Aug 11 HK WRAP HSI +532pts but fails to hold above 25k again.


13 Aug

Aug 11 HK WRAP HSI +532pts  but fails to hold above 25k again.

HSI +532pts (+2.2%) 24,891 HSCEI -73pts (-0.7%) 9,991 T/O HK$141.35bn (+4.5% DoD)

EUROPE opened higher on recovery hopes. Autos +VE after the good China sales numbers. UK Unemployment data was better than expected
US Futures opened flat but have risen now showing a strong open, which could see the S&P hit a new high. Putin claims Russia has the first covid vaccine (although some doubt it has been widely tested). Data due today is NFIB Business Optimism Index, PPI, Core PPI, Redbook, API Curde Oil Stock Change. Earnings still in focus but news on a new stimulus package remains a key for market confidence

INDEXES
CSI 300 Closed -43pts (-0.9%) @ 4,682 
opened higher and rallied but hit resistance around 4,792 and then sold drifted lower towards the opening level before a small bounce into lunch. PM the market worked higher initial but struggling and sold off in the last hour to close just off the day lows. Sentiment weak as US/China relations deteriorate. Investors cautious ahead of the planned trade meeting between Liu He and Robert Lighthizer on Aug 15.

HSI Pre Market Opened +284pts @ 24,662 vs +123pts ADR's at 24,500 with most E Commerce names +VE and MACAU names strong on easing of travel restrictions. Next Digital continued to rally opening +76% Having opened higher we then saw a 150pts short squeezed and then worked higher to test 25,000 around 10:30am but failed to break above and consolidated back to 24,900 before working higher into lunch. PM after an initial dip but the tested 25,000 again but consolidated after three tries back to 24,940. It then rallied again and this time broke above to the day high 25,021 but without support and then sold down 250pts to the 24,750 level over the next hour. For the final hour it worked higher in choppy trading to 24,909 but then ticked 19pts lower in the closing auction

EARNINGS WEDNESDAY in Hong Kong include; Clear Media (100), Cathay Pacific Airways (297), Rusal (486), Techtronics (669), Tencent (700), China Unicom (762), China Medical System (867), China Everbright Water (1857), Guotai Junan Securities (2611), Sun Art (6808).

AFTER MARKET
In July 2020, China's domestic handset shipment -34.8% YoY 
to 22.301 million units, data from China Academy of Information and Communications Technology (CAICT) revealed. In the first seven months of 2020, handset shipment -20.4% yearly to 175 million.
Wan Long, Chairman & CEO WH GROUP (288.HK) said he is not quite optimistic about the situation in 2H20 under the floods influence in China on aquaculture sector. Given the current internal and external environment, the company has not had any M&A plans or targets for now. The CFO Guo Lijun forecast Chinese pork price to remain high in short term, before turning around at the year end or early next year. The average hog price approximated RMB33 in 1H20, being a relatively high level.
Russian President Vladimir Putin said the country's health department approved the registration of a COVID-19 vaccine developed by Moscow’s Gamaleya Institute. One of Putin's daughters had been dosed with the vaccine, Bloomberg cited sources. It had earlier reported The world's first coronavirus vaccine will be registered in Russia in a few days' time, Russia's President Putin announced, citing the safety and effectiveness of the vaccine have been validated. Putin said the vaccine is going to bring hopes for the country and the whole world. However, there seems to be concerns about the vaccine's effectiveness as less than 100 people were dosed with the vaccine, sources quoted as saying by Bloomberg.
NEXT DIGITAL (282.HK) announced that it noted the recent fluctuations in the price and trading volume of the shares of the Company. Having made such enquiry with respect to the directors of the Company who are contactable (and for this purpose, Lai Chee Ying, Cheung Kim Hung and Chow Tat Kuen, Royston are not in a position to confirm) as is reasonable in the circumstances, the Board confirmed that, save for the circumstances as described in the Company’s announcement dated 10 August 2020, it is not aware of any reasons for these price and volume movements or of any information which must be announced to avoid a false market in the Company’s securities or of any inside information that needs to be disclosed.
PRU (2378.HK) announced that it decided to pursue the full separation and divestment of Jackson to enable the Group to focus exclusively on its high-growth Asia and Africa businesses. This would result in two separately listed companies with distinct investment propositions, which the company believed would lead to improved strategic outcomes for both businesses. The Group would have primary listings in both London and Hong Kong and secondary listings in Singapore and the US. Jackson is expected to be solely listed in the US.
PICC GROUP (1339.HK) said that its original premiums income +4.24% YoY to RMB370.942 billion in the month of July.
CHINA LIT (772.HK) interim results ended June 2020. Loss was RMB3.296 billion, against RMB393 million profit a year ago. LPS equaled RMB3.3. No dividend was declared. Non-IFRS net profit amounted to RMB21.679 million, -94.4% yearly.
The Standing Committee of the National People's Congress of the PRC has unanimously voted for a bill that will allow lawmakers in the 6th Legislative Council of Hong Kong to hold office for at least one more year. While the 6th Legislative Council will run on after 30 September 2020, the 7th Legislative Council will run for a term of four years after its term commences lawfully.
SUNNY OPTICAL (2382.HK) July shipment volume of handset lens sets +25% YoY and vehicle lens sets +16% YoY to 136 million units and 4.745 million units, which was mainly due to the reduced impact from overseas epidemic.
HUA HONG SEMI (1347.HK) Q2 results ended June 2020. Revenue -2% YoY to US$225 million. Net profit amounted to US$17.826 million, -58.9% YoY. EPS
equaled US$0.014. Gross margin was 26%, +4.9 ppts quarterly.
The Indian government is planning to attract foreign investments to boost the manufacturing of certain products in a bid to beef up India's share in the global market, foreign news media reported. Nitin Gadkari, who heads India's ministry for SME, said it is a high time for his country to win over China's market slice.
GIORDANO INT'L (709.HK) i n 1H20, inventory turnover ratio increased but 70%-80% of the stock are basic items which could be sold over a long period of time and therefore there's no urgency to clear the stock; management revealed during an online conference. The company is confident that inventory level in 2H20 would be more satisfactory as compared with that recorded at the end of 1H20. The company will try to attract local spending by product diversity despite the grim outlook about Hong Kong's retail market for 2H20.
The company is currently operating more than 60 shops in Hong Kong and there are around 10 shops with pending lease contract renewal in 2H20, Chairman and Chief Executive LAU Peter said if they could not get 50%-60% of rental reductions, they might consider closing down the relevant stores and focusing resources on locations like Taiwan, South Korea and Thailand where performance recovery is more evident than in Hong Kong.
PICC P&C (2328.HK) original insurance premium income for the period from 1 January 2020 to 31 July 2020 aggregated RMB276.634 billion, +4.3% yearly.
PRU (2378.HK) interim net profit -74.2% YoY to US$512 million on actual exchange rate basis, with EPS of US19.7 cents. The company announced the first interim DPS of US5.37 cents, representing one third of the current expectation for the 2020 full-year dividend under the new dividend policy.
WH GROUP (288.HK) interim results ended June 2020. Net profit before biological fair value adjustments amounted to US$550 million, +18.8% YoY of which EPS equaled US3.73 cents. Net profit after biological fair value adjustments amounted to US$317 million, -44.3% YoY, of which EPS equaled US2.15 cents. Interim DPS was HK$0.05, flattish yearly.
CHINA LONGYUAN (916.HK) interim result ended June 2020. The net profit amounted to RMB3.21 billion, up 4% yearly. EPS was 39.94 fen. No interim dividend was declared.
NIO unveiled second-quarter net loss of RMB1.208 billion, -63.6% from the same period of 2019 and down 29.9% from the first quarter of 2020. The carmaker expected to deliver 11,000 to 11,500 vehicles in the third quarter.

Market and Pre Market News at bottom of page.

Regional Markets
JAPAN 
opened higher as the market played catch up and trended higher through the morning. EcoWatchers data out at lunchtime time missed which may raise hopes of more stimulus. After lunch the market has worked higher to day high at the close +1.9%
 S KOREA Kosdaq opened flat and traded sideways before dipping slightly in the last hour to close -0.3% and the Kospi opened higher and continued to work higher having broken above the key 2,400 level key but did see resistance closed +1.4% @ 2,419
TAIWAN opened flat but initial dipped and then traded sideways despite good earnings from TSMC, UMS and others. Trended slightly lower in the last hour to close -0.9%

Short Selling HSI Tuesday 17.3% vs 13.1% Monday
Top Shorts
Ping An (2318) 41%, Mengniu Dairy (2319) 35%, CCB (939) 35%, Hang Lung PPTY (101) 34%, China Res Land (1109) 34%, CLP (2) 33%, MTRC (66) 28%, Bank of China (3988) 28%, Sino Land (83) 27%, HK & China Gas (3) 26%, NWD (17) 26%, Hang Seng Bank (11) 26%, Country Garden (2007) 25%

CONNECT FLOWS
Shanghai
Northbound Rmb 50,911m Sell 24,393m : 26,518m Buy
Southbound HK$ 11,672m Sell 5,837m : 5,835m Buy

Shenzhen
Northbound Rmb 69,716m Sell 33,946m : 35,770m Buy
Southbound HK$ 12,984m Sell 6,225m : 6,759m Buy


DATA
CHINA Pre Market

Vehicle Sales Jul 16.4% vs 11.6% Jun (F/cast was 15%)
After Market
New Yuan Loans Jul CNY 992.7b vs 1810b Jun (F/cast was 1290b)
Outstanding Loan Growth Jul +13% YoY vs +13.2% Jun (F/cast was 13.3%)
Total Social Financing Jul CNY 1690b vs 3430b Jun (F/cast was 1950b)
M2 Money Supply Jul +10.7% YoY vs 11.1% Jun (F/cast was 11.2%)

HONG KONG
Centre for Health Protection said there were 33 additional COVID-19 cases in Hong Kong today; (vs 69 cases Monday).

Active Heavyweights
AIA (1299.HK) +2.5%
TENCENT (700.HK) +2.3%
CCB (939.HK) +2.1%
PING AN (2318.HK) +0.5%
HKEX (388.HK) unch

HSI & HSCEI Constituents on the move
SANDS CHINA LTD (1928.HK) +9.8%
SHENZHOU INTL (2313.HK) +6.1%
WHARF REIC (1997.HK) +5.7%
ANTA SPORTS (2020.HK) +5.6%
GALAXY ENT (27.HK) +5.5%
CM BANK (3968.HK) +4.6%
CHINA MOBILE (941.HK) +3.6%
CPIC (2601.HK) +3.4%
TECHTRONIC IND (669.HK) +3.4%
CHINA TOWER (788.HK) -3.3%
HANG LUNG PPT (101.HK) +3.2%
CNOOC (883.HK) +3.1%
HSBC HOLDINGS (5.HK) +3%

HSMI & HSSI Constituents on the move
GCL NEWENERGY (451.HK) +24.8%
HAICHANG HLDG (2255.HK) +16.7%
LI NING (2331.HK) +10.6%, hitting new high
GCL-POLY ENERGY (3800.HK) +10.5%
ZHONGSHENG HLDG (881.HK) +6.6%, hitting new high
COSCO SHIP HOLD (1919.HK) +4.5%, hitting new high
XINYI GLASS (868.HK) +4.1%, hitting new high


COMMENT
*COMMODITIES MIXED
  Oil strong overnight on signs that the US may move forward with another economic stimulus deal that could bolster demand; CNOOC (883 HK +3%) CH OILFIELD (2883 HK +4.6%). GOLD price retreated following recent rally. ZIJIN (2899 HK -4.6%) ZHAOJIN (1818 HK -5.5%).
*MACAU STRONG after China announced letting mainland tourists visit the gambling hub for the first time since January. Zhuhai, its neighbouring city, will allow both individual and group travel starting Aug 12. The policy may be gradually expanded to the rest of the nation. MELCO (200 HK +5.5%) GALAXY (27 HK +5.5%) SANDS (1928 HK +9.8%) SJM (880 HK +5%) WYNN (1128 HK +6.5%) MGM(2282 HK +4.9%).
*CH BANKS STRONG despite CBIRC disclosed the commercial banks earned a combined 426.7b yuan in Q2 -24% YoY. Despite the significant negative growth in profit in 2Q, the performance in 1H was basically seen as in line with expectations. After the close July New Yuan Loans came out which was weaker than expected _VE for tomorrowICBC (1398 HK +2.2%) CCB (939 HK +2.1%) CMB (3968 HK +4.6%).
*E-COMMERCE MIXED. TENCENT (700 HK +2.3%) Reports Wednesday. Various news items including the proposed a deal to merge DouYu with Huya, creating a Chinese game streaming leader with a market value of more than $10b. It offered to buy 30m shares of Huya from part-owner Joyy for $810m. Tencent separately proposed a merger via a share swap of Huya and Douyu. Sector also rebounded amid bargain-hunting following recent correction. CH LIT (772 HK -3.1%) ahead of earnings results which came out weaker than expected. MEITUAN (3690 HK -2%) continue to see profit-taking.
*HK PROPS FIRM after Li Ka Shing Foundation and Victor Li resumed their buying they bought 800,000 CK ASSET (1113 HK+0.7%) shares at avg HK$41.3669 apiece Aug 7.
SHKP (16 HK +2.6%) is to sell 53 flats at Regency Bay in Tuen Mun on Friday. The developer has collected about HK$1b after selling 152 flats at the project. LANDLORDS rebound amid attractive valuation, WHARF REIC (1997 HK +5.6%) HYSAN (14 HK +4.8%) HANG LUNG PROP (101 HK +3.2%).
*AUTOS DEALERS FIRM optimism on car sales recovery. China Passenger Vehicle Association estimates the PV market is highly possible to achieve a 3% to 5% growth in the 2H. On EV, Deputy Chief Engineer of China Auto Association said China could sale 1.1m EV this year.
ZHONGSHENG (881 HK+ 6.6%) following yesterday's 1H report which topped est
YONGDA (3669 HK +7%) HARMONY (3638 HK +2.4%).
CAR INC (699 HK -2.5%) Profit Warning that the Group is expected to incur a 1H net loss at a range of 3.8b yuan to 4.3b yuan, vs a profit for the same period a year ago.
*TELCOS FIRM on 5G optimism, but CH TOWER (788 HK -3.3%) after reported 1H profit +17% YoY, but 2Q EBITDA missed est. CH TEL (728 HK +2.6%) CH MOBILE (941 HK +3.5%) CH UNICOM (762 HK +2.9%).
*SPORTSWEAR STRONG on refreshed recovery optimism, following consolidation over the past couple of weeks. LI NING (2331 HK +10%) rallied ahead of Thursday's earnings results, as market expects the worst maybe over, sales fall may have moderated through June. XTEP (1368 HK +3.4%) ANTA (2020 HK +5.6%) 361 DEGREES (1361 HK +3.7%).
*EDUCATION WEAK after a placements by WISDOM (6068 HK -8.5%) placed shares with nearly 10% disc, and CH EDU GROUP (839 HK -6.5%) placed shares with a 7% disc.
*OTHER MOVERS: 
GIORDANO (709 HK +6%) reported 1H net loss HK$175m vs. prior a profit of HK$161m.
NEXT DIGITAL (282 HK +331%) surged again after jumping 183% yesterday, following the arrest of Jimmy Lai. Some say it is pro democracy supporters buying other that its speculators hoping for an asset sale but have rising significantly a cheap asset sale seems unlikely. Although under the new security law Jimmy Lai could have his assets confiscated.

NEWS
MARKET HOURS

Hong Kong Disneyland told its staff to go back on no-pay leaves starting from next week as the third spike of novel coronavirus outbreak had forced the theme park to shut down from 15 July,
China's National Immigration Administration announced that Zhuhai authorities will resume the review of travel endorsements to Macau from tomorrow (12 August). Providing overall easing COVID-19 situations in Mainland and Macau, China would resume travel endorsement review for visiting Macau from 23 September.
Chinese President Xi Jinping has recently outlined a fundamental guidance on containing food waste, claiming that China should bear in mind food inventory risks in spite of bumper harvest over the past decades. On top of legislation and tougher scrutiny for a long-term and effective prohibition against food waste, Beijing shall step up propaganda and education to nurture a habit of resource saving and to advise the citizens against wastage, opined Xi.
Tencent Music Buys All Guangzhou Kugou's Stakes; Guangzhou Kugou Computer Technology released some equity sale information on 5 August, concerning the stake disposal by all shareholders to the purchaser Tencent Music, reported Chinese media.
Yu Chengdong, CEO of Huawei Consumer Business Group, signed and published a notice on forming a terminal chip unit in the field of display driver products. In other words, Huawei will establish a division dedicated to screen driver chip production.
TENCENT (700.HK) splashed US$810 million to increase stake in HuYa (HUYA.US), and proposed a merger between HuYa and DouYu (DOYU.US), both of which are backed by TENCENT. A Chinese media cited HuYa CEO Rongjie Dong's internal letter that the board of directors have not made any decision for the proposal of TENCENT, and will carefully review and assess so for making the best decision for the company, shareholders and employees.
Delta Asia Financial Group has received an official confirmation from the US government that without further litigation, or any admission of liability by any party, the sanctions on Banco Delta Asia, imposed in 2005, have been formally lifted. When the time is appropriate, the group will seek to resume US dollar business as it continues to develop its private banking services, asset management and overseas property business, according to the statement.
At lunch GIORDANO INT'L (709.HK) interim results ended June 2020. Loss was $175 million, against $161 million profit a year ago. LPS equaled 11.1 cents. Interim DPS was 3.1 cents.
Waterdrop, an insurance technology startup backed by TENCENT (700.HK), has finished about US$200-million financing, led by an international insurer, as Chinese media learnt from inside sources. Wire had previously reported that Waterdrop planned to have IPO as soon as this year, pursuing about US$4 billion of valuation, with the US possibly the listing location.
At lunch CEB GREENTECH (1257.HK) interim results ended June 2020. Net profit reached $822 million, up 1.1% yearly. EPS equaled 39.8 cents. Interim DPS was 8 cents, flattish with the corresponding period of the previous year.
At lunch CHINA TOWER (788.HK) interim result ended June 2020. The net profit amounted to RMB2.978 billion, up 16.9% yearly. EBITDA was RMB29.1 billion.
EPS was RMB0.017. No dividend was declared.
Total, an international energy company, announced that its subsidiary Total China entered into a strategic cooperation MOU with BABA-SW (9988.HK) in Hangzhou. Under which, both parties will leverage their respective edges and capabilities to nudge the digital upgrade of Total in Chinese business. Pursuant to the MOU, Total China will harness on BABA-SW's leading digital technology and capability to mount deep cooperation in arenas such as e-commerce cross-terminal operation, mobile payment, localized services, supply chain, big data, organization and management and so on.
BABA-SW (9988.HK) and Cainiao have completed the buyout of ALOG Technology, a third-party e-commerce logistics supply chain company, reported Chinese media. The founding team of ALOG no longer holds any share in the company.
Russian competition authority FAS claimed that Apple has abused its mobile app market dominance through the App Store, thus asking the giant to resolve the regulation breaches. Apple plans to appeal the ruling.
NTES-S (9999.HK) Cloud Music and Universal Music Group jointly announced that they stroke a brand new strategic cooperation for years. Under the cooperation framework, NetEase Cloud Music will be authorized access to the music library of Universal Music and stretch the operation to its community product - Mlog.
The US government will auction off 100 MHz of mid-band spectrum originally committed to military purposes for commercial use. The move is aimed to ramp up the 5G network coverage in the United States.
China Passenger Car Association (CPCA) announced that passenger vehicle sales volume +7.7% YoY to 1.597 million units in July 2020, the strongest growth since May 2018.
According to China Association of Automobile Manufacturers, China's automobile production totaled 2.201 million -5.3% MoM but +21.9% YoY and sales volume totaled 2.112 million in July 2020, -8.2% MoM, and +16.4% YoY.
In July 2020, Google ranked the top in mobile publishers worldwide, whose download volume grew 37% yearly to 273 million, followed by Facebook (216 million installs), according to Sensor Tower's research report. Bytedance came 6th and TENCENT (700.HK) came 10th.
TENCENT (700.HK)'s Dungeon and Fighter Mobile announced that the title release, originally slated for 12 August, will be delayed until further notice given upgrades for an in-game anti-addiction system.
Tencent Music (TME.N) Chief Strategy Officer Tony Yip said it is now premature to gauge about the delisting of the company from the US stock market. As Reuters quoted US Treasury Secretary Steven Mnuchin, firms from China and other countries and regions that fail to comply with US accounting standards shall be delisted from American stock exchanges by the end of 2021. Asked whether the company has plan to address the latest move of the US government, Yip said delisting is not the only option as the company could invite an American auditor to jointly audit its financial report.
NEXT DIGITAL (282.HK) understood the executive directors, Lai Chee Ying, Cheung Kim Hung and Chow Tat Kuen, Royston were arrested by the Hong Kong police on 10 August 2020 and that the police also executed search warrants against the Company’s offices on the same day. The Incidents were not expected to have any material adverse impact on the daily operations of the Group. The Board is not aware of any matter arising out of the same that indicate or suggest that the Group or its operations will be materially impacted and therefore does not expect that they will have any material adverse impact on the financial position of the Group.




PRE MARKET










CIMC VEHICLES (1839.HK) noted a coalition of American Chassis Manufacturers, consisting of five enterprises, being Cheetah Chassis Corporation, Hercules Enterprises, LLC, Pitts Enterprises, Inc., Pratt Industries, Inc., and Stoughton Trailers, LLC, filed a petition with the USITC on July 30, in relation to the initiation of anti-dumping and countervailing duty investigation on certain chassis and subassemblies thereof from China. The Group will continue to closely monitor the progress of the Anti-Dumping and Countervailing Duty investigation to duly determine the extent of impact on the business of the Group.
All Hong Kong residents could voluntarily undergo the one-off COVID-19 test free of charge as the Government had earlier announced. Sophia Chan, Secretary for Food and Health, estimated that about 5 million people may be participating the program. She added that the Innovation and Technology Bureau is studying about the registration procedure of the test, methods of sampling and so on, subject to the discussion of experts from Hong Kong and China.
Driven by commercial interests, China will crank up soybean imports in the fourth quarter to meet livestock and poultry feed demand, Reuters citing Chinese traders.
China is expected to import 8 million tonnes of soybean per month in the fourth quarter, mostly from the US.
Trump said that China Fails to Expand US Good Purchase; WTO Should End China's 'Developing Nation’ Status.
China has failed to meet her commitments on expanding U.S. good purchase under the Phase 1 trade deal, but he believes China to ramp up purchases next year, reported Reuters citing US President Donald Trump. Trump also floated a request at the WTO to end China’s status as a “developing nation”, who actually has even "more advantages over the US".
Firms from China and other countries and regions that fail to comply with US accounting standards will be delisted from American stock exchanges by the end of 2021, as Reuters quoted US Treasury Secretary Steven Mnuchin.

Huawei switched on a new project coded "Nanniwan" to hasten the R&D of US-tech-free businesses involving laptops and smart screens, in a bid to resolve the problems of inability to manufacture its own smartphone chips under the US ban, Chinese media reported. Huawei's laptops, smart screens, Internet of Things (IoT) smart home products and so on will be included in the related project.
CHENMING PAPER (1812.HK) interim results ended June 2020. Net profit increased by 1.3% yearly to RMB516 million, with EPS of RMB0.051. No dividend was declared.
Citigroup and STANCHART (2888.HK) is freezing some accounts to avoid violating America sanctions on 11 Hong Kong and Chinese officials, Bloomberg citing sources.
Citigroup is taking steps to cancel accounts tied to the 11 targeted officials. Meanwhile, STANCHART is reviewing whether it has business relationships with these officials, and will pause account openings for those on the list.
ANALOGUE HLDGS (1977.HK) announced a planned disposal of 2% of equity interest in Transel Elevator & Electric for a consideration of US$1.40 million (roughly HK$10.92 million). Transel Elevator & Electric was owned by the Buyer as to 29.4%.
Tencent Music Entertainment (TME.N) revealed that its 2Q20 earnings climbed 1.3% to RMB939 million, and revenue hiked 17.5% to RMB6.93 billion, topping street consensus. During the quarter, users of the company's online music service rose 52% to 47.1 million. The stock price leaped 2.4% in the extended hours on the results release.
The Government yesterday announced extension of several social distancing measures, with effect from August 12 for a period of seven days till August 18.
In view of the epidemic situation which has remained severe, the Government considers it necessary to extend the relevant social distancing measures. While the number of daily new confirmed cases in Hong Kong over the past week has declined slightly, the overall figure remains high and the mortality rate has continued to rise.
Macao Daily reported that Zhuhai residents may apply for individual visit scheme to Macau starting from today. Casinos commented that this is good news which lays critical foundation for Macau economic recovery. GGR may double up from the trough to over MOP2 billion. However, given the unfinished coronavirus pandemic, furlough arrangements will possibly go on before an effective vaccine comes available by June 2021, said the industry players.
Microsoft and Twitter stand little chance of buying TikTok successfully, SCMP citing insiders. The probability of Microsoft acquiring the short video app is not higher than 20%, as the price offered is akin to "robbing the owner when his house is on fire”. Meanwhile, Twitter has even smaller chance for its insufficient financial ability.
Reuters reported Microsoft is facing a technical hurdle in acquiring TikTok's US operation from ByteDance, citing sources. The US software powerhouse is seeking a transition period which will give it time to technologically ring-fence TikTok from ByteDance. However, the process may take a year or more.
China Banking and Insurance Regulatory Commission (CBIRC) reported that commercial banks achieved net profits of RMB1 trillion for the first half of year, -9.4% year-on-year.
CHANGHONG JH (3991.HK) results for the six months ended June 2020. Net profit was $149 million, -8.6% yearly. EPS equaled 5.8 cents. No interim dividend was declared.
Q TECH (1478.HK) announced that the total sales volume of camera modules reached 31.636 million units in July 2020, -7.4% YoY and -0.7% MoM. During the month, total sales volume of fingerprint recognition modules amounted to 4.906 million units, -37.8% YoY and -27.9% MoM

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