Feb 9 HK/CHINA WRAP HSI +157pts thanks to PM rally but T/O down China continues higher.

09 Feb

HSI +157pts (+0.5%) 29,476  HSCEI +42pts (+0.4%) 11,603 T/O HK$149.93bn (-19.3% DoD) No Southbound connect flows

Markets open flat but pulling back in early trading. Covid concerns over the effectiveness of the AstraZeneca/University of Oxford vaccine.Total climbed after reported pre market FY profit -66% beating forecasts +VE; other earnings due from as Ubisoft and Ocado.
Balance of Trade Dec Euro 14.8b vs 16.7b Nov revised (F/cast was 16.2b)
Imports sa Dec -0.1% MoM vs +5.4% Nov revised (Consensus was -1.1%)
Exports sa Dec +0.1% MoM vs +2.3% Nov revised (Consensus was -1%)
Current Account Dec Euro 28.1b vs 21.2b Nov revised (F/cast was 23.4b)
US Futures 
Opened in Asian time Dow +15pts, S&P and NDX also flat. Rose slightly in Asian time but then reversed now Dow -60pts S&P and NDX -0.2%
Data due US Jolts Job Openings, WASDE Report, API Crude Oil Stock Change Report.
Earnings: Cisco, Twitter, Lyft, Dupont, Mattel, Honda, Nissan, Centene, Hanesbrands, Canopy Growth, Martin Marietta Materials, Masco, Sealed Air, S&P Global, Hains Celestial , Fox Corp, Akamai, Owens-Illinois

CHINA CSI 300 Closed +122pts (+2.2%) @ 5,686
CSI 300 opened higher, tested yesterday’s close in early trades and then worked higher thought the day. Team China ensuring the market performs well ahead of the Lunar New Year. Also sentiment helped by a reduction in the number of new covid cases being reported as vaccine rollouts continue.
Shanghai Comp +71pts (+2%) @ 3,603 T/O Rmb 371.6bn
Shenzhen Comp +360pts (+2.4%) @ 15,630 T/O Rmb 465.8b
Chinext Price Index +56pts (+1.7%) @ 3,334 T/O Rmb 158.9b

CHINA DATA After Market and unexpected 
New Yuan Loans Jan CNY 3580b vs 1260b Dec (F/cast was 3250b)
Outstanding Loan Growth Jan 12.7% YoY vs 12.8% Dec (F/cast was 12.7%)
Total Social Financing (TSF) Jan CNY 5170b vs 1720b Dec (F/cast was 4,260b)
M2 Money Supply Jan +9.4% YoY vs 10.1% Dec (F/cast was 10%)

Loans were a record amount. They tend to be large in January as banks try to get more higher quality customers and win market share. The PBoC also tends to ensure good liquidity in the run up to the Lunar New Year holiday, although this year was withdrawing liquidity, a sign of tightening.TFS a broad measure of credit & liquidity beat forecasts. It includes off-balance-sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.
China posted sales volume of passenger vehicles in narrow sense of 2.16 million units in January, +25.7% YoY but -5.5% MoM as revealed by the statistics of China Passenger Car Association (CPCA).
China's passenger vehicle sales volume +26.8% YoY to 2.045 million units in January 2021, according to data from China Association of Automobile Manufacturers (CAAM). Sales volume of NEVs +238.5% YoY to 179,000 units in the month.
Opened @ 29,443 +123pts vs +107pts ADR’s
Market sold down to test yesterday’s close initially than traded sideways before selling down just into the red before rebounding into lunch. PM saw an initial uptick to 29,500 but failed to break above and then trended lower to 29,360 but from 3pm worked higher but did tick lower in the closing auction. Volumes lighter with no southbound connect flows ahead of the Lunar New year Holiday.
Baba and Ping An remain weak other E Commerce firm. Tech +VE after good numbers from Sunny Optical, Autos +VE along with mining and heavy equipment names.
But still signs of some traders staying on the sidelines ahead of the Lunar New Year holidays, to assess stimulus prospects and virus trends with stocks at record highs.
Note that stock connect Southbound is closed for Lunar New Year holiday until it resumes trading on Feb 18th.
Centre for Health Protection said there were 26 new COVID-19 cases in Hong Kong today; (vs 32 Monday) with 5 of unknown origin.

SHORT SELLING Tuesday 19.8% vs 22.5% Monday 
Top Shorts:  Henderson Land (12) 55%, Country Garden (2007) 48%,  Hang Lung Ppty (101) 39%, Hengan (1044) 37%, SinoBioPharm (1177) 37%, BankComm (3328) 36%, AIA (1299) 36%, Bank of China (3988) 36%, Wharf REIC (1997) 33%, Bud Apac (1876) 33%, , CKI (1038) 33%, Hang Seng Bank (11) 32%, CCB (939) 32%, SHKP (16) 32%, CSPC Pharma (1093) 31%, Shenzhou Int (2313) 31%, China Res Land (1109) 30%, ICBC (1398) 28%, Power Assets (6) 26%, Ping An (2318) 25%, HSBC (5) 23%.

China's State Administration of Press, Publication, Radio, Film and Television released the approval information for the first batch of imported online games in 2021, mainland media reported.  33 games were on the approval list, including TENCENT (00700.HK)-operated mobile game "League of Legends" and NTES-S (09999.HK)-run "Diablo Immortal".
HSBC HOLDINGS (00005.HK) announced that a meeting of a committee of the Board of Directors will be held on 23 February 2021 to consider the announcement of the final results for the year ended 31 December 2020 and to consider the payment of any dividend for the year ended 31 December 2020.
WM Motor, a Chinese electric vehicle startup, has yielded RMB11.5-billion loan from numerous Chinese banks, and is heading towards listing on Sci-tech Innovation Board (SSE STAR Market).  This round of financing involves 11 banks led by SPD BANK (600000.SH), offering first round of RMB3.5 billion in loans. The remaining participating banks are ICBC (01398.HK), ABC (01288.HK), BANK OF CHINA (03988.HK)  and CCB (00939.HK). The company plans to use the raised funds to invest in product innovation, technology development, smart manufacturing, channel expansion and digital sales.
CHINA RES LAND (01109.HK) announced that for the month ended 31 January 2021, the Group achieved gross contracted sales of approximately RMB24.21 billion with contracted GFA of approximately 1.187 million square meters, up by 119.4% and 137.8% YoY respectively.  The Group also acquired 3 land parcels in Ningbo, Xuzhou, and Jining with total GFA of approximately 406,000 square meters.  The attributable land premium payable by the Group of the land acquisition amounted to approximately RMB3.37 billion.
Beijing Municipal Commerce Bureau announced distribution of RMB40-million Chinese New Year vouchers to the public in Beijing during the first five days (February 12-16) in Year of Ox. The vouchers will be rained by way of "red pockets grabbing" to six platforms, namely JD-SW (09618.HK), XIAOMI-W (01810.HK) , Suning, GOME RETAIL (00493.HK), MEITUAN-W (03690.HK) and Ele.me.
BABA-SW (09988.HK) said with Chinese New Year drawing near, over 130 luxury brands will shower consumers with festive items for the Year of the Ox on Tmall Luxury Pavilion under the traditions of spending a New Year and shopping for the Spring Festival.
HKEX (00388.HK) announced the appointment of Alejandro Nicolas AGUZIN as the Chief Executive of HKEX effective 24 May 2021 for a term of three years until 23 May 2024, subject to the approval of the Securities and Futures Commission under Section 70 of the Securities and Futures Ordinance.  Aguzin, subject to such approval, will also become an ex-officio member of the Board effective 24 May 2021.
The Securities and Futures Commission (SFC) has obtained a disqualification order in the Court of First Instance against Duncan Chiu, former managing director and chief executive officer of FE HLDGS INTL (00036.HK). In the same proceedings, the SFC obtained a disqualification order against Michael Lui Hung Kwong, a former company secretary and financial controller of FE HLDGS INTL, and discontinued its action against Duncan Chiu’s brother Derek Chiu, a former non-executive director of FE HLDGS INTL.
Apple remained the world's top semiconductor chip buyer last year with a 11.9% market share, reported Gartner. Semiconductor spending by the world's top-ten OEMs surged 10% in 2020, accounting for 42% of the market total, up 1.1 ppt from 2019.  Samsung was ranked second, followed by Huawei. LENOVO GROUP (00992.HK) and XIAOMI-W (01810.HK) took the fourth and eighth position, respectively.
*RESOURCES/COMMODITIES STRONG  as commodities prices pointed to renewed optimism in the global economic recovery. See FT article about a new supercycle. WTI +2.1% BRENT+2.2% oil advanced above $60 a barrel for the first time in more than a year; CNOOC (883 HK +3.4%) CHINA OILFIELD (2883 HK +4.3%). Copper climbed for a second day and iron ore prices rebounded; JIANGXI COPPER (358 HK +4.1%) CHALCO (2600 HK +3%) CH RAREEARTH (769 HK +7.8%).
*CHINA BANKS MIXED ahead of surprise release of lending data. The PBOC has sent out the clearest signal yet that it has no intention of tightening policy rates for now.  In its quarterly monetary report Monday night, PBOC downplayed the significance of its recent liquidity operation that caused wild money- market rate gyrations, saying its policy stance remains neutral and unchanged. CCB (939 HK +0.7%) ICBC (1398 HK -0.8%) ABC (1288 HK -0.4%) CMB (3968 HK +0.7%).
*E-COMMERCE MIXED  newly-listed KUAISHOU TECH (1024 HK +16%) on news it meets the fast entry rule of various Hang Seng sub-indexes and will be added effective Feb. 23. MEITUAN (3690 HK +0.6%) TENCENT (700 HK +0.5%) BABA (9988 HK -0.4%).ZHONGAN ONLINE (6060 HK+6%) reported preliminary net income for the full year of at least 500m yuan, est 637.9m yuan.
*TECH & COMPONENTS FIRM after XIAOMI (1810 HK +0.6%) will increase research and development expenditures by 30-40% this year, according to media reports. Founder Lei Jun said the smartphone maker spent 10b yuan in R&D last year.
SUNNY OPTICAL (2382 HK +3.7%) after good shipment volume of handset lens sets +36.1% YoY. January's shipment volume increased by 13.3% MoM BUT due to customers requesting shipments in advance ahead of CNY holiday.
Q TECH (1478 HK +4.4%) said the sales of its camera modules in Jan. climbed by 28.2% YoY.
*AUTOS MAKERS FRIM good data from the CPCA CAAM about January sales and
GEELY AUTO (175 HK+3.7%) said January sales volume was 156,326 units, +40 YoY. Of this, 4,289 units were new energy and electrified vehicles. Total sales volume in mainland was 146,295 units, an increase of about 34% YoY.
GREAT WALL AUTO (2333 HK+2%) remained strong after yesterday mainland media report said it will invest in an artificial intelligence chip designer. News reported that Chinese regulators recently summoned Tesla rep over quality and safety issues.
BYD (1211 HK +4%) GAC (2238 HK +1%).
*PHARMA MIXED . CANSINO's (6185 HK-2%) vaccine has an efficacy rate of 65.7% at preventing symptomatic cases, said Pakistan's health adviser Faisal Sultan.REMEGEN-B (9995 HK +19%) without news. WUXI BIO (2269 HK +2.4%) has successfully launched the GMP operation for its biomanufaccturing line using single-use bioreactors.
*MACAU STRONG sector was upgraded by broker, citing favorable risk/reward in a lagging sector. Also news Macau CEO vaccinate and Sands China launched the Londoner with positive comments SANDS (1928 HK+3.3%).
MELCO (200 HK +4.8%) WYNN MACAU (1128 HK+2.5%) MGM (2282 HK +1.4%)
*SOLAR STRONG News reported that XINTE ENERGY (1799 HK +5.8%) is planning a massive expansion amid surging demand for clean energy. GCL-POLY (3800 HK +18%) COMTEC (712 HK +4.3%).
Regional Markets
Nikkei 225 opened higher at a new record but dipped in early trades after weaker than expected Average Cash Earnings data. But then rallied to 29,585 before consolidating around 29,450 and working higher into lunch. PM opened lower testing yesterdays close before working higher to close +117pts (+0.4%) @ 29,506
Topix a similar patten but opened in the PM in the red and dipped to 1,915 (still above the important 1,900 level) before working better to close +2pts (+0.1%) @ 1,926
Earnings in focus.
Pre market Average Cash Earnings for Dec -3.2% vs -2.2% Nov (F/cast was -0.7%)
After lunch Machine Tool Orders Jan +9.7% vs +8.7% Dec ( F/cast is +7.5%)
Kosdaq opened higher but initially sold down into the red (960 small support then 959 good support) then rallied to 9,66 day high. Tested a couple of times but unable to break out and then sold down to close at the day low -3pts (-0.3%) 958
Kospi opened higher and worked to 3,130 in choppy trading but then trended lower in choppy trading to close -7pts (-0.2%) @ 3,085.
Weakness ahead of options expiry tomorrow and then the long weekend for the Lunar New Year. Won was stronger vs USD but volume was more moderate than Monday. Foreigners remain net sellers.
Market Closed all week.
TSMC (TSM.US)  announced that consolidated operating revenue approximated TWD126.749 billion in January 2021, up 8% monthly and 22.2% yearly.  It has asked builders of its new 3nm facility to work extra hours and rush to meet the deadline by paying them extra bonus, reported tech news site chinastarmarket.cn.  Shows management is keen to meet increased demand.
Wistron, a Taiwanese supplier to Apple will reopen the Indian factory shut down in late 2020, striving to raise standards and break down divides with workers.

CONNECT FLOWS No southbound flows for settlement reasons
Northbound Rmb 52,147m Buy 25,447m vs 26,699m Sell
Northbound Rmb 65,576m Buy 32,102m vs 33,474m Sell

Active Heavyweights
AIA (01299.HK) +1.7%
HKEX (00388.HK) -0.8%
CCB (00939.HK) + 0.7%
MEITUAN (03690.HK) +0.6%
TENCENT (00700.HK) +0.5%
BABA (09988.HK) -0.4%
PING AN (02318.HK) -0.3%
HSI & HSCEI Constituents on Move:
SMIC (00981.HK) +5.3%
BUD APAC (01876.HK) +4.7%
GEELY AUTO (00175.HK) +3.7%
SUNNY OPTICAL (02382.HK) +3.7%
CNOOC (00883.HK) +3.4%
SANDS CHINA LTD (01928.HK) +3.3%
HSMI & HSSI Constituents on Move:
BJ ENERGY INTL (00686.HK) +19%
GCL-POLY ENERGY (03800.HK) +17.6%, hitting new high
YADEA (01585.HK) +13.6%
SINOFERT (00297.HK) +11.8%, hitting new high
HUA HONG SEMI (01347.HK) +11.4%
XD INC (02400.HK) +11%, hitting new high
MMG (01208.HK) +11%, hitting new high
SIHUAN PHARM (00460.HK) +10.6%
WEIMOB INC (02013.HK) +10.1%
VSTECS (00856.HK) +9.1%, hitting new high

After PATEO and SAIC-GM-Wuling (SGMW) had filed an antitrust report to Chinese State Administration of Market Regulation claiming that TENCENT (00700.HK) was exerting pressure on carmakers leveraging on its dominance in Chinese instant messaging market, the Chinese tech giant replied that such malicious allegations over syndicate practices can never disguised the fact of copyright infringement.  This report came after TENCENT's lawsuit at Shenzhen Intermediate People’s Court last September, in which the Chinese tech giant sued PATEO for developing its mobile app and software without TENCENT's prior approval or licensing, said Chinese media.
HSBC and HKTV (01137.HK)'s HKTVmall announced a new partnership that utilises commercial data to roll out a simpler and faster digital trade finance solution, supporting SMEs that look to thrive in the fast-growing e-Commerce market in Hong Kong.  Under the partnership arrangement, a new programme that makes it easier for merchants to get access to digital trade finance will be launched later this year. HKTVmall will provide merchant data including turnover and refund records of different types of goods for HSBC to analyse and forecast business performance during credit assessment and monitoring process.
A joint venture between Foxconn, a big global smartphone OEM, and Yulon plans to roll out an electric vehicle (EV) bus prototype in October 2021 to capture market share, Reuters citing people familiar with the matter.
PCCW (00008.HK)'s pan-regional OTT video streaming platform Viu announced that it has achieved 45 million monthly active users (MAUs) and 5.3 million paid subscribers.  Paid subscribers grew 47 percent year-on-year in 2020, according to the announcement.
Tender for a site, New Kowloon Inland Lot No. 6604 at Kai Tak Area 4E Site 2 will be closed this Thursday. It has a site area of about 117,800 sq.ft. and is designated for non-industrial purposes.  James Cheung from Centaline Surveyors estimated the floor price at approximately $15,000 per sq.ft., totaling $9.72 billion.
Certified Practising Accountant Australia (CPA Australia) raised proposals for Hong Kong's FY2021/22 Budget.  For short-term relief, the HKSAR Government was suggested to consider offering Octopus card recharging for low-income workers or the jobless as local consumption. The initial recharging amount may be $3,000, followed by monthly recharging for a term of six months.  The association also suggested the Government to unroll fifth round of Anti-epidemic Fund and implement taxation regime reform so as to support SMEs and epidemic-jeopardized sectors.
CSOP Asset Management announced that CSOP STAR 50 Index ETF will start to list and trade on Hong Kong Stock Exchange tomorrow (10 February). CSOP STAR 50 (03109.HK) tracks the 50 securities on the Star market.  With listing price at around HKD15.6 per unit, CSOP STAR 50 has trading lot of 100 and management fee of 0.99%.
Nicolas Aguzin, the head of JPMorgan’s international private banking business, will be nominated as the chief executive officer of HKEX (00388.HK), Bloomberg reported.
The number of newborn babies registered with Chinese Ministry of Public Security -14.8% yearly to 10.04 million, a sign of a continued decline in birthrate and worsening demographic pressures. Yet, the figures usually came in lower than the actual number of new births in China as some parents do not immediately register their offspring.
TikTok and Universal Music Group (UMG) have broadened their cooperation agreement by allowing TikTok users to incorporate the music of UMG and its songwriters and lyricists into their short videos. The short video hit had struck similar deals with Sony Music, Warner Music Group and Merlin last year.
Michael Cheng, PwC's Asia Pacific, Mainland China and Hong Kong Consumer Markets Leader, expects Hong Kong to deliver retail sales at $376 billion, up 15% yearly. With respect to the Budget coming next month, Cheng advised the Government to distribute consumption vouchers to the public, which can ensure the retail market can benefit as well.
HUA HONG SEMI (01347.HK) announced at lunchtime the annual result ended December 2020. The full-year sales revenue reached US$961 million, a historical high, up 3.1% year on year. The net profit amounted to US$99.443 million, down 38.7%. During the Annual General Meeting in May 2021, the Company shall decide on its dividend distribution plan for the accounting year 2020.
Macau Chief Executive Ho Iat Seng received COVID-19 vaccination at Centro Hospitalar Conde de Sao Januario this morning, followed by Secretary for Economy and Finance, Secretary for Security and other officials.
China's smartphone shipment grew 92.8% YoY to 40.12 million units in January 2021, according to China Academy of Information and Communications Technology (CAICT). China's 5G handset shipment reached 27.278 million units in the month, representing 68% of the total phone shipment in the same period, against 26.3% in January 2020.
PATEO and SAIC-GM-Wuling (SGMW) had recently reported TENCENT (00700.HK)'s alleged anti-monopoly to the Anti-Monopoly Bureau of State Administration for Market Regulation, according to Chinese media. Tencent has reportedly been pressuring carmakers using its instant messaging market dominance in Mainland China, where PATEO is directly restricted from trading Internet of Vehicles (IoV) goods featuring WeChat with carmakers.
Global sales of electric vehicles increased 39% yearly to 3.1 million units in 2020, Canalys wrote in its research report. The market is expected to expand 66% further to exceed 5 million units sold in 2021, according to the report.
XIAOMI-W (01810.HK) plans to introduce flagship product series Redmi K40, priced from RMB2,999, on February 25, said Vice President Lu Weibing.
Luckin Coffee made an announcement that on December 16, 2020, the Company had reached a settlement with the United States Securities and Exchange Commission (SEC) regarding the SEC’s investigation of fabricated transactions perpetrated by certain former executives and employees.  The settlement received the necessary approval from the Court on February 4, 2021. The Company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees.
SINO LAND (00083.HK)'s  Grand Central Phase II sold 57 flats yesterday (8th), cashing in over $710 million, said Group Associate Director Victor Tin, who was satisfied with the sales. An aggregate of 1,687 units have been sold in the two phases of Grand Central, pocketing over $21 billion, it was known.
Court hearing was conducted today (9 February) for the DOJ's application for revocation of NEXT DIGITAL (00282.HK)  Founder Jimmy Lai Chee-ying's appeal for bail. The Court of Final Appeal allowed the appeal of DOJ that revoked Lai's bail. Hence, Lai remained remanded.
Huachen Automotive Group entered into an MOU with Liaoning Provincial Development and Reform Commission and BMW AG on 5 February 2021. Pursuant to which, the parties intended to broaden their partnership and explore the possibility of producing more BMW models in Shenyang going ahead.
Chief Executive Carrie Lam reminded the public to have a quiet Spring Festival and not to slacken off precautions. Normal life can hopefully be brought back progressively and conditionally after the holiday should the pandemic go muted at the current pace. By then, campus teaching may be resumed and some closed premises may be reopened.
During the holiday, Community Test Centers will remain open, however, in shortened service hours, said Lam, adding that improvements have been recorded across five plague indices.
CKH HOLDINGS (00001.HK)'s Singapore-listed Hutchison Port Holdings Trust (HPH Trust) announced that net profit was HK$831 million for the year ended 31 December 2020, 57.4% above last year. Earnings per unit was HK9.54 cents. Distribution per unit was HK7.7 cents for the second half of 2020, against HK5 cents in the previous fiscal year. Annual distribution per unit equaled HK12 cents, against HK11 cents in the previous fiscal year.
FLAT GLASS (06865.HK) announced that a supplemental agreement to a PV Glass sales contract was entered into between the Company and certain wholly-owned subsidiaries of LONGi Group as the Purchasers, with the term extended from 31 December 2021 to 31 December 2023. The estimated total contract sum, after adjustment, would be approximately RMB11.7 billion.

SANDS CHINA LTD (01928.HK) held the opening ceremony for the phase one of The Londoner Macao at 6 pm yesterday, Macao Daily News reported. President Wilfred Wong said the project received an investment of approximately MOP15.2 billion, and will commence business by phases this year. The whole construction will be completed by the year end. Wilfred Wong President Sands China Sees Notable Footfall after 4th Day of CNY, Upbeat on 2H21 Although China asks her people to stay at their regions during Spring Festival, it is expected many tourists will still want to go to Macau for auspiciousness,
A group of hoteliers, headed by WHARF HOLDINGS (00004.HK)'s hotels and including HK&S HOTELS (00045.HK)'s the Peninsula Hotels, have addressed a joint letter to the Government and called for a relaxed dine-in ban during dinnertime, which should allow their service hours through 21:00 to ensure they can stay afloat. The subsidy granted earlier by the Government meant only a drop in the ocean to the hospitality sector, said Marco Polo Hotels.
GCL NEWENERGY (00451.HK) announced that, as of the Fixed Fee Deadline, holders of the Existing Notes representing 91.85% of the outstanding aggregate principal amount of the Existing Notes had validly submitted their respective executed Accession Deeds to the Amended and Restated Restructuring Support Agreement.
Hang Seng Indexes Company, in its report, said the Hang Seng Stock Connect
Greater Bay Area Composite Index (HSGBAC) has generated a return of 37% since its launch in May 2018.   
After cherry-picking the constituents of the HSGBAC on the basis of their listing place to form the Hang Seng Stock Connect Hong Kong Greater Bay Area Index (HSSCGBA) and the Hang Seng Stock Connect China A Greater Bay Areas Index (HSABA), remarkable returns of 44% and 54% were generated since the launches of the latter two indexes, outperforming their respective local indexes, namely the Hang Seng Composite Index (HSCI) and the Hang Seng Stock Connect China A300 Index (HSCA300), by 9 ppts and 11 ppts respectively.
Another Chinese city may soon roll out a red envelope trial using digital renminbi, following Shenzhen, Suzhou and Beijing. A Chengdu bank deployed a digital yuan red packet testing on the Panda Wallet app yesterday, inviting only whitelisted users to partake in the pilot program, as The Paper learnt from a banking sector source.
China's Joint Procurement Office released the final bidding results for the fourth batch of Group Purchasing Organization (GPO) of drugs.  The procurement involved 45 kinds of medicines with an average price cut of 52%.
ZA ONLINE (06060.HK) Supplemented its Positive Profit Alert The Group expects to achieve a net profit attributable to owners of the Company for the year ended December 31, 2020 of no less than RMB500 million, achieving a turnaround from net loss of RMB454 million for the previous financial year ended December 31, 2019.
IBO TECH (02708.HK) has been informed by Shine Well, owned by Chairman Lai Tse Ming, that Shine Well disposed 30 million and 75.90 million shares to SMOORE INTL (06969.HK) Executive Director Xiong Shaoming and other investors. Subsequently, Shine Well's shareholding decreased from 56.97% to 34.89%.
CRRC (01766.HK) announced that in the twelve consecutive months ended on the 8th of this month, a total of approximately RMB1.127 billion of government subsidies was received.
KINGBOARD HLDG (00148.HK) Positive Profit Alert, expecting to an increase in the net profit of over 35% for the year ended 31 December 2020 as compared with the corresponding period in 2019.
POLY PROPERTY (00119.HK)  announced that the Company, together with its joint ventures and associated companies, have recorded contracted sales of approximately equivalent to around RMB2.7 billion, down 10% yearly for the month ended 31 January 2021.

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