Markets opened slightly higher and traded sideways. Oil and Gas rallied but Retail fell.
Markets mixed; Dow opened higher trading slightly better. S&P opened higher but trended to flat then sideways. NDX opened higher sold down into the red and bounced to flat.
CHINA CSI 300 closed -22pts (-0.4%) @ 4,992
Market opened slightly lower but tested 5,030in early trades but then reversed back to test 5,000 support from 10 -11am but then sold down to trade around 4,994 level into lunch. PM opened lower and tested 4,965 in early trades but then worked higher into the close. Volumes lower as investors seek clarification of policy.
Rising concerns over Evergrande, rumours of bankruptcy denied but have led to some protest outside its headquarters and else where, compromising social stability -VE
Chinese Mid Autumn festival 21 Sept so may see additional selling pressure later this week. Market to be closed Monday & Tuesday next week.Shanghai Composite +12pts (+0.3%) @ 3,715 T/O US$101,931bn -7% DoD
Shenzhen Composite +11pts (+0.1%) @ 14,772 T/O US$119, 267bn -2% DoD
ChiNext Composite Index -25pts (-0.7%) @ 3,511
China's National Health Commission reported 49 confirmed COVID-19 cases yesterday (12th), with 27 of them being imported cases and 22 of them being local infections (all recorded in Fujian).
Pre market opened @ 25,885 -321pts vs -163pts ADR’s Weakness in Ecommerce on news Ant to be split up and platform operators to allow each other access, protect workers rights and new data usage rules. Macau weak on new covid outbreak in China and poor turnover in local election. Auto’s hurt by ministry saying there were too many EV’s in China. Property weak with Soho -35% after Blackstone backs out of deal to buy the company adding to sector pressure from Evergrande. After market protest at Evergrande HQ -VE for social stability.
Leaders Chalco on Aluminium prices, Shippers still +VE and pockets of tech hardware. PM the market initial dipped but then worked higher. Sentiment weak as a number houses voiced concerns about US valuations.
HONG KONG DATA
HK reported 1 new covid cases; imported.
SHORT SELLING HSI Monday 17.2 vs 13.5% Friday
Top shorts Bud Apac (1876) 54%, Haidilao (6862) 42%, CK Assets (1113) 39%, Henderson Land (12) 37%, Country Garden (2007) 36%, Bank of China (3988) 35%, Wharf REIC (1997) 34%, MTR (66) 34%, Xiaomi (1819) 33%, Citic (267) 33%, Hang Seng Bank (11) 32%, China Res Land (1109) 32%, CM Bank (3968) 32%, Galaxy (27) 32%, Sino Biopharm (1177) 31%, AIA (1299) 31%, CLP(2) 30%, Ali Health (241) 29%, PetroChina (857) 29%, HK & China Gas (3) 28%, Mengniu Dairy (2319) 27%, Shenzhou (2313) 27%, BYD (1211) 26%, Anta Sports (2020)25%, PowerAssets (6) 25%.
After Market News
The Urban Renewal Authority (URA) will invite interested developers/ consortia to submit Expressions of Interest (EOI) for the development of the Hung Fook Street / Ngan Hon Street Development Project in To Kwa Wan tomorrow (14 September).
The Project, which covers a site area of 4,581 square metres, was commenced in June 2016. Upon completion, it will provide a maximum total gross floor area of 41,229 square metres.
Ministry of Industry and Information Technology (MIIT)'s spokesperson Zhao Zhiguo expressed during the State Council's press conference that the web link block on Chinese platforms is one of the prime issues which the Internet industry rectification works initiated in July aim to address, reported The Beijing News. BABA-SW (09988.HK) -7.100 (-4.229%) Short selling $751.35M; Ratio 18.108% , in reply, said interconnection is the initial aspiration of Internet firms with opening-up being the vital foundation for a digital ecology. It said the company will actively establish linkage and connection with other platforms to achieve even greater growth for the entire sector.
YIDA CHINA (03639.HK) 0.000 (0.000%) announced that, in August 2021, the group’s contracted sales amounted to RMB315 million, down 3.67% YoY. The gross floor area sold was 24,800 sq.m., down 12.55%. The group’s average selling price was approximately RMB12,726 per sq.m..
BOSATECH (08140.HK) -0.001 (-0.667%) expected that a substantial increase of not less than 180% in net profit after tax will be recorded in the year ended 30 June 2021 as compared to the year ended 30 June 2020.CHINA LIFE (02628.HK) +0.020 (+0.149%) Short selling $56.96M; Ratio 24.289% announced that the accumulated premium income of the Company for the period from 1 January 2021 to 31 August 2021 was about RMB504.3 billion, up 2.33% yearly.
According to the provisional results of a survey released by the Census and Statistics Department (C&SD), the index of industrial production for manufacturing industries as a whole increased by 5.6% in the second quarter of 2021 compared with a year earlier, following a year-on-year increase of 2.6% in the first quarter of 2021.
The corresponding producer price index increased by 2.7% in the second quarter of 2021 compared with a year earlier, following a year-on-year increase of 1.9% in the first quarter of 2021.
CHINA RES LAND (01109.HK) 0.000 (0.000%) Short selling $76.10M; Ratio 32.054% announced that the group achieved gross contracted sales of approximately RMB20.23 billion in August with contracted GFA of approximately 1.062 million square meters, down by 25.7% and 15.2% YoY respectively.
Market opened lower dipping to 7,390 in early trades before rallying back first to 7,425 level, then 7,430 and 7,436 around 12:45pm before trending all the way back to the opening level, followed by a small bounce to close +5pts (+0.07%) @ 7,412
Leaders Sydney Airport on a revised bid, Oil and Aristocrat Leisure. Laggards Iron Ore Miners
Sentiment cautious and T/O light relative to Friday’s SQ. Auto’s weak as Toyota to make further cuts to production; supply chain names weak as well. Shinsei +VE on M&A but below offer price. JAL weak as tie up with Qantas rejected by Australian authorities on monopoly grounds.
Leaders Oil/Coal, Mining, Food, Banks
Laggards Transport, Pulp/Paper, Commodities, Property and Pharms
Tokio Marine announces another buyback similar to the one they just completed.
Nikkei opened flat, initially ticked higher to 30,435; but then sold down to 30,229 before bouncing and then trading sideways around the 30,300 level for most of the rest of the day. Before seeing an uptick at the end to close -29pts (-0.1%) @ 30,358.
Topix trading in a similar pattern to close flat @ 2,092
Pre Market Data
BSI Large Manufacturing Q3 7.0 QoQ vs -1.4 Q2 (F/cast was -1)
PPI Aug 0.0% MoM vs 1.1% Jul (F/cast was +0.4%)
PPI Aug 5.5% YoY vs +5.6% Jul (F/cast was +5.8%)
Choppy trading, local retail selling with concerns over the closing of smaller crypto exchanges. Utilities +VE on expectation of hike in electricity prices, Steel +VE too and some Chip plays. Internet Platforms weak on expectation of more regulation over use of consumer data.
Expect choppy trading this week ahead of Chusok holiday next Monday - Wednesday.
Kospi opened lower 3,117 then rallied to 3,139 at 10am before retrenching to 3,109 at 11am then worked back to flat, then retested the lows before rallying to close +1pts (flat) @ 3,127
Kosdaq opened lower dipped bounced but then trended lower, support around 1,024 and closed -11pts (-1%) @ 1,027
S Korea Exports 1-10th +30.7% YoY but chip exports -2.1% YoY
KDCA reported 1,433 new covid cases (-322 DoD)
Taiex opened lower but tested Friday close but failed and sold down to 17,390 in the first 30 minutes and then rallied back to test a couple of times (10:45am and 11:50am) and then trended lower to close -28pts (-0.2%) @ 17,446
T/O was US$9.12bn vs US$9.59bn Friday continues to fall, this is the second lowest this year. Comment from a local broker "TSMC, in the upstream segment in the semiconductor industry, led the downturn," Tang said. "Although the chipmaker hiked its product prices, the market has growing fears that the price hikes will increase the burden on semiconductor suppliers in the downstream segment."
CECC reported 19 new covid cases linked to a preschool and apartment complex in New Taipei was reported Monday, bringing the number of infections in the cluster to 30.
After market Taiwan's employment numbers and average monthly regular salary both saw an increase in July from a month earlier amid the improving domestic COVID-19 situation, according to data released by the Directorate General of Budget, Accounting and Statistics (DGBAS) on Monday.
Northbound RMB 65,532m Sell 33,062m vs 32,470m Buy
Southbound HK$ 18,838m Sell 9,713m vs 9,126m Buy
Northbound RMB 69,894m Sell 36,563m vs 33,330m Buy
Southbound HK$ 20,715m Sell 10,897m vs 9,818m Buy
MEITUAN (03690.HK) -11.600 (-4.472%) Short selling $497.60M; Ratio 17.907% closed at $247.8, down 4.5%
BABA (09988.HK) -7.100 (-4.229%) Short selling $306.00M; Ratio 19.202% closed at $160.8, down 4.2%
TENCENT (00700.HK) -12.000 (-2.449%) Short selling $388.84M; Ratio 4.828% closed at $478, down 2.4%
PING AN (02318.HK) -0.850 (-1.417%) Short selling $78.61M; Ratio 11.477% closed at $59.15, down 1.4%
HKEX (00388.HK) +4.000 (+0.794%) Short selling $184.35M; Ratio 22.779% closed at $508, up 0.8%
HSI & HSCEI Constituents on Move:
EVERGRANDE (03333.HK) -0.250 (-6.906%) Short selling $8.10M; Ratio 7.579% closed at $3.37, down 6.9%
CHINA RES BEER (00291.HK) -4.050 (-6.368%) Short selling $17.38M; Ratio 6.250% closed at $59.55, down 6.4%
SANDS CHINA LTD (01928.HK) -1.450 (-5.461%) Short selling $25.67M; Ratio 15.231% closed at $25.1, down 5.5%
GALAXY ENT (00027.HK) -2.700 (-5.123%) Short selling $164.07M; Ratio 31.860% closed at $50, down 5.1%
PETROCHINA (00857.HK) +0.170 (+4.985%) Short selling $88.87M; Ratio 26.381% closed at $3.58, up 5%
ALI HEALTH (00241.HK) -0.640 (-4.827%) Short selling $39.21M; Ratio 21.037% closed at $12.62, down 4.8%
WHARF REIC (01997.HK) -1.750 (-4.253%) Short selling $19.72M; Ratio 27.561% closed at $39.4, down 4.3%
LI NING (02331.HK) -4.300 (-4.103%) Short selling $82.00M; Ratio 9.429% closed at $100.5, down 4.1%
JD LOGISTICS (02618.HK) -1.400 (-3.922%) Short selling $11.83M; Ratio 14.750% closed at $34.3, down 3.9%
HANSOH PHARMA (03692.HK) -0.700 (-3.241%) Short selling $7.34M; Ratio 25.721% closed at $20.9, down 3.2%
ANTA SPORTS (02020.HK) -5.400 (-3.237%) Short selling $90.57M; Ratio 26.537% closed at $161.4, down 3.2%
CG SERVICES (06098.HK) -1.900 (-3.128%) Short selling $51.84M; Ratio 18.913% closed at $58.85, down 3.1%
BUD APAC (01876.HK) -0.580 (-3.030%) Short selling $37.50M; Ratio 63.837% closed at $18.56, down 3%
HSMI & HSSI Constituents on Move:
SOHO CHINA (00410.HK) -1.210 (-34.571%) Short selling $5.44M; Ratio 0.644% closed at $2.29, down 34.6%
KOOLEARN (01797.HK) -0.810 (-14.568%) Short selling $7.28M; Ratio 11.099% closed at $4.75, down 14.6%
DONGYUE GROUP (00189.HK) +2.350 (+10.880%) Short selling $76.30M; Ratio 9.387% closed at $23.95, up 10.9%
EB ENVIRONMENT (00257.HK) +0.550 (+9.466%) Short selling $9.24M; Ratio 3.729% closed at $6.36, up 9.5%, hitting new high
CHALCO (02600.HK) +0.540 (+8.096%) Short selling $48.58M; Ratio 5.434% closed at $7.21, up 8.1%, hitting new high
SHUI ON LAND (00272.HK) +0.090 (+6.767%) Short selling $242.54K; Ratio 0.357% closed at $1.42, up 6.8%, hitting new high
CGN POWER (01816.HK) +0.110 (+5.189%) Short selling $9.96M; Ratio 4.255% closed at $2.23, up 5.2%, hitting new high
Melco Resorts & Entertainment (MLCO.US) announced that it will discontinue its pursuit of an integrated resort development in the City of Yokohama. The company remains committed to Japan and will continue to explore development opportunities in the country.
Mi Car may adopt a "dual factory" operational mode, which allows it to acquire production capacity and quality through the means of acquisition, so as to commence production as soon as possible, while building another factory to ensure stable manufacture capacity in the future, reported Cailian Press, citing multiple people familiar with the matter.
ZTE (00763.HK) and JD-SW (09618.HK) -8.000 (-2.491%) Short selling $461.12M; Ratio 30.104% formed a strategic partnership in Beijing last Tuesday (7th). According to the agreement, the two parties will commence all-rounded strategic collaboration on the application of various technologies on e-commerce and logistic supply chains, including 5G+ logistics, industrial internet, cloud computation, big data and artificial intelligence, etc..
In order to resolve the redemption issue of wealth investment products, EVERGRANDE announced three redemption options for investors to choose, namely cash installment payment, real assets payment and offsetting property final payment, reported Chinese media Cailian Press. Investors can choose any of those or combine two or three options for their repayment, the report added.
Qingdao Intermediate People's Court had recently rendered the judgment ordering MEITUAN-W (03690.HK) -11.600 (-4.472%) Short selling $1.06B; Ratio 17.401% (defendants' names: Beijing Sankuai Online Technology Co., Ltd. and Beijing Sankuai Technology Co., Ltd.) to immediately halt the alleged unfair competitive behaviors online and pay RMB1 million in compensation for the plaintiff Ele.me's economic losses and reasonable expenses, reported Chinese media.
Ming-Chi Kuo, an analyst at TF International, forecast that the price for Apple's upcoming iPhone 13 will be 10% higher than that of iPhone 12, reported Taiwanese media. The ASP increase of iPhone 13 is mainly a result of the expanded storage capacity, as the capacity options for iPhone 13 Pro and 13 Pro Max are expected to be 128GB, 256GB, 512GB and 1TB while those for iPhone 13 and 13 mini are 128GB, 256GB and 512GB, explained Kuo.
TENCENT (00700.HK) -12.000 (-2.449%) Short selling $602.58M; Ratio 4.553% vowed to resolutely support the Ministry of Industry and Information Technology (MIIT)'s decision and implement it in phases and step by step under the premise of safety, cited by Securities Times. On 9 September, MIIT convened an administrative guidance meeting on the issue of website link blocking, as 21st Century Business Herald learnt from various channels yesterday. BABA-SW (09988.HK), TENCENT, ByteDance, BIDU-SW (09888.HK), Huawei, XIAOMI-W (01810.HK), Momo, and NTES-S (09999.HK were among the participants.
Securities and Futures Commission (SFC)'s chairman, Tim Lui, expressed during his opening address at ACCA Hong Kong Virtual Annual Conference 2021, that the SFC and the Hong Kong Monetary Authority (HKMA) have jointly established the Green and Sustainable Finance Cross-Agency Steering Group in May last year, with the aim to support the government's all-rounded climate strategies and cooperate the financial sector's measures to manage climate and environmental risks. Lui remarked that the steering group will strengthen its cooperation with Greater Bay Area (GBA) authorities to construct a green and sustainable financial eco-system. The group is likewise exploring the feasibility of developing a carbon market in GBA, added Lui.
Robert Lui, Hong Kong Digital Asset Leader and Partner of Deloitte China, suggested Greater Bay Area cities could take a leaf of Hong Kong's book regarding financial policy and green finance development. He did not consider Hong Kong to be marginalized under the China-Hong Kong border closure. In the meantime, Deloitte announced to ramp up its GBA investment and business by establishing a Greater Bay Area development and research Center, a market research and data analysis center, and a cybersecurity operation service center.
In terms of personal investment services under the Wealth Management Connect, Hong Kong Securities Association Chairman Robert Lee opined that brokers' services are not inferior to banks', adding the account opening procedure at brokers is simpler and faster than banks which are under specific regulations. Lee voiced the industry's hope that they could get a slice of opportunity in the Connect.
HUTCHMED (00013.HK) +1.950 (+3.191%) Short selling $8.05M; Ratio 14.799% announced that the Center for Drug Evaluation of China’s National Medical Products Administration (“NMPA”) has granted Breakthrough Therapy Designation (“BTD”) to amdizalisib (HMPL-689), a highly selective and potent PI3KS inhibitor. Drug candidates with BTD may be considered for conditional approval and priority review when submitting a New Drug Application (NDA). This indicates that the development and review of amdizalisib for relapsed or refractory FL may be expedited, to address patients' unmet needs more quickly, the company added.
China's Ministry of Industry and Information Technology (MIIT)'s head, Xiao Yaqing, expressed at the State Council Information Office press conference that, the government strongly encourages mergers and restructurings between NEV companies, so as to enhance the industry concentration. Xiao added that NEV development is highly technical, and that relevant corporates should concentrate existing resources to propel overall advancement of the sector.
For the first eight months of 2021, China's 5G smartphone shipment
volume leaped 80% YoY to 168 million units, remarked China's Ministry of Industry and Information Technology (MIIT)'s head, Xiao Yaqing.
As EVERGRANDE (03333.HK) -0.250 (-6.906%) Short selling $41.00M; Ratio 14.489% 's debt crisis continued to be the focal point of the market's attention, Nomura International Hong Kong Ltd. credit analyst Iris Chen expressed that it is almost inevitable for EVERGRANDE to undergo the largest debt-restructurings in China's history, reported Bloomberg News, citing the analysis. Chen illustrated a base case of EVERGRANDE delivering properties and settling payable accounts with suppliers under government supervision, while the USD debt investors are predicted to salvage 25% of their capital principal, the report added.
Henan Provincial Government and BYD COMPANY (01211.HK) -5.600 (-2.141%) Short selling $460.23M; Ratio 26.038% had earlier clinched a strategic cooperation agreement. Witnessing the contract signing, Provincial Governor Wang Kai met with BYD COMPANY Chairman cum President Wang Chuanfu. Endowed by regional advantages, Henan has a peachy outlook, Wang opined, adding BYD will further deepen bilateral cooperation in the areas of auto parts industry, electronic parts industry, new energy vehicle promotion, optical storage integration, and smart transportation
As to earlier remarks made by Joseph Yam, an Executive Councilor and former HKMA Chief Executive, that RMB should be allowed in H-share quotations and transactions, Financial Secretary Paul Chan viewed that the suggestion is advisable in principle but how it is going to operate in real world needs careful planning. Chan explained that if one stock can be denominated in both HKD and RMB, it may encourage arbitrage, interfering both capital pools.
Since the Southbound Trading has larger size than before, which involves RMB, Chan opined study can be conducted on the feasibility of RMB denomination on the related methods of the Southbound stocks.
Lloyds Bank's annual sentiment survey of financial firms revealed that, despite the lingering uncertainties over regulatory issues caused by Brexit, over two-thirds of the interviewed firms believe that London will still be a leading financial center in the world. Brexit prompted the connection between U.K.'s financial departments and the EU to be severed as 42% of the surveyed firms believe that a resumption of access into the EU market will not happen until 2023 or later, while nearly one-third of them believe that it will never happen.
The consumption voucher scheme may serve as a greater boost to Hong Kong economy than the originally estimated 0.7% economic growth, given the current situation of domestic spending and the relevant discounts launched by the merchants, remarked Paul Chan, Hong Kong's Financial Secretary.
Chan added that, Hong Kong could potentially realize the economic growth forecast for this year (5.5-6.5%). However, Chan stated that, the economic recovery remains relatively imbalanced as the tourism sector is still heavily burdened by ongoing travel restrictions between Hong Kong and China and that he hopes to stimulate the economy and stabilize the employment market by propelling domestic spending activities.
BEIJING AIRPORT (00694.HK) -0.140 (-2.828%) Short selling $8.16M; Ratio 50.564% announced that, for the first eight months of 2021, its cumulative aircraft movements, passenger throughput, cargo and mail throughput were approximately 204,700 sorties, 23.469 million person-times and 880,700 tonnes, representing a respective YoY increase of approximately 23.6%, 28% and 17.7%.
SHK PPT (00016.HK) -1.000 (-0.902%) Short selling $73.48M; Ratio 20.012% sold more than 1,120 units of Wetland Seasons Bay Phase 1 amid four sales rounds in three weeks, pocketing over $8 billion, said Deputy Managing Director Victor Lui. The group has already applied for the pre-sale consent for Wetland Seasons Bay Phase 2, hopefully launching the project in late October. SHK PPT will roll out The YOHO Hub, Wetland Seasons Bay Phase 2, Victoria Harbour II, Central Peak Phase 2, and the Belcher's Street project on Hong Kong Island for the rest of 2021, he furthered.
Hong Kong property market tracked vibrant activities over the past weekend (11th and 12th), recording 445 new home deals.
In particular, "LA MARINA", phase two of the residential project "The Southside" atop Wong Chuk Hang station, jointly developed by KERRY PPT (00683.HK) and SINO LAND (00083.HK), released another 188 units over the weekend as their second round of offering, and sold 187 units within the two days.
SHK PPT (00016.HK)'s residential project in Tin Shui Wai -- "Wetland Seasons Bay", on the other hand, fully sold the 212 units newly released on the price list last Saturday.
As for the second hand market, Centaline's ten major housing estates recorded 10 transactions over the past weekend, down 16.7% WoW.
During her public consultation on the upcoming Policy Address, Chief Executive Carrie Lam said only higher vaccination rate in Hong Kong could be conducive to border reboot negotiation with China.
As to whether mandatory vaccination is on the agenda, Lam conceded that certain western countries have begun considering such practice, but she intends to allow more time to the public. She will observe how the plague pans out at the next stage.
SF Express's founder and chairman, Wang Wei, who has joined Greater Bay Airlines' board of directors at the end of last year, has resigned as a director of the new airline on 18 August, with no replacement announced yet, reported Ming Pao.
PRE MARKET NEWS
Tokyo Olympic gold medalist in women’s singles badminton, Chen Yufei, has suffered from a toe injury caused by the LI NING (02331.HK) -manufactured sports shoes during the China National Games. LI NING later issued a statement, expressing that the company is extremely concerned about the situation and has immediately contacted the Zhejiang team and Chen Yufei to follow up on her injury.
AGILE GROUP (03383.HK) announced that the company has noted recent market rumours concerning the sale of the group to Poly Developments and Holdings Group Co., Ltd. (600048.SH) The company has inquired the controlling shareholders of the company and it has been confirmed that such rumours are unfounded. The matter has been reported to the Public Security Bureau of the People’s Republic of China and is under investigation.
Hainan Airlines Holding (600221.SH) -0.12 (-4.839%) announced that the administrator has confirmed Liaoning Fangda Group as the strategic investor of HNA Group's major aviation business. The strategic investor may become the controlling shareholder of the Company should the investment be completed.
Huawei's rotating chairman, Xu Zhijun, forecast that 6G technology will be ready to hit the market by around 2030, reported China Securities Journal. Xu added that while propelling the commercialization of 5G technology, the company has also initiated relevant investment and research on 6G back in 2017.
Secretary of Jilin Provincial Party Committee Jing Junhai and Jilin Governor Han Jun met with XIAOMI-W (01810.HK) Founder, Chairman and CEO Lei Jun and his delegation, reported Chinese media. During the meeting, Lei Jun had in-depth talks with China's FAW Group regarding cooperation.
Huawei and Shenzhen city water services bureau had reached an agreement on deepening strategic cooperation, through which the two parties will jointly explore existing resources and the potential of a new generation of information technology, with the aim to propel application of 5G, IoT, AI and big data technologies in the water service industry, reported Securities Times.
China Association of Performing Arts recently cooperated with several Internet companies to issue a self-discipline convention on jointly building a healthy cyber ecology. The convention specified that, under the premise of user privacy protection, multiple Internet platforms will implement cross-platform information sharing, in order to jointly punish rule-breaking accounts and improper cyber behavior.
China's Ministry of Industry and Information Technology (MIIT) had earlier held an administrative guidance meeting in relation to Internet companies' intentional block of competitors' website links from their platforms, thus demanding multiple companies to unblock these links according to standards set out by the MIIT, reported The 21st Century Business Herald. Companies participated in the guidance meeting included: BABA-SW (09988.HK), TENCENT (00700.HK), ByteDance, BIDU-SW (09888.HK), Huawei, XIAOMI-W (01810.HK) and NTES-S (09999.HK)
China Academy of Information and Communications Technology (CAICT)'s president Yu Xiaohui expressed during a recent summit meeting on China's informatization that, the global chip shortage has cost the automobile industry around world approximately 3 million units in vehicle production, reported 21st Century Business Herald.
Yu added that the supply cycle of smartphone chips stretched from three months to one year, mainly as a result of the exponential increase in the demand for semiconductors from new digital ends. In particular, intelligent automobiles' demand for MCU is over 4x of that of traditional vehicles.
The 18th China-ASEAN Expo (CAEXPO) and China-ASEAN Business and Investment Summit kicked off on 10 September in Nanning, Guangxi. 179 international and domestic projects were signed at the Expo, with total investment exceeding RMB300 billion and setting a new high in CAEXPO's history.