May 13 HK and CHINA sell off with the rest of Asia but T/O is light; and some signs of bargain hunting.


13 May

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HSI -512pts (-1.8%) 27,719 HSCEI -217pts (+2.1%) 10,340  T/O HK$160.9bn (+1.75% DoD)  but -5% DoD if you exclude the placement in Evergreen EV (HK$10.6bn) 

EUROPE
Opened lower and sold down in early trading before seeing a rebound.  Basic resources -3.8% to lead losses with all sectors in red. No major data releases

Earnings in focus
Telefonica shares edged higher after a positive earnings report while BT tumbled despite being in line.
Burberry weak after saying it reinstated its dividend and said its recovery from the crisis had accelerated, with sales and profits down from the same period last year but beating average analyst forecasts.
Evolution Gaming rebounded from Wednesday’s steep drop on the back of a pricing of block trades.

US Futures 
Opened slightly higher in Asia and gained but now the Dow -80pts but S&P +0.1% and NDX +0.5%

Data due PPI, Core PPI Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report.
Earnings: Walt Disney, Airbnb, Plantronics, Burberry, Casper Sleep, Brookfield Asset Management, Door Dash, Petrobras, Aurora Cannabis,

CHINA CSI 300 closed -52pts (-1%) 4,993
CSI 300 opened lower at 4,992 initially bounced to 5,014 before testing down to 4,980. It then worked back to 5,022 before selling down into lunch. PM opened lower and drifted lower to 4,976 before trending slightly higher into the close

Weakness from negative sentiment in global markets on inflation worries, and as the central govt vows to temper soaring commodity prices. The State Council said that China needs to effectively deal with the commodity price surge and strengthen the coordination of monetary policies with other measures to ensure the stable operation of the economy.

Laggards were commodities/miners, gas and heat suppliers.
Leaders were aviation, medicine , environmental protection, wine making, and daily chemical industries.

Shanghai Composite -33pts (-1%) @ 3,430
Shenzhen Composite -147pts (-1.1%) @ 13,918
ChiNext Index -9pts (-0.3%) @ 2,984

CHINA DATA
None


HSI
Pre market opened @ 27,920 -311pts vs -189pts ADR’s T/O was $28bn (around HK$10.6bn the block of Evergreen EV)
Initally tested to 28k but failed and sold down to 27,822 before rebounding to test 28,035 level but failed after a number of attempts and sold down to 27,940 before an uptick into lunch. PM opened lower with more selling as Europe cames in down to 27,800 before working back to 27,900 around 3pm but the trended lower into the close and ticked lower in the closing auction.
Inflation fears dominating but combined with a tightening in China.

HONG KONG DATA
After market
March 2021 Data
volume of Hong Kong's total exports of goods +23.4% YoY
volume of Hong Kong's total imports of goods +19.8% YoY .
Q1 2021 Data
volume of Hong Kong's total exports of goods +32% YoY
volume of Hong Kong's total imports of goods +24.4% YoY

The Centre for Health Protection (CHP) reported 2 new covid cases
(vs 2 Wednesday)

Short Selling Thursday 12.2% vs 17.3% Wednesday
Top Shorts
Wharf REIC (1997) 43%,  CK Assets (1113) 36%, BoC HK (2388) 34%, ICBC(1398) 34%, Hengan (1044) 33%, Henderson Land (12) 32%,  Bank Of China (3988) 32%,   BABA (9988) 32% (reports Thursday evening), Country Garden (2007) 32%, Bud Apac(1876) 30%,  BankComm (3328) 30%, Wuxi Bio (2269) 29%,  Shenzhou Int (2313) 27%,  Galaxy Ent (27) 27%,  MTRC (66) 26%,  SinoBioPharm (1177) 25%.  
AFTER MARKET NEWS
MODERN LIVING (08426.HK) announced Q1 result ended March 2021. 
The loss swung into profit of HK$1.055 million.EPS was HK0.13 cents. No dividend was declared.
YUE YUEN IND (00551.HK) announced first quarter results ended March 2021.
Revenue rose 26.6% yearly to US$2.493 billion. Profit attributable to owners of the company was US$85.379 million, as compared with US$56.281 million in a year ago's loss.
GEELY AUTO (00175.HK) announced a connected transaction. Zhejiang Jirun, an indirect 99% owned subsidiary of the Company,
entered into the Changxing Components Acquisition Agreement with Changxing New Energy, pursuant to which Zhejiang Jirun agreed to acquire the entire registered capital of Changxing Components from Changxing New Energy, for a cash consideration of approximately RMB2.535 billion.
Changxing New Energy is directly owned as to 70% by Geely Holding Automobile. Geely Holding Automobile is a wholly owned subsidiary of Geely Holding, which is ultimately beneficially wholly owned by Li Shu Fu, a Substantial Shareholder and an executive Director of the Company, and his associate.
BILIBILI-SW (09626.HK) announced results for the first quarter ended March 31, 2021.  
Adjusted net loss was RMB666 million for the period, expanding from the RMB475 million loss in the same period of 2020. Adjusted LPS equaled RMB1.87, better than street consensus.
The Development Bureau announced today (May 13) that private land within three land parcels that have been zoned for high-density housing development in the relevant statutory outline zoning plans (OZPs) would be resumed under the Lands Resumption Ordinance (Cap. 124) (LRO) for subsidized housing. The 12,300 sq m of private land, together with adjoining government land of about 3,500 sq m, are expected to produce around 1,600 flats.  
Xiaomi Technology has recently applied for the registration of the trademark "XIAOMI PAY", as revealed by Tianyancha App. The international category is financial property management, and the condition is "under application".
CHINA LIFE (02628.HK) announced that the accumulated premium income for the first four months of 2021 was about RMB353.0 billion, up 4.6% year-on-year.
During the "May 1 Golden Week" holiday, mass improved a lot, said Roland To Chi Kay, GALAXY ENT (00027.HK)'s Senior Director - Strategic Planning.
Border reopening is conducive to Macau's gaming recovery as the majority customers are mainlanders, furthered To, with the performance close to expectation. Given sturdy finance, the group has the capital for investment, and sufficient funds in phase three and four projects, the Director said.
The pandemic seems like a stress test to CKH HOLDINGS (00001.HK)'s business, results of which show that the company's assets have strong resilience against setback, 
said Chairman Li Tzar Kuoi, Victor. Ports and retailing have picked up in particular, whereas the telecom wing also displayed stability. As to M&A, Li disclosed the company will consider any project favorable to shareholders. For share buyback, Li said it would be a long-term plan, contingent on the market condition and the company's financing arrangement, and be pushed forward progressively according to plans.
KUAISHOU-W (01024.HK)  has recently kicked in a grey release on its upcoming same-city group buying function, reported 36Kr.  It aims to make inroads into local lifestyle services by adding a local catering service feature on its app.

MARKET COMMENT
*COMMODITIES WEAK as the dollar turned stronger. CNOOC (883 HK -2.2%) SINOPEC (386 HK -1.9%) as oil dropped below $66 a barrel last night after EIA report and news the Colonial Pipeline is reopening.
BASE METAL MINERS WEAK after the Chinese govt called for measures to deal with “overly fast” rises in commodity prices. JIANGXI COPPER (358 HK  -8%) CHALCO (2600 HK -7.8%) MAANSHAN IRON (323 HK -7.4%), CH RARE EARTH (769 HK -8.8%).
*CHINA BANKS WEAK  after China's credit growth slowed more than expected in April, after a record first quarter, as the PBOC slowly winds back stimulus. CMB (3968 HK -2.3%) CCB (939 HK -1.1%) ICBC (1398 HK -0.8%) CITIC BANK (998 HK -1.9%).
*DAIRY PRODUCTS FIRM as Danone, under pressure from activists will sell its 9.8% stake in CHINA MENGNIU DAIRY (2319 HK +2.8%), the French food group said yesterday. Danone to place 387.5m shares in Mengniu, with prices ranging from HK$38.95 to HK$39.8 each, representing a 5 to 7% discount from yesterday's closing price. Danone to raise up to HK$15.4b. CH MODERN DAIRY (1117 HK +1%) AUSNUTRIA (1717 HK +5.7%).
*E-COMMERCE/INTERNET WEAK on concerns about rising interest rates and ahead of results from ALIBABA (9988 HK -3.2%) due before the U.S. open. Year-on-year sales growth is seen gaining on easy comparisons. Revenue in the fourth quarter is estimated ~180.40b yuan. New HK IPO plans in the sector include ALIBABA-backed LinkDoc Technology, whose planned IPO could raise about $500m, and TENCENT (700 HK -3%) backed Miaoshou Doctor, is weighing a HK IPO that could raise at least $500m, news reported. MEITUAN (3690 HK -1.4%) HENGTEN (136 HK -11%) KUAISHOU (1024 HK -6.4%) JD (9618 HK -3.4%).
*TECH & COMPONENTS WEAK on continued tension between China and the U.S.
FIH MOBILE (2038 HK -1%) expects 1H consolidated net loss to be lower than its loss of ~$101.3m in the same period last year. SUNNY OPTICAL (2382 HK -4%) BYDE (285 HK -4.3%) HUA HONG (1347 HK -5.4%) TONGDA (698 HK -5.5%).
*EDUCATION PROVIDERS WEAK as China is framing new rules to clamp down on the private tutoring industry to ease pressure on school children and boost the nation’s birth rate by lowering living costs, news report. NEW ORIENTAL (9901 HK -9.5%) WISDOM (6068 HK -5%) CHINA MAPLELEAF (1317 HK -4.7%) VIRSCEND (1565 HK -3%).
*AUTOS WEAK on the share placement. CH EVERGRANDE EV's (708 HK -7.5%) parent raised about HK$10.6b from selling 260m shs of the EV maker at HK$40.92 apiece, 20% from last closing price HK$51.15. BYD (1211 HK -5.2%) GREAT WALL (2333 HK -4.2%) GAC (2238 HK -2%).
VOLVO CARS has decided to evaluate the possibility of an IPO of the company on the Nasdaq Stockholm stock exchange later this year. GEELY (175 HK -3.7%) would remain a major shareholder after the listing.
*HK PROPERTY WEAK on concerns over interest rates rises.
HK govt sold a rare land parcel in the Causeway Bay area for a higher-than-expected price, but the buyers Hysan could be said to be a special purchaser as they already own a significant amount of property in the area. HYSAN DEV (14 HK -0.2%) and Chinachem for HK$19.8b in a public tender. The 14,802-sqm land plot provides a rare opportunity to build acommercial project in a prime shopping district. CKA (1113 HK -1.1%) NWD (17 HK -2.6%) SHKP (16 HK -1.9%).
*OTHER MOVERS: 
Chairman Victor Li Tzar-kuoi said at the annual meeting of CK INFRASTRUCTURE (1038 HK +0.9%) that the company will repurchase shares when necessary and that the share price is undervalued.
CENTRAL CHINA (832 HK -50% ) as it resumed trading after clarifying that new shareholders would no longer qualify for a piece of a newly spun-off company, Central China Mgmt Co.
UNI-PRESIDENT (220 HK -9%) after Q1 earnings -11% YoY to 378m due to lower profit margin and higher spending. Worse than expected

Regional Markets
Malaysia, Philippines and Singapore
closed for holidays
Australia
ASX sold down in early trading to 7,000 level and then traded in a band 7,000/ 7,026 until around 2:30pm when they started to trend lower to close at the day and 4 week, low -62pts (-0.9%) @ 6,983
Tech stocks hit; Afterpay -5.4%, Xero -13% with the sector -4.7%. Banks weak with Westpac and NAB trading ExDiv, Miners weak as Iron Ore prices eased in the PM.

Japan 
Nikkei opened lower and sold down to 27,645 before bouncing and then trended lower into lunch (27,623). PM opened higher but still trending lower; saw support at 27,400 bouncd but then eased back to close -700pts (-2.5%) @ 27,448 The first close below 28k since Jan 29.
Market saw bargain hunting in Financials and cyclicals
Topix opened lower and tested down to 1,853 in early trades then bounced to 1,866 (the opening level)and traded sideways into lunch. PM opened higher but trended lower dipped to 1,846 bounced but eased to close -29pts (-1.5%) @ 1,849
Softbank -7.8% after results disappointment at no share buyback plan, third day of declines.
Seven & I +5% on news US activist investor ValueAct Captial has built a 4.4% stake. Also +VE were Kao and departments store operator Marui.
After market Japan announced Tokyo had 1,010 new covid cases and Osaka 761 and Hokkaido 712 cases. National total was 6,775.
Almost 90% of coronavirus case in Japan have mutated into more transmissible coronavirus variants, the Nikkei citing National Institute of Infectious Diseases' research. Plus the Indian COVID variant has been discovered in Japan as well -VE for sentiment

Data
Pre market
Current Account Mar $2650.1b vs 2916.9b Feb (F/cast was 3110b)
Stock Investments by Foreigners ¥+144.8B vs ¥+58.9B prior
Bond Investments by Foreigners ¥-73.6B vs ¥-1423B prior
At noon Eco Watchers Survey;
Outlook Apr 41.7 vs 49.8 Mar (F/cast was 49)
Current Apr 39.1 vs 49 Mar (F/cast was 48.2)

S Korea
Government
announced a plan to invest roughly US$450 bn to  build locally the largest chipmaking base of the world over the coming  decade; but Samsung closed -1.9%  at 78,500 below the psychologically important 80,000 level for the first time in 4 months.
Kospi opened lower and tested to 3,120 in early trades but then bounced to 3,146 the opening level and then work better to flat around midday but then trended lower in the PM to 3,103 before a small bounce to close -40pts (-1.3%) @ 3,122
Kosdaq traded in a similar pattern; tested 948 in early trades, worked to 965 around noon and trended lower to 948 before a bounced to close -15pts (-1.6%) @ 952

Taiwan 
Open lower 15,668 and tested 15,368 in early trades but then worked better and briefly +VE around 11:30am before reversing to trend lower to 15,368 before a slight up tick to close -232pts (-1.5%) @ 15,670
Sentiment hurt by the rise in local covid cases with 25 new cases.
TSMC -2.3%  but signs of bargain hunting with ASE Technology +3.1%  and Largan Precision +3.2%.  UMC +2.59%  and Nanya Technology +1.2% .
Shipping  was -7.4% and steel - 6%  Evergreen  Marine,  Yang  Ming Marine and   Wan  Hai Lines Ltd. down by the daily limit  9.9 percent. China Steel -4.6%

CONNECT FLOWS  (Southbound flows lighter)
Shanghai
Northbound Rmb 41,162m  Sell 22,112m vs 19,051m Buy
Southbound HK$ 13,288m   Sell 5,290m vs 7,998m Buy

Shenzhen
Northbound Rmb 45,600m Sell 24,089m vs 21,511m Buy
Southbound HK$ 13,532m  Sell 5,975m vs     7,557m Buy

Active Heavyweights
BABA (09988.HK)  -3.2%
TENCENT (00700.HK) -3.1%
PING AN (02318.HK) -2.1%
HKEX (00388.HK) -1.6%
AIA (01299.HK) -1.5%
MEITUAN (03690.HK) -1.4%

HSI & HSCEI Constituents on Move:
TECHTRONIC IND (00669.HK)  -9.5%
KUAISHOU-W (01024.HK) -6.4%
HANSOH PHARMA (03692.HK) -4.3%
NTES (09999.HK) -4.3%
SUNNY OPTICAL (02382.HK) -4.1%
GEELY AUTO (00175.HK) -3.7%
JD (09618.HK) -3.4%
WHARF REIC (01997.HK) -3.1%
CHINA RES LAND (01109.HK) -3.1%
ALI HEALTH (00241.HK) -3.1%
SHENZHOU INTL (02313.HK) -3.1%
GALAXY ENT (00027.HK) -3%

HSMI & HSSI Constituents on Move:
HENGTEN NET (00136.HK)  -10.6%
MOBVISTA (01860.HK) -10.3%
SHINEWAY PHARM (02877.HK) +7.6%, hitting new high
UNI MEDICAL (02666.HK) +3.1%, hitting new high

MARKET HOURS NEWS.
Sinopharm has been hearing demands from more than a hundred countries around the world for the group's COVID-19 vaccine, said Chairman Liu Jingzhen at a seminar.
Gao Feng, spokesman of Ministry of Commerce (MOC), shattered earlier rumor that China is pondering on changing the leader for the US-China Comprehensive Economic Dialogue (CED), saying such report is untrue.
Chinese Ministry of Commerce announced that 14,533 foreign-owned investment enterprises were set up in January-April 2021, up 50.2% yearly; the actually used foreign capital amounted to RMB397.07 billion, up 38.6% yearly.
Hangzhou Dayu Network Technology  has introduced XIAOMI-W (01810.HK) as an investor, reported Chinese media.  Founded in September 2015, Dayu boasts a license for national insurance agency business, according to its official website. It is the owner of Haibao Life, a platform offering scenario-based and customized insurance policy.
NEW WORLD DEV (00017.HK)  Executive Vice-chairman Adrian Cheng's SPAC "Artisan Acquisition" is go afloat in the U.S., which will fetch US$300 million.
Former Chief Executive Leung Chun-ying wrote on social media that Hong Kong's housing problem have deteriorated further over the past two years and thus proposed allocating up to 100 hectares of border areas at Tai Lam Country Park, or 0.2% of the country park area, for supplying around 20,000-30,000 HOS flats. The flats should be priced at $6,000/sq. ft., added Leung.
CENTRAL CHINA (00832.HK) issued a clarification announcement. As stated in the Company’s announcement dated 3 May 2021 regarding the updated timetable for the proposed final dividend for the year ended 31 December 2020, the expected timetable for the entitlement to the 2020 Final Dividend has been revised and the register of members of the Company will no longer be closed on Monday, 17 May 2021.
The latest time for lodging transfers of the shares of the Company to qualify for entitlement and the record date will therefore be 4:30 p.m. on 17 May 2021. Application has been made to the Stock Exchange for the resumption of trading in the Shares from 1:00 p.m. today.
The Hong Kong Monetary Authority (HKMA) announced the implementation plan for Phases III (Account information) and IV (Transactions) of the Open API Framework.  The initial batch of API functions, covering deposit account information and online merchant payments, are expected to be implemented progressively by the 28 participating banks starting from December 2021.
HUA HONG SEMI (01347.HK) announced first quarter results ended March 2021. Net profit amounted to US$33.059 million, up 62.7% yearly.  EPS equaled US$0.025.
GALAXY ENT (00027.HK) announced that the first-quarter net revenue was $5.1 billion, up 1% yearly and flattish quarterly; adjusted EBITDA was $859 million, up 204% yearly and down 15% quarterly.
TENCENT (00700.HK)'s TiMi Studio announced strategic cooperation with Microsoft Corp's Xbox Game Studios. Details will be made public this year.
Hong Kong is discussing with China to expand the cross-border digital yuan testing after the first phase has been concluded smoothly, Bloomberg citing an HKMA email.  HKMA and PBoC's Digital Currency Research Institute have recently conducted tests, involving a designated Chinese bank, merchants as well as banking staff.
The number and amount of online transactions via AlipayHK skyrocketed over 120% in 1Q21 from 1Q20 since the pandemic changed the consumption or operation habits of citizens and merchants in Hong Kong, said AlipayHK. In April, online transactions accounted for more than 50% of overall transactions.
GDS-SW (09698.HK) announced the comprehensive banking corporation strategic partnership with CITIC BANK (00998.HK)   Pursuant to which, both sides will expand their commercial banking cooperation to the business level, with in-depth IT industrial chain and business collaboration under the "head office to head office" model.
Before iBond comes open for subscription from 1 June, several banks offered charge concession. Clients of BOC HONG KONG (02388.HK) can be exempted from charges when subscribing for iBond via mobile apps or online during the subscription period. HANG SENG BANK (00011.HK), ICBC Asia and Citigroup also offered several discounts.  A good indicator of  how competitive the market currently is.
Over 80% surveyed mainland investors in the Greater Bay Area (GBA) plan to invest in Hong Kong via the upcoming Cross-boundary Wealth Management Connect, according to a survey by HSBC and the Nielsen Company (Hong Kong).
The survey also found that about two-thirds of respondents said they are optimistic about Hong Kong’s market outlook and 70% of them intend to increase their share of assets in the territory.
New World First Bus (“NWFB”) and Citybus announced that the financial problem continued despite the recent fare increase. For this reason, NWFB and Citybus have decided to salary freeze in 2021.  The fare revenue from Airport and cross-border routes is a historic major source of their revenues and resultant profit, according to their statement. However, the ridership of these series of routes have stayed at an extremely low level since the outbreak of the pandemic.

PRE MARKET HOURS NEWS
China Foreign Exchange Trade System announced on 13 May that the central parity of USD/ RMB fell 354 bps 
from the last trading day to 6.4612.
RAZER (01337.HK) announced that it had repurchased through the Stock Exchange 8.55 million shares Wednesday, involving roughly $22.8153 million.
After obtaining reports about China's solar panel production in forced labor by Xinjiang Uighur, the Biden administration is "assessing whether or not this would be the target of sanctions," disclosed John Kerry, Special Envoy on Climate.
The European Commission raised the economic growth forecast from 3.7% to 4.2% for 2021, and from 3.9% to 4.4% for 2022 given vaccination progress. Meanwhile, EU-wide fiscal stimulus will be rolled out in the second half of 2021.
Among the MSCI China and related composite indexes, the constituent stocks of BABA-SW (09988.HK) will be converted from the ADRs listed on the NYSE to the ordinary shares on HKEX (00388.HK) with effect from May 28, announced MSCI.  It believed this conversion will have a neutral impact on the market.
Volvo Cars stated that it is pondering over an  initial public offering after calling off its planned merger with GEELY AUTO (00175.HK)  The board of Volvo Cars has decided to assess a possible listing on the Swedish Nasdaq Stockholm stock exchange later this year.
The Hong Kong Mortgage Corporation (HKMC) announced 2020 Financial Results that the audited loss after tax was HK$362 million (profit after tax for 2019: HK$317 million). The decrease in profitability was primarily attributable to the booking of increasing upfront commission expenses arising from the significant surge in the volume of new mortgage insurance policies underwritten while the corresponding premium income was amortized over the life of the respective loans; an increase in accounting loss of HKMC Annuity (HKMCA), a wholly-owned subsidiary of the HKMC, as a result of the prudent provisions for statutory reserves for policies underwritten and an increase in annuity payments; and unfavorable impact by the revaluation of investments that were classified as investment securities at fair value through profit or loss upon the adoption of the Hong Kong Financial Reporting Standard 9 “Financial Instruments” since 2018.
The Government gazetted to maintain the social distancing measures currently in place for a period of 14 days till May 26.

A spokesman for the Food and Health Bureau said, according to the new direction in fighting the pandemic, the Government relaxed certain restrictions with 'vaccine bubble' as the basis on April 29, with a view to responding to the aspirations of various trades and the public to resume normal daily lives as soon as possible.
Tesla CEO Elon Musk said the EV maker is pausing purchases with bitcoin, triggering a fall in cryptocurrency.
Bitcoin nosedived 13.28% to last post at US$49,345, according to Binance. Ethereum plunged 7.72% to US$3,854. Dogecoin cascaded 16.67% to US$0.40868.
EVERGRANDE (03333.HK) announced that it placed 260 million shares of EVERG VEHICLE (00708.HK) at $40.92 each, representing a 20% discount to the closing price of the last trading day (12 May). The cash-in approximated $10.6 billion.
Bond Connect announced that as of end-April 2021, overseas institutes held an aggregate of RMB3.62 trillion in interbank market bonds, up RMB58.1 billion monthly.
China's Supreme People's Court has recently convened an expert symposium on antitrust judgments, where President Zhou Qiang stressed the need to earnestly bolster anti-monopoly and anti-unfair competition laws.
Equally, the Court shall fully utilize its trial function, while maintaining fair competition and market order in a bid to fuel high-quality economic development.
CHINA RAILWAY (00390.HK) announced that its subsidiary China Railway High-Speed Electrification Equipment Corporation Limited (CRHEEC) was approved by the listing committee for initial public offering and listing on the STAR market.  CRHEEC is confirmed to satisfy the issuance conditions, listing conditions and information disclosure requirements.
CRRC TIMES ELEC (03898.HK) announced that the proposed initial public issue of A Shares of the Company has been considered and approved by the Listing Committee of Science and Technology Innovation Board of the SSE. The Proposed Issue of A Shares is conditional upon, among others, approval from the China Securities Regulatory Commission and is subject to the market condition.
JOHNSON ELEC H (00179.HK) announced annual results ended March 2021. Net profit was US$212 million, as compared with a year ago's loss US$494 million. EPS equaled US23.77 cents. Final DPS  was HK34 cents. Full-year DPS was HK51 cents.
The Lands Department announced today (May 12) that the tender for a site, Inland Lot No. 8945 at Caroline Hill Road, Causeway Bay, Hong Kong, has been awarded to the highest tenderer, Patchway Holdings (HK) Limited (parent companies: HYSAN DEV (00014.HK) and Chinachem's Chime Corporation Limited), on a 50-year land grant at a premium of $19.778 billion.The company was the best bidder, with the winning price about 15% higher than the market valuation cap of $17.2 billion. With a total floor area of approximately 1.0764 million sq.ft., the floor price per sq.ft. is approximately $18,374

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