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HSI -223pts (-0.9%) 25,154 HSCEI -62pts (-0.7%) 8,899 T/O HK$135.09bn (+7% DoD)
HK/CHINA Connect Flows
Northbound Rmb 60,844m Sell 29,741m vs 31,102m Buy
Southbound HK$ 14,583m Sell 7,215m vs 7,369m Buy
Northbound Rmb 71,400m Sell 36,025m vs 35,375m Buy
Southbound HK$ 15,877m Sell 8,686m vs 7,191m Buy
Expect markets to open higher and working higher. China’s weak PMI data largely expected. Some caution ahead of the BoE policy meeting.
Barclays bank were trading lower after the investment bank announced that CEO Jes Staley will stand down following an investigation into his relationship with Jeffrey Epstein. Barclays said that C.S. Venkatakrishnan (known as Venkat), currently head of global markets at the bank, will take over as chief executive with immediate effect, subject to regulatory approval.
Retail Sales Sept -2.5% MoM vs +1.2% Aug revised (F/cast was +0.5%)
Retail Sales Sept -0.9% YoYvs +0.4% Aug (F/cast was +1%)
Manufacturing PMI Final Oct 57.8 vs 57.1 Sept (F/cast was 57.7)
Opened DOW +80pts, S&P +0.25%, NDX +0.3% but have risen as the day progressed now Dow +159pts, with S&P and NDX both +VE. Key this week will be the FOMC meeting and then the Payrolls data on Friday.
AHEAD Manufacturing PMI Final, ISM Manufacturing Data (PMI, New Orders, Prices, Employment).
Earnings: ZoomInfo, Avis Budget, Ryanair, Lowes, PG&E, Cirrus Logic, NXP Semiconductor, Public Storage, Rambus, Chegg, Tanger Factory Outlet, Transocean
CHINA CSI 300 closed -18pts (-0.4%) @ 4,891
CSI 300 opened lower after the poor weekend PMI data and news of more covid cases and the need to release some of the strategic fuel reserves as fuel shortages affect the country. Market worked better through the morning in choppy but failed to test Friday’s closed and ease back. Retested at the start of the session but failed and sold down to find support at 4,890 level traded around there into the close.
Leaders: Household Applicances, Electronics and Defence
Laggards: Leisure, F&B and Medical
New energy names in focus as fuel shortages
Shanghai Comp -3pts (-0.1%) @ 3,545 T/O US$81,475m (+4.8% DoD)
Shenzhen Comp +25pts (+0.2%) @ 14,477 T/O US$103,056m (+6.8% DoD)
ChiNext Comp +15pts (+0.4%) @ 3,539
China's National Health Commission reported 92 confirmed cases of COVID-19 yesterday (31 October), with 59 of them being local infections (27 recorded in Heilongjiang).
Manufacturing PMI Final Oct 50.6 vs 50 Sept (F/cast was 50)
Data out Sunday
Manufacturing PMI Oct 49.2 vs 49.6 Sept (F/cast was 50)
Non Manufacturing PMI Oct 52.4 vs 53.2 Sept (F/cast was 53)
Caixin PMI data due Wednesday. Trade data due next Sunday.
Pre market opened @ 25,268 -109pts vs -55pts ADR’s but then sold down to test the 25,000 support which held and the market rebounded slightly going into lunch -278pts (-1.1%) @ 25,099. PM market traded sideways and drifted slightly lower into the close. Concerns about the weak PMI and the impact for growth going forward from covid, energy shortages and rising costs. Tech names weak as the new Personal Info Protection Law came into force. GCL-Poly (3800) +82% on resumption of trading having been suspended for 7 months. BYD (1211) -3.2% after share placement. Great Wall Motor -6% after disappointing results.
After market GDP Growth data was a little bit weak.
HONG KONG DATA
Hong Kong reported 1 imported covid cases.
GDP Growth Rate Adv Q3 +0.1% QoQ vs -0.9% Q2 (F/cast was +1.2%)
GDP Growth Rate Adv Q3 +5.4% YoY vs +7.6% Q2 (F/cast was +5.5%)
SHORT SELLING HSI Monday 21.2% vs 15.3% Friday
Top shorts Ali Health (241) 51%, BYD (1211) 48%, Wharf REIC (1997) 47%, Hang Seng Bank (11) 44%, Sunny Optical (2382) 41%, HSBC (5) 39%, ICBC (1398) 37%, Techtronic (669) 37%, Bud Apac (1876) 36%, BoC (3988) 36%, CM Bank (3938) 35%, Country Garden (2007) 32%, Mengniu Dairy (2319) 31%, Petrochina (857) 31%, China Life (2628) 30%, Wuxi Bio (2269) 28%, SinoBiopharm (1177) 27%, Ping An (2318) 26%, Baba (9988) 26%, BoC Hong Kong (2388) 26%, NWD (17) 26%, Haidilao (6862) 26%, Hengan (1044) 26%, China Overseas (688) 25%, Geely (175) 25%.
AFTER MARKET NEWS
XPENG-W (09868.HK) announced that the company maintained strong momentum in October 2021 with a total 10,138 smart electric vehicles delivered, representing a 2.33x increase year-over-year. As at 31 October 2021, year-to-date total vehicle deliveries reached 66,542, representing a 2.89x increase year-over-year, including 45,271 P7 smart sports sedans deliveries, the announcement added.
China Mobile Hong Kong (CMHK) announced that the number of the company's 5G customers has surpassed 1 million as of last Friday (29 October), while the total customer number zoomed past 5 million in June 2021. Sean Lee, CMHK Director cum CEO, revealed that the company had originally set the 1-million-5G-customers as the full-year goal. Being able to achieve such goal before the end of the year was primarily due to the launches of new flagship smartphone models, which propelled the customers to switch to 5G packages, Lee added.
MEDBOT-B (02252.HK), spun off from MICROPORT (00853.HK) and set to debut on the Main Board tomorrow (2nd), opened $44 in the
gray market, up 1.85% against the listing price of $43.2, PhillipMart data showed. The stock last posted at $39.25, down 9.14% against its listing price, on a volume of 693,000 shares.
EVERG VEHICLE (00708.HK)'s "Hengchi 5" has so far entered the trial production stage, where the basic functions and interior decorations have been completed, reported Chinese media. The car model is now only one step away from mass production, which is getting the road access permit.
Market opened higher and tested 7,360 in early trades before easing back to 7,340 but then worked slowly better through the day to 7,390 around 2pm. But currently pulled back to test 7,360 before working slightly higher to close +47pts (+0.6%) @ 7,371
Data was mixed. Brookfield to buy AusNet for A$10.2bn. Westpac -7.4% as A$3.5m share buyback after it cut provisions, smaller than expected.
Manufacturing Index Oct 50.4 vs 51.2 Sept (F/cast was 53)
Manufacturing PMI Oct 58.2 vs 56.8 Sept (F/cast was 57.3)
Home Loans Sept -2.7% MoM vs -6.6% Aug (F/cast was -3%)
Job Adverts Oct +6.2% MoM vs -2.8% Sept (F/cast was -2.1%)
Investment Lending for Homes Sept 1.4% vs 1.5% Aug
Inflation Gauge Oct +0.2% vs +0.3% Sept
Tomorrow the RBA is expected to make an announcement about its bond yield target having failed to make any recent purchases.
Election out of the way, tomorrow we get the BoJ minutes and then the markets will be closed on Wednesday for Culture Day. Earnings are still in focus. Nomura -6.5% as writedown hits profits. Broad rally
Leaders Precision Instruments, Food, Machinery and Electrical Appliances.
Other notables TEL +4.3% Advantest +6% Screen +4.4%. Sega Sammy +5.5% pens a strategic alliance with Microsoft, to produce games on it’s Azure cloud platform. Softbank Group +2.7% sold DoorDash for the 3rd time in just 6 months, selling $2bn worth (10m shs at $202.815 says SEC filing). Daikin +4.3% as Nikkei preview on NP +30%YoY.
Nikkei opened much higher after the LDP held onto their majority, and tested 29,600 in early trades and then pulled back and traded sideways around 29,540 level but then worked higher to close +754pts (+2.6%) @ 29,647.
Topix Opened higher tested 2,038 then worked higher through the afternoon to close at the day high +44pts (+2.2%) @ 2,045.
Manufacturing PMI Final Oct 53.2 vs 51.5 Sept (F/cast was 54.1)
10 yr JGB Auction 0.107% vs 0.049% prior
Foreigners remain net sellers but local institutions net buyers focused on Internet and Tech. Pharma +VE as the Govt introduces ‘living with covid’ +VE also for re-opening plays like Cosmetic and Apparel. KDCA reported 1,686 new covid cases.
Trade data was a little light. Concerns over inflation remain.
Games in focus as Kakao Games +10% Europe unit plans to buy an additional 30.4% stake in Lionheart Studio (developer of 'Odin'). It will initially pay W450bn and the total acquisition value will be decided later. Krafton +1.8% to buy Unkwown Worlds (developer of game 'Subnautica') for W586bn.
Kospi opened higher and tested to 2,992 around 10:30am before pulling back to 2,980 and then traded sideways 2,980/88 but dipped lower to close +8pts (+0.3%) @ 2,979
Kosdaq opened higher trended higher but in choppy trading with resistance at 1,001 and then eased back to close +6pts (+0.6%) @ 999
Balance of Trade Oct $1.69b (Sept was $4.4b F/cast is $3.9b)
Exports Oct 24% (Sept was 16.7% Consensus is 27%)
Imports Oct 37.8% (Sept was 31% Consensus is 40.1%)
Manufacturing PMI Final Oct 50.2 vs 52.4 Sept (F/cast was 54.1)
Taiex opened higher and tested 17,120 in early trades but then eased back to trade sideways around 17,070 level for the rest of the day to close +81pts (+0.5%) @ 17,068
CECC reported 5 new cases (all imported).
Taiwan's central bank governor Yang Chin-long on Monday hinted that the bank will not kick off an interest rate hike cycle before its U.S. counterpart the Federal Reserve.
TENCENT (00700.HK) -11.400 (-2.370%) Short selling $800.57M; Ratio 7.514% closed at $469.6, down 2.4%
BABA (09988.HK) -3.500 (-2.147%) Short selling $872.07M; Ratio 26.071% closed at $159.5, down 2.1%
PING AN (02318.HK) +0.700 (+1.252%) Short selling $396.01M; Ratio 26.150% closed at $56.6, up 1.3%
MEITUAN (03690.HK) -2.200 (-0.816%) Short selling $460.45M; Ratio 12.908% closed at $267.4, down 0.8%
CCB (00939.HK) +0.040 (+0.756%) Short selling $134.03M; Ratio 10.824% closed at $5.33, up 0.8%
HKEX (00388.HK) -2.600 (-0.552%) Short selling $155.99M; Ratio 15.306% closed at $468.2, down 0.6%
AIA (01299.HK) 0.000 (0.000%) Short selling $192.74M; Ratio 13.340% closed at $87.85, unchanged
HSI & HSCEI Constituents on Move:
ALI HEALTH (00241.HK) -0.800 (-8.138%) Short selling $323.00M; Ratio 50.511% closed at $9.03, down 8.1%
WUXI BIO (02269.HK) -6.900 (-5.828%) Short selling $724.40M; Ratio 28.259% closed at $111.5, down 5.8%
HAIDILAO (06862.HK) -0.950 (-4.358%) Short selling $126.65M; Ratio 25.821% closed at $20.85, down 4.4%
WHARF REIC (01997.HK) -1.900 (-4.328%) Short selling $83.23M; Ratio 46.599% closed at $42, down 4.3%
HANSOH PHARMA (03692.HK) -0.740 (-4.258%) Short selling $39.35M; Ratio 42.784% closed at $16.64, down 4.3%
EVERGRANDE (03333.HK) +0.090 (+3.879%) Short selling $8.19M; Ratio 5.785% closed at $2.41, up 3.9%
PSBC (01658.HK) +0.200 (+3.534%) Short selling $219.07M; Ratio 40.893% closed at $5.86, up 3.5%
GEELY AUTO (00175.HK) -0.950 (-3.512%) Short selling $379.93M; Ratio 24.566% closed at $26.1, down 3.5%
KUAISHOU-W (01024.HK) -3.600 (-3.478%) Short selling $340.69M; Ratio 24.557% closed at $99.9, down 3.5%
BANKCOMM (03328.HK) +0.160 (+3.456%) Short selling $27.09M; Ratio 15.980% closed at $4.79, up 3.5%
CG SERVICES (06098.HK) -1.950 (-3.223%) Short selling $51.84M; Ratio 10.216% closed at $58.55, down 3.2%
BYD COMPANY (01211.HK) -9.400 (-3.169%) Short selling $2.41B; Ratio 48.417% closed at $287.2, down 3.2%
BIDU-SW (09888.HK) -4.900 (-3.025%) Short selling $228.84M; Ratio 48.397% closed at $157.1, down 3%
HSMI & HSSI Constituents on Move:
HENGTEN NET (00136.HK) +0.420 (+15.730%) Short selling $9.93M; Ratio 1.952% closed at $3.09, up 15.7%
TIMES ELECTRIC (03898.HK) +5.500 (+14.745%) Short selling $93.95M; Ratio 10.165% closed at $42.8, up 14.7%
SKYWORTH (00751.HK) +0.330 (+7.604%) Short selling $41.79M; Ratio 6.413% closed at $4.67, up 7.6%, hitting new high
Hong Kong will tighten the applicable categories for quarantine-free entrants with effect from next Friday (12th), affecting, among others, consulate staff, said John Lee, Chief Secretary for Administration. Only cross-border truck and bus drivers and related service personnel, airline and cargo ship crews, and people who need to perform government duties, will remain in the exemption categories. Lee assumed that the harsher restrictions will prevent importation of Covid cases more effectively, and create an environment for border resumption with China.
The first wave of "Tmall Double 11" sales began at 00:00 today (1st), Shanghai Securities News reported. During the first hour of launch, more than 2,600 brands have their turnover surpassed the full-day amount of the same day last year, according to the latest official data.
Macau's GGR whopped MOP4.365 billion in October, down 40% YoY or 25.7% MoM, Gaming Inspection and Coordination Bureau (DICJ) announced. Citigroup had previously projected the amount to be MOP4.25 billion.
Financial News, headed by the People's Bank of China, issued an article titled "Real Estate Credit Policy Landscape Is Improving. Central and financial management departments have jointly declared their positions, which could be seen as further clarification of China's real estate financing policy. This would result in a certain degree of enhancement in property credit policy environment, according to the commentary. The article did not foresee changes to the big picture of real estate revision and control over the medium to long term.
According to the 2021 Startup Survey conducted by Invest Hong Kong (InvestHK), the overall number of start-ups in the city reached a record high of 3,755, up 12 per cent from the figure in 2020, indicating that the start-up ecosystem remains vibrant despite the pandemic. This showcased a positive impact on the job market across different business sectors with the number of staff hired by start-ups rebounding from that of last year by 29 per cent.
The Head of StartmeupHK at InvestHK, Jayne Chan, said the growth in the number of start-ups in Hong Kong is expected to keep rising as the digitalisation trend continues to accelerate and broaden due to the pandemic. In 2022, she expects to see greater numbers of start-ups focusing on ESG and net zero, with proptech, social ventures and greentech expected to grow substantially in future.
The General Office of China's State Council issued the "food saving action plan", demanding the food industry chain to introduce more stringent, concreate and detailed measures on food saving by 2025, with the aim to effectively tackle to problem of food wastage and promote the concept of anti-waste throughout the society.
The plan likewise outlined other measures to address the wastage issue in the catering and consumption sectors, such as strengthening the behavioral management of catering businesses' operation and introducing the concept of ordering the appropriate amount of food, etc..
GREATWALL MOTOR (02333.HK) announced the official launch of its Ora Good Cat model in Thailand. The three variants, namely TECH, PRO, and ULTRA, are priced between THB989,000 and THB1.199 million (equivalent to around RMB197,800 to RMB239,800).
Today (November 1) the Government had disbursed via the four stored value facility (SVF) operators the second consumption voucher to about 810,000 eligible people who received the first voucher on September 1. These people will successively receive SMS notifications or mobile app push notifications on the disbursement today.
Regarding those people who were disbursed with the first consumption voucher on October 1, they will receive the second voucher on December 1.
TENCENT (00700.HK) officially released the new IP "Honor of Kings: World" with gaming clips on the Honor of Kings 2021 Co-creation Night. "Honor of Kings: World" is an open-world RPG based off the mobile title "Honor of Kings", set to make a debut on multiple global platforms in the future.
SUNAC SERVICES (01516.HK) and FIRST SERVICE (02107.HK) jointly announced that SUNAC SERVICES agreed to acquire approximately 322 million shares of FIRST SERVICE, representing about 32.22% of the entire issued share capital of FIRST SERVICE, at a total consideration of about RMB692 million (approximately HK$843 million). The consideration per share is RMB2.15 (equivalent to approximately HK$2.6167 per share), representing a premium of approximately 91% over the closing price of HK$1.37 per share as quoted on the Stock Exchange on the last trading day.
Upon Completion of share acquisition, SUNAC SERVICES will be required to make the offer for all the issued shares. FIRST SERVICE applied for the resumption of the trading in the shares of the company today (1st). The stock's share price last posted $1.96, up 43.07%. SUNAC SERVICES, on the other hand, dipped 0.3% to $15.74.
GUANGDONG INV(00270.HK) announced the unaudited financial information for the first three quarters ended September 2021. The revenue rose 37.7% year on year to HK$22.155 billion. The net profit amounted to HK$4.729 billion, up 21.7% year on year.
KINGBOARD HLDG (00148.HK) announced that the group purchased on the open market an aggregate of 42,100 HANG SENG BANK (00011.HK) shares on the Stock Exchange last Friday (29 October). Together with the previous purchases conducted within the 12 months immediately preceding the date of such purchase, the group purchased a total of 5.1675 million HANG SENG BANK shares on the open market at an aggregate consideration of approximately HK$738 million, at an average price of approximately HK$142.9 per share.
XIAOMI-W (01810.HK) announced that the payment amount across the entire platform exceled RMB4 billion as at 00:52:11 on 1 November. Additionally, the company said Redmi Note11's sales busted above 500,000 units in the first hour of launch.
Primary home sales exceeded 360 amid a vibrant market last weekend (30-31 October). KOWLOON DEV (00034.HK)'s Manor Hill sold a total of 343 units over the weekend, pocketing over $2.1 billion.
Equally, CK ASSET (01113.HK) rolled out the 2nd price list for #LYOS, offering 62 units measuring 205-483 sq.ft. each. More than 3,000 subscriptions have been received for the project, according to market sources.
The Japanese publisher Kadokawa Corporation announced to have formed a strategic alliance with TENCENT (00700.HK). TENCENT will subsequently acquire 4.8622 million shares of Kadokawa or a stake of 6.86% through a subsidiary, for a consideration of approximately JPY30 billion (about HKD2.04 billion), thus becoming the third largest shareholder of the publisher.
GEELY AUTO (00175.HK) announced that, on 18 October 2021, the company entered into a framework agreement with Geely Group Limited pursuant to which the company proposed to acquire 220 million ordinary shares of ZEEKR from Geely Group Limited, at a consideration of approximately RMB5.602 billion. GEELY AUTO will settle the consideration as to approximately RMB1.807 billion by cash and as to the remaining amount (equivalent to approximately RMB3.79 billion) by the allotment and issue of the 196 million consideration shares at the issue price of HK$23.34 per share, representing a discount of approximately 11.42% compared to the closing price on the last trading date before the date of the share purchase agreement.
Pre Market News
The BABA-SW (09988.HK) -backed BEST mentioned last Friday (29 October) the disposal of its China express business to J&T Express. The deal (including debt) would be valued at around RMB6.8 billion, expected to be completed in the first quarter next year. The Company will likely gain about US$600 million from the deal.
The sportswear brand Patagonia called for a boycott on Facebook (FB.US), urging other companies to stop advertising through the platforms of Facebook. Patagonia expressed that it has been boycotting Facebook for 16 months, believing that the social media platform is culpable for spreading hate speech and has failed to intercept false information about climate change and politics.
Paul Chan, Financial Secretary of Hong Kong, expressed that the robust export performance and the gradually recovering momentum of domestic demand have driven the Hong Kong economy to post a significant growth of 7.8% YoY over 1H21. While he is confident in the upcoming economic growth figures for 3Q, Chan contended that the YoY increase of the economic growth in 3Q will likely be lower than that of 1H.
The Hong Kong government has further adjusted pandemic-related measures and arrangement, in hope to propel the resumption of quarantine-free cross-border travel between Hong Kong and China, which will in turn provide a substantial driving force for the economic recovery of Hong Kong, Chan added.
Michael Wong, Secretary for Development of Hong Kong, revealed on his blog that Kwu Tung North, Fanling North Development Area will be the forefront of the Northern Metropolis scheme and the relevant land in the two designated areas is expected to be delivered to the Housing Department or Hong Kong Housing Society by next year, for the construction of public housing units. The entire project is scheduled to be completed by 2026, Wong added.
HSBC HOLDINGS (00005.HK) announced that, on 29 October, it repurchased approximately 2.6855 million shares of the company in the London market, at a price ranging between GBP4.369 and GBP4.431, with a volume weighted average price of GBP4.4059, involving about GBP11.832 million (approximately HKD126 million).
AAC TECH (02018.HK) announced that it is considering a spin-off and separate listing of its optics business, which the company holds through AAC Optics, in one of the stock exchanges in China and that the company has received approval from the Hong Kong Stock Exchange that the company may proceed with the proposed spin-off.
ANGANG STEEL (00347.HK) announced that for the third quarter of 2021, net profit burgeoned nearly 1.8 times YoY to RMB2.306 billion.
The U.S. and the European Union reached an understanding on brief ending of the tariff disputes over steel and aluminum. The U.S. Secretary of Commerce, Gina Raimondo, expressed that the U.S. will retain the 25% tariff on imported steel and 10% tariff on imported aluminum, while setting up limited quota for some EU-made metals to be imported to the U.S. duty free.
EU trade chief Valdis Dombrovskis confirmed said agreement on the social platform Twitter, expressing that the two parties agreed to temporarily cease the trade disputes and to cooperate on arranging sustainable steel and aluminum supply on a global scale.
BYD COMPANY (01211.HK) announced the placement of 50 million H shares, representing approximately 4.55% of the number of issued H Shares and approximately 1.72% of the number of total issued Shares, in each case, as enlarged by the allotment and issue of the Placing Shares. The Placing Price of HK$276 per Placing Share represented a discount of approximately 6.9% to the closing price of HK$296.6 per H Share as quoted on the Stock Exchange on last trading day. The aggregate net proceeds from the Placing are expected to be approximately HK$13.744 billion.
Geely Auto Group CEO Jerry Gan (Gan Jiayue), at a product launch event, unveiled the home-grown "smart cockpit chip SE1000" which adopted the car-level 7-nm process, representing the first 7nm car-level SOC chip in China. Upon certification, the chip will be mass produced next year. From 2024 to 2025, Geely Auto will roll out the vehicle integrated supercomputing platform chip with 5nm process. And by 2025, the company will realize the commercialization of L4 unmanned driving, and fully master L5 unmanned driving.
Ant Group, JD Technology, Tencent Cloud, Alliance of National Copyright Trading Center, China Academy of Art, and other institutions published the "Convention on Self-discipline of the Digital Cultural and Creative Industry" jointly in Beijing, stipulating 11 rules to strengthen self-discipline of the industry. The Convention propounded that companies and institutions should resist steadfastly any kinds of behavior related to issuance and speculation of cryptocurrencies leveraging gimmicks of digital cultural creations. They should also prevent any speculation and financial risks by malicious hype of digital cultural creations.
Zhong Nanshan, a member of the Chinese Academy of Engineering, predicted that the current wave of COVID-19 in China will be effectively under control within less than a month, reported China News Service. Zhong further illustrated that the issues associated with the COVID-19 cannot be completely resolved within a short period of time and that the Chinese government urges other countries around the globe to take pandemic-control and prevention seriously. Zhong projected that the vaccination rate in China could reach above 80% by around the end of this year.Inner Mongolia, Gansu, Qinghai and Ningxia have centrally begun a raft of big wind power and photovoltaic base projects centering on deserts, the Gobi Desert and wastelands in mid-to-late October, as Xinhua learnt from the National Development and Reform Commission. These projects have a total installed capacity of nearly 30 million kilowatts.
Chinese Foreign Minister Wang Yi met with U.S. Secretary of State Antony Blinken at the 16th G20 Leaders' Summit in Rome on 31 October (local time). China wishes to forge a continuous liaison with the U.S. side, while timely and candidly exchanging opinions on how to manage their disagreements and properly solve their issues, says Wang
Chinese President Xi Jinping virtually attended the 16th G20 Leaders' Summit in Beijing last night (31 October), calling for full and effective implementation of the United Nations Framework Convention on Climate Change (UNFCCC) and its Paris Agreement, reported Xinhua.
Members shall uphold the UN's role as the main channel and follow the principle of common but differentiated responsibilities (CBDR) on the basis of international law. Xi also stressed the need for stronger actions and elevated cooperation. He also expressed that China highly values the international cooperation in the field of digital economy and has decided to apply to join the "Digital Economy Partnership Agreement" (DEPA), with the aim to propel orderly and benign development of digital economy with different parties, reported Xinhua News Agency.
In addition, China had previously issued "Global Initiative on Data Security" and pledged to actively forge an open, fair and non-discriminating digital development environment, Xi added.
China's National Development and Reform Commission (NDRC) mentioned the fast-growing coal inventory levels at centrally-dispatched power plants, as supply-demand dynamics are on the mend.
Coal inventory at these plants will likely exceed 110 million tons within three days and be available for 20 days' use, based on recent coal supply estimates.
Shanxi coal companies are bending over backwards to boost coal production steadily, resulting in a gradual market price downtrend under greater supply, CCTV reported. Recently, places like Datong and Ordos City have taken the lead to chop pithead coal selling prices by over RMB100 per ton.
CKH HOLDINGS (00001.HK)'s statement disclosed that on October 29, it repurchased 50,000 shares of the company on the Stock Exchange at a price of $52.3 per share, involving about $2.62 million. YTD, the company has repurchased a total of 19.78 million shares, accounting for 0.5129% of the company's share capital.