March 25 Asian Macro Initial Thoughts Asia to see a weak open China under pressure

25 Mar

Australia a choppy start but looks to be trending lower in early trades
Japan Nikkei futures opened +40pts but have eased back to -17pts Expect a mild rebound after recent selling.
S Korea Expect markets to open flat as US inflation fears ease after Powells testimony.
Taiwan  Expect market to open flat but expect a rebound in TSMC.
China Expect market to open lower as concerns over international relations especially Europe and US plus PBOC policy continue to worry investors.  But down side could be limited if ‘Team China' is active.  The weak US Durable goods orders a -VE for exporters.
Hong Kong ADR’s -32pts at 27,886 limited downside after Wednesday’s sell off but expect more initial downside on margin call selling.  Ecommerce names remain weak with concerns of more tightening in China and HK earnings remain in focus.  A list of aftermarket Wednesday earnings releases is at the bottom.   HSI dropped into correction territory yesterday so further downside possible.
US Futures opened Dow +30pts but have ticked higher to +45pts, S&P and NDX oped slightly +VE but now +0.15%

WHO report on covid origins expected this week.  US expects the study to require further study.

DOW -0.01%, NDX -2.01%, S&P -0.55%, Russel 2K -2.35% 
Dow opened higher but sold off into the close giving up all the gains, NDX had a choppy open but sold down in the afternoon to close at its lows. S&P opened higher and traded sideways for most of the day but sold down into the close. Tech under pressure despite an easing in the T10 yields as Powell played down inflation fears in his testimony to Federal Lawmakers. Durable goods pre market was weak. PMI flash data out during market hours was inline; re enforcing expectations for a strong economic rebound and prompting further selling of Tech.
Concerns remain over covid third wave in Europe.
Earnings from
KB Homes -3% on mixed Q1; earnings beat but revenue missed
RH +8% as Q4 beat. Rite Aid -16% on cutting its fiscal 2021 EBITDA
Banks Weak despite Yellen saying she supported buybacks. JPMorgan Chase +0.8%, Citigroup -1.2%, Wells Fargo -0.3%, Amex +1.7%
Work from home names: Facebook -2.9%, Apple -2%, Amazon -1.6%, Netflix -2.7%,  Disney -2.1%, Zoom Video -7.3% reaction to Citi’s Zoom free Friday's, Alphabet -0.4% and Microsoft -0.9%,
Tech NXP Semi -2.3%, Nvidia -3.3%, Micron -2.8%, AMD -2.4%, Skyworks -2.4%. Tesla -4.8%Intel -2.3% having opened strongly on news its to build two new factories in the US it slowdown through the day as many are doubtful about Intel’s actual capabilities for external chip manufacturing +VE for TSMC and Samsung .  
Re-opening stocks  Boeing -0.8%, Caterpillar +1.4%, Simon Property -1%, Kohl’s -2.5%, Nordstrom -4.8%, Gap -1.8%, United Airlines -1%, Carnival -1.9%, Wynn Resorts flat,, Chevron +2.7%, Exxon Mobil +2%,  
Lock down names Campbell Soup -3.7% General Mills -4.2% as earnings missed and despite announcing share  repurchases will recommence in Q4, JM Smucker -2.6%
MBA Mortgage Applications -2.5% vs -2.2% prior
30 yr Mortgage Rate 3.36% vs 3.28% prior
Durable Goods Orders Feb -1.1% MoM vs +3.5% Jan (F/cast was +1.1%)
Durable Goods Orders Ex Trans Feb -0.9% MoMvs +1.6% Jan (F/cast was +0.8%)
Durable Goods Orders Ex Defence Feb -0.7% MoM vs +2.3% Jan (F/cast was +0.9%)
EIA Crude Oil Stocks Change 1.912m vs 2.396m prior (Consensus was -0.272m)
EIA Gasoline Stocks Change +0.203m vs +0.472m prior (Consensus was +1.186m)
PMI FlashManufacturing Mar 59 vs 58.6 Feb (F/cast was 59)Services Mar 60 vs 59.8 Feb (F/cast was 59.9)Composite Mar 59.1 vs 59.5 Feb (F/cast was 59.9)
USD was slightly stronger vs Yen & Euro. Bitcoin -2.6% @ 53,656.19, VIX +4.4% @ 21.2, US T10 @ 1.614%
OIL Brent +6%, WTI +6.1% as ship block Suez Canal off setting the drop in US crude inventories which suggests the refiners have recovered from the Texas cold snap.
Gold +0.4%, Silver +0.2%, Copper -1.1% Platinum +0.4%
AHEAD Jobless Claims 4 week average, Initial Claims, Continuing Claims, Corporate   Profits, GDP Price Index, GDP Growth Rate, PCE Prices, Core PCE prices, EIA Natural Gas Report, Kansas Fed Manufacturing Index, 7 yr Note Auction.

DAX -0.35%, CAC +0.03%, FTSE +0.2% 
Markets opened lower following Asia and the US weakness and rising covid concerns. PMI data flash data showed surprisingly growth +VE for the recovery. Prompted markets to work better and close at their highs. Weakness in Retail and Utilities initially but then Auto’s. Tech was firm.
PMI Flash
Manufacturing Mar 62.4 vs 57.9 Feb (F/cast was 57.4)
Services Mar 48.8 vs 45.7 Feb (F/cast was 46.6)
Composite Mar 52.5 vs 48.8 Feb (F/cast was 49.4)
Manufacturing Mar 66.6 vs 60.7 Feb (F/cast was 60.5)
Services Mar 50.8 vs 45.7 Feb (F/cast was 46.9)
Composite Mar 56.8 vs 51.1 Feb (F/cast was 51.7)
Manufacturing Mar 58.8 vs 56.1 Feb (F/cast was 56.5)
Services Mar 47.8 vs 45.6 Feb (F/cast was 46.1)
Composite Mar 49.5 vs 47 Feb (F/cast was 48.1)
Inflation Rate Feb +0.4% YoY vs +0.7% Jan (F/cast was +0.8%)
Inflation Rate Feb +0.1% MoM vs -0.2% Jan (F/cast was +0.4%)
Core Inflation Rate Feb +0.9% YoY vs +1.4% Jan (F/cast was +1.4%)
Core Inflation Rate Feb zero % MoM vs -0.5% Jan (F/cast was +0.5%)
PPI Core Output Feb +1.4% YoY vs +1.5% Jan revised (F/cast was +1.4%)
PPI Core Output Feb +0.1% MoM vs +0.5% Jan revised (F/cast was +0.3%)
PPI Input Feb +0.6% MoM vs +1% Jan revised (Consensus was +0.7%)
PPI Input Feb +2.6% YoY vs +1.6% Jan revised (Consensus was +2.6%)
PPI Output Feb +0.6% MoM vs +0.8% Jan revised (F/cast was +0.2%)
PPI Output Feb +0.9% YoY vs +0.1% Jan revised (F/cast was+0.2%)
Retail Price Index Feb +1.4% YoY vs +1.4% Jan (F/cast was +1.4%)
Retail Price Index Feb +0.5% MoM vs -0.3% Jan (F/cast was+0.5% )
PMI Flash
Manufacturing Mar 57.9 vs 55.1 Feb (F/cast was 54.6)
Services Mar 56.8 vs 49.5 Feb (F/cast was51.5 )
Composite Mar 56.6 vs 49.6 Feb (F/cast was 51.1)
EUROZONE Loans to Households, Loans to Companies, M3 Money Supply
GERMANY Consumer Confidence
FRANCE Business Confidence, Business Climate Indicator, Unemployment Benefit Claims, Jobseekers Total
UK Car Production, CDI Distributive Trades

Nikkei futures opened +40pts but have eased back to -17pts Expect a mild rebound after recent selling. Yen currently 108.73
Data due Foreign Stock and Bond Investment
The Tokyo metropolitan government on Wednesday reported 420 new covid cases, up 83 from Tuesday. Nationwide, the number of reported cases was 1,917.
Tokyo and nearby prefectures decided Wednesday to extend their requests for businesses to shorten operating hours until next month as part of efforts to curb the risk of a rebound of the novel coronavirus in the metropolitan area.  -VE
Renesas. Japan has called on equipment makers to help Renesas restore production, the latest government move aimed at easing a semiconductor shortage that has hit production at car companies and is now pressuring makers of electronic devices.  +VE Equipment makers and Renesas
Toyota, Isuzu and Hino said Wednesday they are setting up a partnership in commercial vehicles to work together in electric, hydrogen, connected and autonomous driving technologies. Under the deal, Toyota Motor Corp, Japan's top automaker, and truckmaker Isuzu Motors will each take a 4.6% stake in each other, the three companies said in a joint statement. Hino Motors is Toyota's truck division and had been Isuzu's rival.  +VE
Toshiba About 58% of Toshiba Corp shareholders last week voted in favour of an independent probe into allegations that investors were pressured ahead of last year's annual general meeting, a breakdown of the results showed on Wednesday.
A consortium of private Japanese firms and a Japanese state entity paid rent on a multi-million dollar hotel and office development that ultimately went to Myanmar’s defence ministry, six company and government officials told Reuters. Not illegal but embarrassing

Expect markets to open flat as US inflation fears ease after Powells testimony.
No data due
KDCA reported 428 new cases Wednesday  vs 346 Tuesday; back above 400 -VE for sentiment.
Agricultural ministry said Wednesday it is investigating a new suspected case of highly pathogenic bird flu, with the total confirmed caseload currently standing at 107.
The latest suspected case of malign H5N8 strain of bird flu came from a duck farm in Naju, 355 kilometers south of Seoul, the previous day, according to the Ministry of Agriculture, Food, and Rural Affairs. The farm was raising 19,000 ducks.
The National Pension Service said that in a bid to uphold shareholders’ rights, it is seeking a greater say in the companies in which it holds considerable stake, drawing market attention toward decisions it would rarely have made before.  It said Wednesday that it had decided to vote against the appointments of some board members at the nation’s largest airline, Korean Air, at the airline’s shareholders meeting scheduled for Friday. They include Cho Won-tae, the chairman of logistics conglomerate Hanjin Group.
North Korea fired two short-range missiles last weekend, US and South Korean officials said, but Washington played down the first such tests under President Joe Biden and said it was still open to dialogue with Pyongyang.  -VE for sentiment.
LG Energy Solution and SK Innovation senators in the US state of Georgia have called on them to resolve their battery patent disputes on their own.  The Georgia Senate unanimously passed a resolution on Tuesday US time, which calls on two battery makers to negotiate a settlement so that SK could continue building two battery factories in the state.  -VE for SK Innovation who had hoped Biden would veto the court decision against them.
Samsung Electronics Co. said Wednesday its new premium vacuum cleaner will go on sale in South Korea next month as the tech giant targets to boost home appliance goods amid the pandemic-induced stay-at-home trend. +VE
Four auto parts producers a combined 82.4 billion won ($72.7 million) for colluding to fix bidding prices of vehicle parts.  Hwaseung R&A and three other companies colluded to fix their quotations between 2007 and 2018 for 99 rounds of auto parts purchasing bidding by the country's top automaker Hyundai Motor Co. and its affiliate Kia Corp., according to the Korea Fair Trade Commission (KFTC).  -VE

Expect market to open flat but expect a rebound in TSMC.
No data due 
After market Wednesday M2 Money supply data Feb +9.12% YoY vs 8.84% prior
Taiwan Semiconductor Manufacturing Co shares -3%  Wednesday as investors reacted to news that  Intel Corp plan to return to the foundry business.  At the same time, Intel would bolster its partnerships with third-party foundries to farm out more production, Intel said in a statement. But expect some bargain hunting today as many doubt Intel’s actual capabilities for external chip manufacturing shares fell overnight and the long term outlook for TSMC remains good.
EverGreen Marine -VE as one of its vessels stuck in Suez canal
Teco Electric and Machinery Co one of Taiwan’s leading suppliers of electric motors, is expected to start mass production of power systems for electric vehicles in India in January next year.  The company’s Indian plant would complete its electric vehicle power system production line by the end of this year in a nearly US$20 million joint venture with Japan’s Mitsui and Co.  +VE
StarLux Airlines Co. Wednesday announced that it would start flights to Ho Chi Minh City on May 13, following increased demand for business travel and good market prospects in the cargo sector. There are to be three round-trip flights per week — on Wednesdays, Thursdays and Saturdays — from Taiwan Taoyuan International Airport to the Vietnamese city on Airbus A321neo jets, StarLux said. +VE
Scan-D Corp a retailer of furniture, bedding and kitchen appliances, on Tuesday proposed to distribute a cash dividend of NT$4 this year, suggesting a payout ratio of 81.97 percent based on last year’s earnings per share (EPS) of NT$4.88. Last year’s EPS were the highest since 2017, boosted by strong holiday sales and replacement demand in the fourth quarter of last year, the company said.  +VE

Expect market to open lower as concerns over international relations especially Europe and US plus PBOC policy continue to worry investors.  But down side could be limited if ‘Team China' is active.  The weak US Durable goods orders a -VE for exporters.
No data due
The United States and the European Union have agreed to relaunch a bilateral dialogue on China and work together to address Russia’s “challenging behavior,” according to a joint statement on Wednesday. US. Sec of State Blinken and the EU high representative for foreign affairs, Josep Borrell, “acknowledged a shared understanding that relations with China are multifaceted, comprising elements of cooperation, competition, and systemic rivalry.” -VE for China
The EU’s trade policy chief has warned that China’s decision to escalate a sanctions dispute risks imperilling a market-access deal meant to be the cornerstone of future relations between Brussels and Beijing. -VE
Facebook Inc said on Wednesday it had blocked a group of hackers in China who used the platform to target Uighurs living abroad with links to malware that would infect their devices and enable surveillance.  -VE Australia and New Zealand have expressed support for a sanctions blitz by Western countries against Chinese officials over alleged human rights abuses in Xinjiang, despite not imposing penalties of their own. -VE for sentiment.
Pony Ma, the founder of Tencent Holdings, met with antitrust watchdog officials this month to discuss compliance at his group, three people with direct knowledge of the matter said. Could indicate further restrictions coming -VE
FT reports Ant Group is demanding a larger slice of lucrative fees from its popular payment platform at the expense of local banks as China’s largest fintech tries to offset losses from a government crackdown on its lending business.
China’s embassy in the Philippines has blamed “some external countries” for stoking tensions in the region, in remarks aimed at Japan after its ambassador stressed the need for peace and stability and in the South China Sea.  “Within our region tensions are rising because some external countries are bent on playing fusty geopolitical games,” the Chinese embassy said on Twitter.“It is a pity that some Asian country, which has disputes in the East China Sea and is driven by the selfish aim to check China’s revitalisation, willingly stoops as a strategic vassal of the U.S.,” it said.
China’s foreign minister  Wang Yi starts Middle East tour with Iran deal, alliances high on agenda.  He began his trip in Saudi Arabia on Wednesday and he will visit five other nations over the next week  Former ambassador to Tehran says Beijing wants to send a message to the US that it remains a key player on the Iran nuclear issue
H&M is facing a backlash within China for not buying cotton produced in Xinjiang, Chinese celebrities cut ties, and products removed from online e-commerce platforms as clothing company criticised.  The retailer’s China operations says its position on sourcing is not political.  But it is another example of Beijing coercive nature inspiring up public opinion  and netizen activity against companies that highlight issues that put China in a bad light.  -VE
China published its annual US human rights situation report on Wednesday, ahead of the release of an annual report by Washington. The Global Times said that by highlighting the coronavirus disease turning into a humanitarian tragedy, disorder in American democracy being vividly reflected in the Capitol riots, and recent growing discrimination against ethnic minorities, China slammed the terrible human rights record of the US.  US remarks on other countries' human rights situation amounts to "hypocrisy and double standards."

ADR’s -32pts at 27,886 limited downside after Wednesday’s sell off but expect more initial downside on margin call selling.  Ecommerce names remain weak with concerns of more tightening in China and HK earnings remain in focus.  A list of aftermarket Wednesday earnings releases is at the bottom.   HSI dropped into correction territory yesterday so further downside possible.
Data due after market Balance of Trade, Exports, Imports
SHORT SELLING Wednesday 12.6% vs 14.7%  TuesdayTop Shorts  Bud Apac (1876) 51%, Ping An (2318) 48%, Haidilao (6862) 43%, Bank Of China (3988) 36%, AAC Tech (2018) 34%, Wharf REIC (1997) 30%, BankComm (3328) 30%, China Life (2628) 29%,  Henderson Land (12) 29%, Country Garden (2007) 29%, China Res Land (1109) 27%, HSBC (5) 27%, ICBC (1398) 26%, Sands China (1928) 25%, Hang Seng Bank (11) 25%, MTRC (66) 25%,
EARNINGs due Thursday include Chow Sang Sang (116), Daphne (210), Maanshan Iron & Steel (323), Greenland (337), WingTai (369), SohoChina (410), Cosco Shipping into (517), Samson (531), Kerry Logistics (636), Skyworth (751), NetDragon (777), CNOOC (883), Anhui Conch (914), China Mobile (941), AEON stores (984), China CITIC Bank (998), TCL (1070), Meitu (1357), KAISA GROUP (1638), Shandong Chenming Paper (1812), KWG (1813), SIM Tech (2000), Country Garden (2007), BBMG Corporation (2009), AACTech (2018),  Guangzhou Automobile (2238),  Comba (2342), Guotai Junan Securities (2611), China Life Insurance (2628), Guangzhou R&F (2777), Win Hanverky (3322) and others
National Security 
A Police Association of Guangdong-Hong Kong-Macao Greater Bay Area has been established in the mainland to facilitate training and exchanges, with Hong Kong's 38,000 police officers becoming members automatically.  The association was set up in Zhuhai on February 6, says the Guangdong Society and Organization website. It is said to be part of Beijing's effort to snuff out violent protests in the SAR.  -VE for sentiment.
Hang Seng Indexes Company announced that BIDU-SW (09888.HK) meets the Fast Entry Rule of various indexes and will be added to Hang Seng Composite Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, and Hang Seng Internet & Information Technology Index from 9 April.  +VE HKEX
AIA (01299.HK) announced formation of a new exclusive 15-year strategic bancassurance partnership with BANK OF E ASIA (00023.HK) covering Hong Kong and Mainland China.  AIA will pay a total consideration of HK$5.07 billion for the exclusive 15-year life insurance distribution partnership with BANK OF E ASIA and for the acquisition of 100 per cent of BEA Life Limited, a wholly-owned subsidiary of BANK OF E ASIA . AIA will also acquire a closed portfolio of life insurance policies underwritten by Blue Cross (Asia-Pacific) Insurance Limited. +VE
BANK OF E ASIA (00023.HK) announced that it had today entered into the Share Sale and Framework Agreement and Regional Distribution Agreement with AIA (01299.HK) in relation to the sale of BEA Life. The bank considered that the sale of BEA Life (including the Portfolio) along with entry into long term exclusive Distribution Agreements with the AIA Group are in the best interests of the Bank. The bank is expected to book a profit in the amount of approximately HK$1 billion in respect of the Disposal.
HKEX (00388.HK) announced that it will offer investors Futures and Options on BILIBILI-SW (09626.HK) shares after its debut on 29 March.   BILIBILI-SW shares will also be included in HKEX’s designated securities eligible for short selling on the same date, subject to listing. Issuers can list derivative warrants on BILIBILI-SW shares on the same date, when the shares debut on HKEX’s securities market.
RAZER (01337.HK) founder Min-Liang Tan anticipated the firm to keep delivering strong growth and earnings from FY21 and beyond.  Asked if the firm mulls a U.S. IPO, Tan said RAZER will explore different opportunities like dual listing, stressing its long-term vision to unlock value for investors. +VE
Hutchison China MediTech Limited (HUTCHMED) (HCM.US) announced that it has initiated a Phase Ib/II study of surufatinib in combination with BeiGene’s tislelizumab in patients with advanced solid tumors in the U.S. and Europe. The first patient was dosed on March 23, 2021.   This trial is to explore potential synergistic activity of the novel, oral angio-immuno kinase inhibitor surufatinib with the anti-PD-1 antibody tislelizumab in enhancing overall antitumor activity from inhibition of angiogenesis along with stimulation of an immune response.
DAHSING BANKING (02356.HK)'s Managing Director and Chief Executive Harold Wong saw NIM rebound in the third and fourth quarters of 2020. Last year's NIM contraction was mainly driven by faster interest rate fall than that of cost of capital, coupled with inadequate loan demand amid poor economic conditions.   Seeing a sustainable low-rate environment, the bank will refresh the loan deposit portfolio to maintain its NIM level, Wong added.
SWIRE PROPERTY DBS Group Holding is set to join other global banks giving up office space in Hong Kong with so many staff still working from home.  DBS is surrendering some floors in Swire Properties's (1972) One Island East tower in Quarry Bay, according to people familiar with the matter. The lender will release two of the eight floors it currently occupies, one of the people said.  A Swire spokesperson said they don't comment on rumors, adding that One Island East is 100 percent occupied as of Tuesday. Slight -VE
After Market Results 
CHINA OILFIELD (02883.HK) announced annual result ended December 2020. The revenue declined 7% year on year to RMB28.959 billion. The net profit amounted to RMB2.703 billion, up 8%.  EPS. was 56.65 fen. A final dividend of RMB0.17 was declared against a dividend of RMB0.16 in the corresponding period of the previous year.
KINGDEE INT'L (00268.HK)  announced annual result ended December 2020. The profit swung into loss of RMB335 million. LPS was 10.12 fen. No dividend was declared.
EMPEROR WATCH&J (00887.HK) announced annual result ended December 2020. The net profit amounted to HK$33.993 million, down 62.2% yearly. EPS was HK0.5 cents. A final dividend of HK0.15 cents was declared, against no dividend in the year-ago period.
NCI (01336.HK) announced annual result ended December 2020. The total revenues rose 18.5% year on year to RMB203.858 billion. The net profit amounted to RMB14.294 billion, down 1.8%.  EPS was RMB4.58. A final dividend of RMB1.39 was declared.
CHINA COAL (01898.HK) announced annual result ended December 2020. The revenue rose 9% year on year to RMB140.961 billion. The net profit amounted to RMB5.351 billion, down 13.7%. EPS. was RMB0.4. A final dividend of RMB0.134 was declared against a dividend of RMB0.127 in the corresponding period of the previous year.
XIAOMI-W (01810.HK) announced results for the year ended December 31, 2020 that net profit was RMB20.356 billion, up 102.7% yearly.  EPS equaled RMB0.849. No dividend was declared.  During the year, non-IFRS adjusted net profit rose 12.8% yearly to RMB13.006 billion, in-line with broker forecast.Senior Vice President Xiang Wang, at the conference call, attributed the global chip shortage to a cyclical under-supply in the semiconductor industry, foreseeing bumpier road ahead in 2021 and 2022. The shortage is due to underestimation of economic recovery under pandemic, paired with rigid demand nature of smartphones.   The company will bend over backwards to attain better supply from partners this year, Wang pledged, who voiced confidence in peach growth this year despite shortages.   Overall +VE
It also announced that on March 24, the Company entered into the Shareholder Vendors Agreement with Zimi International's shareholders to acquire 50.09% of the entire issued share capital of Zimi, at a total consideration of approximately US$205 million.  The consideration shall be satisfied as to approximately US$176 million in cash; and as to approximately US$28.45 million by the allotment and issue of 8.6709 million Consideration Shares, credited as fully paid, by the Company.
CGN NEW ENERGY (01811.HK) announced annual results ended December 2020. Net profit amounted to US$162 million, up 45.8% yearly. EPS equaled US3.78 cents. Final DPS was US1.59 cents (roughly HK12.42 cents).
BOCOM INTL (03329.HK) announced annual result ended December 2020. The net profit amounted to HK$843 million, up 68.4% yearly. EPS was HK$0.31. A final dividend of HK16 cents was declared, against HK9 cents in the same period of the previous year.
HAITONG INT'L (00665.HK)  announced annual result ended December 2020. The net profit amounted to HK$1.933 billion, up 24.6% yearly.  EPS. was HK32.97 cents. A second interim dividend of HK11.7 cents per share was declared.
YIXIN (02858.HK) announced annual results ended December 2020. Loss was RMB1.156 billion, against RMB30.936 million in a year ago's profit. LPS equaled RMB0.18. No dividend was declared.
TENCENT (00700.HK) announced the result for the year ended 31 December 2020. Net profit increased by 71.3% to RMB159.847 billion on a year-on-year basis, meeting the expected range of RMB108.466-195.806 billion and above the median forecast of RMB131.255 billion.   EPS equaled RMB16.844. A final dividend of HKD1.6 per share was declared, against HKD1.2 per share for 2019.Also announced Q4 ended December 2020, revenues rose 26.4% yearly to RMB133.669 billion. Profit was RMB59.302 billion, up 174.8%. EPS equaled RMB6.24.At the results release conference, President Martin Lau said the group has long exercised self-discipline and self-restraint in its financial business while keeping its eye wide open on risk control, underscoring compliance operation.  Regarding earlier reports that the group had met with antitrust regulators, Lau clarified that they took part therein on a voluntary basis.  He also mentioned the work and production resumption in China from 2H20, envisioning the positive media advertising uptick to carry on this year.  As for gaming business, Lau drew the press' attention to the increasing gamer size and loyalty during the pandemic.
ANTA SPORTS (02020.HK) announced annual results ended December 2020. Revenue rose 4.7% year on year to RMB35.512 billion. Net profit was RMB5.162 billion, down 3.4%.EPS equaled 191.92 fen. Final DPS was HK47  cents. Full-year DPS was HK68 cents

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