May 7 HK/CHINA Wrap China -VE as Int relations sour. HK -VE rumours of tighter listing Regulations


07 May

HSI -27pts (-0.1%) 28,611 HSCEI -57pts (-0.5%) 10,699  T/O HK$153.49bn (-4.7% DoD)

EUROPE 
Markets to open higher following the mainly +VE state of Asian markets but DAX and CAC dipped in early trades on mixed data before working higher. UK rising as local election results and Scottish parliamentary results are posted. Market seems to be confident of a good US payrolls number.
Earnings in focus; reported before the bell.
Siemens +VE after it raised its full-year profit and sales guidance on Friday for the second time this year after reporting adjusted second-quarter EBITDA (earnings before interest, tax, depreciation and amortization) for its industrial businesses of 2.1 billion euros ($2.53 billion), a 31% increase on the same period last year.
Adidas strong; also raised its sales outlook and reported a net income of 502 million euros for the first quarter of this year, up from 26 million euros in 2020.
Meggitt, up over 11% on reports of a possible takeover.
BMW +VE confirmed its full-year profit targets but cautioned that there could be volatility ahead due to rising raw material costs and supply disruptions.
Rubis weak after its first-quarter earnings.
Data
GERMANY 
Balance of Trade Mar €20.5B vs +18.2B Feb revised (F/cast was +17.6B)
Exports sa Mar +1.2% MoM vs+1% Feb revised (Consensus was +0.5%)
Imports sa Mar +6.5% MoM vs +3.6% Feb (Consensus was +0.7%)
Industrial Production Mar +2.5% MoM vs -1.9% Feb revised (F/cast was +1.7%)
Current Account Mar €30.2B vs +18.6B Feb (F/cast was +25.2B)
FRANCE 
Balance of Trade Mar €-6.1B vs -5.1B Feb (F/cast was -4.2B)Industrial Production Mar +0.8% MoM vs -4.8% Feb revised (F/cast was +2.5%)
Private Non farm Payrolls Q1 +0.3% QoQ vs -0.1% Q4 (F/cast was +0.7%)
Current Account Mar €-2.9B vs -2.2B Feb revised (F/cast was -3.2B)
UK 
Construction PMI Apr 61.6 vs 61.7 Mar (F/cast was 62.3)
US Futures 
Opened in Asian time Dow -18pts S&P flat and NDX +0.1%  the Dow now +97 points. S&P 500 +0.3%. Nasdaq 100 +0.2%.
Data 
NonFarm Payrolls, Unemployment Rate, Ave Weekly Hours, Ave Weekly Earnings, Participation Rate, Wholesale Inventories, Baker Hughes Rig Count, Consumer Credit Change.
Earnings Cigna, Siemens, Gannett, AMC Networks, Draftkings, Liberty Broadband, Elanco Animal Health

CHINA CSI 300 closed -65pts (-1.3%) 4,996
CSI300 opened slightly higher but tested yesterday’s close in early trading despite better than expected PMI data but then rallied to 5,094 on the very good trade balance but exports were weak and it then trended lower into lunch. PM saw the market open at Thursday’s closing level and trend lower through the afternoon to close at the day low.
Concerns over international relations with the US, Australia, G7, EU, Philippines and India
Leaders, coal, nonferrous metals, steel, cement, paper, ports.
Laggards pharmaceuticals, medical equipment, semiconductors, vaccines, and brokers

Shanghai Composite -22pts (-0.7%) @ 3,419
Shenzhen Composite -277pts (-2%) @ 13,934
ChiNext Index -82pts (-2.7%) @ 2,932
CHINA DATA 
Caixin Services PMI Apr 56.3 vs 54.3 Mar (F/cast was 54.5)
Caixin Composite PMI Apr 54.7 vs 53.1 Mar (F/cast is 53.3)
Balance of Trade Apr $42.85b vs $13.8b Mar (F/cast was 14.5b)
Exports Apr +32.3% vs +30.6% Mar (F/cast was +35%)
Imports Apr +43.1% vs +38.1% Mar (F/cast is 37%)
After market
Foreign Exchange Reserves Apr $3.198T vs 3.17T Mar (F/cast was 3.17T)

HSI Pre market opened @ 28,721 +84pts vs flat ADR’s
Market traded higher on the good China PMI data but then trended lower after the weak export data. PM open almost 100pts lower at 28,709 on rumours that China was to introduce tighter rules for Chinese companies listing abroad (later denied) it saw a small bounce and then continued to step lower to 28,530 level before bouncing and then working slightly higher into the close.
E-commerce and Tech names weak, Insurance companies and some Chinese banks seeing some interest on the Greater Bay Wealth Management Connect programme. Paper stocks strong after Nine Dragons Paper scraped initial offers and resumed original pricing.
HONG KONG DATA  after market 
Foreign Exchange Reserves Apr $490.6b vs 491.4b Mar revised (F/cast was 506b)
The Centre for Health Protection (CHP) reported 3 new covid cases (vs 2 Thursday) Among the two local infections, one stemmed from an untraceable origin associated with a BGI employee
Short Selling Friday 16.1% vs 13.1% Thursday 
Top Shorts
Country Garden (2007) 42%, Galaxy Ent (27) 42%, Hengan (1044) 41%,NWD (17) 36%, Hang Seng Bank (11) 32%, Bud Apac (1876) 31% (despite good numbers yesterday), Sunny Optical (2382) 30% (after weak numbers from Largen), Bank Of China (3988) 30%, Wharf REIC (1997) 29%, BABA (9988) 28% (reports next week), Ali Health (241) 28%, BoC HK (2388) 26%, CK Assets (25%).
AFTER MARKET NEWS 
GAC GROUP (02238.HK) announced that in 4M21, the automobile sales volume amounted to 683,700 units, an increase of 44.73% year-on-year.
BOC AVIATION (02588.HK) announced that on 7 May 2021, the Company granted Awards of Restricted Share Units (RSUs) in respect of an aggregate of 820,600 Shares to Robert Martin and Zhang Xiaolu, both Executive Directors of the Company, and certain directors of subsidiaries of the Company, pursuant to the Long Term Incentive Plan.
SF REIT (02191.HK)'s international placing was over-subscribed in two hours, said insiders. Around $377 million in margin quota, over-subscribed by 0.41 times, was purportedly recorded as of 17:30.
RONSHINECHINA (03301.HK) announced that the contracted sales in January-April 2021 approximated RMB54.178 billion, up 93.88% yearly.
MIDEA REAL EST (03990.HK) announced that for the four months ended 30 April 2021, the contracted sales amounted to approximately RMB53.06 billion, up 119.98% year-on-year. The corresponding gross floor area sold amounted to approximately 4.499 million sq.m.
Lands Department disclosed that it has received six tenders for the commercial site at Caroline Hill Road, Causeway Bay. SINO LAND (00083.HK), together with LIFESTYLE INT'L (01212.HK), KERRY PPT (00683.HK) and C C LAND (01224.HK)  -0.040 (-2.174%)   were among the bidders.  George Hongchoy, CEO of LINK REIT (00823.HK), which is one of the suitors, said their tender reflected the group's confidence of Hong Kong's prospects
PRU (02378.HK) announced plans to decarbonise its portfolio of assets held on behalf of its insurance companies with a new goal of becoming “net zero” by 2050.  The group is taking actions to help deliver on its objective, including a 25 per cent reduction in the carbon emissions of all shareholder and policyholder assets by 2025.
Snowball Finance plans to go public in the U.S., set to make filings as soon as this month and aiming to raise roughly US$300 million, reported Bloomberg. The timeline and offer size have yet to be finalized.  The Chinese financial information platform, founded in 2010, had introduced US$120 million in strategic investment from Ant Group in 2018, according to the former's website.
China Association of Automobile Manufacturers wrote in a preliminary forecast that in April 2021, the sales volume totaled 2.173 million vehicles, -13.9% monthly but +5% yearly.
CAFE DE CORAL H (00341.HK)  announced that in response to rumours circulating on social media about Cafe de Coral banning Filipino domestic helpers from entry, Cafe de Coral Group clarified the rumours are absolutely unfounded and untrue. The company reported the case to the Police and reserve the right to pursue further action against relevant parties.
Centa-City Leading Index (CCL) last tracked at 183.25, up 0.05% weekly to a new high since September 2019. The figure was 3.79% away from the record high.
CCL Mass grew 0.23% weekly to 185.89; CCL (mid-and-small units) added 0.17% weekly to 183.51; CCL (large units) slipped 0.58% weekly to 181.92.
MARKET COMMENT 
*COMMODITIES MIXED
OIL COMPANIES FIRM as oil headed for a second straight weekly advance as investors expect  rising energy demand amid robust trade data from China highlighting the strength of the global economy. PETROCHINA (857 HK +1.6%) SINOPEC (386 HK +0.5%) CNOOC (883 HK +1%).
BASE METALS PROVIDERS WEAK  following recent strong gains, although commodity prices continue to hike concerns that China might look to reduce steel demand as iron ore prices surge  ANGANG (347 HK -0.7%) MAANSHAN (323 HK -2.4%) JIANGXI COPPER (358 HK -1.7%).
*CHINA BANKS STRONG as the government published draft rules on the Wealth Management Connect program. Mainland individual investors in Greater Bay Area with at least 2 years investment experience and having no less than 1m yuan in net household financial assets in most recent three months, will be qualified to invest across the border via the Wealth Management Connect program. CCB (939 HK +1.5%) ICBC (1398 HK +1%) BOC (3988 HK +1%) CMB (3968 HK +3%).
*TECH & COMPONENTS WEAK as  components/Apple-related names dropped on rising China/U.S. tension, after news reported the Biden administration is likely to preserve limits on US investments in certain companies from China, and some of the existing bans are expected to stay. SUNNY OPICAL  (2382 HK -7.6%) after Largen in Taiwan report revenue -27% YoY,  TONGDA (698 HK -3.6%) Q TECH (1478 HK -8.8%).
*E-COMMERCE/INTERNET WEAK  on overseas uncertainties related to overseas assets of these companies. Also domestic concerns on closer scrutiny of tax affairs; TENCENT (700 HK -1.7%) is said to be negotiating with a national security-focused panel in the US to allow it to keep ownership stakes in US video game developers Riot Games and Epic Games. The issue for the panel is whether the handling by Riot Games and Epic Games of the personal data of their users constitutes a national security risk because of their Chinese ownership. ALIBABA (9988 HK -0.8%) JD.COM (9618 HK -0.9%) BILIBILI (9626 HK -1.2%) BAIDU (9888 HK -2.2%) KUAISHOU (1024 HK -5.6%).
*AUTOS WEAK after DONGFENG (489 HK -0.9%) April vehicle sales  only +9.9% to 268,500 units. GREATWALL (2333 HK -5.4%) GEELY (175 HK -2.7%) GAC (2238 HK -1.9%) BYD (1211 HK -5.7%).
There are concerns that a recovery in consumption spending in China is not as strong as expected. After market China Association of Automobile Manufacturers wrote in a preliminary forecast that in April 2021, the sales volume totaled 2.173 million vehicles, -13.9% monthly but +5% yearly.
*CHINA PROPERTY FIRM on generally good  April contracted sales: CH OVERSEAS LAND (688 HK +0.3%) +13.5% YoY to 31.73b yuan, CH OVS GRAND OCEAN (81 HK -0.6%) +56% YoY to 6.16b yuan, CH JINMAO (817 HK -0.3%) +26% YoY to 24b yuan, GZ R&F  (2777 HK-0.2%) +5.2% YoY to 9.7b yuan, KWG (1813 HK-2.8%) +98.5% YoY to 12.93b yuan.
*OTHER MOVERS: 
GIORDANO (709 HK +13%) issued positive profit-alert, expects to swing to profit in 1H.
HKEX (388 HK -2.7%) dropped after news said China is planning tighter rules on overseas listing for Chinese companies but later denied by Chinese regulators
HENDERSON LAND (12 HK+1.4%) had received 2,067 checks for the 196 units for the first three price lists of The Henley I in Kai Tak, as of 2.30 pm yesterday, making the units more than 10 times oversubscribed.
WHARF REIC (1997 HK+2.9%), owner of Times Square and Harbour City luxury malls, will reduce rental support this year, as local consumption has almost recovered.

Regional Markets   
AUSTRALIA 
ASX 200 opened flat but rallied; pre market Services Index was better than F/cast and market tested 7,100 a couple of times before lunch but failed to break out and drifted lower finding support round 7,080 and then trading in a tight range but dipped lower in the last 30 minutes to close +19pts (+0.3%) @ 7,081
Banks and Miners driving the market.
Data
Services Index Apr 61.0 vs 58.7 Mar (F/cast was 59)RBA Statement on Monetary Policy
JAPAN
Nikkei opened flat and initially tested lower to 29,250 which was tested a couple of times but then the market rallied on the good PMI data and stepped higher to 29,450.  It then eased back to 29,400 and traded in a tight range into lunch.  PM opened lower and traded sideways in  a tight range 29,345/29,385 29,  to close +27pts (+0.1%) @ 29,358
Topix dipped early but then rallied to 1,938 eased back into lunch. PM trading in a tight range 1,930/1,935 to close +7pts (+0.3%) @ 1,933 Data premarket
Average Cash Earnings due but not released
After the open
Services Final PMI Apr 49.5 vs 48.3 Mar (F/cast was 48.3)
Composite Final PMI Apr 51.0 vs 49.9 Mar (F/cast was 50.2 )
After market 
The Japanese government extended the COVID-19 state of emergency, originally expiring on 11 May, until 31 May, reported Nikkei. Apart from Tokyo, Osaka, Kyoto and Hyogo, officials have also placed Aichi and Fukuoka under a state of emergency.
All Nippon Airways (ANA) carried 13.088 million passengers for both international and domestic routes last year, down 75% yearly, as reported by Kyodo.
S KOREA  
Kospi Market trended higher through the morning to 3,200 level and then traded sideways until around 1.30pm when it worked higher for about an hour to 3,205 and then eased back going into the close before seeing a tick up in the last few minutes to close +19pts (+0.6%) @ 3,197
Kosdaq followed a similar pattern worked up to 980 level and traded sideways slightly lower for the rest of the session to close +8pts (+0.9%) @ 978
Data premarket
Current Account Mar $7.82b vs $8.03b Feb. (F/cast was $7.6b)
Sentiment helped by new covid cases reported Friday @ 525 vs 574 on Thursday
TAIWAN 
Opened higher following the good wholesale price and manageable inflation data, out after market Wednesday, and continued good local results. It worked higher through the day, to close at the day high +291pts (+1.7%) @ 17,285
After market
Balance of Trade Apr $6.16b vs 3.66b Mar (F/cast was 3.3b)
Exports Apr +38.7% vs +27.1% Mar (Consensus was +26.9%)
Imports Apr +26.4% vs +27% Mar (F/cast was +4%)

CONNECT FLOWS 
Shanghai
Northbound Rmb 54,950m Sell 28,116m vs 26,834m Buy
Southbound HK$ 16,795m Sell 16,795m vs 8,239m Buy
Shenzhen
Northbound Rmb 57,784m Sell 28,061m vs 29,723m Buy
Southbound HK$ 21,161m Sell 10,591m vs 10,569m Buy

Active Heavyweights
HKEX (00388.HK) -2.7%
AIA (01299.HK) + 2.3%
TENCENT (00700.HK) -1.7%
CCB (00939.HK) +1.5%
MEITUAN (03690.HK) -1%
BABA (09988.HK) -0.8%
PING AN (02318.HK) -0.1%

HSI & HSCEI Constituents on Move:
SUNNY OPTICAL (02382.HK) -8%
KUAISHOU-W (01024.HK) -5.6%
WUXI BIO (02269.HK) -4.2%
CHINA FEIHE (06186.HK) -3.7%
SMIC (00981.HK) -3.4%
HANSOH PHARMA (03692.HK) +3.1%
CG SERVICES (06098.HK) -3.1%
CITIC (00267.HK) +2.8%, hitting new high
HK & CHINA GAS (00003.HK) +2.3%, hitting new high
TECHTRONIC IND (00669.HK) +1.6%, hitting new high
BANKCOMM (03328.HK) +1.6%, hitting new high
BOC HONG KONG (02388.HK) +1.4%, hitting new high

HSMI & HSSI Constituents on Move:
VESYNC (02148.HK) -12.2%
SD GOLD (01787.HK) +11%
ND PAPER (02689.HK) +10.6%

MARKET HOURS NEWS.
The Government has conducted massive Covid testing over the past two weeks, said Sophia Chan, Secretary for Food and Health. Hence, the Centre for Health Protection has largely worked out the transmission chain of the double mutant strain, seeing no large-scale community outbreak so far. Upon Scientific Committee's review, Chan said full-vaccinated citizens could be subject to shorter quarantine. Equally, she suggested adjusting the length of mandatory quarantine for fully-vaccinated entrants based on Covid risks in the countries and regions they are from.
India has halted approvals for imports of wifi modules from China for several months, industry sources were quoted as saying by Reuters.  As a result, Dell (DELL.US), XIAOMI-W (01810.HK), LENOVO GROUP (00992.HK) and such other tech giants had to delay their product launches in the Indian market.
China's securities watchdog is considering tighter rules for Mainland companies listing in Hong Kong or overseas, with talks in preliminary stage, Bloomberg citing sources.  China Securities Regulatory Commission (CSRC) is weighing a proposal requiring firms conducting IPO outside China to make filings to ensure compliance with domestic laws and regulations, the people said. LATER  China Securities Regulatory Commission told Chinese reporters that the news is untrue.
The TENCENT (00700.HK)-backed Waterdrop will go public in the U.S. at US$12 per share, raising US$360 million based on 30 million American Depository Shares in issue, Reuters citing sources. The offer price is at the upper limit of the indicated range (US$10-12).
During the "May 1 Golden Week" (1-5 May 2021), Macau recorded a total of 167,000 inbound travelers, or 33,000 in daily average, Maria Helena de Senna Fernandes, Director of Government Tourism Office, told Radio Macau.  During the five-day holiday, the average hotel occupancy rate exceeded 80%, beyond the authority's estimate.
Paper sector strong in the morning session, NINE DRAGONS PAPER (02689.HK) was +11.7% to $12.42, and LEE & MAN PAPER (02314.HK)  +8.6%.  China's paper market saw a rekindled momentum following the end of the May Day holiday, according to Chinese media.  ND PAPER has been scrapping initial special offers and resuming original paper prices across bases, triggering a new round of market fluctuation. Subsequently, cardboard factories in East China, South China and North China are forced to raise prices alongside price hikes among a myriad of paper plants.
Having run for five years, ViuTV filmed approximately 10,000 hours of home-grown programs, said PCCW (00008.HK) Chairman Li Tzar Kai, Richard at the shareholders' meeting. In the past year, more audience tended to watch TV shows amid pandemic, which buttressed the market shares of advertisement of the company.  As to dividend outlook, the Chairman painted a cautiously optimistic picture.   He also revealed he has received two Covid vaccine jabs for a while.
ZHENRO PPT (06158.HK) announced that during the month ended 30 April 2021, the aggregate contracted sales of the Group amounted to approximately RMB14.71 billion, -4.44% monthly.
CATHAY PAC AIR (00293.HK) announced that in the face of a grave medical crisis in India, Cathay Pacific Cargo is flying vital relief shipments to the nation and it stands ready to do more. Cathay Pacific Cargo operated 24 pairs of cargo-only passenger flights to India in March and 29 in April to satisfy demand and supplement freighter operations.   Although passenger flights have been suspended between Hong Kong and India, in the past few weeks Cathay Pacific Cargo has been operating freighters and cargo-only passenger flights, delivering to date more than 100 tonnes of much-needed humanitarian and medical supplies to some of India’s major centres.
Goldman Sachs Group  has allowed investors to invest in trading with a bitcoin-related derivative, having opened up non-deliverable forward trading to be paid out in cash, reported Bloomberg.
Hong Kong Monetary Authority, People's Bank of China and Monetary Authority of Macao are discussing detailed rules of implementing the Cross-boundary Wealth Management Connect trial scheme, expecting to roll out the Greater Bay Area Wealth Management Connect soon, said Financial Secretary Paul Chan at a forum.  The Bond Connect's southbound leg has been ready, set to be launched very shortly in Chan's view.
Although the global economy had been vexed by the pandemic, the semiconductor market saw robust performance last year, according to IDC's report.  With uneven industrial demand due to global lockdown, remote work and education, the world's semiconductor revenue burgeoned by 10.8% YoY to US$464 billion in 2020. The semiconductor market revenue may jump by 12.5% YoY to US$522 billion this year, IDC predicted
Largan Precision (3008.TW), a peer of SUNNY OPTICAL (02382.HK), announced yesterday that in April 2021, consolidated revenue was TWD3.399 billion, -27% YoY and -15% MoM to a five-year low according to Taiwan's Economic Daily News.  The Taiwan-based tech magnate attributed the sales slide mainly to supply shortage.
Asked about the 5G unit's profitability at shareholders' meeting, HKT-SS (06823.HK) Chairman Richard Li found the operation lucrative in the medium term rather than at the initial stage.  ARPU is the most vital metric of 5G business as well as other units, Li furthered. The company currently boasts the highest ARPU in Hong Kong, up around $70 from that of other rivals.
XINYI GLASS (00868.HK) announced that Chairman and Executive Director Lee Yin Yee had on May 5 purchased 1.258 million shares, involving $32.64 million.
PRE MARKET HOURS NEWS 
The HKSAR Government is exploring shorter quarantine for local citizens, providing that 14 days have passed after their second Covid vaccine doses, RTHK citing sources. It is set to make an announcement in a few days.  One way is to shrink the 21-day quarantine to 14 days.
After Chinese financial watchdogs had issued a drafted guidance on "Greater Bay Area Cross-boundary Wealth Management Connect" trial, Daniel Chan, HSBC's Head of Greater Bay Area, hailed the scheme that celebrates another milestone of Chinese capital market's liberalization and solidifies Hong Kong's role as an international financial hub.  The implementation connect scheme is further driving RMB internationalization by granting Chinese investors access to Hong Kong and global markets and exposing Hong Kong and Macau citizens to broader options of RMB wealth management products, opined Chan.
BEIGENE (06160.HK) announce the results for the three months ended March 31, 2021 published in accordance with applicable rules of the U.S. Securities and Exchange Commission. Revenue was US$606 million, up 10.6 times yearly. Net Income was US$66.495 million, as compared with US$364 million in a year ago's loss;  EPS equaled US$0.06.
On its second day of IPO yesterday, SF REIT (02191.HK), amid cancelled margin subscription, recorded roughly $363 million in broker margin quota, lower than the first day's $400 million, local media reported.
BOC HONG KONG (02388.HK) Vice Chairman and CEO Sun Yu saw the Cross-boundary Wealth Management Connect as a major breakthrough for mutual market access among financial markets in Guangdong, Hong Kong and Macau.  The bank has taken the lead to gear up for such business launch, set to provide both Hong Kong and Greater Bay Area residents with comprehensive cross-boundary investment services.
Ant Group is now negotiating with Chinese regulators so as to get its "Xianghubao", a "mutual aid" medical insurance service, under regulation, Wall Street Journal cited people with the knowledge of the matter. The controversial product is a type of crowdfunded medical insurance which taps nearly 91 million Chinese citizens. The talks are still underway with no decision being made, sources said.
China's National Inter-bank Funding Center (NIFC) announced that Morgan Stanley & Co. International PLC had completed the execution and filing of the ISDA Master Agreement in accordance with PBoC's Notice on Issues Concerned in Operating RMB Interest Rate Swap Business as well as other rules.  Accordingly, Morgan Stanley can participate in interest rate swap market transactions with immediate effect.
HANG SENG BANK (00011.HK) announced that Vice-Chairman and Chief Executive Louisa Cheang would take a short period of leave, expected to be three months, while she undertakes treatment. During this period, the Board of Directors of the Bank has appointed Margaret W H Kwan, currently Executive Director and Head of Wealth and Personal Banking of the Bank, as its acting Chief Executive.
COSCO Shipping and Hengli Group signed a strategic cooperation agreement in Changxing Island, Dalian. Pursuant to which, both sides will build an integrated logistics platform under the principles of mutual benefit and reciprocity, win-win collaboration, as well as mutual development.
The PBoC's Guangzhou and Shenzhen branches, with local authorities of CBIRC and CSRC, have drafted a guidance on "Greater Bay Area Cross-boundary Wealth Management Connect" trial and are pooling public opinions therefor.  At this moment, the total quota on the trial scheme is provisionally set at RMB150 billion, and RMB1 million for retail investors, according to the guidance.
SWIRE PACIFIC A (00019.HK) and SWIRE PACIFIC B (00087.HK) and SWIRE PROPERTIES (01972.HK)  jointly announced that SWIRE PROPERTIES recorded an overall Hong Kong office occupancy of 97% for the first quarter of 2021, up 1 ppt from early 2021.
AGILE GROUP (03383.HK) announced that for April 2021, the aggregated pre-sale value of the Group, and property projects carrying “Agile” brand name managed by the Group was RMB11.31 billion with corresponding gross floor area of 720,000 sq.m., up 5.5% and 3.7% yearly. The average selling price was RMB15,700 per sq.m..

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