HSI +289pts (+1%) 28,863 HSCEI +142pts (+1.3%) 11,463 T/O HK$224.39bn (+8% DoD)
Markets open slightly lower following the trend in Asia. The DAX traded up into the green and the FTSE trading just below flat and the CAC working towards flat. Weakness in Utilities but Tech seeing interest. Investors taking a cautious view on the China data as the latest covid outbreak could upset the recovery in China and Retail Sales remained weak reflecting caution from ordinary citizens in my view. Also reacting the Friday’s sell-off in the US and the concerns in Europe that lockdowns could prompt a double dip recession. With the Netherlands seeing protests against the latest round of lockdowns.
Germany’s CDU elected Armin Laschet as the new chairman paving the way for him to replace Merkel.
FCA and PSA Group finalised their merger over the weekend, creating the world’s fourth-largest car manufacturer by volume. The new company, named Stellantis, will be headed up by former PSA CEO Carlos Tavares. Stellantis +6.7% by mid-morning on Monday.
Carrefour -5.5% in early trade after Canada’s Alimentation Couche-Tard dropped its takeover bid.
US Markets closed
for Martin Luther King Jr Day re-open Tuesday
CHINA CSI 300 Closed +60pts (+1.1%) @ 5,519
CSI 300 opened lower ahead of the today’s data but worked back to flat as the data came out and then rallied before working higher to 5,514 at lunchtime. PM saw the market rally higher to 5,540 around 1:40pm but the work sideways/lower, closing off the early afternoon high. GDP growth beat but with the latest covid outbreak the recovery could be disrupted. Retail Sales remains weak as ordinary people lack confidence in may view. Wider market taking the news as +VE but I remain cautious.
Buying interest focused on chemicals, electronic components, rare earth, degradable plastic and lithium battery makers. Rotation out of airports, insurance, highways, telcos, and cement.Huawei -VE for sentiment as US revokes several of its suppliers licences to supply the company.
Shanghai Comp +30pts (+0.8%) @ 3,596
Shenzhen Comp +238pts (+1.6%) @ 15,269
ChiNext Index +59pts (+1.9%) @ 3,149
Fixed Assert Investment (YTD) Dec +2.9% vs +2.6% Nov (F/cast was +3.2%)
GDP Growth Rate Q4 +2.6% QoQ vs +3% Q3 (revised from +2.7%) (F/cast was +2.8%)
GDP Growth Rate Q4 +6.5% YoY vs 4.9% Q3 (F/cast was +5.9%)
Industrial Production Dec +7.3% YoY vs 7% Nov (F/cast was +7.1%)
Retail Sales Dec +4.6% YoY vs 5% Nov (F/cast was 5.1%)
Unemployment Rate Dec 5.2% vs 5.2% Nov (F/cast is 5.2%) not a useful measure as people can only register unemployed in their home city, so excludes migrant workers.
Industrial Capacity Utilisation Dec 78.0% vs 76.7% Nov (F/cast was 76.9%)
After market China's funds outstanding for foreign exchange shrank RMB32.87 billion monthly to RMB21.13 trillion as of the end of last December, the PBOC announced.
HSI Pre Market Pre Market Opened @ 28,455 -119pts vs -152pts ADR’s
Market worked back into the green in the first 20 minutes and then rallied on the China data, initial resistance at 28,700 but then worked to 28,770 level before easing back into lunch. PM retesting the morning high and traded sideways/slightly higher through the PM session to close at the day high.E Commerce names continue to see interest; except Baba. Tech and Telcos also seeing good interest. Chinese Insurers weak. Sentiment mixed as local covid cases rise and Biden’s inauguration approaches with uncertainty of what his approach to China will be.
HONG KONG DATA
(C&SD) released today (January 18) the volume and price statistics of external merchandise trade for that month.
In November 2020, the volume of Hong Kong's total exports of goods +6.2% YoY and imports of goods +5.2% YoY
Comparing the first eleven months of 2020 with the same period in 2019, the volume of Hong Kong’s total exports of goods -2% YoY and imports of goods decreased -4.1% YoY
Centre for Health Protection said there were 107 new COVID-19 cases in Hong Kong today (vs 51 Sunday) 42 of unknown origin plus 50 initially confirmed cases.
SHORT SELLING Monday 16.9% vs 15.2% Friday
Top Shorts: Hengan (1044) 56%, CCB (939) 38%, Wharf REIC (1997) 35%, Ping An (2318) 34%, Sunny Optical (2382) 30%, BoC (3988) 30%, Hang Seng Bank (11) 30%, AIA (1299) 27%, Baba -SW (9988) 26%, HK & China Gas (3) 26%, Henderson Land (12) 25%, ICBC (1398) 25%, MTRC (66) 25%, HSBC (5) 25%.
AFTER MARKET NEWS
HSBC HOLDINGS (00005.HK) Chairman Mark Tucker said at the Asian Financial Forum that he will strive to resume dividend pay. In face of low rate environment, the group needs to scout other income sources and develop wealth management business. The bank will keep focusing on Asian market. The group has also invested billions of US dollars in digitalization.
Lohas Park LP10, jointly developed by Nan Fung and MTR CORPORATION (00066.HK) , has launched the second price list, involving 90 units. Based on up to 20.5% discount, the
entry fee approx $7.068 million. As of 15:00 today, over 2,500 cheques have been received.
The mRNA vaccine, co-developed by Fosun and BioNTech (BNTX.US), will be available in Hong Kong from end-February, said Wallace Lau Chak-sing, Convenor of the Advisory Panel on COVID-19 Vaccines. With reference to multiple factors, the Panel suggested the benefits of using such vaccine would outweigh the risks. Hence, it will submit the recommendation to Food and Health Bureau for consideration.
BRIGHT SMART (01428.HK) is on average boosting the staff salary higher than the market level, roughly 2%, this year, said Jacquelyn Yip, Assistant to Chairman of the Group. Workers will be entitled to bonus payment equivalent to 2-4 month salary, and
outstanding workers' as high as 30 months, added Yip.
TENCENT (00700.HK)'s WeChat announced that Mini Programs GMV grew 182% yearly last year, cited Chinese media.
Regarding US sanctions on six Chinese and HKSAR officials, Chinese Foreign Ministry Spokeswoman Hua Chunying said Beijing had decided to slap reciprocal sanctions on US administration officials, congressmen, NGO members and their immediate family members with misbehavior and major responsibility for Hong Kong issues. In response to US Secretary of State Mike Pompeo's declaration to annul diplomatic restrictions with Taiwanese officials, Chinese Ministry of Foreign Affairs Spokesperson Hua Chunying stated that Beijing is imposing sanctions upon the involved US officials
*PETROCHEMS STRONG as USD weakened and China's crude oil imports data showed good demand. CH OILFIELD (2883 HK +11%) CNOOC (883 HK +2.5%) ANTON (3337 HK +1%).
*E-COMMERCE & TECH SOFTWARE FIRM on China's stronger-than-forecast economic growth. MEITUAN (3690 HK +5.2%) TENCENT (700 HK +1%) NETDRAGON (777 HK +2%), JD HEALTH (6618 HK +1.5%) PA GOOD DOC (1833 HK +4.2%).
KINGDEE (268 HK +13%) despite profit warnings; it expects FY loss 250m-350m yuan vs profit a year ago, while its revenue from cloud services business is expected to increase by about 43%-48%.
*TECH & COMPONENTS FIRM on speculation Chinese-made components and parts will be in strong demand, after some Huawei suppliers had their licenses to supply Huawei revoked by Trump; including Intel. The US Commerce Department indicated its intent to deny “a significant number of license requests for exports to Huawei”. SMIC (981 HK +5.8%) SUNNY OPT (2382 HK +7.5%) HUA HONG (1347 HK +13%) QTECH (1478 HK +19%) ASM (522 HK +9%).
*AUTOS MIXED GAC (2238 HK -8.1%) following its 20% rally on Friday on news to put an EV with 1,000-km range into mass production by the year end. The stock was weak as Fiat Chrysler and PSA Group, which completed their merger at the weekend to create an auto giant named Stellantis, denied the report that it is in talks with China's Chery Auto and GAC (2238 HK) to create a new JV.
BYD COMPANY (1211 HK -4.4%) announced that it has recently received CSRC’s approval regarding the issuance of not more than 183m additional ordinary H-shs.
GREAT WALL (2333 HK +7.5%) on a broker's upgrade.
AUTO PARTS maker NEXTEER (1316 HK +15%) amid outlook optimism.
*HK PROPERTY WEAK despite some good weekend sales, concerns that at the rise in HK's Covid-cases to 107 on Monday will hurt sales. Last Friday the Centa-City Leading Index on property was down by 0.90% week-on-week to 176.52 points. CKA (1113 HK -0.5%) HANG LUNG PT (101 HK -0.6%) HYSAN (14 HK -1.5%).
*CHINA PROPERTY FIRM as China's economic growth beat forecasts and data showed Jan-Dec property sales +8.7% YoY to 17.36t yuan. SUNAC (1918 HK +4.5%) CH JINMAO (817 HK +8%) CH VANKE (2202 HK+6.8%).
FT reports EVERGRANDE (3333 HK +3.5%)’s EV ambitions currently subject to delays, mentions past opportunistic ventures like solar panels also failed to reap profits and its plant being constructed in Lu’an, currently on hold.
*CONSUMPTION FIRM on China's recovery hopes. GIORDANO (709 HK +4.3%) despite profit warning; it expects to record an annual net loss of between HK$110m and HK$130m in 2020, as compared with a profit of HK$230m in 2019. XTEP INTL (1368 HK +0.8%) said retail sales of its mainland business recorded a year-on-year high single-digit growth. LI NING (2331 HK +4.8%) GOME (493 HK +9.3%) HISENSE (921 HK +12.7%) 361 DEGREES (1361 HK +4%) TCL (1070 HK +9%).
*CLEAN ENERGY FIRM still in focus on positive policies speculations. GCL POLY (3800 HK +23%) COMTEC SOLAR (712 HK +8%).
LONGYUAN (916 HK +8.3%) on a planned 3.9b yuan all-stock purchase of Shenzhen-listed Inner Mongolia Pingzhuang Energy, with the new stock valued at a one-third premium to their latest close.
*SHIPPING & PORTS STRONG on China's good GDP growth data. COSCO SHIP (1919 HK +7%) CH MERCHANT (144 HK +4.4%) COSCO SHI PORT (1199 HK +3%) SINGAMAS (716 HK+11%).*OTHER CHINA RARE EARTH (769 HK -3.2%) despite China unveiling a draft bill on Friday designed to strengthen control of rare earths, vital to the production of high-tech goods such as hybrid cars and mobile phones, officials have said. The Chinese government will manage the process from mining to exports of rare earths as a national strategy, as tensions with the United States have been escalating over state-of-the-art technologies.
Nikkei opened -280pts and sold down to 28,111 in early trades before rebounding to 28,345 following the sell off in the US on Friday. It then traded sideways into lunch. PM the market opened flat but sold down on weak Industrial Production data but found support at 28,200 and worked slightly better to close -277 (-1%) @ 28,242
Topix traded in a similar pattern; currently -11pts (-0.6%) @ 1,845
Data Pre Market
Tankan Index Jan -1 vs -9 Dec (F/cast was -8)
Industrial Production Nov -0.5% MoM vs +4% Oct (F/cast was 0%)
Industrial Production Nov -3.9% YoY vs -3% Oct (F/cast was -3.4%)
Capacity Utilisation for Nov -2.9% MoM vs +6% Oct (F/cast was +2.5%) After Market Japanese PM Suga, delivering his first policy address speech after taking office, said he is steadfast in tiding the country over the plague as soon as possible and implementing financial market reform to prompt corporate investment. He also said he had earlier talked with US President-elect Joe Biden. Suga accentuated that Japan's position in "green" and "digital" is key driver to its economic growth.
Kospi opened just 5 pts lower but then sold down 50pts to 3,027 before bouncing and working back to the opening level. Markets then traded sideways until around 12:45pm when it sold down again.Closed at the day low -72pts (-2.3%) @ 3,031
Kosdaq followed a similar trading pattern but rebounded to flat and traded around flat until 12:45pm when it sold down too; currently -20pts (-2.1%) @ 945Talk of retail locking in recent gains as BoK warns of potential big losses from debt leveraged trading. I think also caution ahead of Samsung’s Jay Lee will being sentenced with regard to the 2017 bribery charges.
Opened higher but sold down to 15,321 in early trades before working back to above 15,500 and then worked sideways (15,500/15,600); closed -4.4pts (flat) @ 15,612
CONNECT FLOWS (Northbound dropped after Friday’s surge)
Northbound Rmb 56,112m Buy 28,389m vs 27,723m Sell
Southbound HK$ 38,550m Buy 14,549m vs 24,001m Sell
Northbound Rmb 69,244m Buy 33,471m vs 35,773m Sell
Southbound HK$ 37,523m Buy 12,002m vs 25,520m Sell
MEITUAN (03690.HK) +5.7%
HKEX (00388.HK) +5.1%, hitting new high
TENCENT (00700.HK) +1.9%, hitting new high
PING AN (02318.HK) -1.6%
BABA (09988.HK) +0.4%
AIA (01299.HK) -0.1%
HSI & HSCEI Constituents on Move:
SUNNY OPTICAL (02382.HK) +7.5%, hitting new high
CHINA TOWER (00788.HK) +6.2%
SMIC (00981.HK) +5.8%
TECHTRONIC IND (00669.HK) +5.4%
CHINA OVERSEAS (00688.HK) +5%
SUNAC (01918.HK) +4.8%
CHINA MOBILE (00941.HK) +4.5%
AAC TECH (02018.HK) +4.2%
EVERGRANDE (03333.HK) +3.9%
CHINA GAS HOLD (00384.HK) -3.6%
ALI HEALTH (00241.HK) +3.6%
CHINA FEIHE (06186.HK) +3.4%
HAIDILAO (06862.HK) +3%
HSMI & HSSI Constituents on Move:
GCL-POLY ENERGY (03800.HK) +23.2%, hitting new high
TIANNENG POWER (00819.HK) -20.9%
Q TECH (01478.HK) +19.6%, hitting new high
NEXTEER (01316.HK) +14.7%, hitting new high
KINGDEE INT'L (00268.HK) +13.9%, hitting new high
HUA HONG SEMI (01347.HK) +13.7%
LEGENDHOLDING (03396.HK) +12.7%
SINOFERT (00297.HK) +11.9%, hitting new high
YEAHKA (09923.HK) +11.8%
CHINASOFT INT'L (00354.HK) +11.6%, hitting new high
JS GLOBAL LIFE (01691.HK) +11.2%, hitting new high
CH MODERN D (01117.HK) +10.9%, hitting new highIGG (00799.HK) +10.8%
CHINA OILFIELD (02883.HK) +10.2%
MARKET HOURS NEWS
GAC GROUP (02238.HK)'s battery features of "speedy charge" and "long life" will be demonstrated in its two different types of batteries respectively, instead of one type, as Chinese media quoted the automaker. At this juncture, the two projects are under orderly progression.
With escalating local fiscal deficits amid the 2020 pandemic shock, Chinese provinces may start tightening their fiscal policy moderately in 2021. S&P Global predicted China's GDP growth at 7% this year, following a year of sharp economic slowdown.
HKEX (00388.HK) Chairman Laura Cha, at the Asian Financial Forum, said China's economy manifested remarkable growth since the pandemic, from which Hong Kong also benefited as the connector between China and the world. She also envisioned biotech and technology companies to post sequentially strong growth as the pandemic has changed public living style. HKEX was upbeat on the economic environment this year given successful vaccine research and extensive vaccination, Cha added. Chairman Laura Cha reassured at the Asian Financial Forum that Hong Kong's edges are at her high transparency, stable legal system and sound corporate governance. Having said that, Cha pointed out the need of higher diversification of local capital market which is now highly concentrated on securities products. She suggested the market to extend its reach to RMB-denominated products, commodity connect, bond connect and AI.
The Vietnamese government has awarded Foxconn a license to build a laptop and tablet factory, which may cost US$270 million, reported Reuters.
The COVID-19 pandemic is expediting industrial changes, opined BANK OF CHINA (03988.HK) Chairman Liu Liange at the Asian Financial Forum.China is propelling Asia's industrial growth under the trend, whereas Hong Kong is playing a key role in offering comprehensive financial services in the region.
At Asian Financial Forum, China Banking and Insurance Regulatory Commission Chairman Guo Shuqing expressed unswerving opposition to syndicate practices and unfair rivalry and underscored support to financial innovation only under cautious oversight. As the largest CNH market in world, Hong Kong can be engaged in Chinese currency financial businesses in a wider scope and of a larger scale in order to woo more clients across the world to accept a higher amount of RMB capital, furthered Guo.
ByteDance announced to integrate New Stone Lab under its Smartisan's handset brand into the educational hardware team headed by Yang Luyu, who founded Musical.ly. The hardware team will be managed by Yang Luyu. In future, it will focus on R&D in the field of education and forgo development of Smartisan's mobile phones, TNT displays and other products. This means Bytedance will abandon the mobile phone business.
Chinese National Bureau of Statistics announced that the number of 5G terminal connections has surmounted 200 million, the top of the world.
Shaanxi Coal and Chemical Industry Group and BABA-SW (09988.HK) inked a strategic cooperation agreement. Pursuant to which, both sides aim to team up in digital transformation, Industrial Internet, business model innovation, and so on.
Eddie Yue, Chief Executive at Hong Kong Monetary Authority (HKMA), said at the Asian Financial Forum that central banks worldwide took similar actions under the widespread of pandemic, with unprecedented pace and scale. He said central banks flurried to launch monetary easing to underpin the economy after the global market turmoil last year. Such measures included rate cut and bond purchase, subject to changes in response to the pandemic scale.
China's electricity generation by industries above designated size surged by 2.7% yearly to 7.417 trillion kWh in 2020, according to National Bureau of Statistics (NBS) data.
U BANQUET GP (01483.HK) announced that Chairman Sang Kangqiao had on 15 January acquired a total of 13.80 million shares on the market for an aggregate consideration of approximately HK$15.18 million, representing an average price of HK$1.10 per Share.
U.S. President-elect Joe Biden plans to "take some immediate actions" after inauguration and roll out a 10-day blitz of executive actions on what his team deems as "four crises" facing the country, Chief of Staff nominee Ron Klain told CNN. In Biden's first 10-day memo, there are plans to rejoin the Paris climate change agreement on Wednesday and to mount mask-wearing order on federal property and interstate travel.
CHINA EAST AIR (00670.HK) announced that the number of passengers carried in FY20 aggregated 74.4878 million, down 42.8% yearly; the weight of freight carried fell 27.8%.
InnerSloth's Among Us was the world's most-downloaded mobile game in December 2020 with 41.2 million downloads, up 36 times YoY, reported Sensor Tower. The installs of Call of Duty: Mobile, developed by TENCENT (00700.HK) and Activision, burgeoned to 16.6 million that month. 58.5% of which came from China's App Store, driving the title to top the global App Store install chart.
U.S. President-elect Joe Biden plans to revoke the permit for the Keystone XL pipeline project on his first day in office, CBC learnt from a source familiar with his thinking.
BABA-SW (09988.HK)'s local lifestyle service platform Koubei had completed the 100% acquisition of smart food service provider Meiwei Buyongdeng in the second half of 2020, Chinese media citing insiders. All transactions were fully completed by the trading day.
CHINA LONGYUAN (00916.HK) announced a planned merger with Pingzhuang Energy (000780.SZ) The Transaction includes the Issuance of 342 million A Shares by CHINA LONGYUAN to all the Conversion Shareholders of Pingzhuang Energy on the Registration Date of Implementation of the Merger.
PUBLIC FIN HOLD (00626.HK) announced that during the year ended December 2020, net profit was $397 million, down 14.9% yearly. EPS equaled 36.2 cents. No final dividend was declared.
CHINA LIT (00772.HK) announced that the Company and the Other Vendors sold 39.8821% and 60.1179% of the equity interest of Shenzhen Lanren to TME, a non wholly-owned subsidiary of TENCENT (00700.HK). The aggregate consideration was RMB2.7 billion, of which RMB1.077 billion is payable to the Company.
SHOUCHENG (00697.HK) announced that Shougang Group, the controlling shareholder of the Company, sold its entire 28.98% stakes in SHOUGANG RES (00639.HK), involving 1.464 billion shares. The cash consideration was HK$3.514 billion, representing HK$2.4 per share, i.e. a 29.03% premium to SHOUGANG RES' closing price of HK$1.86 on 15 January.
BG BLUE SKY (06828.HK) Trading has been halted with effect from 9:00 a.m. on Monday, 18 January 2021, pending the release of an announcement relating to inside information of the Company.
KAISA PROSPER (02168.HK) announced that it was informed by Kaisa Holdings that between 18 December 2020 and 15 January 2021, Kasia Holdings made on-market purchases of an aggregate of 741,250 shares of the Company at an average price of HK$18.72 per Share.
There were 299 first-hand residential transactions in the last two days, up 4.6 times weekly. Among which, Wheelock Properties' MONACO in Kai Tak sold out all of the 145 flats in the first round. 100 more flats were rolled out immediately afterwards under the No.4 price list.
GAC Group revealed that its graphene battery vehicles have headed towards mass production testing, with relevant information to be timely released based on project progress going ahead, reported Chinese media.
PRE MARKET NEWS
EVERG SERVICES (06666.HK) raised two targets for this year, including boosting area under management (AUM) by 30 million sq.m. per month and ensuring quarterly net profit to grow over 2020, according to Chinese media. If the targets are met, the new AUM will reach 360 million sq.m. this year.
Paul Chan: Jobless Rate to Shatter 16-yr High amid Extremely Gloomy Economy. As the coronavirus pandemic rages on in Hong Kong for almost a year, many industries have gone through prolonged tough days, Financial Secretary Paul Chan wrote on his blog. The Anti-Epidemic Fund and bailout measures turned out only a drop in the ocean. While a positive turnaround is expected in FY21, the overall landscape remained bleak, said Chan, citing the application load of bankruptcy protection as high as nearly 8,700, up 6.6% yearly, in FY20. Amid a fourth wave of outbreak, the unemployment rate is set to shatter a 16-year high. The Government, during the preparation and compilation of the next financial budget, will bear in mind the needs of the general public amid the plague and on the other hand make early deployment and invest for the future.
LEGEND HOLDING (03396.HK) announced LENOVO GROUP (00992.HK)'s proposed issuance of Chinese depositary receipts (CDRs) for listing on the STAR Market. LENOVO GROUP's financial results, assets, liabilities and cash flows will continue to be consolidated in the Company’s consolidated financial statements. Lenovo CDRs Issuance will be accounted for as an equity transaction and will not result in the recognition of any gain or loss in the Company's consolidated income statement.
At Asian Financial Forum, Chief Executive Carrie Lam said Hong Kong's GDP, following an expected slide of 6.1% last year, is set to spring back during the second half of this year thanks to vaccines available globally and locally. Despite a fierce blow from the coronavirus pandemic, the financial hub managed to maintain an orderly financial market last year, when economic fundamentals remained resilient under a sturdy linked exchange rate system, furthered the city leader.
U.S. Treasury Secretary nominee Janet Yellen, during her testimony on Capitol Hill Tuesday, stated she will make clear the White House does not seek weaker USD for competitive edges, the Wall Street Journal learnt from Biden transition officials.
STANCHART (02888.HK) plans to cut several hundred staff worldwide next month, primarily from junior levels, as its emerging market segments go on with restructuring, Bloomberg reported.Apple (AAPL.US) is rumoured to have started early work on a foldable iPhone, having created foldable screen prototypes for internal testing, Bloomberg citing insiders. However, the giant has yet to develop a full handset prototype with foldable display.
HKC (HOLDINGS) (00190.HK) announced that Genesis Ventures Limited (as the Offeror) requested the Board of the company to put forward the Proposal to the Scheme Shareholders for the privatisation of the Company by way of a scheme of arrangement. The Cancellation Price was HK$8 per Share, representing a premium of 1.2 times over the closing price of HK$3.63 per Share as quoted on the Stock Exchange on the Last Trading Date. The company also announced that the Board resolved to declare the payment to the Shareholders of a second interim dividend of HK13 cents per Share in lieu of a final dividend for the year ended 31 December 2020. The company applied for trading resumption from this morning.
The Trump administration notified several suppliers of Huawei, including Intel, that the authority is revoking some licenses to sell to the Chinese telecom gear company, and is intending to reject dozens of other applications to supply the firm, Reuters cited sources. The Semiconductor Industry Association said Friday (15 January) the US Commerce Department had notified that it intends to turn down a significant number of license requests for exports to Huawei and a revocation of at least one issued license, according to an email seen by Reuters.
BYD COMPANY (01211.HK) Chairman Wang Chuanfu noted the increasingly mature battery technology for electric vehicles (EVs), which have thoroughly outpaced fuel-engined cars in terms of acceleration, noise cancellation and energy consumption, reported Sina. Overall, the time is ripe for EVs to fully replace gasoline-powered cars, Wang opined.
Chinese Premier Li Keqiang, hosting the State Council Executive Meeting, said the government shall upgrade the living protection for people who are slammed by pandemic and have low insurance. The reform of Group Purchasing Organization (GPO) for drugs has to be further nudged so as to normalize and systemize initiatives to relieve medical burden of general public.