HSI -126pts (-0.5%) 26,392 HSCEI -88pts (-0.9%) 9,378 T/O HK$125.87bn (-7.3% DoD)
Expect market opened higher and trading sideways in the green. Covid remains a concern but Travel and leisure +VE but Tech weak
Adidas +VE on its sold Reebok for $2.5 billion to Authentic Brands.
Ipsen weak after the French pharmaceutical company withdrew a new drug application in the U.S.
Balance of Trade Jun €18.1B vs €12.3B May (F/cast was €18.2B)
Wholesale Prices Jul +11.3% YoY vs +10.7% Jun
Wholesale Prices Jul +1.2% MoM vs +1.5% Jun
Inflation Final Jul +1.2% YoY vs +1.5% Jun (F/cast was+1.2% )
Inflation Final Jul +0.1% MoM vs +0.1% Jun (F/cast was+0.1% )
Opened flat but have inched higher Dow +50pts, S&P flat and NDX -0.1%
Ahead Export and Import Prices, Michigan Prelim Data (Consumer Senitment, 5yr Inflation Expectations, Comsumers Expectation, Inflation Expectations, Current Conditions) Baker Hughes Rig Count.
CHINA CSI 300 closed -27pt (-0.6%) @ 4,945
CSI 300 opened lower and dipped before working higher to 4,994 but hit resistance and sold down, slight support at flat but then sold down again to -32pts (-0.6%) @ 4,942 going into lunch. PM saw the market sell down to the day low 4,920 before rebounding but then sold down into the close. A mega placement plan by battery giant CATL also place pressure on market sentiment, althought CATL's share price rebound strong following a weaker start.
China announced reviewing a draft law on how companies should handle data; adding to the concerns/confusion of Govt policy. Covid concerns overhang the market with news that Ningbo Port had a closure because of a positive covid case.
Ahead of data due Monday House Price Index, Retail Sales, Industrial Production, Unemployment and Fixed Asset Investment.
Shanghai Composite -8pts (-0.2%) @ 3,516 T/O US$73,707 -1.5%DoD
Shenzhen Composite -103pts (-0.7%) @ 14,799 T/O US$117474 -0.8% DoD
ChiNext Composite Index -34pts (-0.9%) @ 3,616
China's National Health Commission reported 99 confirmed COVID-19 cases yesterday (11th), with 47 of them being local infections (26 in Jiangsu, 14 in Henan, 4 in Hubei, 2 Hunan, 1 in Yunnan).
Pre market opened @ 26,296 -222pts vs -120pts ADR’s but then worked better but hit resistance at yesterday’s closing level around 10:30am. Then sold down to 26,220 before a slight bounce into lunch @ 26,332
PM the market dipped initial to test 26,200 before working better into the close.
EARNINGS due Monday includes: Chinese Est (127), China Lit (772), China State Construction Dev (830), Mongolian Mining (975), Weimob (2013), Sunny Optical (2382), Lingbao Gold (3330), China Harmony New Energy Auto (3836), Sino Ocean Service (6677),
HONG KONG DATA
HK reported no new local untraceable covid cases and 5 imported cases
GDP Growth Rate Q2 -0.9% QoQ vs +5.5% Q1 (F/cast was -1%)
GDP Growth Rate Q2 +7.6% YoY vs +8% Q1 (F/cast was +7.5%)
SHORT SELLING Friday 15.9% vs 19% Thursday
Top shorts Bud Apac (1876) 51%, Country Garden (2007) 51%, Bank of China (3988) 39%, Sunny Optical (2382) 39%, Hang Lung Ppty (101) 36%, Shenzhou Int (2313) 36%, Haidilao (6862) 36%, CK Asset (1113) 34%, CKI (1038) 34%, CCB (939) 32%, Henderson Land (12) 31%, HK & China Gas (3) 31%, NWD (17) 30%, Sinopec (386) 30%, Geely Auto (175) 29%, HKEX (388) 28%, Baba (9988) 28%, Galaxy (27) 28%, Wharf REIC (1997) 26%, Xiaomi (1810) 26%, CKH (1) 25%, BankComm (3328) 25%
AFTER MARKET NEWSOn 10 August 2021, the Securities and Futures Commission (SFC) published its consultation conclusions to proceed with the implementation of an investor identification regime at trading level for the securities market in Hong Kong (HKIDR). HKEX (00388.HK) Short selling $440.48M; Ratio 28.430% today issued an Information Paper to provide more information about the operational logistics of the regime to facilitate market readiness. Based on its consultation conclusions, the SFC plans to implement in the second half of 2022, subject to the completion of system testing and market readiness. HKEX will support the SFC in implementing HKIDR, including the development of the relevant systems, the arrangements of necessary market readiness activities such as market testing and market rehearsals, and to provide ongoing operational support.
CM BANK (03968.HK) Short selling $275.43M; Ratio 29.565% unveiled the interim results ended June 2021. Operating income added 13.4% YoY to RMB166.645 billion. Net profit was RMB61.15 billion, representing a YoY increase of 22.8%, topping the brokers' forecast as compiled by our reporters at RMB57.605-58.783 billion.
EPS was RMB2.35. No dividend was declared.
The tender for the residential site located at the junction of Lau Yip Street and Chung Yip Road, Yuen Long has closed at noon today (13th). The government expressed that 16 tenders were received. The sole-proprietary bidders include CK ASSET (01113.HK), K. WAH INT'L (00173.HK), CHEVALIER INT'L (00025.HK) , SEA HOLDINGS (00251.HK), K&K Property Holdings, FE CONSORT INTL (00035.HK), GRAND MING (01271.HK) and CHUANG'S CHINA (00298.HK) . SINO LAND (00083.HK) and CIFI HOLD GP (00884.HK) also submitted their bids.
BYD Auto Industry Co Ltd. and Management Committee of Shenzhen-Shantou Special Cooperation Zone forged a strategic cooperation agreement for an intended alliance in BYD Auto Industrial Park (Shenshan) Project, Shenzhen TV reported. The planned total investment of the project amounted to RMB5 billion, and the annual output value may hit about RMB10 billion after production commencement. The project has the largest investment in Shenzhen-Shantou Special Cooperation Zone in recent years, representing a blockbuster project with broadest outlook.
Shanghai Stock Exchange (SSE) announced an adjustment to the Southbound Trading list of Shanghai-Hong Kong Stock Connect. CIMC VEHICLES (01839.HK) Short selling $175.95K; Ratio 9.748% will be included to the list, effective from the next trading day of the Southbound Trading.
Five individuals including a current senior executive and a former senior executive of a listed company have been arrested in a joint operation “Jade Qilin” of the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC). The SFC conducted the search on suspicion of breaches of the Securities and Futures Ordinance in relation to the suspicious money lending activities of the listed company; in this connection, the management might have engaged in misfeasance or other misconduct prejudicial to the listed company or its shareholders.
Hang Seng Indexes Company announced that LI AUTO-W (02015.HK) meets the Fast Entry Rule of various indexes and will be added to the related indexes after market close 25 August 2021. All changes will come into effect on 26 August 2021. The stock will be added to Hang Seng Composite Industry Index - Consumer Discretionary, Hang Seng Composite LargeCap Index and Hang Seng Composite LargeCap & MidCap Index, which are under Hang Seng Composite Index; and will be added to Hang Seng Consumer Goods & Services Index.
The Government tuned up Hong Kong's economic growth forecast to 5.5%-6.5% for this year, in view of remarkable economic surge YoY in 1H21, after balancing the factors of Delta variant virus threat and local consumer coupons boost, said Government Economic Advisor Andrew Au at the press conference. As to inflation projection, Hong Kong may see faster inflation in 2H21 with economic revival and heightened external price pressure. Yet, the Government left the underlying consumption price forecast for this year unchanged since the inflation YTD roughly aligned with the previous estimate.
Andrew Au mentioned in the press conference the vibrant property market for the second quarter. On another note, current home prices are only 1% lower than the historical high, pointed out Principal Economist Desmond Hou. The Housing Affordability Index climbed to 75% in the second quarter, way above the 20-year average of 47%. This means home prices are still losing touch with economic fundamentals and citizens' affordability.
The Census and Statistics Department of Hong Kong announced yesterday (12th) the population size decreased by 87,000 YoY in mid-year. Government Economic Advisor Andrew Au analyzed that population loss estimate is affected by different factors, such as lower birth rate and less foreign domestic helpers and foreigners coming to Hong Kong under plague. On Hong Kongers' fleeing to foreign countries, Au said it is now too soon to talk about the impact on labor market and economy. He conceded that only after epidemic finishes could the government gauge the severity and actual impact from immigration
CHINA TOWER (00788.HK) Short selling $29.79M; Ratio 36.397% mentioned the severe damages to communication infrastructure amid torrential rains in northern Hubei Province during 11-12th August. As of 9:00 on 13th August, CHINA TOWER reported power outages at 3,813 base station sites in Hubei. 309 stations were forced to halt operation.
The General Office of the State Council published certain opinions on reforming and improving the management of central government-funded scientific research spending. Accordingly, the State Council suggested expanding the funding channels for scientific research. China shall also woo private capital to support the commencement of technology and innovation businesses.
Centa-City Leading Index (CCL) last posted 191.34, up 0.65% WoW, setting a historical new high. The index has gained 2.38% over the past three weeks.
CCL Mass last stood at 193.57, up 0.37% WoW, likewise reaching its record high.
CCL (small-and-medium units) 191.21, up 0.4% WoW and CCL (large units) 191.99, up 1.95% WoW both at record highs.
*OIL COMPANIES WEAK after the IEA cut forecasts for global oil demand, and forecast that China's oil demand growth will slowdown in 3Q quarter due to the Covid wave. PETROCHINA (857 HK -0.9%) SINOPEC (386 HK -1.4%).
*E-COMMERCE/INTERNET WEAK on regulatory concerns, and after BAIDU (9888 HK -3%) delivered a conservative outlook for this quarter, after a beat on revenue, which rose +20% YoY to 31.35b yuan. It says “The Covid-19 situation in China is evolving and business visibility is limited.” The company predicted sales of 30.6b yuan to 33.5b yuan for the September quarter, but said the preliminary view is subject to change.
TENCENT (700 HK -2.4%) BABA (9988 HK -2.5%) NTES (9999 HK -1%). Internet platforms also dropped after China cyberspace watchdog said live broadcasts are harmful for minors; KUAISHOU (1024 HK -4.8%). IDREAMSKY (1119 HK +7%) outperformed on its proposal to add a category of caps of 21.67m yuan customized development fees payable by Tencent Group under their game cooperation framework agreement.
*TECH & COMPONENTS WEAK on regulatory concerns after media reported that a smaller chip maker reported to regulators that chip giant SUPERCHIP (300671 CH) may have illegally used its monoply advantage to lift chip prices. SMIC (981 HK -4%) FIT HONG TENG (6088 HK -2%).
HUA HONG SEMI (1347 HK -8.5%) said 1H net profit jumped 102.3% YoY to US$77.14m, no interim dvd was declared.
ZTE (763 HK -4.4%) slumped on the news that Huawei was one of the 20 strategic investors on CH TELCO A-shr IPO list, but not ZTE.
*CHINA PROPERTY WEAK on the news that China is halting private equity funds from raising money to invest in residential property developments. The government-endorsed Asset Management Assoc of China has verbally informed private equity firms it would no longer be accepting the required registrations to set up funds to invest in projects. KWG (1813 HK -1.6%) CH EVERGRANDE (3333 HK -1.5%) SHIMAO (813 HK -1.7%) CH JINMAO (817 HK -2.4%).
*MACAU CASINOS WEAK as the recent round of virus cases found in China is expected to hurt Macau's tourism. SANDS (1928 HK-3%) WYNN (1128 HK-4%) MGM (2282 HK-0.6%).
Market opened higher, initially to 7,610 level and then worked higher to test 7,630 around midday and then traded sideways to close +41pts (+0.5%) @ 7,629. Tech and Healthcare leading the market higher. Wesfarmers and Macquaries strong in early trades.
Weakness in Iron Ore miners BHP, Rio Tinto (exDiv yesterday), Fortescue Metals, and Mineral Resources as iron ore prices fell and CBA, also Baby Bunting on a sales warning.
Data New Home Sales Jul -20.5% MoM vs +14.8% Jun (F/cast was +13%)
There was a mini SQ on the open and it is also Obon holiday meaning domestic accounts likely to be quieter.
Nikkei opened higher but sold down in early trade on the Mini SQ at the open. Traded in a tight range around flat for most of the morning before a bounce into lunch. Opened lower after lunch and trading sideways around flat but then sold down to close -38pts (-0.1) @ 27,977 Ahead of GDP data out pre market Monday.
Topix traded in a similar pattern to close +3pts (+0.2%) @ 1,956
Leaders Services, Iron & Steel, Food, Info/comms
Laggards Transport, Textiles, Energy and Property
Market trading lower for a seventh day; Tech weak and rotation into Chemicals. Yesterday’s leaders weak today.
Kospi opened pre market data -VE and covid cases remain high. Market trended lower for the first 70 minutes to 3,147 level before finding support and then traded sideways slightly higher to close -37pts (-1.2%) @ 3,171
Kosdaq traded in a similar pattern to close -13pts (-1.3%) @ 1,041
Import Prices Jul +19.2% YoY vs +14% Jun
Export Prices Jul +16.9% YoY vs +12.7% Jun
Taiex opened flat after good numbers from Hon Hai but sold down in the first 15 minutes, first support at 17,070. Then traded sideways for a couple of hours and then sold down again; to trade around 17,000 but closed below 17,000; -238pts (-1.4%) @ 16,982
Talk that market was weak because the government will not extend its tax incentives for day trading at the end of the year, dealers said. But that seems a long way away. Throughout the rest of Asia Tech weak especially the chip makers. Today the shippers also saw weakness I think linked to the congestion that will be caused by Ningbo Port being closed.
T/O was US$13.6bn vs US$11.48bn Thursday.
CECC reported 18 new covid cases (inc 14 imported cases)
Northbound RMB 51,469m Sell 26,132m vs 25,337m Buy
Southbound HK$ 16,928m Sell 8,954m vs 7,974m Buy
Northbound RMB 71,539m Sell 35,991m vs 35,548m Buy
Southbound HK$ 15,839m Sell 8,556m vs 7,283m Buy
BABA (09988.HK) Short selling $1.10B; Ratio 27.988% closed at $184, down 2.5%
TENCENT (00700.HK) Short selling $705.25M; Ratio 5.707% closed at $470.2, down 2.4%
AIA (01299.HK) Short selling $337.34M; Ratio 21.729% closed at $92.85, up 1.4%
MEITUAN (03690.HK) Short selling $371.28M; Ratio 9.896% closed at $233.4, down 1.4%
PING AN (02318.HK) Short selling $292.07M; Ratio 14.505% closed at $67.1, down 1.3%
HKEX (00388.HK) Short selling $440.48M; Ratio 28.430% closed at $501, up 0.4%
HSI & HSCEI Constituents on Move:
VERG SERVICES (06666.HK) Short selling $15.75M; Ratio 2.813% closed at $7.26, up 6%
KUAISHOU-W (01024.HK) Short selling $174.00M; Ratio 14.744% closed at $80.05, down 4.8%
SMIC (00981.HK) Short selling $140.42M; Ratio 4.518% closed at $24.55, down 3.9%
WH GROUP (00288.HK) Short selling $17.14M; Ratio 12.942% closed at $6.57, up 3.3%
SANDS CHINA LTD (01928.HK) Short selling $83.94M; Ratio 16.695% closed at $25.15, down 3.3%
XIAOMI (01810.HK) Short selling $853.25M; Ratio 25.866% closed at $25.45, down 3.2%
BIDU-SW (09888.HK) Short selling $125.35M; Ratio 23.445% closed at $154.1, down 3.1%
CHINA MOBILE (00941.HK) Short selling $150.24M; Ratio 4.703% closed at $51.85, up 3.1%
TECHTRONIC IND (00669.HK) Short selling $85.47M; Ratio 8.280% closed at $165.8, up 2.5%, hitting new high
HSMI & HSSI Constituents on Move:
EB ENVIRONMENT (00257.HK) Short selling $17.28M; Ratio 2.405% closed at $5.55, up 12.1%, hitting new high
CHINA ZHONGWANG (01333.HK) Short selling $8.32M; Ratio 15.915% closed at $1.88, up 11.9%
CIMC ENRIC (03899.HK) Short selling $13.48M; Ratio 5.964% closed at $10.7, up 3.7%, hitting new high
CHINA POWER (02380.HK) Short selling $6.05M; Ratio 5.157% closed at $2.21, up 2.3%, hitting new highto RMB672.19 billion, announced Ministry of Commerce. The figure indicated a 26.1% growth from that in the same period in 2019.
MARKET HOURS NEWS.
XIAOMI-W (01810.HK) According to the data from Tianyancha, Xiaomi connected company Hubei Xiaomi Yangtze River Industry Fund Partnership Enterprise has been included as a shareholder of Shenzhen Vanguard Semiconductor as the latter's register capital grew from approximately RMB19.86 million to approximately RMB20.47 million, reported Chinese media.
Shenzhen Guarantee Group Ltd. and Tencent Cloud signed a strategic partnership agreement in Shenzhen, announcing in-depth collaboration on fintech applications, financial industry ecosystem and cultivation of digitalization talents.
MEITUAN-W (03690.HK) has been building its own social media platform "Fan Xiaoquan" which enables users to share their take-away orders with their social circle and has initiated the internal testing process on the function in July, reported Chinese media.Property owners of EVERGRANDE (03333.HK)'s residential project in Ningxiang City, Changsha are unable to undergo the online signing and contract filing after transactions as the property pledge of the project under construction was not released on time, Chinese media cited a document of the Ministry of Housing and Urban-Rural Development (MOHURD). The authority has ordered the project to cease sales.
ND PAPER (02689.HK) will increase the containerboard prices by RMB50-150 per ton in Shenyang, Tianjin, Chongqing and Taicang from today (13th), according to the data from umpaper.com. Driven by various positive factors, all five major ND PAPER bases including Dongguan and Taicang announced price hikes today, ranging from RMB100-150 per ton.
The General Office of Shanghai Municipal People's Government published the 14th five-year plan outline for Shanghai's residential property development, striving to maintain a stable and healthy buildout in the real estate market. During the 14th FYP period, there will be roughly 400,000 additional commodity homes available, likely measuring 40 million square meters.
LI NING (02331.HK)’s net profit was nearly 1.9 times higher year-on-year for the first half of 2021. Therefore, the group ramped up its full-year revenue rise guidance to about 40%-49% given 1H21 result growth, said CFO Terence Tsang. In addition, LI NING predicted a net profit margin of 16%-17.5% for the year.
Overnight HIBOR last posted at 0.03952%, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.06554%, down for 5 days, marking a 1-month low.
In an article titled "Zero Tolerance for Three Online Vulgarities", People's Daily blasted certain shady mechanisms and contents on video streaming platforms. For instance, live-streamers are flirting with users and luring them to give rewards, which will orient minors towards detrimental behavior. Particularly, the "Zuan culture" characterized by foul language has been spreading across game communities, social media and video platforms, jeopardizing minors who are weak at discerning good from evil.
BYD COMPANY (01211.HK) Short selling $358.73M; Ratio 20.035% announced that it introduces the first 100 units of "Tang" new energy SUVs to Norway through the dealer RSA, expecting to deliver 1,500 cars to the market by the end of the year. "Tang" SUV, equipped with BYD's 86.4kWh blade battery, is capable to charge up to 80% from 30% within 30 minutes. The local price is nearly NOK600,000 (equivalent to HKD527,000).
K. WAH INT'L (00173.HK) expressed that the group's sales performance has been satisfactory this year with the total sales amount reaching $11 billion. The group added that its luxury house development located on Grampian Road in Kowloon will commence sales by way of tender within this month at the earliest.
Following the reports of sexual assault on a female employee, BABA-SW (09988.HK) Short selling $1.10B; Ratio 27.988% Hyperlocal Retail Business Group's president Li Yonghe has resigned to take the blame and the group's partner Yu Yongfu will take over Li's position as the unit's CEO, reported 36Kr.
Ningbo Airport has cancelled all flights between Ningbo and Beijing, starting from the afternoon of 11 August, due to public health reasons, reported CCTV.
PRE MARKET NEWS
BIDU-SW (09888.HK) Short selling $125.35M; Ratio 23.445% 's founder, chairman cum CEO Robin Li expressed that the company has been endeavoring to lower the cost of its autopilot taxi RoboTaxi and expects that the cost of the autopilot taxi service built on the technologies of BIDU-SW's Apollo to be lower than that of human drivers by 2025. Also, Li added that, RoboTaxi has never caused any severe accidents during testing, which is likewise a testament of its superiority in terms of safety compared to human drivers.
OPEC released its monthly report on Thursday (12th), restating the forecast for strong recovery on oil demand around the globe this year and further growth in next year. IEA's report, which was released on the same day, however, warned that the recovery of the global oil demand will be hampered by the spread of the Delta variant. Due to the spread of the Delta variant, the rebound momentum of oil demand has seen a sharp turnaround in July and is predicted to further weaken before the end of the year, IEA added.
Canadian coffee shop chain Tim Hortons' joint venture in China is planning to launch its U.S. listing through a merger with a SPAC -- Silver Crest (SLCR.US) , with the proposed merger entity valued at USD1.8 billion, reported Bloomberg News, citing sources.
ByteDance's TikTok announced stricter privacy protection control over adolescent users. The app will introduce to users aged 13-17 a series of adjustments to in-app messaging, the public nature of users' videos, the default video install settings and push notifications.
As an illustration, the default private message setting of new users aged 16-17 will be set at "No One".
PROSPERITY REIT (00808.HK) announced the interim results. Income available for distribution hiked 1.2% YoY to HK$138 million. Distribution per unit (DPU) was HK$0.0901, up 0.2% YoY.
Trading in the shares of SUNWAY INT'L (00058.HK) on the Stock Exchange was halted with effect from yesterday afternoon, pending the release of an announcement in relation to an inside information of the Company.
U.S. Deputy Secretary of State Wendy Sherman met with Qin Gang – the newly appointed Chinese ambassador to the U.S.. During the meeting, both Sherman and Qin agreed the bilateral relationship between China and the U.S. is of paramount importance and that it is necessary for both parties to resolve differences and conflicts through communication, so as to foster a healthier relationship between the two nations.
Tesla, Inc. (TSLA.US) CEO Elon Musk was unhappy that Renesas and Bosch, two of the world's largest automotive chip suppliers, are blocking the electric carmaker's production. Tesla is facing supply chain restrictions regarding certain auto chips, he tweeted.
The Chinese authority is putting a brake on the approvals of private equity's investment in real estate projects, as Bloomberg cited people with the knowledge of the matter. The people said the government-backed Asset Management Association of China (AMAC) had verbally notified private equities that the Association will no longer accept the registration of investment in real estate project funds. Meanwhile, the existing funds would not be affected.
STANCHART (02888.HK) announced that it repurchased 1.2841 million of its shares yesterday (12th), at prices ranging between GBX461.4-GBX468 per share. Weighted average price paid per share was GBX464.3614. The total amount involved was GBP5.9628 million.
WUXI APPTEC (02359.HK) Short selling $99.49M; Ratio 25.815% announced interim result ended June 2021. The revenue rose 45.7% year on year to RMB10.537 billion. The net profit amounted to RMB2.675 billion, up 55.8%. EPS was RMB0.92. No dividend was declared.
China delivered a record NEV sales volume in 7M21, according to the person in charge of Ministry of Commerce (MOC)'s Department of Consumption Promotion. New car sales growth has been subdued since May given the 7M20 ascending base and auto chip shortage, said the official, who also mentioned the gradual spread of such pressure to the retail end.
Honor's CEO George Zhao expressed at the product launch of Honor's Magic3 series that the company is in preparation for the overseas delivery and sales of the Honor 50 series as its business operation resumes in over 50 countries around the world. Zhao added that Honor's primary goal for this year is still to regain the channel and operation abilities in the overseas market. Honor will continue to keep an open mind and collaborate with the global industry chain, remarked Zhao.
LI NING (02331.HK) unveiled the results for the six months ended 30 June 2021. The net profit attributable to equity holders amounted to RMB1.962 billion, representing a year-on-year increase of 187%. Basic
EPS was 79.04 fen. No interim dividend was declared.
CATL (300750.SZ) announced the proposed fundraising of not more than RMB58.2 billion for the lithium-ion battery manufacturing base project in Fuding as well as other projects.
AUSNUTRIA (01717.HK) unveiled the results for the six months ended 30 June 2021. The net profit amounted to RMB594 million, representing a YoY increase of 45.3%. EPS was 34.6 fen. No interim dividend was declared.
LAI SUN DEV (00488.HK) announced that the Company proposes to issue at least 339 million shares on the basis of one (1) rights share for every two (2) existing shares, at the subscription price of HK$3.43 per rights share (representing a 50% discount to the closing price on 12 August). The gross proceeds would be HK$1.166-1.186 billion. The net proceeds are estimated to be HK$1.151-1.171 billion.
COWELL (01415.HK) unveiled the interim results ended 30 June 2021. The net profit was US$22.5 million, down 20.1% yearly. EPS
was US2.7 cents. No interim dividend was declared.