Nov 11 HK WRAP -75pts with T/O HK$267bn NPC says Lam can oust opposition lawmakers

14 Nov
Nov 11 HK WRAP -75pts with T/O HK$267bn  NPC says Lam can oust opposition lawmakers

HSI -75pts (-0.3%) 26,227 HSCEI -46pts (-0.4%) 10,541  T/O HK$267.45bn (+14.3% DoD)

Investors continue to re-align their portfolio’s for a world that has a vaccine to combat covid 19, value investing that was dead two weeks ago is back in the agenda. But there are still a lot of covid issues that are still emerging not least firms for whom the recovery will come too late.HK saw record volumes today as did S Korea (with foreigners big buyers) and Taiwan. Hong Kong was weak as the E-commerce drivers have been halted by new regulation in China. The market may also see pressure tomorrow as all the Non-establishment LegCo members resign in protest as the disqualification of LegCo members deemed by Beijing as not being patriotic enough. Beijing may have quelled the public displays of resentment at its impositions on Hong Kong but they have not gone away.
China was weak with political risk to the markets suddenly becoming a big issue. The weaker than normal new loans data will also raise concerns about the economy and with a covid vaccine soon to be available there will be concerns about the exporters who have risen to prominence with medical exports.In the US Trump is still refusing to concede defeat and causing mischief in the meantime.

EUROPE opened higher, tested yesterdays closing levels and now working higher. No data due today but several ECB speeches. Utilities rising but the Banks remain weak.Corporate earnings a key driver; German IT house Bechtle up strong in early trade on strong Q3 results. ABN Amro weak despite beating profit expectations, but it missed net interest income projections and gave cautious forward guidance.
Nordea Bank weak as Sampo cut its stake. Prosus weak on concerns about stronger Chinese antitrust regulation.
US Futures opened opened Dow +40pts and has inched higher in Asian time currently +103pts with S&P and NDX positive too. Veterans days so bond market closed.
Data MBA 30 yr Mortgage Rate and Mortgage Applications. Veterans Day Bond Market Closed.
Earnings Include : Air Products, DouYu, Lemonade, Reynolds Consumer, Vroom, Fossil

CHINA CSI 300 Closed -49pts (-1%) @ 4,905
CSI 300 opened lower but traded higher to flat initially before selling down to 4,925 and then rebounding into lunch. PM saw the market trend lower to close around the day low.ChiNext stocks plunged 3.3% and STAR Board Index dropped 3.2%, as regulators step up antitrust pressure against the country's financial technology sector to curb online platforms' monopolies. Sector rotation out of tech names into procyclical stocks including commodities/resources, construction materials, and liquor names. Semiconductors and new energy vehicle-related sectors led the underperformers.
Shanghai Composite Index -18pts (-0.5%) @ 3,342
Shenzhen Component Index -273pts (-2%) @ 13,720
ChiNext Index -92pts (-3.3%) @ 2,682

CHINA Data After Market 
Vehicle Sales Oct 12.5% vs 12.8% Sept (F/cast was 10.5%)
New Yuan Loans Oct CNY 689.8b vs 1900b Sept (F/cast was 850b)
Outstanding Loan Growth Oct 12.9% YoY vs 13% Sept (F/cast was 12.9%)
Total Social Financing Oct CNY 1420b vs 3480b Sept (F/cast was 1450b)
M2 Money Supply Oct 10.5% YoY vs 10.9% Sept (F/cast was 10.8%)

New loans are usually lower in Oct due to National Holidays and the fact that most banks have used up their quota’s but this was weaker than usual. Household loans (mostly mortgages) dropped to CNY433.1b from 960.7b in Sept and Corporate Loans dropped too. Total Social Financing dropped sharply but was in line with expectations.

HSI Pre Market Opened @ 26,226 -73pts vs +78pts ADR’s at 26,379 E-commerce names weak again; Alibaba -7.4% and Tencent -5.7%, Meituan -6%. Market then rallied to the day high 26,432 before selling down to flat and then dipping to 26,250 and trading sideways into lunch. PM opened higher and tested 26,400 a couple of times in the afternoon but unable to break above and then sold down to the day low 26,170 level at 3:55pm before a small bounce into the close and a 30pt uptick in the closing auction.Telcos saw good interest along with HK Financials and Petrochems.

IPO BRIGHT FUTURE (01351.HK), on debut, settled the day at $1.45, up 35 cents or 32% against the listing price $1.1, on volume nearly 144 million shares and turnover of $215 million. Excluding the handling fees, a book gain of $700 was reported per board lot of 2,000 shares.

Centre for Health Protection said there were 18 new COVID-19 cases in Hong Kong today (vs 9 Tuesday) 3 local infections from unknown sources.

SHORT SELLING Wednesday 11.6% vs 13.6% Tuesday
Top Shorts CCB (939) 28%, Ping An (2318) 28%, Hang Seng Bank (11) 26%, BoC (3988) 26%.

Non-establishment Legislative Councilors met the press in the evening, during which Democratic Party Chair Wu Chi-wai announced that non-establishment Legislative Councilors will submit resignation letters collectively tomorrow (12 November), indicating their responsibility at the Council will come to an end, as a gesture of protest against Chief Executive Carrie Lam's disqualification decision. At the request of Chief Executive Carrie Lam, the NPC Standing Committee approved the decision on the qualification issue of Legislative Councilors of HKSAR. Alvin Yeung, Dennis Kwok, Kwok Ka-ki and Kenneth Leung will immediately be disqualified as Legislative Councilors.
miHoYo's Genshin Impact overtook TENCENT (00700.HK)'s Honor of Kings and PUBG Mobile to top the world's mobile game revenue chart in October, reported Sensor Tower. Genshin Impact garnered US$239 million in user spending in the period, 31% of which generated from China.
HUA HONG SEMI (01347.HK)'s 3Q20 results conference call, CFO Daniel Wang disclosed that the group has set a new high in sales revenue, on the ride of reviving consumption in China and gradually unleashed demands. 2H20 results were expected to outshine 1H20’s. With respect to the group's target on the Wuxi plant to strike a breakeven in 2H21, Wang stated that the goal is hardly attainable given the high investment and depreciation, although the factory will hopefully get close to the target by end-21.
Hong Kong Productivity Council unveiled the Standard Chartered Hong Kong SME Leading Business Index report for 4Q20. The overall index hit 37.5 in the quarter, rising 7.7 from 3Q20's 29.8. The index increased for the second straight quarter. However, both the overall index and sub-indices stood below 50, reflecting operating challenges faced by SMEs amid the pandemic and the new normal.
Centa-Salesman Index (CSI) last stood at 54.08 this week, +1.18 pts weekly, said Centaline Property. Failing to test 55, the index still managed to defend to critical line 50.

*HK FINANCIALS STRONG except HKEX (388 HK -3.2%), profit-taking after reported 3Q net income jumped 52% YoY HK$3.35b, while revenue, including investment income, expanded to HK$5.31b from HK$3.99b.
HK BANKS extended recent gains amid economic recovery hopes; HSBC (5 HK +4%) STAN CHART (2888 HK +3.6%) HANG SENG (11 HK +2%) BANK OF EAST ASIA (23 HK +2.8%) .
*CHINESE BANKS FIRM That was before the October's lending data which came out after the market close; but showed a bigger than expected drop in lending with both mortgages and commercial lending down. Expect some weakness tomorrow.CCB (939 HK +3.2%) ICBC (1398 HK +3.2%) ABC (1288 HK +2.4%) BOC (3988 HK +3.7%).
*PETROCHEMS STRONG as WTI +2.7% BRENT +2.9% oil continue to advance as vaccine hopes countered current global lockdown gloom. IEA said demand hasn't peaked and could rise above pre-Covid levels if economies recover quickly. SINOPEC (386 HK +3%) CNOOC (883 HK +4.3%) PETROCHINA (857 HK +1.2%) CH OILFIELD (2883 HK +0.8%).
*RESOURCES & CONSTRUCTION MATERAILS STRONG as the recovery/expansion of economic activities in China has exceeded expectations. CNBM (3323 HK +10%) CONCH CEMENT (914 HK +4%) ANGANG (347 HK +4.7%) MAANSHAN (323 HK +3.8%).
*E-COMMERCE WEAK as ALIBABA (9988 HK-9%) as China’s antitrust watchdog is seeking feedback on a raft of regulations that establish a framework for curbing anti-competitive monopoly behavior to eliminate competitors. They may also require companies that operate a so-called Variable Interest Entity -- a vehicle through which virtually every major Chinese internet company attracts foreign investment and lists overseas -- to apply for specific operating approval. MEITUAN (3690 HK -9%) TENCENT (700 HK -6.8%) JD (9618 HK -9%) ALI HEALTH (241 HK -12%) PA GD (1833 HK -4.4%).
* TECH & COMPONENTS WEAK as investors rotate out from tech names. HUA HONG SEMI (1347 HK -14%) 3Q net profit -61% YoY to US$17.69m +0.7% QoQ.SMIC (981 HK -8%) ahead of earnings. AAC (2018 HK -3%) XIAOMI (1810 HK -8%).
*SPORTSWEAR/APPAREL WEAK after SHENZHOU INTL's (2313 HK -7%) shareholders sold 37.6m shares at HK$133.10 each in an accelerated placement, represents a discount of 7.25% to Tuesday’s closing price of HK$143.50. ADIDAS forecast fourth-quarter operating profit between 100m and 200m euros, that missed analysts' forecast, and the company warned renewed lockdowns will weigh on earnings, although it does expect good earnings from China. LI NING (2331 HK -11%) ANTA SPORTS (2020 HK -5.8%) CH DONGXIANG (3818 HK -3.4%).
*PHARMA MIXED around vaccine development news. CANSINO (6185 HK- 6%) INNOVENT (1801 HK -3%) SINOPHARM (1099 HK +3%) 3SBIO (1530 HK +2%). FOSUN PHARM (2196 HK -3.7%) phase-1 human trial vaccine inoculation for coronavirus vaccine candidate BNT162b1 developed with partner BioNTech is completed.
*AUTO MAKERS WEAK recent rallies have been related to positive policies speculation.
DONGFENG MOTOR (489 HK -1.6%) Oct vehicle sales +9.86% YoY at 288,429 units, Jan-Oct vehicle sales -5.8% YoY to 2.22m units.
GREATWALL (2333 HK -12%) BRILLIANCE (1114 HK -3.5%) GEELY (175 HK -6%) BYD (1211 HK -15%) GAC (2238 HK -7.5%).
*HK PROPERTY FIRM on recovery hopes and low interest rates, and as HIBOR remains low. Li Ka Shing Foundation bought 625,500 CK ASSET (1113 HK+41%) shares between Nov 4 to Nov 9, at an avg px of HK$37.2809/shr. SHKP (16 HK +3.2%) HENDERSON (12 HK +2.4%) NWD (17 HK +3%).
ENN ENERGY (2688 HK +6.5%) jumped as industrial demand jumped in Oct.
CENTRAL CHINA REAL ESTATE (832 HK +11.3%) proposes spinoff of Central China Mgmt.

Regional Markets
Nikkei opened higher and worked higher through the day with a small dip going into the close +1.8% @ 25,350.
Topix opened higher too but traded effectively sideways through the day to close +1.7% @ 1,729
Data out at 2pm Machine Tool Orders Oct -5.9% vs -15% Sept (F/cast was -20%)
S KOREA Pre market Unemployment Rate Oct +3.9% vs +3.9% Sept (F/cast was 3.8%)
Kospi opened higher and worked higher through the day to closed +1.4% @ 2,486
Kosdaq opened flat and sold down to 830 level before finding support, then rebounded to flat but eased back to 838 level and traded sideways, closed -0.1% @ 840
TAIWAN opened lower but worked higher through the day to closed at the day high +1.4% @ 13,262

Northbound Rmb 45,091m Buy 21,301m vs 23,791m Sell
Southbound HK$ 25,445m Buy 11,035m vs 14,410m Sell
Northbound Rmb 63,174m Buy 33,297m vs 29,877m Sell
Southbound HK$ 25,469m Buy 9,787m vs 15,682m Sell

Active Heavyweights
BABA (09988.HK) -9.8%
MEITUAN-W (03690.HK) -9.7%
TENCENT (00700.HK) -7.4%
HKEX (00388.HK) -4%
CCB (00939.HK) +3.2%
PING AN (02318.HK) +1.7%
AIA (01299.HK) unchanged

HSI & HSCEI Constituents on the move
CHINA TELECOM (00728.HK) +10.5%
SWIRE PACIFIC A (00019.HK) +9.1%
XIAOMI-W (01810.HK) -8.2%
SHENZHOU INTL (02313.HK) -7.5%
SHIMAO GROUP (00813.HK) +6.7%
ENN ENERGY (02688.HK) +6.5%, hitting new high
CHINA RES LAND (01109.HK) +6.3%
CHINA UNICOM (00762.HK) +6.3%
CHINA RES GAS (01193.HK) +6.2%
GEELY AUTO (00175.HK) -5.7%
ANTA SPORTS (02020.HK) -5.4%
CHINA MOBILE (00941.HK) +5.3%
CNOOC (00883.HK) +5.1%
CKH HOLDINGS (00001.HK) +5%
CHINA OVERSEAS (00688.HK) +4.8%
MTR CORPORATION (00066.HK) +4.7%
CONCH CEMENT (00914.HK) +4.7%
HENGAN INT'L (01044.HK) +4.4%
CITIC (00267.HK) +4.3%
CHINA SHENHUA (01088.HK) +4.2%
CK ASSET (01113.HK) +4.2%
CHINA VANKE (02202.HK) +4.1%
SUNAC (01918.HK) +4.1%
HSBC HOLDINGS (00005.HK) +4.1%
GUANGDONG INV (00270.HK) +3.7%
BANK OF CHINA (03988.HK) +3.7%
MINSHENG BANK (01988.HK) +3.6%
WHARF REIC (01997.HK) -3.4%
HK & CHINA GAS (00003.HK) +3.4%
SINOPEC CORP (00386.HK) +3.4%
CLP HOLDINGS (00002.HK) +3.4%
AAC TECH (02018.HK) -3.3%
SHK PPT (00016.HK) +3.2%
ICBC (01398.HK) +3.2%
CHINA TAIPING (00966.HK) +3.1%
LINK REIT (00823.HK) +3%
NEW WORLD DEV (00017.HK) +3%
CM BANK (03968.HK) +2.5%, hitting new high
LONGFOR (00960.HK) +1.1%, hitting new high

HSMI & HSSI Constituents on the move
BYD COMPANY (01211.HK) -14.9%
HUA HONG SEMI (01347.HK) -14.1%
CIMC (02039.HK) -13%
RAZER (01337.HK) -12.8%
CHINA RAIL CONS (01186.HK) +11.7%
COSCO SHIP HOLD (01919.HK) -11.6%
BOSIDENG (03998.HK) -11.4%
CENTRAL CHINA (00832.HK) +11.3%
GREATWALL MOTOR (02333.HK) -11.1%
MICROPORT (00853.HK) -10.9%
LI NING (02331.HK) -10.8%
PACIFIC BASIN (02343.HK) -10.8%
CNBM (03323.HK) +10.7%C
HINA LONGYUAN (00916.HK) +3.9%, hitting new high
CHINAHONGQIAO (01378.HK) +1.5%, hitting new high

Amid Beijing's drafted guidance to stem antitrust behavior in online platform economy, TMall replied that the policy actually targets the whole industry, instead of singling out BABA-SW (09988.HK), when asked about the disputes that the group has been forcing its clients to choose "either one" retailer. In response to BABA-SW's investment into the luxury shopping platform Farfetch, the group disclosed that its sale exposure to luxury products was not high in "11.11 Shopping Frenzy 2020". However, it opined luxury sales will gradually go up, citing Estee Lauder's TMall turnover above RMB2 billion.
Yu Feng, Head of Taobao E-commerce Content Business Department, said live-streaming promotion of products could boost consumer confidence and enhance shopping experience. During the pandemic, the number of new merchant setups leaped 2.2 times yearly whilst that of consumers also rallied 1.6 times.  Yu hoped that the live-streaming promotion through Taobao could hail 30% penetration in next 2-3 years.
CCB (00939.HK) (601939.SH) Vice Chairman cum President Liu Guiping will act as the PBOC Deputy Governor, as Caixin learnt from the middle-level Chinese party meeting of the central bank.
China Association of Automobile Manufacturers announced that the vehicle production and sales volume was 2.552 million +11% YoY and 2.573 million units, +12.5% yearly, in October 2020.  As of 31 October, the country has led the production and sales volume growth to the seventh month, where sales volume has been at 10%+ growth for six consecutive months.
BABA-SW (09988.HK) said the phase two sales carnival of Tmall's 11.11 Global Shopping Festival this year has been halfway through. As at 00:35 today (11 Nov), more than 340 brands recorded over RMB100 million turnover and 13 brands even posted over RMB1 billion
The 13th National People's Congress (NPC) Standing Committee reviewed a resolution on the State Council's decisions regarding HKSAR LegCo members' qualification.  One of the decisions is that HKSAR LegCo members who promote or support "Hong Kong independence", decline to acknowledge China's sovereignty over Hong Kong, seek foreign or external forces to interfere in HKSAR's affairs, or commit other acts threatening national security will be stripped of their seats with immediate effect. This decision also applies to the 6th-term LegCo members with invalid nominations for the above reason during the nomination period for the 7th-term Legislative Council General Election initially slated for 6 September 2020.  Based of the decision the HKSAR Government announced that Alvin Yeung, Dennis Kwok, Kwok Ka-ki and Kenneth Leung have immediately been disqualified as Legislative Council members.
HKEX(00388.HK) announced the results for the first three quarters ended September 2020. Net profit was a nine-month record high of $8.58 billion, up 15.8% yearly.  EPS was $6.8. No dividend was declared.  Revenue and other income for the period rose by 12.1% annually to $14.091 billion, hitting a nine-month high.  ADT of Northbound Trading of Stock Connect was $90.0 billion, up 1.14 times yearly.
3Q20 NP was +51.7% to $3.35B, Beating estimates
XINHU ZHONGBAO (600208.SH) announced the disposal of two project stakes to SUNAC (01918.HK), involving RMB4.944 billion in total.
Overnight HIBOR last posted at 0.03636%, according to HKAB. Meanwhile, the 1-Month HIBOR related to mortgage rate last stood at 0.13411%, down for 5 days, marking a 1-month low.
JD-SW (09618.HK) announced that the payment peak on JDD during 00:00-01:00 of 11.11 Shopping Carnival surged 150% yearly.  The accumulated order value for JD-SW (09618.HK)'s 11.11 Global Love Season exceeded RMB200 billion.
The "Air Travel Bubble" agreement between Hong Kong and Singapore will come into force from 22 November, under which tourists could be exempted from quarantine to travel between the two places for sightseeing, family visit or business activities. CATHAY PAC AIR (00293.HK) and Singapore Airlines are designated for the operation of the "Air Travel Bubble". For the first 15 days upon the initiation of the program, one flight per day is allowed flying respectively from Hong Kong to Singapore and vice versa.
Hang Seng Indexes Company announced that, as NEW ORIENTAL-S (09901.HK)  meets the Fast Entry Rule of the Hang Seng Composite Index, it will be added to Hang Seng Composite Industry Index - Consumer Discretionary of the Hang Seng Composite Index, Hang Seng Composite LargeCap Index, Hang Seng Composite LargeCap & MidCap Index, and Hang Seng Consumer Goods & Services Index after market close on 20 November (Friday).   All changes will come into effect on 23 November (Monday).
The Urban Renewal Authority (URA) registered that 637 people applied online for its starter homes at "eResidence" as at 6 pm yesterday (10 November), representing an over-subscription of 13.8 times on debut.
Huawei purportedly plans to sell its Honor mobile business in a RMB100-billion deal to a consortium led by Digital China (000034.SZ) and the Shenzhen government. In a statement, Digital China said no agreement has been made regarding the Honor transaction so far. Hence, there is no other information which the Company is required to disclose under the Rules Governing the Listing of Shares on Shenzhen Stock Exchange.
A number of confirmed cases with untraceable origin were confirmed over the past one week, hinting at invisible transmission chains across the city, said Sophia Chan, Secretary for Food and Health, warning that the fourth spike of outbreak will possibly be even more severe than the third amid winter, the traditional peak of influenza. Chan declared tightened measures to stem imported cases. Inbound passengers from elsewhere except China must stay hotel, instead of home, for mandatory quarantine, effective 13 November. The Government will meanwhile take a firmer grip on quarantine exemption. Travelers from ultra-high-risk areas must hold negative test proof valid within 48 hours and be subject to further tests upon arrival, meaning that they will only be allowed to go after being tested negative for novel coronavirus. Additionally she said no easing of current social distancing rules but would be looking at staycations and private parties.

Not in this mornings report

Commercial banks achieved net profit of RMB1.5 trillion for the first three quarters of 2020, -8.3% year-on-year, according to data from China Banking and Insurance Regulatory Commission (CBIRC). The lenders' average profit margin on equity hit 10.05%.

JIUMAOJIU (09922.HK) announced that GYH BVI and MT BVI, both substantial shareholders of the Company, planned to sell 36.5 million shares in aggregate at HK$16.88 per share, representing a 7% discount to yesterday's closing price. The shareholders cashed in HK$616 million.

Tencent Music (TME.US) announced that the third-quarter net profit went up 10% to RMB1.132 billion. Adjusted EPS equaled RMB0.8, beating RMB0.71 in consensus.  During the period, the number of paying users (online music) added 46% to 51.70 million.

SHENZHOU INTL (02313.HK) announced that its controlling shareholders Keep Glory and Fairco had on 10 November intended to sell 33.4958 million and 4.07 million shares at the $133.1 per Share, representing 7.2% discount to the closing price yesterday and involving $5 billion in aggregate. Completion of the Sale is expected to take place on 13 November.

Market regulators in China will unroll a raft of measures to regulate online economic buildout following the 11.11 shopping bonanza, reported Shanghai Securities News. In other words, China's comprehensive monitoring system for online economy is taking shape.

XIAOMI-W (01810.HK) announced that the payment amount during 11.11 Shopping Craze surpassed RMB2 billion across all platforms within 50 minutes. announced that the transaction amount for 5G smartphones on its platform ballooned 15 times yearly within only ten minutes upon the onset of 11.11 Global Shopping Festival.

BABA-SW (09988.HK)'s Tmall has launched the 11.11 Global Shopping Festival since 1 November. As at 00:30 on 11 November, the real-time turnover of the shopping carnival exceeded RMB372.3 billion. More than 300 brands registered turnover of over RMB100 million.

MSCI, in its semi-annual index review, unveiled the list of additions/ deletions for Global Small Cap Indexes. For full details visit the MSCI review website

For Hong Kong Index, nine stocks were added while 12 were deleted. All changes will take place as of the close of November 30, 2020.

The nine additions were ATLAS CORP(HK), CKLIFE SCIENCES (00775.HK), COWELL (01415.HK), Futu (FUTU.US), IGG (00799.HK), KERRY PPT (00683.HK), MGM CHINA (02282.HK), REALORD GROUP (01196.HK) and TEXHONG TEXTILE (02678.HK) .

The 12 deletions were AUSNUTRIA (01717.HK), CSI PROPERTIES (00497.HK), CSTONE PHARMA-B (02616.HK), DTXS SILK ROAD (00620.HK), FAIRWOOD HOLD (00052.HK), FIH (02038.HK), GIORDANO INT'L (00709.HK), MANDARIN ORIENTAL, MINTH GROUP (00425.HK) , REGAL INT'L (00078.HK), TK GROUP HLDG (02283.HK) and XINYI GLASS (00868.HK)

MSCI announced half-yearly review results for constituents for the MSCI Global Standard Indexes, where 56 shares will be added to the MSCI China Index and 49 shares will be removed. All changes will be effective from the market close on 30 November.

MSCI, in its semi-annual index review, unveiled the list of additions/ deletions for Global Standard Indexes. For Hong Kong Index, two stocks were added while four were deleted. All changes will take place as of the close of November 30, 2020.

The two additions were ESR (01821.HK) and XINYI GLASS (00868.HK)

The four deletions were BEIGENE ADR , DAIRY FARM INTL, KERRY PPT (00683.HK) and MICROPORT (00853.HK)

MSCI China Small Cap Index will include 36 new shares and exclude 18 shares. All changes will be effective from the market close on 30 November.

FOSUN PHARMA (02196.HK) made clarification announcement on media reports. Recently, the Company noticed that there were media reports on the progress of clinical trials in relation to the mRNA-based vaccines (comprising 2 vaccine candidates, namely BNT162b1 and BNT162b2). With respect to the above reports, the Company has taken steps to investigate and hereby makes the clarification. So far, the cooperation between Fosun Pharmaceutical Industrial and BioNTech on COVID-19 Vaccine has been advancing in an orderly manner in accordance with the terms of the License Agreement. The COVID-19 Vaccine candidate, namely BTN162b1, of Fosun Pharmaceutical Industrial, has received the approval for clinical trial by the National Medical Products Administration in July 2020.

CHINA RES LAND (01109.HK) contracted sales approximated RMB26.04 billion, up 3.5% yearly, in October 2020.  It also announced that in October, the Group acquired 10 land parcels in Shaoxing, Ningbo, Hangzhou, Shenzhen, Chongqing, Huizhou, Hohhot, Taiyuan and Nanning with total GFA of approximately 2.4636 million square meters.  The attributable land premium payable amounted to RMB14.62 billion.

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