Country Garden Services tumbled nearly 5% after profit warning
Country Garden Services tumbles as much as 4.8% to hit HK$14.6 in Hong Kong, bringing its market value below HK$50 billion.
Author: Yuan Talks
Second-hand home transactions in financial hub Shanghai hit highest since July 2022 in Feb – agency data
Chinese financial hub Shanghai’s second-hand housing transaction volume reached 19,000 units in February, reaching the highest level since July 2022.
Non-ferrous metal companies slide in Hong Kong after Powell’s hawkish comments
Shares of non-ferrous metal companies are sliding across the board in Hong Kong, with China Minmetals plunging 5%, Zhaojin Mining down 4%, China National Gold International and Zijin Mining down 2%, and Shandong Gold, Aluminum Corporation of China, and Luoyang Molybdenum down 1%.
Chinese oil companies stage strong rally, CNOOC hit new record high for second straight day
Chinese oil companies stage a strong rally, with CNOOC surging by more than 5% to hit a new record high of HK$12.68, while its Shanghai-listed shares jumping by the daily limit of 10% to hit an all-time high of 18.92 yuan at one point.
China confident in real estate market recovery, to prevent “gray rhinos” in real estate sector – housing minister
Ni Hong, China’s Minister of Housing and Urban-Rural Development, expressed confidence in the recovery of the country’s real estate market.
Foreign corporate investment into China is expected to rebound this year, capital inflows to China stock market to reach 300 billion yuan – UBS
Foreign corporate investment into China is expected to rebound this year, as economic uncertainties in the country have eased significantly this year, along with the reopening and resumption of staff exchanges, said Wang Tao, Chief China Economist at UBS.
China to set up enlarged financial regulator, restructure science & technology ministry, establish national data bureau
China on Tuesday unveiled a sweeping reform plan for a slew of state institutions, including restructuring the Ministry of Science and Technology (MST) and establishing a national financial regulatory administration, part of the country’s efforts to bolster its scientific-technology capabilities and economic and financial security amid growing external uncertainties.
China pushes for revision of Anti-Unfair Competition Law – official
Chinese regulator is pushing forward the revision of the “Anti-Unfair Competition Law ” after revising the “Anti-Monopoly Law” last year, said Luo Wen, Head of the State Administration for Market Regulation, at a press conference on Tuesday.
China’s forex reserves fell by $51.3 bn in Feb due to changes in asset prices amid dollar strengthening
China’s foreign exchange reserves fell to $3.13 trillion in February, according to data released by the PBOC, a decrease of $51.3 billion
China plans to phase in standard mapping system serving self-driving vehicles by 2025
China plans to phase in a standard mapping system serving the application of self-driving vehicles by 2025, according to a guideline released by the Ministry of Natural Resources.
ASEAN remained China’s top trading partner in Jan – Feb, China’s trade with US fell 10.6% on year
In the first two months of the year, ASEAN remained China’s largest trading partner with bilateral trade reaching 951.93 billion yuan, a rise of 9.6% from a year earlier and accounting for 15.4% of China’s total foreign trade, according to China’s customs data on Tuesday.
China’s coal imports surged 71% on year in Jan – Feb – customs data
China’s coal imports in the first two months of 2023 surged 71% from a low base a year earlier amid stock replenishment on expected of rising demand after the country ended its zero-COVID policies.
China’s imports of mechanical and electrical products rose 0.4% from a year earlier – customs data
China’s exports of mechanical and electrical products reached 2.03 trillion yuan in the first two months of the year, an increase of
China’s exports fell 6.8% on year in Jan – Feb, imports slid 10.2% – customs data
China’s total import and export, in US dollar terms, totaled $895.72 billion in the first two months of the year, a decrease
China’s average battery-grade lithium price hit new low in more than a year
China’s average price of battery-grade lithium carbonate fell by 1,500 yuan to 366,000.0 yuan/ton on Tuesday, hitting a new low of more than one year and falling for 27 consecutive days, according to data from consultancy Shanghai Metals Market.
China’s passenger car retail sales slid 21% on year in Jan – Feb, NEV sales rose 23% – industry body
China’s retail sales of passenger cars in the first two months reached 2.657 million units, sliding 21% from a year earlier, according to an industry association.
China’s coal imports surged 71% on year in Jan – Feb – customs data
China’s coal imports in the first two months of 2023 surged 71% from a low base a year earlier amid stock replenishment on expected of rising demand after the country ended its zero-COVID policies.
Trip.com turned to profit in fourth quarter of 2022, revenue rose 7.5% on year
Trip.com, China’s largest online travel agency, reported a profit of nearly 2.1 billion yuan ($300 million) in the three months ended Dec. 31, compared to a net loss of 834 million yuan a year earlier. Revenue rose 7.5% to 5 billion yuan.
US imports of Chinese solar panels pick up after months of gridlocks – report
US imports of China’s solar panels are picking up after months of gridlock stemming from implementation of a new law banning goods made with forced labor, according to two Chinese solar companies.
Chinese President Xi vows to safeguard private sector’s property rights, support high-end manufacturing
Chinese President Xi Jinping said that China should safeguard the property rights of private-owned enterprises and the rights and interests of entrepreneurs according to the law.
Mark Mobius said money withdrawal problem in China resolved, SAFE stressed no change to cross-border remittance policy
Billionaire investor Mark Mobius said the money withdrawal problem in China appears to have been resolved, responding to inquiries from local newspapers, but declined to give further details.
Tencent-backed autonomous driving startup Momenta considers Hong Kong or US IPO as soon as this year – report
The company is anticipating to raise a maximum of $1 billion through the listing and the firm is working with financial advisors on the possible deal.
Meituan to incorporate ride-hailing business into Meituan platform to reduce input – report
Food delivery giant Meituan is considering restructuring its online ride-hailing business, reported Chinese news outlet Sina Tech.
Chances are high for China to meet or exceed growth target this year – former PBOC official
Chances are high that China will meet or exceed its relatively modest economic growth target for this year, said Sheng Songcheng, a former head of the statistics and analysis department at the People’s Bank of China.
China’s “around 5%” growth target in line with economic trend – state planner NDRC
China’s “around 5%” economic growth target for 2023 is in line with the trend of economic operation, said Zhao Chenxi, deputy head
China step up macro policy coordination to upleash potential of consumer spending, to prudently resolve risks in real estate, financial, local government debts – state planner NDRC
China will step up macro policy adjustments and strengthen coordination of various policies, said Zhao Chenxin, Deputy Director of the National Development and Reform Commission, at a press conference on Monday.
China to step up efforts to ensure enegy supply, to guide coal prices within reasonable range – state planner NDRC
China will strengthen monitoring of changes in key international and domestic commodity markets and important consumer goods markets, increase the supply of important consumer goods and stablize prices.
UBS raised forecast of China’s 2023 economic growth to 5.4%
UBS raised its forecast for China’s economic growth this year to 5.4%, higher than its previous estimate of 4.9%, according to a research note released on Monday.
Chinese authorities kick off special safety production rectification for open-pit coal mines
China’s National Mine Safety Supervision Bureau kicked off special safety production rectification for open-pit mines that are in normal production, under construction,
China’s business travel demand rebounded in Feb, some industries saw demand return to pre-pandemic levels
Booking volume for business hotels surged 130% in February from a year earlier, with domestic bookings surging about 125% and overseas bookings