MARKET
Market Open Friday: Hong Kong stocks, A-shares open higher; Yuan fixing strengthens 79 pips; PBOC injects 50 billion yuan liquidity
Hong Kong stocks open higher on Friday, with the benchmark Hang Seng Index up 0.83%, the Hang Seng China Enterprises Index up 0.97% and the Hang Seng Tech Index up 1.5%.
Tesla China said to lay off 10% workforce, production not involved – report
Tesla China has started a layoff plan to cut about 10% of its workforce as part of the carmaker’s global layoff plan, but it doesn’t involve production-related positions, Chinese news outlet Sina Tech reported on Thursday, citing multiple people familiar with the matter.
China equities more attractive than other regions in second half – J.P.Morgan
JPMorgan said in a note that the case for Chinese equities will become more compelling in 2H22, compared to Asia’s emerging markets and the world as a whole.
Market Open Thursday: Hong Kong stocks, A-shares open higher, automakers rally on expectation of stimulus; yuan fixing strengthens 30 pips
Hong Kong stocks open higher on Thursday, with the benchmark Hang Seng Index up 0.71%, the Hang Seng China Enterprises Index up 0.85% and the Hang Seng Tech Index up 1.2%.
China considers extending purchase tax exemption for new energy vehicles
China is considering extending a purchase tax exemption for new-energy vehicles (NEV) to boost consumption and will promote the used car market, as a part of the efforts to boost car consumption, according to an executive meeting of the State Council, the country’s cabinet, on Wednesday.
Fitch Ratings downgrands R&F Properties to CC
Fitch Ratings downgraded the Long-Term Foreign-Currency Issuer Default Ratings (IDR) on Chinese developer Guangzhou R&F Properties Co. Ltd and its subsidiary, R&F Properties (HK) Company Limited, from “CC” to “C”.