HSI +2pts (-0.01%) 28,338 HSCEI -23pts (-0.2%) 10,943 T/O HK$190.33bn (+3.5% DoD)
Oil fell in Asian trading as headlines say MV Ever Given has been re-floated allowing the re-opening of the Suez Canal +VE for trade but -VE for Shippers as rates now likely to fall.
Nomura -16.3% warned of losses from US hedge fund (could be $2bn which could wipe out all of 2H profits) at US subsidiary. Later so did Credit Suisse -16%; I presume it to be Archegos Capital; watch for more banks to admit exposure (Pre market MS -4.4% and GS -1.7% handled the sales on Friday and UBS -3.6% is said to have offered it services); the size of Nomura’s exposure is surprising.
Offset the good news of the Suez Canal re-opening.
Still expecting re-positioning for end of month and quarter on Wednesday.
Markets opened mixed covid concerns and worries about Archegos Capital as Credit Suisse warns of ‘significant’ losses from US hedge fund; which followed the warning from Nomura and suggests there could be more.
FTSE opened flat on mixed lending data; initially spiked higher sold down recovered to flat and now nearing day lows again.
DAX and CAC Opened higher and spiked but then sold down to test around Friday’s close and but then rallied back, now trending lower.
BoE Consumer Credit Feb GBP -1.246b vs-2.65b Jan revised (F/cast was -1.6b)
Mortgage Approvals Feb 87.7k vs 97.35k Jan revised (F/cast was 94.9k)
Mortgage Lending Feb GBP 6.2b vs 5.3b Jan revised (F/cast was 5.0b)
Net Lending to Individuals Feb GBP +4.9B MoM vs 2.6b Jan revised (F/cast was 2.7b)
Opened Dow -45pts, S&P and NDX both flat but fell in Asian trading to Dow -190pts, S&P and NDX both -VE but have recovered slightly to Dow -180pts; concerns about rising covid cases and further selling pressure linked to Archegos Capital although ViacomCDS and Discovery rebounding having lost 27% Friday. Boeing higher on more Max 737orders, but banks weak on CS warning.
Media report CDC will extend national eviction ban until June 30 was due to expire end of March. -VE landlords and potential -VE mortgage companies.
Data due Dallas Fed Manufacturing Index
CSI 300 closed +9pts (+0.2%) @ 5,047CSI300 opened higher after good industrial profits data out Saturday but sold down to 5,010 in first 10 minutes but then worked better to test 5,808 but unable to break above despite testing several times. PM opened lower and trended lower but saw support at Friday’s closing level and ticked higher into the close. Didn’t see the sell off most of the region did.
Sentiment helped by the good Industrial Profits data at the weekend but upside capped but concerns about the high base effect for the rest of the year and International relations over Xinjiang. Sector wise; mining, defense and military, leisure services, public utilities, F&B, construction materials, steel, and chemical sectors all rose by more than 1%; BUT media, textile and apparel sectors led the laggards
Shanghai Comp +17pts (+0.5%) @ 3,435
Shenzhen Comp +2pts (+0.01%) @ 13,771
ChiNext -9pts (-0.3%) @ 2,850
CHINA DATA No data
Pre market opened @ 28,317 -19pts vs +288pts ADR’s
Mixed with weakness in ECommerce names on fears of exposure to Archegos Capital. China Property and Financials mainly +VE (Longfor strong). Tech and Resources also +VE after the strong Industrial profits number out Saturday.
Sold down initially to 28,132 in the first 10 minutes but then rallied back to test 28,500 but unable to break out. PM opened lower and sold down to 28,132, following China markets but then rebounded and worked better to close flat.
Sentiment fragile, good China data but poor international relations. Concerns over rising global covid cases (although HK’s dropped to zero briefly) and exposure to Archegos and with end of month/quarter on Wednesday and rush of results ahead of that.
HONG KONG DATA
Census and Statistics Department (C&SD said the average wage rate for all the selected industry sections surveyed, as measured by the wage index, increased by 1.0% YoY in nominal terms in December 2020
About 50% of the companies reported increase in average wage rates in December 2020 compared with a year ago. A total of 46% of the companies recorded decrease in average wage rates over the same period. The remaining 4% reported virtually no change in average wage rates.
The nominal wage index for transportation section was -1.5% YoY in Q4 2020. Upon calculation and substitution into formulae, MTR CORPORATION (00066.HK) will have to axe its fare by 1.7% for 2021/22, likely marking the first decline since the fare adjustment mechanism was in effect.
The Centre for Health Protection reported 8 new covid cases (vs 1 imported case Sunday) 1 from unknown sources.
Short Selling Monday 17.1% vs 14.3% Friday
Top Shorts Bud Apac (1876) 50%, Ping An (2318) 42%, Haidilao (6862) 38%, Country Garden (2007) 36%, BoC (3988) 35%, Ali Health (241) 33%, Mengniu Dairy (2319) 30%, Tencent (700) 30%, Hengan (1044) 29%, AAC Tech (2018) 29%, MTRC (66) 29%, China Life (2628) 28%, HSBC (5) 27%.
BILIBILI-SW (09626.HK) on debut, closed at HK$800, down HK$8 or 1% against the listing price of HK$808, yet still 6% above the closing price of its ADS last Friday (26 March) at US$97.08 (approximately HK$754.49). Excluding handling fee, the book loss was HK$160 per board lot size of 20 shares.
EARNINGs due Tuesday
Hop Hing (47), Sichuan Expressway (107), HengTen Networks (136), First Pacific (142), China Merchants Port (144), IDT (167), AVIC Joy Holdings (260), Citic (267), WH Group (288), Wing On Company (289), Sinofert (297), China Travel International Investment (308), Angang Steel (347), Beijing Enterprises Water (371), China Railway (390), Founder (418), Inspur (596), Sinotrans (598), Fosun (656), China Eastern Air (670), Truly (732), Asia Cement (743), Air China (753), China Rare Earth (769), Shimao (813), China Longyuan Power (916), Hisense Home Appliances (921), Lees Pharm (950), China Southern Air (1055), Huadian Power International (1071), Dongfang Electric (1072), i-CABLE (1097), Cosco Shipping Energy (1138), Zoomlion Heavy (1157), Cosco Shipping Ports (1199), Midland (1200), Agricultural Bank of China (1288), PW Medtech (1358), 3SBio (1530), China Datang Corporation Renewable (1798), China Communications Construction (1800), SouthGobi Resources (1878), Cosco Shipping Holdings (1919), Bank of Chongqing (1963), China Minsheng Banking (1988), China Vanke (2202), Yantai North Andre (2218), Cosmo Lady (2298), GreatWall Motor (2333), Weichai Power (2338), AVI China (2357), WuXi (2359), BOC HK (2388), China Shineway Pharmaceutical (2877), Jutal Offshore Oil Services (3303),Bestway Global (3358), Waison (3393), Chongqing Rural Commercial Bank (3618),Zhuzhou CRRC Times Electric (3898), China International Capital Corporation (3908), Inner Mongolia Yitai Coal (3948), Bank of China (3988).
AFTER MARKET NEWS
At CCB (00939.HK)'s news conference, President Wang Jiang foretold NIM to remain in a reasonable range this year, yet with stable loan rates and higher deposit rates.
S HARBOURHOLD (01663.HK) announced that Wong Lam Ping, the Company’s chairman and substantial shareholder, had acquired an aggregate of 594,000 ordinary shares in the open market at an average price of approximately HK$0.144 per share on 29 March.
Hang Seng Indexes Company announced that it has today launched four new indexes,
1. Hang Seng Shanghai-Shenzhen-Hong Kong Clean Energy Index,
2. Hang Seng Shanghai-Shenzhen-Hong Kong Autonomous and Electric Vehicles Index, then under Hang Seng Stock Connect
3. Hong Kong Top Shareholding 50 Index
4. Hang Seng Stock Connect China A Top Shareholding 50 Index.
Hang Seng Indexes Company announced that it has licensed the Hang Seng Heathcare Index to Bosera Fund to serve as the underlying index for the creation of an exchange-traded fund (ETF). The ETF was listed on the Shanghai Stock Exchange on 29 March 2021 with assets under management (AUM) of RMB308 million as at 19 March 2021.
The new ETF will bring the number of exchange-traded products linked to indexes in the Hang Seng Family of Indexes to 89 - with listings on 17 different stock exchanges across the world. As at the end of February 2021, AUM in products passively tracking indexes in the Hang Seng Family of Indexes had reached a total of about USD40 billion.
MTR CORPORATION (00066.HK) announced the reduction in fare by 1.7% under the Fare Adjustment Mechanism (FAM) with effect from 27 June 2021. In view of the impact of pandemic to the economy, the Corporation will introduce measures allowing Octopus and QR code ticket users to save around 5% actual fare expenses from 1 April 2021 till 1 January 2022, which together with fare reduction and various fare promotions were estimated to be over $900 million. In response to media questions the Transport and Housing Bureau said that the existing Fare Adjustment Mechanism (FAM) is open, objective and transparent. Fares are adjusted in accordance with figures released by the Government in order to ensure that the adjustments reflect the economic situation. According to the FAM, MTR fares will be adjusted downwards by 1.7 per cent in late June this year. Based on the established mechanism, since there is a fare reduction this year, fare adjustment rates to be recouped shall be carried forward to next year.
Visa will allow USD Coin as one of the online payment methods, while having mounted a pilot scheme with Crypto.com, a payment and crypto platform. The credit card company targets to offer USD Coin, a US dollar-pegged cryptocurrency, as a new payment option to more partners later this year.
SHK PPT (00016.HK) today (29 March) signed a five-year HK$16.8 billion syndicated credit facility with a consortium of 17 leading international and local financial institutions. The facility received an overwhelming response from banks, with the loan size increased significantly from the initial amount of HK$5 billion to HK$16.8 billion. This is another clear demonstration of the banking community’s strong faith in SHK PPT. The facility was signed by Sun Hung Kai Properties (Financial Services) Limited, with its parent, SHK PPT, providing a guarantee.
After Market Results
FUYAO GLASS (03606.HK) announced annual result ended December 2020. The net profit amounted to RMB2.6 billion, down 10.3% yearly. EPS was RMB1.04. A final dividend of RMB0.75 was declared.
JD HEALTH (06618.HK) announced annual result ended December 2020. The revenue rose 78.8% year on year to RMB19.383 billion. The loss widened to RMB17.234 billion from RMB972 million in the corresponding period of the previous year. LPS was RMB7.8. No dividend was declared. Non-IFRS profit for the year grew 117.7% yearly to RMB748 million.
DALI FOODS (03799.HK) announced annual results ended December 2020. Net profit amounted to RMB3.849 billion, up 0.2% yearly. EPS equaled RMB0.28. Final DPS was HK8.5 cents, as compared with HK14 cents in the previous year.
*PETROCHEMS MIXED ahead of OPEC+ meeting to discuss production levels for May on Thursday and news that progress had been made on re-floating the Ever Given Container ship blocking the Suez Canal. SINOPEC (386 HK +5.5%) posted a FY profit following a strong rebound in Q3 & Q4 but, annual profit was still -42% YoY. It guided Q1 profit to be between 16b and 18bn yuan. CNOOC (883 HK -1.4%) PETROCHINA (857 HK +1.4%).
*SHIPPING FIRM despite news of progress re-floating the MV EverGiven container ship blocking the Suez Canal continues. Some shipping companies have already diverted their vessels around the Horn of Africa. OOIL (316 HK +7.5%) COSCO SHIP PORT (1199 HK +2.8%) COSCO SHIP ENERGY (1138 HK +1.8%).
*CHINA BANKS FIRM after positive earnings results. BOCOM (3328 HK +5.8%) FY net income +1.3% YoY to 78.27b yuan, CCB (939 HK +3.2%) FY net income +1.6% YoY to 271.05b yuan, ICBC (1398 HK +2.8%) FY net income +1.18% YoY to 315.91b yuan, all beat estimates.But some concerns remain about the reigning in of debt by the PBoC
*E-COMMERCE WEAK on concerns about further fallout from Archegos Captial. MEITUAN (3690 HK -7.2%) 2020 FY net income 4.71b yuan, adjusted net -33% YoY to 3.12b yuan, and 4Q net loss 2.24b yuan vs. profit 1.46b yuan YoY missed est. Meituan says it may continue to record operating losses in the next few quarters as it increases investments to grow its community e-commerce biz.BAIDU (9888 HK -5%) was block sold in US Friday, TENCENT (700 HK -1.3%) its Tencent Music was a name being sold Friday.
NTES (9999 HK -1.9%) KUAISHOYU (1024 HK -5.1%). BILIBILI (9626 HK) slumped in HK trading debut, tumbled as much as 6.8% from its IPO price.
*HK DEVELOPERS/LANDLORDS rebound as Hong Kong reported zero new local cases for 2-days in a row and only 1imported case, although the number rose on Monday HYSAN (14 HK +1.2%) SHKP (16 HK +1.8%) NWD (17 HK +1.2%) HANG LUNG (101 HK +1.5%).
SWIRE PROP (1972 HK +1.5%) collected HK$155.56m after selling seven out of 30 flats on offer at Eight Star Street in Wan Chai, as of Saturday. After market Friday the Rating & Valuation Dept predicted that Residential units completions would drop by about 13% to 18,230. Underlines the inability of the current system to force developers to complete projects.
*AUTOS WEAK after GREAT WALL AUTO (2333 HK -4%) from Friday's rally having denied media reports that it would manufacture EVs for Xiaomi. Also Chinese regulators said they will exercise a high degree of vigilance against the capital market's "bubble manipulation" to the new energy vehicle (NEV) industry, Xinhua News Agency wrote in an article.
GEELY (175 HK -2.7%) BYD (1211 HK -3.3%) GAC (2238 HK -1.3%).
*CHINA PROPERTY FIRM after LONGOR (960 HK +7%) increased its semi-annual final dividend, after reported FY core profit at 18.69b yuan, meeting estimates CH OVS LAND (688 HK +6.3%) to a near 7-month high after reported FY net income +5.5% to 43.9b yuan. EVERGRANDE (3333 HK +3.5%) raised HK$16.4b selling a stake in its online home and car sales platform ahead of a planned US. listing.
*COAL MINERS FIRM on rising prices and generous dividends. YZ COAL (1171 HK +16%) FY net income -18% YoY to 7.12b yuan. CH SHENHUA (1088 HK +10.3%) 2020 IFRS net -14% YoY to 35.8b yuan.
Looked to opened higher on US rebound and good China data but that was impacted by Nomura warning about losses of US$2b to Archegos as markets opened. Later good news about the Ever Given being re-floated was off-set by Credit Suisse warning about losses to Archegos. Most markets sold down around 2pm as Europe came in.
Opened higher and rallied to 6,860 in early trades but then trended lower to 6,795 around lunchtime. The traded slowly better to close -25pts (-0.4%) @ 6,800
Nomura -16.3% warned of a significant loss from unnamed US client; I would expect that to be Archegos Capital, a double hit as I saw Nomura as a good play on the Japan recovery story.
Nikkei opened higher building on Friday’s strong rebound and good data from China on Saturday. Market drifted lower initially but then rebounded to 29,500 just before lunch. PM opened lower but rallied to test 29,580 but failed to hold and retrenched to 29,500 and traded sideways until around 2pm when it sold down to 29,200 before bouncing into to close +208pts (+0.7%) @ 29,385
Topix traded in a similar pattern. Opened at the day high; 2,005 sold down to 1,990 mid morning, rebounded to 2,002 and selling down around 2pm to 1,975 before rebounding to close +9pts (+0.5%) @1,993
Tomorrow pre market unemployment data and retail sales.
Out mid morning the business survey index (BSI) of the country's top 600 companies by sales reached 106 for next month, -3.2 points MoM, the Korea Economic Research Institute (KERI) said in a statement, due to uncertainties in the electronics and auto manufacturing industries.
Pre market weakness on concerns about rising covid cases in US, third wave in Europe and locally
Kosdaq open at 957, rallied to 962 but then choppy trading sold down to 956 rallied to 959, sold down to 955 worked back to 959 and then traded sideways for a couple of hours before drifting lower; then around 2pm sold down to 952 before a bounce to close -2.6pt (-0.3%) @ 954
Kospi opened higher but sold down to test 3,025 a couple of times but worked back to 3,054 and then traded sideways until 2pm then sold down to 3,030 before a bounce to close -5pts (-0.2%) @ 3,036.
TAIWAN opened higher on good local data and worked higher through the session to 16,520 around midday then drift lower but closed before the regional sell down. Closed +170pts (+1%)@ 16,476
Northbound RMB 46,671m Sell 24,655m : 22,015m Buy
Southbound HK$ 24,109m Sell 12,501m : 11,609m Buy
Northbound RMB 54,536m Sell 28,869m : 25,666m Buy
Southbound HK$ 22,683m Sell 10,428m : 12,255m Buy
MEITUAN (03690.HK) -7.2%
CCB (00939.HK) +3.2%
TENCENT (00700.HK) -1.3%
HKEX (00388.HK) +0.8%
PING AN (02318.HK) - 0.3%
BABA (09988.HK) +0.1%
HSI & HSCEI Constituents on Move:
LONGFOR (00960.HK) +7%
CHINA OVERSEAS (00688.HK) +6.3%
BANKCOMM (03328.HK) +5.8%
SINOPEC CORP (00386.HK) +5.5%
KUAISHOU-W (01024.HK) -5.1%
CG SERVICES (06098.HK) +5%, hitting new high
GUANGDONG INV (00270.HK) -4.9%
SHIMAO GROUP (00813.HK) +4.6%
CHINA RES LAND (01109.HK) +4.2%, hitting new high
CITIC (00267.HK) +3.9%
ALI HEALTH (00241.HK) -3.8%
CHINA GAS HOLD (00384.HK) +3.5%
EVERGRANDE (03333.HK) +3.5%
ANTA SPORTS (02020.HK) -3.4%
NONGFU SPRING (09633.HK) -3%
HSMI & HSSI Constituents on Move:GREENTOWN SER (02869.HK) +22.1%
YANZHOU COAL (01171.HK) +16%, hitting new high
SCHOLAR EDU (01769.HK) -12.1%
ZHUGUANG HOLD (01176.HK) +11.7%, hitting new high
GF SEC (01776.HK) +11.6%
ZHENRO PPT (06158.HK) +7.3%, hitting new high
MARKET HOURS NEWS
Sophia Chan: Govt To Conditionally Resume Low-risk Activities, Reopen Pools, Beaches from 1 Apr; Cinema, Performance Venue, Theme Park Patronage Cap Eased to 75% Most social distancing measures are extended by 14 days to prevent Covid resurgence during the long Easter holiday, Secretary for Food and Health Sophia Chan said. The Government will resume low-risk activities and reopen swimming pools and beaches conditionally from 1 April. Equally, the patronage cap of cinemas, performance venues and theme parks will be eased to 75%. High-risk premises like party rooms, clubs, karaoke and pubs will remain closed, she added.Citing the declining caseload and satisfactory vaccination rate in Britain, the Government is in talks with airlines to arrange designated return flights for Hongkongers there, who shall be subject to a series of quarantine and testing measures upon arrival, said Sophia Chan, Secretary for Food and Health. The mandatory quarantine for inbound passengers from low-risk areas will be shortened from 21 to 14 days, followed by a seven-day self-monitoring period and mandatory screening on the 19th day, added Chan.
CHINA OVERSEAS (00688.HK)'s contracted property sales burgeoned 12.5% year-on-year to RMB360.72 billion in 2020, meeting around 90% of the full-year target of RMB400 billion. The group has ramped up its total land reserves to 91.9 million sq.m., aiming to post a double-digit growth in the coming five years, revealed Vice Chairman and Executive Vice President Liang Luo.
SJM HOLDINGS (00880.HK) Co-Chair Angela Leong told Radio Macau that Grand Lisboa Palace is expected to be open in 1H21 as scheduled. Asked about 2021 GGR outlook, Leong replied that Macau is a small yet well-established city, adding the government and casinos are sparing no efforts in tourism promotion.
Hutchison China MediTech Limited (HUTCHMED) announced that it has initiated two international Phase I studies of HMPL-306, its novel selective small molecule dual inhibitor of isocitrate dehydrogenase (IDH) 1 and 2 mutations. One trial is in patients with advanced solid tumors and one trial is in patients with hematological malignancies. Both trials have sites in the US and Europe. The first international patient was dosed on March 25, 2021, following a Phase I trial that was initiated in China in the second half of 2020. This new program is a demonstration of HUTCHMED’s accelerating and expanding global clinical development presence.
The container ship Ever Given has been straightened in the canal and gone refloated, Reuters learnt from two insiders, after the ship had blocked Egypt’s Suez Canal for six days. Preliminary investigation will be carried out before operation.
Didi Chuxing said it will render car-hailing services in Cape Town, South Africa. Didi has so far made foray into Japan, Australia, Russia and several South American markets.
The Government may allow more audience at cinemas from Thursday, while public swimming pools and beaches are likely to reopen, as local media quoted sources. Besides, the maximum visitors at religious venues under the prevailing measures may be relaxed to 30% of the highest accommodation of such places.
Information from Macao Statistics and Census Service (DSEC) indicated that a total of 120 hotels & guesthouses were open for business in February 2021, an increase of 3 year-on-year; number of available guest rooms dropped by 4.4% to 36,000. Data on hotels & guesthouses designated for medical observation were excluded in the compilation of the results. The average occupancy rate of guest rooms stood at 38.5%, representing a year-on-year growth of 23.7 percentage points and yet a month-to-month decrease of 1.8 percentage points.
CHINA OVERSEAS (00688.HK) announced the results for the year ended 31 December 2020. Net profit increased by 5.5% yearly to RMB43.904 billion, with an EPS of RMB4.01. A final dividend of HK73 cents per share was declared. Together with the interim dividend of HK45 cents per share, total dividends for the year were HK118 cents per share, an increase of HK16 cents as compared to last year.
SHENZHOU INTL (02313.HK) announced results for the year ended 31 December 2020 that sales amounted to RMB23.031 billion, up 1.6% yearly. Net profit was RMB5.107 billion, up 0.2%. EPS equaled RMB3.4. Final DPS was HKD1.1. Full-year DPS was HKD2.
BILIBILI-SW (09626.HK)'s share price on debut in Hong Kong busted below its listing price. The Chairman cum CEO Chen Rui commented at the press conference that it was a "black swan" incident for China concepts posting steepest loss in five years last week before BILIBILI-SW debuts in Hong Kong today, yet assuring the company will prove its value in future. In the Chairman's view, the company is an absolute pioneer amid PUGV (Professional User Generated Video)'s rivalry without any direct competitors. Given sufficiently large user room, the company's targeted monthly active users (MAUs) may double up to 400 million.
SINOPEC CORP (00386.HK) Chairman Zhang Yuzhuo, at the results conference, voiced hope that the group could quicken its energy transformation, aiming to achieve "carbon neutrality" by 2050, a decade earlier than China's target. The Chairman also laid out plan for next three years: production of natural gas of 34 billion, 38 billion and 42 billion cubic meters, i.e. average annual growth of 10%. He also saidsaid oil prices will certainly be higher this year than last, under the backdrop of OPEC+ supply curb coupled with market demand increase. As to the listing of sales company, Vice President Huang Wensheng said the sales company has completed the shareholding reform, disclosing the listing will be hinged on market condition, regulatory requirement and future development plan etc.. Yet Huang said there has not been listing timetable for the sales company.
The Rating and Valuation Department announced that the private residential property price index hit 384.5 in February 2021, with the growth rate accelerating to 0.9% monthly. The index climbed for two months, logging a seven-month high.
The board of TENCENT (00700.HK)'s Tencent Music (TME.US) has authorized the repurchase in the form of ADS of up to US$1 billion of its Class A ordinary shares in 12 months starting today (March 29).
GCL-POLY ENERGY (03800.HK) announced that the date of convening the Board meeting will be postponed to 31 March 2021.
Financial Secretary Paul Chan wrote on his blog that the keytone of global economy this year is recovery. Along with vaccination programs and stimulus measures across the world, global economy will hopefully gain stronger momentum for recovery in the second half of this year. Chan predicted Hong Kong to deliver shiny results in FY20 exports after recording 37.6% growth in 2M21, well ahead of the 12% slide a year ago.
PRE MARKET HOURS NEWS
Hong Kong is set to achieve SPAC listing as soon as this year, expecting to seek public opinion on amendments to the Listing Rules framework in June and aiming to permit SPAC listing by end-2021, Bloomberg citing insiders. That will probably be too late to see significant interest this time as recently with the movement in US Treasuries some of the lustre has gone out of the sector.
We Doctor, backed by TENCENT (00700.HK) has recently completed the over-US$400-million pre-listing financing, and is in preparation of prospectus information, as Chinese media cited sources. It is expected that the company will file a listing application at the Stock Exchange as soon as this month. Projected to offer 15-20% shares, the company's market cap may whop US$15 billion.
CHINA YOUZAN (08083.HK) announced annual result ended December 2020. The loss narrowed from RMB592 million in the same period of previous year to RMB295 million. LPS was 1.8 fen. No dividend was declared.
For 2M21, China's state-owned enterprises reported a total profit of RMB548.94 billion, up 1.5 times yearly, according to the data from Ministry of Finance (MOF). Stripping off the low base factor, the growth rate was 10.2%.
EVERGRANDE (03333.HK) announced that 17 investors, including United Strength Harmony, CITIC Capital and Top Assemble (controlled by Henry Cheng's family), plan to invest in the target company (under EVERGRANDE's subsidiary) at an aggregate consideration of $16.35 billion. The target company is NEW GAINS GROUP, which controls approximately 80.8% interest in FCB.
Apple is expected to launch its VR/AR Apple Glass smart glasses in September 2021, which can project images onto the glass display through VR technology and interact with images in the real-world environment, reported Taiwanese media. The headset is preliminarily priced at US$500, according to JPMorgan's report. +VE
The United States will not be ready to remove tariffs on Chinese imports for the near future, but could be open to trade talks with China, as US Trade Representative Katherine Tai told WSJ. While she acknowledged the economic harm done by these tariffs on American firms and consumers, Tai said they were enacted to "remedy an unbalanced and unfair trade situation".
Macao Government Tourism Office announced that a total of 189,800 visitor arrivals were registered over the past week (20-26 March) with an average daily volume of 27,120 visitors, which surged by 109.5% and 77.8% compared with the average daily visitor arrivals during the Spring Festival Golden Week (12,947) and February (15,254) respectively. The past week (spanning from Saturday to the ensuing Friday) also marks the highest weekly record of visitor arrivals since the outbreak of COVID-19 last year. The figures suggest a steady upward trend in visitor arrivals recently, while a greater flow of visitors can be observed in local tourist districts.
TSINGTAO BREW (00168.HK) announced annual results ended December 2020. Net profit amounted to RMB2.201 billion, up 18.9% yearly. Basic EPS equaled RMB1.629. Final DPS was 75 fen.
Sheng Songcheng, the former head of the Financial Survey and Statistics Department at the PBoC, told China National Radio that Chinese monetary policy had not deployed irrational capital pumping last year and that there is no abrupt direction change in the policy this year. LPR was neither moved up or down for 11 months since last May, meaning that the policy was restored to fundamentally normal status from April-May last year, added Sheng.
Chinese regulators shall exercise a high degree of vigilance against the capital market's "bubble manipulation" to the new energy vehicle (NEV) industry, Xinhua News Agency wrote in an article. In response to the frenzy for NEV projects in some provinces or regions, local governments shall propose a tougher ceiling mechanism to the development blueprint of the NEV sector and give full play to their roles as a gatekeeper in project tendering, said the Chinese press.