Sept 27 HK/CHINA wrap Markets give up initial gains.

27 Sep

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HSI +17pts (+0.1%) 24,209 HSCEI -21pts (-0.3%) 8,584 T/O HK$148.90bn (flat DoD)  

Europe  Markets opened higher.  FTSE dipped as the petrol shortage hits. German election provides no clear winner so the inter-party negotiations likely to take weeks to provide a new government; market trading sideways along with the CAC.
Loans to Household Aug +4.2% YoY vs +4.2% Jul (F/cast was +4.3%)
Loans to Companies Aug +1.5% YoY vs +1.7% Jul (F/cast was +1.7%)
M3 Money Supply Aug +7.9% YoY vs +7.6% Jul (F/cast was +7.7%)
Unemployment Benefits Claims Aug; Jul was -57.8k (F/cast is -44k)
Jobseekers Total  Aug; Jul was 3.3598m (F/cast is 3.3158m)
US Futures
Opened Dow +20pts, S&P and NDX little changed.  
AHEAD Durable Goods data, Dallas Fed Manufacturing Index,

Closed +28pts (+0.6%) @ 4,877
PBoC continues to increase liquidity ahead of Golden Week and in the light of the Evergrande situation. More investors demand Wealth Management Investments repaid as it abandons New EV Star board listing. White Liquor +VE on new Chairman outlines reforms.
CSI 300 opened higher and tested 4,922 level a couple of times in the morning session but unable to break above and sold down into lunch +12pts @ 4,862. PM saw initial selling but then rallied to 4,895 before easing back into the close.

Shanghai Composite -30pts (-0.8%) @ 3,583 T/O US$91,590mm +6% DoD
Shenzhen Composite -14pts (-0.1%) @ 14,344 T/O US$110,921m +8% DoD
ChiNext Composite -32pts (-0.9%) @ 3,445

China's National Health Commission reported 35 confirmed COVID-19 cases yesterday (26th), with 22 of them being imported cases and 13 of them being local infections (11 in Heilongjiang, 2 in Fujian).

Pre market opened 24,131 -61pts vs -152pts ADR’s lead by oil names, property, weakness in Macau names and Consumable. Market tested 24,500 in early trades as some recent shorts covered. But having not broken out the market sold down to +80pts (+0.3%) @ 24,270 at lunch. PM initially traded sideways but saw a small bounced but then sold down to traded around flat and closed +17pts (+0.1%) @ 24,208
Laggards Commodities, Materials, Shipping and Power companies (on rising fuel costs and emission controls).
Macau names weak after consultation document and covid concerns.
HK Property +VE recovering after denying Beijing pressure. Personally I believe Beijing is preparing to address the Hong Kong property oligopoly.

XINYI GLASS (00868.HK)  announced that it has repurchased 2.891 million shares of the company on 24 September, at a price ranging between $23.05-23.35 per share, involving $67.142 million.

HK reported 3 new covid case; all imported 
Now 41 days without a local case.

SHORT SELLING HSI Monday 16.7% vs 20% Friday
Top shorts 
Country Garden (2007) 52%, Bud Apac (1876) 51%, Henderson Land (12) 43%,  CM Bank (3968) 38%,  Petrochina (857) 35%, Mengniu Dairy (2319) 35%,  China Res Land (1109) 35%, Bank of China (3988) 31%, Hengan (1044) 31%, MTR (66) 30%, Power Assets (6) 30%, China Overseas (688) 29%, Haidilao (6862) 28%, CK Asset (1113) 28%,  Ali Health (241) 27%, Wharf REIC (1997) 27%, Meituan (3690) 27%, HKEX (388) 26%.

After Market News
The Census and Statistics Department (C&SD) announced that the average wage rate for all the selected industry sections surveyed, as measured by the wage index, increased by 1.1% in nominal terms in June 2021 over a year earlier.  About 51% of the companies reported increase in average wage rates in June 2021 compared with a year ago. A total of 45% of the companies recorded decrease in average wage rates over the same period. The remaining 4% reported virtually no change in average wage rates. A Government spokesman said that the average wage rate for all selected industries showed a slightly faster year-on-year increase in nominal terms in June, arresting the decelerating trend in the past two years or so. After discounting for
inflation, the average wage rate decreased slightly in real terms, as the year-on-year increase in the headline Consumer Price Index (A) in that month was again enlarged by the low base effect caused by the Government's one-off relief measures implemented a year earlier.

The Hong Kong government released a report on Hong Kong's business environment. The Financial Secretary Paul Chan expressed that, after the civil unrest in 2019 and subsequent suppression from the U.S. in terms of spreading misleading information and smearing about the business environment in Hong Kong, the Hong Kong government views it appropriate to retaliate the misleading messages with concrete data and illustrate the actual business environment in Hong Kong to the international community.  Also, Chan added that the report serves another purpose of compiling and introducing the series of new policies rolled out by the Chinese government. The Financial Secretary remarked that the development of Hong Kong is tightly connected to that of China.

ND PAPER(02689.HK)  -0.360 (-3.209%)    Short selling $21.40M; Ratio 26.723%   announced annual result ended June 2021. The revenue rose 19.9% year on year to RMB61.574 billion. The net profit amounted to RMB7.101 billion, up 70.4% year on year.  EPS was RMB1.51. A final dividend of RMB33 fen was declared, against a dividend of RMB22 fen in the year-ago period. The total dividend for the fiscal year amounted to RMB43 fen, compared to a total dividend of RMB32 fen in the previous fiscal year.

Multiple Shanghai government departments arranged admonition talks jointly with ride-hailing platforms in the city today (27th), reporting the law enforcement of the year and mapping out works to be done in the next phase, Chinese media reported. The meeting passed on the requirements as stipulated by the Ministry of Transport, reporting the main focuses of the previous MoT joint talks with 11 rider-hailers, including Meituan Chuxing and Didi Chuxing.  Looking ahead, Shanghai’s traffic supervisors, law enforcement bodies and public security agencies will conduct joint law enforcement actions from time to time, mount thorough inspections on online car-hailing platforms, and keep random data in check; if breaches are investigated, stringent penalties will be imposed.

Ascend Money, a startup backed by Ant Group and Charoen Pokphand Group, is valued at US$1.5 billion after the latest US$150-million funding round, making it the first fintech unicorn in Thailand.  The startup will improve its mobile payment app TrueMoney Wallet and expand its Southeast Asia digital financial services using the fresh funds.

Regional Markets

Market traded higher through the morning before hitting resistance around noon at 7,416 level before easing back to traded sideways around the 7,400 level until 2:25pm when it dipped to trade with 7,380 as support.  Then in the last 20 minutes it rallied to close +42pts (+0.6%) @ 7,384.
Energy names +VE, Strength in Materials and Consumer Discretionary and Banks. Pharma mixed after Sigma bid for Australian Pharmaceutical Industries in competition to Wesfarmers but Mesoblast and CSL weak. Travel +VE as NSW outlines re-opening plans +VE for Qantas, Webject and Flight Centre.
Sentiment +VE on the expectation that Govt will remove the ‘State of Emergency’ nationwide this week +VE Airlines and Travel names.
Leaders Mining, Air and Rail, Banks, Energy, Auto and Property.
Laggards Shipping, Machinery and Ware&Harb Trns, Chemicals and Pharma.   Turnover came off slightly but remains elevated.
Nikkei opened higher, rallied to 30,380 level before retrenching to the opening level. But then rallied into lunch. PM trending back and dropped to trade around Friday’s close.  Finished  -9pts (flat) @ 30,240
Topix Opened higher tested 2,105 but then sold down to 2,090 before bouncing but resistance at 2,100. PM trended lower to trade just below Fridays closing level. Finished -3pts (-0.1%) @ 2,088
Out am PPI Services Aug 1% vs 1.1% Jul (F/cast was1.2%)
Out 1pm
Leading Economic Index Final Jul 104.1 vs 104.2 Jun (F/cast was 104.1)
Coincident Index Final Jul 94.4 vs 94.6 Jun (F/cast was 94.5).
S Korea 
KDCA reported 2,383 new covid cases.
Foreigners net buying large caps
Leaders Defensive Telco +3.1%, and Utilities +1.3%, Machinery +1.3%, Construction +0.8%, and Service (Internet) out-performing on technical rebound. North Korea plays +VE.
Laggard Apparel -0.7% giving up Friday's gain.
Kospi opened lower but worked higher to 3,146 around 11:15am before trended lower, currently seeing support 3,130 level; a small rally into the close Finished +8pts (+0.3%) @ 3.134.
Kosdaq Sold down initially to 1,032 before working back to test 1,040 but failed to break out and reversed back to 1,032 before boucing into the close; -2.2pts (-0.2%) @ 1,035
Taiex opened flat rallied to test 17,335 in the first hour but unable to break out and reversed back to flat; ticked up in the closing auction +54pts (+0.3%) @ 17,314.
Leaders Pulp/Paper, Plastics/Petro, Non Tech stocks.
British Royal Navy warship HMS Richmond was passing through the Taiwan Strait on Monday morning, according to a tweet from the frigate.
Data due after market
Industrial Production Aug 13.69% vs 13.93% Jul (F/cast was 13%)
Retail Sales Aug -4.3% vs -9.6% Jul revised (F/cast was 0.5%)
T/O US$10.49bn vs US$9.94bn Friday
CECC reported 9 new covid cases
(all imported)

HK/CHINA Connect Flows
Northbound RMB 72,936m Sell 36,371m vs 36,565m Buy
Southbound HK$  18,747m  Sell  9,067m vs   9,680m Buy
Northbound RMB 77,249m Sell 37,983m vs 39,265m Buy
Southbound HK$   21,270m Sell   9,602m vs  11,668m Buy

Active Heavyweights
BABA (09988.HK)  -2.300 (-1.594%)    Short selling $480.83M; Ratio 24.023%    closed at $141.9, down 1.7%
MEITUAN (03690.HK) +4.000 (+1.635%) Short selling $849.81M; Ratio 25.541% closed at $248.4, up 1.6%
PING AN (02318.HK) +0.650 (+1.198%) Short selling $144.59M; Ratio 11.881% closed at $55, up 1.4%
TENCENT (00700.HK) +4.800 (+1.043%) Short selling $461.29M; Ratio 9.052% closed at $464.6, up 1%
AIA (01299.HK) +0.300 (+0.347%) Short selling $174.63M; Ratio 14.291% closed at $86.8, up 0.3%

HSI & HSCEI Constituents on Move:
SUNAC (01918.HK)  -1.340 (-9.371%)  Short selling $74.27M;  Ratio 20.264%  closed at $12.96, down 9.4%
EVERGRANDE (03333.HK) +0.190 (+8.051%) Short selling $13.80M; Ratio 6.027% closed at $2.55, up 8.1%
KUAISHOU-W (01024.HK) -5.450 (-6.275%) Short selling $319.47M; Ratio 23.829% closed at $81.4, down 6.3%
CNOOC (00883.HK) +0.410 (+5.081%) Short selling $69.31M; Ratio 3.936% closed at $8.48, up 5.1%
GEELY AUTO (00175.HK) -1.050 (-4.565%) Short selling $61.94M; Ratio 4.083% closed at $21.95, down 4.6%
NONGFU SPRING (09633.HK) +1.400 (+3.804%) Short selling $20.61M; Ratio 6.405% closed at $38.4, up 4.3%
XINYI SOLAR (00968.HK) -0.740 (-4.463%) Short selling $49.26M; Ratio 16.568% closed at $15.9, down 4.1%
SANDS CHINA LTD (01928.HK) -0.680 (-4.393%) Short selling $62.62M; Ratio 23.234% closed at $14.86, down 4%
CSPC PHARMA (01093.HK) +0.340 (+3.656%) Short selling $40.67M; Ratio 20.584% closed at $9.64, up 3.7%
GALAXY ENT (00027.HK) -1.550 (-3.851%) Short selling $101.65M; Ratio 17.775% closed at $38.8, down 3.6%
WUXI BIO (02269.HK) +4.100 (+3.480%) Short selling $201.39M; Ratio 18.264% closed at $121.9, up 3.5%
SHENZHOU INTL (02313.HK) -5.400 (-3.354%) Short selling $56.18M; Ratio 15.353% closed at $155.4, down 3.5%
HANSOH PHARMA (03692.HK) -0.640 (-3.265%) Short selling $2.78M; Ratio 13.759% closed at $18.96, down 3.3%
EVERG SERVICES (06666.HK) +0.150 (+3.464%) Short selling $13.11M; Ratio 9.489% closed at $4.47, up 3.2%
LONGFOR (00960.HK) -1.000 (-3.030%) Short selling $10.16M; Ratio 7.584% closed at $31.95, down 3.2%

HSMI & HSSI Constituents on Move:
TIANLI EDU (01773.HK) -0.280 (-14.660%) Short selling $1.03M; Ratio 4.105% closed at $1.63, down 14.7%
SITC (01308.HK) -5.050 (-14.225%) Short selling $33.23M; Ratio 18.754% closed at $30.4, down 14.4%
COSCO SHIP HOLD (01919.HK) -2.020 (-14.326%) Short selling $193.25M; Ratio 16.128% closed at $12.08, down 14.3%
HUANENG POWER (00902.HK) -0.540 (-11.765%) Short selling $73.68M; Ratio 21.326% closed at $4.05, down 11.8%
HENGTEN NET (00136.HK) +0.190 (+11.176%) Short selling $8.39M; Ratio 5.698% closed at $1.9, up 11.8%
SKYWORTH (00751.HK) +0.240 (+11.163%) Short selling $3.63M; Ratio 5.370% closed at $2.39, up 11.2%
SIHUAN PHARM (00460.HK) -0.230 (-11.500%) Short selling $14.60M; Ratio 23.336% closed at $1.78, down 11%
PACIFIC BASIN (02343.HK) -0.460 (-11.330%) Short selling $9.66M; Ratio 6.951% closed at $3.62, down 10.8%
CTIHK (06055.HK) +1.660 (+10.668%) Short selling $1.46M; Ratio 8.691% closed at $17.22, up 10.7%
MGM CHINA (02282.HK) -0.570 (-10.420%) Short selling $3.74M; Ratio 8.993% closed at $4.9, down 10.4%
CHINA OVS PPT (02669.HK)  -0.640 (-10.289%)    Short selling $8.74M; Ratio 13.407%    closed at $5.58, down 10.3%
CGN POWER (01816.HK)  +0.110 (+4.955%)    Short selling $18.82M; Ratio 5.721%  closed at $2.33, up 5%, hitting new high

Market News
State Grid Corporation of China pledged that it will pull out all the stops to ensure electricity supply and safeguard the basic demand of China's people. 
The Corporation also promised to try their best to avoid power rationing, so as to steadfastly maintain people's livelihood, development and security.

ByteDance has recently launched the auto cloud business and engaged the staff recruited from Amazon Cloud and JD Cloud in the project, 36Kr citing sources. 
Meanwhile, ByteDance has initiated talks with a new car-building and autonomous shipping firm over the "smart driving cloud" initiative.  ByteDance anticipates its cloud business to gradually cover more than half of the clients between 2023 and 2025, thus catching up with TENCENT (00700.HK) in terms of total revenue.

As EVERGRANDE (03333.HK) failed to repay certain investment funds sold through shadow banks, 
some of the trust organizations have already begun repaying their wealthy investors on behalf of the troubled property developer, while some other institutions are still negotiating for postponement of payment with EVERGRANDE, reported Bloomberg News, citing sources.

BE CLEAN ENERGY (01250.HK) announced that, at the request of the Company, trading in the shares of the Company on the Stock Exchange has been halted 
with effect from 9:00 a.m. on 27 September, pending the release of an announcement containing inside information.

China Enterprise Confederation and China Enterprise Directors Association jointly released the ranking of top 500 Chinese enterprises for 2021. 
The total operating revenue of these companies for 2020 amounted to RMB89.83 trillion, up 4.43% YoY. Net profit stretched 4.59% YoY to approximately RMB4.07 trillion. Over the period, Huawei topped the chart with the highest R&D investment at RMB141.893 billion. BABA-SW (09988.HK) was ranked the second with an investment of RMB57.236 billion. Trailing closely behind, TENCENT (00700.HK) invested RMB38.972 billion in R&D.

The U.S. Commerce Secretary Gina Raimondo told the Wall Street Journal that the government hopes to improve its business ties with China, and believes that the two nations could reach a mutually-beneficial understanding.  
Raimondo is planning to lead a group of representatives of the senior management of U.S. corporates to visit overseas countries, including China, to explore business opportunities and to discuss trade-related issues, she added. However, no official arrangement for the trip has been made at the moment.

AlipayHK announced that, driven by the consumption voucher scheme (CVS), the total transaction amount hiked over 110% MoM in August, reflecting a substantial increase in the users' purchasing power. 
The number of transactions involving $1,000 or above surged nearly 160% MoM in August, the company added.  AlipayHK expressed that it will join merchants to further launch nearly 20 million merchant vouchers during the second installment phase of the scheme in October, with the aim to aid the Hong Kong government to continuously stimulate the retail market.

With the National Day Golden Week holiday drawing near, quite a lot of Macau hotels were fully booked last weekend, reported Ming Pao. 
However, Macau has gone into a prevention status following recent Covid relapse, which is bound to affect visitor arrivals and GGR, opined SJM HOLDINGS (00880.HK) Vice-Chairman and CEO So Shu Fai. He estimated the city's October visitation and GGR to slip into the stagnant waters similar to that in August.  Macau's GGR receded 47.39% monthly to MOP4.442 billion in August, according to information.

The freight rate for shipping a TEU from Shanghai to Los Angeles has risen to USD10,377, translating into nearly RMB67,000, up 329% compared to the corresponding period of the previous year, reported Beijing Business Today. Despite the brisk prospect for foreign trade, the overseas COVID-19 pandemic has severely hampered the
turnover efficiency of the ports, thus inducing the issue of TEU scarcity.  China's Ministry of Transport (MOT), in response, has been cooperating with TEU manufacturers to boost production capacity. At the moment, the monthly TEU production capacity has been raised to a record high of 500,000 TEUs from previously 200,000 TEUs and the issue of TEU shortage has been basically alleviated, a spokesman of MOT expressed.

Paul Krugman, the 2008 Nobel Prize winner in Economic Sciences, contended that EVERGRANDE (03333.HK)  debt crisis is not China's "Lehman moment", but instead could be its "babaru moment", reported foreign media. 
"babaru" refers to bubble in Japanese. Japan encountered "bubble economy" during the 1980s, driving up the asset prices, Krugman added. Though Japan's asset bubble did not lead to the the collapse of the financial system, it induced a long period of economic recession, the renowned economist remarked.  Despite differences in various aspects, China's overall economic situation is extremely similar to Japan when the bubble was on the verge of bursting, Krugman said.

WEIMOB INC (02013.HK) announced that it had officially struck a strategic partnership with TENCENT (00700.HK)'s Tencent Cloud and Tencent Security
yesterday (26th) to jointly establish the private domain security laboratory. Accordingly, both sides will join hands to thoroughly develop almost a hundred full-stack security functions including business security, basic security and information security.

While the market keeps tab on whether Macau will close casinos and entertainment venues amid epidemic resurgence, Ao Ieong U, Macau's Secretary for Social Affairs and Culture, 
said they are studying the development constantly and will decide on further action or not based on the NAT results, Macao Daily News reported.
As China's National Day Golden Week is drawing closer, Ao predicted that the plague will affect the casino performance during the week for sure, since Macau has harden the departure control at border with Zhuhai doing the same. She assumed the repercussion to reflect in the next week.

Mandatory Provident Fund Schemes Authority (MPFA) replied local media's questions regarding the EVERGRANDE (03333.HK) debt crisis that, 
according to the latest information provided by the MPF trustees, none of the MPF funds currently hold any bonds issued by EVERGRANDE.

BYD COMPANY (01211.HK) announced that the 100,000th new car of its Song Plus series has been produced at the company's Xi'an Smart Factory.  
BYD Song Plus series is now having three models: Song Plus EV, Song Plus DM-i and Song Plus fuel version, with prices ranging from RMB115,800 to RMB169,800.

The new wave of COVID-19 outbreak in Macau is expected to pose negative impact on the performance of Macau's tourism sector during the national day holiday, reported Macao Daily. 
In light of the COVID-19 relapse, travelers entering Zhuhai from Macau are subjected to a 14-day quarantine, with individual Chinese cities also adopting similar anti-epidemic measures.  Travel Industry Council of Macau (TICM) expressed that, according to an initial estimation, the recent COVID-19 outbreak in Macau is forecast to lead to approx 20-30% of the hotel booking cancellations for the summer holiday season.

Beijing Leading Group of Employment has recently announced certain measures  in relation to fostering the development of a new employment mode,
specifying that "internet platform laborers" including MEITUAN-W (03690.HK)'s riders and DiDi Global Inc. (DIDI.US)'s drivers will be included to be under the protection of minimum wage, and shall be paid with a monthly wage of no less than RMB2,320, reported Chinese media.

Lithuania warned of safety loopholes and built-in censorship tools in several phones made by XIAOMI-W (01810.HK) and other Chinese vendors, 
reported German media.  Following, Germany's Federal Office for Information Security (BSI) has initiated a probe into these allegations concerning the Huawei P40 5G phone, XIAOMI-W's Mi 10T 5G phone, and the OnePlus 8T 5G device.

Fitch Ratings believed the impact from the EVERGRANDE (03333.HK) saga on Chinese construction firms under coverage will be manageable given their limited exposure to the debt-laden developer.  
CSCEC (601668.SH) has undertaken projects related to EVERGRANDE. However, it is facing feeble risk from a single customer's default event due to massive and diversified customer portfolios. CSCEC's top-five customers made up merely 1.1% of its 2020 revenue.

Pre Market News
A meeting on the anti-epidemic work of the Mainland and Hong Kong was held today (September 26) in Shenzhen. 
The two sides explored meticulously the factors of consideration relating to the resumption of quarantine-free travel in a gradual and orderly manner. Experts of both sides examined the possible risks after resumption of quarantine-free travel. The two cities will further study the details and strive to hold a second meeting as soon as possible.

The past success, the present development and the future opportunity of Hong Kong are attached to China's support, wrote Financial Secretary Paul Chan on a blog post. 
Being an inseparable part of the country, Hong Kong shoulders the responsibility and obligation to safeguard the national security, territorial integrity and development interests.  Meanwhile, the metropolitan city will remain as a free, fair and open market, and welcome enterprises and investors from all over the world to tap into the growth opportunities and share the benefits, as Chan sent wishes.

DONGFENG GROUP (00489.HK) announced that it has applied to Shenzhen Stock Exchange (SZSE) for the initial public offering
of RMB ordinary shares (A Shares) and listing on the GEM of SZSE in October last year, and has yet to obtain the CSRC’s approval for the registration decision.  Based on the company’s business decision and strategic adjustment, combined with the actual market situation, the company decided to withdraw the application documents for listing on the GEM from the SZSE, and proposed to apply for the initial public offering of RMB ordinary shares (A Shares) and listing on the Main Board of the SZSE.

Polestar is to go public by merging with an SPAC at a US$20-billion valuation including debt, 
Reuters citing people familiar with the matter.  Polestar is an EV brand owned by Volvo Cars, a wing under GEELY AUTO (00175.HK)'s parent company Zhejiang Geely. The Swedish EV maker is expected to unveil its listing plan as soon as today.

Southeast Asia logistics company Ninja Van has successfully completed a Series E funding round and secured USD578 million, with participating investors including BABA-SW (09988.HK), Geopost/DPDgroup, B Capital Group, Monk's Hill Ventures and Zamrud. 
The company expressed that, the raised proceeds will be allocated towards infrastructure and technology systems that will support the quality and consistency of Ninja Van’s operations.

stated that it aims to establish 5,000 electric vehicle battery replacement stations worldwide by 2025.  At present, China is promoting EV-related infrastructure, including charging stations and battery replacement stations. On another note, NIO (NIO.US) plans to possess 4,000 battery replacement stations globally by 2025.

EVERG VEHICLE (00708.HK) announced that, after due and careful consideration, the company and Haitong Securities Co., Ltd. have mutually agreed to terminate the listing tutorial agreement 
and will report to the China Securities Regulatory Commission Shenzhen Branch. Accordingly, the proposed issue of RMB Shares will not proceed further.

Macau's Novel Coronavirus Response and Coordination Center reported that, as of 9 pm yesterday (26th), 
the Macau government has finished the sampling of over 427,800 citizens for nucleic acid test, with 250,000 being tested negative, reported Radio Macau.

Chinese authorities have started in August the centralized management of EVERGRANDE (03333.HK)'s project fund accounts to prevent liquidity risks from spilling over to the home-buyers, 
Bloomberg citing sources. Equally, local agencies are required to ensure the priority of local construction when using project funds.

Tesla (TSLA.US) CEO Elon Musk pledged at the World Internet Conference that the EV company will continue to expand its investment in China, reported CNBC.  
China has emerged as the world leader in global digitalization, with its injection of a vast amount of resources into the application of digital technology in the field of automobile as well as multiple other sectors, remarked Musk.

CNOOC (00883.HK) announced that while maintaining its international development strategy, in order to access the PRC capital market by way of equity financing and improve its capital structure, t
he company is planning to issue no more than 2.6 billion A-shares, which be listed on the  main board  of the Shanghai Stock Exchange. The proposed share issuance will raise proceeds of approximately RMB35 billion.

The British government is planning to remove China General Nuclear Power Group (CGN) from the Sizewell C nuclear power plant project in Suffolk with a total investment of GBP20 billion, through stake acquisition, reported The Guardian.  The nuclear power station is originally jointly built by EDF of France and CGN, with the latter holding a 20% stake in it. The U.K. government will announce the stake acquisition plan as soon as next month, the report added.

Hong Kong's Financial Secretary, Paul Chan, had earlier expressed that the city's regulatory departments have been closely monitoring the development of the EVERGRANDE (03333.HK) debt crisis and viewed it as a unique event, which would pose limited impact on Hong Kong's financial system. The incident likewise has not affected the operation of the city's stock market and that investors need not to be concerned, Chan added.

PRU (02378.HK)  announced that the final offer prices for both the public offer and the placing have been set at HK$143.8 per share. Based on the offer price, the net proceeds from the share offer are estimated to be approximately HK$18.5 billion.

Sabrina Meng Wanzhou arrived in the Shenzhen Bao'an International Airport on a government-organized charter flight on 25 September after nearly three years of illegal detainment in Canada, 
reported Xinhua News Agency. Upon arrival, she gave a speech to thank the motherland and the people of the motherland for their support and aid, which had been her strongest backing along the path.

Alphabet (GOOGL.US)'s Google cloud platform is set to reduce its percentage revenue share in third party software sales income, from 20% to 3%, reported CNBC, citing sources. A Google spokesman responded that the company aims to provide the optimal platform and the most competitive incentives for its partners and that it is currently revising its fee structure and will make further announcement in the future.

China's National Enterprise Bankruptcy Information Disclosure Platform laid out the drafted restructuring plan for HNA Holding and its ten subsidiaries, which will be discussed and reviewed for resolution at the second meeting of creditors this morning, 21st Century Business Herald cited.  
Under the restructuring plan of HNA Holding, its debt scale will be trimmed substantially through debt-to-equity swaps and substantial shareholder's debt repayment, in addition to debt retention conditions, such as evident optimization of borrowing interest rates and repayment periods.

The PBCFSDC purchased Alibaba Cloud's tech services by way of single-source procurement with a budget of RMB17.1 million, 
according to information available on China Tendering and Bidding Public Service Platform.

The State Council aims to adapt to China's new population, economic and social development trends, optimize fertility policy, and facilitate long-term balanced population development. Therefore, it decided to abolish the Regulation on the Administration of Family Planning Technical Services, the Measures for Administration of Collection of Social Maintenance Fees, and the Regulation on the Family Planning Work for the Migrant Population in accordance with the 30th session of the 13th NPC Standing Committee.

XIAOMI-W (01810.HK) founder, chairman and CEO Lei Jun said, at the 2021 Zhongguancun Forum, that the Zhongguancun hotspot for innovation and entrepreneurship is indispensable to the group, reported Chinese media. All of XIAOMI-W's initial financing was conducted in Zhongguancun, he added.  75% of the Chinese enterprises have begun smart manufacturing at the moment, Lei mentioned. XIAOMI-W has also started deploying the first phase of its Yizhuang smart factory solution.

At the 2021 World Internet Conference opening ceremony, BABA-SW (09988.HK) Chairman and CEO Daniel Zhang unveiled two brand-new strategies centering on social responsibility, 
i.e. Environmental, Social, and Corporate Governance (ESG), and helping with common prosperity, on behalf of the group.

Chinese President Xi Jinping stressed, in his congratulatory letter to the 2021 World Internet Conference Wuzhen Summit, that China is willing to join hands with all countries in the world to take up the historical responsibility of the advancement of mankind, reported CCTV news.  Xi suggested stimulating digital economic vitality, bolstering digital government efficiency, optimizing digital social environment, creating a digital partnership landscape and building digital security barriers. He believed digital civilization will benefit all peoples on earth and promote the building of a "community of common destiny" for mankind.

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