HSBC Holdings plans to invest more than 3 billion yuan ($448 million) in its China operations over a five-year period running until 2025, Chief Executive Noel Quinn said in an interview with China’s official Xinhua news agency, saying he sees challenges for the economy but also opportunities for investment.
China’s electric vehicle battery giant CATL surges nearly 5% to hit 431 yuan per share in Shenzhen, bringing its market capitalization back above 1 trillion yuan mark.
South China’s Guangdong province will provide subsidies of 3,000 – 10,000 yuan per car for those who replace old cars with new eligible ones and get Guangdong local license registration, according to a plan for stabilizing the economy released by the provincial government on Wednesday.
Shares of lithium miners are trading lower in the A-share market on expectation of lower lithium prices following media report that BYD is buying six lithium mines in Africa. The index tracking the sector compiled by Wind Information is falling nearly 2%, making it one of the worst-performing sectors in the A-share market. BYD is gaining 0.8%.
WM Motor has applied for an IPO in Hong Kong, becoming the latest Chinese electric vehicle maker after Leapmotor to look to raise capital in the city. Haitong International, CMB International and BOC International are co-sponsors for the deal, according to the prospectus it filed with the Hong Kong Stock Exchange on Wednesday.
Shares of Chinese automakers and auto parts suppliers trade higher on Wednesday after the authority announced car purchase tax cut and launched a campaign to promote new energy vehicle sales in rural area.
Chinese housing transaction platform Ke Holdings surges 16.6% in Hong Kong, after the company announced it will repurchase up to $1 billion worth of ADS in the next 12 months.
Hong Kong stocks closed higher on Tuesday, with the benchmark Hang Seng Index gaining 1.38% to 21,415.2, the Hang Seng China Enterprises Index up 2.2% to 7,416.8 and the Hang Seng Tech Index up 3% to close at 4,483.6.
The total trading turnover reached HK$245.6 billion, the highest level in more than two months.
China to halve purchase tax on some low-emission passenger vehicles
