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The Wire
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Morgan Stanley lowered China’s 2024 GDP growth forecast to 4.6% citing worsening debt deflation cycle
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Chinese EV makers can no longer propose new minimum price commitments, deadline passed on Aug 2 – European Commission
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Chinese developer Kaisa surged 42% after creditors of over 75% debt agreed to offshore debt restructuring
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China developed first homemade deep ultraviolet lithography machine capable of producing chips of 8nm or below – government catalogue
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New home transactions in Sept 1 – 12 slid 6% on month, top-tier cities saw faster declines – research
Goldman Sachs, Citigroup lowered China’s growth forecasts after economic activity slowed in August
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China’s home prices mostly declined at faster pace in Aug as policy effect waned
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China’s commerce minister met Italian auto industry body before planned meeting with European Commission official
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China strongly opposed to US tariff hikes, to take necessary measures to safeguard Chinese firms’ interests – commerce ministry
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China’s fixed-asset investment in Jan – Aug fell at faster pace, investment in Aug alone picked up slightly
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China’s industrial output grew at slower pace in Aug, manufacturing production slowed significantly
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China’s retail sales grew at second-slowest pace this year in Aug, weak auto consumption a major drag
WHAT’S ON THE WIRE
- China saw rising travel volume in Mid-Autumn Festival holiday, but hotel, air ticket, mooncake, gift prices fell on year – research
- Total travel bookings for Mid-Autumn Festival surged; domestic hotel bookings well above 2019-level – online travel agency
- Citi lowered forecast of Macau’s Sept gaming revenue, representing 80% of 2019-level
- Morgan Stanley lowered China’s 2024 GDP growth forecast to 4.6% citing worsening debt deflation cycle
- Citi Research opens 30-day upside catalyst watch Enn Energy after over 40% plunge in past four months
- Hong Kong developers may not outperform market after rate cut, fundamentals may remain sluggish – JPMorgan
- Chinese EV makers can no longer propose new minimum price commitments, deadline passed on Aug 2 – European Commission
- Hong Kong IPO market remained sluggish in H1, full-year IPO fundraising expected to reach HK$90 bn – BofA Securities
- Chinese developer Kaisa surged 42% after creditors of over 75% debt agreed to offshore debt restructuring
- JD.com acquired Dada share held by Walmart subsidiary
- Home appliance giant Midea surged over 9% on trading debut after raising HK$26.97 bn in biggest new listing in Hong Kong in three years
- Hong Kong stocks saw increased southbound capital inflows last week, Alibaba most popular – research
- Chinese developers mostly conservative about outlook, some post opportunities on low valuation, improved fundamentals – research
- Chinese dotcoms saw bottom-up drives, prefers Meituan, Alibaba, Trip.com, Tencent, New Oriental Education – UBS
- Smartphone companies Samsung, Xiaomi colluded with Amazon, Flipkart, breach antitrust laws – Indian regulator
- China developed first homemade deep ultraviolet lithography machine capable of producing chips of 8nm or below – government catalogue
- Baidu-backed healthyWay filed for Hong Kong listing for third time
- China’s housing market deteriorated more than expected, government may introduce stronger support policies before end of Sept – analysts
- PwC lost five fund clients within one day after regulatory penalty – report
- China’s property sales remained weak in Aug, prefers property managers to developers – analysts