Nov 15 HK rebounds to close +VE CHINA remains weak. Most of Asia +VE


15 Nov

This and previous notes can be found at Substack ( Asian Market Sense )
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HSI +63pts (+0.3%) 25,391 HSCEI -29pts (-0.3%) 9,086 T/O HK$118.59bn (-12.4% DoD)  

HK/CHINA Connect Flows
Shanghai
Northbound Rmb 44,449m Sell 21,956m vs 22,492m Buy
Southbound HK$ 10,632m Sell 6,260m vs 4,372m Buy
Shenzhen
Northbound Rmb 60,285m Sell 28,719m vs 31,566m Buy
Southbound HK$ 11,469m Sell 5,555m vs 5,914m Buy

Europe
Markets opened flat and trading sideways resources weak travel and leisure rebounded.  
Philips weak after it said that it is speaking to U.S. regulators following a recent inspection at one of its facilities over the recall of ventilators owing to the use of parts alleged to contain a potentially hazardous foam.
Eurozone 
Balance of Trade Sept €7.3B vs €4.8B Aug (F/cast €10.7B)
US Futures opened Dow +40pts, S&P and NDX both +0.14%.  Now Dow +64pt S&P and NDX +VE
Data due NY Empire State Manufacturing Index. Biden/Xi virtual summit in focus.
Earnings  Advance Auto Parts, Tyson Foods, Warner Music, WeWork, Axon, Casper Sleep, Rackspace, Oatly, Lucid


CHINA CSI 300 closed -6pts (-0.1%) @ 4,882
CSI 300 opened higher and ticked up to test 4,900 but sold down on the weak housing data and concerns over developer debts as developers resort to more serious fund rising activities like selling shares or units at discounts. The wider data was better than f/cast but there are concerns about the impact of the latest covid resurgence and tonights Biden/Xi summit. PM saw the market rebound from the day lows to flat but then drifted lower into the close. Suggests Team China active.
Pharma +VE on news China likely to approve a covid antibody drug by December.
New Beijing Exchange in focus with a strong start and interesting to note that main exchanges didn’t see any drop in T/O despite the start of the New Beijing Exchange.

Shanghai Comp -6pts (-0.2%) @ 3,533 T/O US$65,679m (+3.5% DoD)
Shenzhen Comp -69pts (-0.5%) @ 14,636 T/O US$108,487m (+5.5% DoD)
ChiNext Comp -14pt (-0.4%) @ 3,676

CHINA DATA
China's National Health Commission reported 52 confirmed cases of COVID-19 yesterday (14 November),
with 20 of them being imported cases and 32 of them being local infections (including 25 local cases recorded in Liaoning).
Over October, the selling prices of new residential properties in China's first-tier cities remained flattish MoM, according to data from the National Bureau of Statistics (NBS).  The selling prices of second-hand residential properties, on the other hand, dipped 0.4% MoM. In particular, the second-hand home prices in Beijing -0.5%, Shanghai -0.4%, Guangzhou -0.6% and Shenzhen -0.2%, on a MoM basis.
The selling prices of new residential properties +0.5% YoY and second-hand residential properties +6.7% YoY in the first-tier cities, representing growth that are 0.3 ppts and 1.0 ppt slower than those in the previous month, according to data from the National Bureau of Statistics (NBS).
China's electricity generation surged by 3% yearly to 639.3 billion kWh in October, easing by 1.9 ppts from September's growth, according to data from the National Bureau of Statistics (NBS).
For 10M21, China's property development investment amounted to RMB12.49 trillion, representing increases of 7.2% and 14%, compared to 10M20 and 10M19, respectively, according to the National Bureau of Statistics (NBS). In particular, investment on residential properties stretched 9.3% over the period to RMB9.43 trillion.
Pre market Data
House Price Index Oct 3.4% YoY vs 3.8% Sept (F/cast was 3.6%)
New Home Prices Oct -0.25% MoM vs -0.08% Sept
Out at 10am
Industrial Production Oct 3.5% YoY vs 3.1% Sept (F/cast was 2.9%)
Retail Sales Oct 4.9% YoY vs 4.4% Sept (F/cast was 3.6%)
Unemployment Rate Oct 4.9% vs 4.9% Sept (F/cast was 4.9%)
Fixed Asset Investment Oct 6.1% YoY vs 7.3% Sept (F/cast was 6.5%)
Followed by the NBS Press Conference
After Market For 10M21, the foreign direct investment (FDI) into China amounted to RMB943.15 billion, up 17.8% YoY, according to data from the Ministry of Commerce  To Sept  was +19.6% (F/cast was 20%) Slight -VE

HONG KONG 
Pre market opened @ 25,438 +110pts vs -1pt ADR’s ticked higher initially but Sunac and Sunac Services weak on share sale and other fund raising news plus 21 Chinese cities have issued ‘restriction orders’ limiting property price cuts. Market turned lower and initially found support at 25,300 but only for an hour before selling down to 25,230 before bouncing into lunch. PM opened higher and worked better to 25,365 before easing to 25,270 but then rebounded into the close and then ticked 30pts higher in the closing auction.
Ecommerce weak but Gamers, Software and Hardware firms along with Pharma outperformed on news Beijing would approve a covid drug based on antibodies by December. Coal was weak as production surged in response to the recent energy shortage.

HONG KONG DATA
Reported 6 new cases of covid today 
all imported and 5 involving the mutant strain.

SHORT SELLING HSI Monday 17.1%  vs 15.6% Friday
Top shorts 
Hang Seng Bank (11) 54%, Bud APAC (1876) 44%, Longfor (960) 43%, Country Garden (2007) 41%, Wharf REIC (1997) 39%, CG Services (6098) 37%, Hengan (1044) 37%, Sands China (1928) 35%, China Res Land (1109) 33%, Shenzhou Int (2313) 33%, Ping An (2318) 32%, HSBC (5) 31%, Techtronics (669) 31%, China Overseas (688) 31%, Power Asset (6) 30%,  BoC (3988) 30%, CLP (2) 29%,  Sunny Optical (2382) 28%, Galaxy Ent (27) 25%, Baba-SW (9988) 25%,

AFTER MARKET NEWS

China's National Health Commission announced that, in accordance with the Joint Prevention and Control Mechanism of the State Council, the country shall strive for the full vaccination of people aged 3-11 without contraindications by end-December based on the principles of informed consent and voluntary participation.

MCC (01618.HK) announced the value of newly signed contracts of the Company amounted to RMB964.46 billion for the first ten months of 2021, representing an increase of 20.1% from the same period of last year.

As agreed by both China and the U.S., the Chinese President Xi Jinping will hold a video conference with the U.S. President Joe Biden in tomorrow morning (16th) in Beijing time, expressed Zhao Lijian, spokesperson of the Ministry of Foreign Affairs (MoFA).   During the meeting, Xi and Biden will exchange candid and in-depth opinions on strategic issues relating to the China-U.S. relation as well as on other topics of mutual interests, Zhao remarked.  The spokesperson also stated that China wishes to cooperate with the U.S. and strengthen communication between the two nations, so as to steer the China-U.S. relation back onto the appropriate path of healthy and stable development.

According to the forecast of the Transport and Housing Bureau (THB) as at September 2021, the estimated total public housing production by the Housing Authority and Hong Kong Housing Society in the five-year period from 2021/22 to 2025/26 is about 106,900 flats, comprising about 73,100 public rental housing/Green Form Subsidised Home Ownership Scheme (PRH/GSH) flats and about 33,800 other subsidised sale flats (SSFs).  As compared to the last quarter, the yearly production in 2024/25 and 2025/26 has been adjusted mainly because the completion date of about 3,100 other SSFs has been revised from 2024/25 to 2025/26.

Beijing Stock Exchange has officially started trading from today, closing the market steadily on the first trading day. The full-day turnover of 81 stocks trading on the stock exchange reached RMB9.573 billion.

Regional Markets
Australia
Market trended higher in initial trades following the US, and worked higher to 7,479 at midday and then traded sideways until 2pm when the market sold down to 7,460 level before rebounding to test 7,470 but closed +27pts (+0.4%) @ 7,470.
Miners and Energy names +VE but with some concerns about the slowdown in Chinese home prices.
Leaders Healthcare (Mesoblast released details of heart attack drug) ], Consumer Discretionary and IT (Seek and Megaport strong)
Laggards Financials as NAB goes Ex Div; Last week, the banking giant declared a fully franked final dividend of 67 cents per share with its full year results
Japan
Nikkei opened higher despite weak GDP data on stimulus hopes and ‘Go-to’ travel resumption.  Then traded sideways around 29,800 level for the first 45 minutes but then drifted lower to 29,750 level. PM opened lower and trading around 29,750 to close +167pts (+0.6%) @ 29,777.
Topix also opened higher and traded sideways initially but then drifted lower before trading sideways to close +8pts (+0.4%) @ 2,049
Leaders Pulp& Paper (good earnings at Hokuetsu), Services (Strong after Recruit earnings), Metal Products, Pharma
Laggards Shippers, Iron/Steel, Airlines, Insurers
Dentsu closed -3% but was +3% despite good earnings and outlook; suggest investors locking in gains.
Investors took the weak GDP data in their stride noting the link to covid resurgence and with the hope that the government stimulus would big large enough to make up for it. Trading volumes are muted.
Pre Market GDP Prelim data
Growth Rate Q3 -0.8% QoQ vs +0.4% Q2 revised (F/cast was -0.2%)
Annualised Q3 -3% vs +1.5% Q2 revised (F/cast was -0.7%)
Price Index Q3 vs -1.1% Q2
Capital Expenditure Q3 -3.8% QoQ vs +2.2% Q2 revised (F/cast was -0.6%)
External Demand Q3 +0.1% QoQ vs -0.3% Q2 (F/cast was -0.1%)
Private Consumption Q3 -1.1% QoQ vs +0.9% Q2 (F/cast was -0.4%)
Out at 12:30pm HK time
Capacity Utilisation Sept -7.3% MoM vs -3.9% Aug (F/cast was -1%)
Industrial Production Sept -2.3% YoY vs +8.8% Aug(F/cast was -2.3%)
Industrial Production Sept -5.4% MoM vs -3.6% Aug (F/cast was -5.4%)
S Korea 
Foreigners net buying Tech, Internet and Pharma (Celltrion +9.2% on +VE news from Europe of its covid treatment). Local Instituitons followed the foreigners to be net buyers. SamsungBio +3.8% as JY Lee to meet Moderna’s management.
Laggards Utilities and Telcos
Kospi opened higher and worked back to 3,000 level in the first hour and then traded sideways at that level but closed there +31pts (+1%) @ 3,000
Kosdaq opened higher and worked to 1,025 in early trading, eased but then worked slowly higher to close +20pts (+2%) @ 1,029
T/O remains slightly elevated.
Taiwan 
Taiex opened higher and tested to 17,683 in the first hour but since then drifting lower but seeing support at 17,600 and ticking higher into the close.
Leaders Internet, Financials, Industrials, Pharma and Property
Laggards Materials
T/O was US$13.55bn vs US$13.18bn Friday
CECC reported 9 new covid cases all imported.

Movers
Active Heavyweights

AIA (01299.HK) +1.950 (+2.344%) Short selling $277.53M; Ratio 9.349% closed at $85.15, up 2.3%
PING AN (02318.HK) -0.950 (-1.620%) Short selling $340.79M; Ratio 32.406% closed at $57.7, down 1.6%
TENCENT (00700.HK) +6.600 (+1.360%) Short selling $790.18M; Ratio 8.274% closed at $491.8, up 1.4%
BABA (09988.HK) -0.900 (-0.554%) Short selling $775.23M; Ratio 25.127% closed at $161.5, down 0.6%
MEITUAN (03690.HK) -0.200 (-0.069%) Short selling $628.28M; Ratio 19.197% closed at $289.6, down 0.1%

HSI & HSCEI Constituents on Move:
SUNAC (01918.HK) -1.960 (-11.502%) Short selling $731.95M; Ratio 8.769% closed at $15.08, down 11.5%
JD LOGISTICS (02618.HK) -1.950 (-6.084%) Short selling $29.41M; Ratio 11.691% closed at $30.1, down 6.1%
CG SERVICES (06098.HK) -3.600 (-5.751%) Short selling $349.28M; Ratio 36.822% closed at $59, down 5.8%
COUNTRY GARDEN (02007.HK) -0.370 (-4.805%) Short selling $156.23M; Ratio 40.721% closed at $7.33, down 4.8%
TECHTRONIC IND (00669.HK) +5.300 (+3.236%) Short selling $165.10M; Ratio 31.174% closed at $169.1, up 3.2%

HSMI & HSSI Constituents on Move:

SKYWORTH (00751.HK) +1.100 (+20.484%) Short selling $69.06M; Ratio 9.380% closed at $6.47, up 20.5%, hitting new high
SUNAC SERVICES (01516.HK) -2.760 (-16.667%) Short selling $112.75M; Ratio 3.495% closed at $13.8, down 16.7%
SHINSUN HOLD GP (02599.HK) -0.760 (-16.170%) Short selling $1.17M; Ratio 2.873% closed at $3.94, down 16.2%
POU SHENG INT'L (03813.HK) +0.190 (+15.574%) Short selling $2.41M; Ratio 13.525% closed at $1.41, up 15.6%
CHINA AOYUAN (03883.HK) -0.300 (-11.321%) Short selling $20.11M; Ratio 18.313% closed at $2.35, down 11.3%
SIHUAN PHARM (00460.HK) +0.150 (+10.204%) Short selling $24.91M; Ratio 14.597% closed at $1.62, up 10.2%

Market News Temasek may temporarily pause new investment in Chinese tech firms and wait for clearer regulation before deployment, given uncertainties from the Chinese government's sector rectification and investors' difficulty in making valuation, Nikkei citing the firm's Chief Investment Strategist Rohit Sipahimalani.

XPENG-W (09868.HK) revealed on Weibo that it will host a rebranding event at 2pm this coming Thursday (18th), at which newly designed logo is projected to be unveiled.

According to a market survey jointly conducted by the Hong Kong Trade Development Council (HKTDC) and HSBC, 71% of the interviewed start-ups in the Greater Bay Area (GBA) forecast their revenue to grow by over 25% in coming three years, while 18% of the companies even expected the revenue to stretch by over 1x. Also, the survey revealed that over 80% of the GBA start-ups foresaw they will be using services provided by Hong Kong in the next three years. 76.3% of the interviewed companies remarked that they will be tapping the banking services of Hong Kong, with 68.5% of them anticipating to use other services such as auditing and tax advisory.

Melco Resorts & Entertainment held a topping-out ceremony at Studio City Phase 2 at 1pm today (15th), and announced the relevant design concept and facilities, Macao Daily News reported. The Chairman Ho, Lawrence Yau Lung said the movie-featured Studio City Phase 2 cost the company US$1.3 billion with a land area of about 250,000 sq.m..
The building comprises of two high-end hotels housing 900 guestrooms and suites, along with large indoor and outdoor waterparks, as well as Cineplex cinema with six screens. The project is expected to be completed by 27 December 2022. Confident of the Chinese and Macau governments, Ho said the company will continue to work with them in diversifying development in Macau. He also revealed that 99% of new projects will carry non-gaming elements.

The Janus Henderson Global Dividend Index (JHGDI) for 3Q21 was released. Hong Kong's total dividend declined on EVERGRANDE (03333.HK)'s sharp payout cut and CNOOC (00883.HK)'s nearly halving of dividend from its peak value a year ago. These two firms alone burned away Hong Kong's 3Q dividend growth by 9 ppts. Therefore, the city's overall dividend grew only 4% to US$22.4 billion for the quarter, falling behind neighbors. China had a bountiful dividend in the third quarter by contrast, with an underlying payout growth of 15.7%, putting Chinese firms on track to post record dividends for the second straight year.

HKT-SS (06823.HK)'s CSL launched 12 5G service packages, with complimentary souvenirs of the local popular male idol group MIRROR. Bruce Lam, Managing Director of CSL Mobile Limited, expressed that the company's current 5G coverage is above 90%, hoping to further boost the 5G customer growth and ARPU through the launch of the new 5G plans.

RAZER (01337.HK) revealed that the company has tracked  outstanding sales performance during this year's "Double 11" shopping festival, with its premium flagship peripheral products topping the sales chart on both Tmall and JD.com. The sales volume of the premium e-sports chairs, in particular, rocketed 2000% YoY on both platforms.

Hong Kong government is weighing to issue green bonds denominated in EUR and USD, and has hired banks to arrange a series of investor calls from today (15th), reported Bloomberg News, citing sources.

Bad-debt manager China Great Wall Asset Management's international department would discuss a possible issue of senior unsecured USD bonds at today's global investor teleconference, having engaged bankers in the potential deal, Bloomberg citing sources.

The Office of the Government Chief Information Officer (OGCIO) announced that more than 1 million users have registered for the "iAM Smart" one-stop personalised digital service platform and over 160 commonly used government, public and private online services are now accessible through the platform.

In October, China manifested a new record in automobile exports, as revealed by the statistical analysis of China Association of Automobile Manufacturers (CAAM). Among which, the NEV export growth contribution reached 43.3%. During the month, China's automakers exported 231,000 vehicles, a MoM increase of 33.8% and a YoY increase of 1.1 times.

News of Wanda Group Chairman Wang Jianlin passing away had earlier been spread across China online. Wanda later clarified that this is merely rumor, and said they have reported the case to the police.
Wang Jianlin hosted the Wanda Group Innovation Work Promotion Conference today (15th), according to the press release of Wanda on its official website.

Airport Authority Hong Kong (AAHK) announced that, for October 2021, the cargo throughput of Hong Kong International Airport (HKIA) was 462,000 tonnes, a double-digit increase of 14.7% compared to the same month last year.  The airport also handled 137,000 passengers and 14,000 flight movements, representing year-on-year increases of 72.6% and 28.7%, respectively, the announcement added.

CATHAY PAC AIR (00293.HK) acknowledged that two of its freighter pilots tested positive for COVID-19 in Hong Kong after they operated a cargo flight from Frankfurt. The group expressed that, starting from 1 November, all air crew who stayed in Frankfurt are required to conduct a 21-day quarantine at a government designated quarantine facility upon return to Hong Kong.

People's Bank of China (PBOC) announced that it will issue RMB10 billion of three-month RMB central bank bills and RMB15 billion of one-year bills in Hong Kong by way of tender on the coming Friday (19th).


Pre Market News

The Hong Kong Tourism Board (HKTB) announced that the provisional visitor arrivals for October were 9,353, a 19.6% increase year on year. Over the period, the number of Mainland visitors stretched 37.8% to 6,680, while that of non-Mainland visitors dropped 9.9% to 2,673.

MINSHENG EDU (01569.HK)  announced that Open Education (a subsidiary of the Company) and MOE Planning Centre entered into the cooperation agreement.  Accordingly, Open Education will provide enrollment, evaluation and training services to the “Internet +” projects of the MOE Planning Centre with universities; promote the traditional digital transformation of disciplines; and build a new type of online industry college - the “digital teacher college” to help colleges and universities train digital teachers.

UBS, one of the major holders of EVERGRANDE (03333.HK)'s bonds, confirmed that Ross Dilkes, its Asian Bond Fund Manager, will resign, without providing any reason for his departure, Bloomberg reported.  A US$3 billion Asia-focused fixed income fund of UBS, holding a large exposure to EVERGRANDE, is managed by Dilkes, the report said. Dilkes' fund has dropped about 18% by far this year, around half of which assets are linked with real estate, according to data. The fund's size has shrunk by about US$500 million since September when EVERGRANDE's debt crisis sparked concern on China's real estate.
As of the end of September, UBS held approximately US$274 million in EVERGRANDE's bonds. The abovementioned fund is also heavily exposed to SUNAC (01918.HK) and KAISA GROUP (01638.HK)

HSBC HOLDINGS (00005.HK) announced that it repurchased 4.0714 million shares of the company in the London market last Friday (12th), at a price ranging between GBP4.3225 and GBP4.361, with a volume
weighted average price of GBP4.3401, involving GBP17.6703 million (HKD184.7 million).

FANTASIA (01777.HK) proposed to convene the second bond-holder meeting on the coming Friday (19th), during which the company intends to propose a partial payment extension for the "19 Fantasia" bond interest for the period from 5 July 2021 to 4 July 2022, with 20% of the interest to be settled as scheduled on 5 July 2022 and the remaining 80% to be settled by 5 July 2023, reported Bloomberg News.  The company likewise proposed to delete the agreement relating to "the situation under which the principal and interest repayment of the bond have been severely affected due to default and/ or irregular behavior of the issuer" which is previously outlined in the terms of default responsibility, the report added.

CHINA AOYUAN (03883.HK) announced that it will sell multiple properties at Robinson Road, Hong Kong, to Ng Norman Tang Fai, an independent third party, for a consideration of HK$900 million in cash. The sales also include all sum owed by the target group to the vendor, which is the group's subsidiary that owns the relevant properties.  The group is expected to recognise an estimated loss of approximately HK$177 million from the disposal. The net proceeds from the disposal are intended to be applied for repayment of the loan facility and general working capital of the group, the announcement added.

NEW ORIENTAL-S (09901.HK) announced that, in compliance with the Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education, published by the General Office of the CPC Central Committee and the General Office of the State Council, regulations and measures, the company plans to cease offering tutoring services related to academic subjects to students from kindergarten through grade nine at all learning centers across China by the end of 2021. The company expects that the cessation will have a substantial adverse impact on the company’s revenues for the fiscal year ending May 31, 2022 and subsequent periods. In the fiscal years ended May 31, 2020 and 2021, the revenues from offering K-9 Academic AST Services accounted for approximately 50% to 60% of the company’s total revenues for each fiscal year, the announcement added.

YUEXIUTRANSPORT (01052.HK) announced that the SZSE has issued a no objection letter in respect of the proposed spin-off and listing of CAMC-Yuexiu Expressway Close-end Infrastructure Securities Investment Fund, and the CSRC has approved the registration of the REIT.

The U.S. government has denied Intel Corporation (INTC.US)'s plan on boosting wafer production in China due to security concerns, reported Bloomberg News, citing people familiar with the matter. Intel previously proposed to build a silicon wafer factory in Chengdu, China, which is estimated to commence production by the end of next year, in hope to ease the global chip supply shortage, the report added.

SUNAC (01918.HK)  announced the proposed top-up placing of 335 million shares at HK$15.18 per share, representing around 6.7% of the issued share capital as enlarged. The placing price represents a discount of approximately 10.9% to the closing price on the last trading day.  The gross proceeds from the subscription are expected to be approximately HK$5.085 billion (equivalent to approximately US$653 million). Equally, SUNAC would place 158 million SUNAC SERVICES (01516.HK)  shares at a price of HK$14.75 per share, representing a discount of approximately 10.9% to the closing price on the last trading day. The shares represents around 5.1% of the total issued share capital of SUNAC SERVICES.  The gross proceeds from the Sunac Services shares placing are approximately HK$2.331 billion (equivalent to approximately US$299 million).

CNOOC (00883.HK) announced that the Company has submitted the application materials in respect of the RMB Share Issue, including the Initial Public Offering  of RMB Share Prospectus, to CSRC, and has recently received a letter of acceptance issued by the CSRC regarding the Company’s application for the RMB Share Issue.

China's national electricity consumption burgeoned 6.1% yearly to 660.3 billion kWh in October given a continuously steady economic revival, according to latest data from National Energy Administration (NEA). The figure showed a 14% growth from that in the same period of 2019.

Huawei, Haier and CHINA MOBILE (00941.HK) jointly announced the breakthroughs on the implementation of innovative manufacturing solutions combining 5G and mobile edge computing in smart factories. Developed at the joint-innovation base, the solutions integrate 5G edge computing with artificial intelligence and particularly machine vision in manufacturing environments. They are applicable to various manufacturing scenarios where they can perform a variety of functions, the announcement added.

The Cyberspace Administration of China issued a notice to solicit public opinions on Network Data Security Management Law (Draft for Comments), indicating the country's multi-level protection system setup.  Accordingly, big internet platform operators with over 100 million daily active users shall be evaluated by CAC-accredited third-party agencies before unrolling platform rules, private policy formulation or revision with material user rights impact. These operators should also seek approval from cyberspace and competent telecoms authorities at provincial level and above.

China Banking and Insurance Regulatory Commission (CBIRC) requested that China should tirelessly prevent and resolve relevant financial risks, and endeavor to balance stable growth and risk-prevention.  CBIRC also remarked that multiple stabilizing measures on land prices, home prices and expectations will be rolled out to prevent the property sector from forming bubbles, and to foster stable and benign development of the entire sector in the long-run.

China's Foreign Minister Wang Yi expressed during a phone conference with the U.S. Secretary of State Antony Blinken last Saturday (13th) that the Chinese President Xi Jinping will be holding a video conference with the U.S. President Joe Biden today.   Wang remarked that the upcoming summit meeting is extremely crucial to the international relations and that people from both countries and the international community are hoping for a favorable outcome from the meeting.

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