HSI +35pts (+0.1%) 26,486 HSCEI +114pts (+1.1%) 10,667 T/O HK$152.03bn (+14.6% DoD)
EUROPE Markets opened higher but drifting lower; AstraZeneca announced its Vaccine was 70% effective but the healthcare sector generally under pressure ut recovery names in focus. PMI data was mixed; French and Eurozone weaker than expected, German slightly better, UK much better.
British Airways parent IAG strong in early trades along with Thyssenkrupp and Repsol. BUT Latour and Hellofresh both saw selling pressureUS Futures opened lower in Asian time but rebounded as Europe opened.
US Futures Dow indicating a 200-pts open with S&P and NDX higher too.
Data due Chicago Fed National Activity Index; Flash Manufacturing, Services and Composite PMI
Fed Speakers Daly and Evans
CHINA CSI 300 Closed +62pts (+1.3%) @ 5,005
Opened higher after Beijing announced "zero tolerance" for bond or other market violations, easing investors’ concerns over the bond default cases. Sentiment helped by vaccine hopes, and comments from Premier Li saying that local governments should improve policies to meet the needs of market entities and changing situations in order to create more jobs, spur consumption and boost investment. I suspect that government funds were active to boost confidence in the light of the recent pressure on Ecommerce, Property and Financials.
Shanghai Comp +37pts (+1.1%) @ 3,415
Shenzhen Comp +103pt (+0.7%) @ 13,955
ChiNext Index +19pts (+0.7%) @ 2,686
CHINA Data None
HSI Pre Market opened 26,660 +208pts vs +130pts ADR’s (26,580) despite the rising covid cases over the weekend, the suspension of the HK/SG travel bubble, profit warnings and news that State companies were moving into help Evergrande; which opened higher along with Ecommerce names. But it trended lower to the 26,400 level and traded sideways into lunch with green energy names seeing strong interest but Travel, Airlines and Macau stocks under pressure as covid cases rise.
PM market worked slightly higher with resistance at 26,490 around 3:20pm eased back but then worked back to 26,486 at the close.
HONG KONG DATA
Centre for Health Protection said there were 73 new COVID-19 cases in Hong Kong today (vs 68 cases Sunday) 70 initially diagnosed cases, saying that 132 people have been infected by the dancing cluster so far.
SHORT SELLING Monday 17.4% vs 17% Friday
Top Shorts Bank of China (3988) 51%, Sinopec (386) 48%, Ping An (2318) 48%, BoC HK (2388) 43%, CCB 9939) 41%, Hang Seng Bank (11) 38%, Galaxy Ent (27) 38%, Country Garden (2007) 36%, HSBC (5) 35%, Citic (267) 33%, Swore Pac A (19) 30%, WHARF REIC (1997) 29%, MTRC (66) 29%, HK & China Gas (3) 29%, Hang Lung Ppty (101) 26%, Henderson Land (12) 25%, Hengan (1044) 25%
AFTER MARKET NEWS
CSC (06066.HK) announced that the Beijing State-owned Capital Operation and Management Center (BSCOMC), being the largest shareholder of the Company, proposed to gratuitously transfer the 2.684 billion A shares of the Company (representing 35.11% of the total share capital) held by it to Beijing Financial Holdings Group Limited. The Gratuitous Transfer will be beneficial for Beijing Financial Holdings Group to further implement the strategic deployment of strengthening and optimizing the financial industry of Beijing. Recently, the Company has received the letter of undertaking from BSCOMC, which made further undertaking for the Gratuitous Transfer that: from the date when Beijing Financial Holdings Group became a shareholder of the Company to the date when the original share lock-up period would expire (i.e. June 20, 2021), would not actively transfer its equity interests in Beijing Financial Holdings Group, except for the gratuitous transfer of state-owned assets approved by the government or state-owned assets management departments.
Law Chi-kwong, Secretary for Labour and Welfare, said the government will shower a one-off $5,000 compassionate allowance to each local grass-root resident who is diagnosed with coronavirus after 22 November and required to undergo quarantine treatment at hospital. Diagnosed patients could make request to social workers at hospitals for the allowance, tentatively from 27 November. Applicants should be employees or self-employed individuals who are not entitled to any pay leave, Law said, adding they should also claim their salary is reduced for hospital stay.
CHINA RES LAND (01109.HK) announced that, in relation to the proposed spin-off and listing of China Resources Mixc Lifestyle on the Main Board, it has determined the basis of the Assured Entitlement of Qualifying Shareholders to the CR Mixc Lifestyle Shares in the Preferential Offering. The basis of the Assured Entitlement is one Reserved Share for every integral multiple of 130 Shares held by Qualifying Shareholders at 4:30 p.m. on November 18, 2020, being the Record Date.
TONGHAI FIN (00952.HK) announced that ZHANG Bo ceased to be the deputy chairman and the chairman of the executive committee of the Company with effect from 23 November in order to devote more time to his personal affair. FANG Zhou, currently an executive Director, has been appointed as the deputy chairman of the Company.
YAU LEE HOLD (00406.HK) interim results ended September 2020. Net profit amounted to HK$75.662 million, up 978.3% yearly. EPS. equaled HK17.27 cents. Interim DPS was HK1 cent.
The Securities and Futures Commission (SFC) mentioned the high concentration of shareholding in GREAT HARVEST (03683.HK) Findings suggested that as at 6 November, 18 shareholders held an aggregate of 155 million shares, representing 16.27% of the issued share capital. Such shareholding, together with 766 million shares held by 2 Executive Directors and a substantial shareholder of the Company, represented 96.66% of the issued share capital.
The Commercial Properties Committee (CPC) of the Hong Kong Housing Authority (HA) today (November 23) approved to maintain the existing charges of the HA's car parks for one year from January 1, 2021, to December 31, 2021.
Last year, due to the difficult economic environment, the HA maintained its car park charges for a year. This year, car park charges are maintained again.
TONGCHENG-ELONG (00780.HK) results for the first three quarters ended September 2020. Net profit amounted to RMB248 million, -15.8% yearly.
SHK PPT (00016.HK) to inject nearly $20 million for Christmas promotion in YOHO MALL, Metroplaza and MOKO, including $10-million spending rebate and limited edition of souvenir to encourage spending.
* TOURISM/AIRLINES WEAK as Covid cases continue to rise globally. CATHAY PAC (293 HK -4%) as planned travel bubble with Singapore suspended as local covid cases surged over the weekend.
TONGCHEN-ELONG (780 HK -2%) on news Overseas Chinese Town (3366 HK) reduced its stake in Tongchen-Elong multiple times between August and November; it sold 8.2m shs again last week during Nov 18-20.
AIR CHINA (753 HK -3.6%) CEA (670 HK -1.7%) CSA (1055 HK -3.7%) TRAVELSKY (696 HK -1.5%).
*PETROCHEMS FIRM as crude price rose on vaccine hopes, while the US is grappling with refinery closures as the pandemic zaps demand and wrecks margins.
PETROCHINA (857 HK +2.8%) and CNOOC (883 HK +4.8%) to acquire the remaining 32.7% of ExxonMobil’s Iraq’s West Qurna-1 oil field, according to marekt rumour. ANTON OILFIELD (3337 HK +12%)CH OILFIELD (2883 HK +7.7%).
*CHINESE BANKS FIRM credit stress slightly eased after the State Coucil's financial stability committee said in a statement on Sunday that it must deal with "fraudulent issuance, false information disclosure, malicious transfer of assets, misappropriation of issued funds and other illegal activities, and severely punish all kinds of debt evasion" to protect investors. BOC (3988 HK +0.4%) ABC (1288 HK +3.6%) ICBC (1398 HK +0.2%).
*CHINA PROPERTY WEAK remained under pressure amid default concerns. EVERGRANDE (3333 HK -1.7%) is getting a 30b yuan lifeline from local governments. Two state-backed companies owned by the cities of Shenzhen and Guangzhou will buy equity in that amount from existing investors in Hengda Real Estate, a unit that holds Evergrande's main property assets in China, a person familiar said. The move comes after a key strategic investor demanded an exit. SHIMAO (813 HK -3.8%) COUNTRY GARDEN (2007 HK -2%) AGILE PROP (3383 HK -4.2%).
*HK PROPERTY WEAK on surging Covid cases in the city. NWD (17 HK -0.4%) collected HK$4.7b after selling all 396 units on offer at phase two of The Pavilia Farm in Tai Wai, with average price 5.8% higher than the first price list. NWD has now collected around HK$20b after selling around 1,800 units in the first two phases of the project, located atop Tai Wai Station. Also announced it had achieved its FY sales target early
CK ASSET (1113 HK-1%) despite Li Ka Shing Foundation buying another 470,000 shares in last week. SHKP (16 HK -2.3%) SINO LAND (83 HK -1.4%).
*E-COMMERCE FIRM after ALIBABA (9988 HK+4.5%) has sought to assure that it will comply with China's changing fintech rules after the changing regulatory environment caused Ant Group's initial public offering to be suspended early this month. Alibaba will actively learn and respond to the new national policies and regulations to build a healthier platform economy with higher requirements, Daniel Zhang, chairman of Alibaba, said during a forum. NTES (9999 HK+4.9%) JD.COM (9618 HK+2.6%) TENCENT (700 HK-0.17%).
*PHARMA MIXED amid vaccine speculations and earnings. CANSINO (6185 HK +3.9%) said China's peacekeeping troops have taken the company's Covid shots. No infection has been found among those who have been vaccinated and on peacekeeping missions in virus hotspots. INNOVENT (1801 HK-1.6%) SINOPHARM (1099 HK-1.6%) FOSUN (2196 HK_5.4%). CSPC PHARM (1093 HK-0.6%) said that its nine-month net profit rose 25% YoY on the back of stronger drug sales; net profit came in at 3.52b yuan, and revenue grew 15% to CNY19.22b. GENESCRIPT (1548 HK ,-15%) slumped after its chairman resignes following an arrest for alleged smuggling.
*AUTOS MAKERS FIRM on positive policies speculations after State Council pushes measures to increase domestic consumption and as Chinese automakers are starting to sell EVs abroad.
Daimler AG and GEELY (175 HK +1.3%) have launched plans to collaborate on developing highly efficient powertrain systems for next-generation hybrid vehicle applications. BYD (1211 HK +8.6%) DONGFENG (489 HK +0.8%) GREATWALL (2333 HK +6.6%).
*MACAU WEAK after the Macau Govt estimated gross gaming revenue to be 130b patacas in 2021 vs 2019’s revenue of 293b patacas. MELCO (200 HK -1.8%) SANDS CHINA (1928 HK -3.6%) WYNN (1288 HK -3.5%) GALAXY (27 HK -3.2%) MGM (2282 HK -6.5%).
*GAS PROVIDERS STRONG on speculation the sector to benefit from reforms and new profit drivers. CHINA GAS (384 HK +7.3%) ENN ENERGY (2688 HK +5.7%) CR GAS (1193 HK +2.5%).
*RENEWABLE ENERGY STRONG China boosts renewable energy subsidy budget for 2021 to 5.95b yuan. LONGYUAN PWR (916 HK +8.9%) DATANG RENEW (1798 HK -6%) XINYI SOLAR (968 HK +6.5%) COMTEC SOLAR (712 HK +28%).
JAPAN Closed for Labour Day
S KOREA opened higher, pre market we data slight +VE Foreign buying continues. Covid concerns fail to upset the +VE market mood despite the government increasing the social distancing measure to level 2. Tech and bio leading. Tomorrow pre market we get Consumer Confidence.
Kospi saw an initial dip but then worked higher to 2,600 and then traded sideways around the level; to close +49pts (+1.9%) @ 2,603
Kosdaq initially sold down but then rallied to 875 level around 10am but then drifted lower to test the support at 872, which it did several times before a rally at the end to close +3pts (+0.4%) @ 873
First 20 days average prices
Exports +11% YoY
Imports +1.3% YoY
TAIWAN After market data Friday was positive an pre market consumer confidence data was down MoM but better than expected.
Market rallied on the open and climbed to 13,921 but then eased back to 13,825 and then traded sideways around 13,850 level, but saw a uptick at the end to close +162pts (+1.2%) @ 13,878
Data Pre Market
Consumer Confidence Oct 71.1 vs 71.6 Sept (F/cast was 71)
Unemployment Oct 3.77% vs 3.78% Sept (F/cast was 3.8%)
Industrial Production Oct 7.06% vs 10.73% Sept (F/cast was 6.5%)
Retail Sales Oct 3.26% vs 3.14% Sept (F/cast was 3.1%)
CONNECT FLOWS (significantly higher DoD)
Northbound Rmb 46,959m Buy 20,138m vs 26,821m Sell
Southbound HK$ 18,290m Buy 8,068m vs 10,222m Sell
Northbound Rmb 57,392m Buy 26,833m vs 30,252m Sell
Southbound HK$ 16,117m Buy 6,891m vs 9,952m Sell
BABA (09988.HK) +4.3%
AIA (01299.HK) -2.8%
MEITUAN-W (03690.HK) +.2%
CCB (00939.HK) +0.7%
PING AN (02318.HK) +0.7%
TENCENT (00700.HK) -0.3%
HKEX (00388.HK) +0.2%
HSI & HSCEI Constituents on Move:
XIAOMI-W (01810.HK) +8%, hitting new high
CHINA GAS HOLD (00384.HK) +7.3%
ENN ENERGY (02688.HK) +5.7%
WANT WANT CHINA (00151.HK) -5.5%
CNOOC (00883.HK) +4.9%
SANDS CHINA LTD (01928.HK) -3.7%
CHINA RES BEER (00291.HK) +3.7%, hitting new high
ABC (01288.HK) +3.6%
CHINA OVERSEAS (00688.HK) -3.5%
SHIMAO GROUP (00813.HK) -3.5%
HANG LUNG PPT (00101.HK) -3.2%
PETROCHINA (00857.HK) +3.2%
GALAXY ENT (00027.HK) -3.2%
HSMI & HSSI Constituents on Move:
GCL-POLY ENERGY (03800.HK) +25.5%, hitting new high
GENSCRIPT BIO (01548.HK) -14.8%
CHALCO (02600.HK) +13.2%
XINYI ENERGY (03868.HK) +11.1%
CHINA LONGYUAN (00916.HK) +8.9%, hitting new high
TIANGONG INT'L (00826.HK) +8.7%, hitting new high
MARKET HOURS NEWS
Constitutional and Mainland Affairs Bureau announced today (23 November) that a Guangdong-Hong Kong-Macao Greater Bay Area Development Office is officially set up in a bid to foster promotion and coordination of the work related to the Area of the HKSAR Government. Yuen Man Chung, Tommy acts as the Commissioner for the Development of the Greater Bay Area.
AstraZeneca-Oxford Coronavirus Vaccine Proven 70% Effective protecting against the highly transmissible respiratory virus
Huawei had last week notified component suppliers in Taiwan that it would resume purchase of lens and such other handset parts starting this month, cited Taiwan's Liberty Times Net.
NEW WORLD DEV (00017.HK) announced the name of its development project at the Hong Kong International Airport development SKYCITY: 11 SKIES, which will open in phases from 2022 to 2025. Operated by K11, 11 SKIES has a gross floor area of 3.8 million sq. ft. and a total investment value of HK$20 billion.
HSBC Expands Wealth Mgmt Biz with High-value Assets; Unaware of Capital Outflow from Asia. Sami Abouzahr, Head of Customer Wealth, Retail Banking and Wealth Management, Hong Kong, HSBC, said majority customers inclined to fixed asset investment while increasing appetite in the US investment. Yet, he was not aware of any capital outflow from Asian region where the growth potential remains bigger with faster plague recovery. HSBC has recently set up a brand new wealth management and personal banking business with a wealth asset scale of US$1.4 trillion. It seizes high-net-value customers from Jade and private banking which entail wealth asset of US$249 billion.
German Health Minister Jens Spahn said the country will start administering shots of Covid vaccines as early as next month, reported RND. He suggested there is reason to be upbeat that a Covid vaccine will be approved by the EU this year and be immediately dosed afterwards.
CCB (00939.HK)'s US$3-billion Bond Issue Plan on Malaysian Cryptocurrency Exchange by CCB Labuan using blockchain technology has been withdrawn, Reuters reported. The bond had been scheduled to be issued by Longbond Ltd for listing on Malaysia's FUSANG exchange, which focuses on digital asset transactions.
TENCENT (00700.HK) Said to Buy Into Gaming Firm Wooduan Technology. Zhejiang Wooduan Technology underwent business changes on 20 November with a new capital contributor, Guangxi Tencent Venture Capital, which is wholly-owned by Shenzhen Tencent Industrial Investment Fund Co., Ltd. Jiemian.com citing Tianyancha. Zhejiang Wooduan Technology, founded in January 2010, has self-developed products in browser games, mobile games and PC games. The firm's backbone is built on renowned gaming companies in Mainland.
MEITUAN-W (03690.HK)'s indirect wholly-owned subsidiary captured land parcels in Dinghai Community, Yangpu District, Shanghai at RMB6.541 billion. It will build its headquarters at those sites in Shanghai, and expedite R&D integration of new generation of AI.
In response to Chinese media reports that it is filing for a direct bank license, Pinduoduo (PDD.US) replied that it has never lodged any application for direct bank licenses, nor has it invested in any bank which is filing for that.
The US government will label 89 Chinese aerospace firms and other companies as those tied to the Chinese military, hence limiting them from buying American goods and technology, Reuters citing a US DOC document.
Dagong Global Credit Rating moved down the credit ratings on the majority part and related bonds of Huachen Automotive Group to C from CCC, according to Chinese media. Earlier on, Shenyang Intermediate People's Court had convicted that it had accepted the creditor's application for restructuring on Huachen Automotive Group, signifying the automaker entered the bankruptcy restructuring phase officially, Xinhua News Agency reported. In the evening of 20 November, the CSRC announced to initiate a special inspection of Huachen and send a warning letter as the circumstances may require. Intermediaries related to Huachen's bonds will be probed simultaneously.
CSPC PHARMA (01093.HK) results for the first three quarters ended September 2020. Total revenue rose 14.6% yearly to RMB19.215 billion. Net profit amounted to RMB3.518 billion, up 25.1% yearly. EPS. equaled 29.43 fen.
The Monetary Authority of Singapore (MAS) announced injection of RMB25 billion of funding at most to local banks as it seeks to deepen RMB liquidity and better meet the growing RMB business needs.
PRC Strives for Peaking Carbon Emission by 2030; Needs to Lift PV, Wind Power Installation Ratio said Shi Zhengrong: In the next stage, China aims to strive for reaching peak carbon dioxide emissions by 2030 and carbon neutrality by 2060, reported ChinaIPO.com. With good policy environment and huge investment, China will keep boosting her renewable energy installation capacity, especially that for photovoltaic and wind power, said Shi Zhengrong, a professor at Shanghai University of Electric Power.
BABA-SW (09988.HK) has for years been sticking to its vision of digitalisation and to brush up the life of its clients and free them from hardship during the course of business operation by means of digital technology, said CEO Daniel Zhang. Looking ahead, the group will proactively get itself familiarised with and adhered to the national policies and regulations in terms of platform economy development, added Zhang.
US Food and Drug Administration (FDA) will in mid-December grant approval for distribution of the vaccine co-developed by Pfizer and BioNTech and launch the largest inoculation campaign in the country's history, said Moncef Slaoui, Chief Scientific Adviser for “Operation Warp Speed. The healthcare watchdog’s outside advisers have scheduled a meeting on December 10 to review the emergency-use application for the said vaccine. Healthcare workers and others recommended for the first COVID-19 inoculations across the country may start receiving shots within a day or two upon regulatory consent.
GCL-POLY ENERGY (03800.HK) announced that its subsidiary Suzhou GCL-Poly had agreed to sell 51% equity interest in Ningxia Qingyang. The Target Company owns 1 Operational Solar Power Plant in the PRC. The net cash proceeds from the Transactions are expected to be approximately RMB198 million, which the Company intends to use for repayments of its debts.
YUEXIU PROPERTY (00123.HK) announced that its subsidiaries Yuexiu Kangyang and Jingyi Investment had entered into the Partnership Agreement in relation to the formation of the Partnership Fund with GZYX Capital and GZYX Investment Management, both subsidiaries of its controlling shareholder GZYX, as well as Guoqi Innovative Fund. The main purpose of the formation of the Partnership Fund is to invest in or acquire projects or companies in the elderly care sector.
Given market concerns over Huachen Automotive Group's debt defaults, China Securities Regulatory Commission (CSRC) announced to initiate a special inspection of Huachen and send a warning letter as the circumstances may require. Intermediaries related to Huachen's bonds will be probed simultaneously, CSRC added.
GENSCRIPT BIO (01548.HK) has received from the family member of Chairman Zhang Fangliang a copy of a notice of arrest issued by the the Customs Anti-Smuggling Department of Zhenjiang in respect of Zhang. The Notice of Arrest stated that Zhang has been arrested for the suspected offence of smuggling goods prohibited by the import and export regulations under the laws of the PRC. The Group announced that its business operations remain normal and that Zhang has resigned as Chairman. The stock price nosedived 7.1% to $11.7 after bottoming at $11.4 this morning.
EVERGRANDE (03333.HK) announced that strategic investors holding equity interests of RMB39.4 billion in Hengda Real Estate have entered into supplemental agreements, among which equity interests of RMB20 billion are held by Shenzhen Talents Housing Group, equity interests of RMB10 billion are held by Guangzhou City Investment Company, and equity interests of RMB9.4 billion will continue to be held by Shum Yip Group Limited and other original strategic investors. For the remaining RMB4.3 billion equity interests, the Group has paid the principal in cash and made the repurchase.
XIAOMI-W (01810.HK) Yang Zhe, also known as Jeffery Yang, Vice President and Chief Marketing Officer (CMO) of China region, has resigned and been re-designated to serve as the marketing advisor for China region, reported Chinese media. He purportedly stepped down due to personal health reason. Yang joined XIAOMI-W in early June 2020.
PRE MARKET NEWS
Not in this mornings report
Hang Seng Tech Index Futures. launched today. The December Futures opened at 8,288.
After China had entered into RCEP with 10 ASEAN countries, Japan, South Korea, Australia and so on, Financial Secretary Paul Chan wrote on his blog that under this largest trade deal in world, members can further lower inter-region trade burden via mutual tariff concession, market liberalisation, trade barrier elimination and duties and customs process streamlining. The Government is striving to make the financial hub one of the first tranche of economies to join RCEP under relevant agreed terms.
NEW WORLD DEV (00017.HK) Executive Vice-chairman and CEO Adrian Cheng said the company's property sales have been marking promising results since the launch of The Pavilia Farm last month. Over 1,800 flats have been sold so far under The Pavilia Farm I and II, cashing in over $20 billion. Hence, the full-year sales target of the company have been achieved in advance, Cheng said.
The PBoC today started RMB40-billion reverse repurchase.
MACAU During the detailed discussion of FY21 budget between Macao Legislative Assembly and government representatives, Tourism Office, DICJ and DSEC estimated the full-year tourist figure from Mainland China and Hong Kong to approximate 14 million, equivalent to daily average of roughly 40,000, a double from 20,000 in the prevailing stage, cited Macao Daily. Along with gradual revived travel pass from Mainland China and Hong Kong, the gambling hub is confident that FY21 daily run-rate to reach MOP350 million, equivalent to a full-year GGR of roughly MOP130 billion.
Travel Industry Council of Macau stated that the hotel occupancy rate during Macau Grand Prix 2020 reached 30-40%, below the 70-80% in the past. Looking ahead, the council expected the traveler figure to hit 30,000-40,000 per day during the Christmas holiday.
EVERGRANDE (03333.HK) announced that among the strategic investors who hold RMB130 billion equity interests in the company's subsidiary Hengda Real Estate, strategic investors who hold RMB125.7 billion equity interests have already entered into supplemental agreements to hold their shares as ordinary shares, of which strategic investors who hold equity interests of RMB86.3 billion have previously entered into agreements and will continue to hold their interests; strategic investors who hold equity interests of RMB39.4 billion have entered into supplemental agreements. Upon entering into the series of agreements, strategic investors hold a total of 40% equity interest in Hengda Real Estate. Kailong Real Estate holds 60% equity interest in Hengda Real Estate.
BRILLIANCE CHI (01114.HK) announced that the Company was informed by Huachen Automotive Group Holdings Company Limited, the controlling shareholder of the Company, that Huachen received a written notice from the China Securities Regulatory Commission (CSRC). Pursuant to the Notice, the CSRC initiated an investigation on Huachen in connection with alleged violations of information disclosure laws and regulations by Huachen. Further, Huachen received a warning letter from Liaoning Regulatory Bureau of the CSRC in relation to Huachen’s failure to fulfil its disclosure obligation in a timely manner and publish announcements on the impact of certain material incidents on its ability to repay its bonds.
General Office of the State Council and China Banking and Insurance Regulatory Commission instructed that banks and insurers as well as loan assistance institutions should not leverage their advantageous positions to increase hidden financing costs on small and micro enterprises by adding unreasonable conditions, mandatory bundle sales, cost transfer and irregular charges, Xinhuanet reported. Any violations would be investigated and published without mercy. Institutions like ICBC (01398.HK) (601398.SH) and MINSHENG BANK (01988.HK) (600016.SH) were named for violations.
FORTUNE REIT (00778.HK) CEO Justina Chiu Yu told our reporters that citizens had gradually come to terms with the pandemic's "new normal" between July and August, while resuming social activities appropriately. Hence, Chiu expected the lease renewal rate of shopping malls to rise above 90% in 3Q20 from 1H20's 77%.
Wasu Media (000156.SZ) announced that its controlling shareholder WASU has recently nailed a strategic cooperation agreement with Alibaba (China) Co., Ltd., pursuant to which both parties would work together in arenas of "New Infrastructure", "New Technology", "New Scene" and "New Media".
Given Beijing's policy requirement for supporting NEVs by the end of 2022, Shanghai will continue to grant NEVs free exclusive licenses until the end of 2022. The concrete policy is still being formulated.
China Mobile Communications Group Co., Ltd. and ZTE Corporation held a signing ceremony in Shenzhen for their strategic cooperation deal. Under which, both sides will embrace future development and long-term collaboration based on their existing partnership, while exploring emerging business growth opportunity to focus on 5G mobile network, 5G transmission network, 5G vertical industry, network security, cloud network integration, 6G, intelligent universal terminal and so on.
Alibaba Cloud (Aliyun) stroke a cooperation with CENTEK and Beijing Pharmaceutical Trading Center to create a digital intelligence park named "OneCampus".