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HSI -6pts (flat) 28,781 HSCEI -19pts (-0.2%) 10,730 T/O HK$122.64bn (-15% DoD)
Markets opened flat and have traded around flat, weakness in Oil and Gas, Chemicals, Industrials, Basic Resources and Autos.
Employment Change Q1 -1.8% YoY vs -1.9% Q4 (F/cast was -2.1%)
Employment Change Q1 -0.3% QoQ vs +0.4% Q4 (F/cast was -0.3%)
GDP Growth Rate Q1 -0.3% QoQ vs -0.6% Q4 revised (F/cast was -0.6%)
GDP Growth Rate Q1 -1.3% YoY vs -4.7% Q4 revised (F/cast was -1.8%)
ZEW Economic Sentiment Index Jun 81.3 vs 84 May (F/cast was 84.9)
Industrial Production Apr -1% MoM vs +2.2% Mar revised (F/cast +0.9%)
ZEW Economic Sentiment Jun 79.8 vs 84.4 May (F/cast was 85.1)
ZEW Current Conditions Jun -9.1 vs -40.1 May (F/cast was -26)
Balance of Trade Apr €-6.24B vs -6.14B Mar revised (F/cast was -5.7B)
Current Account Apr €-1.4B vs -2.7B Mar revised (F/cast was -3.4%)
Opened in Asian time Dow -18pts (-0.05%), S&P +0.01% and NDX +0.09% but dropped sharply in European time as a number of internet outages were reported before rebounded as sites came back up.
NFIB Business Optimism Index May 99.6 vs 99.8 Apr (F/cast was 101)
AHEAD Balance of Trade, Exports, Imports, Redbook, JOLTs Openings, API Crude Oil Stock Change
Earnings Thor Industries, Casey’s General Stores, Navista
CHINA CSI 300 closed -46pts (-0.9%) @ 5,232
CSI 300 opened lower worked up to 5,319 in the first 30 mins before trending lower to 5,227 before a small bounce into lunch. PM opened lower and tested 5,201 before a small bounce and then traded sideways into the close. Ending at the lowest for two weeks with Team China maybe taking a rest before tomorrows Inflation and PPI data.
Sentiment hurt by weakness in some of the nation’s biggest consumer companies. A sub-gauge measuring consumer staples from food to personal products tumbled the most in nearly three months, with baijiu maker leader Kweichow Moutai down 3.5%, and Wuliangye Yibin slipped 4.8%. There was speculation that local govts will roll out consumption taxes on baijiu to compensate declining local govt revenue from land sales. Shanghai Composite -19pts (-0.5%) @ 3,580
Shenzhen Composite -146pts (-1%) @ 14,717
ChiNext Composite Index -9pts (-0.3%) @ 3,260
Guangdong's National Health Commission reported ten more local COVID-19 cases yesterday (7 June), along with nine other asymptomatic diagnoses.
HSI Pre market opened @ 28,901 +113pts vs -11pts ADR’s; initially dipped to 28,845 but then rallied to 28,979 before reversing and sold down to 28,638 around 11am. Small bounced but then eased into lunch. PM opened slightly higher but trended lower to 28,653 before a bounced and then gradually worked higher in choppy trading but failed to break but to flat and ticked up 16pts in the closing auctionE-commerce and Chinese Financials weak along with tech like Sunny Optical. Autos +VE as BYD May sales +52% YoY and Pharma +VE Sentiment weak as Carrie Lam says social distancing due to end Thursday would be extended; raising concerns about a forced lockdown for control purposes rather than health. She cited the local infection found last Saturday.
HONG KONG DATA
The Census and Statistics Department (C&SD) released today (June 8) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for May 2021.
The current diffusion index (DI) on business receipts amongst SMEs declined from 47.1 in April 2021 in the contractionary zone to 44.3 in May 2021, whereas the one-month's ahead (i.e. June 2021) outlook DI on business receipts was 48.3. The government spokesman added that business sentiment going forward would continue to hinge on the development of the epidemic situation and the pace of global economic recovery.
The Centre for Health Protection (CHP) reported 3 new covid cases imported (7 Monday 6 imported and 1 locally linked)
Short Selling Tuesday 12.8% vs 10.8% Monday
Top Shorts Bud Apac (1896) 45%, Bank Comm (3328) 32%, Henderson Land (12) 32%, BoC HK (2388) 29%, Shenzhou Int (2313) 28%, Xinyi Solar (968) 28%, Bank of China (3988) 27%, Country Garden (2007) 26%, Sunny Optical (2382) 23%
AFTER MARKET NEWS
POLY PROPERTY (00119.HK) announced that the Group have recorded contracted sales of approximately equivalent to RMB21 billion (up 52.17% YoY), with contracted area sold totaling approximately 1.102 million square metres for the first five months of 2021.
The Financial Reporting Council (FRC) and the Stock Exchange of Hong Kong Limited (the Exchange), a wholly owned subsidiary of HKEX (00388.HK), today (8th) signed a new Memorandum of Understanding (MoU) to further strengthen collaboration between the two organizations, in ensuring the upholding of quality financial reporting by listed entities and their auditors.
The new MoU replaces the one signed in 2007 and facilitates efficient and effective collaboration between the FRC and the Exchange in respect of the Financial Reporting Council Ordinance’s regulation of public interest entity auditors and the compliance by listed entities with regulatory requirements in financial reporting.
Massive local and foreign capital flew into the housing market as immigrants from China raced to invest in properties before Hong Kong's border is reopened, resulting in the rising transaction
volume and the price in the housing market throughout the first half of the year, reported Midland Realty. As the effects of the economic recovery start to manifest, Midland Realty estimates the housing market to enter into a bull phase with first hand property sales predicted to rise over 24% year-over-year and the full-year property price predicted to surge over 10%.
CK ASSET (01113.HK), CKH HOLDINGS (00001.HK) and Li Ka Shing Foundation jointly organized a lucky draw gifting $20-million coupons to encourage vaccination in the community and facilitate the government's "Early Vaccination for All" campaign to protect citizens' health. Any HKID card holders aged 18 who receive two shots of Covid vaccine prior to 31 August 2021 are entitled to register for lucky draw. There will be one first prize of a $5 million CK coupon; two second prizes of $3 million coupon each; three third prizes of $1 million coupon each, and so on.
CHINA RES LAND (01109.HK) announced that on 8 June, Zhuhai Rundi, a subsidiary of the Company, entered into the Agreement with CR Bank in relation to the proposed collaboration arrangement for the bidding of the Land (located at the Hi-Tech Industrial Development District in Zhuhai) by Zhuhai Rundi and the sale and purchase of the Target Properties, for a total consideration of RMB1.262 billion, in accordance with the terms and conditions of the Agreement.
CHOW TAI FOOK (01929.HK) announced annual result ended March 2021. The net profit amounted to HK$6.026 billion, up 107.7% yearly. EPS was HK60.3 cents. A final dividend of HK24 cents was declared.
Mundipharma has added Boyu Capital and Sinopharm to a shortlist of bidders for its upcoming business venture in China, Reuters reported, citing people familiar with the matter. It is known that CITIC Capital has also been shortlisted for the China unit of Mundipharma, which has an estimated value of over USD1 billion. Bids for the second round are non-binding and are expected to be due in July.
Cushman & Wakefield attributed the early bottom-out of local housing prices in January upon its previous forecast to worries of the unemployment rate last year. Yet at this juncture, the firm forecast prices to ascend by 5% in 2H21, or up to about 10% broadly, recouping pre-pandemic level in June 2019, given positive after-market, subsiding epidemic, faster-than-expected economic revival and better employment etc..
Considering that fintech sector would be a major driving force post-pandemic era, now is the appropriate time to expand the fintech development with extensive investment, said Eddie Yue, Chief Executive of HKMA. HKMA recently unveiled its “Fintech 2025” Strategy, addressing various developing directions, including e-HKD, which is currently being studied on technical and policy levels. The preliminary results of the study is expected to be released in 12 months time.
Vanke Hong Kong will open show flats and unveil the price list of VAU Residence, its residential project in 11 Liberty Avenue, Ho Man Tin, as soon as this Thursday (10 June), said Executive Director Quincy Chow at a press conference. He expected the project to be launched in mid-June at the earliest.
At least 50 flats will be offered in the first price list.
*COMMODITIES MIXED. CNOOC (883 +0.7%) CH OILFIELD (2883 HK -2%) SINOPEC (386 HK -1.5%) oil price declined slightly, losing some momentum after hitting $70 a barrel in New York for the first time in over two years. JIANGXI COPPER (358 HK -2.4%) dropped after copper posted its fourth decline in five LME trading sessions, as mixed Chinese trade data added to unease about the demand outlook.
*E-COMMERCE/INTERNET WEAK negative sentiment on the sector. China's ride-hailing giant Didi Chuxing, backed by SoftBank, ALIBABA (9988 HK -0.8%) and TENCENT (700 HK +0.5%), has dropped its HK IPO plan and aims to go public in New York, reflecting concerns that a HK IPO application could run into tighter regulatory scrutiny over its business practices. FT’s Lex also suggest the HK market has/is cooling
BILIBILI (9626 HK -2.1%) JD.COM (9618 HK -1.3%) BIDU (9888 HK -0.5%) KUAISHOU (1024 HK -0.9%).
*TECH & COMPONENTS WEAK on profit-taking as APPLE holds its annual Worldwide Developers Conference virtually for a second year, little new hardware and mainly software plus saying its working with developers, through June 11. AAC (2018 HK -0.8%) SUNNY (2382 HK -3.8%) TONGDA (698 HK -5%).
*AUTOS MAKERS STRONG positive outlook. The PCA data shows the average daily retail sales of passenger vehicles in China in May 2021 reached 50,100, an increase of 4% YoY, and up 3% MoM.
BYD (1211 HK +6.3%) pre market announced May vehicle sales +45% YoY to 46,295 unit, May NEV sales +190% YoY to 32,800 vs11,325. GEELY (175 HK +1.4%) May vehicle sales -12% YoY to 96,167 units; has achieved 35% of its FY sales target.
GREATWALL MOTOR (2333 HK +1.5%) got approval to raise 3.5b yuan via A-shr CB with a 6-year maturity term.
*BREWERS WEAK after yesterday's rally, amid concerns local govts in the mainland may roll out consumption taxes for luxury products such as liquor. TSINGTAO (168 HK -1.8%) CR BEER (291 HK -3.4%).
*CHINA PROPERTY FIRM on recent sales data and news CH EVERGRANDE (3333 HK +2.2%) reported it bought back 29.1m shares for HK$336.1m June 7. TIMES CHINA (1233 HK +1.1%) SUNAC (1918 HK +1%), COUNTRY GARDEN (2007 HK +1.5%).
*PHARMA WEAK UNITED LAB (3933 HK-2%) said its memantine Hydrochloride tablets (10mg) manufactured by its wholly-owned subsidiary, won the approval of China National Medical Products Administration, passed the consistency of quality and efficacy evaluation for generic drugs.
HEPALINK (9989 HK -1.9%) said its wholly-owned subsidiary, which is a supplier to produce Enoxaparin Sodium injection product, Novonox, has obtained the marketing approval from National Pharmacological Commission of Bolivia. The injection products have approved in more than 50 countries. Ecuador to buy 6m vaccines from CANSINO (6185 HK +0.5%).
Interesting to see light volumes in Australia, Taiwan and HK
ASX had a rolla-coaster day. Opened flat, small initial dip, worked better to 7,315 (a new high) mid morning, dipped to 7,268 around 1pm then worked to 7,298 but closed 7,293. Volumes were light
Tech and Health lead, Banks mixed. Nuix being investigated for overstating sales ahead of listing. Altium weak on broker downgrade.
NAB Business Confidence May 20 vs 23 Apr revised (F/cast was 24)
Nikkei opened higher as headline GDP was better than expected dipped initially to 28,990 but then rallied to 29,140 but saw resistance around 29,126 before getting there around 10:20am but sold down into lunch. PM opened lower dipped to 28,900 before working better; but hit resistance around 29,000 and then drifted lower to close -56pts (-0.2%) @ 28,966
Topix similar pattern opened lower, high was 1,969 low after lunch was 1,959 (the opening level), then rallied to 1,966 before trending lower to close +2pts (+0.1%) @ 1,963
Ave Cash Earnings Apr +1.6% YoY vs +0.2% Mar (F/cast was +0.5%)
Current Account Apr ¥1321.8B vs ¥2650.1B Mar (F/cast was ¥2000B)
Bank Lending May +2.9% YoY vs +4.8% Apr (F/cast was +4.5%)
GDP data final
Growth Rate Q1 -1% QoQ vs +2.8% Q4 (F/cast was -1.3%)
Price Index Q1 -0.1% QoQ vs +0.3% Q4
Private Consumption Q1 -1.5% QoQ vs +2.2% Q4
External Demand Q1 -0.2% QoQ vs +1.1% Q4 (F/cast was -0.2%)
Capital Expenditure Q1 -1.2% QoQ vs +4.3% Q4 (Consensus was -1.2%)
Growth Annualised Q1 -3.9% vs 11.7% Q4 (F/cast was -5.1%)
30yr JGB Auction 0.693% vs 0.645% prior
Eco Watchers Survey Current May 38.1 vs 39.1 Apr (F/cast was 39)
Eco Watchers Survey Outlook May 47.6 vs 41.7 Apr (F/cast was 41.8)
Tokyo reported 369 new covid cases (+134 DoD) nationwide the total was 1,099 (-21 DoD)
Trading volumes were high; foreigners and retail were sellers. Inflation concerns remain ahead of Chinese inflation tomorrow and US Thursday.
Kospi opened flat dipped to 3,243 in early trades but bounced back and worked better to 3,265 late morning then trended back to flat, then traded sideways to close -4pts (-0.1%) @ 3,248
Kosdaq traded in a similar pattern dipped to 983, bounced and worked back to 988 then eased lower before working back to test 988 where it saw resistance and then drifted lower to close flat @ 986
KDCA reported 454 new covid cases (vs 485 Monday)
Taiex opened higher and rallied to 17,182 in early trades, (technical resistance currently 17,200) on news of possible trade talks with US, but then trended lower in choppy trading back to flat and then traded sideways to close -8pts (flat) @ 17,076 T/O was US$12.55bn (vs 17.65bn Monday)
Large cap tech under pressure but old economy stocks (shipping and steel +VE) and biotech +VE Foreigner were net sellers.
Wholesale Prices May +11.33% YoY vs +9.62% Apr (F/cast was 10.1%)
Inflation Rate May +0.27% MoM vs +0.2% Apr (F/cast was +0.1%)
Inflation Rate May +2.48% YoY vs +2.1% Apr (F/cast was +2.3%)
Balance of Trade May $6.16B vs 6.18B Apr (F/cast was 6.1B)
Exports May +38.6% YoY vs +38.7% Apr (Consensus was +26%)
Imports May +40.9% vs +26.4% Apr (Consensus was +25.7%)
CONNECT FLOWS (Northbound flows rise DoD)
Northbound Rmb 50,497m Sell 25,447m vs 25,050m Buy
Southbound HK$ 13,645m Sell 7,399m vs 6,245m Buy
Northbound Rmb 57,779m Sell 28,541m vs 29,239m Buy
Southbound HK$ 16,321m Sell 8,467m vs 7,854m Buy
MEITUAN (03690.HK) -1%
BABA (09988.HK) -0.8%
AIA (01299.HK) -0.4%
HKEX (00388.HK) -0.3%
PING AN (02318.HK) -0.2%
TENCENT (00700.HK) +0.1%
HSI & HSCEI Constituents on Move:
BYD COMPANY (01211.HK) +6.3%
SUNNY OPTICAL (02382.HK) -3.8%
CHINA RES BEER (00291.HK) -3.4%
HENGAN INT'L (01044.HK) +3.1%
HSMI & HSSI Constituents on Move:
SIMCERE PHARMA (02096.HK) +13%, hitting new high
AVICHINA (02357.HK) +12.3%
CHINASOFT INT'L (00354.HK) +7.9%, hitting new high
CIMC (02039.HK) +2.5%, hitting new high
MARKET HOURS NEWS.
NEW WORLD DEV (00017.HK) announced the launch of a new round of anti-epidemic measures to lend the grassroots a helping hand. Each recipient will be awarded a $1,000 subsidy for vaccination or health consultation. There will be roughly 5,000 quotas in the initial phase. Recipients will be chosen through recommendation and screening by three non-profit organizations. The subsidies will be distributed starting as soon as end-June.
XINYI GLASS (00868.HK) announced that, on 4 June, the company's CEO Tung Ching Sai purchased 874,000 shares at an average price of $28.8991 per share; while its vice chairman Tung Ching Bor purchased 1 million shares at an average price of $28.8482 per share. The total amount involved is calculated to be $54.106 million.
Nvidia has submitted an application to the Chinese competition regulators in the past few weeks for its USD40 billion acquisition proposal on the U.K. chip designing company Arm, which may
warrant a 18-month long review from the authorities, reported Financial Times, citing people familiar with the matter. Nvidia expressed last month that the company expects to close the Arm deal by March 2022.
Ali Cloud launched Project AsiaForward with an initial USD1 billion funding and resources to cultivate a million-strong digital talent pool, empower 100,000 developers and the growth of 100,000 technology startups in Asia Pacific (APAC) over the next three years.
The project forms part of the cloud provider’s strategy to invest in infrastructure, technological innovation and talent development to contribute to local economic growth in the APAC region through digital transformation.
The value of newly-approved mortgage loans under the Mortgage Insurance Programme reached $32.69 billion in May 2021, up 5.4% from that in April and hitting a record high, said Centaline Mortgage Broker Managing Director Ivy Wong. Mortgage insurance policies newly drawn down in May surged 4.6% monthly to 2,062, notching a new high since July 2020 and surpassing 2,000, she added.
DNA sequencing technology firm QitanTech has raised more than RMB400 million in a Series B round, with investors comprising Hillhouse Capital and Baidu Ventures, reported Chinese media.
Founded in 2016, QitanTech is principally engaged in, among others, the R&D and sales of computer software and hardware as well as supportive equipment.
Largan Precision and Genius Electronic Optical (GSEO) will start shipping iPhone 13 camera lens from June, as Ming-Chi Kuo, a renowned Apple analyst at TF International, cited the latest industrial survey. He predicted GSEO to be the exclusive supplier of wide-angle lenses and telephoto lenses on the back of iPhone 13 devices at least in June.
Apple is currently engaged in a preliminary discussion with CATL (300750.SZ) and BYD COMPANY (01211.HK) in regard to the battery supply for the company's electric vehicle project "Apple Car", reported Reuters, citing multiple people familiar with the matter. Whether said discussion will lead to mutual agreement or whether Apple is also engaged in talks with other manufacturers remain unknown. The report continued to state that Apple is in the process of screening EV battery suppliers who own manufacture facilities in the U.S. as potential partners.
Hong Kong's property prices are merely 2%-3% below the record high, says Centaline Group Founder Shih Wing Ching. Shih believes the city's home prices will break free from stagnation in the second half of 2021, likely surpassing the historical peak with notable rally in the third quarter. Equally, he projects a double-digit home price rise this year, which may elevate to as much as 15%.
Shanghai will actively support the development of new energy vehicles during the 14th Five-Year Plan period and aims for the proportion of buses using new and clean energy to reach 96% as the city government revises vehicle policy to fully adopt new energy vehicles, the city's vice mayor Zhang Wei said during a press conference. Zhang added that according to the city's planning, Shanghai will accelerate the reform of transport energy structure by propelling the development of new energy vehicles as well as encouraging the public to switch to EVs for their private vehicles.Foxconn is scheduled to produce chips for GEELY AUTO (00175.HK) as an OEM, in order to alleviate the difficulties induced by the shortage in semiconductor chips, reported Chinese media, citing people familiar with the matter. Relevant persons at GEELY AUTO, however, claimed that they know nothing about said arrangement.
International Business Machines Corp has partaken in the high-end semiconductor joint development framework under Japan's Ministry of Economy, Trade and Industry, aiming to affirm its manufacturing technology as soon as possible, and beef up US-Japan ties in semiconductor supply chain.CHINA SCE GROUP (01966.HK) announced that in May, it achieved a contracted sales amount of approximately RMB10.460 billion and a contracted sales area of 707,800 square metres, representing a year-on-year increase of 15% and 29%, respectively.
The average selling price was approximately RMB14,800 per square metre.
HUANENG POWER (00902.HK) announced to issue up to RMB4 billion corporate bonds, comprising 3.33% RMB500 million three-year bonds and 3.97% RMB3.5 billion ten-year bonds.
The Executive Council decided to keep freezing the salary of civil servants this year, marking the second year of wage freeze, as local media cited sources. Pay Trend Survey Committee (PTSC) had earlier announced that stripping off increments, the net pay trend indicators (PTIs) for civil servants in the upper salary band, middle salary band and lower salary band were -2.04%, -0.54% and -0.68% respectively.
BABA-SW (09988.HK)s' Tmall has received more positive consumption feedback from users for this year's 618 Shopping Festival, which shall spur the group on in a good way, opined Tmall Vice President Yang Guang. Tmall has offered the steepest-ever discount in this year's 618 event, showering all users with RMB30 vouchers upon purchase of RMB200 throughout the period.
Apple announced that the new "private relay" function which obscures users' web browsing activity will not be available in China. Apple unveiled several privacy protection measures during the Apple Worldwide Developers Conference WWDC21, in hope to guard its users from being traced by advertisers and any other third parties.
Confirming the need for internal shuffle to streamline company structure, Hong Kong Airlines will announce the related details to its staff in coming days, according to local media. Earlier report had said the airline will further axe about 1,000 jobs and ground A320 fleet for a year.
Li Mingzhong, Deputy General Manager of Shenzhen Stock Exchange, wrote on Modern Bankers that SZSE will boost the quality of listed companies further by working with both internal and external forces. When it comes to serving the real economy, SZSE will expedite the Chinese Depository Receipt (CDR) pilot issuance among red-chip companies, as well as the transfer of listing from NEEQ to ChiNext.
Macau GGR may have reached around MOP1.35 billion for the first six days of June, Citigroup citing sector sources. This implied a daily run-rate of about MOP225 million, below MOP337 million in May. Most Mainland parents would prefer not to travel in the high school exam period in early June, likely leading to visitation fall. The broker maintained its June GGR forecast at MOP7.5 billion, i.e. 31% of the June 2019 level.
Chief Executive Carrie Lam deemed now is not the right time to relax the social distancing measures which will expire this Thursday since local infection was found last Saturday, of which testing is still underway. Based on the new anti-epidemic direction as announced on 12 April, the Government will avoid a clean-cut approach, but take a more orderly, prudent and slower pace to make the adjustment.
JD LOGISTICS (02618.HK) announced the first take-off of its chartered flight between Nanjing and Los Angeles, representing the first fixed chartered transportation route between China and America. The flight will go back and forth Nanjing Lukou International Airport and Los Angeles International Airport (NKG-LAX), piloted by CHINA EAST AIR (00670.HK), with three flights every week. The chartered flight will be based in Nanjing, with warehouse collection points in Shenzhen and Shanghai, exporting e-commerce goods such as daily necessities and clothing and importing fresh goods.DBS Group announced that its majority-owned securities joint venture in China, DBS Securities (China) Limited (DBS Securities), received its securities business license from the China Securities Regulatory Commission (CSRC) and will officially commence business operations today.
DBS Securities will operate brokerage, securities investment consulting, securities underwriting and sponsorships, as well as proprietary trading.
EVERGRANDE (03333.HK) announced that the Company had repurchased 29.084 million shares on the market at $11.08-11.84 each yesterday (7 June), involving around $336 million.
SANG HING HLDGS (01472.HK) is suspended from trading at 9:36 am, with reason pending for announcement. The stock plummeted 64.47% before the suspension, last posted $0.27, on a volume of 23.56 million shares.
With the government expected to open the registration for the consumption voucher scheme in July, Octopus Cards Ltd. expressed that personal Octopus cards are not required to collect the vouchers. Should citizens choose to receive the vouchers using Octopus cards, they only need to register their Octopus card number after registering and verifying their personal details on the government website. The company also stated that vouchers' transaction will not be processed separately from normal transactions and predicted that it would be possible for citizens to use them for transportation fare.
BOC HONG KONG (02388.HK) reported heated reaction from the market for iBond of which subscriptions recorded in the first week is primarily made through mobile banking and online banking services. The subscription volume received through electronic channels rose 46% compared to the same period during the previous issuance while the total subscription volume and number likewise increased. The subscription period for the iBond will end on 11th (this Friday) at 2pm.OPEC Secretary-General Mohammed Barkindo said OPEC and its allies projected further global oil inventory slump in the coming months, adding April oil stocks had plunged 6.9 million barrels MoM and 160 million barrels YoY in developed countries, reported Reuters.According to the guidance issued by HKMA regarding Cross-boundary Wealth Management Connect, China's investors are not required to travel to Hong Kong to set up the investment account, reported local media, citing sources. The investors, instead, can open southbound investment account in Hong Kong banks through certain Chinese banks which act as a deputy witness for retail banks in Hong Kong and Macau.
The U.S. president Biden's administration is currently communicating with relevant stakeholders, in regards to the shortage of semiconductors, in hope to enhance the transparency and accuracy of the supply chain, as well as to urge private organizations to take all feasible measures to deal with the short-term shortage, Commerce Secretary Gina Raimondo said.
Raimondo added that, despite the fact the shortage is somewhat alleviated at the moment, chip shortage is still predicted to daily challenge in the coming year.
Global smartphone sales ballooned 26% for the first quarter of 2021 after last year's slide, while overall handset sales surged 22% YoY worldwide, reported Gartner. XIAOMI-W (01810.HK)'s smartphone sales burgeoned 64.9% to 48.9386 million units, being ranked third with a 9.9% market share.The Macao government has rolled out tentative measures with regards to the volatile epidemic situation in Guangdong Province, requiring those traveling between Guangdong and Macao to present negative NAT reports within 48 hours, reported Macao Daily. Wu Keng Kuong, President of the Travel Industry Council of Macau, said daily visitor arrivals to the city had plunged to 10,000 or below due to Guangdong's Covid outbreak.
ANGELALIGN (06699.HK)'s IPO is drawing to an end as local brokers recorded a margin subscription of almost $242.56 billion by around 6pm yesterday (7th). With its public offering section raising $291 million, the IPO was over-subscribed by about 832x.
CATHAY PAC AIR (00293.HK) announced that it welcomes the Hong Kong SAR Government’s agreement to extend the drawdown period of the HK$7.8 billion loan facility for 12 months. This arrangement extends the drawdown period of the facility to 8 June 2022. The bridge loan facility was provided to the airline as part of the HK$39 billion recapitalisation announced on 9 June 2020 to help the airline withstand the industry-wide downturn.
PRE MARKET HOURS NEWS
The Southbound Trading of Bond Connect may kick-start in early July, Securities Times reported. Separately, Sing Tao Daily said the implementation will be within the month, furthering the related announcement will be made as soon as this week with concurrent official launch. Nevertheless, the effective date is subject to variables. The HKMA is working hard with the PBOC for the Connect, the report cited the former's response, and the details on investment quota and investment bond scope are pending finalization with the PBO
CONCH VENTURE (00586.HK) announced to acquire the remaining equity interests in solid waste treatment JVs, namely Xi’an Yaobai and Chongqing Conch Venture, from Ma Zhaoyang and WESTCHINACEMENT (02233.HK). The total consideration of HK$807 million shall be settled by the issue of 22.015 million consideration shares at the issue price of HK$36.6567 each, representing a premium of 10.41% over the closing price on 7 June.
HKTV (01137.HK) announced Gross Merchandise Value (GMV) on Order Intake of HK$514 million in May, up 8.9% yearly and 5.3% monthly. Average Daily GMV on Order Intake reached HK$16.6 million, up 9.2% yearly and 1.8% monthly.
SINO PROSPER GP (00766.HK) announced that independent third parties Shenzhen Tengshe Network and BAce Fund LP entered into the Strategic Cooperation Intention Agreement in relation to the development in financial technology and third party payment business in Vietnam. BAce Fund LP is an Internet investment fund established by Ant Group and an investment institution, being owned as to 50% by BAce Holding Ltd. and 50% by Ant Group.
BYD COMPANY (01211.HK) announced that vehicle production in May totaled 49,018 units, an increase of 52.4% year-on-year. Among which, 31,908 new energy vehicles were produced, up 174%. During the month, vehicle sales totaled 46,295 units, an increase of 45.5%. Among which, 32,800 new energy vehicles were sold, up 189.6%.