Feb 5 HK/CHINA WRAP HK T/O flat Ex Kuaishou IPO +160% was -16%

05 Feb

HSI +175pts (+0.6%) 29,288  HSCEI -2pts (unch) 11,561 T/O HK$239.78bn (unch DoD) Ex IPO's T/O was -16%

Markets opened higher following the lead from Asia with the focus on earnings as BNP Paribas beat forecasts other earning due from: Sanofi, Intesa Sanpaolo and Thyssenkrupp.Data was mixed.
Factory Orders Dec -1.9% MoM vs +2.7% Nov revised (F/cast was -1.2%)
Balance of Trade Dec Euro -3.39b vs -3.79b Nov (F/cast was -3.4%)
Current Account Euro -1.2b vs -1.4b Nov
Halifax House Price Index Jan +5.4% YoY vs +6% Dec (F/cast was +4.9%)
Halifax House Price Index Jan -0.3% MoM vs 0% Dec revised (F/cast was +0.2%)
US Futures 
Opened flat in Asian time but worked higher Dow +100pts, S&P and NDX both positive. May see some caution ahead of the jobs report.
AHEAD Balance of Trade, Non Farm Payrolls, Unemployment Rate, Participation Rate, Average Hourly Earnings, Average Weekly Hours, Exports, Imports, Baker Hughes Rig Data
Earnings: Cardinal Health, Sanofi, Estee Lauder, Regeneron, Illinois Toolworks, Aon, CBOE Global Markets, Lazard, Biomet

CHINA CSI 300 Closed +10pts (+0.2%) @ 5,483
CSI 300 opened higher and worked higher to 5,550 around 11:10am before easing lower into lunch. PM saw the market open lower and trended lower to close just above yesterday’s level. Signs of consolidation ahead of Chinese New Year next week. Interesting to note that whilst the markets will be closed many factories will remain open and over bonuses and overtime as covid travel restrictions hamper return to home visits.
Shanghai Comp -6pts (-0.2%) @ 3,496
Shenzhen Comp -99pts (-0.7%) @ 15,007
ChiNext Index -30pts (-1%) @ 3,064
No data today but on Sunday we get Foreign Exchange Reserves.
HSI Pre market opened at 29,305 +192pts vs +28pts ADR’s
Market initially rallied to test 29,500 but hit resistance and then sold down over the next hour to 29,185 before bouncing into lunch. PM opened higher and tested to 29,400 mid afternoon but unable to break out and sold down to test 29,230 a couple of time late afternoon before a bounce back to 29,300 into the close but ticked lower in the closing auction.
KUAISHOU-W (01024.HK) IPO saw strong demand from the start and opened 1.9 times higher but eased back in trading.E Commerce strong except BABA which continues to see weakness. Xiaomi weak along with some tech names. Autos seeing some weakness. Financials mixed, Galaxy hit a new high.
T/O was flat which is surprising considering the interest in the Kuaishou IPO, without the IPO’s the turnover would have been -16% suggesting that a lot of investors are already closing positions ahead of Chinese New Year. Expect lighter volumes next week.

Foreign Exchange Reserves Jan $493.5b vs 491.8b Dec revised (F/cast was 510b)
Centre for Health Protection said there were 37 new COVID-19 cases in Hong Kong today; (vs 22 Thursday) with 9 of unknown origin, plus 30+ initially confirmed cases

KUAISHOU-W (01024.HK) closed at $300, up $185 or 1.6 times against the listing price of $115, on volume of nearly 120 million shares and turnover of $37.5 billion. Excluding the handling fees, a book gain of $18,500 was reported per board lot of 100 shares.
JBM HEALTHCARE (02161.HK) on debut, finished the trade at $2.16, up 96 cents or 80% against the listing price $1.2, on volume of 340 million shares and turnover of $757 mn.Excluding the handling fees, a book gain of $1,920 was reported per board lot of 2,000 shares.
BASECARE-B (02170.HK), to be listed next Monday, closed at $31.2 in gray market, up 14% or $3.84 against the listing price $27.36, on turnover of $266 mn, PhillipMart data showed. Excluding the handling fee, the book gain is $1,920 per board lot size of 500 shares.

SHORT SELLING Friday 18.3% vs 19.5% Thursday 
Top Shorts:  Hengan (1044) 44%, Henderson Land (12) 35%, CCB (939) 35%, Hang Seng Bank (11) 34%, Wuxi Bio (2269) 33%, Bank of China (3988) 31%, Ping An (2318) 29%,  AIA (1299) 29%,  Power Assets (6) 28%, Country Garden (2007) 28%, Sunny Optical (2382) 28%, Bud Apac (1876) 27%, CLP (2) 26%, BankComm (3328) 26%, Wharf REIC (1997) 26%, Tencent (700) 25%, Hang Lung Ppty (101) 25%.

A PPT report which is circulating within Deloitte arouses extensive attention, as Chinese official media Xinhuashidian revealed on Weibo. The PPT reportedly involved multiple audit violations, connecting to a serious of listed companies. For this, China's regulatory department made immediate intervention and investigation.  The involved listed companies are SINOTRANS (00598.HK), BOQI ENV (02377.HK) and RYB Education (RYB.US), according to report.
PCCW (00008.HK)'s Viu posted MAU growth of 29% to 45 million last year, revealed Group Managing Director Srinivas Bangalore Gangaiah, who was hopeful for a breakeven for the platform in the next 1-2 years with enormous development opportunities.   Despite ebbing local advertisement spending, ViuTV has in recent year managed to gain ad revenue and market shares through Made-in-Hong Kong programs and benign cooperation with advertisers.
China's Social Security Fund reduced 59.867 million shares of BANK OF CHINA (03988.HK) at an average price of $2.66 per share on 2 February, involving $159 million, as revealed by the Stock Exchange.  Upon completion, the Fund's stake in BANK OF CHINA dropped to 6.94% from 7.02%.
SWIRE PROPERTIES (01972.HK) released the 4Q20 operating statement. The tenant occupancy rate of the overall HK office as at 31 December 2020 was 96%, down 3 ppts yearly.  The retail sales of The Mall, Pacific Place for the year ended 31 December 2020 dropped 31.2%.
MSCI announced that it will add KUAISHOU-W (01024.HK) to its Standard All Shares Index and China All Shares Index with effect from 1 March 2021.
Guangzhou Futures Exchange confirmed its registered capital and shareholders, Caixin.com reported. With a registered capital of RMB3 billion, the Exchange wooed eight shareholders, including PING AN (02318.HK) and HKEX (00388.HK) with stakes of 15% and 7% respectively.
PCCW (00008.HK) announced the annual result ended December 31, 2020. It was swung into loss of HK$1.02 billion, against net profit of HK$681 million in a year-ago period, partly due to one-time non-cash accounting items. LPS was HK13.22 cents. A final dividend of HK23 cents per share was declared, resulting in full-year cash dividend of HK32.18 cents per ordinary share.
XIAOMI-W (01810.HK) will launch Mi 11, priced from EUR799, overseas from February 8, said Chinese media.
The Government has appointed Nisa Leung and re-appointed Rafael Gil-Tienda and Stephen Yiu as members of the Board of Directors of HKEX (00388.HK) for a term of around two years from the conclusion of the Annual General Meeting (AGM) of the HKEX in 2021 until the conclusion of its AGM in 2023. Nisa Leung is a Managing Partner of Qiming Venture Partners, leading its health care investments.
The Lands Department announced that the residential site at Nos. 9 and 11 Mansfield Road, the Peak has received five tenders in total. Bidders included CK ASSET (01113.HK), HENDERSON LAND (00012.HK), K. WAH INT'L (00173.HK) and SHK PPT (00016.HK) on a sole basis. Equally, WHARF HOLDINGS (00004.HK)'s spokesman said the group has submitted a tender for the site.
China Securities Regulatory Commission Spokesperson Gao Li disclosed an innovative regime to command repurchase for fraudulent issue of listed shares, and the authority is soliciting public views over implementation of the drafted bill. The Chinese market watchdog will carry out investment and financing reform and press ahead with optimization of market entry for mid-to-long term capital, furthered Gao.
Luckin Coffee (LKNCY.US) issued a statement that the Company today filed a verified petition under chapter 15 of title 11 of the United States Code with the United States Bankruptcy Court for the Southern District of New York.  The Company is negotiating with its stakeholders regarding the restructuring of the Company’s financial obligations. All Company stores remain open for business in China. The filing of the Chapter 15 Petition is not expected to materially impact the Company’s day-to-day operations.
Ministry of Foreign Affairs said China is committed to fostering relationship with the US on mutual respect and win-win collaboration, eliminating conflicts and opposition. It hoped the US could treat China-US relationship upon objective rationality, so as to align with people's will of two countries and global trend. Through active and constructive dialogue, China anticipated the US to focus on cooperation and manage differences.
MTR CORPORATION (00066.HK)  announced that in view of the latest development of the COVID-19 pandemic, the arrangements for activities on Lunar New Year’s Eve, as well as a series of measures implemented by the Government to prevent large gatherings of people, after prudent consideration, the corporation will maintain normal operating hours on Lunar New Year’s Eve (11 February 2021) and overnight train service will not be provided.  Nevertheless, train service at certain periods of the day will be enhanced to meet passenger demand as an endeavor to maintain the same level of comfort in train compartments.
The People's Bank of China announced that an MOU on the Launch of the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area was executed by PBoC Governor Yi Gang, CBIRC Chairman Guo Shuqing, CSRC Chairman Yi Huiman, SAFE Administrator Pan Gongsheng, HKMA Chief Executive Eddie Yue, SFC Chairman Tim Lui, and AMCM Chairman Chan Sau San.
CCL last printed at 176.21, up 0.67% weekly. 
CCL Mass climbed 0.75% weekly to 178.92.
CCL (small-to-medium flats) gained 0.63% weekly to 176.27.
CCL (large units) added 0.87% weekly to 175.93.
Said the Centaline Property, believed there will be a home price upsurge soon given rising deals and an earlier Spring Festival peak season. The uptick may struggle in stability.

*PETROCHEMS STRONG  as oil prices rose over night and in Asian time. WTI at a 12 month high on confidence that OPEC+ is committed to restraining global supplies.
CNOOC (883 HK +0.9%) forecasts capital expenditure for 2021 of 90b yuan to 100b yuan. It announced its 2021 target of net production is 545m to 555m barrels of oil equivalent. Also that it would talk to the US Govt regarding being placed on the black list.
CH OILFIELD (2883 HK +3.2%) after releasing strategic guidance after market Thursday; it intends to increase its capex +VE
*E-COMMERCE PLATFORM WEAK as market focused on KUAISHOU TECH's (1024.HK) trading debut. Suggests some rotation taking place.  
ALIBABA (9988 HK -1.6%) on news that Ant Group is considering spinning off its consumer data operations, a concession to Chinese regulators that may enable it to list within two years. Data is some thing the PBoC is keen to get control of. It is also reported that following the restructuring Ant Group and at least a dozen banks are paring back their years-long cooperation on consumer lending platforms, in order for Ant to comply with the Financial holding company structure.
MEITUAN (3690 HK +0.1%) TENCENT (700 HK -0.3%) JD (9618 HK +0.3%) NTES (9999 HK +2.4%). But PA GOOD DOC (1833 HK -5.4%) after reported a net loss in 2020.
*TECH & COMPONENTS MIXED  XIAOMI (1810 HK +0.8%) rebounded slightly after clarifying that some of its mobile phone models in the mainland do not come with support for Google Mobile Service.
SMIC (981 HK -10%) said net profits jumped 190% YoY to US$257m last quarter, better than expectation, but its spending target for 2021 is $4.3b, fell short of mkt expectations.
HUA HONG (1347 HK -7%).
TRULY (732 HK +8.5%) said the unaudited net consolidated turnover of the group was approx HK$1,734m for January 2021, +33% YoY.
*INSURERS MIXED on debt concerns after PING AN INSURANCE (2318 HK -0.7%) said it has a total exposure of 54b yuan in China Fortune Land Development as the indebted  developer faces mounting default pressure.
CH LIFE (2628 HK -0.4%) CPIC (2601 HK +1.6%). Interesting article in FT’s Lex today on Chinese Bond defaults. Last year saw a record number ($30bn on shore) and this year is expected to set new records for both on shore and off shore bonds.
*MACAU STRONG  on hopes that Macau's GGR will turnaround during the long CNY  holiday and news that the first batch of 100,000 Sinopharm jabs arrived in Macau
SANDS (1928 HK +3.3%) GALAXY ENT (27 HK +6.6%) SJM (880 HK +7.4%).It may increase but will many Chinese factories looking to stay open and increased travel restrictions the upside may be limited.
*CHINA PROPERTY FIRM following sales data release.
CH OVERSEAS LAND (688 HK +1.2%) Jan. contracted sales +33.3% YoY to 27b yuan. Co. acquired 3 land parcels in Changchun, Beijing and Suzhou in January. AGILE PROP (3383 HK unchg) Jan. contracted sales jumped 1.2x to 11.03b yuan. CH VANKE (2202 HK +3%) Jan. contracted sales +30.2% YoY to 71.4b yuan.
CH JINMAO (817 HK +1.6%) Jan contracted sales +91.2% YoY to 20.1b yuan.
*AIRLINES STRONG after CH EASTERN AIR (670 HK +5.7%) receives US$1.7b in cash support from its parent company to help with recovery from the pandemic. CH SOUTHERN (1055 HK +6.6%) AIR CHINA (753 HK +3.4%).
*BIOTECH/PHARM FIRM  positive news on Chinese vaccine rollouts. CANSINO (6185 HK +11%) WUXI BIO (2269 HK +3.2%) FOSUN PHARM (2196 HK +2.4%).

Regional Markets
Nikkei 225 opened higher after Household Spending data was stronger than expected and Foreign reserves rose. Market initially traded sideways but rallied into lunch. Data at lunchtime was weak. PM continued to trade sideways Closed +437 pts (+1.5%) @ 28,779
Topix traded a similar pattern but closed at the day high +26pts (+1.4%) @ 1,891
Autos were strong as Apple said it was in talks with at least six companies regarding the ‘Apple Car’; Mazda Motor +18.5%, Mitsubishi Motors +8.1%, Nissan +7.5%, Honda +2%, Toyota +2% and Suzuki Motor +1.7%.
Household spending Dec +0.9% MoM vs -1.8% Nov (F/cast was -1.1%)
Household spending Dec -0.6% YoY vs +1.1% Nov (F/cast was -2.1%)
Foreign Exchange reserves Jan $1392.1b vs 1394b Dec
Leading Economic Index Prelim Dec 94.9 vs 96.1 Nov revised (F/cast was 96)
Coincident Index Prelim Dec 87.8 vs 89 Nov revised (F/cast was 88.5)
Monday pre market we get Current Account and Bank Lending, later Eco Watchers data.
Pre market Current Account was stronger than expected hitting a 2 year high due to a fall in imports and overseas trips. Tech seeing support again but Pharma mixed. Kirin announced to end beer production JVs in Myanmar due to the coup; it had already been under pressure to do so. Also Samsung Electronics is considering investing US$17 billion to build a chip factory in Austin.
Kosdaq opened higher and rallied to 970 but then sold down to 960 level before rebounding to 970 mis morning. From then it drift slightly lower for the rest of the session in choppy trading to close +3pts (+0.3%) @ 967
Kospi opened higher and rallied to 3,120 level before selling down to 3,080 level. Rebounded to 3,116 level before easing back to 3,090 which is tested a couple of times before rallying to close at the day high +34pt (+1.1%) @ 3,121
Current Account Dec US$11.51 vs 8.97b Nov (F/cast was 9.9b)
opened higher at 15,800 and traded sideways for the first 45 minutes before rallying 15,940 level but unable to break above and sold back down to 15,840 an then traded side ways to close +96pts (+0.6%) @ 15,802
The central bank has amended foreign-exchange regulations for companies and individuals to give it more flexibility in curbing currency speculation in a timely fashion.
Data out after market
Wholesale Prices Jan -2.86% YoY vs -5.1% Dec (F/cast was -3.9%)
Inflation Rate Jan +0.51% MoM vs +0.17% Dec (F/cast was +0.1%)
Inflation Rate Jan -0.16% YoY vs +0.06% Dec (F/cast was +0.1%)
Foreign Exchange Reserves Jan $541.481 vs 529.911b Dec (F/cast was 541b)
Northbound Rmb 53,452m Buy 25,368m vs 28,084m Sell
Southbound HK$ 28,711m Buy 12,915m vs 15,797m Sell
Northbound Rmb 68,651m Buy 31,487m vs 39,164m Sell
Southbound HK$ 34,506m Buy 14,610m vs 19,898m Sell

Active Heavyweights
AIA (01299.HK) +2.2%
BABA (09988.HK) -1.6%
CCB (00939.HK) +1.2%
HKEX (00388.HK) +1.2%
PING AN (02318.HK) -0.7%
TENCENT (00700.HK) -0.3%
MEITUAN (03690.HK) +0.1%

HSI & HSCEI Constituents on Move:
SMIC (00981.HK) -10.6%
GALAXY ENT (00027.HK) +6.3%, hitting new high
TECHTRONIC IND (00669.HK) +4.2%
SANDS CHINA LTD (01928.HK) + 4.1%
HANG LUNG PPT (00101.HK) +4%
PSBC (01658.HK) +3.2%, hitting new high
WUXI BIO (02269.HK) +3.2%
MENGNIU DAIRY (02319.HK) +3.1%
HAIDILAO (06862.HK) +2.9%, hitting new high
ENN ENERGY (02688.HK) +2.7%, hitting new high

HSMI & HSSI Constituents on Move:
HENGTEN NET (00136.HK) +21.6%, hitting new high
INNOCARE (09969.HK) +15.2%, hitting new high
MEITU (01357.HK) -11.4%
CANSINOBIO (06185.HK) +11.4%, hitting new high
XD INC (02400.HK) +10.8%, hitting new high

Worldwide sales of smartphones to end users is set to total 1.535 billion units in 2021, up 11.4% yearly, Gartner wrote in a report. The increased shipment in 2021 is attributable to the combination of delayed smartphone replacement and the availability of lower end 5G smartphones, explained the researcher.
China's Ministry of Education (MOE) released the first alert for studying abroad in 2021, saying malicious assaults on Chinese students and scholars across Australia have been posing grave security risks.  MOE reminded the students and scholars of choosing carefully before returning to Australia for education.
XIAOMI-W (01810.HK) unveiled its first quad-curved-waterfall display concept smartphone, equipped with four steep 88-degree curved edges. Boasting a port-less design, the device will have no buttons and ports on its body.  However, XIAOMI-W did not reveal the handset model and the schedule of its debut.
BYD COMPANY (01211.HK) announced the provision of the visual OTA automatic parking assist system upgrade service for Han EV owners nationwide.
Chengdu EBGAME InfoTech underwent a business change yesterday (4th), introducing Linzhi Tencent Investment Management and Bilibili's affiliate Shanghai Hode Information Technology as shareholders with respective stake of 10%, Chinese media citing Qichahca. Chengdu EBGAME InfoTech is a game developer with titles like "5th Invention".
Telegram, in January 2021 was the most downloaded messaging app in the world, with over 63 million installs, up 3.8 times yearly, Sensor Tower wrote in its report. TikTok (62 million installs) closely followed. Reddit mobile app recorded 6.6 million worldwide downloads, +43% monthly and 128% yearly to a total of nearly 123 million to date, Sensor Tower
UBS stated that unlike other major economies, Hong Kong had already slipped into recession pre-pandemic under trade war and social incidents. UBS projected Hong Kong's economy to grow by 4.8% this year, ahead of consensus of 4.3%. Given multiple growth drivers, Hong Kong's retail sales have started showing stabilization signs even without visitor arrivals, the broker added.  Drivers like normalization of traveller flows will boost cyclical upswings. Although high unemployment partly reflects output gap, fiscal support can make up the shortfall. The significant government fiscal power can underpin household income and hike re-employability.
LOGAN GROUP (03380.HK) announced that the contract sales attributable to the shareholders of the Company was approximately RMB16.01 billion in January 2021, representing a year-on-year increase of 162.8%.
BABA-SW (09988.HK) raised US$5 billion after finalizing a large-scale US dollar bond deal on Friday (5th), reported Reuters.  The final pricing was below the initial price guidance unveiled on Thursday (4th), denoting a strong market demand for BABA-SW's bonds despite the antitrust probe into the giant.
XIAOMI-W (01810.HK) at 2pm said it will launch a new display technology, said Chairman Lei Jun. The market gauged the new tech may be related to curved screen.Earlier it disclosed that AI Assistant will support Cantonese function at Mi TV, where Cantonese recognition and replies will be available.
Overnight HIBOR last posted at 0.0392%, down for 5 days, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.13518%.
SMIC (00981.HK) in 2021, with respect to advanced technology, will ensure the continuity of production, cautiously expand productivity and reinforce the first- and second-generation FINFET multi-platform-developed components, said Co-CEO Zhao Haijun at a call conference.
KUAISHOU-W (01024.HK) has over the past year, generated more than 13 billion video clips and recorded nearly 9.6  trillion minutes of paid time spent, said Chairman cum CEO Su Hua. Over RMB300 billion of online GMV was incurred. The Chinese short-video sharing platform has contributed a great deal to livelihood betterment by means of technology, opined Su, and it will go on helping even more people work and develop better during this digital era.
KERRY LOG ENT (00636.HK)'s trading in its shares was halted with effect from this morning, pending the release of an announcement in relation to its inside information.Bloomberg reported that SF Holding is in talks to acquire a minority stake in KERRY LOG NET (00636.HK). Separately, KERRY LOG NET is reportedly considering selling some assets to its owner.
KERRY PPT (00683.HK)  Trading in the shares has been halted with effect from 9:00 a.m. today (5 February) pending the release of an announcement in relation to an inside information of the Company.
SF Holding (002352.SZ)  announced that trading in its shares was halted before market open on 5 February 2021, pending the release of an announcement under media disclosure requirements. SF Holding is in talks to acquire a minority stake in KERRY LOG NET (00636.HK) , Bloomberg citing sources. Separately, KERRY LOG NET is reportedly considering selling some assets to its owner.
CHINA JINMAO (00817.HK)  announced that for January 2021, the Group recorded a contracted sales amount of RMB20.1 billion, up 91.19% yearly.
CKI HOLDINGS (01038.HK) and POWER ASSETS (00006.HK) announced that the wholly-owned subsidiary Canadian Power Holdings Inc. entered into an agreement to acquire the Okanagan Wind projects. Both parties agreed to provide shareholder funds up to approximately HK$420 million (equivalent to approximately CAD70 million) for the projects.  The Okanagan Wind projects comprise the Pennask Wind Farm and the Shinish Creek Wind Farm in the Province of British Columbia, Canada.
WYNN MACAU (01128.HK) announced the results for the fourth quarter ended 31 December 2020. The loss was US$145 million against the net profit of US$182 million from a year ago.  Total operating revenues declined 63.83% yearly to US$403 million. Operating revenues of casinos receded 69.28% annually to US$291 million.
BABA-SW (09988.HK) announced that it had priced for the US$5 billion aggregate principal amount of U.S. dollar-denominated senior unsecured notes.  The Company intended to use the net proceeds of the sale of the Notes for general corporate purposes, including working capital needs, repayment of offshore debt and potential acquisitions of or investments in complementary businesses, and so on.
The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) convened a meeting on the three-year action plan for SOE reform.
Accordingly, central enterprises and local SASAC branches are required to fully accomplish the missions under the action plan. Following, they have to resolve the plights of corporate governance, vitality and efficiency as well as technological innovation. SASAC aims to ensure completion of over 70% of the three-year missions this year.
In January 2021, Chinese e-commerce logistics business volume grew over 30% yearly, hinting at still-vibrant demands, CCTV reported.
SEAZEN (01030.HK)  announced that in January 2021, the Group achieved contracted sales of RMB16.639 billion, and contracted sales area of 1.8913 million sq.m., up 48.5% and 78.5% yearly.
CHINA VANKE (02202.HK) announced that for the month ended 31 January 2021, the Company achieved a contract sales amount of RMB71.47 billion, up 30.2% yearly.
SMIC (00981.HK) results for the fourth quarter ended December 31, 2020. Revenue was US$981 million, +16.9% annually but -9.4% quarterly.  Net profit amounted to US$257 million, +189.7% yearly +0.3% QoQ.  Chief Financial Officer Gao Yonggang said multiple full-year financial metrics for the Company hit record highs. The 2020 net profit was US$716 million, an increase of 205%.  The 2021 revenue target is mid-to-high single digit percentage growth; revenue target for 1st half is around US$2.1 billion; and annual gross margin target is in the mid-teens range.

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