HSI +239pts (+0.8%) 28,578 HSCEI +78pts (+0.7%) 11,020 T/O HK$169.27bn (-11.1% DoD)
Market stabilised after the initial ramifications of the ArchEgo’s margin call but trading volumes lighter ahead of month and quarter end Wednesday. (Its also Japan year end)Oil eased and the Yen traded weaker too (slight +VE Japanese exporter and ING shows increased short Yen positions)
Markets opened higher FTSE drifting lower, DAX and CAC trading sideways
Data was mixed
Import Prices Feb +1.7% MoM vs +1.7% Jan revised (F/cast was +1.2%)
Import Prices Feb +1.4% YoY vs -1.2% Jan (F/cast was +0.9%)
Inflation Rate Prelim Mar +1.7% YoY vs +1.3% Feb (F/cast was +1.5%)
Inflation Rate Prelim Mar +0.5% MoM vs +0.7% Feb (F/cast was +0.3%)
Consumer Confidence Mar 94 vs 91 Feb (F/cast was 91)
Economic Sentiment Mar 101 vs93.4 Feb (F/cast was 96.3)
Consumer Confidence Mar -10.8 vs -14.8 Feb (F/cast was -10.8)
Consumer Inflation Expectations Mar 18.6 vs 15.7 Feb (F/cast was 17)
Industrial Sentiment Mar 2 vs -3.1 Feb revised (F/cast was -0.6)
Services Sentiment Mar -9.3 vs -17 Feb revised (F/cast was -14)
Opened opened in Asia Dow +58pts S&P +0.2% and NDX +0.26% but have reversed and now Dow unch , S&P -0.3% and NDX-0.7% with Apple, Amazon, Microsoft, Netflix and Facebook all traded in the red in premarket and Tesla more than 2% down.
But Viacom and Discovery +VE, Noumra and Credit Suisse -VE
US T10 surged to 1.77%; the highest in 14mths
Data Redbook, Case-Shiller Home Price, House Price Index, CB Consumer Confidence, API Crude Oil Stock Change
Earnings: Lululemon Athletica, Chewy, McCormick, BioNtech, FactSet, Blackberry, PVH
CSI 300 closed +48pts (+1%) @ 5,095
CSI 300 opened slightly lower but worked steadily higher through the morning to 5,106 just before lunch. PM opened flat but trended lower to 5,080 level and then worked slightly higher into the close.Upside driven by optimism on the global economic recovery as the Suez Canal blockage is cleared, inoculations advance in Europe and US but still caution about deteriorating relations between China and the west.
Indexes currently trading at key support levels as traders watch for clarity on major corporate earnings.
Today Xinjiang related names were outperformers, I would imagine ‘Team China’ behind that.
Laggards were carbon-neutral andenvironmetal protection names.
Shanghai Comp +21pts (+0.6%) @ 3,457
Shenzhen Comp +117pts (+0.9%) @ 13,888
ChiNext +9pts (+0.3%) @ 2,859
No data today
Tomorrow pre market we get Official Manufacturing and Non Manufacturing PMI
Pre market opened @ 28,553 +215pts vs +83pts ADR’s @ 28,421 but initially sold down to 28,400 level which is about where the ADR’s were indicating.
Then rebounded and worked higher for the most part, to 28,672 at lunch. PM opened lower and traded sideways in choppy trading until about 2:30pm and then trended lower to 28,600 and traded sideways into the close.
The easing of some social-distancing rules seen as positive. No reaction to China approving amendments to Hong Kong electoral system.
Earnings in focus as the reporting season effectively end tomorrow.
HONG KONG DATA
Retail Sales Feb +31.7% YoY vs -14.6% Jan (F/cast was -7%)
The first increase in 24 straight months and the strongest since at least October of 2005. The latest reading reflected mainly the usual greater volatility in the first two months of a year due to the timing of the Lunar New Year and a low base of comparison early last year amid the COVID-19 outbreak, with the analysis of the combined total sales for January and February being more appropriate.
Considering the first two months of the year, retail sales advanced 2.5% over a year ago, boosted by consumer durable goods (29.7%), of which electrical goods and other consumer durable goods (38.3%); and clothing, footwear and allied products (10.8%). Still, sales remained weak mostly for supermarkets (-10.3%). A government spokesman pointed out that the retail trade will continue to face a difficult business environment in the near term as inbound tourism remains frozen.
Census and Statistics Department (C&SD), the median monthly wage of employees in Hong Kong in May – June 2020 was $18,400. This was 1.5% higher than the median of $18,200 in May – June 2019.
The median hourly wage of employees in Hong Kong in May – June 2020 was $74.4, 1.8% higher than the median of $73 in May – June 2019.
The Centre for Health Protection reported 7 new covid cases (vs 8 cases Monday) 6 imported and 1 linked to a local case.
Short Selling Tuesday 17.5% vs 17.1% Monday
Top Shorts Ping An (2318) 49%, Country Garden (2007) 35%, Sands China (1928) 32%, Ali Health (241) 32%, Haidilao (6862) 32%, Longfor (960) 31%, Tencent (700) 30%, Bud Apac (1876) 30%, BoC (3988) 29%, China Life (2628) 27%, China Overseas Land (688) 27%, China Res Land (1109) 27%, Galaxy Ent (27) 25%
BAIRONG-W (06608.HK), to be listed tomorrow, opened at $31.8 in gray market, flattish with the listing price, PhillipMart data showed. It last posted at $28.6, down 10%, on volume of 190,000 shares.
EARNINGs due Wednesday include
Beijing Enterprises Environment (154), Melco (200), Ping An Securities (231), AVIC Int (232), Esprit (330), Hainan Meilan International Airport (357), Luks Group (366), Cogobuy Group (400), GOME (493), China High Speed Transmission (658), Genting HK (678), Travelsky (696), Global Bio-chem (809), China Qinfa (866), Trinity (891), SMIC (981),Brilliance China (1114), Tibet Water (1115), Wynn Macau (1128),China LotSynergy (1371), China 21st Century Education (1598), Best Pacific Int (2111), Ronshine China (3301), China Evergrande (3333), Legend (3396), Sinotruk (3308), Global Sweeteners (3889), YTO Express (6123), Sino-Life Group (8296)
AFTER MARKET NEWS
CHINA RES LAND (01109.HK) CFO Guo Shiqing targeted sales contract of RMB315 billion for this year, versus RMB285 billion last year. Under the group's 14th Five-Year Plan, the equity contracted amount and rental income as of 2025 were expected to double on top of last year's foundation.
WH GROUP (00288.HK) Executive Director Ma Xiangjie, also being the President of Shuanghui Development, upheld his previous forecast that hog price will drop this year, yet freshly estimated the average price may be slightly higher than the previous forecast, and that 2H21's price may be lower than 1H21's. Chief Financial Officer Guo Lijun said there is still gap between China's hog price and the US/ Europe's, although the price pullback may still hover at high level. He assumed such gap to favor the company's expansion of import meat business.
In Half-yearly Monetary and Financial Stability Report, the HKMA wrote that housing affordability became more stretched, mainly due to a fall in household income. The housing price-to-income ratio climbed to a new record 19.3 in the fourth quarter of 2020, compared with the historical peak of 14.6 in 1997, which meant that the average price level of a typical 50 sqm. unit is 19.3 times the median household income among private residential families.
Hong Kong-based logistics unicorn GogoX (formerly known as GoGoVan) is considering an IPO. in Hong Kong as soon as this year, which may raise US$400-500 million and value the startup as high as US$2 billion, Bloomberg learnt from people with knowledge of the matter.
To capture the growing interest among investors in renewable energy and electric vehicles, Hang Seng Indexes Company announced the launch of Hang Seng Shanghai-Shenzhen-Hong Kong Clean Energy Index and Hang Seng Shanghai-Shenzhen-Hong Kong Autonomous and Electric Vehicles Index. Hang Seng Shanghai-Shenzhen-Hong Kong Clean Energy Index tracks the overall performance of the 30 largest Hong Kong and mainland China companies that are engaged in hydropower, biomass energy, solar energy, wind energy and geothermal energy generation and are eligible for trading through the Stock Connect Scheme, including CHINA LONGYUAN (00916.HK), XINYI ENERGY (03868.HK), XINYI SOLAR (00968.HK) and GOLDWIND (02208.HK) -0.820 (-5.332%).
The overall performance of the 30 largest Mainland and Hong Kong companies that are involved in the value chain of the electric car and autonomous driving segment is tracked by the Hang Seng Shanghai-Shenzhen-Hong Kong Autonomous and Electric Vehicles Index, including TIANNENG POWER (00819.HK), GANFENGLITHIUM (01772.HK) and BYD COMPANY (01211.HK)
Hang Seng Indexes Company announced that BILIBILI-SW (09626.HK) meets the Fast Entry Rule of various indexes and will be added to Hang Seng Internet & Information Technology Index and Hang Seng Composite Industry Index (Information Technology, Hang Seng Composite LargeCap Index and Hang Seng Composite LargeCap & MidCap Index after market close on 14 April 2021 (Wednesday). All changes will come into effect on 15 April 2021 (Thursday).
TSMC (TSM.US) Chairman Mark Liu found global efforts to achieve self-sufficiency in chip output to be "economically unrealistic". While actual chip capacity outweighs demand, uncertainties wrought by rising China-US trade tensions have led to double booking and exacerbated the chip shortage, Liu opined.
SHIMAO GROUP (00813.HK) recorded contracted sales of over RMB300.3 billion last year, representing a year-on-year increase of 15.5%. With saleable resources worth RMB550 billion this year and based on a sell-through rate of 60%, the group fixed its 2021 sales target at RMB330 billion and anticipated a growth of over 10%, said Vice Chairman Hui Sai Tan, Jason.
XIAOMI-W (01810.HK) announced that the Company has resolved to commence the smart electric vehicle business. The Company will set up a wholly-owned subsidiary to operate the smart electric vehicle business. The initial phase of investment will be RMB10 billion, with the total investment amount over the course of the next 10 years estimated to be USD10 billion. Lei Jun, the Chief Executive Officer of the Group, will concurrently serve as the Chief Executive Officer of the smart electric vehicle business.
Chief Executive Carrie Lam anticipated to submit a bill on election system amendments to the Legislative Council in mid-April 2021, while passing it on the third reading by end-May. Voter registration shall hence begin in June, followed by the Election Committee subsector elections in September and LegCo polls in December, Lam added. The Chief Executive election will take place in March next year. China's NPC Standing Committee greenlighted amendments to the Annex I and II to the HKSAR Basic Law today.
After Market Results
YUZHOU GROUP (01628.HK) announced annual results ended December 2020. Net profit amounted to RMB117 million, down 96.8% yearly. EPS equaled 0.09 fen. Final DPS was HK21.5 cents. Full-year DPS was HK33.5 cents.
ABC (01288.HK) announced annual results for the year of 2020. Net profit attributable to equity holders went up 1.8% yearly to RMB215.925 billion, ahead of the median (RMB206.5 billion) in broker forecast. EPS equaled RMB0.59. Dividends RMB1.851 was declared for each ten shares. Vice Chairman and President Zhang Qingsong foresaw a certain degree of pressure on the lender's NIM in 2021, with housing loan rates sagging by 2-3 bps in the first quarter under a relatively solid LPR. Equally, Zhang projected benefits from China's persistent economic revival and hence a stable improvement in earnings this year
WH GROUP (00288.HK) announced the results for the year ended 31 December 2020. Revenue before biological fair value adjustments increased by 6.2% yearly to US$25.589 billion. Net profit, before biological fair value adjustments, decreased by 29.4% annually to US$973 million. EPS hit US6.6 cents. A final dividend of HK12.5 cents per share was declared.
BANK OF CHINA (03988.HK) announced the results for the year ended 31 December 2020. Operating income climbed 3.2% yearly to RMB567.647 billion. Net profit surged 2.9% annually to RMB192.87 billion, above RMB177.05-191.468 billion in brokers' forecast EPS hit RMB0.61. A final dividend of RMB0.197 was declared.
BOC HONG KONG (02388.HK) announced FY20 annual results that profit attributable to equity holders slid 17.7% yearly to $26.487 billion, below the median ($27.483 billion) of broker estimates compiled by our reporters. EPS equaled $2.5052. Final DPS
was $0.795. Full-year DPS was $1.242.
SHIMAO GROUP (00813.HK) announced annual result ended December 2020. The net profit amounted to RMB12.628 billion, up 15.9% yearly. EPS was 361.5 fen. A final dividend of HK90 cents per share and a special dividend of HK20 cents per share were declared.
HKTV (01137.HK) annual results ended December 2020. Turnover rose 103.5% year on year to HK$2.878 billion. Profit was HK$184 million, as compared with HK$290 million of loss in a year ago. EPS was HK$0.2. No dividend was declared. It also announced a proposed change of the company name from “Hong Kong Television Network Limited” to “Hong Kong Technology Venture Company Limited.”
*PETROCHEMS MIXED Oil rose for a second day, to its highest in nearly two weeks on expectations that OPEC+ will keep production in check. Jet fuel in New York Harbor rebounded as spring break travel gives refiners hope. CH OILFIELD (2883 HK +2.4%) CNOOC (883 HK -0.6%) PETROCHINA (857 HK +1%) SINOPEC (386 HK -0.2%).
*TECH & COMPONENTS MIXED. XIAOMI (1810 HK +2.2%) launched a record 15 products, including premium models Xiaomi 11 Pro and Xiaomi 11 Ultra, yesterday night. It also plans to invest about 100b yuan over the next three years to manufacture electric cars.
BYDE (285 HK -4%) FY net income 5.44b yuan missed analyst est of 5.51b yuan. LENOVO (992 HK +12.4%) surged after news reported that Asustek and Acer plan to raise price for laptops by 5%-10% from 2Q. TONGDA (698 HK -5.1%)
*E-COMMERCE MAINLY FIRM Recent regulatory uncertainties, US-delisting concerns, and recent hedge fund fallouts largely prices in. MEITUAN (3690 HK +4.7%) BABA (9988 HK +2.5%) JD (9618 HK +1.8%) NTES (9999 HK +1.7%). But TENCENT (700 HK -0.4%)
*AUTOS MIXED. GREAT WALL (2333 HK +5.2%) plans to roll out its first hydrogen-powered SUV this year, plans to deploy its hydrogen-powered cars during the Winter Olympics in China next year.
EVERGRANDE EV (708 HK -2.7%) after dropping nearly 7% yesterday, after state-owned media criticized the company for creating bubbles without having produced any electric cars.
DONGFENG (489 HK -4.3%) reported FY net income -16% YoY to 10.79b yuan No dividend
*HK PROPERTY FIRM after HK's home prices rose to a seven-month high in February, but rents dropped to a four-year low, according to data from the Rating and Valuation Department.
Sentiment +VE on easing of social distancing rules as Covid cases have dropped significantly in the past couple of days SHKP (16 HK +5%) HENDERSON (12 HK +5.9%) NWD (17 HK +5.2%) SWIRE PROP (1972 HK +4%).
CR LAND (1099 HK -3.9%) reported FY core profit 24.14b yuan, net income +3.6% YoY to 29.81b yuan, meets estimates.
FIRST PACIFIC (142 HK +13.9%) reported 2020 turned to net profit of $201.6m vs loss a year ago, and announced share buyback plan of up to $100m three years. SHENZHOU (2313 HK +9.5%) staged a rebound rally after being sold off as a Xinjiang Cotton-controversy related name.
Initially traded higher to 6,836 in the first 20 minutes then trended lower for the rest of the day to close just off the lows at -61pts (-0.9%)@ 6,738
Pre market Unemployment data was in-line and retail sales beat. Markets saw choppy trading throughout the day. Nomura closed -0.7% @ Y 599 off the initial lows (Y 580)
Nikkei opened lower but initial traded higher in choppy trading but then sold down totes 29,280 support before bouncing into lunch but still in the red. PM opened higher in the green and effective traded sideways to close +48pts (+0.2%) @ 29,433
Topix opened lower and trended lower with support around 1,970 level. PM opened higher but still in the red and traded sideways to close -16pts (-0.8%) @ 1,978
Unemployment Rate Feb 2.9% vs 2.9% Jan (F/cast was 2.9%)
Jobs/application Ratio Feb 1.09 vs 1.1 Jan (F/cast was 1.1)
Retail Sales Feb -1.5% YoY vs -2.4% Jan (F/cast was -2.4%)
Retail Sales Feb +3.1% MoM vs -0.5% Jan (F/cast was +0.2% MoM)
Tomorrow we get Industrial Production, Housing Starts, Construction Orders
Kosdaq opened slightly higher and worked higher through the morning to test 960 around 11:20am and then again over the following 90 mins but unable to break above, so retrenched to 957.5 before working slightly higher to close +4pts (+0.4%) @ 958
Kospi opened higher and world up to 3,075 by early afternoon and then traded sideways to close +34pts (+1.1%) @ 3,070
Tomorrow pre market Business Confidence, Construction Output, Industrial Production, Manufacturing Production, Retail Sales.
Opened higher and tested 16,520 in early trades but failed to break about and sold down to 16,440 level. Rebounded to earlier high but failed to break above and sold back down to 16,440 level before working higher to close +79pts (+0.5%) @ 16,555 Still seeing good company earnings and good local sentiment.
Northbound RMB 44,927m Sell 20,297m : 24,630m Buy
Southbound HK$ 15,520m Sell 7,236m : 8,284m Buy
Northbound RMB 49,624m Sell 25,075m : 24,549m Buy
Southbound HK$ 18,506m Sell 8,149m : 10,357m Buy
MEITUAN (03690.HK) +4.7%
BABA (09988.HK) +2.5%
CCB (00939.HK) -1.2%
HKEX (00388.HK) -0.7%
TENCENT (00700.HK) -0.4%
PING AN (02318.HK) -0.2%
AIA (01299.HK) -0.1%
HSI & HSCEI Constituents on Move:
SHENZHOU INTL (02313.HK) +9.5%
JD HEALTH (06618.HK) +7.6%
HENDERSON LAND (00012.HK) +5.9%, hitting new high
NEW WORLD DEV (00017.HK) +5.2%
SHK PPT (00016.HK) +5%
ALI HEALTH (00241.HK) +4.4%
CHINA OVERSEAS (00688.HK) -4.4%
CITIC (00267.HK) +4.2%
WHARF REIC (01997.HK) +4%
CHINA RES LAND (01109.HK) -3.9%
LONGFOR (00960.HK) +3.7%, hitting new high
SUNNY OPTICAL (02382.HK) +3.5%
CHINA TOWER (00788.HK) +3.5%
CSPC PHARMA (01093.HK) +3.1%
HSMI & HSSI Constituents on Move:
GUORUI PPT (02329.HK) -28.8%
HYGEIA HEALTH (06078.HK) +15%
CHINA AOYUAN (03883.HK) +14.2%
FIRST PACIFIC (00142.HK) +13.9%
JUNSHI BIO (01877.HK) +11.6%
KINGBOARD HLDG (00148.HK) +9.5%, hitting new high
POWERLONG (01238.HK) +6.2%, hitting new high
JIANGSU EXPRESS (00177.HK) +4.3%, hitting new high
MARKET HOURS NEWS
CHINA MER PORT (00144.HK) Managing Director Bai Jingtao said Hong Kong had proven her status as a shipping hub during the pandemic last year, in particular in shift swapping among crew members. Hong Kong's cargo container volume shrank last year amid, particularly, the rapid growth of Guangzhou in recent years, which rendered the special administrative region less competitive, said Deputy General Manager Li Yubin.
Foxconn announced that 4Q20 net profit shed 4% to TWD45.97 billion, missing TWD50.89 billion in street forecast.
Douyin revoked its unfair competition lawsuit against TENCENT (00700.HK), as Chinese media cited the civil ruling of the Intermediate Court of Fuzhou, Fujian Province. Early the year, Douyin had taken TENCENT to the Beijing Intellectual Property Court, suing the latter's WeChat and QQ of constraining users from sharing Douyin's contents, which constituted violation of China's Antitrust Law. Following, TENCENT raised to the Court that the case's jurisdiction should be at the court where the WeChat and QQ's developer agreements were signed. Hence, the case was ruled to transfer for trial at Shenzhen Intermediate Court.
Alibaba Cloud (Aliyun) introduced a solution "Cloud Electronic Shelf Label" in Hong Kong, by which local retailers can update their product prices of outlets swiftly and enhance operation and management efficiency of physical stores, while modifying operation strategy.
Hong Kong Airlines announced a digital health passport trial as part of the carrier’s ongoing contributions towards the safe reopening of borders and international travel.
Developed by the International Air Transport Association (IATA), a globally-recognised trade organisation and advocate for airlines, Travel Pass will provide travellers with easy access to COVID-19 entry requirements for their destination and accredited testing centres at their point of departure. The app also enables passengers to link their COVID-19 test results to a digital version of their passport created through the app.
As the Government will file a draft on election system amendments in mid-April, Legislative Council President Andrew Leung decided to convene an additional meeting by then on the bill's first reading for the Bills Committee's review at full pelt.
The LegCo elections will take place in December, and the term of the current LegCo will be extended until end-2021, furthered Leung.
XINYI GLASS (00868.HK) Vice Chairman and Executive Director TUNG Ching Bor purchased a total of 680,000 shares on March 24 and 26 respectively, involving $16.0917 million, according to the Stock Exchange.
Japan has requested Taiwanese manufacturers to cooperate in semiconductor production, said Industry Minister Hiroshi Kajiyama, as the fire accident at a Renesas-owned chip plant had disrupted domestic output, Reuters reported.
HKMA Senior Executive Director Edmond Lau wrote in an article that in Hong Kong, household debt as a percentage of gross domestic product (GDP) has been on the rise, and the pace had quickened last year. Household debt as a proportion of GDP has risen significantly in the past year, primarily due to the economic contraction in Hong Kong that has been taking place since 2019, furthered Lau . In 2020, amid the COVID-19 pandemic, Hong Kong’s GDP recorded the sharpest fall in history, with nominal GDP dropping by 5.4%.
It is quite normal to see sharp GDP falls driving up the household debt-to-GDP ratio during an economic downturn, explained Lau. This is observed not only in Hong Kong but also in the US, the UK, Japan and other economies.
In response to the approval by the Standing Committee of Chinese National People's Congress of the amended Annex I to the Basic Law on Method for the Selection of the Chief Executive and Annex II to the Basic Law on Method for the Formation of the Legislative Council and its Voting Procedures, Chief Executive Carrie Lam said in a statement that she and the governing team strongly support the amendments
The amendments improve the electoral system of the HKSAR, thereby establishing a political structure that upholds the "One Country, Two Systems" principle, reflects the actual situation of Hong Kong and ensures "patriots administering Hong Kong", opined Lam.
CITIC (00267.HK) announced FY20 annual results that total revenue was $552.949 billion, down 2.4% yearly; profit attributable to ordinary shareholders was $56.628 billion, up 5.1%. EPS equaled $1.95. Final DPS was 38.8 cents, as compared with 28.5 cents a year ago. Full-year DPS was 48.8 cents.
SSY GROUP (02005.HK) announced annual results ended December 2020. Net profit amounted to HK$612 million, down 46.1% yearly. EPS equaled HK20.19 cents. FinalDPS was HK5 cents, as compared with HK6 cents in the previous year.
COSCO SHIP PORT (01199.HK) announced annual results ended December 2020. Net profit amounted to US$347 million, up 12.8% yearly. EPS equaled US10.81 cents. Second interim DPS was US2.256 cents.
BJ ENT WATER (00371.HK) announced annual results ended December 2020. Net profit amounted to HK$4.183 billion, down 15.1% yearly. EPS equaled HK41.57 cents. Final DPS was HK7.8 cents. Fulll-year DPS was HK16.2 cents.
CHINA MER PORT (00144.HK) announced annual result ended December 2020. The net profit amounted to HK$5.151 billion, down 38.4% yearly. EPS was HK146.25 cents. A final dividend of HK51 cents per share was declared.
Standing Committee of the National People's Congress (NPCSC) of the PRC has voted unanimously for the amendment to Annex 1 and 2 to the Basic Law. National People's Congress member Tam Yiu-chung opined that the proposed Legislative Council seat ratio of 40:30:20 can guarantee only patriots are allowed a seat in the council and give full play to the actual role of the legislative body.
Nomura has started evaluating the cause of potential losses tied to the trading of a U.S. client, despite difficulty in assessing the scale of loss, reported Bloomberg. The Japanese broker warned of a US$2-billion loss from liquidation of positions as Bill Hwang's Archegos Capital had defaulted on margin calls. It is unsure when Nomura, having a long-term partnership with Hwang, will determine the size of any loss and whether it will book the loss for the current quarter, the people said.
Zhang Jianhua, Director of the National Energy Administration (NEA), said China is confident and capable of catering the energy demand nationwide in every aspect. Li Chuangjun, Director of the New Energy and Renewable Energy Department at NEA, revealed that the 14th Five-Year Plan marks the new chapter for the development of renewable energy, adding the development of wind power and photovoltaic will enter flat-price phase starting from this year, where the industry will avert the reliance of fiscal subsidy from the government.
TENCENT (00700.HK)'s PUBG Mobile and the Chinese version Game for Peace have garnered US$2.7 billion in 2020 user spending, according to Sensor Tower. The two mobile games have respectively grossed cumulative worldwide revenue of US$2.3 billion and US$2.8 billion, equivalent to an aggregate of US$5.1 billion.
Global banks may lose more than US$6 billion from liquidation of positions as Archegos Capital, run by ex-Tiger Asia manager Bill Hwang, had defaulted on margin calls, Reuters citing insiders. Credit Suisse could purportedly suffer at least US$1 billion in losses. Another source claimed Credit Suisse's losses may whop US$4 billion.
ByteDance's Douyin recorded 580 million of daily active users (DAUs) on the main site during the Spring Festival Gala on 11 February 2021, reported CCTV's Yixian. The shot-video app has reported an average DAUs of over 600 million since January 2021, with 680-700 million DAUs during Lunar New Year, according to insiders.
CHINASOFT INT'L announced annual result ended December 2020. The net profit amounted to RMB955 million, up 26.5% yearly. EPS was 37.86 fen. A final dividend of HK2.9 cents was declared against a dividend of HK2.19 cents in the corresponding period of the previous year.
Didi Chuxing is raising fresh money for its autonomous driving unit, hoping to expedite core business development prior to an anticipated listing this year, Bloomberg citing insiders. The self-driving unit is expected to raise around US$500 million at a valuation of about US$6 billion.
PRE MARKET HOURS NEWS
JIANGXI COPPER (00358.HK) announced annual results ended December 2020. Revenue rose 32.6% year on year to RMB317.756 billion. Net profit amounted to RMB2.228 billion, down 8.6%. EPS equaled 64 fen. Final DPS was 10 fen, flattish with the year-ago period.
ByteDance's shares are trading at a valuation exceeding US$250 billion in the secondary market, far above the US$140 billion valuation during its last funding round, Bloomberg citing insiders.
TENCENT (00700.HK) together with Audi, are set to co-create an intelligent and interconnected digital ecology, dabbling in arenas of digital cockpit, digital marketing, user operation, and more.
CHINA RES MIXC (01209.HK) announced annual result ended December 2020. The net profit amounted to RMB818 million, up 1.24 times yearly. EPS was 48.5 fen. A final dividend of RMB0.132 (equivalent to HK$0.158) per share was declared.
CHINA RES MIXC (01209.HK) announced annual result ended December 2020. The net profit amounted to RMB818 million, up 1.24 times yearly. EPS was 48.5 fen. A final dividend of RMB0.132 (equivalent to HK$0.158) per share was declared.
Nio (NIO.US) and XPeng (XPEV.US) have submitted applications for secondary listing at the Hong Kong Stock Exchange confidentially, while Li Auto (LI.US) has not done so, Cailian Press cited people with the knowledge of the matter.
CHINA AOYUAN (03883.HK) announced FY20 annual results that profit attributable to owners of the company grew 40.6% yearly to RMB5.908 billion. EPS equaled 218.84 fen. Total proposed DPS was 77 fen, including final DPS of 66 fen and special DPS of 11 fen.
DONGFENG GROUP (00489.HK) announced annual result ended December 2020. The net profit amounted to RMB10.792 billion, down 16.1% yearly. EPS was 125.26 fen. No final dividend was declared.
CHINA COM SERVICE (00552.HK) announced annual results ended December 2020. Net profit was RMB3.081 billion, up 1.1% yearly. EPS equaled RMB0.445. Final DPS was RMB0.1335, together with special DPS of RMB0.0267.
ASCLETIS-B (01672.HK) announced annual results ended December 2020. Loss deepened to RMB209 million from RMB95.969 million in the previous year. LPS equaled 20.12 fen. No dividend was declared.
CHINA RES LAND (01109.HK) announced annual result ended December 2020. The consolidated revenue rose 21.2% year on year to RMB179.587 billion. The net profit amounted to RMB29.81 billion, up 3.6%. EPS was RMB4.18. A final dividend of RMB1.102 was declared, against the dividend of RMB0.937 in the year-ago period.
XIAOMI-W (01810.HK) officially launched its Mi 11 Pro and Mi 11 Ultra phones, with prices starting from RMB4,999 and RMB5,999 each, respectively. Last night, Xiaomi CEO Lei Jun announced o
China is going to outline the blueprint of digital economy development next five years, including project designs and implementation of heavyweight policies about relevant novel infrastructure, said Economic Information Daily.
Upon such policy incentives, industry players told the Chinese press that digital economic development is going to spur a tide of construction, when cloud computing, big data and such other industries will hopefully trigger over RMB60 trillion of economic output.
FTSE Russell unveiled the review results for March, where Chinese Government Bonds will be included in the World Government Bond Index (WGBI) in October 2021. The phased inclusion will occur over a period of 36 months. Chinese Government Bonds will have a 5.25% weighting in the WGBI upon inclusion.
FOSUN PHARMA (02196.HK) announced FY20 annual results that net profit amounted to RMB3.663 billion, up 10.3% yearly. EPS. equaled RMB1.43. Final DPS was 43 fen.
BLUE MOON GROUP (06993.HK) announced annual result ended December 2020. The net profit amounted to HK$1.309 billion, up 21.3% yearly. EPS was HK26.03 cents. A final dividend of HK6.9 cents was declared.