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HSI -170pts (-0.6%) 29,298 HSCEI -39pts (-0.4%) 10,952 T/O HK$150.23bn (-4.3% DoD)
Markets opened higher but trading around flat still near record highs. F&B Leading along with Oil. Media weak. Inflation concerns weighing on markets as Eurozone PPI higher than expected.
PPI Apr +1% MoM vs +1.1% Mar (F/cast was +0.5%)
PPI Apr +7.6% YoY vs +4.3% Mar (F/cast was +7%)
Retail Sales Apr -5.5% MoM vs +7.7% Mar (F/cast was -1.6%)
Retail Sales Apr +4.4% YoY vs +11.6% Mar revised (F/cast was +15.1%)
Budget Balance Apr €-91.37B vs-60.07b Mar (F/cast was -98b)
BoE Consumer Credit Apr £-0.377B vs -0.388B Mar (F/cast was+0.5B)
Mortgage Lending Apr £3.3B vs 11.5B Mar (F/cast was 5.1B)
Mortgage Approvals Apr 86.9k vs 83.4k Mar revised
Net Lending to Individuals Apr £2.9B vs 11.1B Mar (F/cast was 4.7B)
Opened Dow -13pts S&P and NDX slightly lower but now Dow +34pts S&P flat and NDX -0.1%. AMC strong pre market but Airlines, Cruise operators and retail weaker.
AHEAD MBA Mortgage Applications and 30 yr Mortgage Rate, Redbook, Beige Book, API Crude Oil Stock Change.
Fed Speakers Harker, Bostic, Evans and Kaplan
Earnings: Advance Auto Parts, Lands’ End, NetApp, Splunk, Cloudera, PVH, C3.ai
CHINA CSI 300 closed -52pts (-1%) @ 5,290
CSI 300 opened slightly higher but trended lower to 5,280 just after 11am before a bounce of around 20pts but then eased lower into lunch. PM dipped on the opened then worked higher but resistance around 5,300. Thensold down to the day low 5,267 but bounced back and then trended slightly better into the close. IT saw profit taking after hitting a three months high Tuesday. Sentiment weak on worries about yuan strenght, inflation worries, credit defaults and power outages due to hot weather and low rainfall.
Leaders were Apparel, home textiles, breweries, and agricultural planting
Laggards were medical beauty, lithium extraction, and tech
Foreign Traders sold net $315m Chinese shares via Stock Connect.
Shanghai Composite -28pts (-0.8%) @ 3,597
Shenzhen Composite -177pts (-1.2%) @ 14,858
ChiNext Index -56pts (-1.7%) @ 3,248
China confirmed 24 additional COVID-19 cases yesterday (1 June), including ten local infections in Guangdong, reported by the National Health Commission.
HSI Pre market opened @ 29,415 -53pts vs +50pts ADR’s
Dipped to 29,365 before bouncing to flat but then trended lower to 29,250 before a bounce into lunch (29,321). PM opened flat but trended lower in choppy trading. Around 3:30pm it sold down 80pts to the day low 29,208 and then traded sideways into the close. It ticked up 22pts into the close and then ticked 42pts in the closing auction. Sentiment weak on news of power cuts in the Greater Bay Area putting manufacturing under pressure.
HONG KONG DATA
The Land Registry announced that the number of sale and purchase agreements for all building units received for registration in May was 8,965 (-2.0% MoM but +30.2% YoY)
The total consideration for sale and purchase agreements in May was $87.6 billion (+2.9% MoM and +45.4% YoY). Among the sale and purchase agreements, 7,084 were for residential units, involving $76.8 billion
The Centre for Health Protection (CHP) reported 1 new covid case Short Selling
Short Selling Wednesday 20.3% vs 18.7%Tuesday
Top Shorts Bank Comm (3328) 64%, Henderson Land (12) 53%, Baba (9988) 37%, Power Assets (6) 33%, BoC (3988) 33%, Hengan (1044) 33%, SHKP (16) 29%, CKAsset (1113) 28%, Meituan (3690) 27%, Citic (267) 26%, BoC HK (2388) 26%, Sunny Optical (2382) 26%, Ali Health (241) 25%, Country Garden (2007) 25%.
AFTER MARKET NEWS
ORIENTAL PRESS (00018.HK) Positve Profit Alert announced that the Group is expected to record a net profit of no less than HK$200 million for the year ended 31 March 2021 as compared with the loss of HK$11.567 million recorded by the Group for the year ended 31 March 2020.
CHINA MOBILE (00941.HK) and QUALCOMM (QCOM.US) opened a 5G terminal joint laboratory in Beijing, marking the latest achievement from their unceasing and thorough cooperation. The lab aims to effectively boost the testing quality of terminal products leveraging both firms' resources and tech edges, and to provide essential support for faster 5G terminal commercialization and 5G popularization.
Due to the recent soaring demand, the occupancy rate of the designated quarantine hotels escalated from 60% on average in the past to over 80%, while some hotels edge towards fully occupied with a 90% rate, said Yiu Si Wing, member of the Legislative Council for the tourism constituency.
Yiu expressed that the demand in next month is forecast to be similar, adding the government is already exploring the possibility of utilizing spare rooms with designated quarantine hotels.
JD HEALTH (06618.HK) announced its strategic upgrade partnership with Sanofi China for digital healthcare ecosystem. Accordingly, both sides will come up with integrated digital solutions regarding online diagnosis and treatment throughout patients' lifecycle. They will make the utmost effort to promote standardized development of the "Internet+Healthcare" sector.
As the pandemic restrictions eased up in Hong Kong and Macau, CHOW SANG SANG (00116.HK) reported improved sales in the past few quarters, which is mainly attributed to the low base of comparison of last year, said Morison Chan, the Chief Financial Officer of the company. Chan expressed that the group will concentrate on expanding its store-network in China as it strives towards this year's goal of net opening 100 stores.
The Hong Kong Monetary Authority (HKMA), as representative of the HKSAR Government, announces the relevant per annum interest rate for the fifth interest payment of Silver Bond Series due 2021 (Issue Number 03GB2112R) issued under the Retail Bond Issuance Programme of the Government Bond Programme. Today's Floating Rate and Fixed Rate of the Bonds are 0.53% and 3%, respectively. Based on the Floating Rate and Fixed Rate set out above, the relevant interest rate for the fifth interest payment is determined and announced as 3% per annum.
The Centa-Salesman Index last posted at 73.10 pts, +1.25 pts vs last week's 71.86 pts. Centaline Property expressed that CSI has been fluctuating within a
margin of 3.52 pts, while the CCL, which last recorded a 2.53% rise, demonstrates a clear upward trend. Centaline Property expects the CSI to remain at the level of 70 pts for a certain period of time, indicating a forecast of a long-term upward trend for the property price.MARKET COMMENT
*ENERGY PROVIDERS FIRM as WTI & BRENT rising to a more than two-year peak; as the OPEC+ alliance forecast a tightening global crude market and did not Iranian oil to have a significant impact. The Covid-era glut has almost gone and stockpiles will fall rapidly in the second half. SINOPEC (386 HK +1%) PETROCH (857 HK +3.4%) KULUN (135 HK +5.5%).
*E-COMMERCE/INTERNET WEAK following yesterday's strong gains, (HSTECH index yesterday reached the highest level since end of April) and concerns about more regulation from SAMR.
ALIBABA (9988 HK -1.7%) MEITUAN (3690 HK -0.4%) JD LOGS (2618 HK -0.9%).
JD HEALTH (6618.HK -1.2%) and Pfizer China announced their upgraded strategic partnership and the launch of full-cycle management solutions for child inoculation and health.
*TECH & COMPONENT MIXED after TRULY (732 HK +6%) the highest since Feb after the LCD and electronics company said it repaid a HK$2.25b loan not due until mid-2022. Others traded mixed amid sector rotation; AAC TECH (2018 HK +3.3%) SUNNY OPTICAL (2382 HK -1.5%) TONGDA (698 HK +1.6%) Q TECH(1478 HK -2.2%).
*CHINA PROPERTY MIXED after new home prices in 100 Chinese cities rose 0.34% in May vs 0.23% in April. The number of cities that reported monthly price rises picked up to 80 in May from 77 in April.
COUNTRY GARDEN (2007 HK -0.2%) Co-Chairman Yang Huiyan acquired 19.288m shares of the Company last Wed (May 26).
CH EVERGRANDE's (3333 HK -0.5%) May contracted sales rose 6% YoY to 63.86b yuan.
GZ R&F (2777 HK -0.4%) saw an 8% YoY increase in May contracted sales to 12.21b yuan.
SUNAC (1918 HK +0.7%) SHIMAO (813 HK +1.6%) JINMAO (817 HK +4%) AGILE (3383 HK +1.5%).
*PROPERTY MANAGERS MIXED after EVERGRANDE PROP SERVICES (6666 HK -12.5%) after holders sold $341m in block sales offering 270m shares at HK$9.80 apiece, represents a discount of 12.3% to Tuesday’s close of HK$11.18. POLY PROP SER (6049 HK -1.4%) KWG LIVING (3913 HK -0.6%) GREENTOWN SERV (2869 HK -2.6%) SUNAC SERV (1516 HK +1.9%).
*EDUCATION PROVIDERS MIXED after China’s Ministry of Education said will take various measures to bolster oversight of some kindergartens and tutoring institutions that offer primary school lessons to pre-school children, a senior official said. The Law on Protection of Minors is effective from June 1, bans kindergartens and after-school tutoring institutions from providing primary school lessons. VIRSCEND (1565 HK +1.7%) MINSHENG (1569 HK +2.3%) HOPE (1765 HK -2.6%) CH XINHUA (2779 HK -1.4%).
*SPORTSWEAR MAKERS WEAK after U.S. lawmakers urge NBA to end endorsement of Chinese apparel firms that use cotton grown in China's Xinjiang region. LI NING (2331 HK -0.7%) XTEP (1368 HK -2%) ANTA (2020 HK -2.5%).
*AUTO MAKERS STRONG led by GEELY (175 HK +6%) as the first model of its Jidu brand (JV with Bidu) may be launched next year. There is also speculation the chip shortage situation may be improving for Geely with help from Foxconn. GREAT WALL (2333 HK +1.6%) GAC (2238 HK +2.2%) BYD (1211 HK +1.1%).
*HK RETAILERS FIRM although Hong Kong retail sales missed estimates thy were +12.1% YoY to HK$27b in April. For the first four months, it was provisionally estimated that retail sales increased by 8.5% YoY SASA (178 HK +1.5%) BONJOUR (653 HK +4%) LIFESTYLE (1212 HK +1.5%) CTF (1929 HK +1%).
Market opened higher and worked higher through the day after good GDP data to close +75pts (+1%) @ 7,218 just off the day high but still a new all time high and despite an extension to the Melbourne lockdown. Mining, Minerals and Oil leading. WesFarmers +VE along with Woolies on news it’s to enter the payments business with WPay.
But Nuix testing its lows after Mondays downgrade of forecasts.
GDP Growth Rate Q1 +1.8% QoQ vs +3.2% Q4 revised (F/cast was +1.5%)
GDP Growth Rate Q1 +1.1% YoY vs -1% Q4 revised (F/cast was +0.7%)
Nikkei opened lower and initially dipped to 28,566 before working hgiher to 28,942 at lunch. PM tested higher to 29,000 but failed to break above; drifted lower and then traded sideways to close +132pts (+0.5%) @ 28,946
TOPIX Traded in a similar pattern, low was 1,917 high 1,947; closed +16pts (+0.8%) @ 1,942
Pre market inflation data was inline @ 2.6% raising hopes of an increase in corporate earnings and quick economic rebound from the pandemic. But at 9:45am the KDCA reported 677 new covid cases (vs 459 Tuesday) back above 600 with 654 local cases. -VE
T/O was moderate Foreigners and Retail net buyers.
Kospi opened slightly higher and rallied to 3,241 in the first hour but then reversed and trended lower to 3,216 at midday. Bounced to flat and traded sideways to close +2pts (+0.1%) 3,224
Kosdaq opened higher dipped to 984 worked back to the opening level of 985 in the first 30 minutes but then trended lower to 978 at middday before starting to work slightly better to close -4pts (-0.4%) @ 981
Taiex opened higher and tested 17,275 in early trades but failed to break out and treated to test 17,162 (Tuesday’s close) before bouncing to traded around 17,215 for around an hour but then sold down to 17,056 just before midday and then worked better to close +3pts @ 17,165. Tech under pressure and rotational buying of old economy stocks (Petrochems, Paper, Steel). T/O was US$19.4bn
CECC reported 549 covid cases; all were domestic infections, of which 372 were newly confirmed cases, and 177 were from a backlog of test results confirmed over the past two weeks. Factoring in retroactively added cases, the total number of cases Wednesday rose from those reported a day earlier for the first time since May 26. It was also the highest total number of cases reported in a single day since May 28. Thought to be due to quicker reporting but raises concerns about whether the outbreak is slowing.
CONNECT FLOWS (falling again)
Northbound Rmb 45,146m Sell 21,991m vs 23,155m Buy
Southbound HK$ 12,683m Sell 6,313m vs 6,371m Buy
Northbound Rmb 55,108m Sell 29,143m vs 25,965m Buy
Southbound HK$ 16,957m Sell 8,168m vs 8,789m Buy
BABA (09988.HK) -1.7%
AIA (01299.HK) -1.2%
HKEX (00388.HK) -0.7%
CCB (00939.HK) -0.6%
PING AN (02318.HK) -0.5%
MEITUAN (03690.HK) -0.4%
TENCENT (00700.HK) +0.1%
HSI & HSCEI Constituents on Move:
GEELY AUTO (00175.HK) +5.9%
WH GROUP (00288.HK) +4.2%
PETROCHINA (00857.HK) +3.4%, hitting new high
NTES (09999.HK) -3.4%
AAC TECH (02018.HK) +3.3%
WUXI BIO (02269.HK) -3%
TECHTRONIC IND (00669.HK) -3%
MENGNIU DAIRY (02319.HK) -3%
HSMI & HSSI Constituents on Move:
CKLIFE SCIENCES (00775.HK) +28%
HUABAO INTL (00336.HK) +16.8%, hitting new high
MOBVISTA (01860.HK) +14.4%
PER ENERGY (02798.HK) +12.3%
CHINA LESSO (02128.HK) +3.7%, hitting new high
CIMC ENRIC (03899.HK) +3.4%, hitting new high
YUEXIU PROPERTY (00123.HK) +2.6%, hitting new high
MARKET HOURS NEWS.
The Hong Kong Monetary Authority announces that a tender of 10-year Government Bonds through the re-opening of existing 15-year Government Bond issue 15GB3203 under the Institutional Bond Issuance Programme was held today (June 2). A total of HK$1.7 billion 10-year Government Bonds were offered today. A total of HK$4.186 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 2.46. The average price accepted is 103.86, implying an annualised yield of 1.505 per cent.
Receiving COVID-19 vaccination will unequivocally be a requirement for quarantine-exempted travel between Hong Kong and China or Overseas, said the Chief Executive in the Legislative Council. Lam continued to state that the Hong Kong government has been discussing the matter of travel between the two places with the Chinese government and related arrangements are expected to take a certain period of time to finalize.
Progress of the Hong Kong-Singapore Air Travel Bubble will depend on Singapore's Covid situations and the opinions from Hong Kong's health authority, said Edward Yau, Secretary for Commerce and Economic Development of Hong Kong, before the LegCo. He wished the scheme to be open as soon as possible.
Hip Shing Hong's residential project at 5 Victory Avenue, Ho Man Tin was named Madera Garden, expected to be on sale this month, said Group General Manager Jonathan Fong at a press conference. The 26-storey building will offer 71 units measuring around 286-481 sq.ft. each. The material date would be the end of September 2022.
BABA-SW (09988.HK) announced that the first round of sales of Tmall 618 Carnival for 2021 has officially been initiated on 1 June, at which over 1,700 brands manifested turnover in the first hour being more than the debuted-full-amount last year.
As one of the largest brands representing the younger and millennial generations, RAZER (01337.HK) has been studying the cryptocurrency sector, which gained substantial popularity among younger generations, and its effect on the GPU supply for game users as well as environmental consequence, said the founder of the company, Min-Liang Tan, during a shareholder meeting. Tan contends that RAZER will, like any other new business projects, continue to remain open-minded as they consider future projects in the interest of shareholders and the long-term prospect of the company.
The gas sales in Hong Kong in the first quarter recorded a 1.8% drop year-over-year as the company obtained 6,400 units of new users, said Alfred Chan, managing director of HK & CHINA GAS (00003.HK) Chan mentioned that, factoring in Hong Kong's incomplete economic recovery, high unemployment rate and moderate inflation rate, the company has made no plan to adjust the gas charge.
JD-SW (09618.HK) announced on Weibo the exponential sales growth for the first day of "JD 618 Festival cum 18th Anniversary Celebration". There were over RMB100 million worth of orders placed for 39 brands. Also 4,800 brands reported an over 500% YoY turnover growth on the platform.
MICROPORT (00853.HK)'s MicroPort MedBot is planning for a Hong Kong
IPO this year to raise around US$700 million to US$1 billion, IFR citing sources. MicroPort MedBot may file for listing as soon as this month, another source said.
WH GROUP (00288.HK) announces that trading in the shares of the company will be halted with effect from 1pm today (2 June) pending the release of an announcement which contains inside information of the company. WH GROUP +4.2% and closed at $6.93 mid-day, on a volume of 31.296 million shares.
Chile's smartphone shipment burgeoned 71% YoY to a record high of 2.9 million units for the first quarter of 2021, according to Strategy Analytics.
Data During the period, XIAOMI-W (01810.HK) was ranked third in market share (i.e. 16%) as its shipment volume had grown by over 1000%.
PCCW (00008.HK) launches Infinitum Communications Suite (ICS), a cloud-native platform with fully-integrated business and operations support system solutions to help communications service providers (CSPs) quickly launch new offerings, transform digital engagement. ICS consists of four modular components, namely Digital Experience Suite, Agent Desktop Suite, Product Catalog Suite and Order Management Suite, with rich functionalities to automate and streamline the end-to-end selling, ordering and monetizing processes in supporting multiple business units of CSPs on a single platform.
JD-SW (09618.HK) is preparing to set up JD Capital, which will be headed by retiring Liu Qiangdong, as rumor spiraled across media. Cs.com.cn however cited JD-SW's response that the rumor is untrue.
Foxconn there was a small-area fire on the rooftop on one of the company's buildings in Guanlan district, Shenzhen this morning (2nd), which was promptly extinguished with the help of the fire department, said Foxconn.
The company expressed that the reason of the fire is still under investigation and confirmed that there was no casualties or disruption to the manufacture operation caused by the incident.
The U.S. Congressional-Executive Commission on China had asked NBA players to end endorsement deals with Chinese sportswear brands embracing Xinjiang cotton (e.g. ANTA SPORTS (02020.HK) and LI NING (02331.HK)) over allegations of forced labor, reported Reuters. In an email reply, Chinese Embassy in the U.S. called the allegation a "shameless lie", adding Washington was lifting a stone that will eventually smash its own feet.
JD LOGISTICS (02618.HK) said the number of delivered orders, including retail orders and open business orders of JD-SW (09618.HK), as at 5 pm on 1 June 2021 for "618 Anniversary Sale" has already surpassed the full-day number as recorded on 1 June 2020.
As at 24:00 on June 1st, XIAOMI-W (01810.HK) recorded an omni-channel payment amount for new retail sales of over RMB4 billion in China, according to its official Weibo account.
UBS Latest List of 7 Most-preferred H Shrs
Shares｜Ratings｜Target prices (HK$)
AIA (01299.HK) │Buy│118
LINK REIT (00823.HK) │Buy│82
SANDS CHINA LTD (01928.HK) │Buy│44.3
SHK PPT (00016.HK) │Buy│130.4
CKH HOLDINGS (00001.HK) │Buy│76.2
NEW WORLD DEV (00017.HK) │Buy│42.1
HANG SENG BANK (00011.HK) │Buy│165
A spokesperson for the Food and Health Bureau responded that the Department of Health received on May 29 an application from FOSUN PHARMA (02196.HK) regarding the lowering of age limit for receiving the Comirnaty vaccine to age 12 and the relevant phase three clinical trial data. The relevant information has been submitted to the Advisory Panel on COVID-19 Vaccines (Advisory Panel) for consideration. The Secretary for Food and Health will consider the suggestions by the Advisory Panel. It is expected that a decision on the application for lowering the age limit for vaccination can be reached in short time.
Apple Inc. has recently published the Supplier Responsibility Progress Report for 2021 on its official website, where the top 200 suppliers for 2020 were shown, Shenzhen Economic Daily reported.
12 Chinese factories newly admitted to Apple's supply chain included EWPT (300115.SZ), Tianma (000050.SZ), Gian (300709.SZ) and Victory Precision (002426.SZ). Meanwhile, four companies are eliminated. Apple's freshest model of iPhone 13 series are projected to release in mid-September, according to the report.
ZYBANK (01216.HK) reached an agreement on its strategic alliance framework with Ali Cloud on 28 May this year, announcing their partnership on exploring the utilization of Ali Cloud's matured products and market solution options, such as cloud platform, distributed financial database and data intelligence, on the business operation of ZYBANK. ZYBANK added it is crucial for the bank to partner with advanced technological companies as adapting to digitalization proves to be paramount to the survival of mid to small-scaled banks.
iBond subscription proved to be better on the first day compared to last year, with BOC HONG KONG (02388.HK) recording an increase in both the total subscription amount and cases in comparison to last year. Clients primarily subscribed through the bank's mobile application and online banking system, resulting in the rising number of subscriptions through electronic channels. As for brokers, Futu Securities (FUTU.US) received subscriptions from over 3,700 customers, with a total subscription amount of over HKD200 million, until 5pm yesterday.
PRE MARKET HOURS NEWS
Liu He, Vice Premier of the PRC as well as the leading figure in China-U.S. economic talks, held a virtual meeting with U.S. Treasury Secretary Janet Yellen, where both parties concurred that the economic relationship between the countries is extremely important and will continue to have extensive exchanges in relation to economic situations and bilateral and multilateral cooperation, on the basis of equality and mutual respect.
Both parties exchanged opinions regarding their respective concerns and agreed to maintain communication.
Asked if there will be delays to the re-tendering of Macau gaming licenses, Chief Executive Ho Iat-seng stressed to Macao Daily that the licenses are not going to expire this year, adding relevant laws will be amended in the second half of 2021. Thus, Ho will not make any comment on the subject for now.
EVERG SERVICES (06666.HK)'s shareholder would place 270 million shares at $9.8 each, representing a 12.34% discount to yesterday's closing price $11.18, pocketing $2.646 billion as Bloomberg cited sales documents. Up to 190 million more shares can be placed in addition, meaning the Company may cash in as much as $4.508 billion.
China's State Administration for Market Regulation (SAMR) will work on the formulation of platform pricing behavior rules to regulate platform charges and help individual industrial and commercial households with their growth, Xinhuanet.com citing Chen Zhijiang, head of the department in charge of price supervision and anti-unfair competition under SAMR.
A-share IPOs appear to be normalizing this year, as until 31 May, 196 companies have been newly listed onto the A-share market, reflecting a 110.75% year-over-year increase with a total amount of RMB153.738 billion raised, reported Securities Daily, citing statistics from Eastmoney Choice.
CSRC and the Shanghai and Shenzhen Stock Exchanges website revealed that, however, 114 companies which were scheduled for IPO retracted their application materials within the first 5 months this year.
A notice showed investors' enthusiastic application to subscribe for China Three Gorges Renewables (600905.SH)'s A-shares in the biggest-ever IPO
for China's electric power industry. There were roughly 16.19 million valid applicants filing for the subscription of around 48.74 million shares. The overall subscription size would be close to RMB1.3 trillion.
China's State Administration for Market Regulation (SAMR) will press on with eliminating discrimination, as well as policies and rules impeding market entities and economic activities, said Chen Zhijiang, head of the department in charge of price supervision and anti-unfair competition under SAMR. Meanwhile, dominant companies are banned from unfair competition behavior like snapping up market share and taking over market entities' room for survival.
Foreign investors are greenlighted to establish entertainment venues in China in accordance with the law, and restrictions on their investment proportion are abolished, as Xinhua News Agency learnt from the Ministry of Culture and Tourism. Foreign investors who intend to apply for operating entertainment business should file their applications at the administrative department of Ministry of Culture and Tourism at provincial level, with the application materials, establishment conditions and procedures same as those of domestic investors. Investors from Hong Kong and Macau SARs, as well as Taiwan, should also abide by relevant law to set up their entertainment venues in China.
The World Health Organization (WHO) announced the emergency use approval for Sinovac's COVID-19 vaccine. Based on existing data, a WHO panel of experts recommended two shots of the vaccine for adults over 18 with an interval of 2-4 weeks.
Guangdong's National Health Commission reported ten more local COVID-19 cases on 1 June, with seven infections in Guangzhou.