This and previous notes can be found at Substack ( Asian Market Sense )
Check out ERI-C.com for interesting research and trading analysis
HSI -204pts (-0.7%) 28,639 HSCEI -82pts (-0.8%) 10,669 T/O HK$143.69bn (+9.8% DoD)
Market opened higher and trading sideways after the pre market data was largely in line. Eurozone Trade data better than f/cast but +VE that March was revised up significantly.
UK and Australia agree trade deal and US/Europe agree a truce over aircraft. Chemicals +VE but Oil and Gas weak.
Futures indicate FTSE +13 points higher at 7,168, DAX +47 points at 15,740, CAC 40 +17 points at 6,631 and Italy’s FTSE MIB +34 points at 25,778, according to IG.
Balance of Trade Apr €15.8B vs €22.3B Mar revised from €15.8B (F/cast was €14.4B)
Inflation Rate May +2.5% YoY vs +2% Apr (F/cast was +2.5%)
Inflation Rate May +0.5% MoM vs +0.7% Apr (F/cast was +0.5%)
Inflation Rate May +1.4% YoY vs +1.2% Apr (F/cast was +1.4%)
Inflation Rate May +0.3% MoM vs +0.1% Apr (F/cast was+0.3% )
Claimant Count May -92.6k vs -55.8k Apr revised (F/cast was -62k)
Employment Change Mar 113k vs 83k Feb revised (F/cast was 145k)
Unemployment Rate Apr 4.7% vs 4.8% Mar (F/cast was 4.7%)
Average Earnings inc Bonus Apr +5.6% vs +4.3% Mar revised (F/cast was +4.7%)
Average Earnings ex Bonus Apr +5.6% vs +4.6% Mar (F/cast was +5.1%)
Opened in Asia; Dow futures -20 points. S&P 500 futures were flat and Nasdaq 100 futures ticked 0.1% lower. Now Dow -16pts, S&P flat and NDX under +0.1%
Tonight PPI and Retail sales data likely to keep investors cautious as the FOMC meeting gets underway.
CHINA CSI 300 closed -58pts (-1.1%) @ 5,167
CSI 300 opened slightly lower but quickly sold down to 5,140 before a bounce and then drifted lower into lunch. The selling seemed to be prompted by the PBoC taking medium term liquidity out of the market and tightening on Property auctions in 5 major cities; coupled with the G7 and Nato statements which Beijing rebuked.
PM opened slightly higher and worked up to 5,175 level which it tested a few times but unable to break above and trended lower in the last hour to 5,160 before a small rally into the close.
Market trending down towards the 50 day moving average, well below the 100 day.
Gas stocks under pressure, after the gas explosion at the weekend; President Xi orders safety checks.
Leaders were LED concept and the semiconductor sector led the rise and continued interest in the the Harmany OS concept
Laggards textile manufacturing, and commodities led the decline.
Shanghai Composite -33pts (-0.9%) @ 3,557
Shenzhen Composite -128pts (-0.9%) @ 14,673
ChiNext Composite Index -19pts (-0.6%) @ 3,321
The People's Bank of China (PBOC) conducted the one-year Medium-term Lending Facility (MLF) operation of RMB200 billion today, with an unchanged interest rate of 2.95%.
China records 20 new confirmed cases as for yesterday (14th), with 18 of them being imported cases and 2 of them being local cases, both in Guangdong, according to the National Health Commission of the PRC.
There has been no newly added deaths or suspected cases.
China's actual use of foreign capital reached RMB481 billion for the first five months of 2021, increasing by 35.4% YoY and 30.3% from the same period in 2019, according to Ministry of Commerce (MOC)'s data.
HSI Pre market opened @ 28,946 +104pts vs +92pts ADR’s led by Tencent, Ali Health JD.Logistics and Evergrande.
But sold down to 28,454 in the first 40 minutes. Bounced to 28,680 before easing back into lunch. PM dipped on the open but then rebounded and then worked slowly but resistance at 28,680 and drifted lower in the last 35mins and ticked lower in the closing auction.
Chinese Financials weak, E-commerce mixed. Tech weak. Sentiment cautious after G7/Nato statements and ahead of FOMC. China Gas suspended in the morning was already -15% as China calls for checks and an investigation into Sunday’s gas explosion. Market trading at its 50 day moving average, the 100 is currently 29,030
HONG KONG DATA
Industrial Production Q1 +2.6% YoY vs -6% Q4 (F/cast was +1.5%)
Hong Kong's Gross National Income (GNI) and related figures for the first quarter of 2021. Hong Kong's GNI, which denotes the total income earned by Hong Kong residents from engaging in various economic activities, increased by 7.5% in the first quarter of 2021 over a year earlier to $722.1 billion at current market prices. The value of GNI was larger than GDP by $21.5 billion in the first quarter of 2021, which was equivalent to 3.1% of GDP in that quarter, mainly attributable to a net inflow of investment income.
After netting out the effect of price changes over the same period, Hong Kong's GNI increased by 9.0% in real terms in the first quarter of 2021 over a year earlier.
The Centre for Health Protection (CHP) reported 2 new covid cases (imported). A total of 37 cases have been reported in the past 14 days (June 1 to 14) including three local cases of which one is from unknown sources.
Short Selling Tuesday 14.3% vs 14% Friday
Top Shorts Sunny Optical (2382) +31%, Ping An (2318) 31%, Hang Seng Bank (11) 30%, Country Garden (2007) 29%, Hengan (1044) 28%, Petrochina (857) 25%
AFTER MARKET NEWS
SINOPEC SSC (01033.HK) announced that the company received the letter regarding the results of the implementation of the reduction of shareholding from CITIC Corporation. From 22 April 2021 to 15 June 2021, CITIC Corporation has reduced in aggregate 190 million shares of the company by way of centralized bidding, accounting for 1% of the total share capital of the company. After the change in equity interests, the shareholding in the company of CITIC Corporation will be reduced from 5.45% to 4.45%.
Hong Kong Tourism Board announced that the provisional figures of visitors arriving in Hong Kong in May dropped 34.8% year-over-year to 5,305. The provisional figures for visitors arriving in Hong Kong in the first 5 months in 2021 amounted to 27,500, down 99.2% year-over-year. Additionally, the “Spend-to-Redeem Free Tours” organized by the HKTB is releasing the second batch of about 60 itineraries. Starting from tomorrow (16 Jun), the public can register directly with participating tour operators.
With steadier consumption and night-time dining in Hong Kong since April, CAFE DE CORAL H (00341.HK) has seen recovery in quick service and casual dining sales, said CEO Peter Lo Tak-shing at a press conference. Given average meal price fall of $0.5-37.5 last year, Lo saw no headroom for CAFE DE CORAL H's meal price hike in the future. He also announced it has decided to set up 11 shops in Hong Kong and 17 in China this year. On another note, the group's CFO Mike Lim found the temporary rental concession offered by certain landlords in the past fiscal year conducive to CAFE DE CORAL H's operation. However, the shop rents will return to the current levels following a low single-digit fall in the first year of short-term tenancies.
Secretary for the Civil Service Patrick Nip visited SHK PPT (00016.HK)'s Wan Chai headquarters today. During the visit, Nip and SHK PPT Chairman and Managing Director Raymond Kwok inspected the inoculation of Covid-19 vaccine to staff members through the Government's outreach vaccination service. The outreach vaccination service team had administered Comirnaty jabs to around 200 SHK PPT employees today.
ZA ONLINE (06060.HK) announced that the aggregate gross written premiums for the first five months of 2021 were approximately RMB7.725 billion, up around 44.42% YoY.
Louis Pong, founder and chairman of LF Catering, expressed his confidence in possible growth for the catering industry, even amid the threat of the pandemic, during the interview, as he revealed that the group's business performance has already returned to 70-80% of that before the pandemic. Pong added that the company has been jointly developing a touchless system with BOC HONG KONG (02388.HK), which enables customers to order and pay without physical contact with the staff. BOC Credit Card suggested that as of this May, BoC Bill has recorded over 50,000 registrations from business users, up 1.7x year-over-year. The BoC Bill feature offers auditing functions and enables businesses to keep track of their transaction numbers, so as to minimize workload and increase operating efficiency.
MCC (01618.HK) (601618.SH) announced that the value of newly signed contracts of the Company amounted to RMB468.54 billion for the first five months of 2021, representing an increase of 45% from the same period of last year.
VAU Residence, a Ho Man Tin residential project under Vanke Hong Kong, unveiled the second price list for 17 units measuring 209-388 sq.ft. each today (15th). Based on the maximum discount of 16%, the sales prices of the project range $5.506-9.462 million.
CHINA LIFE (02628.HK) announced that the accumulated premium income of the company for the period from 1 January 2021 to 31 May 2021 was about RMB386.4 billion, up approximately 4.49% year-over-year.
Responding to reports questioning radiation leakage in the Taishan Nuclear Plant, MoFA guaranteed that plant is operating safely and that it meets all relevant technical requirements and there is no anomaly observed in terms of radiation level in the surroundings of the nuclear plant. China values safety greatly regarding nuclear power and there has been no incident where nuclear plant operation in China endangers surrounding area and public health in the past, said Zhao Lijian, spokesperson of MoFA, during a press conference.
ANGELALIGN (06699.HK), whose shares will be listed tomorrow, opened at $330 in gray market, up nearly 91% against the listing price of $173, and last stood at $332, up 92% against the listing price, on volume of 310,000 shares, PhillipMart data showed.
All 2021 deliverable orders of the Zeekr 001, the first model under GEELY AUTO (00175.HK)'s EV brand Zeekr, have been sold out since the pre-order launch, as Chinese media learnt from Geely Holding President and Zeekr CEO An Conghui. Zeekr is consolidating group resources from around the world to guarantee the production capacity and supply of Zeekr 001 cars under the new norm of global car component supply tightness, while ensuring the delivery will begin in October, added An.
OIL WEAK on consolidation following recent recovery speculations; CNOOC (883 HK -2.4%) CH OILFIELD (2883 HK -2.3%).
BASE METALS WEAK across the board as market focuses on a possible reversal of the Fed’s monetary easing policies amid surging inflation, and demand for base metal will be decreased as prices go up. China Copper spot weak in China.
ANGANG (347 HK -4.7%) CHALCO (2600 HK -3.6%) JIANGXI COPPER (358 HK -3%) ZIJIN MINING (2899 HK -4.5%).
*E-COMMERCE/INTERNET MIXED concerns that China’s new data security law gives President Xi the power to shut down or fine tech companies as part of his drive to wrest control of vast reams of data held by companies such as ALIBABA (9988 HK +0.6%) and TENCENT (700 HK +0.7%).
TENCENT's Honor of Kings was crowned number one game in world with 13% annual growth of player spending to US$265m. PUBG Mobile, also developed by TENCENT, was ranked the second. It grossed a revenue of US$258m, up 5.2% yearly.
Chinese ride-hailing company Didi revealed a US$1.6b net loss for 2020 as it moves ahead with plans for a U.S. IPO.
KUAISHOU (1024 HK -1.4%) MEITUAN (3690 HK -1.5%) JD.COM (9618 HK -1.1%).
*TECH & COMPONENTS FIRM
SIM TECH (2000 HK +1.2%) reported unaudited revenue in May +7.2% MoM to HK$64m, unaudited revenue in the first 5 months +30.2% YoY to HK$309m.
Sentiment +VE on news that Huawei will hold a 5G+AR summit on June 17, to will work with global operators, regulatory agencies, partners, media, and analysts to discuss the layout and outlook of 5G+AR, and promote the prosperity of the 5G+AR ecosystem. CHINA SOFT (354 HK +1%) SUNNY (2382 HK +4.3%) HUA HONG SEMI (1347 HK +1.8%) TRULY (732 HK +2.8%) BYDE (285 HK +1.8%).
Data out after market Friday showed Vehicle sales in China -3% MoM in May, snapping a streak of 13 consecutive months of gains since April 2020. A global chip shortage and surging raw material prices are having an increasing impact on automakers in the country, said a senior official at CAAM. Overall sales in China totaled 2.13m vehicles in May, data from the CAAM showed. China sold 10.88m vehicles between January and May, up by 36% from the same period a year earlier. GREATWALL (2333 HK -1.6%) DONGFENG (489 HK -3%) GEELY (175 HK +4.7%); BYD (1211 HK +4.6%) said in talks with Xiaomi on auto partnership.
*CHINA PROPERTY WEAK concerns about more restrictions on news at least five mainland cities have banned related companies of developers from bidding for plots to increase the winning rate, the latest move to cool the property market. The five cities include Nanjing, Suzhou, Wuxi in Jiangsu province, Nanchang in Jiangxi province and Dongguan in Guangdong province. EVERGRANDE (3333 HK -2.5%) COUNTRY GARDEN (2007 HK -2.9%) AGILE (3383 HK -2.9%) SHIMAO (813 HK -3.3%).
*GAS COMPANIES WEAK; CHINA GAS (384 HK -14.5%) before being suspended; after President Xi Jinping ordered officials to check for safety risks ahead of the Chinese Communist Party’s 100th anniversary following a deadly gas explosion in Hubei province. ENN (2688 HK -1.8%) CR GAS (1193 HK -2.9%).
*SPORTSWEAR MAKERS STRONG on the news that Hillhouse Group will invest $64.4m in XTEP (1368 HK +21%) and $65m in its unit Xtep Global through buying convertible bonds. ANTA (2020 HK +2.7%) LI NING (2331 HK +3.6%) 361 DEGREES (1361 HK +8.6%).
*PHARMA/VACCINE WEAK following the news that U.S. Novavax Inc's shots showed they were 90% effective at preventing symptoms. FOSUN (2196 HK -3.7%) SINO BIOPHARM (1177 HK -1%) CANSINO (6185 HK unch)
Market opened higher on news that a trade agreement had been made with the UK. and intially traded sideways until the RBA meeting notes and House Price data came out and then worked higher hitting resistance approaching 7,395. It consolidated back to 7,360 level before pushing higher again but without success and drifted lower to close +67pts (+0.9%) @ 7,380 another new high.
Oaktree upped its offer for Crown Resorts -0.5% but Nuix +3.8% saw its CEO and CFO resign after the disastrous IPO.
Leaders were healthcare, consumer staples, consumer discretionaries, technology, and the financials
RBA Meeting Minutes were dovish.
House Price Index Q1 +7.5% YoY vs +3.6% Q4 (F/cast was +9.5% YoY)
House Price Index Q1 +5.4% QoQ vs +3% Q4 (F/cast was +5.1% QoQ)
Sentiment encourages by the expectation that the BoJ will leave policy unchanged this week. PM Suga cabinet faces no confidence vote. Will decide about state of emergency Thursday. Markets pulling above their 50 & 100 day moving averages
Nikkei opened higher and rallied to 29,400 and tested higher through the morning to 29,440 before easing back into lunch. PM opened higher and traded sideways to close +280pts (+1%) @ 29,441
Topix had a similar open but worked better in the PM to close +16pts (+0.8%) @ 1,976
Data out at lunchtime.
Tertiary Industry Index Apr -0.7% MoM vs +1.1% Mar (F/cast was +0.9%)
Sentiment +VE as KDCA reported 374 new covid cases (-25 DoD) below 400 for a second day. M2 data showed supply +1.5% MoM (+11.4% YoY).
Kospi opened flat, dipped then rallied to 3,262 then effectively traded sideways in choppy trading to close +7pts (+0.2%) @ 3,259
Above the 50 & 100 day moving average
Kosdaq opened higher 998 but sold down to 994 by 11am before working better to close flat @ 997 Closed just below its 50 & 100 day moving average
Taiex opened higher and intially rallied to 17,350 but then sold down to 17,300 support before working better to close at the day high +158pts (+0.9%) @ 17,371 T/O was US$15.63bn (vs 14.77bn Friday). Clearly breaking above the 50 & 100 day moving averages.
Sentiment +VE as CECC reported 135 new covid cases
Northbound Rmb 50,688m Sell 28,148m vs 22,540m Buy
Southbound HK$ 16,863m Sell 8,908m vs 7,955m Buy
Northbound Rmb 58,815m Sell 29,180m vs 29,635m Buy
Southbound HK$ 19,765m Sell 9,606m vs 10,159m Buy
AIA (01299.HK) -1.7%
MEITUAN (03690.HK) -1.6%
PING AN (02318.HK) -1.5%
CCB (00939.HK) -1.3%
HKEX (00388.HK) -0.8%
TENCENT (00700.HK) +0.7%
BABA (09988.HK) +0.6%
HSI & HSCEI Constituents on Move:
CHINA GAS HOLD (00384.HK) -14.5%
GEELY AUTO (00175.HK) +4.8%
BYD COMPANY (01211.HK) +4.7%
SUNNY OPTICAL (02382.HK) +4.3%
TECHTRONIC IND (00669.HK) -3.5%
EVERG SERVICES (06666.HK) -3.4%
SHIMAO GROUP (00813.HK) -3.3%
JD HEALTH (06618.HK) -3.1%
WUXI BIO (02269.HK) -3%
ANTA SPORTS (02020.HK) +2.7%, hitting new high
HSMI & HSSI Constituents on Move:
C-MER EYE (03309.HK) +28.4%, hitting new high
XTEP INT'L (01368.HK) +20.7%, hitting new high
HBM HOLDINGS-B (02142.HK) -14.2%
LUK FOOK HOLD (00590.HK) +7.7%, hitting new high
COSCO SHIP HOLD (01919.HK) +4.2%, hitting new high
MARKET HOURS NEWS.
The Civil Engineering and Development Department said it awarded a consultancy agreement for the study on the artificial islands in the Central Waters to Ove Arup & Partners Hong Kong Ltd. The value of the contract is about $220 million. The artificial islands in the Central Waters is one of the initiatives to increase land supply under the Lantau Tomorrow Vision announced by the Chief Executive in her 2018 Policy Address, which aims to alleviate the acute shortage of land in the medium-to-long run, and to meet the long-term housing, social and economic development needs of Hong Kong.
Tesla announced that over 100 service centers have been set up in China, all of which are directly managed by Tesla, with the aim to provide their users with sufficient protection by a more transparent and consistent display of repair options and parts pricing throughout the country. Tesla expressed that through online diagnosis and registration, the centers can prepare necessary parts and personnel in advance, so as to reduce the time needed for vehicle inspection and repair by a large marginXIAOMI-W (01810.HK) posted approximately 20 job vacancies in the autopilot field on its official website, all of which are scheduled to work in Beijing. It is speculated that the company intends to set up its electric vehicle R&D center in Beijing, in order to attract local talents.HENDERSON LAND (00012.HK)’s residential project "The Henley I" located in Kai Tak will sell 96 units this Friday (18th), with sizes ranging from 186 to 889 square feet and discounted prices ranging from $5.7313 million to $30.5795 million, said Thomas Lam, general manager of sales department of the company.
The project has sold 206 units and has cashed in $2.37 billion. Lam hinted at the possibility of launching the sales of the phase 2 next month as he mentioned that the company will review the sales arrangement of phase 2 and 3 after the sales of the first phase has completed.
CHINA LIT (00772.HK) announced that its China Literature Pictures has jointly published with New Classics Media and TENCENT (00700.HK)'s Tencent Pictures 70 film and television projects, including "1921", "A Lifelong Journey", "Life Is A Long Quiet River", and Season 2 for "My Heroic Husband".The Civil Service Bureau (CSB) announced that the Chief Executive-in-Council (CE-in-Council) has decided that the pay for civil servants in the upper, middle and lower salary bands and the directorate be frozen for 2021-22, effective retrospectively from April 1, 2021. The Government has informed the staff side representatives of the four central consultative councils and representatives of the four major service-wide staff unions of the decision. It will brief the Legislative Council Panel on Public Service on June 21, a spokesman for the CSB said.
According to Canalys' expectation, the world's smartphone shipments may burgeon by 12% to 1.4 billion units this year. This implies a robust revival from last year, when shipments shrank by 7% amid epidemic impact.CAFE DE CORAL H (00341.HK) announced annual result ended March 2021. The revenue declined 15.7% year on year to HK$6.714 billion. The net profit amounted to HK$359 million, up 387.7%.
EPS was HK$0.62. A final dividend of HK28 cents was declared. Together with the interim dividend of HK10 cents per share paid during the year, the dividend payout ratio for the year is 62%.JD LOGISTICS (02618.HK) announced its partnership with the electronic shopping platform "Xiaomi Youpin" under XIAOMI-W (01810.HK) on building the Huabei delivery center, which is scheduled to commence operation in Tianjin on 11 June.
Said delivery center will, according to the agreement, provide logistic services like storage, distribution and delivery for all Xiaomi Youpin products in Huabei area, Northeast China and Inner Mongolia. JD LOGISTICS expressed that the company expects the partnership with XIAOMI-W to form a unifying supply chain for customers on electronic platforms, so as to lower the logistic costs.
Trading in the shares of CHINA GAS HOLD (00384.HK) has been halted from 10:51 am today. The stock last stood at $25.3 before trading halt, down 14.53%, hitting an over-seven-month low, on
volume of 27.937 million shares and turnover of approx $725 million.
Overnight HIBOR last posted at 0.04643%, logging a 1-month high, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.09161%, marking a 1-month high.Nato summit warned in a statement that China's ambitions and assertive behavior would pose systemic challenges to international order and security in Nato regions. Nato Secretary-General Jens Stoltenberg said that, while China is not an enemy, the alliance should address security challenges brought by the rise of China.
SINO LAND (00083.HK) and CHINESE EST H (00127.HK) co-offered a unit at Grand Central in Kwun Tong as a lucky draw prize for vaccinated residents, the registration of which has been open from this morning. Hong Kong residents who age 18 or above and get vaccinated with two doses on or before 1 September 2021 in Hong Kong are eligible to join the lucky draw.
The chief executive Carrie Lam said this morning (15th), the Come2hk Scheme has been put on hold as there were confirmed cases in Guangzhou recorded the day before the launch.
She continued to state that the government has been monitoring development ever since and will relaunch the scheme should the circumstances permit.
The Government attaches great importance to the reported leak at the Taishan Nuclear Power Plant, said Chief Executive Carrie Lam before today's ExCo meeting. The Government will actively follow up with Guangdong authorities today and make further announcement should there be new developments going ahead, she added.
Chief Executive Carrie Lam said this morning (15th) that, as of yesterday (14th), the total amount of doses received by Hong Kong citizens amounted to 2.964 million. Among the population eligible to receive vaccination, 27% finished the first dose while 18% have taken both shots. Despite the significant increase in the vaccination numbers, social distancing measures can only be eased up when there is a sufficient amount of vaccinated people to build up an immune barrier, said the chief executive.
The Financial Secretary Paul Chan said that the newly issued iBond has received heated reaction from the market with the initial subscription amount exceeding $54.5 billion, up 40% yearly. Chan continued to state that details regarding the upcoming new Silver Bonds will be announced by the end of the month. The government is set to issue no less than $24 billion Silver Bonds with its eligible subscription age lowered from 65 to 60.
Chan, on another note, mentioned that the preparation of the electronic consumption vouchers scheme has entered the final phase and the registration is estimated to open in next month.
BYD COMPANY (01211.HK) (002594.SZ) Chairman Wang Chuanfu clarified at China Auto Chongqing Summit 2021 that the so-called advice to XIAOMI-W (01810.HK) Chairman Lei Jun against car-making was a misunderstanding, cited by Chinese media. Indeed, BYD COMPANY is in talks with XIAOMI-W on building cars.
XIAOMI-W and BYD COMPANY have been in a good cooperative relationship, Wang added.
Around 440 new homes were transacted during the three-day Dragon Boat Festival holiday. The Pavilia Farm III, a project co-developed by NEW WORLD DEV (00017.HK) and MTR CORPORATION (00066.HK) atop Tai Wai Station, sold out all 338 units listed in the second log last Saturday (12th), cashing in over $5.1 billion.
As for the second-hand market, Centaline's ten major housing estates tracked 20 deals, up 5.3% weekly.
UO Group, which is closely connected to Alvin Chao, the chairman of SUNCITY GROUP (01383.HK), is currently planning to invest maximum of approximately few hundreds million in a new e-commerce project, resembling HKTVmall under HKTV (01137.HK), which is expected to launch at the earliest in the second half of 2021, reported Mingpao, citing sources.
PRE MARKET HOURS NEWS
Trading in the shares of SOHO CHINA (00410.HK) has been halted with effect from 9:00 a.m. on 15 June 2021 pending the release of an announcement in relation to inside information of the Company and pursuant to the Hong Kong Code on Takeovers and Mergers.
CGN POWER stated that both unit 1 and 2 of the Taishan Nuclear Plant in Guangdong province are operating normally and safely, with unit 2 resuming operation successfully after last week's major repair. Both units have been operating according to relevant license documents and technical procedures since they commenced operation in 2018 and 2019 respectively and the readings recorded from the nuclear plant and surrounding area are normal, added the company.
XTEP INT'L (01368.HK) announced to issue convertible bonds in the aggregate principal amount of $500 million at the initial conversion price of $10.244. Upon full conversion of the convertible bonds at the initial conversion price, a maximum of 54.3624 million conversion shares will be issued, representing 2.03% of the issued share capital of the company as enlarged by the issue of the conversion shares. The net proceeds from the issue of the convertible bonds are estimated to be approximately $499 million and the company intends to use the proceeds for refinancing of existing debts, working capital and other general corporate purposes.
Huawei Chief Financial Officer Meng Wanzho will oppose, through her lawyers, to the publication of the documents previously obtained from HSBC HOLDINGS (00005.HK) Huawei and HSBC HOLDINGS reached an agreement in April for the latter to provide relevant documents while maintaining confidentiality. The Canadian prosecutors, however, objected to the confidentiality agreement on the ground of violating the principles of a public hearing and demanded that the documents should be selectively open to the public, while other media like Reuters also hold the same opinion.
Having showered consumers across 14 regions with vouchers so far, JD.com expected to hand out vouchers worth RMB10 billion throughout this year's 618 Shopping Festival, as Securities Times learnt from the giant.
Foshan Shadi Airport is cancelling all flights and suspending operation between 12 June and 22 June, reported CCTV.
MIIT announced that the productions and sales of new energy vehicles in China have topped the chart as the world number one for the sixth consecutive year, mainly attributable to the company's significantly strengthened R&D abilities and the steadily growing product quality, reported CCTV.
It is predicted that by 2025, ICV equipped with partial or conditional autopilot functions will account for over half of the market shares.The transition from high-carbon patterns to low-carbon and even net zero carbon emissions would present huge growth opportunities for low-carbon industries and technology, as the China Finance journal quoted from BANK OF CHINA (03988.HK) (601988.SH) Chairman Liu Liange. China will have to pour a hundred trillion yuan in achieving carbon neutrality in the coming 40 years, as he cited research findings.CNY has lost ground against USD since People's Bank of China announced to raise the foreign exchange reserve ratio, and is expected to encounter depreciation pressure in the second half of the year very likely, reported Chinese Financial Times, citing analysts. Analysts stated that due to the quickening economic recovery of the U.S., the economic advantage China holds against the U.S. will become less significant.