HK/China Wrap HSI rebounds but China weak despite Team China's efforts


09 Mar

HSI +232pts (+0.8%) 28,773  HSCEI -42pts (-0.4%) 10,973  T/O HK$275.95bn (unch DoD) 
EUROPE 
Markets opened lower but working higher as the US T10 yield eased back to 1.53 from 1.6%. Banks and Autos a drag with Utilities leading. Data was mixed.Earnings due from Continental, Standard Life Aberdeen, ITV and Domino’s Pizza Group.M&G +VE on stronger-than-expected earnings. Leonardo’s +VE after good full-year results and Deutsche Post +VE too. Pandora strong after reporting a rise in year-on-year organic growth in February. Continental and IWG weak following their results, while Dutch coffee and tea group JDE Peet’s weak after lowering its forecasts.
Data due 
EUROZONE
Employment Change Final Q4 +0.3% QoQ vs +1% Q3 (F/cast was +0.3%)
Employment Change Final Q4 -1.9% YoY vs -2.1% Q3 (F/cast was -2%)
GDP Growth Rate (3rd est) Q4 -0.7% QoQ vs +12.4% Q3 (F/cast was -0.6%)
GDP Growth Rate (3rd est) Q4 -4.9% YoY vs -4.3% Q3 (F/cast was -5%)
GERMANY
Balance of Trade Jan Euro 14.3b vs 15.2b Feb revised (F/cast was 12.4bn)
Exports sa Jan +1.4% MoM vs +0.4% Dec revised (Consensus was -1.2%)
Imports sa Jan -4.7% MoM vs 0% Dec revised (Consensus was -0.5%)
Current Account Jan Euro 16.9b vs 25.9b (F/cast was 22.9b)
FRANCE
Non Farm Payrolls Q4 -0.1% QoQ vs +1.7% Q3 revised (F/cast was -0.2%)
Private Non Farm Payrolls Q4 -0.1% QoQ vs +1.7% Q3 revised (F/cast was -0.2%)
US Futures 
Opened higher in Asia, eased during Asian hours but then rallied; Dow +180pts S&P +1% and NDX +2.5%
The treasury selling $120bn of new bonds today will be watched carefully and nervously in case it triggers another round of selling. Key is that investors are trying to gauge a how much higher rates can go before the Fed shows concern.Demand likely to be lighter with Japanese buyers pull back ahead of their year end. Also the potential ending to the changes to the SLR at the end of this month may make banks more cautious
Data  NFIB Business Optimism, Redbook, WASDE Report, API Crude Oil Stock Change
Earnings H&R Block, Navistar, Thor Industries, Dick’s Sporting Goods

CHINA 
CSI 300 closed -109pts (-2.2%) @ 4,971
CSI 300 opened lower and sold down to 4,918 in early trades but then rebounding and worked back to flat at lunchtime. Rumours Team China active in the market but that just seemed to bring out sellers. PM tested higher but without conviction and sold down through the pm.Markets now correction territory with investor cautious about Government plans with NPC and CPPCC still ongoing.
China pledged to speed up legislation aimed at countering US sanctions and legislation to deal with hidden government debt at local levels which is set to become labeled a national security issue. The industry minister said China should follow market-oriented rules in developing new industries, including chips.Inflation/valuation concerns coupled with expectation of Govt tightening as it seeks to reduce local government debt resulted in; sector wise, Gains for: photovoltaics, steel, tourism, ports, and catering.
Losers were agriculture, semiconductors, military, environmental protection, rare earths and integrated circuits.
Shanghai Comp -62pts (-1.8%) @ 3,359
Shenzhen Comp -388pts (-2.8%) @ 13,476
ChiNext -95pts (-3.5%) @ 2,634
CHINA DATA 
China's retail sales volume of new energy passenger cars reached 97,000 units in February 2021, up 675% YoY but down 37.9% MoM, according to data from China Passenger Car Association.
Tomorrow on the open we get Inflaton and PPI data on the open

HSI 
Pre market opened @ 28,665 +124pts vs +179pts ADR’s but initial sold down (margin call selling in my view) but then rebounded and tested to 29,000 but unable to break above.
A rebound in Ecommerce names driving the market higher but Xiaomi weak on exclusion from FTSE Russell global index. Rumours ‘Team China’ active and T/O increased which would suggest their presence.
PM opened slightly lower and fell to 28,800 level which provided good support for about an hour but then failed and market sold down to yesterday’s closing level before working higher into the close; before a 100pts spike in the closing auction

HONG KONG DATA 
Inland Revenue Department's Stamp Office announced that 38 residential transactions involved Special Stamp Duty (SSD) in February 2021, up 16 cases or 72.7% monthly to a 21-month high. The SSD size reached $19.07 million, down 62.2% monthly.
The Centre for Health Protection reported 21 new covid cases (vs 9 Monday) 3 from unknown sources.
SHORT SELLING Tuesday 12.7% vs 11.8% Monday
Top Shorts Ping An (2318) 50%, Bud Apac (1876) 43%, AIA (1299) 31%, ACC Tech (2018) 31%, HSBC (5) 29%, Sands China (1928) 26%, Sinopec (386) 25%, Hang Seng Bank (11) 25%, Bank of China (3988) 25%.
Earnings due Tuesday inc Cathay Pac (293), Sunac Services (1516), Prada (1913),
IPO 
CHEERWIN GP (06601.HK), to be listed tomorrow, opened at $7.8 in
gray market, down over 15% against the listing price of $9.2, PhillipMart data showed. It closed at $7.36 on the gray market, down 20% or $1.84 against the listing price of $9.2, on volume of 15.5 million shares and turnover of $111 million. Excluding handling fee, the book loss is $920 per board lot size.

AFTER MARKET NEWS 
AUTOHOME-S (02518.HK)  priced its stock at HK$176.3 per share for its secondary listing in Hong Kong, Bloomberg reported. On the basis of one-ADR-for-four-H-shares, the price represented an about 5.5% discount to the ADR.
WHARF HOLDINGS (00004.HK) Chairman Stephen Ng said the group has been hoarding up land reserve investment in Hong Kong in the recent 2-3 months, revealing they will conduct study and make consideration if there is any appropriate project, as he opined the local housing market is "productive".   Ng furthered that the control measures instituted by China heightened risks on developers, whilst constrained prices affected marginal profits as well as returns.
YUEXIUTRANSPORT (01052.HK) announced annual result ended December 2020. The net profit amounted to RMB160 million, down 85.9% yearly. EPS was RMB0.0959. A final dividend of HK7 cents was declared, against HK21 cents in the year-ago period.
SUNNY OPTICAL (02382.HK) announced that the shipment volume
of handset lens sets increased by 34.4% YoY to nearly 130 million units in February 2021, 
which was mainly due to the increased market share of the handset lens sets of the Company.
CHINA TELECOM (00728.HK)  announced results for the year ended 31 December 2020. Operating revenues were RMB393.561 billion, +4.7%YoY; profit attributable to equity holders was RMB20.85 billion,+1.6% YoY. EPSequaled RMB0.26. Final DPS was HKD0.125.  FY20 Mobile ARPU -3.7% to RMB44.1; 5G ARPU was RMB65.6.  While FY20 CAPEX was RMB84.8 billion, the Chinese telecom carrier assumed FY21E CAPEX at RMB87.0 billion. It also proposed to apply for A share offering and listing on the Main Board of the Shanghai Stock Exchange. The number of A Shares to be publicly issued by the Company will be no more than 12.093 billion shares (so no more than 13% of the total issued share capital of the Company upon the A Share Offering, and prior to the exercise of the over-allotment option).Asked whether the company decided to return to A-share market because of withdrawal from NYSE, the Chairman Ke Ruiwen said the A-share issuance marks a substantial development move of the company, viewing the present moment represents a very strategic opportunity for the company to float A shares.  The proposed A-share issuance not only aims for fundraising, Ke furthered, but also for introduction of strategic investors, in a bid to capture development opportunities.
Business receipts in value terms of many major service industries showed decreases of different magnitudes in the fourth quarter of 2020 when compared with the fourth quarter of 2019, according to the provisional figures of business receipts indices released today (March 9) by the Census and Statistics Department (C&SD).   Comparing Q4 2020 with Q4 2019, larger decreases were recorded in accommodation services (-33.3%), administrative and support services (-26.0%), food services (-25.1%), banking (-12.2%), retail (-9.0%) and transportation (-6.5%) industries.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain decreased by 85.7% year-on-year during the same period, whereas those of the computer and information technology services domain increased by 1.7% year-on-year.
LONGFOR GROUP (00960.HK)  announced that it had in February 2021 recorded contracted sales of RMB15.77 billion, up 1.25 times yearly, with contracted sales in terms of GFA of 958,000 sq.m..
MARKET COMMENT 
*PETROCHEMS WEAK on profit-taking after recent gains, as oil reversed course; weaker as USD strengthened. OPEC+ capped off another meeting where it promised to keep supply in check. CNOOC (883 HK -2.8%) CH OILFIELD (2883 HK -4.4%) PETROCHINA (857 HK -3%).
*BASE MATERIALS/METALS STRONG  concerns of supply reduction due to China’s carbon emission reduction plan. ANGANG (347 HK +2%) MAANSHAN (323 HK +1.8%) CHALCO(2600 HK +3.1%) JIANGXI COPPER (358 HK +2%).
*CHINA BANKS WEAK rumours China's February new lending data may be realised early, some said today, Have to pencilled for Thursday. Expected to show gains limited by the Lunar New Year break. Consensus is for new yuan
loans to drop to 950b yuan from January's 3.58t, and aggregate financing to drop to 910b yuan from 5.17t. ICBC (1398 HK -0.2%) ABC (1288 HK -2.5%) CCB (939 HK -1%).
*AUTOS MAKERS FIRM after strong Feb sales data from companies and the release from the China Passenger Car Association who said retail sales volume of new energy passenger cars reached 97,000 units in February 2021, +675% YoY but -37.9% MoM. GAC's (2238 HK +0.9%) vehicle sales in February jumped 4.4 times to 105,128 units. GEELY (175 HK+2%) vehicle sales in February increased 2.7 times to 77,200 units. GREAT WALL (2333 HK+4.8%) Feb vehicle sales rose 7.9 times to 89,050 units. Battery Maker GANFENG LITHIUM (1772 HK +5%) agreed to join a salt lake mining joint venture with a unit of China Minmetals, according to a filing.
*TELCOS MIXED after CH TOWER (788 HK -3.2%) expects to reduce capital expenditure by 7b yuan to 30b yuan this year. It will build more 5G base stations by upgrading existing sites instead of building new towers; a move that will aid cost cutting. CH TEL (728 HK unch) ahead of earnings results. CH MOBILE (941 HK -2.4%) CH UNICOM (762 HK -1.2%)
*CHINA CONSUMPTION PLAYS STRONG as China expects a rapid recovery in consumption growth this year as the economy is improving with the Covid-19 pandemic under control, Chinese  commerce minister Wang Wentao says in Beijing. LI NING (2331 HK +2.3%) ANTA SPORTS (2020 HK +3.9%) HAIDILAO (6862 HK +2.7%) WANT WANT (151 HK +2.9%).
*HK DEVELOPERS/LANDLORDS FIRM improving sentiment thanks to the recent roll out of the HK Covid vaccine  program and good response to the Grand Victoria 1 developmentCK ASSET (1113 HK +2%) will offer 27 units at Seaside Sonata in Shum Shui Po for sale on Friday. The cheapest flat, measuring 507 sq ft, is priced at HK$9.2m. CH ESTATES (127 HK +2.8%) said its net profit fell 21.25% YoY to HK$622.2m in 2020. Revenue surged by 132.2% to HK$3.04b in 2020. A final dividend of 1 HK cent per share is declared. News that UA Cinema’s closing not having much impact as talk their operation will be taken over. HENDERSON (12 HK +1.5%) NWD (17 HK +1.5%) HYSAN (14 HK +2.1%) SHKP (16 HK +1.1%).

Regional Markets
AUSTRALIA
ASX 200 Rallied on the open and then worked slightly higher through the morning to 6,810 around lunch but then sold down to 6,740 level before working slightly higher to close +32pts (+0.5%) @ 6,771Business Confidence Feb 16 vs 12 Jan revised (F/cast was 11)Tomorrow we get Consumer Confidence, Building Permits and New Home Sales
JAPAN Nikkei 225 opened flat and initially dipped after the mixed premarket data. Key being that Household spending fell more than expected and GDP data was a little bit light.  Market then trade sideways in choppy trading through the morning.PM saw the market open higher just about 29,000, and then traded sideways to close +285pts (+1%) @ 29,028Topix Opened higher and saw more morning volatility. PM opened at 1,915 initially dipped but the worked slowly higher to close +24pts (+1.3%) @ 1,918
Data
Household Spending Jan -7.3% MoM vs +0.9% Dec (F/cast was -2.8%)
Household Spending Jan -6.1% YoY vs -0.6% Dec (F/cast was -1.8%)
Average Cash Earnings Jan -0.8% YoY vs -3.2% Dec (F/cast was -3%)
GDP Growth Rate Final Q4 +2.8% QoQ vs +5.3% Q3 (F/cast was +3%)
GDP Growth Annualised Final Q4 +11.7% vs +22.9% Q3 (F/cast was +12.7%)
GDP External Demand Final Q4 +1.1% QoQ vs +2.6% Q3 (F/cast was +1%)
GDP Capital Expenditure Final Q4 +4.3% QoQ vs -2.4% Q3 (F/cast was +4.5%)
GDP Private Consumption Final Q4 +2.2% QoQ vs +5.1% Q3 (F/cast was +2.2%)
GDP Price Index Final Q4 +0.3% YoY vs +1.2% Q3 (F/cast was +0.2%)
Out Later
Machine Tool Orders Feb +36.7% vs +9.7% Jan (F/cast was 10%)
S KOREA  
Pre market Current account was weaker than expected. Govt warns of further volatility as bond yields and inflation risks are rising. Tech, Chems and Pharma stocks seeing continued weakness.
Kosdaq opened slightly lower as current account missed and trended lower for the first hour to 880 level. Then traded sideways until mid day when it started to trend higher topped out at 899 and then eased back to close -8pts (-0.9%) @ 896
Kospi traded in a similar pattern, opened at 2,990, sold down to 2,930 by late morning and then worked higher to 2,992 in choppy trading before easing back into at the end to close -20pts (-0.7%) @ 2,976
Data
Current Account Jan US$7.06bn vs 11.51b Dec (F/cast was 9.1bn)
The expansion was mainly driven by the goods account surplus, up to $5.73 billion from $2.07 billionJan 2020, as exports grew to $46.66 billion from $42.78 billion, while imports remained practically unchanged at $40.93 billion (vs. $40.71 billion). Meanwhile, the services account gap narrowed to $0.61 billion from $2.99 billion. The primary income surplus widened to $2.36 billion from $1.63 billion, whereas the secondary income deficit narrowed to $0.42 billion from $0.13 billion.
TAIWAN 
Opened lower but initially rallied to test Monday’s closing level on good Consumer Confidence reading but unable to break above and sold down to 15,660 level before finding support. Then rebounded back to Monday’s closing level and traded sideways around there before closing +33pt (+0.2%) @ 15,853 After market
Balance of Trade Feb $4.51b vs 6.19b Jan (F/cast was 5.7b)
Exports Feb +9.7% vs 36.8% Jan (Consensus was 10.5%)
Imports Feb +5.7% vs 29.9% Jan (Consensus was +10.5%)
Inflation Rate Feb -0.08% MoM vs +0.51% Jan (F/cast was +0.3%)
Inflation Rate Feb +1.37% YoY vs -0.17% Jan (F/cast was +1.3%)
Wholesale Prices Feb -0.35% vs -2.86% Jan (F/cast was -1.4%)
Trade surplus increased but slightly less than expected. Exports increased for an 8th month reflecting the global rebound. Imports rose but much less than expected.

CONNECT FLOWS (increased Northbound flows and reduced Southbound )
Shanghai 
Northbound RMB 75,113m Sell 36,764m : 38,349m Buy
Southbound HK$ 34,181m Sell 20,485m : 13,695m Buy
Shenzhen 
Northbound RMB 75,085m Sell 37,119m : 37,966m Buy
Southbound HK$ 35,776m Sell 18,926m : 16,850m Buy

Active Heavyweights
AIA (01299.HK) +4.3%
HKEX (00388.HK) -2.2%
MEITUAN (03690.HK) -2.2%
BABA (09988.HK) +1.5%
CCB (00939.HK) -0.9%
PING AN (02318.HK) +0.6%
TENCENT (00700.HK) +0.2%

HSI & HSCEI Constituents on Move:
TECHTRONIC IND (00669.HK) +6%
GALAXY ENT (00027.HK) +4.9%
CKH HOLDINGS (00001.HK) +4.9%
CHINA RES GAS (01193.HK) +4.2%
SMIC (00981.HK) -4.1%
ANTA SPORTS (02020.HK) +3.9%
PSBC (01658.HK) -3.4%
CM BANK (03968.HK) -3.4%
BUD APAC (01876.HK) +3.3%
SANDS CHINA LTD (01928.HK) +3.3%
NTES (09999.HK) -3.2%
MTR CORPORATION (00066.HK) +2.2%, hitting new high
BOC HONG KONG (02388.HK) +1.4%, hitting new high
HSMI & HSSI Constituents on Move:
HYSAN DEV (00014.HK) +2.1%, hitting new high

MARKET HOURS NEWS
GRAND VICTORIA I, a residential project located in Southwest Kowloon and co-developed by Wheelock Properties, SINO LAND (00083.HK) , K. WAH INT'L (00173.HK), SHIMAO GROUP (00813.HK) and SEA HOLDINGS (00251.HK), has received over 1,400 registrations, revealed Ricky Wong, Managing Director of WPL. The sales will be open this Saturday (13 March), with the arrangement to be unveiled later. In view of positive response from registrations, the third price list will have prices lifted by 1-2%, likely cashing in $1 billion, Wong said.
Chinese Foreign Minister Wang Yi declared to roll out the Chinese version of the global travel health certificate, providing "China solution" to prompt the world's economic revival and cross-border dealings.  The certificate has been officially available on WeChat Mini Programs since yesterday for Chinese citizens, said the Department of Consular Affairs.
Vodafone (VOD.US) is seeking to spin off its European tower unit for listing in Frankfurt to raise as much as EUR2.58 billion, reported Bloomberg. This will likely make one of the largest IPO in the region this year. The telecom giant plans to issue 88.9 million shares at EUR22.5-29 each.
Apple is seeking to move around 7% to 10% of its iPhone 12 production to India from China, said foreign media.
The First Intermediate People's Court of Beijing had issued a "Civil Ruling" on February 7, ruling that Baoshang Bank Co., Ltd. is bankrupt, according to Chinese media.
MANPOWER GRC (02180.HK) announced in 2Q21 Employment Outlook Survey Hong Kong that among the 136 surveyed employers, 22% said the intended to boost their manpower, 24% intended to reduce headcount, and the remaining 54% may keep theirs unchanged. The seasonally adjusted Net Employment Outlook was -2%.
Huawei will work with GAC GROUP (02238.HK)'s Aion to develop the next-generation smart electric vehicles, where they will each establish a research team of more than a hundred staff, Chinese media citing insiders. Huawei had denied rumors on building its own EV brand, adding it will help carmakers produce outstanding vehicles.
Li Auto (LI.US), Nio (NIO.US) and Xpeng (XPEV.US) plan to offer at least 5% of their enlarged share capital in their planned listing in Hong Kong as soon as this year, Reuters learnt from insiders. Based on their closing price on Monday, their IPO proceeds may approximate US$5.0 billion.
At lunch XINYI GLASS (00868.HK) announced Vice Chairman and Executive Director TUNG Ching Bor purchased 344,000 and 1 million shares on March 4 and 5 respectively, involving roughly $29.0233 million, according to the shareholding disclosures at the Stock Exchange.
At lunch CONCORD NE (00182.HK) announced annual results ended December 2020. Net profit amounted to RMB673 million, up 11.4% yearly.EPS equaled 8.18 fen. Final DPS was HK3 cents, as compared with HK2.5 cents in the previous year.
At lunch WHARF HOLDINGS (00004.HK) announced annual results ended December 2020. Group revenue rose 24.4% yearly to HK$20.997 billion. Group profit attributable to equity shareholders reached HK$3.864 billion, up 14.1%. EPS equaled HK$1.27. Second interim DPS was HK$0.2. Full-year DPS was HK$0.4.
GCL-POLY ENERGY (03800.HK) announced that various standards of granular silicon based on Fluidized Bed Reactor (FBR) of the Company have made breakthrough upon the commencement of production of 10,000 metric tonnes granular silicon and as verified by production operation and the application by downstream users. Under the production standard, various quality standards of granular silicon have reached the Siemens dense silicon material standard, with some of the quality standard outperforming those for dense silicon materials; in terms of yield, the yield of granular silicon is approximately 99%, of which 90% can be used for monocrystalline materials.
HKD Index bottomed at almost 1-year trough 7.77 and peaked at 7.7635 against USD this morning, and the spot USD T/T rate is last at 7.7675. The aggregate banking balance is expected to be $457.461 billion Thursday (11 March).
Overnight HIBOR last posted at 0.04024%, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.15946%, marking a 1-month high.
UBS was upbeat about the three key stock indices, projecting CSI 300/ HSI/ MSCI to hit 6,100/ 36,000/ 126 at end-2021, said the bank's Head of China Strategy Wendy Liu. The Two Meetings have a clear understanding of comprehensive innovation for the 14th Five-Year Plan period across all sectors, including NEV, renewable energy, 5G, IoT, high-end manufacturing and pharma fields.  Liu attributed this year's optimism on stock indices to growth of the companies' results. She recommended readers to pay more attention on secular growers.
UA Cinemas ceased business broadly from yesterday (8 March) due to epidemic hardship and long-term operating pressure. Peter Lam Kin-ngok and Albert Yeung Sau Shing intend to take over the UA Cinemas, among which Causeway Bay and Mong Kok's ones are targets in tussle, as local media cited sources.
HSBC's PayMe announced strategic cooperation with Global Payments, whereby the collection service of PayMe for Business will be linked to the payment service of Global Payments. PayMe is further extending its business client base via the cooperation, allowing merchants and consumers to carry out transactions in an easier and simpler manner, said the statement.
Cross-boundary Wealth Management Connect is basically ready for launch after people of Hong Kong, Macau and Guangdong can travel freely and safely, by then Northbound and Southbound trading quota of the Connect will be available concurrently, as Bai Hexiang, President of the People's Bank of China, Guangzhou Branch told Commercial Radio Hong Kong.
Moody's announced placement of HSBC HOLDINGS (00005.HK)'s A2 senior unsecured debt ratings on review for downgrade, attributable to its weaker profitability compared with peers and the challenges it faces to improve its profitability.
Preliminary data from Brazil's experimental study showed that Sinovac vaccines are effective against the P1 variant of the coronavirus discovered in the country, Reuters learnt from a source familiar with the study.
Kantatsu, an iPhone lens supplier under Hon Hai Series, is selling its Lianyungang's plant for JPY18 billion, according to Taiwan media. SUNNY OPTICAL (02382.HK), AAC TECH (02018.HK) and Taiwan's Genius Electronic Optical (GSEO) may purportedly become a buyer.  Kantatsu, Largan and GSEO are listed as the three major suppliers of iPhone lens.
World Health Organization (WHO) strongly opposed the European Commission's plan to launch the Digital Green Pass, given the unknown length of vaccine immunity against COVID-19 after inoculation. It is also unclear whether the dose could prevent the transmission of virus, WHO added.
PRE MARKET HOURS NEWS
The Government announced that so far a cumulative total of about 103,800 persons have received the first dose of vaccination, including about 101,700 persons receiving the Sinovac vaccine and about 2,100 persons receiving the Comirnaty vaccine. For the past 24 hours ended at 00:00 yesterday, there were eight cases of ambulance transfer to hospital. Among them, five cases did not require hospital admission, two cases were discharged, and one case was admitted for observation.
Samsung's key customers have been notified that prices of the group's top-three solid-state drive (SSD) products will be affected by the Austin plant shutdown and SSD controller chip supply shortage, reported Chinese media.  Downstream players are bound to look for foreign aid as Samsung sees output halt for its NAND flash controller chips until May. As a major Taiwanese controller chip provider, Phison is poised to benefit from Samsung's order shift.
China Foreign Exchange Trade System announced today (9 March) that the central parity of USD/ RMB shed 543 bps from the last trading day to 6.5338, logging an over-two-month low.
The Thai government announced to conditionally relax quarantine measures on foreign travelers from April.  Mandatory quarantine for foreigners will be shortened from 14 days to seven days should they be vaccinated within three months of entry, and be able to present negative Covid test results within three days of departure, according to Thailand.
HKEX (00388.HK)'s Head of Listing Bonnie Chan; Anticipating the IPO fundraising market this year to be more vibrant than last year's, told Bloomberg that the major theme should remain largely the same, surrounding mainly new economy, biotech and Chinese concept names. The Exchange is meanwhile looking at the commercial feasibility of SPAC listing, added Chan. While this move aims at upholding the financial hub's competitive edges, they will put investor right protection into their consideration.
Xiao Yaqing, Minister of Industry and Information Technology, suggested making a multifarious effort in digital economic buildout at the Two Meetings, citing the need for a bolstered foundation in this regard.  Taking network construction as an example, Xiao said China aims to build a complete 5G network during the 14th Five-Year period.
COSCO SHIP HOLD (01919.HK) announced preliminary results for the year of 2020 prepared in accordance with the Chinese Accounting Standards for Business Enterprises. Net profit attributable to equity holders amounted to RMB9.927 billion, up 46.8% yearly. EPS equaled 81 fen.
NAGACORP (03918.HK)  announced results for the financial year ended 31 December 2020. Net profit amounted to US$102 million, down 80.4% yearly. EPS equaled US2.36 cents. Final DPS was US1.88 cents.
GREATWALL MOTOR (02333.HK)  announced that the total auto production and sales volume in the first two months of 2021 accumulated 223,018 units and 228,062 units, up 157.7% YoY and 152.6% YoY.

Comments
* The email will not be published on the website.