HSI -309pts (-1.1%) 28,699 HSCEI -132pts (+0.4%) 11,110 T/O HK$141.71bn (-15% DoD on an ex Tencent placement T/O)
N Korea Kim Jong-un, at a party conference warns citizens of a crisis, likely to be similar to 1990’s famine and economic instability. He made reference to another more difficult arduous march. In the 1990’s that is estimated to have killed up to 3m people, about the same number as global covid deaths.
UK Prince Philip the husband of Queen Elizabeth II dies aged 99. There will be a period of national mourning.
Markets opened slightly lower after mixed handover from Asia. German Trade balance up MoM but missed forecasts. French Industrial production also missed and was down MoM which will raise concerns over the recovery in Europe. May see some caution ahead of the weekend but sentiment in UK slight +VE ahead of the easing of lockdown restriction on Monday. News of Prince Philips death sad but unlikely to impact markets.
Balance of Trade Feb Euro 18.1b vs 14.3b Jan (F/cast was 21.5b)
Exports sa Feb +0.9% MoM vs +1.4% Jan (Consensus was +1%)
Imports sa Feb +3.6% MoM vs -4.7% Jan (Consensus was +2.4%)
Current Account Feb Euro 18.8b vs 16.9b Jan (F/cast was 22.5b)
Industrial Production Feb -1.6% MoM vs -2% Jan revised (F/cast was +1.9%)
Industrial Production Feb -4.7% MoM vs +3.2% Jan revised (F/cast was +0.7%)
Halifax House Price Index Mar +1.1% MoM vs 0% Feb revised (F/cast was +0.2%)
Halifax House Price Index Mar +6.5% YoY vs +5.2% Feb (F/cast was +5.1%)
Opened in Asian time higher Dow +50pts, S&P +0.2% and NDX +0.2%, rose initially but have eased slightly in European trade currently risen; Dow +60pts, S&P now flat and NDX slightly -VE
Ahead. PPI, Core PPI, Wholesale Inventories, WASDE report, Baker Hughes Oil Rig Count
CSI 300 closed -77pts (-1.5%) @ 5,035
CSI 300 lower and sold down to 5,036, concerns over new US sanctions (-VE Tech names) and inflation higher than expected (could prompt more PBOC tightening) plus PPI accelerating.Declines lead by big cap white horse names, with ChiNext stocks slumping 1.5%.
Gainers were again Hainan-concept along with tourism and medical-beauty.
Laggards were lithium battery, steel, shipping, carbon-neutral names.
Shanghai Comp -32pts (-0.9%) @ 3,451
Shenzhen Comp -177pts (-1.3%) @ 13,813
ChiNext Comp -25pts (-0.9%) @ 2,886
Inflation Mar +0.4% YoY vs -0.2% Feb (F/cast was +0.2%)
Inflation Mar -0.5% MoM vs +0.6% Feb (F/cast was -0.3%)
PPI Mar +4.4% YoY vs +1.7% Feb (F/cast was +2%)
Vehicle Sales Mar +74.9% YoY vs +365% Feb (F/cast was 50%)
The highest reading since October 2020, amid a sharp rebound in cost of for non-food goods (0.7% vs -0.2% in February), driven by transportation & communication (2.7% vs -1.9%); clothing (0.1% vs -0.5%); rent, fuel & utilities (0.2% vs -0.3%); healthcare (0.2% vs 0.3%); and education (0.4% vs 0.6%). At the same time, cost of household goods and services was flat after falling 0.2% in February, while prices of other goods and services fell further (-1.5% vs -0.8%). Food prices dropped 0.7%, the second straight fall, with prices of pork declining faster (-18.4% vs -14.9%). On a monthly basis, consumer prices fell by 0.5% in March, the first decline in four months, following a 0.6% rise in February.
Accelerating from a 1.7 percent gain in the prior month and well above market expectations of a 3.5 percent rise. This was the third straight month of increase in factory gate prices and the steepest pace since July 2018, as growth in the economy continued to gather momentum. Prices of means of production rose much faster (5.8% vs 2.3% in February), boosted by extraction (12.3% vs 6.8%, processing (3.4% vs 1.7%), and raw materials (10.1% vs 2.9%). At the same time, prices of consumer goods went up 0.1% after declining 0.2% in February, led by food (2% vs 1.6%), while both clothing (-0.8% vs -1.3%) and consumer durables (-1.4% vs -1.8%) fell less, and prices of daily use goods were flat (vs-0.1% in February). On a monthly basis, producer prices went up 0.8 percent.
Pre mareket opened @29,152 +144pts vs -44pts ADR’s. Ecommerce names were strong Tencent was +1.5%, Meituan +1.1%.
But market sold down to 28,860 in first 30 minutes, on new US sanctions on China plus concerns the US International tax proposals could hurt HK too. Concerns about global inflation as Commodity stocks rise. China Financials and Ecommerce weak on the China inflation data.
Then HSI continued to trend lower but saw an uptick into lunch. PM initially sold down but found support at 28,600 which it tested a couple of times around 1:45 and 2pm after which it traded sideways around the 28,675 level into the close.
T/O dropped significantly (excluding the Tencent placement Thursday) considering there was an IPO today and the market gave back most of Thursday’s gains.
HONG KONG DATA
After Market The Hong Kong Monetary Authority (HKMA) announced Official foreign currency reserve assets Mar US$491.3 billion ( US$-4.4 bn MoM)
Including unsettled foreign exchange contracts, the foreign currency reserve assets were US$490.8 billion, (US$-4.7 bn MoM).
The Centre for Health Protection reported 14 new covid cases (vs 10 cases Thursday) 1 from unknown origin, 1 local and 12 imported
LINKLOGIS–W (09959.HK), debut’s settled the day at $19.32, up $1.74 or 9.9% against the listing price $17.58, on volume of 206 million shares and turnover of $3.924 billion. Excluding the handling fees, a book gain of $870 was reported per board lot of 500 shares.
Short Selling Friday 15.9% vs 4.6% Thursday
Top Shorts Country Garden (2007) 50%, Bud Apac (1876) 48%, Ali Health (241) 44%, Sino Pharma (1177) 41%, ICBC (1398) 38%, CSPC Pharma (1093) 36%, HSBC (5) 35%, Hang Seng Bank (11) 32%, CCB (939) 30%, Mengniu Dairy (2319) 29%, Haidilao (6862) 27%, Bank of China (3988) 26%, Longfor (960) 25% (announced contracted sales after market)
AFTER MARKET NEWS
SHANGHAI PECHEM (00338.HK) issued a positive profit alert. Net profit attributable to shareholders of the Company for the first quarter of 2021 is estimated to be between RMB1.06 billion and RMB1.29 billion, expected to achieve a turnaround from loss to profit as compared with the corresponding period in 2020.
CRRC (01766.HK) announced that based on the preliminary calculation of the Company, it is estimated that the net profit attributable to shareholders of the listed company for the first quarter of 2021 will increase by RMB524 million to RMB748 million as compared with that for the corresponding period of the previous year, representing a year-on-year increase of 70% to 100%.
TRIP.COM-S (09961.HK) (TCOM.US)s. IPO has registered over $3.85 billion
margin as at around 6:00 pm according to brokers. Based on the public fundraising amount of approximately $737 million, the IPO was over-subscribed by over 4.2 times.
EVERG VEHICLE (00708.HK) announced that it had today received HK$26 billion from all of the six investors and completed the issuance of new shares to those investors.
S HARBOURHOLD (01663.HK) announced that it was informed by Wong Lam Ping, the Company’s chairman and substantial shareholder, that he had acquired an aggregate of 476,000 shares of the Company in the open market at an average price of approximately HK$0.156 per share on 9 April.
BAUHAUS INT'L (00483.HK) announced that the same store sales YoY growth was -40% during the year ended 31 March 2021; Hong Kong and Macau's same store sales YoY growth was -39%.
The Lands Department (LandsD) announced that it had issued six pre-sale consents for residential developments and two pre-sale consents for non-residential developments in the first quarter of 2021. The six pre-sale consents for four residential developments (of which three are phased developments) involve a total of 1,832 residential units.
SUNNY OPTICAL (02382.HK) announced that in March 2021, the shipment volume of handset lens sets increased by 14.8% YoY to 131 million units; the shipment volume of vehicle lens sets increased by 49.6% YoY to 6.491 million units; the shipment volume of handset camera modules increased by 52.1% YoY to 59.995 million units. Contrasts with Largan in Taiwan who yesterday warned of shortages of key components in the months ahead and reported its weakest quarterly net profit in three quarters.
SUNWAH KINGSWAY (00188.HK) announced that during the period from 9 October 2020 to 9 April 2021, the Company, through its wholly-owned subsidiaries, disposed of an aggregate of 27,300 TENCENT (00700.HK) Shares in the range of an average price between HK$536 and HK$625 per Share for an aggregate consideration of HK$15.853 million. The Disposals realise a gain of approximately HK$200,000.
CHINA OVERSEAS (00688.HK) announced that for March, the contracted property sales amounted to approximately RMB38.832 billion and the corresponding gross floor area (GFA) sold was approximately 1.887 million square meters, with year-on-year increase of 45% and 26.1% respectively.
GEMDALE PPT (00535.HK) announced that the contracted sales approximated RMB7.216 billion in March 2021, up 90.7% yearly.
CH OVS G OCEANS (00081.HK) announced that, for the first three months of 2021, the total property contracted sales amounted to RMB15.519 billion and the total contracted GFA reached 1.1602 million square meters, with year-on-year increase of 89.5% and 63.0% respectively.
SUNSHINE 100 (02608.HK) announced that, in March 2021, the Group achieved contracted sales of approximately RMB307 million, down 14% YoY, corresponding to a contracted sales area of approximately 37,597 sq.m., up 20.6% YoY.
LONGFOR GROUP (00960.HK) announced that, as at the end of March 2021, the Group achieved aggregated contracted sales of RMB60.22 billion, up 57.81% yearly.
Centa-City Leading Index (CCL) last printed at 181.31, up 0.54% weekly to a 36-week high. CCL Mass climbed 0.55% weekly to 183.48. CCL (small-to-medium units) hiked 0.50% weekly to 181.41. CCL (large units) gained 0.73% weekly to 180.78.
Centaline Property, expected second-hand home deals to stay vibrant during the Easter holiday, seeing property prices to keep shooting up. CCL is set to attempt 190, likely hitting the goal around mid-2021.
Julius Baer released the latest lifestyle index survey, where Shanghai is now the most expensive city in the index, capturing the top spot from Hong Kong given China's swift economic recovery from the pandemic. Tokyo and Hong Kong are the second and third most expensive cities, respectively.
*COMMODITIES/RESOURCES STRONG on positive earnings alerts.Stocks had rallied yesterday on rumours, later denied that the surge of covid cases in Chile would hurt copper output. The pre market release of positive profit alerts off-set that denial.
CHONGQING IRON (1053 HK +24%) expects its profit for the first quarter to jump YoY more than 200 times.
CHALCO (2600 HK +3.6%) prelim 1Q net income jumped 30 times YoY to 967m yuan.
JIANGXI COPPER (358 HK unch) prelim 1Q net income +419% to +449% YoY. ANGANG (347 HK +4.4%) MAANSHAN (323 HK +2.3%).
*CHINA BANKS WEAK Higher inflation data could mean more PBOC tightening plus the PBOC could release new lending and money supply data on Monday or even over the weekend. March new yuan loans is estimated to be 2300.0b vs prior month's 1360.0b.But this week it told banks to curb lending as it seeks to reign in debt. So strong numbers are likely to be the last for a while, especially as the SOE banks like to commit a lot of their lending in the first quarter or at worst first half.
CCB (939 HK-0.3%) ICBC (1398 HK +0.2%) ABC (1288 HK -0.9%) CMB (3968 HK -1.9%).
*E-COMMERCE MIXED TENCENT (700 HK +0.1%) after Thursday’s the share placement. Its a backer of today’s successful IPO and also announced after market Thursday as tie up with SAIC MOTOR (600104.SH) to established a joint cybersecurity lab for cooperation on cybersecurity standards related to intelligent connected vehicles (ICVs), attack and defense technologies, as well as R&D and operation of cybersecurity.My concern is that the US see this as military linked and hence look to impose restrictions on the companies.
ALIBABA (9988 HK -2.2%) brokers slashed its 4Q earnings citing investments and losses of/in new business.
JD (9618 HK -1.5%) MEITUAN (3690 HK -2.1%) KUAISHOU (1024 HK +1.4%).
*TECH & COMPONENTS WEAK as chip makers weak after recent rally due to chip shortages, PLUS the increased threat of more sanctions on Chinese client users of US licensed tech.
HUA HONG SEMI (1347 HK -0.3%) ASM (522 HK -0.5%) SMIC (981 HK -1.5%). XIAOMI (1810 HK-1.9%) despite buying back 19m shares For HK$498.9m April 8, paid HK$26.05-HK$26.60 representing 0.08% of issued share capital.
ZTE (763 HK -1.7%) BYDE (285 HK -6.5%) TRULY (732 HK -4.5%).
*HK PROPERTY STRONG on attractive valuations following recent correction; after CY Leung confirmed what the Chief Sec had said about the HK administration looking to resolved HK’s housing issues. We have yet to hear any more and investors seem to assume its not going to come but I think it will shortly. The directive is from Beijing!
NEW WORLD DEV (17 HK +1.2%) is accelerating its expansion into areas such as health care and insurance as it targets more business in mainland China. Its CEO said he wants non-property services to generate as much as 30% of income in five to seven years. If the value of its development business is hurt by new HK Govt policy that might happen sooner but for the wrong reasons.
SHKP (16 HK +0.3%) CK ASSET (1113 HK +0.4%) HENDERSON LAND (12 HK +0.3%).
*CHINA PROPERTY WEAK traded lower amid concerns of more central bank tightening after March inflation beat expectations. Comes after the PBOC already said it didn’t want to see loan growth to the sector.
HOPSON DEV (754 HK -2%) contracted sales in 1Q increased 2 times YoY to 10.25b yuan.
POLY PROP (119 HK-0.4%) 1Q contracted sales +94% YoY to 10.3b yuan. SUNAC (1918 HK -1.7%) CH JINMAO (817 HK -1.9%) CIFI (884 HK -1.6%).
After market more released month contracted sales, the numbers look strong on a YoY basis because this time last year China was on lockdown over Covid.
*AUTO MAKERS WEAK CAAM said auto chip supply shortage may expand in 2Q and the uncertainties may bring risks on car production in April. But after market total vehicle sales data beat forecasts. Also worth noting that BMW and Mecedes Benz reported record China sales; a slight -VE to the local names.
GREATWALL (2333 HK -0.6%) March vehicle sales +84.4% YoY to 110,736 units. GAC (2238 HK -1.1%) March vehicle sales +58% YoY to 174,099 units.
GEELY (175 HK -0.24%) is the first Asian member of global automotive standards organization, IATF. The IATF sets automotive quality standards. Geely has become its 10th member and has a seat on the board of directors.
*PHARMA WEAK China's inoculation program is the latest to run into supply shortages as the acceleration to 5 million shots a day strains domestic manufacturers. CANSINO BIO (6185 HK -0.4%) WUXI BIO (2269 HK -4.9%) SINO BIO (1177 HK -1.2%) CSPC (1093 HK -1.6%).
Opened flat but sold down to 6,965 in the first hour, then traded sideways in a range 6,965/6,990 for the rest of the day to close -4pts (-0.05%) @ 6,995
Services Index Mar 58.7 vs 55.8 Feb (F/cast was 57)
During Mkt Building Permits Feb +21.6% MoM vs -19.4% Jan (F/cast was +21.6%)
RBA Financial Stability report released
Nikkei opened higher and worked higher to 30,064 in the first 30 minutes but then reversed and sold down to 29,800 at lunch. PM has worked higher to 29,932 around 1;30pm before selling down to close +59pts (+0.2%) @ 29,768
Topix traded in a similar pattern high of 1,979 with support at 1,958. Sold down in the last hour to close +8pts (+0.4%) @1,960
Monday pre market Bank Lending and PPI, later Machine Tool Orders
Kospi opened higher and spiked to 3,156 in early trades but then trended lower with initial support at 3,134 but then around 11:10 am sold down to 3,126 before bouncing back and continuing to trade sideways in the previous band. Closed -11pts (-0.4%) @ 3,132
Kosdaq opened higher and initially spiked to 987 and then trended higher but hit resistance at 991level and sold down in the last 25 mins to 988 before a ticking higher in the last 20 mins to close +7pts (+0.8%) @ 989
After Market N Korea warns citizens of a crisis amid famine threat and economic threat.
opened higher but trended lower for the first hour to 16,815, then saw a bounce before trading sideways 16,850/900 to close -72pts (-0.4%) @16,854
Balance of Trade Mar $3.66b vs 4.51b Feb (F/cast was 5.1b)
Exports Mar +27.1% YoY vs +9.7% Feb (Consensus was +17.4%)
Imports Mar +27% YoY vs +5.7% Feb (Consensus was +12.1%)
CONNECT FLOWS continue to ease.
Northbound RMB 37,732m Sell 19,750m : 17,982m Buy
Southbound HK$ 14,173m Sell 7,466m : 6,706m Buy
Northbound RMB 41,880m Sell 20,459m : 21,420m Buy
Southbound HK$ 12,662m Sell 5,220m : 7,440m Buy
BABA (09988.HK) -2.2%
PING AN (02318.HK) -2.2%
MEITUAN (03690.HK) -2.1%
AIA (01299.HK) -1.3%
CCB (00939.HK) -0.3%
HKEX (00388.HK) -0.3%
TENCENT (00700.HK) +0.1%
HSI & HSCEI Constituents on Move:
CG SERVICES (06098.HK) -7.2%
HAIDILAO (06862.HK) -4.9%
WUXI BIO (02269.HK) -4.9%
GALAXY ENT (00027.HK) -3.9%
JD HEALTH (06618.HK) -3.8%
SANDS CHINA LTD (01928.HK) -3.1%
ANTA SPORTS (02020.HK) -3.1%
HSMI & HSSI Constituents on Move:
SWIRE PACIFIC A (00019.HK) +3.2%, hitting new high
STELLA HOLDINGS (01836.HK) +1.6%, hitting new high
SWIRE PACIFIC B (00087.HK) +1.5%, hitting new high
MARKET HOURS NEWS.
During 1Q21, Garena's Garena Free Fire (revenue: US$100 million) overtook TENCENT (00700.HK)'s PUBG Mobile (revenue: US$68 million) as the top mobile Battle Royale game in terms of U.S. player spending, Sensor Tower wrote in a report. In a worldwide context, PUBG Mobile, combined with Game For Peace, the Chinese localization of the title, ranked No.1, which picked up US$744 million during the quarter, a YoY increase of 3.2%. Garena Free Free closely followed with US$255 million, up 80.8%.
China Passenger Car Association stated that a series of recent accidents have resulted in a bigger uncertainty in chip supply, which may bring risks to a certain extent to the production in April.
China Association of Automobile Manufacturers (CAAM) said China's auto sales volume surged 74.9% YoY to 2.526 million units in March, Sales volume of NEVs ballooned 238.9% YoY to 226,000 units in the month.
The Chinese antitrust watchdog is set to give greenlight to TENCENT (00700.HK)'s plan to take Sogou (SOGO.US) private, Reuters reported. Beijing has no objection to the US$3.5-billion proposed privatization, said three insiders, as long as the Chinese tech giant is willing to create a special mechanism to ensure data security.
CHINA TELECOM (00728.HK) announced that the proposal regarding the plan for the initial public offering and listing of RMB ordinary shares (A Shares) was considered and approved at the EGM held this morning.
KUAISHOU-W (01024.HK) has recently found that some users had released malicious "live-stream drinking" contents like alcohol abuse and drinking games to grab attention. Some of them even re-directed viewers to third-party platforms selling counterfeit booze. KUAISHOU-W slammed these users for disrupting platform order and spoiling a decent social environment, thus striving to conduct strict scrutiny on live-stream drinking through technical and manual means.
CNOOC (00883.HK) announced that on 5 April 2021 (Beijing Time), kicks and fire occurred on the V platform of the Pengbo Operating Company of the Company. On 6 April, the fire was extinguished. No oil spill occurred and no environmental pollution was caused so far.
On the evening of 5 April, shallow gas overflowed during drilling operation in well V29 of the V platform. The Company immediately initiated the emergency response procedures and carried out well kill operations, during which a fire broke out. The Company quickly carried out personnel evacuation, fire extinguishment and oil spill check. When the incident happened, there were a total of 102 people on the platform, 99 of whom have been evacuated that night and the other three were reported missing.
The HK Government is considering purchase of a new generation of coronavirus vaccines, FHB Secretary Sophia Chan told local press, while the current Comirnaty and Sinovac vaccine supply is adequate for full vaccination across Hong Kong.
Geely Auto Group announced its membership into International Automotive Task Force (IATF), becoming the 10th auto group joining the Task Force with director voting right. Geely's participation marked the only Asian auto group which partakes in formulation of global standards.
Overnight HIBOR last posted at 0.03821%, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.12042%, marking a 1-month low.
ByteDance's Douyin is developing an independent e-commerce app, as Douyin's e-commerce management frowns upon over-reliance on the short-video hit, Chinese media citing insiders. Douyin's Shanghai e-commerce team is in charge of creating the new app, having yet to give it a name, the people said.
FOSUN INTL (00656.HK) announced that the Company repurchased 1.5 million shares through Stock Exchange yesterday (8 April) at $11.2-11.46 each, involving $17.0569 million.
The U.S. Securities and Exchange Commission is reviewing filings while seeking more detailed disclosures from special purpose acquisition companies (SPACs), said John Coates, Acting Director of the agency’s Division of Corporation Finance, citing his concerns about relevant fees, interest conflicts and sponsor compensation.
BYD COMPANY (01211.HK) announced the universal installation of blade batteries onto pure electric vehicles starting from today, while setting nail penetration test as the corporate standard.
NISSIN FOODS (01475.HK) announced that it had on 8 April repurchased 303,000 shares, involving $1.8318 million.
PRE MARKET HOURS NEWS
HKEX (00388.HK)'s Head of Listing Bonnie Chan reportedly has an intimate relationship with SFC's Takeovers and Mergers Panel Chairman Freeman Chan, leading to conflicts of interest in decision-making, according to a Reddit post by someone who claimed to be an HKEX staffer. Spokesmen of HKEX and SFC declined to comment on the rumors, cited by Apple Daily.
Qingdao Energy Group entered into an extensive and deep cooperation framework agreement with Alibaba Cloud (Aliyun) yesterday (8 April). Both parties will co-build a joint laboratory for combustion heat data technology and a top-notch big data platform for combustion heat industry. Through in-depth cooperation in various aspects, both sides will jointly foster smart energy construction and digital transformation.
The U.S. Department of Commerce declared to place seven Chinese companies and government laboratories on the entity list over their alleged involvement in building supercomputers to help China develop nuclear weapons and other advanced military equipment leveraging US technologies. Three semiconductor firms, namely Tianjin Phytium Information Technology, Shanghai High-Performance Integrated Circuit Design Center, Sunway Microelectronics, as well as four National Supercomputing Center branches in Shenzhen, Jinan, Wuxi and Zhengzhou were added to the entity list.
BYD COMPANY (01211.HK) announced the subscription of interest in AGIC FUND II L.P., pursuant to which the Company would make a capital commitment of US$120 million to the Fund, representing 8.63% of the Maximum Fund Size. Having considered the technological development trend in the world, the Company is of the view that the Subscription can allow the Group to obtain long-term investment returns by leveraging the industry research of international investment institutions.
JIANGXI COPPER (00358.HK) has issued a positive profit alert, estimating that the realized net profit attributable to shareholders or January-March 2021 prepared in accordance with the PRC Accounting Standards to be RMB831 million-RMB879 million, representing a year-on-year increase by 419%-449%.
HKTV (01137.HK) announced that monthly GMV on order intake was $525 million in March 2021, down 1.1% yearly but up 15.1% monthly.
MEITU (01357.HK) announced that on 8 April, it had further acquired in open market transactions an additional 175.68 units of Bitcoin at an aggregate consideration of US$10 million.
XIAOMI-W (01810.HK) disclosed that on 8 April, it had through the Stock Exchange repurchased 19.02 million shares, involving roughly $499 million.
CST GROUP (00985.HK) announced that on 8 April, the Company further acquired a total of 8 million CNOOC (00883.HK) Shares on the open market at an aggregate consideration of HK$63.22 million at an average price of HK$7.903 per Share.
GREATWALL MOTOR (02333.HK) announced that during the three months ended March 2021, total production and sales volume was 333,076 and 338,798 vehicles respectively, representing a year-on-year increase of 128.50% and 125.37%.
CHALCO (02600.HK) issued a positive profit alert. The Company is expected to record a net profit attributable to the shareholders of the Company amounting to approximately RMB967 million for the first quarter ended 31 March 2021, representing a year-on-year increase of approximately 30 times.