Mar 31 HK CHINA WRAP HSI sold down in PM on light volume, China weak despite good PMI's

31 Mar

HSI -199pts (-0.7%) 28,378 HSCEI -49pts (-0.4%) 10,972 T/O HK$164.03bn (-3.1% DoD) 
A mixed open and stock trading slightly lower with Telco up but Banks weak. Pre market data from the UK better than forecast. French inflation in line, PPI slightly better but Household consumption missed f/casts at flat. Caution ahead of German Unemployment and Eurozone inflation data.
Core Inflation Rate Flash Mar +0.9% YoY vs +1.1% Feb (F/cast was +1.1%)
Inflation Rate Flash Mar +1.3% YoY vs +0.9% Feb (F/cast was +1.2%)
Inflation Rate Flash Mar +0.9% MoM vs +0.2% Feb (F/cast was +0.8%)
Unemployment Change Mar -8k vs +9K Feb (F/cast was -10k)
Unemployment Rate Mar 6% vs 6% Feb (F/cast was 6%)
Inflation Rate Prelim Mar +1.1% YoY vs +0.6% Feb (F/cast was +1.1%)
Inflation Rate Prelim Mar +0.6% MoM vs 0.0 Feb (F/cast was +0.6%)
Household Consumption Feb 0.0% MoM vs -4.9% Jan revised (F/cast was +3.7%)
PPI Feb +0.8% MoM vs +1.2% Jan (F/cast was +0.7%)
Current Account Q4 GBP -26.3b vs -14.3b Q3 revised (F/cast was -32b)
GDP Growth Rate Final Q4 +1.3% QoQ vs +16.9% Q3 revised (F/cast was +1%)
GDP Growth Rate Final Q4 -7.3% YoY vs -8.5% Q3 revised (F/cast was -7.8%)
Nationwide Housing Prices Mar +5.7% YoY vs +6.9% Feb (F/cast was +6.2%)
Nationwide Housing Prices Mar -0.2% MoM vs +0.7% Feb (F/cast was +0.4%)
Business Investment Q4 -7.4% YoY vs -12.8% Q3 revised (F/cast was -10.3%)
Business Investment Q4 +5.9% QoQ vs 13.2% Q3 revised (F/cast was +1.3%)
US Futures 
Opened Dow -12pts, S&P and NDX flat, fell during Asian hours; now Dow -45pts but S&P +0.1% and NDX +0.6%
MBA mortgage Applications -2.2% vs -2.5% prior and 30 yr Mortgage Rate 3.33% vs 3.36% prior,
Due ADP Employment Change, Chicago PMI, Pending Home Sales, EIA Oil Change, USDA Prospective Plantings Report.
President Biden to release details of Infrastructure stimulus plan
Earnings: Walgreens Boots Alliance, Micron, Dave & Buster’s, Guess

CSI 300 closed -46pts (-0.9%) @ 5,048Pre market PMI data better than f/cast, indicating the recovery is still continuing but still the CSI 300 opened lower and sold down to 5,020 in morning before a small bounce into lunch. PM opened slightly lower but worked slightly better through the session.
Sentiment weak on deteriorating International relations and concerns over rising covid cases in Asia, Europe and the US.
Liquor giant Kweichow Moutai -2.3% and Sany Heavy -7.8% on earnings concerns. Northbound investors net sold 7.9b yuan, the second highest this year. Leaders were Carbon-neutral & environmental protection names, engineering, construction, transportation, and power providers.
Laggards were brokers, wine, aerospace, shipbuilding, and insurers.
Shanghai Comp -15pts (-0.4%) @ 3,442
Shenzhen Comp -110pts (-0.8%) @ 13,779
ChiNext -7pts (-0.3%) @ 2,852

Manufacturing PMI for Mar 51.9 vs 50.6 Feb (F/cast was 51.1)
This was the highest reading since December 2020, as factories resumed their production after being closed for the Lunar New Year holiday. Output (53.9 vs 51.9 in February), new orders (53.6 vs 51.5), and buying levels (53.1 vs 51.6) all grew the most in three months, export sales returned to expansion (51.2 vs 48.8) and employment rose for the first time in eleven months (50.1 vs 48.1). As for prices, both input costs (69.4 vs 66.7) and output charges (59.8 vs 58.5) continued to rise at a solid pace. Looking ahead, business sentiment remained upbeat (58.5 vs 59.2).
Non Manufacturing PMI for Mar 56.3 vs 51.4 Feb (F/cast was 51.9)
This was the twelfth straight month of growth in the service sector, as a recovery in the economy from the COVID-19 disruptions gained traction, with both new orders (55.9 vs 48.9 in February) and new export orders (50.3 vs 45.7) returning to growth. At the same time, employment contracted at a slower rate (49.7 vs 48.4). On  the price front, input costs rose for the eleventh month in a row and at a steeper pace (56.2 vs 54.7) and selling charges went up the most since last December (52.2 vs 50.1). Finally, confidence strengthened to a ten-month high.
Thursday just after market open we get the Caixin Manufacturing PMI

Pre market opened @ 28,802 +225pts vs +26pts ADR’s with strength in Tencent & Xiaomi but WH Group tanked after earnings. Helped by good PMI data prompting a short squeeze. But market then sold down through the morning with support at 28,385 before a bounce to test Tuesday’s close but then sold off into lunch. PM opened lower and trading sideways until around 3:30pm when the market sold down to the day low (28,378) followed by a small bounce with some bargain hunting into the close but ticked down 17pts in the closing auction.
A choppy day but light volumes in HK given futures expiry and the effective end of earnings season. Renewed political uncertainty on the electoral system change but more importantly the potential removal of director details also weighted on sentiment.
Brilliance trading halt as annual results delayed.
The Hong Kong Monetary Authority (HKMA) announced the results of the residential mortgage survey for February 2021. The number of mortgage applications in February -5% MoM to 12,455.
Mortgage loans approved in February +1% MoM to HK$38.1 billion. Among these, mortgage loans financing primary market transactions +5% to HK$5.2 billion and those financing secondary market transactions +1.8% to HK$27.5 billion. Mortgage loans for refinancing -6.4% to HK$5.4 billion.
Mortgage loans drawn down during February -22.5% MoM to HK$19.3 billion.
The Hong Kong Monetary Authority (HKMA) announced today (March 31) that the total assets of the Exchange Fund amounted to HK$4,581.8 billion as at February 28, 2021, HK$46.9 billion higher than that at the end of January 2021. Foreign currency assets increased by HK$43.8 billion and Hong Kong dollar assets increased by HK$3.1 billion. The rise in foreign currency assets was mainly from the increase in Fiscal Reserves placements after issuance of the HKSAR Government's Green Bonds and the increase in the month-end balances of unsettled purchase of securities. The rise in Hong Kong dollar assets was mainly due to the mark-to-market valuation on Hong Kong equities.
The Government announced today (March 31) its financial results for the 11 months ended February 28, 2021.   There was a surplus of HK$19.7 billion in the month of February. Expenditure for the 11-month period amounted to HK$723 billion and revenue HK$510.1 billion, with the cumulative year-to-date deficit at HK$193.6 billion after receipt of net proceeds of HK$19.3 billion from issuance of green bonds under the Government Green Bond Programme (Green Bond).
The Centre for Health Protection reported 6 new covid cases (vs 7 cases Tuesday)  1 from unknown origin.

Short Selling Wednesday 14.5% vs 17.5% Tuesday
Top Shorts  Bud Apac (1876) 38%,  Ali Health (241) 33%, Country Garden (2007) 32%, Sands China (1928) 31%,Ping An (2318) 29%, BankComm (3328) 27%, HKEX (388) 26%, HSBC (5) 25%, ICBC (1398) 25%.
Huawei reported FY20 total revenues of RMB891.4 billion, surging by 3.8% yearly, Securities Times citing its Rotating Chairman Ken Hu. Equally, the firm's FY20 profit grew 3.2% annually to RMB64.6 billion. The group's terminal business (excluding handset segment) burgeoned by 65% last year, partly offsetting certain impacts on handset sales, Hu added.
China's gasoline and diesel prices will be reduced by RMB225 per ton and RMB220 per ton with effect from 24:00 on 31 March 2021, marking the first slide in refined oil retail prices this year, according to sources from National Development and Reform Commission (NDRC).
Shipments of smart personal audio devices ballooned 20% to 432 million units in 2020, while those of wearable bands and smart watches climbed 10% to 185 million units, both driven by health and sports demand amid the pandemic, according to Canalys' report.
The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University of Hong Kong (HKU) released its quarterly Hong Kong Macroeconomic Forecast today (March 31).  Given the worst global recession brought by the COVID-19 pandemic, Hong Kong’s economy shrank by 6.1% in 2020. The tightened social distancing measures brought by the fourth wave of COVID-19 started in December 2020 heavily dampened Hong Kong’s domestic demand in 21Q1. Hong Kong’s real
GDP is forecast to drop by 1.2% in 21Q1, less than the 3.0% drop in 20Q4.
China is weighing a tax overhaul for its steel industry, following pledge of reducing steel output to control carbon emission this year, by encouraging imports and shrinking exports, Bloomberg cited sources. As such, focus will be put on domestic market to achieve green goals.
China is pondering over establishment of a new stock exchange to attract overseas-listed companies and boost the global status of her onshore share markets, people with knowledge of the matter were quoted as saying by Reuters. Chinese State Council has asked Securities Regulatory Commission to explore how to design an exchange that targets Chinese firms listed in offshore markets such as Hong Kong and the U.S., as well as Apple (AAPL.US), Tesla (TSLA.US) and such other global firms.  The problem will be legal structure, credibility and access to liquidity; I doubt that unless the Rmb can be freely exchanges there would be much interest from global firms.  I think it also illustrates that China is worried about its current markets becoming saturated.
After Market Results 
EVERGRANDE (03333.HK) announced annual results ended December 2020. Revenue rose 6.2% year on year to RMB507.248 billion. Net profit amounted to RMB8.076 billion, down 53.3%.  EPS equaled RMB0.613. Final DPS was RMB0.152.Vice Chairman cum CEO Xia Haijun, at the results conference, raised the company's strategy of "high growth, controlled scale and lower debt". As of the end of March 2021, the interest-bearing debt has shrunk to RMB674 billion, notably down by RMB200 billion.  The CEO, on another note, laid out contracted sales target for this year at RMB750 billion, as compared to the target of RMB650 billion last year. The group's contracted sales last year increased by 20% year-on-year to RMB723.2 billion.

*PETROCHEMS WEAK after US markets closed API data showed surge in US oil stocks, plus the strengthened USD and re-opening of the Suez Canal.  Also covid concerns and the , OPEC+ meeting. After market China announced it was cutting crude and gasoline prices. CNOOC (883 HK -1.2%) CH OILFIELD (2883 HK -2.4%) PETROCHINA (857 HK -3.1%) SINOPEC (386 HK -1.7%).
*CHINESE BANKS MIXED on results. BOC (3988 HK +1.3%) reported FY net income +2.9% YoY to 192.9b yuan, beating estimates. BOCHK (2388 HK -4.7%) FY net income -17.7% YoY to HK$26.49b, missed. ABC (1288 HK -0.3%) FY net income +1.8% YoY to 215.9b yuan, beats.
*TECH & COMPONENTS WEAK as selling restrictions to US companies led to continued uncertainty.But XIAOMI (1810 HK +0.6%) announced plans to invest about $10b over the next decade to manufacture EVs, LENOVO (992 HK -1.2%) despite announcing buyback plans but had rallied Tuesday. TRULY (732 HK -12%) reported FY net income -10.7% YoY. Huawei reported first quarterly revenue shrank for the first time on record, -11% YoY in 2020's final quarter, amid U.S. sanctions.
*E-COMMERCE MIXED. BILIBILI (9626 HK +4%) will be added to the Hang Seng Composite Index after market close on April 14 as it meets the fast entry rule; it will also be added to the Hang Seng Internet & Information Technology Index. MEITUAN (3690 HK +1.8%) BIDU (9888 HK +6%) KUAISHOU (1024 HK +2.6% TENCENT (700.HK + 0.1%), BABA (9988.HK -0.7%)
*HK PROPERTY WEAK after former HK Chief Executive CY Leung said housing is the next big target on the govt's agenda, suggesting that the govt would create more land and housing supply in order to tackle social and economic problems. Follows what Chief Sec Michael Cheung said to FT but then retracked. Beijing seems to believe that HK housing issues are the reason Hong Kongers don’t like China.HENDERSON LAND (12 HK -2.9%) SHKP (16 HK -3.4%) KERRY PPT (683 HK -2.7%).
*CHINA PROPERTIES WEAK on earnings. SHIMAO (813 HK -8.2%) despite a nearly 16% rise in net profit to nearly 126.3b yuan, it has set 2021 sales target at 330b yuan. Core profit +17% YoY to 12.28b yuan, slightly missed estimates CH VANKE (2202 HK-5.3%) FY net income +6.8% YoY to 41.5b. KAISA (1638 HK +2.1%) announced rights issue plan.There was also a slightly -VE FT article about how inland developers were under pressure whilst costal ones were booming
*AUTOS WEAK. GREAT WALL (2333 HK -2.5%) despite reporting FY net income +19% YoY to 5.36b, beating estimates. GEELY (175 HK -1.1%) is considering reviving plans for an IPO of its Volvo Cars unit that could value the business at around $20b.
*HK RETAILERS WEAK despite good retail sales data for February but missed estimates, rising 30% YoY after the previous month's revised 13.7% decline vs consensus of 44%. SASA (178 HK -2.7%) LIFESTYLE (1212 HK -2.6%) LUK FOOK (590 HK -1.4%) GIORDANO (709 HK -1.3%).
Regional Markets
Traded higher in early trades and work to 6,862 around 1pm but then drifted before a slight increase in selling to close +52pts (+0.8%) @ 6,791
Building Permits Feb +21.6% MoM vs -19.4% (F/cast was +2%)
Private Sector Credit Feb +0.2% MoM vs +0.2% Jan (F/cast was +0.1%)
Private Sector Credit Feb +1.6% YoY vs +1.7% Jan (F/cast was +1.6%)
Tomorrow Trade Balance, Home Loans, Retail Sales.
Pre market data was weaker than expected
Nikkei 225Opened lower and traded sideways with support at 29,200 and resistance 29,350. Was at 29,300 with 20 mins to go but sold down to close -254pts (-0.9%)@ 29,179
Topix traded in a similar pattern support at 1,960 for most of the day. Rallied to test Tuesday’s close in the morning but failed to break above. Sold off in the last 20 minutes to close -24pts (-1.2%) @ 1,954
Industrial Production Feb -2.1% MoM vs +4.3% Jan (F/cast was -0.9%) Industrial Production Feb -2.6% YoY vs -5.2% Jan (F/cast was -1.8%)
Later Housing Starts Feb -3.7% YoY vs -3.1% Jan (F/cast was -4%)
Construction Orders Feb +2.5% YoY vs +14.1% Jan (F/cast was +3.2%)
Thursday pre market the Tankan data and later the Manufacturing PMI
Pre market data was mixed, USD strength hurting sentiment trading volumes moderate.Financials and Telcos firm but tech and auto weak.
Kosdaq opened slightly higher and rallied to 961 which it tested a few times before selling down around10:30am to 954 support and then traded sideways to closed -2pts (-0.2%) @ 956
Kospi similar pattern morning high was 3,094 then sold down to flat and traded sideways before selling down to close -9pts (-0.3%) @ 3,061.
Business Confidence Mar 89 vs 82 Feb (F/cast was 84)
Construction Output Feb -8.7% YoY vs -6.4% Jan (F/cast was -5.5%)
Industrial Production Feb +0.9% YoY vs +7.5% Jan (F/cast was +1.5%)
Industrial Production Feb +4.3% MoM vs -1.6% Jan (F/cast was +0.5%)
Manufacturing Production Feb +1% vs +7.4% Jan (F/cast was +2.5%)
Retail Sales Feb -0.8% MoM vs +1.6% Jan (F/cast was +0.5%)
Retail Sales Feb +8.4% YoY vs 0.0 Jan (F/cast was +1.5%)
Thursday on the open Balance of Trade data and later Manufacturing PMI
Opened lower but did test yesterdays close in the first hour but unable to break above. Then sold down to16,450 level and traded sideways to close -124pts (-0.8%) @ 16,431
Thursday pre market Manufacturing PMI

Northbound RMB 45,953m Sell 23,981m : 21,972m Buy
Southbound HK$ 17,026m Sell 8,423m : 8,602m Buy
Northbound RMB 45,411m Sell 25,653m : 19,758m Buy
Southbound HK$ 17,929m Sell 8,400m : 9,528m Buy

Active Heavyweights
AIA (01299.HK) -1.8%
MEITUAN (03690.HK) +1.6%
HKEX (00388.HK) -1.3%
PING AN (02318.HK) -1.1%
CCB (00939.HK) -0.9%
BABA (09988.HK) - 0.7%
TENCENT (00700.HK) + 0.1%
HSI & HSCEI Constituents on Move:
WH GROUP (00288.HK) -12.7%
SHIMAO GROUP (00813.HK) -8.3%
BOC HONG KONG (02388.HK) -4.6%
WHARF REIC (01997.HK) -4.2%
CHINA RES LAND (01109.HK) -4%
EVERGRANDE (03333.HK) -3.9%
LONGFOR (00960.HK) -3.6%
SHK PPT (00016.HK) -3.4%
CHINA OVERSEAS (00688.HK) -3.1%
GUANGDONG INV (00270.HK) -3.1%
HSMI & HSSI Constituents on Move:HENGTEN NET (00136.HK)  -14.1%
CRRC TIMES ELEC (03898.HK) -11.9%
GREENTOWN SER (02869.HK) +5%, hitting new high
FE HORIZON (03360.HK) +3%, hitting new high
KINGBOARD HLDG (00148.HK) +1%, hitting new high
SUNLIGHT REIT (00435.HK) +0.5%, hitting new high

Ministry of Industry and Information Technology (MIIT), Ministry of Agriculture and Rural Affairs, Ministry of Commerce (MOC) and National Energy Administration (NEA) decided to jointly organize a fresh round of new energy vehicles (NEVs)'s "going countryside" event, encouraging more support policies for NEVs nationwide and improving the usage environment of NEVs.  The participating automakers include BYD COMPANY (01211.HK)  and SAIC MOTOR (600104.SH)
 The latest funding round of hydrogen plane startup ZeroAvia came from Li Ka-shing's Horizons Ventures and the Bill Gates-backed Breakthrough Energy Ventures, raising US$24.3 million, reported Bloomberg.
INNOVENT BIO (01801.HK) announced that the Center for Drug Evaluation (CDE) of China's Nation Medical Products Administration (NMPA) has granted Breakthrough Therapy Designation (BTD) for Parsaclisib (IBI376) for the treatment of patients with relapsed/refractory follicular lymphoma (FL).  IBI376 is a phosphatidylinositol 3-kinase delta (PI3Kδ) inhibitor originally discovered by Incyte. Innoven
CHINA MOBILE (00941.HK) announced tender results for the centralized procurement of certain newly-built Slicing Packet Network (SPN) facilities. ZTE (00763.HK) won the bidding across all 26 provinces in China with the largest share in eleven packages.
SH ELECTRIC (02727.HK) announced that in relation to its proposed spin-off and the listing of Shanghai Electric Wind Power (SEWP) on the Science and Technology Innovation Board (Sci-tech Innovation Board) of Shanghai Stock Exchange (SSE), the China Securities Regulatory Commission (CSRC) approved the registration application of SEWP’s initial public offering on the Sci-tech Innovation Board.
GREATWALL MOTOR (02333.HK) disclosed that the company will extend its reach in overseas market, for example, it acquired a factory in Thailand last year, which is expected to commence production in 2Q or 3Q21. Such move also facilitates the company's further expansion into other ASEAN markets.  Looking head, the company will deploy strategic adjustment, including diversification of development in NEV and PV.It also attributed the omission of guidance for NEV development in the Chinese government's work report this year to constrains around supporting equipment. Continuously positive about the future NEV development, the company expected the related sales ratio will keep rising, and the growth rate to be faster than the grand market scale of 20% in 2025, or 50% in 2035.Additionally it said the repercussion of chip shortage on the company is not immense given its long-standing strategic partnership with suppliers. The company believed the situation will slowly improve in 2Q or 3Q21.  Although the company has not worked with XIAOMI-W (01810.HK) in electric vehicle, it has been open for the cooperation strategy with other companies. Alliance was also nailed with Huawei and TENCENT (00700.HK) in the past.
FOSUN INTL (00656.HK) Chairman Guo Guangchang told Bloomberg that Comirnaty vaccination may be resumed in Hong Kong by the weekend or early next week.  The investigation results about the package flaws of Comirnaty vaccines will come out in days, added Guo.

Lunchtime Results 
ZHOU HEI YA (01458.HK) announced annual result ended December 2020. The net profit amounted to RMB151 million, down 62.9% yearly.  EPS was 7 fen. A final dividend of HK8 cents was declared against a dividend of HK7 cents in the corresponding period of the previous year.
LEGENDHOLDING (03396.HK) announced annual results ended December 2020. Net profit amounted to RMB3.868 billion, up 7.2% yearly. EPS equaled RMB1.66. Final DPS was RMB0.36.

China concept GSX Techedu (GSX.US) Founder, Chairman and CEO Larry Xiangdong Chen announced that he will increase no more than US$50-million shares of the company with his own funds in the next 12 months.   GSX Techedu's shares in the US tumbled 52% for two days under threat of Archegos Capital Management's forced liquidation. It ticked up 4.75% to end at US$33.29 last night.
The Leisure and Cultural Services Department (LCSD) announced today (March 31) that, in view of the latest situation of COVID-19, more leisure and cultural venues of the LCSD will reopen gradually from tomorrow (April 1). Leisure facilities to be reopened include outdoor children's play facilities, some public swimming pools and gazetted beaches. Lifeguard services will be provided at some gazetted beaches. Outdoor children's play facilities will reopen tomorrow and the LCSD will step up cleaning work at the facilities.
BABA-SW (09988.HK)'s hosted 2021 Spring Merchant Conference. The company said around 200 overseas brands have so far dabbled in the platform via "new shop" mode, and that it planned to meet the target of 1,000 new brands in 1H21.
The Government announced that the COVID-19 nucleic acid testing arrangements for persons arriving at Hong Kong from places in China will be adjusted from April 1 to tally relevant testing requirements.  Currently, the testing arrangements vary for persons arriving from different places in China at different boundary control points. For the Hong Kong International Airport (HKIA), all travellers arriving at Hong Kong via the HKIA are subject to the "test-and-hold" arrangement upon arrival, while travellers arriving from places in China will be given a specimen collection bottle for deep throat saliva sample collection for testing again on the 12th day of their arrival at Hong Kong.
As for land boundary control points, persons exempted from compulsory quarantine and Hong Kong residents arriving at Hong Kong under the Return2hk Scheme are required to conduct COVID-19 nucleic acid tests within three days prior to their arrival at Hong Kong and present the negative test result. Under specific circumstances, such as for persons who had stayed in designated places in the Mainland, they would also be given specimen collection bottles to collect deep throat saliva samples for testing on the 2nd and 12th day of their arrival at Hong Kong.
CHINA RAILWAY (00390.HK) announced annual result ended December 2020. The net profit amounted to RMB25.188 billion, up 6.4% yearly. EPS  was RMB0.963. A final dividend of RMB0.18 was declared.
The European Union has enacted anti-dumping duties of 21.2%-31.2% on aluminum imports from China, below the provisional duties of 30.4%-48%, reported Reuters.
In Half-yearly Monetary and Financial Stability Report, the HKMA wrote that for 2020 as a whole, the aggregate pre-tax operating profit of retail banks decreased by 29.4%, whereas the net interest margin (NIM) decreased from 1.63% in the second half of 2019 to 1.01% in the same period of 2020. The reduction in profits was driven mainly by a significant decrease in net interest income, which more than offset the mild increase in non-interest income.
Mandatory Provident Fund Schemes Authority (MPFA), in its Statistical Digest, showed that there were 52,900 claims in 3Q20 for early MPF withdrawal for reasons including retirement, early retirement, permanent departure from Hong Kong, total incapacity, terminal illness and death, up 2.32% yearly. The benefit amount involved $6.753 billion, up 16.6% yearly.   Among which, cases of "permanent departure from Hong Kong" increased 35% quarterly to 8,100, involving $1.704 billion, up 72.1% quarterly.
BRILLIANCE CHINA (01114.HK) announced that the publication of the announcement in relation to the 2020 Annual Results will be delayed as additional time is required to finalise the 2020 Annual Results, among others, the clarification of information relating to certain unauthorized guarantees and resulting legal proceedings involving a subsidiary of the Company. The Board acknowledged that any delay in publishing the announcement in relation to the 2020 Annual Results will constitute non-compliance with Rule 13.49(1) of the Listing Rules.
Discussions with the auditors of the Company are ongoing and the Board and the management of the Company are doing their utmost to assist and cooperate with the auditors of the Company so that the 2020 Annual Results can be available as soon as practicable. Further announcement(s) will be made by the Company to inform its shareholders on the expected date of publication of the 2020 Annual Results as and when appropriate. Trading in the shares of the Company on the Stock Exchange has been suspended with effect from 9:00 a.m. on 31st March, 2021, pending clarification of information relating to certain unauthorized guarantees and resulting legal proceedings involving a subsidiary of the Company.
Govt Extends Most Social-distancing Measures by 14 Days, Reopens Swimming Pools, Relaxes Cinema Entry Cap to 75%
BYD COMPANY (01211.HK) and Alexander Dennis (ADL), a British bus manufacturer partner, jointly announced that the former was awarded by the latter an order of 46 pure electric buses, comprising of single- and double-deck models.  The buses will be delivered to Stagecoach, a prestigious local bus operator, for use in the public transport system of cities such as Aberdeen and Perth in Scotland.
Christopher Hui, Secretary for Financial Services and the Treasury, disclosed the Government is working to illustrate the importance and urgency of brushing up the election regime in Hong Kong to the financial industry, while unifying support for the next step, after Chinese NPCSC had voted yesterday for amendments to Annex I and II to the Basic Law.  The Chief Executive, together with her administration, will provide unswerving support for the "One Country, Two Systems" framework and uphold national sovereignty and security, added Hui.
The U.S. Federal Communications Commissioner (FCC) Brendan Carr called for new measures to ensure Huawei and ZTE gear would be banned from American telecoms networks, and that no electronic equipment produced with forced labor could set foot in the United States.
Foxconn predicted shipments to shrink by 10% due to global chip shortage, cited by Sina Digital. The Taiwanese company will remain cautiously optimistic about the outlook for the rest of 2021, said its Chairman Young Liu.
XIAOMI-W (01810.HK) showcased the home-grown "Surge C1" image signal processing (ISP) chip, deployed on the Mi MIX FOLD folding phone, at the second spring product launch last night (30 March).  The Surge C1 is equipped with a dual-filter configuration supporting both high and low-frequency signals to boost the signal processing efficiency by 100%.Also showcasing MIX FOLD and Mi Notebook Pro series, and presenting its car-making plan for the first time at a public occasion.   Founder, Chairman and CEO Lei Jun announced the company's official foray into smart electric vehicle industry, by establishing a wholly-owned subsidiary with an investment of US$10 billion over ten years. The initial investment will whop RMB10 billion.
ANGANG STEEL (00347.HK)  issued a positive profit alert, expecting net profit attributable to shareholders (in accordance with the PRC Accounting Standards for Business Enterprises) of RMB1.35 billion, up around 362% yearly, during the first quarter ended March 2021.
ANGANG STEEL (00347.HK) announced annual results ended December 2020. Net profit amounted to RMB1.978 billion, up 10.7% yearly.  EPS equaled RMB0.21. A cash dividend of RMB0.84 per 10 shares will be distributed.
BEIGENE (06160.HK) announced FY20 annual results that loss deepened to US$1.597 billion from US$949 million a year ago. LPS equaled US$1.47. No final dividend was declared.
SBIO (01530.HK) announced FY20 annual results that net profit was RMB836 million, down 14.2% yearly.  EPS. equaled 33 fen. No final dividend was declared.
CHINA RAIL CONS (01186.HK) announced annual result ended December 2020 based on Chinese accounting standards. The net profit amounted to RMB22.393 billion, up 10.9% yearly. EPS was RMB1.5. A final dividend of 23 fen was declared.
HAIER SMARTHOME (06690.HK) announced annual result ended December 2020. The net profit amounted to RMB8.877 billion, up 8.2% yearly.  EPS was RMB1.34. A final dividend of RMB3.66 for every 10 shares was declared.
DATANG RENEW (01798.HK) announced annual result ended December 2020. The net profit amounted to RMB1.187 billion, up 26.7% yearly.  EPS was 12.75 fen. The final dividend was kept at 3 fen.

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