March 3 HK/CHINA WRAP Markets move higher but HK T/O -20% DoD


03 Mar

HSI +785pts (+2.7%) 29,249  HSCEI +305pts (+2.7%) 11,666  T/O HK$185.02bn (-20.5% DoD) 
EUROPE 
Markets opened higher on improving PMI data but drifting lower ahead of the UK budget. Autos +VE but Utilities weak.
Stellantis, +VE (the merger of Peugeot and Fiat Chrysler) announced that it will target an operating profit margin of between 5.5% and 7.5% in 2021 as the automobile industry recovers. Stellantis led auto’s higher. British Airways parent IAG +VE on expectations of further business support in the U.K. Budget.
Hiscox weak after swinging to a full-year loss as pandemic claims weighed
Earnings from Vivendi, Prudential and Persimmon
Data
EUROZONE
Services PMI Feb 45.7 vs 45.4 Jan (F/cast was 44.7)
Composite PMI Feb 48.8 vs 47.8 Jan (F/cast was 48.1)
PPI Jan +1.4% MoM vs +0.9% Dec (F/cast was +1.1%)
PPI Jan 0% YoY vs -1.1% Dec (F/cast was -0.3%)
GERMANY
Services PMI Feb 45.7 vs 46.7 Jan (F/cast was 45.9)
Composite PMI Feb 51.1 vs 50.8 Jan (F/cast was 51.3)
FRANCE
Services PMI Feb 45.6 vs 47.3 Jan (F/cast was 43.6)
Composite PMI Feb 47.0 vs 47.7 Jan (F/cast was 45.2)
UK
Services PMI Feb 49.5 vs 39.5 Jan (F/cast was 49.7)
Composite PMI Feb 49.6 vs 41.2 Jan (F/cast was 49.8)
Budget Speech

US Futures 
Opened higher in Asia and have risen Dow +200pts, S&P +0.6% and NDX +0.7%
ADP says Private payrolls growth well short of expectations for February.
Earnings: Wendy’s, Dollar Tree, Brown-Forman, Vivendi, Splunk, Marvell Tech, Snowflake, Vroom, American Eagle Outfitters
DATA
MBA Mortgage Applications +0.5% vs -11.4% prior and 30 yr Mortgage Rate +3.23% vs +3.08% prior ,
ADP Employment Change Feb +117k vs 174k Jan (F/cast was 155k)
To come
Services and Composite PMI, ISM Non Manufacturing Data (PMI, New Orders, Business Activity, Prices, Employment), EIA Gasoline and Crude Stocks changes



CHINA CSI 300 closed +103pts (+2%) @ 5,452
CSI 300 opened lower but worked higher helped by in-line Caixin data, although again showing the growth is slowing and press reports of a targeted RRR cut for some lenders. Hit 5,415 going into lunch. PM has traded sideways around that level but from 1:30pm worked higher to close at the day high. As investors expect more positive news from the NPC. Widespread buying with steel, coal, non-ferrous metals and bank stocks leading the gains. Northbound funds bought a net 9.01b yuan today.

The 4th Session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) will hold an opening ceremony at 3pm tomorrow (4 March) at Great Hall of the People, and close in the afternoon of 10 March. It will attach great importance to the formulation and implementation of 14th Five-Year Plan, deeply negotiate on politics and extensively forge consensus, said the Conference spokesman Guo Weimin.

Shanghai Comp +68pts (+2%) @ 3,577
Shenzhen Comp +181pts (+1.2%) @ 14,932
ChiNext +31pts (+1%) @ 2,998

CHINA DATA 
Caixin Services PMI Feb 51.5 vs 52 Jan (F/cast was 51.7)
Caixin Composite PMI Feb 51.7 vs 52.2 Jan (F/cast was 51.9)

HSI 
Opened @ 29,249 +154pts vs + 124pts ADR’s.
Some initial margin call selling again but then worked higher with resistance around 29,685 in the morning and then trading sideways. But sentiment positive with Chinese Banks seeing interest on news of a targeted RRR cut for some banks and after the Bank regulators comments yesterday; which suggest that Govt will seek to resolve the countries debt issues. Macau stocks also +VE Market saw resistance at 29,910 level and eased slightly into the close. But saw a 44pt up tick in the closing auction. T/O was -20% DoD dropping below HK$200bn a sign of some caution ahead of the NPC kicking off tomorrow.
HONG KONG DATA
Pre Market Feb PMI 50 vs 47.8 Jan (F/cast 48)
After market Retail Sales Jan -14.5% YoY vs -14% Dec (F/cast was -6%)
Retail sales in Hong Kong declined in January, representing a greater-than-expected fall and a 24-month downtrend. Annie Yau Tse, Chairman of Hong Kong Retail Management Association (HKRMA), opined that January's situation is alike last December; what's made the difference is that January posted a 1% decrease in supermarket sales compared to a growth over a long while in the past. The Chairman attributed the reduced supermarket sales to less family gatherings during Chinese New Year under social distancing, while in last January people had kept shopping and paying family visits.
Centre for Health Protection said there 14  were new COVID-19 cases in Hong Kong today; (vs 13 Tuesday) with 8 from unknown sources.
IPO 
SCICLONE PHARMA (06600.HK), on debut, concluded the trade at $18.8, flattish with the listing price, on volume of 55.72 million shares and turnover of $1.047 billion.
SHORT SELLING Wednesday 16.6% vs 16.7% Tuesday 
Top Shorts:   Bud Apac (1876) 54%, Hengan (1044) 48%,  Ping An (2318) 42%, China Res Land (1109) 36%, Sinopec (386) 28%, HSBC (5) 27%, Baba (9988) 26%, AAC Tech (2018) 25%, Sands China (1928) 25%

Earnings due Thursday include Cinda (111),  Yueixiu Real Estate (405), IGG (799), Prosperity REIT (808), Ching Hing Bank (1111), Bolina (1190), Citic Telecom (1883), Wharf REIC (1997).

AFTER MARKET NEWS 
Wheelock Properties announced that its residential project in Lam Tin, KOKO HILLS Phase II, has obtained the pre-sale consent, providing 82 flats. While the developer is preparing for sales brochure and showrooms, the project may hit the market in the second quarter.
Hema Market, the community group buying platform of BABA-SW (09988.HK), is poised to merge with another group buying platform of the group, Alibaba LST, according to Chinese media.
The Development Bureau (DEVB) announced that the Chief Executive (CE) in Council has approved an in-situ land exchange application by the lot owner of two private lots at Hoi Yu Street, Quarry Bay. The concerned in-situ land exchange aims to replace the original plan of the lot owner for a 25-storey high industrial building (IB) development there, a spokesperson for the DEVB said. Subject to payment of full market premium, the lot owner may, in accordance with the approval given by the Town Planning Board (TPB), pursue a harbourfront leisure, tourism and commercial development at the re-grant lot.
HOPSON DEV HOLD (00754.HK) announced that the gross contracted sales in aggregate for the two months ended 28 February 2021 amounted to approximately RMB5.491 billion, representing a year-on-year increase of 276.1%; amongst which, property contracted sales amounted to approximately RMB5.301 billion, representing an increase of 287.8%
CIMC ENRIC (03899.HK) announced that the Company would establish the hydrogen joint ventures with Norway's Hexagon Purus. CIMC ENRIC General Manager Yang Xiaohu said the parties plan to build a production line with annual capacity of around 100,000 hydrogen cylinders for the phase I of the JVs with an investment of about RMB650 million. The actual output will be gradually raised to achieve the highest production capacity.
SHIMAO SERVICES (00873.HK)  POSITIVE PROFIT ALERT announced that the Group’s unaudited net profit (before taking into account of the listing expenses) for the year ended 31 December 2020 is expected to record an increase of not less than 80%, as compared to that for the corresponding period in 2019. The increase was mainly attributable to the increase in the gross floor area of the properties under the Group’s management; and the comprehensive growth in revenue from community value-added services and value-added services to non-property owners.
PRU (02378.HK) announced annual result ended December 2020. The net profit amounted to US$2.118 billion, up 9% yearly. EPS was US81.6 cents.  A second interim dividend of US10.73 cents per share was declared, making a total dividend of US16.1 cents per share for the full year.
Centa-Salesman Index (CSI) last printed at 68.31, up 1.41 pts from the previous week. The research department of Centaline Property, said frontline sales agents grew more upbeat on the local property market in the first week after the release of Budget and Lantern Festival.
MARKET COMMENT 
*COMMODITIES & NON-FERROUS METALS STRONG  OIL advanced despite surge in US API crude inventories and ahead of the the OPEC+ meeting with insiders saying OPEC+ expects oil inventories to slip by 400m barrels this year.  New production quotas are expected to be announced later this week. CNOOC (883 HK +3.7%) PETROCHINA (857 HK +3%) SINOPEC (386 HK +4.3%).
RARE EARTH other materials rallied possible output cuts while demand increases although news the US has a new supplier. CH RARE EARTH (769 HK +33%) CHALCO (2600 HK +13%) MMG (1208 HK +10%) JIANGXI COPPER (358 HK +6.3%) ANGANG (347 HK +15%) YZ COAL (1171 HK +8.5%).
*MACAU CASINO RALLIED on recovery hopes as the govt decided to allow people to enter casino floors without having to show a negative Covid-19 test result. Comes as the Macau Govt’s recurring revenue shrank about 57% yearly to MOP4.33 billion in January 2021, as revealed by the central account of Financial Services Bureau. Among which, the tax revenue from gaming dived 63.6% yearly to MOP3.2 billion.  
MELCO (200 HK +6.2%) SANDS (1928 HK +5.5%) GALAXY (27 HK +7.7%) SJM (880 HK +3.6%).
*E-COMMERCE FIRM rebounded but upside limited with rotation between sectors. News that China's search engine giant Baidu is seeking listing approval for its HK secondary listing that could raise up to US$5b as soon as this week. Chinese video streaming co. Bilibili, backed by TENCENT (700 HK +3.3%) and ALIBABA (9988 HK +1.1%), aims to pass the hearing next week for its secondary listing that could raise up to US$3b.  Other news that PBoC not happy about the amount of consumer data that Ant is sharing.
*TECH & COMPONENTS  MIXED. Chipmakers dropped ahead of Beijing outlining its roadmap for developing the sector domestically at the NPC meeting tomorrow. SMIC (981 HK +0.2%) says it will do its best and work with partners to ensure that production and expansion plans aren’t affected by U.S. Ban. HUA HONG (1347 HK -4.4%) FIT HON TENG (6088 HK -1%). Other component makers advanced betting on positive policies towards tech sector; BYDE (285 HK +4.3%)  SUNNY OPTICAL (2382 HK +2.4%)
.ZTE (763 HK +3.3%) off highs after reportedly announced the setup of an automobile electronic product line. The group confirmed the news this afternoon, according to Securities Times.
*CHINA PROPERTY MIXED on sales data and following the concerns on debt after China Fortune Land Development, an industrial park developer, defaulted on a $530m bond over the weekend. Expectation of more clarity on future policy expected at the NPC  
GEMDALE (535 HK +1.7%) Feb. contracted sales surged 3x YoY to 2.786b yuan.
CH EVERGRANDE (3333 HK unchg) Feb. contracted sales 32% YoY 30.23b yuan.
KWG GROUP (1813 HK -0.17%) Feb. contracted sales 1.6x YoY to 4.56b yuan.
RONSHINE CHINA (3301 HK +2%) Feb. contracted sales 2.9x YoY to 11.9b yuan.
AGILE's (3383 HK -1.1%) landscaping business, A-City Group, files for HK IPO.
*OTHER GOME (493 HK +4.2%) announced plan to sell HK$4.49b-worth of new shares to repay debt and to expand its online and offline dual-platform businesses.
LIFESTYLE INTL (1212 HK+5%), the operator of HK's Sogo shopping malls, announced net profit -92.7% to HK$138.5m last year, as customer footfall plunged amid the pandemic.
LEE & MAN PAPER (2314 HK +4.6%) reported net profit for 2020 +11% YoY to HK$3.65b, declaring a final dividend of HK$0.18 per share.
WUSI SHANGJI AUTOMATION (603185 CH) plans to work with GCL-POLY's (3800 HK +9.5%) unit Jiangsu Zhongneng Polysilicon to develop silicon project in Inner Mongolia with production capacity of 300,000 tons.

Regional Markets
JAPAN 
Nikkei opened higher and tested higher on good PMI data but then sold down into the red mid morning and traded around Tuesday’s closing level before rebounding into the green after 11am. PM traded sideways between 29,500/450 before rallying just after 2pm eased back but then rallied to close at the day high +151pts (+0.5%) @ 29,559
Topix Opened higher but has spend most of the day trading around yesterday’s closing level. Around 2pm rallied to1,900 level then eased back before rallying to close at the day high +10pts (+0.5%)@ 1,905
Data
Services PMI Feb 46.3 vs 46.1 Jan (F/cast was 45.8)
Composite PMI Feb 48.2 vs 47.1 Jan (F/cast was 47.6)
Tomorrow we get Pre Market Foreign Stock and Bond investments then later Consumer Confidence.
S KOREA  
Kosdaq opened lower but initially rallied to 928 and then tested higher before reversing to 922 after which it worked higher in choppy trading to close +8pts (+0.8%) @ 931
Kospi traded in a similar pattern to close +39pts (+1.3%) @ 3,083.
Tomorrow we get Foreign Exchange Reserves, Inflation Rate and GDP Growth
TAIWAN 
Opened slightly higher dipped into the red in early trading but the worked higher for the rest of the session to close at the day high +265pts (+1.7%) @ 16,212.
Positive data after good data and local earnings.

CONNECT FLOWS (significant decreased)
Shanghai 
Northbound RMB 53,143m Sell 23,362m : 29,781m Buy
Southbound HK$ 23,848m Sell 9,567m : 14,281m Buy
Shenzhen 
Northbound RMB 56,652m Sell 27,031m : 29,622m Buy
Southbound HK$ 23,757m Sell 11,362m : 12,395m Buy

Active Heavyweights
CCB (00939.HK) +5.6%
TENCENT (00700.HK) +3.6%
PING AN (02318.HK) +3.3%
MEITUAN (03690.HK) +2.8%
AIA (01299.HK) +2.6%
HKEX (00388.HK) +2.1%
BABA (09988.HK) +1.3%

HSI & HSCEI Constituents on Move:
CM BANK (03968.HK) +7.9%
GALAXY ENT (00027.HK) +7.7%
ABC (01288.HK) +6.8%
PSBC (01658.HK) +6.7%
ICBC (01398.HK) +5.8%
SANDS CHINA LTD (01928.HK) +5.5%
CPIC (02601.HK) +5.1%
CSPC PHARMA (01093.HK) +4.6%
SINOPEC CORP (00386.HK) +4.3%
BANK OF CHINA (03988.HK) +4.1%
BOC HONG KONG (02388.HK) +3.9%
CNOOC (00883.HK) +3.6%
LONGFOR (00960.HK) +3.5%
CITIC (00267.HK) +3.4%
CHINA UNICOM (00762.HK) +3.4%
ALI HEALTH (00241.HK) +3.1%

HSMI & HSSI Constituents on Move:
CIMC ENRIC (03899.HK) +21.3%, hitting new high
SIHUAN PHARM (00460.HK) +15.5%
HENGTEN NET (00136.HK) +14.9%
ANGANG STEEL (00347.HK) +14.8%, hitting new high
CHINA ORIENTAL (00581.HK) +14.8%, hitting new high
CHINA LONGYUAN (00916.HK) -13.7%
CHALCO (02600.HK) +13.2%
SHOUGANG RES (00639.HK) +12.9%
KASEN (00496.HK) +12.3%
MAANSHAN IRON (00323.HK) +11.8%
KB LAMINATES (01888.HK) +11.8%
CHINAHONGQIAO (01378.HK) +11.6%, hitting new high
ZIJIN MINING (02899.HK) +10.6%
IGG (00799.HK) +10.6%
SINOTRANS (00598.HK) +9%, hitting new high

MARKET HOURS NEWS
GRAND VICTORIA Phase I, a residential project located at Lai Ying Street in Southwest Kowloon and co-developed by Wheelock Properties, SINO LAND (00083.HK), K. WAH INT'L (00173.HK), SHIMAO GROUP (00813.HK) and SEA HOLDINGS (00251.HK), has its four showrooms opened for the first time for media visit.  The showrooms and exhibitions are foreseen to be open to the public as quick as this weekend. Ricky Wong, Managing Director of WPL, said prices may be announced in a day or two, projecting to launch no less than 20% of flats in first batch (at least 105 flats).
Ecarx, backed by GEELY AUTO (00175.HK)'s parent Zhejiang Geely, plans to go public in Hong Kong, which will raise at least US$600 million, IFR reported. The smart car tech startup is in talks with Morgan Stanley, UBS and other banks for its planned IPO as soon as 2H21, said insiders.
EVERGRANDE (03333.HK)has paid land premium for its low-density residential project in Wo Shang Wai, involving around $4.15 billion, an almost three-year record of the private residential market, local media reported.  The Yuen Long site was transferred by HENDERSON LAND (00012.HK) to EVERGRANDE at $4.705 billion in 2019.
MEITUAN-W (03690.HK)'s Meituan Select said it has received an administrative penalty notice from China's State Administration for Market Regulation. The company attaches great importance to the notice and will step up rectification in this regard.
Total holdings of Chinese government bonds by investors out of China exceeded RMB2.06 trillion (USD318.7 billion) as of end-February, hitting a record-high and up 3.1% monthly, Reuters citing data from the interbank bond market clearing house China Central Depository and Clearing Corporation.
HSBC Global Asset Management announced that it will accelerate its investment deployment in the Asian region so as to better align with  HSBC's goal to become the leading wealth manager in Asia. The firm will particularly focus on featured investment and theme-oriented fixed income. HSBC Global Asset Management will continue to invest in core markets, such as Hong Kong, Singapore and Mainland China, and expand its product and distribution capabilities in emerging Asian regions (especially India and Southeast Asia).
A Sinovac spokesperson told Reuters that the annual production capacity of its Covid vaccine could reach 2 billion shots by June. The drugmaker had claimed to produce 1 billion doses by February.
Horizon Robotics, a smart chip company in China, said it had clinched a strategic cooperation with BYD COMPANY (01211.HK) following strategic investment from the latter. Both sides will jointly explore automobile smart chip technology, accelerate the deployment of cutting-edge technologies for smart driving, and foster the development and mass production of smart vehicles.
Huawei has informed its suppliers of over 60% slash for its smartphone component orders as the impact from the U.S. ban is surfacing, the Nikkei reported. The Chinese tech firm has booked parts for making 70-80 million smartphones this year, an over 60% slump in shipment as compared with last year, according to its message to suppliers.
Alibaba's Ganzhou center will set foot in Ganzhou, Jiangxi in June. It will be located at Yangming International Building 1 in Zhanggong District of the Ganzhou city, with a headcount of 140 for the first year.  At the next step, Shuzi Jiangxi  will help Alibaba's Ganzhou center with the gradual introduction of Ant Group's blockchain innovation center.
The first batch of 200,000 Covid vaccine shots from AstraZeneca arrived in Taiwan Taoyuan International Airport this morning (3rd), reported local media.  Taiwan's Central Epidemic Command Center will convene a press conference this  afternoon to flesh out the accurate number of doses and subsequent arrangements.
State Administration for Market Regulation (SAMR) imposed a total of RMB6.5 million penalty on five community group buying operators due to low-price dumping and price fraud. These operators included Didi Chuxing's "Chengxinyouxuan'', Pinduoduo (PDD.US)'s "Duo Duo Mai Cai'' and MEITUAN-W (03690.HK)'s "Meituan Select".
Epic Games, the developer of TENCENT (00700.HK)'s "Fortnite", announced acquisition of Tonic Games Group, the game developer behind "Fall Guys: Ultimate Knockout".
OPEC expected oil inventories to slip by around 400 million barrels this year, Reuters citing OPEC+ insiders.
Christopher Hui, Secretary for Financial Services and the Treasury, wrote on his blog that the Bureau will continue to pull out all the stops in creating more jobs with higher relevance and supporting jobless residents amid pandemic, while mapping out the mid-to-long-term development of the financial market. The Budget unrolled last Wednesday suggested an increased funding of $6.6 billion for about 30,000 additional time-framed jobs which last less than 12 months.
Wang Chenglu, President of Huawei's Consumer BG Software Engineering Department, made a conservative estimate for 300 million units of Huawei devices to be equipped with Harmony OS this year, reported Chinese media.
This will include 200 million units of smartphones, as well as over 30 million units of Pads, watches, smart screens and loudspeakers.
British Chancellor Rishi Sunak said the country will overhaul its listing rules to lure more fast-growing and deep-pocketed special purpose acquisition companies (SPAC) to the London market. A Treasury-backed review suggested giving directors and founders of companies greater voting power over particular decision-making, i.e. the rollout of a weighted voting right (WVR) structure.
The PC shipment in EMEA (Europe, Middle East and Africa) markets is set to total 96.4 million units in 2021, up 16% yearly, IDC wrote in a report, and strong growth of 39.1% was expected in 1Q21.
Malaysia's Prime Minister Muhyiddin Yassin met with ND PAPER (02689.HK)   Chairman Cheung Yan and Deputy CEO Zhang Cheng Fei on Tuesday (2nd), reported Bloomberg.   After the meeting, ND PAPER pledged to invest MYR5.4 bn (around HKD10.33 bn) in two manufacturing facilities in Pahang and Selangor, Malaysia, of which the project in the Banting town of Selangor is slated for operation this year.
Ant Group's former Chief Technology Officer Hu Xi has recently assumed the role of Chief Information Officer at Tianhong Asset Management, foreign media citing insiders. Ant is the single largest shareholder of Tianhong AM.
PRE MARKET HOURS NEWS
UBS plans to deepen its shareholdings in its Chinese joint venture to 67% as two of its partners in the venture are seeking to sell their stakes, Bloomberg reported.
The investment bank, the first foreign bank to win Beijing's approval for a controlling stake in a JV across the country, is seeking to snap up another 16% of the firm, said the report.
HKEX (00388.HK) announced that in relation to the appointment of Alejandro Nicolas AGUZIN as the Chief Executive, effective 24 May 2021 for a term of three years until 23 May 2024, the Securities and Futures Commission had yesterday given its written approval.
SMIC (00981.HK) (688981.SH) will do its utmost and keep joining hands with industrial supply chain partners worldwide to ensure that production continuity and ramp-up plans would be untouched by the US ban, said the firm on the SSE E-Interaction platform.
The seasonally-adjusted IHS Markit Hong Kong Purchasing Manager’s Index (PMI) rose to 50.2 in February from 47.8 in January, surpassing the 50 level for the first time in three months. This indicated a slight improvement in the private sector economy sentiment. With business mood at its highest since September 2014, IHS Markit Economics Director Andrew Harker noted an op
A 61-year-old man was arrested and detained over alleged fraud by the National Security Department of the Hong Kong Police Force in Central District on Tuesday (2nd). The man is said to be Stephen Ting Ka-yu, former Executive Director, Chief Operating Officer and Chief Financial Officer of NEXT DIGITAL (00282.HK)
The People's Bank of China (PBOC) is unsatisfied that BABA-SW (09988.HK)'s Ant Group only provided a small amount of user data to the former with inadequate details and frequency of information, as Financial Times cited people familiar with the matter. Ant Group had pledged that it would hand in personal data of its 500 million loan customers to the central government's database, covering personal identity, monthly loan amount and repayment status, for purpose of analyzing personal credit ratings.
TINGYI (00322.HK)'s substantial shareholder, Ting Hsin International Group, is pondering on ring-fence of its mainland catering business for listing in Hong Kong, expected to fetch US$800 million, Bloomberg cited people with the knowledge of the matter.  Report said Ting Hsin International, a Taiwan food merchant, is aggressively approaching investment banks for assistance in listing affairs.
The Government announced that a total of over 13,000 persons as of 8pm yesterday (March 2) received their first vaccination doses. Since February 22, a cumulative total of over 40,000 persons have been vaccinated.  As of 8pm yesterday, a total of over 18,000 persons had reserved their first and second doses of a vaccine online. Since February 23, a cumulative total of over 254,000 persons have made reservations for vaccination.
Macau Novel Coronavirus Response and Coordination Center announced that the requirement to present a negative nucleic acid test certificate, in order to enter a Macao casino, will be lifted after the stroke of midnight today (March 3). Gaming operators are nonetheless obliged to implement strictly other epidemic-control measures.
HSBC HOLDINGS (00005.HK)  announced that it intends to issue US$1 bn 4% Perpetual Subordinated Contingent Convertible Securities and US$1 bn 4.7% Perpetual Subordinated Contingent Convertible Securities on 9 March 2021.  The net proceeds from the issuance of the Securities are expected to be US$1.98 billion (approximately HK$15.36 billion).
ZTE (00763.HK)  made an internal announcement on the setup of an automobile electronic product line, which will specialize in the unified business planning and operation of automotive electronics, as the Yixian of Tencent news learnt from insiders.
China Passenger Car Association (CPCA) announced that the overall pressure on auto chip supply is not overwhelming although the market has been haunted by supply outage since end-20. The Chinese auto market sales will not be deeply jolted by under-supply of auto chips as manufacturing capabilities will gradually be unleashed by the maturing chip technology, said the association.
At G20 summit, Chinese Minister of Finance Liu Kun said he will better coordinate macro economic policies and unify efforts in pandemic precaution and economic reboot. Beijing will this year maintain aggressive fiscal policies and solid monetary policies, added Liu.
POWERLONG (01238.HK)   announced annual results ended December 2020. Net profit amounted to RMB6.093 billion, up 50.8% yearly. EPS equaled 147.1 fen. Final DPS was 33 fen.
POWERLONG CM (09909.HK) announced FY20 annual results. Net profit amounted to RMB305 million, up 70.8% yearly. EPS equaled 49.12 fen. Final
DPS was HK18 cents.

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