June 10 WRAP China released good loans data after mkt. HK flat; trended lower from initial high.

10 Jun

This and previous notes can be found at found at Substack Asian Market Sense
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HSI -3pts (flat) 28,738 HSCEI +11pts (+0.1%) 10,716 T/O HK$134.04bn (+15.2% DoD)

Opened around flat and traded around then but started to trend lower around midday ahead of ECB decision and US Initial claims and Inflation data.   Banks +VE but Travel & Leisure the laggards.  
Earnings due from Manchester United and Ted Baker.
EUROZONE ECB Rate Decision; left rates and bond buying unchanged
Non Farm Payrolls Q1 +0.3% QoQ vs -0.1% Q4 (F/cast was +0.2%)
Private Non Farm Payrolls Q1 +0.5% QoQ vs -0.2% Q4 revised (F/cast was +0.3%)
Industrial Production Apr -0.1% MoM vs +1% Mar revised (F/cast was +0.6%)
US Futures
Opened higher Dow futures +48 points, S&P 500 flat. Nasdaq 100 -0.3%
Core Inflation Rate, Inflation Rate, Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report, WASDE report, Monthly Budget Statement

CSI 300 closed +35pts (+0.7%) @ 5,272
CSI 300 opened flat but initially rallied 40 pts and then ticked higher to 5,287 before selling back down to 5,255 before working better through the morning to 5,298 but eased slightly into lunch. PM intially ticked higher but trended lower, found some support at 5,266 level and bumped along at that level for 30 mins before a small bounce to 5,280 and then reversed back to the support and ticked higher into the close. Sentiment mixed after PBOC’s Gov Yi commented that China 2021 inflation will be below 2%, and will that the PBOC would maintain stability policy; which suggests that the Govt will try to control key staples prices. Positive was that China and the U.S. have agreed to push forward trade and investment ties. Shenzhen stock exchange index may introduce futures on stocks, contributing to more than 2% rise in ChiNext stocks. Negatives included the EU denouncing the changes in HK, the US defence directive and China also blasted US motivations underpinning a $250 billion bill the Senate passed to invest in manufacturing and technology in an effort to contain Beijing.
Leaders were HarmonyOS linked names, domestic software, digital currency, cloud computing, blockchain, operating system, lithium battery names.
Laggards were liquor stocks, brewers and glyphosate names.
Foreign Traders bought net $1.1b Chinese shares via Stock Connect.

Shanghai Composite +20pts (+0.5%) @ 3,610
Shenzhen Composite +175pts (+1.2%) @ 14,894
ChiNext Composite Index +68pts (+2.1%) @ 3,333

Guangdong's National Health Commission reported four more local  COVID-19 cases yesterday (9 June),
along with two asymptomatic  diagnoses.
After Market
New Yuan Loans May CNY 1500B vs 1470B Apr (F/cast was 1300B)
Outstanding Loan Growth May +12.2% YoY vs 12.3% Apr (F/cast was 12.2%)
Total Social Financing May CNY 1920B vs 1850B Apr (F/cast was 1800B)
M2 Money Supply May 8.3% YoY vs 8.1% Apr (F/cast was 8.2%)
The PBoC is trying to normalise policy by reducing pandemic-driven stimulus and contain debt as the economy rebounds from the coronavirus-hit. China's policymakers are close to setting an average annual economic growth target of around 5% for the next five years, at the lower end of ranges previously considered as global risks cloud the outlook, Reuters reported citing policy sources.

HSI Pre market opened @ 28,792 +49pts vs -74pts ADR’s and rallied to 28,954 in early trades as recent shorts covered. Then retrenched to 28,830 before rallying to 28,950 mid morning before trending down to 28,785 level before a bounce into lunch. PM initally ticked higher but then trended lower to 28,670 level around 3:30pm but then worked higher to 28,712 at 4pm and then tick up 26pts in the closing auction.

The Centre for Health Protection (CHP) reported 2 new covid cases all imported 
(4 Wednesday)

Short Selling Thursday 15.4%  vs 13.1% Wednesday
Top Shorts 
Ping An (2318) 34%, Anta Sports (2020) 34%, Mengniu Dairy (2319) 32%, Geely Auto (175) 30%, Sunny Optical (2382) 27%, Hengan (1044) 27%, Henderson Land (12) 27%, Bank of China (3988) 26%, Haidilao (6862) 24%  

The Urban Renewal Authority (URA) announced today (10 June 2021) that the contract for the development of the Oak Street / Ivy Street Development Project (the Project) in Tai Kok Tsui has been awarded to Gain Concept Holdings Limited, a wholly owned subsidiary of Charming King Limited, 
with a tender amount at approximately HKD618 million.  After careful deliberation, the URA board considered that the tender offer made by Gain Concept Holdings Limited has met the tender requirements. The project, which covers a site area of 619 square meters, was commenced in March 2018. Upon completion, it will provide a maximum total gross floor area of 5,571 square meters.
GREENLAND HK (00337.HK) announced that for the first five months of 2021, the contracted sales
of the Group amounted to approximately RMB13.721 billion, up 33.79% YoY, and the contracted gross floor area sold amounted to approximately 1.0406 million square meters.
GOOD FRIEND (02398.HK) announced that the total sales for the first five months of 2021
amounted to RMB393 million, representing an increase of 41% yearly.
GANFENG LITHIUM (01772.HK) is planning to launch placing of 48 million new H-shares, at prices ranging from $99.2-$101.35 per share, indicating a 5-7% discount, calculating with today's (10th) closing price.
  The placing, with a lock-up period of 90 days, is expected to raise as much as $4.86 billion and the proceeds obtained will be utilized for capacity expansion, potential investment and ordinary operational purposes.
LINK REIT (00823.HK) and AlipayHK announced the launch of a shopping offer at Link’s fresh markets to drive digital payment transformation.
  Link will offer shoppers of its fresh market a total of HK$5 million worth of cash coupons exclusively through the AlipayHK platform. This initiative will drive sales to the nearly 2,000 stalls at 26 Link’s directly managed fresh markets.
DICKSON CONCEPT (00113.HK)  announced results for the year ended 31st March, 2021.
The net profit amounted to HK$462 million, down 28.5% yearly.
EPS was HK117.2 cents. A final dividend of HK27 cents was declared.
SHK PPT (00016.HK)'s residential project at No. 1 Wetland Park Road, Tin Shui Wai is named "Wetland Seasons Bay" for phase one,
and projected to seize pre-sale consent within this month very likely, said Victor Lui, Deputy Managing Director of SHK PPT, at the press conference. The sales will be unfolded as soon as after the pre-sale consent is approved. The company introduced that the project will offer 1,224 flats with the key date at the end of June 2022. The property is comprised of six low-density 9-to-10-storey residential towers and ten 6-storey villas.
EGL HOLDINGS (06882.HK)'s executive director Yuen Ho Yee said that, since laying off hundreds of tourist guides last year, most of the group's employees in store are still on no-pay leave at the moment. 
The group's two hotels, among which the one in Okinawa is still operating, are subsidized by the Japanese government which has greatly reduced the operating cost.  Yuen expressed that she hopes travelling, on which the recovery of the travel industry absolutely hinge, to resume as soon as possible and that the company is preparing to hold lucky draw activity to encourage vaccination, with details to be released later.
CHINA RES LAND (01109.HK) announced for the month ended 31 May 2021, the company achieved gross contracted sales of approximately RMB25.09 billion  +18.2% YoY with contracted GFA of approximately 1.4139 million square meters, +11.2% YoY.
It also announced that in May, the Group acquired 6 land parcels in Wuxi, Hangzhou, Beijing, Qingdao, Nanjing and Harbin with total GFA of approximately 2.11 million square meters.  The attributable consideration payable by the Group of the land acquisition amounted to approximately RMB23.8 billion.
The Governments of the Hong Kong Special Administrative Region (HKSAR) and Singapore will review in early July
the target date of inaugural flights under the Hong Kong-Singapore Air Travel Bubble (ATB), taking into account the latest development of the COVID-19 epidemic situation in Singapore, which has been stabilising since early June. An announcement on the way forward would be made in early July.
Centa Valuation Index (Major Banks) (CVI) last stood at 75.38 this week, up 6.95 pts weekly with the sharpest rally in 11 weeks.

The index stood firmly around 70 for three consecutive weeks, zooming past 75 this week, meaning banks had remained bullish on home market outlook, said the research department of Centaline Property. They believed CVI will hold steady at around 75, with a persistent home price rally.
Having considered expert committee's opinion, Secretary for Food and Health Sophia Chan said the Government had approved to lower the Comirnaty vaccination age limit to 12 years old.  On another note, campus activity resumption will depend on the overall epidemic development, expert opinion and preparation made by schools, said Secretary for Education Kevin Yeung. Based on the opinion of expert committee yesterday, schools may revive full-day classes conditionally should they record a vaccination rate of 70%-80% among teachers and pupils.

after WTI fell as the EIA showed US stocks ballooned to the most in over a year. CH OILFIELD (2883 HK -5%) PETROCHINA (857 HK +0.9%).
*CH BANKS WEAK on default concerns and exposure to Evergrande; CCB (939 HK -0.2%) ICBC (1398 HK -0.4%) BOC (3988 HK -1%) ABC (1288 HK -0.7%).
*E-COMMERCE/INTERNET MIXED, after President Biden, ordered an evaluation of apps and action to be taken against those that pose a security risk. The order replaced former President Donald Trump’s actions, aimed specifically at Chinese companies including TikTok owner ByteDance and WeChat owner TENCENT (700 HK -0.4%), that tried to ban the use of those apps in the U.S.
JD.COM (9618 HK +0.7%) announced that it entered four cooperation memos with BAIC MOTOR (1958 HK +1.7%), whereby both parties will form alliance aim to setting up a benchmark in digital intelligent service supply chain for the automobile industry. ALIBABA (9988 HK -0.2%) KUAISHOU (1024 HK +0.6%) BIDU (9888 HK -0.7%).
*TECH & COMPONENTS WEAK after sales data.
SUNNY OPTICAL (2382 HK -1.8%) reported handset lens set shipments for May +2% YoY to 99.4m vs. 97.5m.
Q TECH (1478 HK -2.8%) announced that its camera module sales were 38.268m units in May, an increase of 12.1% YoY.
XIAOMI (1810 HK +0.9%) is recruiting a team to make foray into handset chip market. SEMIs mostly dropped on profit-taking after the new US bill to contain China; SMIC (981 HK -0.8%) HUA HONG (1347 HK -2.8%).
*HK PROPERTY FIRM  after data showed Ad Valorem Stamp Duty collected from property transactions in HK surged last month. SHKP (16 HK +0.7%) HENDERSON LD (12 HK +0.4%) NWD (17 HK +0.7%) CKA (1113 HK +1.9%).
*SPORTWEAR MAKERS WEAK after the Indian Olympic Association will withdraw its contract with the apparel sponsor ahead of the games in Tokyo, it said in a statement. LI NING (2331 HK -0.7%) has been listed as a national sponsor on IOA’s website. ANTA (2020 HK -0.7%) XTEP (1368 HK -1.5%).
*DAIRY MAKERS WEAK despite CH FEIHE (6186 HK +0.4%) unveiled a share repurchase plan after it's share price was battered by its chairman's forecast that Covid-19 vaccination would hurt powdered milk sales yesterday. CH MODERN (1117 HK -1.1%) MENGNIU (2319 HK -0.6%).
*SHIPPING STRONG on freight and US Trade optimism. COSCO SHIP (1919 HK +11.6%) PAC BASIN (2343 HK +9.3%) SINGAMAS (716 HK +7.6%) COSCO SHIP ENERGY (1138 HK +5.1%).
CHINASOFT (354 HK +19%) rallied amid optimism it may benefit from Huawei's newly-released HarmonyOS.
CRRC (1766 HK +4.3%) to be re-included into FTSE indexes.
SOHO CHINA (410 HK +10%) on re-valuation speculation amid disposal of properties.

Regional Markets
Market opened slight lower but worked better initially to 7,300 then eased back before pushing to the day high, 7,313 before easing back before and uptick at the end to close +32pts (+0.4%) @ 7,303 a new closing high.  
Leaders Healthcare, Tech and Property (good home sales). Laggards Energy. Materials Flat.
Consumer Inflation Expectations Jun +4.4% vs +3.5% May (F/cast was +3.8%)
New Home Sales May +15.2% MoM vs -54.4% Apr (F/cast was -7%)
Nikkei opened lower but rallied, pre market PPI was higher YoY after the Apr number was revised higher. It then trended higher with resistance at 29,000 and eased into lunch. PM opened lower at 28,935 and traded sideways in a tight range to close +98pts (+0.3%) @ 28,959
Topix Similar pattern with resistance at 1,962. Opened flat in the PM and traded around flat to close flat @ 1,957
PPI May +0.7% MoMvs +0.9% Apr revised from +0.7% MoM (F/cast was +0.6%)
PPI May +4.9% YoY vs +3.8% Apr revised from +3.6% YoY (F/cast was 4.6%)
Foreign Stock Investment ¥94.5B vs -181.4B prior revised
Foreign Bond Investment ¥665.9B vs -1089.9B
S Korea
Quadruple expiration coupled with strong Foreign buying (biggest since March 11) and Retail buying made for a high trading volume (circa US$16.8bn).  But Samsung and Hyundia closed lower.  KDCA reported 611 new covid cases, the second day above 600.
Kospi opened flat but worked higher in choppy trading. Resistance approaching 3,235 which has been tested several times dipped to 3,222 around 2:50pm before rallying to close +9pts (+0.3%) @ 3,225
Kosdaq opened higher and trended higher to 993 around 2pm then eased back before a bounce to close +9pts (+0.9%) @ 988
Taiex opened higher, initially dipped to 16,980 before rallying to 17,100 and then 17,128 before easing back to 17,100 and then 17,025 before working higher with resistance at 17,150 but pushed above in the close to end +193pts (+1.1%) @ 17,159 T/O was US$14.76B.
TSMC a board meeting held Wednesday approved US$9 billion in Capex to expand production and increase the cash dividend. It announced that on a consolidated basis, the company's revenue for May 2021 was approximately TWD112.36 billion, up 0.9% month-over-month and 19.8% year-over-year. Revenue for January through May 2021 totaled $586.085 billion, an increase of 17.1% compared to the same period in 2020.
CECC reported 266 new covid cases (3 imported)  

CONNECT FLOWS (Flows increased DoD)
Northbound Rmb 51,966m Sell 23,937m vs 28,029m Buy
Southbound HK$ 16,440m Sell 8,862m vs 7,579m Buy
Northbound Rmb 55,692m Sell 26,481m vs 29,210m Buy
Southbound HK$ 18,446m Sell 9,396m vs 9,050m Buy

Active Heavyweights
MEITUAN (03690.HK)  +1.6%
AIA (01299.HK) -0.8%
PING AN (02318.HK) -0.6%
TENCENT (00700.HK) -0.4%
BABA (09988.HK) -0.2%
CCB (00939.HK)  -0.2%

HSI & HSCEI Constituents on Move:
BYD COMPANY (01211.HK)  +6.4%
XINYI SOLAR (00968.HK) +4.6%
JD HEALTH (06618.HK) +3.4%
LINK REIT (00823.HK) +1.5%, hitting new high
HENDERSON LAND (00012.HK)  +0.4%, hitting new high

HSMI & HSSI Constituents on Move:
CHINASOFT INT'L (00354.HK)  +18.8%, hitting new high
COSCO SHIP HOLD (01919.HK) +11.6%, hitting new high
PER ENERGY (02798.HK) -10.7%
SOHO CHINA (00410.HK) +10.4%
MOBVISTA (01860.HK) +10.3%
HENGTEN NET (00136.HK) -10.2%
CHINA LONGYUAN (00916.HK) +10%
CSSC SHIPPING (03877.HK)  +9.2%, hitting new high

The essence of China-US relations is mutual benefit and win-win results, as both countries are the world's major economies, said Chinese Ministry of Commerce spokesman Gao Feng. Despite respective concerns in the economic and trading fields, Gao suggested Beijing and Washington may negotiate and explore solutions based on mutual respect and equal footing.
NPCSC Passes 'Anti-Foreign Sanctions Law' Numbers of bills and two resolutions were passed during the 29th session of the Standing Committee of the 13th National People's Congress (NPC), including "Anti-Foreign Sanctions Law", "Hainan Free Trade Port Law", "Stamp Duty Law" and "Data Security Law", as well as the resolution to authorize the Shanghai Municipal People's Congress to handle local legislation of Pudong New Area, reported CCTV.
New Financial's research showed that the U.S. topped the chart and remained as the most important financial center in the world with a total score of 84 out of 100 across more than 40 metrics, leading the U.K., which scored second place with 35 points, by a huge margin.  China, with its enormous domestic financial sector, was ranked third with 29 points.
The Government will accept online registration of vaccination for teenagers aged 12-15 from tomorrow. The first shot of Comirnaty vaccine for this age group will be as soon as 14 June (next Monday); if arranged by schools, teachers and students are able to receive their doses at Community Vaccination Centers as fast as 21 June. Vaccination School Outreach is projected to be available on 28 June the quickest.
Midland +VE  on "VAU Residence" in Ho Man Tin developed by Vanke Hong Kong first released 50 units with a discounted entry fee of $4.998 million. Midland expressed that, with its highly competitive pricing within the neighborhood as well as the upward momentum of the market, "VAU Residence" is predicted to lead another wave of subscription on the housing market and to be fully sold out in the first round.
HUTCHTEL HK (00215.HK)'s 3HK will open up its platform to distributors and partners, thus equipping them with real-name registration and independent data storage capabilities, said the group's CEO Koo Sing Fai at a press conference.  However, preliminary estimates are suggesting a seven-digit-figure platform investment is needed. Koo anticipated the Government to ensure a smooth progress by supporting the sector.  Regarding the SIM card real-name registration program effective from 1 September 2021, 3HK will award SoSIM buyers with a "Buy 10 Get 3 Free" offer and hand out a limited edition of 3,300 SoSIM cards from tomorrow.
Research and development is underway for BABA-SW (09988.HK)'s unmanned trucks, revealed BABA-SW CTO and Cainiao CTO Cheng Li.  Alibaba DAMO Academy and Cainiao have defined and kicked off the R&D of driverless trucks on highways, emphasizing the fact that self-driving technology is at the heart of the digital era, Cheng added.
HKTV (01137.HK)  clarified that the company has no intention to leave the local market of online shopping platform, after its CEO Ricky Wong stated, as he was giving a speech in a forum this morning, that HKTV intends to reposition itself from an e-commerce operator to a driver of technological advancement, so as to provide more choices for Hong Kong's customers by generating a healthy competition and assisting the establishment of sizable online shopping platforms.
VAU Residence, a residential project developed by Vanke Hong Kong in 11 Liberty Avenue, Ho Man Tin, unveiled the first price list for 50 units measuring 209-388 sq.ft. each.  Based on the maximum discount of 16%, the sales prices of the project range $4.998-9.174 million.
CARSGEN-B (02171.HK) plans to price its shares at $32.8 each, the upper limit of the offer price range $29.6-32.8, IFR citing sources. The Chinese biopharma company expects to raise around $3.1 billion.
BIDU-SW (09888.HK) announced the partnership with Mingshui Economic and Technological Development Zone.  Pursuant to which, both sides will establish an AI basic data industrial base for Baidu AI Cloud (Shandong) (百度智能雲(山東)) in Zhangqiu District, Jinan City, Shandong Province to promote local big data industrial development.
Billion Development led to form a consortium with several others to purchase KITEC from Hopewell, at a price of approximately $10.5 billion for a total floor area of around 1.775 million square feet, rendering it the largest property deal this year, reported Singtao, citing sources.  The buyer(s) of the site is/ are reported to intend to revamp the site for a project of grade A office buildings or a large residential project.
JD LOGISTICS (02618.HK) announced that the company's first large smart logistics warehouse in Tibet has been put into use. Automated ground vehicles (AGVs) are employed in the center to assist the workers on moving and picking goods.  Over 100 AGVs are being used in the warehouse, with each of them capable to carry a maximum weight up to 500kg, people in charge in the company said. The AGVs are equipped with sensors which enhanced effectiveness and accuracy in goods-picking, proving to be twice as efficient as human workers.
HKTV (01137.HK)  announced that the resolution proposed at the AGM of the Company held yesterday (9th) to approve and confirm the grant of specific mandate to the directors to allot and issue an aggregate of up to 45.7993 million Connected Award Shares to the group's CEO Ricky Wong was not passed by the Independent Shareholders at the AGM as more than 50% of the votes were cast against said resolution.
CHINA OVERSEAS (00688.HK) yesterday (9 June) received the presale consent for One Victoria, a residential project built on the former Kai Tak airport runway, and expected to launch the project soon. Nearly completing its show flats, CHINA OVERSEAS will release the sales brochure for 1,059 units as soon as next week.
The issuance of China's IPO is neither being tightened nor relaxed, said CSRC Chairman Yi Huiman at the 13th Lujiazui Forum. Within the year, there are 156 China's companies moving forward their IPOs, realizing normalized issuance at a moderate rate. The CSRC leaves door open to the companies' choice in their listing destinations, saying the "comes and goes" of IPOs are normal.
Octopus Cards Limited announced to its users that should users choose to collect the $5,000 consumption vouchers with their Octopus cards, the Octopus wallet top-up feature on that specific card will be temporarily suspended.  The company expressed that this temporary measure is merely to ensure that the consumption vouchers would be used in the purposes of local spending and enhancing Hong Kong's economy, instead of depositing them into bank accounts through Octopus wallet.
MGM CHINA (02282.HK) Co-Chairperson Pansy Ho unloaded more than 467,700 US shares of the Company on the market on 1 June, involving US$20.357 million according to HKEX's disclosure.
During the 13th Lujiazui Forum, Yi Gang, Governor of the People's Bank of China, predicted China's CPI to rise after weakening earlier this year, estimating the full-year average CPI growth to be below 2%. Investors should not let down their guard against both inflationary and deflationary pressures from all sides, he said. Additionally , China should adapt its monetary policies to new development phases and uphold policies that would be stability-oriented and normal.  However, participants at the forum were hugely divided on whether inflation  will linger for a long time.  Yi said that although the interest rate level of China is slightly higher than that of some major developed economic markets, it remains lower when compared to certain developing countries and new emerging economies.  He accentuated that maintaining the interest rate level at an appropriate level is essential for market to achieve healthy and steady growth.
Yi also stated that China's development has entered into a new phase with its structures of population, resources and industry experiencing tremendous adjustment and change, which will inevitably affect the economic growth potential and price level.  However, Yi added that, even under the unprecedented impact caused by the COVID-19 pandemic since last year, he expects China's GDP  to edge towards the potential growth level.  He also expressed that Shanghai has achieved promising progress in building itself as an international financial center, as it has ranked third in the global financial center ranking for two times.
Jidu Technology, under the BIDU-SW (09888.HK) group, has been founded recently with a register capital of RMB2 billion, legally represented by Joe Xia, according to TianYanCha application.
The newly founded company will focus on technical services for new energy automobiles or relevant parts, the manufacture of new energy automobiles as well as battery replacement facilities. BIDU-SW group had already invested RMB2 billion in Jidu Auto in March this year.
More than 10 million Huawei users have upgraded their operation system to HarmonyOS 2 within a week of the update's official rollout, reported Chinese media.
China Southern Power Grid Co is in talks to buy a 10% stake in The Abu Dhabi National Energy Company, PJSC (TAQA), Bloomberg citing sources. The Chinese SOE is discussing with banks on financing arrangements for the potential acquisition.
A 10% stake in TAQA may worth US$4.2 billion based on the current stock price. If successful, the deal will be the largest overseas acquisition by a Chinese company in 2021.
In reaction to the Government's vaccination program, CHINESE EST H (00127.HK) announced to set up an outreach vaccination center at Windsor House, Causeway Bay to get employees and their families inoculated. The service will also be available to staff and their families of tenants in properties owned or managed by the group.  Those getting vaccinated at the outreach center will be awarded gifts worth more than $550,000 in total, the group added.

ANGELALIGN (06699.HK) was over-subscribed by roughly 2,000 times in the public offering,
being the second-most subscribed
IPO stock following NH HEALTH-B (06606.HK) +3.550 (+4.321%) this year, according to market sources. Its frozen capital will likely amount to about $580 billion.
BEIGENE (06160.HK) announced an exclusive worldwide strategic collaboration with biotechnology company Shoreline Biosciences to develop and commercialize a portfolio of NK-based cell therapeutics with Shoreline’s iPSC NK cell technology and BeiGene’s research and clinical development capabilities for different malignancies.
Chinese Minister of Commerce Wang Wentao spoke with U.S. Secretary of Commerce Gina Raimondo on phone upon invitation this morning, exchanging views on business issues in a frank and practical manner.  
Both sides mentioned the significance of dialogue and communication between Beijing and Washington in the business field, thus agreeing to forge ahead a healthy development of their pragmatic partnership on trade and investments.
During his Qinghai inspection tour, Chinese President Xi Jinping urged the province to actively nurture emerging industries, speed up the building of a world-class salt lake industrial base, and become a clean energy industry leader in the country, reported Xinhua News Agency.
BIDU-SW (09888.HK) and Weibo search engines showed zero search results for keywords tied  to virtual currency trading platforms like Huobi and Binance, reported  China Business Network. 
  Equally,  "we-media" accounts associated with cryptocurrency speculation could be  deactivated, as Chinese media learnt from the sector.
Qinghai Industry and Information Technology Department issued a notice on the complete shutdown of virtual currency mining projects,
asking all regions to start eradicating and rectifying virtual currency mining practices.
ALI PICTURES (01060.HK) announced the results for the year ended March 31, 2021.
The loss narrowed to RMB96.31 million from RMB1.151 billion in the same period last year, with LPS of 0.36 fen. No final dividend was declared.
Q TECH (01478.HK) announced that the total sales volume  of camera modules amounted to 38.268 million units, up 12.1% YoY but down 10.6% MoM.  The MoM decrease was mainly attributable to customers’ project cycle, as well as the resurgence of COVID-19 pandemic in certain regions.
LONGFOR GROUP (00960.HK) announced that in May, the Group recorded contracted sales
of RMB29.5 billion with contracted sales in terms of GFA amounting to 1.744 million sq.m., up 33.4% YoY and 35.2% YoY respectively.

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