, Ping An (2318) 33%,  Sands China (1928) 33%, ICBC (1398) 33%,  BoCHK (2388) 32%, HSBC (5) 31%,  AAC Tech (2018) 30%, AIA (1299) 30%, MTRC (66) 27%, CCB (939) 27%, Hengan (1044) 25%.
EARNINGs due Wednesday 
include Kingdee International Software (268) , Dah Sing Fin (440)  TVB (511), Shenzhen Expressway (548), Haitong Sec (665), Tencent (700), Hopson (754),  Maoye (848), Petrochina (857), Emperor Watch (887), China Yurun (1068), Harbin Electric (1133), Yashili (1230), New China Life Insurance (1336), Xiaomi (1810), Zhaojin Mining (1818), China Coal (1898),  BAIC (1958), Anta (2020), China Mengniu (2319), China Oilfield (2883),  China State Construction (3311), Bocom (3329).
After market results from Tuesday at bottom.
WATCH
CHINA LIT (00772.HK)’s management said films and drama episodes under sectors related to the group's IP had been undermined amid the 2020 pandemic. Currently, China's film market seems to be surpassing global peers in terms of revival. The group also foresaw accelerating sector demand for CHINA LIT's IP.
GEELY AUTO (00175.HK) after market press conference CEO Gui Sheng Yue, at the results conference, conceded that 2020 marked the toughest year for the company with in-line results performance. Having said that, the CEO believed the situation has hit rock bottom since the company has finished shifting its production generation from 3.0 to 4.0. Amid the cycle ending for 3.0 generation, the company was challenged in terms of competitiveness and profit. Yet during 2H20, 4.0 products generated so much steam that new product sales were overwhelming, showing successful strategic deployment.  The CEO assumed the company to re-embrace the upswing as in 2016 starting from 2021.CEO Gui Shengyue said the Geely-Volvo merger plan had been finalized last month. Both sides will combine their powertrain operations including engines and transmissions systems. However, the parties have no intention to proceed with the listing plan through merger, Gui added.  Executive Director An Cong Hui disclosed Lynk&Co is setting foot this year in European developed countries, where delivery is beginning in April. While the chip shortage issue is yet to bring material impacts to the carmaker, the group will spare no efforts in bringing down the loss to the minimum, pledged An.
BILIBILI-SW (09626.HK) announced that the final offer prices for both the International Offering and the Hong Kong Public Offering have been set at HK$808 per Offer Share The gross proceeds from the Global Offering, before deducting underwriting fees and the offering expenses, are expected to be approximately HK$20.2 billion (assuming the Over-allotment Option is not exercised).
The Lands Department (LandsD) announced that a residential site and a commercial site in the 2020-21 Land Sale Programme will be disposed of by public tender. The two sites are Fanling Sheung Shui Town Lot No. 279 at Area 25, Kwu Tung, New Territories, and Inland Lot No. 8945 at Caroline Hill Road, Causeway Bay, Hong Kong.  The tender invitation for Fanling Sheung Shui Town Lot No. 279 will commence on March 26 and close on April 23. The tender invitation for Inland Lot No. 8945 will commence on March 26 and close on May 7.  
EVERSUNSHINE LS (01995.HK)   announced that the Company proposes to change the English name of the Company from “Ever Sunshine Lifestyle Services Group Limited” to “CIFI Ever Sunshine Services Group Limited”.
Hurun Research Institute unveiled the list of China Top 100 Most Valuable Consumer Goods Companies.  Huawei topped the chart with an RMB1.1-trillion market cap, roughly doubling Midea's market value (RMB580 billion) and Haitian Flavouring's (RMB500 billion). They were closely followed by BYD (RMB490 billion) and Xiaomi (RMB460 billion).
SMOORE INTL (06969.HK) announced that the Board has noted the recent unusual fluctuations in the price and trading volume of the shares of the Company.  To the belief of the Directors, investors in the industry may be reacting to a publication yesterday from the MIIT seeking public opinion on the Draft Decision on Amending the Regulation for the Implementation of the Tobacco Monopoly Law of the PRC for strengthening the regulation of e-cigarettes and new tobacco products in the PRC.
Fitch Ratings commented that CKH HOLDINGS (00001.HK)'s CK Hutchison Group Telecom (CKHT) has adequate financial flexibility to maintain its underlying credit ratings.  The timely sale of its tower portfolio will help the company assuage pressure on its free cash flow amid CAPEX expansion in Britain, wrote the ratings agency.
After Market Results 
CH MODERN D (01117.HK) announced annual result ended December 2020. The revenue rose 9.2% year on year to RMB6.02 billion. The net profit amounted to RMB770 million, up 125.6% yearly.  EPS. was 12.07 fen. A final dividend of RMB0.02 was declared.
LIFESTYLE CHI (02136.HK) announced annual result ended December 2020. The loss swung into profit of RMB213 million. EPS. was RMB0.145. No dividend was declared.
SINOPEC KANTONS (00934.HK) announced annual result ended December 2020. The net profit amounted to HK$2.302 billion, up 79.1% yearly. EPS. for continuing operations was HK50.97 cents. A final dividend of HK12 cents was declared against a dividend of HK12 cents in the corresponding period of the previous year.
HAIDILAO (06862.HK) announced annual result ended December 2020. The revenue rose 7.8% year on year to RMB28.614 billion. The net profit amounted to RMB309 million, down 86.8%.  EPS was RMB0.06. A final dividend of HK$0.021 was declared.   The Group’s profits have experienced a significant decline during the year. Such operating results have undoubtedly sounded the alarm for the management and exposed their management shortcomings and deficiencies in response capabilities, which are not related to COVID-19 epidemic but the management’s own problems.   For the future, the Company’s management will continue to adhere to the management philosophy of “aligned interests and disciplined management”, and assess whether core tasks such as store process systems and business operations are truly fully implemented, and ensure that store managers, family heads, coaches and the Board form a linkage model, so that the Company can develop in a sustainable and healthy manner.
WUXI BIO (02269.HK) announced annual result ended December 2020. The revenue rose 40.9% year on year to RMB5.612 billion. The net profit amounted to RMB1.689 billion, up 66.6% yearly.  EPS was RMB0.43. No dividend was declared.
PICC P&C (02328.HK) announced annual result ended December 2020. The net profit amounted to RMB20.868 billion, down 14.1% yearly. EPS was RMB0.938. A final dividend of RMB0.375 was declared against a dividend of RMB0.461 in the corresponding period of the previous year. Gross written premiums was almost flattish yearly at RMB433.187 billion.
SINO-OCEAN GP (03377.HK) announced annual result ended December 2020. The net profit amounted to RMB2.866 billion, up 7.9% yearly.  EPS was RMB0.376. A final dividend of 7.5 fen was declared. The full-year dividend was 13.1 fen.
YUE YUEN IND (00551.HK) announced annual result ended December 2020. The profit swung into loss of US$90.791 million. LPS was US5.64 cents. No dividend was declared.
KINGSOFT (03888.HK) announced annual result ended December 2020. The Company swung into profit of RMB10.045 billion from loss of RMB1.546 billion in a year ago. EPS was RMB7.35. A final dividend of HK$0.2 was declared, against HK$0.1 in the year-ago period.
HENDERSON LAND (00012.HK) announced the results for the year ended 31 December 2020. Net profit amounted to HK$10.192 billion, down 40% yearly. EPS was HK$2.11. A final DPS of HK$1.3 was declared. The total DPS for the year will amount to HK$1.8.  Underlying profit was HK$14.899 billion, up 1.8% annually. The Group’s underlying profit in this financial year included a profit contribution of HK$3.629 billion arising from the transfer of the Group’s equity interests in the company owning certain land lots in Wo Shang Wai, the New Territories. Underlying EPS was HK$3.08.
KUAISHOU-W (01024.HK)  announced annual results ended December 2020. Loss deepened to RMB116.635 billion from RMB19.652 billion in the previous year. LPS equaled RMB125.25. No dividend was declared. During the year, non-IFRS adjusted loss was RMB7.949 billion.
AGILE GROUP (03383.HK)'s FY20 pre-sale value amounted to RMB138.19 billion, representing a 17.1% YoY increase. The group's targeted FY21 pre-sale value was fixed at RMB150 billion, revealed Vice President Pan Zhiyong.  AGILE GROUP Chairman and President Chen Zhuolin expected the revenue from diversified businesses to account for around 20% of the FY21 total revenue, and 30-40% of the FY23-24 revenue.
GUOTAI JUNAN I (01788.HK) announced annual result ended December 2020. The net profit amounted to HK$1.563 billion, up 74.5% yearly. EPS was HK16.9 cents. A final dividend of HK$0.051 was declared against a dividend of HK$0.02 in the same period of the previous year.
PICC GROUP (01339.HK) announced annual results ended December 2020. Gross written premiums rose 1.5% year on year to RMB563.608 billion. Net profit amounted to RMB20.036 billion, down 9.5%. EPS equaled RMB0.45. Final DPS was 12 fen, as compared with 11.6 fen in the previous year. Full-year DPS was 15.6 fen.
SHUI ON LAND (00272.HK) announced annual result ended December 2020. Revenue declined 55.8% yearly to RMB4.597 billion. Loss was RMB740 million, against RMB1.932 billion in a year ago's profit. LPS equaled 9.2 fen. No dividend was declared.
CHINA JINMAO (00817.HK) announced the results for the year ended 31 December 2020 that profit attributable to owners of the parent receded 40.1% yearly to RMB3.881 billion; profit attributable to owners of the parent, excluding fair value gains on investment properties (net of deferred tax), and excluding the factor of impairment of properties, grew 15% to RMB7.063 billion. EPS equaled 31.86 fen. Final DPS was HK14 cents. Full-year DPS was HK26 cents.
ZA ONLINE (06060.HK) announced annual result ended December 2020. The total income rose 22.3% year on year to RMB18.493 billion. The loss swung into profit of RMB554 million.  EPS was RMB0.38. No dividend was declared.  Gross written premiums increased by 14.2% to RMB16.706 billion for the year ended December 31, 2020.
SINO BIOPHARM (01177.HK)  announced annual results ended December 2020. Revenue declined 2.4% year on year to RMB23.647 billion. Net profit amounted to RMB2.771 billion, up 0.3%.  EPS equaled 14.74 fen. Final. DPS was HK2 cents. Full-year DPS was HK8 cents.
CHINA LIT (00772.HK) announced annual result ended December 2020. The revenues rose 2.1% year on year to RMB8.526 billion. It reported loss of RMB4.484 billion, against profit of RMB1.096 billion over a year ago. LPS was RMB4.48. No dividend was declared.
TONGCHENG-ELONG (00780.HK) announced annual results ended December 2020. Revenue declined 19.8% year on year to RMB5.933 billion. Net profit amounted to RMB328 million, down 52.4%. EPS equaled RMB0.15. No dividend was declared.
ZENGAME (02660.HK) announced annual result ended December 2020. Net profit amounted to RMB221 million, up 37.7% yearly.  EPS. equaled 21.71 fen. Final. DPS
was HK$0.06.

Comments
* The email will not be published on the website.