Hong Kong’s flag carrier Cathay Pacific Airways Ltd expects a lower first-half loss than last year, driven by strong cargo performance and cost-cutting, while warning that this year’s loss would still be “substantial”.
Fitch Ratings revised down the forecast of China’s economic growth in 2022 to 3.7% from its previous forecast of 4.3% in March.
CITIC Securities believes Chinese electric vehicle and power battery maker BYD’s valuation will reach 1.4 trillion yuan and the company’s shares have 40% upside.
Hubei Xingji Shidai Technology Co Ltd, a mobile phone maker founded by Geely Holding Group Chairman Li Shufu, plans to acquire a 79.09% stake in Chinese smartphone maker Meizu, according to a document about operator concentration published by the State Administration for Market Regulation (SAMR), China’s top market regulator, on Monday.
Hong Kong stocks open lower on Tuesday after a sell-off in the US market overnight, with the benchmark Hang Seng Index down 1.35%, the Hang Seng China Enterprises Index down 1.49% and the Hang Seng Tech Index down 2.05%.
China’s financial institutions should further step up financial support for water conservancy projects as part of efforts to stabilize the economy, the People’s Bank of China (PBOC) and the Ministry of Water Resources said at a joint teleconference on Monday.
Chinese liquid crystal display makers including BOE Technology Group and TCL China Star Optoelectronics Technology are cutting production from this month in a bid to arrest a slide in price.
At least three Chinese cities- Beijing, Nanjing and Wuhan – are shortening quarantine time for international travelers by 3-7 days on a trial basis, now requiring 7 days of centralized isolation and another 7 days of home quarantine, reported the state-run Global Times .
Fitch Ratings revised China’s largest hot-pot chain operator Haidilao International’s Outlook to Negative from Stable and affirmed the Long-Term Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB-‘. Fitch has also affirmed the rating of its US dollar senior unsecured notes at ‘BBB-‘.
China imported 95.955 million tonnes of coal in the first five months of the year, sliding 13.6% from the same period last year, said the China Coal Transportation and Distribution (CCTD), one of the largest coal industry associations in the country, citing China’s customs data.
Since June 10, several cities in South China’s Guangdong province, the country’s biggest economic powerhouse, have cut down payment requirement ratio for first-time home buyers, in a move to support reasonable housing demand and promote healthy development of local housing markets, according to information compiled by the state-backed China Securities Journal based on information from local governments.
