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Concerns over inflation impacted the region.
Alibaba earnings and conference call tomorrow
S Korea will open 1 hour later Thursday of Entrance Exams
HSI -64pts (-0.3%) 25,650 HSCEI -33pts (-0.4%) 9,193 T/O HK$109.78bn (-16.2% DoD)
HK/CHINA Connect Flows
Northbound Rmb 39,989m Sell 20,511m vs 19,478m Buy
Southbound HK$ 9,307m Sell 4,872m vs 4,435m Buy
Northbound Rmb 51,476m Sell 25,341m vs 26,135m Buy
Southbound HK$ 9,942m Sell 4,675m vs 5,267m Buy
Markets open flat and working slightly higher as investors react to increase inflation pressure, with the UK CPI at its highest for about a decade with Energy and Autos costs surging. BoE now expected to raise rates in December. Tech +VE but Travel & Leisure weak as covid surges.
Earnings before the bell came from Sage, British Land and Experian, among others.
Out later Construction Output, Core Inflation Rate, Inflation Rate
Inflation Rate Oct 4.2% YoY vs 3.1% Sept (F/cast was 3.7%)
Inflation Rate Oct 1.1% MoM vs 0.3% Sept (F/cast was 0.7%)
Core Inflation Rate Oct 3.4% YoY vs 2.9% Sept (F/cast was 3%)
Core Inflation Rate Oct 0.7% MoM vs 0.4% Sept (F/cast was 0.3%)
Retail Price Index Oct 6% YoY vs 4.9% Sept (F/cast was 5.4%)
Retail Price Index Oct 1.1% MoM vs 0.4% Sept (F/cast was 0.5%)
PPI Core Output Oct 6.5% YoY vs 6% Sept revised (F/cast was 6%)
PPI Core Output Oct 0.7% MoM vs 0.6% Sept revised (F/cast was 0.4% )
PPI Output Oct 8% YoY vs 7% Sept revised (F/cast was 7%)
PPI Output Oct 1.1% MoM vs 0.7% Sept revised (F/cast was 0.4%)
PPI Input Oct 13% YoY vs 11.9% Sept revised (F/cast was 11.7%)
PPI Input Oct 1.4% MoM vs 0.8% Sept revised (F/cast was 0.7%)
Data due MBA Mortgage Applications and 30 yr Mortgage Rate, MBA Purchase Index, MBA Mortgage Refinance Index, Housing Starts, Building Permits, EIA Oil Report
Earnings NVIDIA, Target, Cisco Systems, Baidu, Lowe’s, Copa Holdings, Bath & Body Works, Victoria’s Secret, Sonos
Fed Speaker Chicago Fed President Charles Evans
CHINA CSI 300 closed +2pts (0.05%) @ 4,886
CSI 300 opened flat but initially sold down to 4,865 around 10am but then spiked back to 4,891 and then trended lower into lunch. PM saw an initial uptick but then sold down to 4,870 before climbing back to trade around flat with a small rally into the close.
Baijiu weak ahead of earnings but ZJ Sanhua at one point limit down after news its customer Gree is to acquire competitor Dun’an (limit up).
Lithium plays +VE on price rises
Leaders Lithum, Solar, Rare Earth, Military
Laggards Banks, Liquor and Agri
Shanghai Comp +16pts (+0.4%) @ 3,537 T/O US$57,427m (-9.6% DoD)
Shenzhen Comp +97pts (+0.7%) @ 14,711 T/O US$100,208m (-3.7% DoD)
ChiNext Comp +49pt (+1.3%) @ 3,704
Pre market opened @ 25,668 -46pts vs -89pts ADR’s but sold down to 25,520 around 10am but then rebounded but resistance around 25,650 and eased back to 25,600 at lunch time. PM opened at flat but dipped and found support around 25,560 before working back to 25,600 and traded around there and ticked higher in the closing auction.
Tencent +VE continued southbound flows but other Ecommerce names weak. Alibaba weak on news it’s leading a group looking to takeover Unigroup for $8bn will announce earning tomorrow. Netease weak despite good results and news of a buyback.
Techtronics shorts squeezed after good numbers from Home Depot and Chipmakers +VE too.
Chinese Developers remain weak despite talk of China easing funding curbs along with Tech hardware makers on poor demand outlook. Shippers weak as frieght rates continue to ease.
HONG KONG DATA
SHORT SELLING HSI Wednesday 21.3% vs 16% Tuesday
Top shorts Bud APAC (1876) 53%, HSBC (5) 51%, Country Garden (2007) 44%, Sunny Optical (2382) 41%, ICBC (1398) 41%, Henderson Land (12) 41%, Sands China (1928) 39%, Baba-SW (9988) 39%, Bank of China (3988) 36%, China Res Land (1109) 34%, BoC Hong Kong (2388) 34%, Citic (267) 33%, Haidilao (6862) 33%, CM Bank (3968) 32%, Longfor (960) 32%, Hengan (1044) 32%, CG Services (6098) 32%, Petrochina (857) 31%, Power Assets (6) 31%, Shenzhou (2313) 30%, Wuxi Bio (2269) 28%, Galaxy Ent (27) 27%, ACC Tech (2018) 26%, Techtronics (669) 26%, China Overseas (688) 25%.
AFTER MARKET NEWS
BIDU-SW (09888.HK) announced the result for 3Q ended 30 September 2021. The company recorded a net loss of approximately RMB16.559 billion, compared to a net income of about RMB13.678 billion in 3Q20. The loss per ADS was RMB48.18. The non-GAAP net income amounted to RMB5.09 billion, down 27% YoY. Non-GAAP earnings per ADS was RMB14.66.
CATHAY PAC AIR (00293.HK) announced that it has carried a total of approximately 76,000 passengers in October 2021, an increase of 98.3% compared to October 2020, but a 97.2% decrease compared to the pre-pandemic level in October 2019. The airline carried about 137,000 tonnes of cargo last month, an increase of 19.8% compared to October 2020, but a 25.2% decrease compared with the same period in 2019.
Chief Customer and Commercial Officer of the airline, Ronald Lam, expressed that the company has been able to achieve close to operating cash breakeven for the four-month period from July to October 2021.
Responding to previous reports that the U.S. asked China to release oil reserves to aid stabilizing the soaring global oil prices, Zhao Lijian, a spokesperson of China's Ministry of Foreign Affairs (MoFA) said at a press conference that the Chinese President Xi Jinping and the U.S. President Joe Biden did in fact touch upon the issue of energy security during the virtual summit meeting held yesterday (16th).
In particular, Xi stated that China and the U.S. should join forces to guide the international community to safeguard the global energy security and strengthen the cooperation in the fields of natural gas and new energies.
Jon Cunliffe, deputy governor of the Bank of England (BoE), expressed on a BBC program that the rapid growth of virtual currency assets such as bitcoin and their integration into the mainstream financial system have rendered such currency more likely to constitute threat to the global financial stability. Cunliffe contended that the regulatory and legislative institutions should ponder on the relevant issues very seriously.
Market opened flat but dipped initially then traded sideways (7,430 to 7,390) but then trended lower to 7,343 around 3pm and then saw a small bounce at the end to close -51pts (-0.7%) @ 7,370.
The biggest drag on the market was Commonwealth Bank -8% off-setting gains in 9 of the 11 sectors. Miners +VE as Iron Ore prices rebounded and oil ticked higher.
Platium Asset Mgt -1.8% as shareholders revolt against executive pay
Lending Index Oct 0.16% MoM vs -0.01% Sept revised (F/cast was 0.1%)
Wage Price Index Q3 0.6% QoQ vs 0.4% Q2 (F/cast was 0.3%)
Wage Price Index Q3 2.2% YoY vs 1.7% Q2 (F/cast was 1.9%)
Nikkei opened higher but sold down dropping to 29,624 before a bounce into lunch. PM it tracked higher but sold down in the last 25 mins to close -120pts (-0.4%) @ 29,688
Topix traded in a similar pattern, morning low was 2,037. Small rebound in the PM but sold down to close -13pts (-0.6%) @ 2,038
Leaders Miners, Precision Instruments, Metal products and Oil/Coal
Laggards Airlines, Services, Glass/Ceramic, Pharma
Yen dips to near 115 but poor export numbers and inflation concerns outweigh. Talk that Govt may be considering increasing capital gains tax -VE for sentiment.
Toshiba weak as S&P places it on ‘watch’ negative on spin off. Recruit sees another day of selling despite good earnings. Re-open plays also weak.
Data pre market
Balance of Trade Oct ¥-67.4B vs ¥-624.1B Sept revised (F/cast was ¥-460B
Exports Oct 9.4% YoY vs 13% Sept (F/cast was 12%)
Imports Oct 26.7% YoY vs 38.6% Sept (F/cast 33%)
Machinery Orders Sept 0% MoM vs -2.4% Aug (F/cast was 1.3%)
Machinery Orders Sept 12.5% YoY vs 17% Aug (F/cast was 20%))
Local Institutions net sellers focused on large caps, Foreigners largely sidelined but continue to buy Internet and Tech.
Resurgence of covid a concern. Focus on NFTs, Metaverse and crypto
Tomorrow markets open 1 hour later for College Entrance Exams and close 1 hour later.
Kospi opened higher at 3,004 but sold down, initially saw some support around 2,970 briefly trended lower but closed on an uptick -35pts (-1.2%) @ 2,962
Kosdaq followed a similar pattern currently -4pts (-0.4%) @ 1,031
Laggards Pharma, Insurance and Shipping.
Leaders Games on hopes of a windfall from NFT’s
Taiex opened higher and traded sideways in choppy trading, range was 17,764/700 to close +71pts (+0.4%) @ 17,764
Leaders Financials, Healthcare, Consumer.
Laggards Energy, Materials, Shippers
T/O was US$14.2bn vs US$13.61bn Tuesday
CECC reported 5 new covid cases all imported
MEITUAN (03690.HK) -4.800 (-1.614%) Short selling $252.40M; Ratio 15.070% closed at $292.6, down 1.6%
TENCENT (00700.HK) +6.500 (+1.294%) Short selling $753.67M; Ratio 12.943% closed at $509, up 1.3%
HKEX (00388.HK) -4.400 (-0.944%) Short selling $163.60M; Ratio 16.851% closed at $461.6, down 0.9%
AIA (01299.HK) -0.500 (-0.583%) Short selling $72.31M; Ratio 10.660% closed at $85.3, down 0.6%
CCB (00939.HK) -0.030 (-0.569%) Short selling $72.54M; Ratio 21.386% closed at $5.24, down 0.6%
PING AN (02318.HK) +0.200 (+0.342%) Short selling $241.74M; Ratio 38.005% closed at $58.6, up 0.3%
BABA (09988.HK) -0.400 (-0.242%) Short selling $274.60M; Ratio 25.457% closed at $164.8, down 0.2%
HSI & HSCEI Constituents on Move:
SUNNY OPTICAL (02382.HK) -10.000 (-4.367%) Short selling $244.92M; Ratio 33.957% closed at $219, down 4.4%
CG SERVICES (06098.HK) -2.600 (-4.224%) Short selling $33.68M; Ratio 18.698% closed at $58.95, down 4.2%
SUNAC (01918.HK) -0.580 (-3.811%) Short selling $58.77M; Ratio 12.652% closed at $14.64, down 3.8%
TECHTRONIC IND (00669.HK) +6.000 (+3.641%) Short selling $124.34M; Ratio 26.563% closed at $170.8, up 3.6%
NTES (09999.HK) -6.600 (-3.605%) Short selling $206.95M; Ratio 39.806% closed at $176.5, down 3.6%
CHINA GAS HOLD (00384.HK) +0.620 (+3.551%) Short selling $5.66M; Ratio 7.112% closed at $18.08, up 3.6%
HAIDILAO (06862.HK) -0.700 (-3.302%) Short selling $27.12M; Ratio 26.062% closed at $20.5, down 3.3%
HSMI & HSSI Constituents on Move:
KOOLEARN (01797.HK) +1.020 (+17.143%) Short selling $3.38M; Ratio 1.990% closed at $6.97, up 17.1%
SHINSUN HOLD GP (02599.HK) -0.550 (-13.750%) Short selling $109.95K; Ratio 0.857% closed at $3.45, down 13.8%
MINTH GROUP (00425.HK) +4.450 (+13.205%) Short selling $19.02M; Ratio 14.941% closed at $38.15, up 13.2%
HBM HOLDINGS-B (02142.HK) +0.840 (+10.593%) Short selling $596.10K; Ratio 2.482% closed at $8.77, up 10.6%
A BABA-SW (09988.HK)-led consortium has emerged as the frontrunner to acquire Tsinghua Unigroup, a deal that could provide over RMB50 billion to the indebted Unigroup, reported Bloomberg News. The consortium also includes a fund that is backed by the Zhejiang government, the report added. The central government is now leaning towards the acquisition proposal submitted by BABA-SW, given the e-commerce giant’s financial capability and the potential synergy effect between its cloud business and semiconductor operation, certain sources remarked.
BABA-SW (09988.HK) announced that its Southeast Asian e-commerce platform, Lazada, held the "Lazada 11.11 Our Biggest One-Day Sale" ("Lazada 11.11") on 11 November, which wooed around 800,000 brands and merchants to join, a double over a year ago. During the first two hours of the shopping carnival, Lazada processed orders representing about 2,000% of the full-day amount in normal days.
Regarding China's request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Australian Trade Minister Dan Tehan said Australia and China shall sit down and work through market access problems, Bloomberg reported. Both sides will need some sort of ministerial conversation as part of a process for China to join a regional trade deal.
New York Stock Exchange President Stacey Cunningham saw Chinese firms' appetite for U.S. listings and investors' appetite for those companies once Beijing and Washington resolve the impasse in regulatory scrutiny, reported Bloomberg. NYSE will have to strike a balance between protecting investors and gaining opportunity to access fast-growing firms.
The first batch of eight cloud storage firms (including Baidu Wangpan and Tencent Weiyun) collectively signed the Self-discipline Convention for User Experience Protection in Personal Cloud Storage Service Business, under the guidance of MIIT's Information and Communications Development Department and the arrangement of ISC and CAICT. Accordingly, these players pledged to roll out products without difference between upload and download speeds within 2021.
Several regional companies under EVERGRANDE (03333.HK)’s Fangchebao were almost dissolved due to capital and business contraction, leaving just some staff members for follow-up actions, Cailian Press citing sources. The latest update of the Fangchebao app dated back to early November.
China is expediting plans to replace technology from the U.S. and other foreign countries, reported Bloomberg News. Founded in 2016 to advise the government, China's Information Technology Application Innovation Working Committee has now been appointed by Beijing to set out industry standards and cultivate personnel to operate trusted software. The committee will formulate and execute the "IT Application Innovation" plan and has been empowered to select from a range of vetted suppliers under the project, to provide technology for sensitive sectors, including banking and data centers storing government information, the report added.
Favorable factors like the pandemic, supply chain imbalance and labor shortage will begin to fade next year, pushing a solid growth phase worldwide through 2023, according a report from Moody's. The rating agency predicted G20 economies to collectively grow 4.4% in 2022 and 3.2% in 2023, propelled by strong household expenditure, inventory restocking and rising capital expenditure.
Ant Bank (Hong Kong) Limited announced the appointment of Yvonne Leung as Chief Executive with effect from 3 November. Since joining Ant Bank (Hong Kong) in November 2019, Yvonne Leung was subsequently appointed as Alternate Chief Executive and managed to lead the team to plan and execute initiatives, including setting up its business development strategy, designing the blueprint for building product lines, and defining different commercial imperatives and action plans. She is a seasoned banker who possesses more than 20 years of experience working in the banking industry. Her past roles have covered retail banking, product innovation and digital transformation.
AGILE GROUP (03383.HK) announced that the Company has remitted funds to the designated bank account of the trustee for the redemption of the outstanding Senior Notes in the principal amount of US$190 million in full on 18 November 2021 at their outstanding principal amount together with interest accrued to the Maturity Date.
The Company considers that there will be no material impact on its financial position as a result of the redemption. There will be no outstanding Senior Notes in issue after the redemption.
PA GOODDOCTOR (01833.HK) announced to have established a strategic partnership with Tongshu Gene, through which the two parties will focus on precision oncology therapies and provide integrated disease management service to cancer patients. The number of registered users on PA GOODDOCTOR's platform has zoomed past 400 million, while the number of medical consultations conducted by the company in the past 12 months reached nearly 1.2 billion.
Overnight HIBOR last posted at 0.04286%, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.08054%, marking a 1-month high.
Digital Realty opened its second data centre in Hong Kong today (November 17). The multi-storey data centre is strategically located in Hong Kong's developing data centre cluster in Kwai Chung, spans 21,000 square metres and can deliver up to 24 megawatts of critical information technology capacity. It is expected to support the development of PlatformDIGITAL, Digital Realty's first-of-its-kind global data centre platform for scaling digital business Digital Realty is one of the largest global providers of carrier- and cloud-neutral data centre, colocation and interconnection solutions.
FedEx Corporation (FDX.US) is folding its Hong Kong pilot base as the city lacks a clear timeline for when it will get back to normal, reported South China Morning Post. A memo from FedEx System Chief Pilot Robin Sebasco said the company needs to adapt to economic, regulatory and business environment across the world. The decision to shut down the Hong Kong base has provided a guidance of stability to team members. The decision will unlikely affect FedEx's flights out of Hong Kong, which will be operated by pilots from Oakland, California, claimed Sebasco.
The U.S. Federal Reserve asked ICBC (01398.HK)'s New York branch to fix risk management deficiencies uncovered during examinations. Both sides struck an agreement, pursuant to which ICBC agreed to submit a written plan to step up senior management's supervision of risk management and internal control. The management will also take actions to ensure the branch's executives would exercise effective control and oversight. No fines were resulted from the punitive measures, according to the people.
CATHAY PAC AIR (00293.HK) is to ask Hong Kong-based pilots to live outside the city for two to four months in order to avoid the quarantine policy. The airline is exploring different options for interested pilots and reviewing the aircrew's roster patterns to maintain its cargo network, a Cathay spokesperson said.
Suzhou Municipal People's Government announced that the Suzhou base of BABA-SW (09988.HK) has been officially launched, which is home to technology and operation teams of various brands including Taobao, Tmall, Ele.me, Koubei, Fliggy, Cainiao, etc.
EVERGRANDE (03333.HK) issued an internal notice today (17th) that the company plans to reshuffle its institutional setting according to its strategic development need, and that it intends to complete the relevant institutional consolidation and staff overhaul prior to 30 November, Cailian Press reported. The regional company of real estate group will merge a series of departments, such as bidding and purchasing department, investment department and marketing department, into one unit - the project engineering development department, report said.
S&P Global Ratings lowered CHINA AOYUAN (03883.HK)'s long-term issuer credit rating from 'B' to 'CCC', and the long-term issue rating on the company's outstanding senior unsecured notes from 'B-' to 'CCC-'.
The negative outlook indicated that the developer could face huge near-term liquidity strain, given subdued ability to pay debt using existing cash balance, massive maturities next year and weaker cash generation.
Related NewsCITIC Sec Sees PBoC's Clear Intention to Ensure Fair Housing Finance Demand, CN Property Sales Uptrend from Mar 2022
CHINA AOYUAN's sales may remain feeble in the next six to 12 months, along with contracted sales slide of 3%-5% in 2021 and 2022. This would curb CHINA AOYUAN's ability to address repayment pressure and its internal resources to restore liquidity.
Hisense is planning to acquire the traffic lights and other road traffic control systems businesses of Siemens for nearly USD1 billion, reported Chinese media, citing sources. Previous reports had suggested that Siemens is mulling to spin off its intelligent transportation business by FY2021 and start selling it this summer.
Pre Market News
TENCENT (00700.HK) sold approximately 114 million shares of HENGTEN NET (00136.HK) on market yesterday (16th), at an average price of $1.5912 per share, cashing in about $181 million, according to the Stock Exchange's disclosure. As a result, TENCENT's stake in HENGTEN NET was reduced from 21.71% to 20.48%.
Tai Hung Fai Enterprise applied to Town Planning Board for the rezoning of Travelodge Kowloon Hotel and its adjacent several "Tong Lau" buildings from the purpose of "business" to purposes for residential/ shops/ services/ restaurants. The Enterprise plans to rebuild the property into a 28-storey commercial/ residential building, offering 230 flats, which is expected to be completed in 2027.
The U.S. has seen an overall MoM net capital outflow of USD26.8 billion in September 2021, ending the streak of monthly net inflow, according to data from the U.S. Department of The Treasury.
China added its holdings in the U.S. Treasury securities by USD600 million in September, bringing the country's total holding to USD1.0476 trillion and rendering it the second largest holder of U.S. Treasury bonds.
KAISA GROUP (01638.HK)'s Kaisa Securities previously announced to halt the account opening of Chinese clients and urged the relevant clients to withdraw their securities and cash by Friday (19th). However, certain persons who claimed to be the clients of the company expressed that Kaisa Securities has postponed the withdrawal refund of USD and HKD under the reason of large-amount withdrawal. Futu Holdings (FUTU.US) 's founder Leaf Li Hua remarked on social platform that Futu will not take similar measures and that the group's operation remains normal. Li criticized Kaisa Securities' action as placing the blame on the regulatory measures imposed by the Chinese government, where, in fact, the relevant regulatory department has made no such request.
CHINA JINMAO (00817.HK) announced that last Wednesday (10 November), Tianjin Donghui, a wholly-owned subsidiary of the Company, proposed to sell its 90% equity interest in Qingdao Fangjia Properties (with three residential land parcels in Qingdao City, Shandong) to Qingdao Qingyuehui at a consideration of around RMB2.428 billion. The gain from the Disposal is expected to be approximately RMB459 million.
NTES-S (09999.HK) 's online music platform NetEase Cloud Music has passed the listing hearing of HKEX and has reinitiated its plan for a Hong Kong listing. The company is estimated to utilize the raised proceeds from the listing on M&A and strategic investment. NetEase Cloud Music is scheduled to go public by the end of the year and is hoping to raise USD1 billion through the listing, reported the Wall Street Journal, citing sources
HSBC HOLDINGS (00005.HK) announced that it repurchased 1.635 million shares of the company in the London market yesterday (16th), at a price ranging between GBP4.3605 to GBP4.413, with a volume
weighted average price of GBP4.3895, involving GBP7.1767 million (HKD75.05 million).
Macau Chief Executive Ho Iat-seng expressed that the public consultation work on the gaming law reform has just completed, and that the government is now processing all the information and opinions obtained, before reflecting so on the drafted bill, according to an announcement from the Information Bureau of Macau.
Ho remarked that the government is aware of the fact that certain gaming licenses will expire by next year, reassuring citizens that an extension mechanism for the gaming concession is already in place, should the relevant departments fail to begin the re-tendering work before the expiry date. He also contended that Macau's border could be reopened to travel tours from certain provinces and cities of China if the vaccination rate reaches 80%, reported Macao Daily News.
Remarking that Macau's current vaccination rate at 70% is still a long way behind the target of 80%, Ho urged the citizens to receive vaccination as soon as possible.
TENCENT (00700.HK) announced that, yesterday (16th), the Board has resolved to issue approximately a total of 8.399 million new shares pursuant to the general mandate granted by the shareholders of the company, representing approximately 0.0875% of the company’s enlarged issued shares, for the purpose of awarding awarded shares to not less than 16,800 awarded persons under the Share Award Schemes.
Shanghai has started collecting the individual residential property tax for 2021, marking the 11th year of its pilot individual housing estate tax program, as The Paper learnt from the Shanghai Municipal Tax Service of the State Taxation Administration. On 27 January 2011, the Shanghai Municipal People's Government issued the Interim Measures of Shanghai Municipality for Levying Property Tax on Some Individual Residential Properties on a Pilot Basis, and decided to launch the pilot operation according to the spirit of the 136th executive meeting of the State Council.
NTES-S (09999.HK) (NTES.US)'s founder and CEO, Ding Lei, expressed at the result phone conference that the company is capable and well-prepared for developing metaverse and that it will ignite the metaverse project when the time is ripe. On another note, Ding remarked that NTES-S will continue to expand its R&D investment in the future and endeavor to transform abstract concepts into applications, so as to create social value.
CATL (300750.SZ) has set up a branch in South Korea to support Hyundai Motor in supplying its lithium iron phosphate battery, reported foreign media, citing people familiar with the matter.
UK electric motor maker Saietta Group announced the acquisition of e-Traction, a supplier of electric drivetrain systems, from EVERG VEHICLE (00708.HK). The transaction amount was EUR2 million (around RMB14.6 million), according to media reports. EVERG VEHICLE has wiped away loans to e-Traction approximating EUR21.2 million (equivalent to around RMB155 million) as part of the deal.
EVERGRANDE (03333.HK) Chairman Hui Ka Yan has pumped over-RMB7-billion cash in total into the group since 1 July through selling personal assets or pledging equities so as to maintain the group's liquidity, China Business Network cited people with the knowledge of the matter. While the company has not resorted to financing or sales stall, it needs to guarantee 10% monthly payment of wealth, payroll for headquarter staff, payment of domestic and foreign bond interests, and resumption of project construction nationwide, people familiar with the matter said, who stated Hui is "sustaining life" of EVERGRANDE by pooling money on his own.
CHINA RAILWAY (00390.HK) announced that recently, the Company has won the bids for 33 material projects with a bid amount of RMB81.695 billion in aggregate, representing approximately 8.4% of the operating revenue of the Company in 2020 prepared under the China Accounting Standards
CHINA RAIL CONS (01186.HK) announced that recently, the Company has won the bids for 11 major projects with a total project amount of RMB98.721 billion, accounting for 10.84% of the Company's operating income for 2020.