Nov 26 HK China Wrap Asia sells down on new covid concerns and China regulation.


26 Nov

This and previous notes can be found at Substack ( Asian Market Sense )
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HSI -660pts (-2.7%) 24,081 HSCEI -234pts (-2.7%) 8,576 T/O HK$129.79bn (+19.5% DoD)  

HK/CHINA Connect Flows
Shanghai
Northbound Rmb 43,067m Sell 23,155m vs 19,911m Buy
Southbound HK$ 14,333m Sell 6,326m vs 8,007m Buy
Shenzhen
Northbound Rmb 51,642m Sell 26,443m vs 25,199m Buy
Southbound HK$ 15,200m Sell 7,960m vs 7,240m Buy

Europe
Markets sold down heavily on news of the new highly contagious covid variant, which comes as many nations already see a spike in new convid cases. After the initial selling markets are seeing a bounce.
Ahead

Eurozone
Loans to Households Oct 4.1% YoY vs 4.1% Sept (F/cast was 4.1%)
Loans to Companies Oct 2.5% YoY vs 2.1% Sept (F/cast was 2.2%)
M3 Money Supply Oct 7.7% YoY vs 7.5% Sept revised (F/cast was 7.2%)
Germany 
Import Prices Oct 21.7% YoY vs 17.7% Sept (F/cast was 19.5%)
Import Prices Oct 3.8% MoM vs 1.3% Sept (F/cast was 1.9%)
France 
Consumer Confidence Nov 99 vs 99 Oct (F/cast was 97)
UK 
Car Production Oct -41.4% YoY vs -41.5% Sept (F/cast was -26%)
US Futures
Opened slightly +VE but then sold down currently Dow -794pts, S&P and NDX -VE too.

CHINA CSI 300 closed -37pts (-0.7%) @ 4,860
CSI 300 opened lower and bounced from 4,873 back to the opening level but then from around 10am trended lower to 4,860 just before lunch. PM initially sold down on local cluster covid concerns which prompted Shanghai to cancel 30% of flights. But then recovered and effectively traded sideways into the close.
Brokers being investigated over risk management systems -VE expect more regulation ahead.
Leaders Digital Currency plays, Rare Earth, Salt Lake Lithium
Laggards Airlines, Auto Chips, Household Goods and Coal

Shanghai Comp -20pts (-0.6%) @ 3,564 T/O US$61,734m (-3.3% DoD)
Shenzhen Comp -51pts (-0.3%) @ 14,777 T/O US$104,110m (+0.7% DoD)
ChiNext Comp -5pt (-0.1%) @ 3,768

CHINA DATA
None


HONG KONG 
Pre market opened @ 24,503 -238pts, with Ecommerce names weak; Meituan -2.3% ahead of results along with HSBC and AIA Only Hengan +VE in the Index. Initially found support at 24,300 level and bounced but then the news of Didi being asked to delist from US hit and market sold down further, current support at 24,200 in the AM session. PM saw the market sell down as Europe came but bounce to traded around 24,150 but then sold down around 3pm to trade around 24,100 into the close.
Ecommerce names leading the decline as Didi asked to delist from the US but Financials, Macau, Consumer and Tech names also weak.
PM saw more notices from the regulator over advertising and use of money receiving QR codes and other aspects of online business -VE for sentiment. Only CSPC Phama closed in the green.

HONG KONG DATA
The Centre for Health Protection (CHP) of the Department of Health (DH) announced four additional confirmed cases of COVID-19. 
The newly reported cases are imported cases. Three of the cases involved mutant strains while the mutation test result of the remaining case is pending.
The price index of Hong Kong's private domestic units declined by 0.85% MoM to 394.8 in October, 
from 398.2 in September, according to data released by the Rating and Valuation Department (RVD). This marked the second consecutive monthly decline for the index, while the drop of 3.4 pts was likewise bigger than the 0.1 pt decrease recorded in September.

SHORT SELLING HSI Friday 20.3% vs 19.8% Thursday
Top shorts
Hang Seng Bank (11) 59%, Country Garden (2007) 59%, Hengan (1044) 55%, PingAn (2318) 49%, CM Bank (3968) 38%, Shenzhou (2313) 36%, Henderson Land (12) 34%, Techtronic (669) 33%, HKEX (388) 32%, Citic (267) 31%, NWD (17) 31%, AAC Tech (2018) 31%,
Bud APAC (1876) 30%, China Overseas (688) 30%, HSBC (5) 30%, Sunny Optical (2382) 30%, China Res Land (1109) 29%, Xinyi Solar (968) 29%, Ali Health (241) 28%, Sino BioPharm ( 1177) 27%, WH Group (288) 27%, Wuxi Bio (2269) 26%, SHKP (16) 26%, Wharf REIC (1997) 25%.


AFTER MARKET NEWS

MEITUAN-W 3Q Adj. Net Loss RMB5.527B, In Line but the widest  loss since 2018 following the anti-trust probe and the headwinds in China continue.
Q3 Rev 48.83B Yuan vs 48.57b estimate

The redevelopment project at 1-9 Eastern Street, Sai Ying Pun will purportedly be sold by KAISA GROUP (01638.HK) following So Kwun Wat and Kai Tak projects. The group is asking for a price of roughly $500 million, similar to the private market consideration last year. A 26-storey building could be constructed on the land parcel, with a residential gross floor area of 26,800 square feet.The State Administration of Foreign Exchange (SAFE) releases data on China's external portfolio investment assets by country, region and by sector of resident holder at the end of June 2021.  The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD1.0132 trillion by the end of June 2021, including USD694.9 billion in equity investments and USD318.3 billion in bond investments.
FANTASIA (01777.HK) expressed that the company's stake in the Ningbo Emerald Residence project has already been conditionally transferred to Jianan Investment Holding Group, in order to reduce the amount of debts of the group and alleviate the relevant debt-repayment pressure, reported The Paper. The company said that it is now actively implementing a series of debt reductions and may have similar arrangement for other projects of the group in future.
CHINA RES LAND (01109.HK) announced that the company and POLY PROPERTY (00119.HK) acquired a piece of land of about 9,481 square metres located in Kai Tak, Kowloon through a public tender in June 2019. It is proposed that the land will be developed through a joint venture company which is held as to 35% by Poly and 65% by the Company. It is intended by the shareholders to the JV company that the land would be developed into a composite development comprising primarily of residential properties.  The parties have entered into a joint venture agreement on 26 November 2021 to set out their rights and obligations in relation to the JV company and to regulate the operation and management of the JV company going forward, the announcement added.
GOLDIN FIN HOLD (00530.HK)  Chairman Pan Sutong was filed bankruptcy petition by CITIC Bank at the High Court yesterday (25th). According to the website of the legal institution, the hearing for the bankruptcy petition was dated on 26 January 2022.
Centa-City Leading Index (CCL) -0.76% WoW, to post at 186.9.
CCL Mass last stood at 188.50, -0.97% WoW.
CCL (small-and-medium units) -0.90% WoW, to post at 186.59.
CCL (large units) ended the three-week rising streak -0.06% WoW, to post at 188.5.
All eight major CCL indices retreated this week for the first time since August 2020, reflecting the market conditions of the week in which the U.S. Federal Reserve announced to taper the bond-purchase program, remarked the research department of Centaline Property.
CHINA VANKE (02202.HK) convened a shareholders' meeting in Shenzhen today (26th), mainly considering resolutions on the
initial public offering  and overseas listing of Onewo,
21st Century Business Herald citing sources. At the meeting, CHINA VANKE's Board Chairman Yu Liang said rumors on Onewo's listing to fix the group's capital woes were all made-up. Onewo chose to spin off at this moment considering it has become an urban service provider rather than a traditional property service provider. It is now responsible for less than half of CHINA VANKE's traditional residential property business. Therefore, he believed the time is ripe for Onewo's floating, claiming the group shall satisfy kids' yearning for independence as they grow up.
China's State Administration for Market Regulation (SAMR) announced that, in order to further optimize the regulatory system on internet advertisement and foster benign development of the online advertising industry, a proposal of an internet advertisement management solution has been drafted to ban online advertisements on after-school tutoring (AST) services targeted at primary, secondary schools and kindergartens.

Regional Markets

Australia
Market has trended lower from the open, found support at 7,300 level until mid-afternoon when it sold down to 7,260 before a slight bounce to close -128pts (-1.7%) @7,279.   Good Retail Sales data ignored as investors sell on the news of a new highly contagious covid variant.
Energy the worst performer but Miners also weak as Iron Ore Futures turn -VE. Travel stocks dumped too. Financial weak as Commonwealth Bank announced yet another increase in fixed mortgage rates -VE. ASIC sues ANZ over home loan referrals -VE and AMP has announced it expects to take a $325 million hit to profits in its full-year financial results. Appen -19% on possible Macquarie downgrade.
Data
Retail Sales Prelim Oct 4.9% vs +1.3% Sept (F/cast was 2.8%)
Japan
Nikkei opened lower and trended lower through the morning Tokyo CPI was higher than expected but the news of a new covid strain the main reason; re-opening names, travel & leisure worst hit. However Softbank weak on the Didi news. Of big concern is the uptick in volumes despite the US being closed. At lunch -720pts (-2.4%) @ 28,780.  PM opened lower, support at 28,600 and worked slightly better to close -748pts (-2.5%) @ 28,752
Topix same trading pattern At lunch -38pts (-1.9%) @ 1,988. PM opened lower with support at 1,977 before working better to close -41pts (-2%) @ 1,985
All sectors closed in the red
Worst Airlines, Property, Rail, Metals
Relative Out performers Utilities, Food, Fish/Agri and Pulp/Paper (as prices being raised)
Monday Topix rebalance MoC
Tuesday MSCI changes MoC
Worth noting PM Kishida is expected to propose to the business sector to lift wages by 3% in next year's annual wage negotiations with labor unions, marking the first time in four years for the government to set wage hike target, reported Kyodo news agency.
Data
Tokyo CPI Nov 0.5% YoY vs 0.1% Oct (F/cast was 0.2%)
Tokyo CPI Nov 0.3% MoM vs 0.1% Oct (F/cast was 0.3%)
Foreign Investments
Stock ¥-47.1B vs ¥165.1B prior
Bond ¥-12.8B vs ¥456.7B prior
S Korea 
Local Institutions seeing increasing selling across most sectors. Foreigners small net buying in Tech initially but ended up net sellers. Pharma and test kit makers +VE but Consumer and Financials weak.
Game/NFT/Metaverse also +VE
T/O was 4% above the 20 day average which with US traders on holiday suggests more downside ahead.
Kospi opened lower with concerns that the govt would re-introduce social distancing measures as new cases surge. Saw an initial uptick but then trended lower, found support at 2,945 for a couple of hours from 11am but then trended lower to 2,930 before working better to close -44pts (-1.5%) @ 2,936
Kosdaq opened higher and traded sideways around 1,018 for the first couple of hours but then sold down to 1,012 briefly and then 1,000 before bouncing back to 1,007 and closed -10pts (-1%) @ 1,006
Taiwan 
Taiex opened lower and sold down to 17,370 but then worked back to trade around 17,400 until midday and then drifted lower to close -285pts (-1.6%) @ 17,369. All sectors weak; Transport worst especially airlines. Pharma best performers.
UMC flat having agreed the Micron IP theft case. Alchip -3% on huge volume, second day of selling, was supplying Hunan Goke which was put on the US entity list
The visit by US lawmakers and comments from the new German Coalition Govt over Taiwan infuriating Beijing.
T/O was US$12.72bn vs US$10.82bn Thursday
CECC reported 12 new covid cases all imported

Movers
Active Heavyweights

BABA (09988.HK) -6.300 (-4.653%) Short selling $533.32M; Ratio 25.990% closed at $129.1, down 4.7%
MEITUAN (03690.HK) -10.600 (-3.866%) Short selling $556.57M; Ratio 26.711% closed at $263.6, down 3.9%
PING AN (02318.HK) -1.900 (-3.316%) Short selling $357.39M; Ratio 43.964% closed at $55.4, down 3.3%
AIA (01299.HK) -2.900 (-3.314%) Short selling $114.82M; Ratio 12.642% closed at $84.6, down 3.3%
TENCENT (00700.HK) -14.400 (-3.014%) Short selling $884.31M; Ratio 11.683% closed at $463.4, down 3%
HKEX (00388.HK) -6.200 (-1.363%) Short selling $108.69M; Ratio 22.231% closed at $448.6, down 1.4%
CCB (00939.HK) -0.070 (-1.354%) Short selling $157.52M; Ratio 24.039% closed at $5.1, down 1.4%

HSI & HSCEI Constituents on Move:
EVERGRANDE (03333.HK)  -0.290 (-10.394%)    Short selling $14.09M; Ratio 4.776%    closed at $2.5, down 10.4%
CHINA FEIHE (06186.HK) -1.020 (-8.839%) Short selling $28.71M; Ratio 20.029% closed at $10.52, down 8.8%
KUAISHOU-W (01024.HK) -7.850 (-8.022%) Short selling $117.09M; Ratio 7.948% closed at $90, down 8%
EVERG SERVICES (06666.HK) -0.350 (-7.937%) Short selling $3.87M; Ratio 4.097% closed at $4.06, down 7.9%
SANDS CHINA LTD (01928.HK) -1.530 (-7.200%) Short selling $55.42M; Ratio 16.937% closed at $19.72, down 7.2%
GALAXY ENT (00027.HK) -3.350 (-6.768%) Short selling $94.63M; Ratio 17.814% closed at $46.15, down 6.8%
HAIDILAO (06862.HK) -1.020 (-5.346%) Short selling $25.23M; Ratio 17.151% closed at $18.06, down 5.3%
ALI HEALTH (00241.HK) -0.370 (-4.756%) Short selling $80.55M; Ratio 30.571% closed at $7.41, down 4.8%
JD LOGISTICS (02618.HK) -1.150 (-4.212%) Short selling $26.64M; Ratio 29.421% closed at $26.15, down 4.2%
SUNAC (01918.HK) -0.600 (-4.071%) Short selling $23.19M; Ratio 12.860% closed at $14.14, down 4.1%
CG SERVICES (06098.HK) -1.950 (-3.939%) Short selling $29.53M; Ratio 9.041% closed at $47.55, down 3.9%
HSBC HOLDINGS (00005.HK) -1.800 (-3.900%) Short selling $235.00M; Ratio 41.826% closed at $44.35, down 3.9%
AAC TECH (02018.HK) -1.250 (-3.472%) Short selling $38.07M; Ratio 35.715% closed at $34.75, down 3.5%
CKI HOLDINGS (01038.HK) -1.650 (-3.438%) Short selling $7.47M; Ratio 13.311% closed at $46.35, down 3.4%
PETROCHINA (00857.HK) -0.120 (-3.399%) Short selling $26.01M; Ratio 18.486% closed at $3.41, down 3.4%
LONGFOR (00960.HK) -1.350 (-3.371%) Short selling $6.81M; Ratio 14.448% closed at $38.7, down 3.4%
SUNNY OPTICAL (02382.HK) -7.800 (-3.288%) Short selling $148.59M; Ratio 24.350% closed at $229.4, down 3.3%
HANSOH PHARMA (03692.HK) -0.560 (-3.200%) Short selling $2.65M; Ratio 20.183% closed at $16.94, down 3.2%
COUNTRY GARDEN (02007.HK) -0.230 (-3.164%) Short selling $14.26M; Ratio 59.067% closed at $7.04, down 3.2%
BIDU-SW (09888.HK) -4.700 (-3.084%) Short selling $94.33M; Ratio 37.831% closed at $147.7, down 3.1%

HSMI & HSSI Constituents on Move:
RAZER (01337.HK) -0.560 (-18.361%) Short selling $8.18M; Ratio 9.177% closed at $2.49, down 18.4%
SCHOLAR EDU (01769.HK) -0.340 (-12.593%) Short selling $1.63M; Ratio 1.804% closed at $2.36, down 12.6%
E-HOUSE ENT (02048.HK) -0.230 (-12.299%) Short selling $5.96M; Ratio 1.900% closed at $1.64, down 12.3%
SAMSONITE (01910.HK) -1.900 (-10.907%) Short selling $6.07M; Ratio 13.183% closed at $15.52, down 10.9%
ASCENTAGE (06855.HK) -3.950 (-10.748%) Short selling $7.07M; Ratio 12.076% closed at $32.8, down 10.7%
YEAHKA (09923.HK) +3.000 (+10.274%) Short selling $23.37M; Ratio 8.751% closed at $32.2, up 10.3%


Market News
A total of 17 client accounts of Emperor Securities and Get Nice Securities were frozen, involving approximately $312 million of funds, as revealed by the gazette of the Hong Kong SFC. The related accounts were banned from conducting any transactions, cash withdrawal or transfer in respect of securities.  The SFC stated that on 29 October 2021, in the absence of any negative corporate news or events, CHINLINK INTL (00997.HK)'s share price plunged by 78% to close at $0.2 from the previous closing price of $0.92 on 28 October 2021.  Whilst the investigation is still ongoing, evidence obtained by the SFC to date suggested that a group of traders might have acted in concert in a pre-arranged manner to conduct manipulative trading and/ or participated in a deceptive scheme in respect of the dealings in CHINLINK INTL shares during the period from 11 October 2021 to 29 October 2021, by inflating the share price of CHINLINK INTL to an artificially high level followed by disposals of the shares. The Traders might have cornered trading in the shares of CHINLINK INTL and manipulated the price by pre-arranged transactions and offloaded their shareholding simultaneously prior to the price collapse.  The SFC has reasons to suspect that false trading, price rigging and/ or stock market manipulation within the meaning of SFO might have taken place and/ or persons might have committed offences under sections of the SFO.
Rumor has it that money-receiving QR codes on Alipay and WeChat Pay will be banned from commercial use from 1 March 2022. However, a China Securities Journal report says this is a misinterpretation of new PBoC notices on payment code regulation, which will not fully restrict the commercial use of static QR codes for receiving money. Instead, these codes are principally barred from remote and non-face-to-face payment collection under necessary whitelist management implementation.
"Hong Kong Health Code" system development has been completed, and has entered the final testing stage before launching, said Alfred Sit, Secretary for Innovation and Technology, furthering he will brief the related details next week with his colleagues from the Office of the Government Chief Information Officer.  Given the need to control epidemic, "Hong Kong Health Code" will adopt real-name system, meaning users are required to enter their names and related information in the system so as to ensure the related persons are not at high risk of infection.
SK Telecom held the 11th meeting of the Strategic Cooperation Framework Agreement (SCFA) with CHINA MOBILE (00941.HK) and Japan's NTT DOCOMO. Pursuant to which, they decided to extend the trilateral strategic partnership deal, originally due January 2022, by five years until 2027 to further deepen the collaboration among Northeast Asian telecoms companies.
Certain sources have recently suggested that, starting from 1 March 2022, the personal payment reception codes on electronic payment platforms will be banned from being used in business operation, indicating that personal accounts of WeChat and Alipay will no longer be able to be used for business operation purpose, reported Chinese media.
Zhejiang Geely Holding Group has recently applied for the registration of the "Geometry Metaverse" trademark under the international classification of "means of transport", according to Tianyancha. The application is still pending approval. Geometry is known to be a high-end pure electric sub-brand under Geely Auto.
NIO Inc. (NIO.US)'s semi-solid battery solutions are provided by Beijing WeLion New Energy, which in turn secured investments from strategic institutions like XIAOMI-W (01810.HK) and Huawei, 36Kr citing sources. The project is valued at RMB5 billion, with an investment size of roughly RMB500 million.
Overnight HIBOR last posted at 0.06143%, logging a 1-month high, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.09375%.
Hong Kong Chief Executive Carrie Lam expressed that, as the experts from Mainland China deemed Hong Kong as having achieved the conditions for resuming quarantine-free travel with China, the Hong Kong government will engage in the preparatory works for the border reboot, including the interface of the health code systems of Hong Kong and the Mainland and control mechanism at boundary control points, etc..  Lam added that the government will endeavor to complete the relevant preparations as soon as possible but relevant details are not yet finalized at the moment.
S&P Global Ratings downgraded the rating outlook of KWG GROUP (01813.HK) from Stable to Negative and kept the long-term issuer credit rating of the company at "B+" and long-term issue rating on the company's senior unsecured notes at "B". S&P Global Ratings forecast that, given the weak cash generation from sales, narrowing funding access and repayment of contingent liabilities, the deterioration of the company's liquidity in the coming 12 months may be worse than expected, while its leverage could rise due to the compressing GPM.
The World Health Organization (WHO) has convened an emergency meeting today (26th) to discuss a new variant of the COVID-19 that was discovered in South Africa and whether or not it should be determined to be of special interest or concerns, reported foreign media.  The variant B.1.1.529, which will likely be named Nu, was first discovered in Botswana and has quickly became the major virus variant in certain regions of South Africa, including Johannesburg, the report added.
SINGAMAS CONT (00716.HK) announced that, pursuant to the Deed entered into on 4 November 2020, Pacific International Lines (PIL) shall pay to the company the trade payables in the amount of US$150 million by instalment, with the first repayment date scheduled to be 31 December 2021 and the last one scheduled to be 31 December 2030.  SINGAMAS CONT further expressed that PIL has requested to make an early payment to the company of the entire Relevant Amount, together with interest accrued up to the date of repayment. The company has accepted such early repayment proposal by way of a deed with PIL, pursuant to which PIL shall make such repayment on 30 December 2021, subject to the satisfaction or waiver of certain conditions by 31 March 2022, including, among other things, PIL obtaining the relevant consents and/or waivers from investors for such repayment, redeeming its certain perpetual securities and repaying its certain other debts, the announcement added. The Board intends to convene a board meeting on 10 December 2021 to consider and, if thought fit, declare an interim special dividend conditional upon due receipt of the aforesaid repayment.
Tesla (TSLA.US) has further invested up to RMB1.2 billion into the second phase of the production line optimization project for its Shanghai super factory (phase one), including RMB85 million environmentally-friendly investment, which accounts for 7.08% of the entire investment, reported The Beijing News, citing sources from a Shanghai government platform for companies' environmental information disclosures. Tesla expressed that the project aims to achieve capacity expansion by stretching working hours, number of employees and material turnover. Upon the completion of the production line optimization project, 4,000 employees are estimated to be added to the workforce of the plant, bringing the total number of workers to 19,000, the report said.
ByteDance has purportedly ramped up its latest Gross Merchandise Value (GMV) target for the e-commerce business to RMB2 trillion, with Douyin and TikTok's e-commerce units contributing RMB1 trillion each. In response, a person in charge of the Douyin e-commerce arm said the rumors were untrue, cited by Chinese media.
HSBC HOLDINGS (00005.HK) announced that it repurchased 3.8814 million shares of the company in the London market yesterday (25th) at a price ranging between GBP4.3995-4.456 per share. The volume weighted average price per share was GBP4.4393. The amount involved a total of GBP17.2306 million.
NIO (NIO.US) announced to have entered into a strategic cooperation agreement with Shell to further collaborate in the electric vehicle and energy industries globally. According to the agreement, NIO and Shell will jointly construct and operate battery charging and swapping facilities. NIO and Shell plan to install 100 battery swapping stations in China by 2025, and start to construct and operate pilot stations in Europe from 2022. Shell’s charging network in Europe will also become available to NIO users, the announcement added.

Pre Market 
EASYKNIT INT'L (01218.HK) announced that on 24 November, Mark Profit, a wholly-owned subsidiary of the Company, has subscribed for the equity linked note which is linked to PING AN (02318.HK) shares for a principal amount of HK$6 million. The coupon rate is 15% per annum. The tenor is 2 months.
Managers from at least nine SOEs, including CHINA MOBILE (00941.HK), CCB (00939.HK) and PETROCHINA (00857.HK), told employees any chat groups set up on TENCENT (00700.HK)'s WeChat for work purposes should be closed and deleted as they may contain sensitive information, The Wall Street Journal citing sources. Staff members were also asked to exercise caution when using the instant messaging app for work-related communication.  Numerous firms across the globe are gravitating towards enterprise software to satisfy internal communication needs, said Tencent in a statement, adding it is offering WeCom as a solution.  Yesterday, Tencent claimed on the "Goose Factory Blackboard News" Wechat official account that the purported Tencent Cloud database leakage and the resulting exodus of some SOE business units from WeChat were rumors.
Daimler forecast that the sales volume in the Chinese market will remain robust next year and is confident that Mercedes-Benz will be able to expand its market share in China's EV market, given the limited competition in the premium vehicle segment, expressed Hubertus Troska, the carmaker's chief of the China region.
The delegation of Hong Kong Association of Banks (HKAB), led by the Chief Executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, held annual meetings with relevant agencies of the Central Government during November 23 to 25.  During the meeting, Yue expressed that both sides shared the view that consolidation and enhancement of Hong Kong's status as an international financial centre is the common interest of the country and Hong Kong. Both parties looked forward to Hong Kong leveraging its unique positioning to strengthen its functions as an offshore RMB business hub as well as asset management and risk management centres through enhancing market interconnectivity and financial collaboration with the Mainland, he added.
John Lee, Hong Kong's Chief Secretary for Administration, expressed that the officials from Hong Kong and China reached an understanding during the second meeting on the anti-epidemic work that it is necessary to design a "circuit breaker mechanism" for China-Hong Kong travel resumption, that is operable with clear standards.  Also, Lee remarked that a limited quota system will be applied to the border reboot between China and Hong Kong in the early stages, and that the government will make further announcement on the technical details related to the quota system
BYD COMPANY (01211.HK) has recently secured an order for 70 units of electric buses from Nobina, the largest public transport operator in Northern Europe, marking the second electric bus order which BYD has signed in Finland since delivering the largest e-bus fleet to the country in August this year, reported Cnstock.com.
FANTASIA (01777.HK) announced that, on 24 November 2021, a winding-up petition was filed against Fantasia Investment Holdings Company Limited, a major subsidiary of the company, in connection with loan facilities of alleged outstanding principal amount of US$149 million in which Fantasia Investment was the guarantor. The company will seek legal advice to protect its legal rights and interests and take all necessary measures including maintaining a constructive dialogue with the petitioner to address the matter, the announcement added.
ALI PICTURES (01060.HK) announced the interim result for the six months ended 30 September 2021. The revenue amounted to RMB1.358 billion, up 46.6% YoY. The loss narrowed to RMB53.24 million, from the loss of RMB162 million in the corresponding period of the previous year. LPS was RMB0.2 fen. No interim dividend was declared.
EMPEROR INT'L (00163.HK) announced the interim result for the six months ended 30 September 2021. The revenue leaped 118.5% YoY to HK$1.393 billion. A net profit of HK$233 million was recorded, compared to a loss of HK$990 million in the corresponding period of the previous year.  EPS was HK6 cents. An interim dividend of HK1.5 cents was declared, against a dividend of HK1.2 cents in the corresponding period of the previous year.
BOSIDENG (03998.HK)  announced the interim result for the six months ended September 30, 2021. Revenue increased by 15.6% yearly to RMB5.39 billion. Gross profit increased by 22.2% to RMB2.721 billion. Net profit increased by 31.4% to RMB638 million. EPS was RMB5.95 cents. An interim dividend of HKD4.5 cents per share was declared, against HKD3.5 cents in the same period last year.

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