China’s logistics sector returned to expansionary territory in June after contracting for three straight months as the country’s Covid epidemic eases and an online shopping festival boosted demand.
Shares of Chinese semiconductor companies are plunging on expectation of softer demand, with Hua Hong Semiconductor sliding more than 5% in Hong Kong, SMIC down more than 3% and ASM Pacific down nearly 2%.
Chinese property developer Shimao Group has failed to pay $1 billion of principle and interest of an offshore bond due on Sunday, the company’s first missed public offshore payment.
Shares of Macau casinos are tumbling in Hong Kong, with Melco International Development down 4.8%, SJM Holdings down nearly 4%, Wynn Macau down 3.4%, MGM China down 2.7% and Galaxy Entertainment down 2.5%.
The People’s Bank of China (PBOC) said on Monday that it has upgraded a currency swap facility with Hong Kong to a permanent agreement and expanded the size to 800 billion yuan ($119.40 billion) from 500 billion yuan.
Shares of Chinese hog farmers stage a rally on Monday, with an index tracking the sector compiled by Wind Information surging by nearly 5%, making it one of the best-performing sector in the A-share market, compared to 0.1% loss for the benchmark Shanghai Composite Index.
Chinese beauty camera apps maker Meitu expects its net loss to widen by as much as 154% to 349.9 million yuan in the first half of this year mainly due to losses caused by cryptocurrencies.
Shares of Tongwei Co. Ltd, a leading silicon material supplier in China, are surging more than 8% to hit a new record high of 65.58 yuan per share in Shanghai, bringing its market cap to more than 290 billion yuan.
Shanghai restarted cross-provincial group tours after a three-month suspension. A group of 22 tourists arranged by travel agency Spring Tour left Shanghai on Friday to Northwest China’s Gansu province for a six-day trip, becoming the first cross-provincial travel group since Covid outbreaks hit Shanghai.
