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HSI +103pts (+0.4%) 28,842 HSCEI +35pts (+0.3%) 10,751 T/O HK$130.86bn (-2.4% DoD)
Opened around flat but have worked higher, with encouraged by comments from the G7
Wholesale Prices May +1.7% MoM vs +1.1% Apr (F/cast was +0.6%)
Wholesale Prices May +9.7% YoY vs +7.2% Apr (F/cast was +8.4%)
Later Bundesbank Semi Annual Forecasts
FRANCE IEA Oil Report
Balance of Trade Apr £-0.9B vs £-2BMar (F/cast was £-3.2B)
Construction Output Apr +77.9% YoY vs +6% Mar (F/cast was +80%)
Industrial Production Apr +27.5% YoY vs +3.6% Mar (F/cast was +29.1%)
Industrial Production Apr -1.3% MoM vs +1.8% Mar (F/cast was +1.5%)
Manufacturing Production Apr +39.7% YoY vs +4.8% Mar (F/cast was 40.8%)
Manufacturing Production Apr -0.3% MoM vs +2.1% Mar (F/cast was +1.5%)
GDP 3-month average Apr +1.5% vs -1.5% Mar (F/cast was +1.2%)
Goods Trade Balance Apr £-10.96B vs £-11.71B Mar (F/cast was £-12.8B)
GDP Apr +27.6% YoY vs +1.4% Mar (F/cast was +28.5%)
GDP Apr +2.3% MoM vs +2.1% Mar (F/cast was +2.5%)
NIESR monthly GDP tracker May +3.8% vs +1.5% Apr revised (F/cast was +3.4%)
Opened Dow and S&P flat, Nasdaq +0.1% but now Dow +74pts, S&P and NDX +0.1%
Pre market Snowflake weak after investor day, Vertex Pharma sank after halting experimental drug trail. Chewy -1% beat estimates but warned. Meme stocks higher
Michigan Data Prelim (Current Conditions, Inflation Expectations, Consumer Sentiment, 5year Inflation Expectations, Consumer Expectations) Baker Hughes Rig Count.
CHINA CSI 300 closed -47pts (-0.9%) @ 5,225
CSI 300 opened +4pts but sold down for the first 40 minutes to 5,213 before a bounce back to 5,245 but then sold down to 5,225 with a uptick into lunch @ 5,230. PM effectively worked sideways for the first hour but then drifted lower 5,220 before a small up tick into the close.
Sentiment -VE on new data security law which gives Beijing the power to shut down tech companies. Anti sanction laws also seen as restrictive. Govt to release copper reserves to ease prices. CBIRC highlighted 5 key areas for Risk Prevention
Leaders HarmonyOS-concept continues to be strong, petroleum, electric power, coal, steel, carbon neutral names.
Laggards aviation, semiconductors, salt lake lithium extraction, photoresist, insurance, brokerages, pharmaceuticals, and liquor makers
China closed on Monday for Tuen Ng Festival (Dragon Boat Festival).
Shanghai Composite -21pts (-0.6%) @ 3,590
Shenzhen Composite -92pts (-0.6%) @ 14,801
ChiNext Composite Index +7pts (+0.2%) @ 3,340
Vehicle Sales May -3.1% YoY vs +8.6% Apr (F/cast was +5%)
HSI Pre market opened @ 28,865 +126pts vs +50pts ADR’s initially ticked higher to 28,965 but then sold down to Thursday’s closing level after 40 minutes, then rebounded to test 28,900 but failed and eased lower into lunch @ 28,851. PM market initially traded higher but with resistance as it approached 28,900. Having failed to break above and sold down to 28,830 and then traded sideways into the close.
Sentiment encouraged by the belief that inflation will be transitory and the Fed will restrain from tightening. BUT upside capped by new China legislation and the lack of a re-opening plan from the HK adminstration. HK amending Film Censorship on National Security grounds -VE
Solar weak as NDRC to Cut Subsidy for Solar Plants to Standardize Electricity Price.
Hong Kong Closed Monday for Tuen Ng Festival (Dragon Boat Festival).
HONG KONG DATA
The Centre for Health Protection (CHP) reported zero new covid cases (vs 2 Thursday imported)
HKMA announced that foreign assets, representing the external assets of the exchange fund, increased in May by HKD27.5 billion to HKD4.0361 trillion. By the end of May 2021, the monetary base, comprising certificates of indebtedness, government-issued currency notes and coins in circulation, the balance of the banking system and exchange fund bills and notes issued, amounted to HKD2.1105 trillion while claims on the private sector in Hong Kong amounted to HKD235.9 billion.
Short Selling Friday 14% vs 15.4% Thursday
Top Shorts Hengan (1044) 34%, Ping An (2318) 32%, Citic (267) 32%, Bank of China (3988) 30%, Geely Auto (175) 27%, Country Garden (2007) 26%, Mengniu Dairy (2319) 25%,
AFTER MARKET NEWS
French Finance Minister Bruno Le Maire said France is set to push ahead a global minimum corporate tax rate deal, yet stressing the pact would comprise China and cover as many industries as possible.
HSBC announced that the subscription for the new batch of iBond received overwhelming response with the number and amount of applications toppling the 2020's level. This reflected that customers kept seeking products with stable return amid low rate environment. The number of applications for iBond via HSBC even hit the record high. HANG SENG BANK (00011.HK), on the other hand, said the iBond was well-received by clients this year, with the total subscription amount setting all-time high and the total subscribers rising almost 40% over last year. BOC HONG KONG (02388.HK) said iBond was in hot demand with the amount and number of subscriptions logging new highs.
CST GROUP (00985.HK) announced that the Subscriber, a wholly-owned subsidiary of the Company, entered into the Subscription Agreement with the Fund - Princeville Global III LP, pursuant to which the Subscriber agreed to subscribe for the Limited Partner Interests in the Fund, for a capital commitment of US$10 million.
FLAT GLASS (06865.HK) announced that the China Securities Regulatory Commission (CSRC) had approved the Company’s application for the issuance of additional H shares. It is approved that the Company would issue not more than 76 million overseas listed foreign shares with a par value of RMB0.25 each, all of which are ordinary shares.
Application for a new batch of the Green Form Subsidised Home Ownership Scheme (GSH) flats was closed yesterday (10th).
Roughly 50,000 applications were received for this batch, according to the Housing Department. Based on 3,437 flats on sale, an over-subscription of 13.5 times had been recorded for this batch of GSH flats.
XIAOMI-W (01810.HK)'s directly-operated Mi Home stores in Beijing and Shanghai, as well as exclusive stores in Beijing are now supporting digital yuan payments, announced by Airstar Wallet.
Leung Chun Ying, vice chairperson of CPPCC and former chief executive of Hong Kong, suggested on his personal social media that the government could utilize the 70-hectare outskirt area of the Tai Lam Country Park to build HOS flats. The former chief executive said that the area is estimated to be able to provide 25,000 units with a salable area of approximate 500 sq.ft. and over a thousand low-density units for the elderly. Leung suggested the government to sell the flats at the cost price of $6,000 per sq.ft. and predicted the project to be able to benefit around 70,000 people.
Hang Seng Indexes Company announced that, subject to all the conditions of the privatisation proposal being fulfilled or waived, CAR INC (00699.HK) will be delisted from the Stock Exchange of Hong Kong. Appropriate constituent changes will therefore be made to Hang Seng Composite Index (HSCI), Hang Seng Consumer Goods & Service Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng SCHK Mainland China Companies Index, Hang Seng SCHK ex-AH Companies Index, Hang Seng SCHK HK Companies Index, and Hang Seng Small Cap (Investable) Index after market close on 23 June. The changes will come into effect on 24 June.
HKEX (00388.HK) issued a notice to brokers, stating that, brokers who wish to participate in this upcoming Silver Bonds issuance have to submit the signed letter of undertaking to the HKMA on or before 23 June. According to the previously released Budget, the government plans at least $24 billion of Silver Bonds, with the eligible age for subscribing lowered from 65 to 60 years old.
CPIC (02601.HK) announced that the accumulated primary insurance premiums of China Pacific Life Insurance Co., Ltd. and China Pacific Property Insurance Co., Ltd., both of which are the subsidiaries of the company, for the period between 1 January 2021 and 31 May 2021 amounted to RMB121.173 billion and RMB67.609 billion respectively. The combined income amounted to RMB188.782 billion, up 5.16% year-over-year.
PICC P&C (02328.HK) announced that its accumulative original insurance premium income for the period from 1 January 2021 to 31 May 2021 amounted to RMB202.622 billion, up 1% year-over-year.PICC GROUP (01339.HK) announced that the aggregate premiums income as derived from operating subsidiaries PICC P&C (02328.HK), PICC Life and PICC Health for the first five months of 2021 were RMB202.622 billion, RMB57.408 billion and RMB21.73 billion, respectively. The sum added up to RMB281.76 billion, up around 0.37% YoY.
The total gross value of construction works (GVCW) performed by main contractors in the first quarter of 2021 slightly decreased by 0.6% in nominal terms over a year earlier to $55.5 billion, according the Census and Statistics Department (C&SD). After discounting the effect of price changes, the provisional results showed that the total GVCW performed by main contractors slightly increased by 0.2% in real terms over the same period.
NCI (01336.HK) announced that the accumulated gross premium income of the Company for the first five months of 2021 was RMB82.671 billion, up nearly 4.64% yearly.
Centa-City Leading Index CCL hiked 0.28% week-over-week to 185.68, setting a new high in the past 93 weeks.
CCL Mass rose 0.41% week-over-week to 188.33;
CCL for small and medium units climbed 0.29% week-over-week to 185.93.
Said research department of Centaline Property, predicting the New Territories West area to be leading an uptrend for the entire housing market over the next few weeks as the property price in the area continues to soar with a CCL Mass edged near its historical high.
Chip scarcity was the most pressing issue facing China's auto sector amid sales decline in May, China Business Network citing CAAM's Deputy Secretary General Shi Jianhua, who was not very bullish on the June sales data. He predicted chip shortage, which had dealt a heavy blow in the second quarter, to ease at the end of the third quarter or in the fourth quarter.
OIL names firm prices rose over night and PETROCHINA's (857 HK +3.8%) Changqing Petroleum becomes China's first 5G smart oil refinery, which is fully supported by 5G technology marking a monumental step towards the application of 5G intelligence for China's petrochemical industry. SINOPEC (386 HK +2.2%) CH OILFIELD (2883 HK +2.7%).
BASE METALS Strong, following a warning about a Vale SA dam put the spotlight back on iron ore supply. Spot iron ore with 62% content rose for a third day to $215.05 a ton on Thursday, rebounding more than 20% from last month’s low. ANGANG (347 HK +3.7%), MAANSHAN (323 HK +3%) CHALCO (2600 HK +5.6%). COAL Strong as China’s plan for faster construction of a reserve for the commodity exacerbated already tight supply and demand. YZCOAL (1171 HK +3%) CH COAL (1898 HK +1%).
*CHINA BANKS FIRM after from recent weakness on default and exposure to Evergrande concerns; as loan data showed China’s credit expansion was largely steady in May after a sharp slowdown in the previous month, as the central bank seeks to scale back stimulus in a gradual manner to prevent risks.
ICBC (1398 HK +0.6%) ABC (1288 HK +0.4%) BOC (3988 HK +0.4%) CCB (939 HK +0.3%).
*EV & BATTERY MAKERS FIRM amid demand speculations. GANFENG LITHIUM (1772 HK +4.6%) to sell US$630m of new shares to fund expansion. The placement involve 48m new H-shares, equivalent to around 20% of its existing issued H shares, would be placed at a price of HK$101.35 apiece, at a 5% discount to yesterday's closing price. EVERGRANDE NEW EV (708 HK +4.5%) BYD (1211 HK +1.1%).
*HK DEVELOPERS WEAK saw consolidation following recent rebound amid strong demands on new homes.
CK ASSET (1113 HK unchg) is weighing a sale of UBS Group AG’s London headquarters, 5 Broadgate which it bought in 2018 for 1b pounds and would only agree a sale if bids exceed that level.
SHKP (16 HK -0.9%) HENDERSON LD (12 HK -0.6%) NWD (17 HK unch)
*CHINA PROPERTY MIXED:
CR LAND (1109 HK unch) May contracteed sales +18.2% YoY to 25.1b yuan.
CH EVERGRANDE (3333 HK unch) bought back 2.11m shares Thursday, the third time this week.
SOHO CHINA (410 HK +15%) on re-valuation speculations following disposing of SK Building in Beijing.
HEPALINK (9989 HK -1.6%) said Inhixa, one of the group's leading drugs of enoxaparin sodium injection, have been approved in more than 50 countries for sales in the market around the world. MICROPORT's (853 HK -3.7%) surgical robot unit, Shanghai MicroPort MedBot Ltd, files for US$1b HK IPO.
CANSINO (6185 HK +10%) after China gave green light for children aged 3-17 to receive Covid-19 vaccines.
PRADA (1913 HK +6.6%) on broker's upgrade of TP, expecting starting of a turnaround cycle.
CHINASOFT (354 HK -7.4%) sank following it surged yesterday as a HarmonyOS concept.
Market ticked higher on the open but then consolidated from the new high to 7,275 before working back into the green. Initially resistance at 7,320 which was tested a number of times then around 1:30pm broke above to a new high (7,330) but after 2:30pm trended lower to close +10pts (+0.1%) @ 7,312 new high. Leaders are BHP, Rio Tinto and FMG rise with tech stocks and gold miners. AMP announced Shawn Johnson as AMP Capital’s new CEO slightly +VE. Banks weak along with Crown Resorts weak on news Victoria has extended its royal commission into the company.
Monday New South Wales public holiday.
Bisbane named as host for 2032 Olympics
Nikkei opened higher but sold down, poor BSI data with Tech Financials, Property and Airlines under pressure. Toshiba closed -1.6% after daming independant report on management and govt collusion against shareholders. Market initially rebounded off 28,940 back to the opening level. Then sold down to 28,840 before rallying to 29,080 and bounced around there before selling down to 28,916 before a tick up into lunch @ 28.950. PM saw the market traded sideways around flat to close -10pts (flat) 28,949
Topix traded in a similarly choppy pattern. Opened 1,957 (flat), morning low was 1,945 then rallied to 1,960 high. At lunch -5pts (-0.3) @ 1,951 PM traded sideways around 1,955 and closed -3pts (-0.1%) @ 1,954
BSI Large Manufacturing Q2 -1.4 vs 1.6 Q1 (F/cast was 2)
Kospi opened higher on good trade data and easing nflation frears. It rallied to 3,252 then retrenched to 3,234 and then trended slowly higher in choppy trading seeing resistance as it approached 3,250 Closed +25pts (+0.8%) @ 3,249
Kosdaq opened in a similar pattern but trended slightly lower but found suppport at 989 which it tested a few times before working higher to close +3.4pts (+0.3%) @ 991
Exports First 10 days June +40.9% YoY
Export Prices May +12.3% YoY vs 11.1% Apr revised from 10.6%
Import Prices May +13.8% YoY vs 15.3% Apr revised from 15%
KDCA reported 556 new covid cases back under 600 +VE
BoK hints at rate rise this year.
Taiex opened higher at 17,200 worked better to 17,280 around 10 am it then trended lower found support at 17,200, bounced and traded sideways to close +54pts (+0.3%) @ 17,214. Shipping & Steel +VE along with TSMC which breached NT$600 and Large Cap Tech generally +VE T/O was US$14.77B (vs US$14.76B Thursday)
News reports that China issued an invitation for Taiwanese people to travel to China for inoculation but not many interested.
Market closed Monday for Dragon Boat Festival
TSMC is considering establishing its first Japanese chipmaking plant in Kumamoto, near the Sony plant to help meet image sensor demand. Comes as Japan encourages firms to expand semicon production there.
Japan parliamentarians called for support for Taiwan's WHA bid.
CONNECT FLOWS (Significant increases in northbound DoD)
Northbound Rmb 68,510m Sell 35,762m vs 32,747m Buy
Southbound HK$ 14,757m Sell 7,036m vs 7,721m Buy
Northbound Rmb 70,539m Sell 35,278m vs 35,261m Buy
Southbound HK$ 15,498m Sell 7,142m vs 8,356m Buy
MEITUAN (03690.HK) +3.1%
BABA (09988.HK) -1.2%
TENCENT (00700.HK) -0.7%
HKEX (00388.HK) +0.3%
PING AN (02318.HK) -0.1%
AIA (01299.HK) unchanged
HSI & HSCEI Constituents on Move:
XINYI SOLAR (00968.HK) +6.8%
PETROCHINA (00857.HK) +3.8%, hitting new high
ENN ENERGY (02688.HK) +3.4%, hitting new high
TECHTRONIC IND (00669.HK) +3%
HSMI & HSSI Constituents on Move:
SOHO CHINA (00410.HK) +15.2%, hitting new high
CANSINOBIO (06185.HK) +10.4%
TRAD CHI MED (00570.HK) +3.4%, hitting new high
SUNLIGHT REIT (00435.HK) +1.1%, hitting new high
MARKET HOURS NEWS.
HKEX (00388.HK) has received numerous opinions about the profit requirement for Main Board listing, said Head of Listing Bonnie Y Chan in the latest podcast. HKEX is making amendment to the Main Board profit requirement for the first time in 26 years. Aware of different market views, Chan believed the market consensus is the paramount importance of maintaining a high level of market quality. In fact, increasing the Main Board profit requirement is one of the important ways HKEX can perform its gatekeeping role, she added.
Rents for 10,445 flats, tentatively scheduled for completion between July and December 2021, of nine non-standard blocks at a Hong Kong Housing Authority (HA) new public rental housing (PRH) estate and two existing PRH estates will be set at the best rent levels in their respective districts. The HA Spokesman said under this rent-fixing exercise, over 91.6 per cent of the flats are set at a rent level below $2,500 per month, adding that PRH rents, which are inclusive of rates, management fees and maintenance costs, are heavily subsidised.
According to Town Planning Board's documents, SHK PPT (00016.HK) submitted an application for wholesale conversion of Royal View Hotel located in Ting Kau into a private residential project which will supply no more than 661 units. Under the existing hotel, there is a total of 691 hotel rooms. With a total development site area of about 6,066 square meters, the proposed development consists of 1 block with an overall domestic GFA of not more than 29,400 square meters.
ICBC (01398.HK) (601398.SH) announced its strategic alliance agreement with the Shanghai city government yesterday (10th), collaborating on directing the "three missions, one platform" project in Shanghai. ICBC will, according to said agreement, actively engage in the development of technology and innovation sector and organizing import expo, so as to assist Shanghai's economic growth with full-rounded premium financial services.
ZTE (00763.HK) recently signed a strategic alliance agreement with CHINA TELECOM (00728.HK) in Beijing, which designates the two companies' extensive collaboration on three major aspects: cloud-based operating systems, cyber data security and business innovation. The partnership will be carried out with the aim to fortify the core ability of the companies' cloud-based services and to carve out a market space for the brand-new business in the digital age.
EVERGRANDE (03333.HK) announced that the company has formed a strategic alliance with SINOPEC CORP (00386.HK), focusing on building facilities for battery-charging or battery-replacement of lithium electric cars, developing lighter materials for automobile manufacture, etc. EVERGRANDE expressed that new energy automobiles will be one of the core businesses for group as they announced their self-developed power battery will be put into mass production in the second half of this year.
Sensor Tower published the list of "Top Grossing Mobile Games Worldwide for May 2021", showing TENCENT (00700.HK)'s Honor of Kings was crowned number one in world with 13% annual growth of player spending to US$265 million. PUBG Mobile, also developed by TENCENT, was ranked the second. It grossed a revenue of US$258 million, up 5.2% yearly.
CAAM's statistics suggested that, in May, the automobile sales dropped 3.1% year-over-year to 2.128 million units while the sales of new energy automobiles surged 159.7% year-over-year to 217,000 units. The accumulative automobile sales in the first five months of 2021 rose 36.6% year-over-year to 10.875 million units, with that of new energy cars grew 224.2% year-over-year to 950,000 units.PETROCHINA (00857.HK) announced that the first production line under the Amur Gas Processing Plant (AGPP) project, built by China Petroleum Engineering & Construction Corporation (CPECC) and others in the southeast of Russia, had been put into operation.The Government published in the Gazette the railway scheme in relation to the addition of a railway station at Siu Ho Wan in accordance with the Railways Ordinance (Cap. 519). In the 2020 Policy Address, the Chief Executive announced the development of the Siu Ho Wan Depot Site of the MTR Corporation Limited (MTRCL) which is expected to provide some 20,000 public and private residential units in the medium and long term. To cater for the development and meet the transport needs of the residents, the MTRCL recommended the addition of a railway station at Siu Ho Wan on the Tung Chung Line.
Trading in the shares of FDG KINETIC (00378.HK) has been halted at 11:36 a.m. today (11 June). The stock was flattish at $0.019 before trading halt, on volume of 1.72 million shares and turnover of almost $33,000. Pending the release of announcement regarding inside information of the company.
China's first 5G smart oil refinery, which is fully supported by 5G technology, has been launched by under PETROCHINA (00857.HK)'s Changqing Petroleum, marking a monumental step towards the application of 5G intelligence for China's petrochemical industry.BlackRock secured China Securities Regulatory Commission (CSRC)'s approval to commence a wholly-owned onshore mutual fund business in the country. CSRC gave a nod to the operation of BlackRock's fund management unit in China, according to BlackRock's statement.
Huawei has recently signed a strategic alliance agreement with CHINA TELECOM (00728.HK) regarding the core ability on cloud-based services. It is expected that, through the partnership, the two companies will further their collaboration on the three main aspects of cloud-based operating systems, cyber data security and business innovation.
The Lands Department (LandsD) announced today (June 11) that three pieces of government land in Tuen Mun and Kwu Tung North will be let by way of short-term tenancy through tender to eligible brownfield operators affected by the land resumption and clearance exercises before or within next year under relevant government development projects. The tender commences today and will close at noon on July 7. A spokesperson for the LandsD said that the three pieces of land to be let through tender are suitable for storage and fee-paying public carpark uses.
Due to the slow progress Australia is making in terms of vaccination, its travel bubble project with Singapore might take a few months to be initiated. The Australian government previously abandoned its original target to inoculate the population as only 5.5 million out of the country's 26 million population have received one or more doses of vaccination at the moment. Australian Prime Minister, Scott Morrison expressed that the travel bubble project will prioritize allowing Singaporean students to return to Australia to recommence their studies.
JD LOGISTICS (02618.HK) announced that the first cargo flight of the company flying between Shenzhen and Beijing has taken off successfully, displaying stronger aviation capacity of delivery express in the two core economic districts - Beijing-Tianjin-Hebei Region and Guangdong-Hong Kong-Macao Greater Bay Area. JD LOGISTICS' Shenzhen-Beijing cargo route is cooperated with Central Airlines, with six flights a week from Tuesday to Sunday. Fresh products from markets in Guangzhou, Shenzhen and Dongguan, as well as seasonal fruits and lychees, can be delivered to Beijing, Tianjin, Langfang as soon as the next day. As of JD 618, JD Express Air City has operated almost 100,000 routes, increasing mailing cities to 300.
TENCENT (00700.HK) announced the strategic partnership between its Tencent Culture and Tourism and Hunan Xiangjiang New Area Development Group. Pursuant to which, both sides will team up to roll out the first digital project, Daiwang Mountain Smart Culture & Tourism Platform, to promote local emerging sector buildout.
TENCENT (00700.HK) announced that on 10 June 2021, a total of 163,400 options to subscribe for Shares are granted at an exercise price of HK$606.3 per Share. The validity period of options is until the last day of the 7-year period after the date of grant of options.
NDRC announced that from 2021, the Chinese government will no longer subsidize new energy projects, such as concentrated or industrial distributed photovoltaic power stations or newly approved wind power project, so as to achieve the centralization of electricity price. NDRC also encouraged all local governments to assist and foster the healthy development for new energy industry by means of policies.
Macau Secretary for Economy and Finance Lei Wai Nong, at the Guangdong-Hong Kong-Macau Greater Bay Area Financial Forum, mentioned the Macau government's promotion of bond market, wealth management and other key business buildout with a pivot towards legal system and financial infrastructure, reported Radio Macau. Macau will highlight its pursuit for free inflow and outflow of cross-boundary funds, as well as policy facilitating investment and financing convenience, opined Lei.
BRILLIANCE CHI (01114.HK) announced that the hearing date for the legal proceeding initiated by China Everbright Bank against SJAI, a wholly-owned subsidiary of the company, in respect of a claim of approximately RMB1.818 billion has been scheduled to take place on 17 June 2021 at the Intermediate People’s Court of Shenyang City. SJAI is seeking legal advice and will take appropriate actions to vigorously defend the claims under the legal proceedings. Trading in the shares of the company on the Stock Exchange has been suspended with effect from 9am on 31 March 2021, and will remain suspended until further notice.
The charge for advertising on TikTok's front page in the U.S. rose from over USD1.4 million in the third quarter to over USD1.8 million in fourth quarter, while the charge during holiday peak season surged to over USD2 million, reported Bloomberg News, citing documents. The short video app's surging advertisement charge is seen as a concomitant of its ever-expanding user base. As of August 2020, the app has garnered more than 100 million monthly active users in the U.S..
EESE (Enjoy E-Shopping Every Day), an online shopping mall co-set up by HKTV (01137.HK) and I.T, will have grand opening in November. EESE will hit the platform with 12 types of goods, according to local report. Apart from the apparel unit operated by I.T, the shop will also sell grain and oil groceries, maternal and child products, health products, electronic products, life services, watches and jewelry, and more. Target merchants include Apple, SONY, SOGO and Disney. The initial merchandise commission rate ranges from 14% to 30%, among which the fashion apparel is up to 30%.
The Urban Renewal Authority (URA) announced that it will invite interested developers to submit Expressions of Interest (EOI) for the development of the Bailey Street / Wing Kwong Street Development Project in To Kwa Wan today (11 June). All EOIs shall be submitted before 25 June. The Project, which covers a site area of 7,406 square metres, was commenced in March 2016. Upon completion, it will provide a maximum total gross floor area of about 66,700 square metres.
The Pavilia Farm III, a residential project co-developed by NEW WORLD DEV (00017.HK) and MTR CORPORATION (00066.HK) atop Tai Wai Station, cut off its subscription registration yesterday (10th) for its second round of sales. The market's sources claimed that the second round of registration received over 30,000 subscriptions, rendering the project to be the one with the highest subscription volume in 24 years and the first-hand property to achieve said volume since 1997. The second round of sales of the project will commence tomorrow (12th), selling a total of 338 units listed in the third price list
Chief Executive Carrie Lam said during her visit at On Tai Estate, Kwun Tong that the Government has fully seized the land needed to build public housing which can meet the demand in a decade.
Pledging the current government administration will keep bending over backwards in scouting new land with multi-pronged approach, the CE said measures to increase land supply for short, medium and long term will also be rolled out.
The public subscription of iBond 2021 will end this afternoon as several banks and brokers report heated reaction for the product from the market. BOC HONG KONG (02388.HK) reported that, as of yesterday, the total subscription number and the subscription
volume have already surpassed those of last year as electronic subscription surged over 70%. BRIGHT SMART (01428.HK), one of the brokers launching the product, recorded a subscription volume of nearly $3.5 billion as of yesterday.
PRE MARKET HOURS NEWS
YOURAN DAIRY (09858.HK) will price its shares at 6.98 each, the lower limit of the offer price range $6.98-8.66, IFR citing sources. The company expects to raise around $4.99 billion and go public on 18 June.
In response to the constituent stocks adjustment of HSLI, SZSE announced to add JD LOGISTICS (02618.HK) to the list of southbound trading service for Shenzhen-Hong Kong Stock Connects, effective today (11th).
CK ASSET (01113.HK) Planning to sell the London Grade A office building, 5 Broadgate, it is in talks with potential buyers at the moment, Bloomberg citing insiders. The group will not sell 5 Broadgate at any price below GBP1 billion, i.e. the acquisition price of the building back in 2018, the people said.
BONJOUR HOLD (00653.HK) announced that on 8 June, Chen Jianwen, the Chairman and executive Director of the Company, as the defendant, received a writ of summons issued in the Court of First Instance of the High Court of Hong Kong by the solicitors acting for Ip Chun Heng, Wilson, as the plaintiff, against the Defendant. The Plaintiff is a vice-chairman and executive Director of the Company. According to the Writ of Summons, the Plaintiff’s claim against the Defendant is for return of the sum of HK$75 million being the outstanding amount due from the Defendant under a series of loans advanced by the Plaintiff to the Defendant during the period from February 2019 to July 2019 or alternatively been money had and received. Chen Jianwen has issued a statement stating that the claim is groundless.
The inventory ratio of auto dealers hit 1.51 in May, down 2.6% yearly and 3.8% monthly, according to China Automobile Dealers Association (CADA).
GANFENG LITHIUM (01772.HK) announced the proposed placing of 48.0444 million shares, representing approximately 16.67% and 3.34%, respectively, of the total issued H Shares and the total issued share capital of the Company as enlarged. The Placing Price of HK$101.35 per Share represented a discount of 5.01% to the closing price yesterday. The aggregate net proceeds from the Placing are expected to be HK$4.855 billion.
Copper price has hit a new high since 2012 amid YTD global commodity price upsurge, reported Xinhua News Agency. In mid-May, China's copper price amounted to around RMB75,000/ ton, nearly 1.5 times higher than last year's trough. Subsequently, China's NDRC and four other departments have recently summoned the more influential key copper firms to step up collaboration and regulation.
The Chinese Communist Party Central Committee and the State Council released their opinions on building a common prosperity demonstration zone in Zhejiang through high-quality development. Accordingly, China will explore and optimize a Gross Ecosystem Product (GEP) calculation and application system with Zhejiang characteristics, while formulating a peak carbon emission action plan with high standard for the province.China Photovoltaic Industry Association (CPIA) issued an appeal to promote healthy and sustainable PV industry development, citing adverse sector impact from polysilicon price upsurges over the past three months. The Association called for resisting excessive stockpiling and price gouging of polysilicon and silicate platelets.