Aug 9 HK/CHINA WRAP Mixed China data and T/O remains light.


09 Aug

This and previous notes can be found at Substack ( Asian Market Sense )
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HSI 
+104pts (+0.4%) 26,283 HSCEI -40pts (+44%) 9,314 T/O HK$147.5bn (flat DoD)

Europe opened flat German Trade inline but Exports accelerated +VE

CHINA CSI 300 closed +64pt (+1.3%) @ 4,986
CSI 300 opened lower following the weak trade data released over the weekend. But then rallied as inflation and PPI data out on the open where stronger than expected. After the initial rally to flat the market then worked better through the morning to 4,994 but then eased back into lunch. PM the market worked slightly higher to test 5,000 but unable to break convincingly above and eased back to trade around 4,980 for the rest of the afternoon. Recently battered sectors, including real estate and finance, rebound strongly. Brokerages, insurance, and bank stocks rose across the board, F&B, machinery, home appliances, and paper sectors were also among top gainers. Recently strong high-growth sectors such as lithium batteries, chips, and photovoltaics were sold off. Getting covid under control is key focus with travel restrictions and mass testing.Shanghai Composite +36pts (+1%) @ 3,495 T/O US$76,310 +5.6% DoD
Shenzhen Composite +114pts (+0.8%) @ 14,941 T/O US$110,448 +0.5% DoD
ChiNext Composite Index -25pts (-0.7%) @ 3,648

CHINA DATA
China's National Health Commission reported 125 confirmed COVID-19 cases yesterday (8th), 
with 94 of them  being local cases (41 recorded in Henan, 38 in Jiangsu, and 12 in  Hunan).
Inflation Rate Jul 1% YoY vs +1.1% Jun (F/cast was +0.9%)
Inflation Rate Jul +0.3% MoM vs -0.4% Jun (F/cast was +0.3%)
PPI Jul 9% YoY vs +8.8% Jun (F/cast was 8.7%)

HONG KONG

Pre market opened @ 25,969 -210pts vs -31pts ADR’s (which closed before China’s Weekend data. Ecommerce names started under pressure for a variety of reason but rebounded; Baba handling of rape allegations, Tencent regulatory probe, Meituan facing a fine for market domination. Chip sector under pressure as regulator said to be watching for hoarding.
Evergrande rebounded from recent weakness. Wider market rebounded after the strong CPI and PPI numbers with Ecommerce, Consumer and Property driving the market to a day high just before lunch; it touched 26,527. Laggards were Semiconductors, NEV’s and Solar. In the PM the market drifted lower

HONG KONG DATA
HK reported no new local untraceable covid cases 
and 2 imported cases.


SHORT SELLING Monday 13.2%  vs 13.3% Friday
Top shorts 
Bud Apac (1876) 62%, Wharf REIC (1997) 40%, CKAssets (1113) 38%,  Country Garden (2007) 37%, AAC Tech (2018) 35%, NWD (17) 34%,  Power Assets (6) 34%, Hang Lung Ppty (101) 31%, BoC (3988) 31%, Baba (9988) 30%,  Sunny Optical (2382) 29%, Sands China (1928) 29%,  WuxiBio  (2269) 26%, MTRC (66) 25%, CSPC Pharma (1093) 25%.  

AFTER MARKET NEWS
NEXT DIGITAL (00282.HK)  announced that the Group’s subsidiary has issued, without admission of any alleged violations of Lease conditions, a surrender notice to the Hong Kong Science and Technology Parks Corporation (HKSTP)
to offer to surrender the Lease. Under the Lease, the HKSTP may accept the Surrender Notice on or before 17 September 2021 and if so accepted, the lessor and lessee may enter into negotiation on the consideration payable under the Lease.

SUNNY OPTICAL (02382.HK)  Short selling $291.74M; Ratio 28.769%   announced the details of the shipment  volume of the Company in July 2021. The shipment of handset lens sets declined 22.9% yearly to 104,800 units, mainly due to the slowing demand from the overall smartphone market compared to the same period of last year.  The shipment of handset camera modules hiked 0.8% yearly to 55,300 units.

NEW WORLD DEV (00017.HK) Short selling $23.19M; Ratio 34.189% said it had repurchased 303,000 shares of the company on the Stock Exchange today (9 August), involving $11.2591 million.

YUEXIU REIT  (00405.HK) announced that the total interim distribution amounted to RMB340 million for the six months ended 30 June 2021, up 6.7% YoY.  Interim distribution per unit was 10.25 fen, equivalent to HK12.33 cents, representing a 3.5% YoY increase in RMB terms and a 12.3% YoY rise in HKD terms.

Macau Responsible Gaming Association (MRGA)'s president Billy Song revealed that the latest COVID-19 outbreak has caused the casino traffic to plunge significantly, and that Macau's gaming corporates have already launched short-term unpaid leave arrangements to cope with recent resurgence, reported Radio Macau.  Song added that the situation of unpaid leave in the gaming sector has eased up until the latest wave of outbreak and that the gaming operators will likely adjust relevant arrangements according to the pandemic development.

CATHAY PAC AIR (00293.HK)  Short selling $12.77M; Ratio 41.359%   's board announced that with respect to the dividend which is due to be payable to the holder of the preference shares on 12 August 2021
, it has resolved to defer the payment of such dividend.

14 Xi'an ridesharing platforms with business licenses had been summoned to a seminar earlier, where 13 of them released a joint statement of legal operation commitment under anti-epidemic requirements.  Didi Chuxing's Xi'an branch did not ink the joint statement, the people said.

HSBC announced to have recorded robust growth in its Asia wealth management operation over 1H21, with the Asia wealth balance setting a new high of USD810 billion, representing around 49% of the global wealth balance. HSBC expressed that it would continue to enhance the manpower of its frontline Asia wealth management work force as the bank has already hired approximately 600 full-time employees over 1H. The bank is now planning to recruit 100 additional wealth planners on top of the original number, with the possibility of amassing over 1,000 Asia wealth management talents by the end of this year.

Macau's gambling sector is associated with national security, especially in terms of law and order, economy and finance, according to the gaming license renewal report by a Macau Legislative Assembly subcommittee.  China's law revision to step up overseas gambling clampdown and fund outflow curb could be a warning to gambling industries in Southeast Asia and around the world. Accordingly, Macau's VIP segment may find it hard to maintain its current operation mode. Hence, the subcommittee reminded the Macau government to pay attention when amending the gaming law.

CHINA TOWER (00788.HK)  Short selling $49.14M; Ratio 33.700%   's 1H21 CAPEX approximated RMB10.36 billion, down 27.6% YoY, with the ratio to revenue dropping to 24.3% from a year ago's almost 36%. Chief Accountant Gao Chunlei elaborated that the ratio reduction was due to effective control on capital application during the period. So far, the company has not planned to change the full-year CAPEX budget of RMB30 billion.  Also its energy business had achieved a turnaround to earnings in the first  half of 2021, said Chairman Tong Jilu. The firm is facilitating the  mixed-ownership reform plan of its energy subsidiary, Energy Tower,  intending to introduce strategic investors for synergies and boosting  business competitiveness.   The company has no plan to stage an A-share comeback for now, he added.

MARKET COMMENTARY
*COMMODITIES
WEAK  OIL companies mixed as China's oil imports fell 5.6% YoY in July to 301.83m tons, while oil product exports rose 11.2% to 41.079m tons. CNOOC (883 HK -0.25%) PETROCHINA (857 HK +0.3%). BASE METAL saw selling pressure; gold fell the most in seven weeks after the strong U.S. jobs report fueled expectations that the Fed may start tapering monetary stimulus soon. ZIJIN (2899 HK -1.7%) ANGANG (347 HK -1.6%).
*CHINESE BANKS FIRM on attractive valuations, and confidence ahead of new bank lending data due this week, which is expected to be good comparable to July 2020. ICBC (1398 HK +1.1%) CCB (939 HK +1.3%) CMB (3968 HK +3.7%).
HK BANKS advanced after STANDARD CHARTERED BANK (2888 HK+2.8%) repurchased 1.223m shares on the London Stock Exchange on 5 August, involving around GBP5.49m in total; HSBC (5 HK +1.4%).
*E-COMMERCE/INTERNET MIXED regulatory worries remain. ALIBABA (9988 HK -2.5%) said it’s working with police on an investigation into allegations of sexual misconduct reported by a female employee at the company. China plans to levy a roughly $1b fine on MEITUAN (3690 HK +3%) for abusing its market position, according to news. The State Administration for Market Regulation could announce the penalty in coming weeks and the figure could still change ahead of the final decision. TENCENT (700 HK +1.7%) has denied that a media report that it is planning to slash the number of staff at its short video unit Weishi by as much as 70%. ByteDance is reviving plans to list in Hong Kong by early next year. KUAISHOU (1024 HK -2.8%) JD (9618 HK -1%) BIDU (9888 HK -1%) NTES (9999 HK +2.6%).
*TECH & COMPONENTS WEAK led lower by chip makers, following state media saying on Friday that regulators will show no tolerance in cracking down on speculators in the chip market amid a supply shortage. SMIC (981 HK -5%) HUA HONG (1347 HK -5.7%).
*EDUCATION PROVIDERS FIRM  bargain-hunters active following recent slump amid govt's clampdown. China's largest private education firms, including Tencent-backed VIPKid, said they'll stop providing classes taught by foreign-based tutors to students in the country. Hopes that the business model can be changed CH EDUCATION (839 HK +4.2%) HOPE EDU (1765 HK +4.3%) MAPLELEAF (1317 HK +2%) CH YUHUA EDU (6169 HK +3%).
*AUTO MAKERS WEAK following sales data.
GAC AUTO (2238 HK -1%) July vehicle sales -1.9% to 180,518 units. January-July vehicle sales 1.2m units, +20%.
GEELY AUTO (175 HK-0.9%) July Vehicle sales -6% YoY to 99,275 units. Jan.-July sales 729,512 units, achieving 48% of FY sales target. GREATWALL (2333 HK -5.6%) dropped on profit-taking.
AUTO PARTS maker NETEER (1316 HK +19%) surged after Biden last week  issued an executive order establishing the goal that by 2030, half of all cars sold in the U.S. will use battery power, plug-in hybrid power, or fuel cell power. Nexteer now supplies to many American automakers.


Regional Markets Lighter volumes with Japan closed
Australia
Market opened higher and tested to 7,567 in the morning session lead by financials with materials the laggards. It then reversed back down to almost flat at midday before trading sideways through the afternoon to close unchanged @ 7,538.
Suncorp +7.8% after announcing a $25m share buyback after lifting its full-year profit by 13% to $1.03b. The company lifted its final dividend to 40¢ a share, and will also pay a special dividend of 8¢ a share
Transurban -2% reported a $3.27b statutory full-year profit thanks to the $3.72b sale of a stake in its North American assets in December. The firm will pay a 21.5¢ final dividend for the six months to June 30, up from 16¢.
Japan
Market closed re-opens Tuesday
S Korea
KDCA reported 1,492 new covid cases (-237 DoD)
Kospi opened lower support at 3,250 level and then rebounded and worked back to flat and up to test 3,275 but failed to break and trended lower after 1pm and closed -10pts (-0.3%) @ 3,260. Value names in favour especially Banks with Kakao Bank+12.5%. Krafton IPO debut tomorrow it was priced as the top of the range.
Kosdaq sold down initially to 1,056 and traded sideways for the first hour before trading higher to trade around flat and closed flat @ 1,060
After market it was announced that Samsung’s JY Lee to be repleased on parole on Friday 13 Aug; likely to prompt a rally in Samsung tomorrow.
Taiwan
Taiex sold down on the open to 17,350 but then bounced to 17,450 and traded sideways to closed -41pts (-0.2%) @ 17,485 T/O was US$12.54bn vs US$14.31bn
TSMC has notified its customers of the price hike of approximately 15-20% for 12-inch wafers for vendors of LCD driver ICs, beginning from this month, reported DigiTimes, citing sources.
CECC announced 8 new covid cases (incl 4 imported cases)
After market
Balance of Trade Jul $5.9b vs 5.15b Jun (F/cast was 4.9b )
Exports Jul +34.7% vs 35.1% Jun (Consensus was 29.5%)
Imports Jul +41% vs 42.3% Jun (Consensus was 35%)


CONNECT FLOWS
Shanghai
Northbound RMB 61,043m Sell 29,466m vs 31,578m Buy
Southbound HK$  20,812m Sell  10,184m vs 10,628m Buy
Shenzhen
Northbound RMB 73,572m Sell 35,609m vs 37,963m Buy
Southbound HK$ 22,144m Sell 9,570m vs 12,574m Buy

Active Heavyweights
MEITUAN (03690.HK)  Short selling $395.98M; Ratio 9.015%   closed at $220.4, up 3.1%
BABA (09988.HK) Short selling $890.63M; Ratio 31.342% closed at $188.7, down 2.5%
TENCENT (00700.HK) Short selling $815.90M; Ratio 6.518% closed at $461.6, up 1.8%
HKEX (00388.HK) Short selling $127.66M; Ratio 19.921% closed at $521, down 1.6%
CCB (00939.HK) Short selling $76.83M; Ratio 22.523% closed at $5.52, up 1.3%
AIA (01299.HK) Short selling $123.42M; Ratio 17.504% closed at $93.15, up 1.1%
PING AN (02318.HK)  Short selling $146.12M; Ratio 13.355%   closed at $68.6, up 0.9%

HSI & HSCEI Constituents on Move:
EVERG SERVICES (06666.HK)  Short selling $3.91M; Ratio 2.811%   closed at $5.56, up 9.7%
CHINA FEIHE (06186.HK) Short selling $54.66M; Ratio 10.160% closed at $13.2, down 6.1%
HAIDILAO (06862.HK) Short selling $28.37M; Ratio 16.260% closed at $29.1, up 5.2%
EVERGRANDE (03333.HK) Short selling $15.73M; Ratio 8.285% closed at $5.47, up 5.2%
CHINA RES BEER (00291.HK) Short selling $45.48M; Ratio 14.023% closed at $62.05, up 5.2%
SUNAC (01918.HK) Short selling $74.64M; Ratio 14.772% closed at $21.6, up 5.1%
CONCH CEMENT (00914.HK) Short selling $66.03M; Ratio 17.091% closed at $43.2, up 5%
SMIC (00981.HK) Short selling $130.00M; Ratio 6.072% closed at $26.75, down 5%
COUNTRY GARDEN (02007.HK) Short selling $33.68M; Ratio 38.025% closed at $8.18, up 4.7%
CHINA RES LAND (01109.HK) Short selling $19.40M; Ratio 9.882% closed at $27.15, up 4.4%
BYD COMPANY (01211.HK) Short selling $239.99M; Ratio 9.840% closed at $263.6, down 4.3%
PSBC (01658.HK) Short selling $122.40M; Ratio 44.577% closed at $5.39, up 4.1%
CM BANK (03968.HK) Short selling $127.07M; Ratio 30.277% closed at $62.2, up 3.8%
CHINA OVERSEAS (00688.HK)  Short selling $18.56M; Ratio 6.895%   closed at $16.98, up 3.5%


HSMI & HSSI Constituents on Move:
NEXTEER (01316.HK)  Short selling $17.03M; Ratio 4.471%   closed at $11.6, up 19.5%
TONGRENTANGCM (03613.HK) Short selling $1.03M; Ratio 4.398% closed at $12.86, up 16.3%
AVICHINA (02357.HK) Short selling $36.89M; Ratio 5.532% closed at $5.71, down 14.4%
VITASOY INT'L (00345.HK) Short selling $57.60M; Ratio 19.162% closed at $19.28, down 10.1%
CHINA POWER (02380.HK) Short selling $2.80M; Ratio 4.273% closed at $2.01, up 3.1%, hitting new high
FORTUNE
REIT
(00778.HK)  Short selling $1.98M; Ratio 7.774%   closed at $8.82, up 2.9%, hitting new high

EARNINGS at lunch

CHINA TOWER (00788.HK)  Short selling $13.03M; Ratio 29.569%   unveiled the interim results.
The net profit was RMB3.457 billion, up by 16.1% yearly.  EPS  was RMB0.0198. No dividend was declared. Operating revenue recorded a year-on-year increase of 7.2% to RMB42.673 billion.

ZHONGSHENG HLDG(00881.HK)  announced interim result ended June 2021. 
The revenue rose 50.1% year on year to RMB87.361 billion. The net profit amounted to RMB3.696 billion, up 61.3% year on year.  EPS  was RMB1.609. No dividend was declared.

MARKET HOURS NEWS
.

Deloitte published the latest China Mobile Consumer Survey, having interviewed 2,000 Chinese consumers aged between 18 and 50 in the second half of 2020.  Findings showed the pandemic was the greatest boost to online entertainment activities, as a majority of respondents had been streaming films and TV shows more often. Also, nearly a half turned more fond of games or reading news online.  Deloitte China Vice Chairman and TMT Industry Leader Taylor Lam envisioned high-quality and functional electronic equipment to be a dark horse. Therefore, enterprises should prioritize the development of mobile functions with high quality and advanced experience to cater to consumers' needs.

Midland reported that the MCI (Midland Confidence Index) last posted 66.1, down 2.3 pts or around 3.4% WoW.  MPI (Midland Property Index) lasted posted at 175.62, up 0.56% WoW. The index has gained 7.43% YTD and is only 0.71% away from its record high.

BYD COMPANY (01211.HK) announced that "BYD Dolphin" will be available for pre-sales on 13 August.  Adopted the design concept "Ocean Aesthetics" among the first of its kind, "BYD Dolphin" is also the first 3.0 model on BYD's "e platform".  In terms of power, "BYD Dolphin" is geared with the world's first deeply integrated 8-in-1 electric drive assembly, which has leading power density and system efficiency. In terms of energy consumption, "BYD Dolphin" runs as low as 10.3kW·h per 100 km, over 10% less energy-consumed than those models at the same level.XIAOMI-W (01810.HK) is poised to hold tomorrow a new product launch event, at which Mi TV will showcase a number of new OLED products. Lu Weibing, Group Partner and President of China and International Department, said the company anchors to go for OLED products this year, with the latest OLED TV matrix bringing high-end picture quality to users.

Virtual bank Mox, with Stanchart Hong Kong being the biggest shareholder, has accumulated 150,000 clients since its launch and is aiming to exceed 200,000 clients by the end of this year, said Mary HUEN, CEO of Standard Chartered Bank (Hong Kong) when interviewed by local media.  As for the business of Stanchart Hong Kong, Huen expressed that the bank's interim PBT gained 16% YoY to $6.363 billon and is estimated to maintain a full-year double-digit earnings growth.

Responding to reports suggesting a possible joint venture between Renault and GEELY AUTO (00175.HK), the former told Chinese media that the reports were inaccurate without further revealing any details.  Foreign media had previously cited sources that Renault and GEELY AUTO are planning to build a JV concentrated on the manufacture of hybrid vehicles.

HYSAN DEV (00014.HK) and IWG jointly announced the formation of a joint venture with the exclusive right to operate all IWG brands in Hong Kong and the Greater Bay Area (GBA).  The JV will acquire and operate IWG’s 32 existing locations across GBA, and will continue to expand the business presence of IWG’s brands in the vast and growing workspace market in the region.XIAOMI-W (01810.HK) expressed that the company's investment in technical R&D has been growing at the pace of 30% annually over the past two years, further solidifying the company's lead in the field of mobile phone charging while expanding business setups and production output in aspects of semiconductors and intelligent living.STANCHART (02888.HK)  announced the repurchase of 1.215 million shares last Friday (6 August) at a weighted average price of GBX453.3615 apiece, involving GBP5.5083 million.

Apple is reported to launch two new MacBook Pro models in September 
and to commence the mass production of the new models this month, aiming to reach a monthly shipment volume of 300,000-400,000 units.A Chinese court ruled that Beijing Microlive Vision Technology, the owner of Douyin, should compensate TENCENT (00700.HK) for RMB500,000 economic loss and RMB100,000 justifiable rights protection expenses in the first trial of TENCENT's lawsuit on Douyin's infringement of copyright and unfair competition disputes, according to Chinese media. In the court's opinion, the defendant Beijing Microlive Vision Technology had collaborated with or instigated the players of "King of Glory" for recording game screen shot and extensively spreading the same on Douyin platform, without seeking TENCENT's authorization or paying any fees. Douyin was ruled that it had stolen the game's market shares and user flow of TENCENT.

Yancheng Verdi Battery a company indirectly wholly owned by BYD COMPANY (01211.HK), has been founded on 6 August,
with a register capital of RMB50 million, reported Chinese media.  The company's major business will be centered on manufacture, sales and R&D of batteries and electronic materials.

SAIC MOTOR (600104.SH)  and ZTE (00763.HK)  (000063.SZ)  signed a strategic alliance agreement
to launch in-depth collaborations on aspects including automotive electronics, 5G business, digitalization, brand-building and corporate management, reported Chinese media.Following the launch of the Huawei's P50 series -- first smartphone model to be equipped with Huawei's HarmonyOS on 29 July, the operating system has been garnering users at a rapid pace. As of 6 August, the number of upgraded users of Huawei's HarmonyOS has surpassed 50 million.

MEITUAN-W (03690.HK)  In order to further clear up the network consumption environment, it said it has recently mounted blanket rectification 
especially on products such as massage and pedicure. It has so far wiped out over 9,000 pieces of irregular content and business information, including blocking 1,565 bits that involved indecent or induction pictures.   It also actively cooperated with police in Shenyang, Nanjing, Hangzhou and other places across China to clamp down on offline violations of laws and regulations, MEITUAN-W said.NTES-S' Cloud Village has decided to delay its Hong Kong IPO project to wait for a more optimal market climate, reported IFR under Reuters, citing sources. The company's IPO is previously estimated to raise as much as USD1 billion.  China's earlier move to ban Tencent from exclusive music copyright agreements was deemed to favor Cloud Village, according to analysts. Yet, investors were foreseeing for a very low valuation to factor in any further regulatory crackdowns in the technology sector.

PRE MARKET NEWS

Greater Bay Airlines plans to make its inaugural flight to Beijing on the Chinese National Day on 1 October, SCMP reported.  
The carrier is still awaiting its air operating certificate and operating license from the authorities, anticipating to meet commercial and safety requirements on 17 September, said Director Stanley Hui in an interview.Financial Secretary Paul Chan emphasized that the consumption vouchers do not have minimum spending amount or any additional fees. Should any merchants breach relevant regulation, payment tool operators or Consumer Council will launch investigations accordingly.
On another note, Chan added that as of the end of July, the four payment platforms have amassed a total of over 2.2 million new consumer accounts, along with 48,000 new merchants that support electronic payment.

SEAZEN (01030.HK) issued a positive profit alert,
expecting that the group’s consolidated net profit for the six months ended 30 June 2021 will have an increment of at least 40% as compared with that for the six months ended 30 June 2020.

HUTCHMED (00013.HK)  and Epizyme announced a collaboration to research, develop, manufacture and commercialize TAZVERIK in Greater China
, including mainland China, Hong Kong, Macau and Taiwan. TAZVERIK is a methyltransferase inhibitor of EZH2 developed by Epizyme that is approved by the U.S. Food and Drug Administration (FDA) for the treatment of certain patients with epithelioid sarcoma and certain patients with follicular lymphoma.Financial Times had previously reported that ByteDance is planning to start its Hong Kong  IPO  early next year and is actively resolving the data security concerns raised by the Chinese regulators.  ByteDance, in response, denied relevant report of the company rebooting its Hong Kong IPO project.

Zhejiang Geely Holding Group announced that Renault Group and Geely will expedite the implementation of Renault's "Renaulution Program" in China and South Korea.
Both parties will jointly develop Renault-branded hybrid models harnessing Geely's advanced platform technology, and will unfold alliance based on Lynk & Co energy saving platform to develop cars that are applicable in Korean market.

Macau's Novel Coronavirus Response and Coordination Centre expressed yesterday (8th) that the government has completed a total of 716,300 nucleic acid tests
throughout the city with all being tested negative.

BABA-SW (09988.HK)  Short selling $890.63M; Ratio 31.342%   Chairman and CEO Daniel Zhang unveiled phased internal investigation findings on the sexual assault of a female staff, reported Chinese media.
  Accordingly, Li Yonghe, President of BABA-SW's intra-city retail business group, and Xu Kun, Human Resources Generalist (HRG) of the unit, resigned to take the blame. Meanwhile, the group's Chief People Officer Judy Tong received a demerit as punishment. The suspected male assailant was dismissed from his duty and will never be hired again.
China's Ministry of Emergency Management (MEM), Ministry of Public Security, Ministry of Human Resources and Social Security held a meeting with major platform economy companies including
MEITUAN-W (03690.HK), BABA-SW (09988.HK) and Ele.me, regarding issues of production safety and the protection of labors' rights. During the meeting, guidelines have been outlined that the companies are prohibited from setting appraisal standards that are harmful to the workers' health and safety.WeChat has reported to relevant Chinese regulatory departments, expressing its awareness of the necessity of improving different aspects of the adolescence mode on its video platform, reported Securities Times.
WeChat added that the company is committed to strengthen the pop-out window notification features of its adolescence mode, verification methods and the screen time limit.
TENCENT (00700.HK)  said news on upcoming mass layoffs at its Weishi and suspension of loads of external inputs were untrue, reported Sina Finance. As Tencent is undergoing a new round of consolidation, products of Tencent Video and Tencent Weishi will be integrated into the online video product unit. However, the two operations will still be developing independently.

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