Shares of Chinese power battery giant Contemporary Amperex Technology (CATL), which has been mired with bad news lately, tumbles more than 4% in Shenzhen.The stocks slumped by more than 7% at one point in the previous trading day, before closing 0.2% higher.
Shares of Chinese electric vehicle and power battery maker BYD Company open higher on Thursday, with its Hong Kong-traded shares up 3.1% to HK$311.4, while its Shenzhen-traded shares up more than 2% to hit 334.03 yuan, the highest level on record.
Hong Kong stocks open higher, with the benchmark Hang Seng Index up 0.49% at 22,121.5, the Hang Seng China Enterprises Index up 0.65%, and the Hang Seng Tech Index up 1.36%.
China’s retail sales of passenger cars reached 1.35 million units in May, a decrease of 17% from a year earlier which narrowed by 17 percentage points from the previous month, and the sales rose 30% from April, showed preliminary data from the China Passenger Car Association.
China’s 26 major machinery manufacturers sold a total of 20,624 units of excavators in May, sliding 24.2% from a year earlier, according to the China Construction Machinery Association. Excavator sales are often considered a barometer of China’s economy.
State-owned China Baowu Steel Group churned out about 120 million tons of crude steel in 2021, rising by 4.35% from the previous year, making it the world’s top steelmaker for the second consecutive year, according to the World Steel Association.
Shares of Chinese coal miners continue to rally on Wednesday, with an index tracking the sector, compiled by Wind Information, gained as much as 2.8%, making it one of the best-performing sectors in the A-share market. In Hong Kong, Yancoal Australia surges 8%, Yankuang Energy up 6.4%, and Mongolia Energy up 4.4%.
China’s foreign trade is facing uncertainty and huge pressure due to domestic and external factors, including logistics problems and soaring raw material prices, Vice Commerce Minister Wang Shouwen said at a press briefing on Wednesday.
China’s top market regulator investigated and handled 175 monopoly cases in 2021, an increase of 61.5 % from the previous year and the offending business entities were fined a total of 23.59 billion yuan, according to information released by the State Administration for Market Regulation (SAMR) on Wednesday.
Hong Kong stocks open higher on Wednesday, with the benchmark Hang Seng Index up 1.2%, the Hang Seng China Enterprises Index up 1.4%, and the Hang Seng Tech Index up 2.1%.
