March 18 HK/China Wrap Markets move higher on FOMC decision. China/US relations & earnings in focus

18 Mar

Apologies for no notes over since the weekend but the laptop got wet and needed repair; maybe one reason that not everyone wants to work from home.  Hopefully we are back to normal service now.  A lot of interesting things have happened which I will try and incorporate in the notes over the next few days

HSI +372pts (+1.3%) 29,318 HSCEI +112pts (+1%) 11,470 T/O HK$174.56bn (+17.4% DoD) 

Markets opened slight higher following the FOMC decision but with caution ahead of the BoE rate decision; which came out and left policy unchanged. DAX strong whilst FTSE and CAC trading around flat. Auto’s strong after VW outlined its push into EV’s. F&B weak.
European markets will be awaiting the conclusion of the European Medicines Agency’s (EMA) safety review on Thursday into the coronavirus vaccine developed by AstraZeneca and the University of Oxford.
Earnings Generali, Hugo Boss, Rolls-Royce, WPP, Morrisons and John Lewis Partnership.
Sartorius strong after raising its 2021 guidance, with spin-off Sartorius Stedim Biotech strong too
Zur Rose Group weak after its full-year earnings report.
Balance of Trade Jan Euro 6.3b vs 29.4b Dec revised (F/cast was 19.1bn)
Labour cost index Q4 3% YoY vs1.6% Q3 (F/cast was +2%)
Wage Growth Q4 +3.5% YoY vs +2.2% Q3 (F/cast was +2.4%)

US Futures
Dow flat, but S&P -0.8% and NDX -1.8% as US T10 surges to 14 month high @ 1.74%, pushing the Fangs down 1% or more.
Data out
4 week average claims 746.25k vs762.25k prior (F/cast was 719.25k)
Initial claims 770k vs 725k prior (F/cast was 675k)
Continuing claims 4.124m vs 4.142m prior (F/cast was 4m)
Philadelphia Fed Manufacturing Index Mar 51.8 vs 23.1 Feb (F/cast was 24)
Due later
CB leading Index, EIA report,10year TIPS auction.

CHINA CSI 300 closed +41pts (+0.8%) @ 5,141
Opened higher but saw a choppy morning hitting the day high around 11am @ 5,160 but easing back into lunch at 5,136. PM opened flat sold down to 5,120 level before rallying into the close. ChiNext outperforming with a rebound in tech stocks as concerns on rising yields slightly eased.
Sectors such as papermaking, wine making, pharmaceuticals, steel, and electric power were among the top gainers.
Losers were medical beauty, innovative drugs, photovoltaic roofs, warehousing & logistics and coal. The net inflow of northbound funds is about 3.315bn yuan.
The China/U.S. meeting in Alaska in focus. News reported Beijing plans to press Washington to reverse many of the policies targeting China introduced during the Trump presidency at the meeting. But the US side has down played chances of change unless China makes meaningful changes.
Shanghai Comp +17pts (+0.5%) @ 3,463
Shenzhen Comp +154pts (+1.1%) @ 13,964
ChiNext +23pts (+0.8%) @ 2,857
No data

HSI HSI Pre market Opened @ 29,317 +283pts vs +223pts ADR’s strength in AIA and HSBC, with Kuaishou-W (1024 HK) +2.1% in the premarket.
Big tech names strong as investors' risk-on sentiment in light of the Fed’s projections for rates to remain near-zero through 2023. Tencent, Alibaba, and Sunny Optical were among the top gainers on the benchmark index. Earnings also focus is earnings as reporting pace picks up towards the month-end.

The Census and Statistics Department (C&SD) announced statistics of external merchandise trade for January 2021. The volume of Hong Kong's total exports of goods +44.6% YoY and imports of goods +37.2% YoY
The prices of total exports of goods -0.4% YoY, while the prices of imports of goods +0.5% YoY.

The Census and Statistics Department (C&SD) announced that according to the preliminary figures, Q4 GDP -3.0%YoY in real terms, vs -3.6% Q3 For 2020 as a whole, GDP -6.1% YoY in real terms.
Analysed by constituent services sector and on a year-on-year comparison, net output in respect of all the services activities taken together Q4 -4.0% YoY in real terms vs -5.5% Q3

The Hong Kong Monetary Authority (HKMA) announced the composite interest rate at the end of February 2021. The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 1 basis point to 0.23 per cent at the end of February 2021, from 0.24 per cent at the end of January 2021.
The decrease in composite interest rate mainly reflected a decrease in the weighted funding cost for deposits during the month.
The Centre for Health Protection reported 10 new covid cases 3 from unknown sources

SHORT SELLING Thursday 15.2% vs 14.7% Wednesday
Top Shorts  MTRC (66) 44%, Ping An (2318) 41%, Bud Apac (1876) 31%,Anta Sports (2020) 30%, Henderson Land (12) 29%, Hengan (1044) 29%, China Overseas (688) 29%, Galaxy Ent (27) 28%,  Hang Seng Bank (11) 28%, Citic (267) 27%, Sinopec (386) 27%, Sands China (1928) 27%, Mengniu Dairy (2319) 26%, CCB (939) 26%.

Earnings still due Thursday  Sany (731), China Sate Const (830), China Lilang (1234), Stella (1836), Li Ning (2331)
Earnings due Friday include HK China Gas (3), UniPresident (220), Fountain Set (420) Hengan (1044), Chongqing Iron (1053), SinoPharm (1099), Zijin Mining (2899), China Merchant Bank (3968) and others.
BILIBILI-SW (09626.HK) (BILI.US)’s IPO registered almost $16.6 billion margin as at around 6:00 pm according to brokers. Based on the public fundraising amount of $741 million, the IPO was over-subscribed by about 21.4 times.
DAHSING BANKING (02356.HK) announced the introduction of a BILIBILI-SW (09626.HK) IPO share subscription package. Clients will be exempted from loan application fees and entitled to loan rates as low as 1.88% when applying for BILIBILI-SW margin subscription at its branches.
CHINA RES LAND (01109.HK)  announced that on 18 March, the Company entered into a facility agreement for a USD129 million loan facility with a bank. The Loan Facility has a term of one year.
There were 6,021 XTEP INT'L (01368.HK) branded stores as of end-2020, implying a net decline of 358 shops. However, the Group's gross saleable area was roughly the same as the previous year. The Company will open 200-300 stores for the core Xtep brand this year, primarily involving structural change in the shops, revealed Chairman and CEO Ding Shui Po.
CRYSTAL INTL (02232.HK) announced annual results ended December 2020. Net profit amounted to US$108 million, down 28.8% yearly.  EPS. equaled US3.79 cents. Final DPS
was HK5.8 cents, together with special DPS of HK5 cents. Full-year DPS was HK13.8 cents.
TOWNGAS CHINA (01083.HK)   announced annual result ended December 2020. The net profit amounted to HK$1.447 billion, up 10.6% yearly. EPS was HK49.56 cents. A final dividend of HK15 cents was declared, same as that for 2019.
CKH HOLDINGS (00001.HK)  results for the year ended 31 December 2020. The total revenue fell 8.2% yearly to $403.846 billion on Post-IFRS 16 Basis. The net profit dropped 26.8% yearly to $29.143 billion, in line. JP Morgan and BofA Securities had previously forecast the company's 2020 net profit at $28.802 billion and $29.491 billion on Post-IFRS 16 Basis. Total EBITDA sank 10% to $122.348 billion.
CK ASSET (01113.HK)  announced annual results ended December 2020. Net profit amounted to HK$16.332 billion, down 43.9% yearly and slightly below $16.587-19.595 billion consensus.  EPS equaled HK$4.42. Final DPS was HK$1.46. Interim DPS was HK$1.58. Full-year DPS was HK$1.8, down HK$0.3 or 14.3%.
Underlying profit was HK$19.339 billion, down 32.5% yearly and in-line with HK$16.436-19.595 billion in broker forecast. Underlying EPS equaled HK$5.24.It also announced the purchase of a range of public utilities assets from Li Ka Shing Foundation (LKSF) at HK$17 billion. The Purchase Price will be satisfied by the issue of over 333 million Consideration Shares by the Company to LKSF at a price of HK$51 per Share, which represented a premium of 8.4% to the closing price of HK$47.05 per Share today. Upon completion, the Company will hold 20% of UK Power Networks Holdings; 36% of Northumbrian Water; 22% of Wales & West Utilities; and 24% of Dutch Enviro Energy.CK ASSET's Deputy Managing Director and Executive Director Edmond Ip complemented to the announcement that the company will buy back its shares to cushion the share dilution of the company as a result of the new share issue for the acquisition. The company will make repurchase at the same price HK$51 per share.If the number of shares bought back during the repurchase period is less than 333 million shares, the company will make further repurchase on the market after obtaining the shareholders' approval at the AGM, hoping to repurchase 330 million shares at least.
Chairman Li Tzar Kuoi, Victor projected the share price to fare well if the shareholders agree with the deal, adding the transaction is creating returns to the shareholders and providing an opportunity for cash-in at above-market price.Regarding Properties he predicted the group to introduce three new projects this year, respectively located at Hung Shui Kiu, Borrett Road and Wong Chuk Hang Phase III. Accounting the unsold inventory of other projects, he estimated there will approximately 2,400 units this year, involving over $20 billion.   The group's property sales last year zoomed past 2019's as 1,800 flats were sold, amounting to $18 billion, Li also said.He conceded that the pandemic has put the company amid turbulence, but such crisis has also helped the group to uncover different business resilience.  While the business has turned around and recovered since the second half of last year, especially the retail and port, the data for the first two months of this year was quite respectable. He emphasized the group has abundant cash flow and is looking at new acquisition opportunities.

*E-COMMERCE STRONG  big cap Internet platforms +VE as the rate-sensitive names  rebound on Fed's dovish comments. ALIBABA (9988 HK +5.4%) outperformed as recent laggard, on the news that it is planning to offer its fast-growing bargains service on rival Tencent's WeChat messaging platform in a major concession to regulators seeking to  crackdown on monopolies in the internet sphere.
TENCENT (700 HK +2.7%) has invested EU5m in Finnish payment services company Enfuce in a series B funding round totaling EU7m.
MEITUAN (3690 HK +4%) XD (2400 HK +5.6%). WEIMOB (2013 HK -17%) after revenue missed forecasts; its revenue +44% YoY to 2.06b yuan last year.
*TECH & COMPONENTS MIXED. SUNNY OPTICAL (2382 HK +9%) reported FY net income +22% YoY to 4.87b yuan, beat estimates. Revenue +0.4% YoY to 38b yuan, Final dividend 88.8 RMB cents.Most other makers dropped after recent strength.
SMIC (981 HK-0.4%) despite agreeing to form a venture with the Shenzhen government for a project designed for integrated circuit industry with an estimated new investment of about $2.35b.
China Semiconductor Industry Association, said on Wednesday that semiconductor sales in China grew by 18% last year to 891b yuan (US$137b). HUA HONG (1347 HK -0.3%) FIT HON TENG (6088 HK -2.2%) Q TECH (1478 HK -5.6%).
*TELCOS FIRM despite the US FCC moved toward barring CH UNICOM (762 HK unch)  and ComNet from the US., calling the Chinese telecos a security risk controlled by Beijing. CU said in a statement after the FCC action that it has operated in the US for nearly 20 yrs through a subsidiary that fully complies with the law.
CH TEL (728 HK +3.8%) as its shareholders will meet April 9 to vote on the company's proposed IPO in Shanghai. CH MOBILE (941 HK +0.3%) is also studying its A-shs listing plan.
*HK PROPERTY STRONG following the Fed's dovish comments and positive earnings results.
KERRY PROP (683 HK +6.4%) reported underlying profit and net income that beat estimates; both -22% YoY to HK$3.96b and HK$5.4b, respectively.
CKA (1113 HK +2.5%) ahead of results. SINO LAND (83 HK +1.4%) WHARF (4 HK +2.5%).
*CHINA RESTAURANT CHAINS STRONG  after the Ministry of Commerce said China's catering consumption has recovered steadily from January to February, and revenue increased by 68.9% YoY, returning to approximately 96% in the same period in 2019. HAIDILAO (6862 HK +5.9%) YIHAI (1579 HK +2.8%) JIUMAOJIU (9922 HK +1.9%). * OTHER MOVERS:
NEXTEER AUTO (1316 HK -5.5%) yesterday reported FY net profit -50% YoY to US$117m a number broker reports out.SAMSONITE (1910 HK +5.4%) to a 2-month high amid optimism that the worst maybe over and online sales may fuel its 2022 recovery, despite reported a net loss for the year. Helped by news of Europe looking to open up.

Regional Markets
Opened flat saw some early choppy trading briefly in the green and then trended lower to closed -49pts (-0.7%) @ 6,746Pre market Unemployment data was mixed; full time beat but part time missed f/cast but improved MoM. Energy and materials recovered some of their recent loses.
Nikkei opened higher and worked higher to 30,485 before easing down into lunch. PM market opened -325pts and saw resistance at 30,200 for most of the PM session but broke above in the last hour to close +302pts (+1%) @ 30,217
Topix traded in a similar patten although in the PM it almost regained the morning highs; closed +25pts (+1.2%) @ 2,009
Premarket Friday
Inflation Rate, Core Inflation Rate.Later BoJ rate decision.
Kospi opened higher and rallied at the open to 3,085. It then traded sideways until about 12.20pm when it trended lower finding support around 3,066. Closed +19pts (+0.6%) @ 3,066
Kosdaq opened higher, rallied and then traded sideways to close +6pts (+0.6%) @ 950
Opened higher and worked to the day high around 10am of 16,410 but then sold down to 16,350 and traded sideways until around 12.10pm when it sold down again to 16,300 and traded sideways to close +72pts (+0.4%) @ 16,288
After market the Taiwan central bank kept rates unchanged at 1.125%

Northbound RMB 44,620m Sell 21,330m : 23,289m Buy
Southbound HK$ 16,864m Sell 7,720m : 9,144m Buy
Northbound RMB 53,448m Sell 26,046m : 27,402m Buy
Southbound HK$ 19,484m Sell 8,169m : 11,314m Buy

Active Heavyweights
BABA (09988.HK) +4.9%
MEITUAN (03690.HK) +3.7%
HKEX (00388.HK) +3.4%
TENCENT (00700.HK) +2.6%
PING AN (02318.HK) -0.7%
AIA (01299.HK) +0.7%
CCB (00939.HK) +0.3%

HSI & HSCEI Constituents on Move:
SUNNY OPTICAL (02382.HK) +9.4%
HAIDILAO (06862.HK) +6%
CG SERVICES (06098.HK) +3.3%
CSPC PHARMA (01093.HK) -3.1%
ANTA SPORTS (02020.HK) +3%

HSMI & HSSI Constituents on Move:
WEIMOB INC (02013.HK) -17.9%
CMS (00867.HK) +15%, hitting new high
LVGEM CHINA (00095.HK) -11.9%
MEITU (01357.HK) +10.4%
PACIFIC BASIN (02343.HK) +6.3%, hitting new high
SAMSONITE (01910.HK) +5.4%, hitting new high
SUN HUNG KAI CO (00086.HK) +5.3%, hitting new high
YONGDA AUTO (03669.HK)  +4.3%, hitting new high

The Buildings Department approved 17 building plans in January, with five on Hong Kong Island, six in Kowloon and six in the New Territories. Of the approved plans, 10 were for apartment and apartment/commercial developments, five were for commercial developments, and two were for community services developments.
Qualcomm's mobile chip delivery is purportedly disrupted by chip shortage, reported Techbite. Accordingly, XIAOMI-W (01810.HK) and OPPO have turned to Taiwan's MediaTek for chip supply. Particularly, XIAOMI-W's usage of Qualcomm chips has receded from 80% to 55%
Geely and South Korea's SK Holdings jointly created a mobility fund  in an amount of US$300 million, where the two companies will act as core investors, Yonhap News Agency reported.
Taiwan is in talks with Singapore about resumption of tourism and travel, after switching on a travel bubble scheme with Palau, CNA News reported.
ByteDance has embarked on recruitment spree in Singapore, meaning that it is deepening its overseas presence and trying to meeting global regulatory thresholds, said foreign media. The company is hiring nearly a hundred engineers and senior executives for TikTok, said insiders.
Sammy Po, Midland Realty's Residential Division Chief Executive said that as the US Fed announced to keep the federal funds rate at 0-0.25% and expected no rate hike by end-2023, dispelling tapering fears in the market, he forecast for home prices in Hong Kong; a 2-3% uptick in the first quarter of 2021.
JD-SW (09618.HK)'s global platform has reached out to more than 200 countries and regions worldwide, learnt 21st Century Business Herald. Joining hands with Xinhua's national brand office and China National Brand, JD-SW aims to promote branded items globally and thus accumulate over RMB100 billion in platform trading value next five years.
China Banking and Insurance Regulatory Commission (CBIRC) announced that Sichuan Xinwang Bank has marred consumers' legitimate rights under the partnership with an online car instalment service platform. XWBank replied that it has formed a special team under regulators' guidance for self-inspection and rectification on all fronts for over a year, citing phased progress in fixing key issues. XWBank is one of the three national Internet banks, founded by New Hope Group, XIAOMI-W (01810.HK), Chengdu Hongqi Chain, etc.
Dmall (Beijing) E-Commerce Co. has tapped Bank of America, Goldman Sachs and JPMorgan for US IPO in the second half of 2021, aiming to raise more than US$500 million, Reuters citing insiders.  Dmall will purportedly go public by acquiring an SPAC. TENCENT (00700.HK), IDG Capital and Lenovo Capital are among its investors.
The Government announced that Free-Flow Tolling (Miscellaneous Amendments) Bill 2021 (the Bill), which seeks to provide legal backing for the implementation of a free-flow tolling system (FFTS) at government tolled tunnels and the Tsing Sha Control Area, will be gazetted this Friday.  The Bill will be introduced into the Legislative Council for the first reading and second reading on March 24. After passage of the Bill, the Transport Department will work in collaboration with relevant departments to complete the other necessary preparatory tasks, including engagement of a toll service provider, continued development of the FFTS backend system, procurement of the boothless tolling facilities, collection of email addresses or mobile phone numbers of vehicle owners, with a view to implementing the FFTS at various tunnels starting from end-2022.
HSBC announced to put its best lending rate on hold at 5%. The bank held its HKD savings deposit rate steady at 0.001% for savings at above $5,000. The additional interest rate for Total Relationship Balance worth $1 million and above was kept at 0.001% p.a.
At lunch ZTO EXPRESS-SW (02057HK) announced annual results ended December 2020. Total revenues rose 14% yearly to RMB25.214 billion. Net profit amounted to RMB4.312 billion, down 24%. EPS equaled RMB5.42. A special dividend of USD0.25 was declared per ADS and share.
At lunch XTEP INT'L (01368.HK) announced annual result ended December 2020. The net profit amounted to RMB513 million, down 29.5% yearly.  EPS. was 20.83 fen. The final dividend was kept at HK7.5 cents.
At lunch KERRY PPT (00683.HK) announced annual results ended December 2020. Revenue declined 19.4% yearly to HK$14.526 billion. Net profit amounted to HK$5.403 billion, down 21.7%.  EPS  equaled HK$3.71. Final DPS Atwas HK$0.95. Interim DPS was HK$0.4. Full-year DPS was HK$1.35, flattish yearly.
At lunch NISSIN FOODS (01475.HK)  announced annual results ended December 2020. Net profit amounted to HK$302 million, up 20.3% yearly. EPS equaled HK28.11 cents. Final DPS was HK14.05 cents.
At lunch CHINA RES POWER (00836.HK) announced annual result ended December 2020. The net profit amounted to HK$7.583 billion, up 15.1% yearly. EPS was HK$1.58. A final DPS of HK$0.406 was declared against HK$0.348 in the corresponding period of the previous year.  Including the interim DPS of HK$0.225, total DPS for 2020 is HK$0.631, up 15.1% annually and representing a dividend payout ratio of 40%.
The Cyberspace Administration of China and the Ministry of Public Security have recently guided local cyberspace departments and public security bodies to step up Internet security reviews on audio-chat software and those tied to "deepfake" technology. Subsequently, eleven firms including Inke, XIAOMI-W (01810.HK), KUAISHOU-W (01024.HK), ByteDance, Yunzhanghu, Ximalaya, BABA-SW (09988.HK), NetEase Cloud Music and TENCENT (00700.HK) were arranged to meet with authorities in Beijing, Tianjin, Shanghai, etc.
New Zealand is going to welcome Australian visitors without mandatory quarantine on arrival, said Deputy Prime Minister Grant Robertson. “Trans-tasman travel bubble” between New Zealand and Australia will be starting at end-April, Radio New Zealand reported.
Coinbase's valuation has grown to US$68 billion this year, surpassing Intercontinental Exchange (ICE) but still US$4 billion short of CME, according to the U.S. cryptocurrency exchange's filing to the U.S. SEC.
China’s economy grew 2.3% in FY20, and 6.5% in 4Q20, even beyond 4Q19's growth, Fitch Ratings wrote in a report. Hence, the ratings agency revised up China's 2021E GDP growth from 8% to 8.4%, and to 5.5% for 2022E.
Chinese supply chain fintech service provider Linklogis, backed by TENCENT (00700.HK), is having a hearing today for its planned listing to raise US$500 million in Hong Kong, IFR reported. It is expected that if the company attains the clearance, it will start a pre-roadshow next week.
The placing in BILIBILI-SW (09626.HK) (BILI.US)'s Hong Kong secondary listing has been fully subscribed, IFR citing people familiar with the sources.
China Unicom and Tianjin Municipal Government clinched a strategic cooperation agreement, whereby both sides will in 14th Five-Year Plan period expedite the construction of digital facilities and platforms, targeting to mold a "full-fledged 5G city" and fostering new infrastructure, smart city, smart manufacturing, smart healthcare and so on.  For new infrastructure, China Unicom plans to pour RMB11 billion in Tianjin during the 14th Five-Year Plan period, constructing 24,000 5G base stations in aggregate.
China seeks to press the U.S. to roll back several China-targeted policies initiated during the Trump presidency in the senior official meeting scheduled tomorrow in Alaska, people with knowledge of the plans were quoted as saying by the Wall Street Journal.
Being aware of the new international trend of SPAC listing, Christopher Hui, Secretary for Financial Services and the Treasury, said HKEX (00388.HK) will explore an appropriate method for SPAC listing, in a bid to enhance Hong Kong's competitiveness as a global financial hub, while safeguarding the investors' interest.
CHINA TELECOM (00728.HK) will at a shareholder meeting, to be held on 9 April, consider proposed A share offering and related matters, in an amount of no more than 12.093 billion shares or 13% of the total issued share capital. Preliminary Utilised Proceeds in the Next Three Years (Prior to the Exercise of the Over-allotment Option) will be RMB54.4 billion.
The HKMA said the Fed’s decision to keep interest rates unchanged was consistent with market expectation. Recently, markets have generally been focused on the impacts of the US’ monetary and fiscal policies on its inflation risk and pace of economic recovery. Relevant developments are expected to be important factors affecting interest rate movement and fund flows.  HKMA furthered that money markets of Hong Kong have been operating smoothly, with ample liquidity in the banking system. Hong Kong dollar interest rates also remain steady. The HKMA will continue to monitor market developments and maintain monetary and financial stability in accordance with the Linked Exchange Rate System
The U.S. Federal Communications Commission (FCC) announced it has launched proceedings to stop China Unicom Americas and ComNet from operating in the United States.  FCC claimed these companies are controlled by the Chinese government, hence posing security risks.
Hong Kong was ranked fourth in the Global Financial Centres Index (GFCI) 29 Report published by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen.  Hong Kong is one of the top four leading financial centres in the world, rising by one place from the September issue of the index last year, said a Government spokesman. The Government noted that the overall ratings of financial centres ranked number two to four in the Report were very close, with a marginal difference of only one point among these centres. Among the five areas of competitiveness (namely Business Environment, Human Capital, Infrastructure, Financial Sector Development, and Reputational and General) which were formulated based on data, Hong Kong was ranked top five in all these areas.
Hong Kong has the institutional strengths of an international financial centre, whose markets are highly open and internationalised, with robust infrastructure support, internationally aligned regulatory regimes, rule of law, a large pool of financial talents and a full range of financial products as well as free flow of information and capital, furthered the spokesman. These competitive edges will continue to consolidate Hong Kong's status as a leading international financial centre.   It will be interesting to see how Hong Kong ranks in the next survey following the recent arrests under the new National Security Law.
SF Holding (002352.SZ) announced the 2020 result report. Net profit attributable to shareholders of the listed company grew 26.39% yearly to RMB7.326 billion. BasicEPS equaled RMB1.64.
The prices of polysilicon and silicon have been trending up since Lunar New Year 2021, Economic Information Daily citing industry data. Industry players expected the demand and supply of polysilicon to remain fundamentally balanced in March, until battery blade and component manufacturers are pressed to slash output.
Cui Tiankai, Chinese Ambassador to the U.S., said China and the United States are having their first face-to-face high-level meeting since Joe Biden sworn in as U.S. President, quoted by CCTV News.  Beijing did not expect all issues to be resolved in one dialogue, without overly high expectations. Cui hoped the talks could be a beginning where both sides come with sincerity and leave with understanding.
MEITU (01357.HK)  announced that it had on March 17 further acquired in open market transactions, an additional 16,000 units of Ether at an aggregate consideration of approximately US$28.4 million and 386.08 units of Bitcoin at an aggregate consideration of US$21.6 million.   Up to now, the Group has accumulated a Net Purchase of approximately US$90 million worth of cryptocurrencies.
CHINAGRANDPHARM (00512.HK) announced results for the year ended 31 December 2020. Net profit was $1.793 billion, up 55.8% yearly. EPS equaled 52.03 cents. Final DPS was 11 cents.
SMIC (00981.HK) announced that pursuant to the Cooperation Framework Agreement, the Company and Shenzhen Government (through Shenzhen Major) intend to initiate the development and operation of the Project through SMIC Shenzhen by way of the Proposed Capital Contribution. The estimated new investment for the Project will be US$2.35 billion.  The Project will focus on the production of 28 nanometer and above integrated circuits and technical services with a goal of achieving eventual production capacity of about 40,000 12-inch wafers per month.
MODERN LAND (01107.HK)  -0.070 (-7.216%)   announced results for the year ended 31 December 2020. Net profit was RMB739 million, up 1.1% yearly. EPS equaled 26.4 fen. Final DPS was HK3.65 cents.
BIDU-SW (09888.HK) announced that the final offer prices for both the International Offering and the Hong Kong Public Offering have been set at HK$252 per Share. Shares of the Company are expected to begin trading on March 23.  The gross proceeds to the Company from the Global Offering are expected to be HK$23.94 billion.
SAMSONITE (01910.HK) announced the results for the year ended December 31, 2020. The Group incurred a loss of US$1.278 billion, compared to net profit of US$133 million for the previous year. LPS was US89.1 cents. No dividend was declared.
SUNNY OPTICAL (02382.HK)  announced annual result ended December 2020. Revenue was RMB38.002 billion, representing a slight increase of 0.4% compared to that of last year.   The net profit was RMB4.872 billion, up 22.1% yearly. EPS was 445.78 fen. A final dividend of 88.8 fen was declared, against 72.8 fen in the corresponding period of the previous year.
WEIMOB INC (02013.HK) announced results for the year ended 31 December 2020. Total revenue increased by 37% yearly to RMB1.969 billion. Loss attributable to equity holders was RMB1.157 billion, against RMB312 million in a year ago's profit. LPS equaled 52 fen. No final dividend was declared.

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