COMPANY NEWS
Chinese property developer Huijing Holdings crashes 85%, swaps $108 million of 12.5% bonds due July 21
Chinese property developers Huijing Holdings is crashing more than 85% in Hong Kong to hit a new record low of HK$0.216.
UBS keeps Buy rating for HKEX, with target price of HK$480
UBS believed mutual market access with mainland China would remain a major investment theme for the Hong Kong Exchanges and Clearing (HKEX) and recent key developments include the ETF Connect and the Swap Connect.
Goldman Sachs, CLSA, Jefferies slashed stock price target for Pop Mart
CLSA lowers the rating for Chinese designer toymaker Pop Mart to Outperform from Buy and slashed the highest stock price target by 48% to HK$26 from HK$50.
Chinese express delivery firms rally on strong earnings in June amid market recovery
Chinese express delivery companies stage a rally on strong earnings in June. An index tracking mainland-listed express delivery firms, compiled by Wind Information, is surging 4.6% as of 11:05 am, local time, making it one of the best-performing sectors in the A-share market, compared to 0.1% loss for the benchmark Shanghai Composite Index.
CICC expects Tencent’s Q2 adjusted net profit to slide 20% on year, lowers price target by 4%
China International Capital Corporation (CICC) forecast Tencent Holdings’ revenue in the second quarter ended June 30 to drop by 3% year over year to 133.9 billion yuan, and the adjusted net profit to slide by 20% to 27.3 billion yuan, according to a note on Monday.
Citigroup, Credit Suisse raised forecast of Meituan’s revenue on faster-than expected recovery
Citigroup raised the forecast of Chinese on-demand service giant Meituan’s food delivery revenue and operating profit in Q2 by 2.4% and 11.7%, respectively, taking into account the reopening of restaurants in China, robust demand during Father’s Day and Dragon Boat festival, disciplined subsidies and cost optimization effort, according to a note on Monday.
Ganfeng Lithium probed by Chinese regulator for alleged insider trading of Jiangxi Special Electric Motor’ shares
China’s Ganfeng Lithium, the world’s third largest producer of lithium salts, is being investigated by China’s securities regulator for alleged insider trading, the company said in a statement on Monday.
China’s No. 3 property developer seeking to extend onshore bond by two years
Sunac China, the country’s third largest property developer by sales, is seeking to extend repayment of an onshore bond due June 13 by two years, first reported by Reuters and confirmed by bondholders.