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Editor's Picks
US Secretary of State Blinken raised concerns on China’s trade policy, economic practices, China urged US to respect principle of fair competition
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Hong Kong’s exports, imports improved significantly in Mar, shipments to Asian destination picked up
Hong Kong’s exports, imports improved significantly in Mar, shipments to Asian destination picked up
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US Secretary of State Antony Blinken to meet business leaders in Shanghai
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Great Wall Motors surges more than 10% in Hong Kong after posting 17 times surge in Q1 net profit
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US Secretary of State Antony Blinken landed in Shanghai for three-day China visit
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Chinese steelmakers see “sharp decline” business performance this year, cutting high inventories is top priority – industry association
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China firmly opposes “overcapacity” hype by Western countries – foreign ministry
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HKEX shares hit highest since Mar 22 after reporting better-than-expected earnings for Q1, pick-up in trading turnover
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Nio Capital reportedly led investment in Chinese CPU maker CIX Technology
CIX Technology, a Chinese start-up that makes computer CPUs based on the ARM architecture, recently raised $50 million in a new round of funding, co-led by NIO Capital and Qiming Venture Partners, reported Chinese tech news outlet LatePost.
HKMA bought another HK$5.5 bn to defend currency peg
The Hong Kong Monetary Authority (HKMA), the city’s de factor central bank, bought HK$5.5 billion from the market on Monday to stop the local currency from further weakening and breaking its peg to the US dollar.
China’s holdings of US Treasuries fell below $1 tn for first time in 12 years
China’s holdings of US Treasuries dropped below $1 trillion for the first time in 12 years in May amid rising interest rates that have made Treasuries potentially less attractive.
Chinese banks further tighten restrictions on precious metal trading amid increased volatility
Chinese banks further tighten restrictions on their clients’ investment in precious metals amid increased volatility in global and domestic markets.
NetEase Games opens new AAA studio Jar of Sparks
NetEase Games, the online games division of NetEase, Inc.on Monday said it’s opening a new AAA studio that will focus on creating the next generation of narrative-driven action gains.
Chinese steelmakers see first-half profits weaken sharply amid rising costs, falling steel prices
Chinese steelmakers reported sharply worsened earnings for the first half of the year amid rising production costs, sluggish demand and falling steel prices. Angang Steel Company …
China urges Australia to seize opportunity, take concrete action to improve trade ties – foreign ministry
China’s Foreign Ministry on Monday urged Australia to seize the opportunity in bilateral relations and take concrete action to improve trade ties, in response to the Australian treasurer’s call for easing coal trade relations with China.
China’s capital Beijing issues 100 mln yuan coupons to support catering businesses
The authorities of China’s capital of Beijing is giving away a new round of consumption coupons, in a move to boost the recovery of local catering business after recent COVID-19 outbreak.Â
China’s crude oil futures surged over 7%, fuel oil jumped 10.8%
China’s most-traded crude oil futures contract on the Shanghai International Energy Exchange, for August delivery, surges 7.1% to close at hit 683 yuan per barrel.
China’s foldable smartphone sales surged 391% on year in Q1, remarkable growth expected for 2022 – research
China’s foldable smartphone market is expected to see remarkable growth in 2022, which will also contribute to the overall growth of the global foldable market in 2022, according to a report by Counterpoint Research.
CICC expects Tencent’s Q2 adjusted net profit to slide 20% on year, lowers price target by 4%
China International Capital Corporation (CICC) forecast Tencent Holdings’ revenue in the second quarter ended June 30 to drop by 3% year over year to 133.9 billion yuan, and the adjusted net profit to slide by 20% to 27.3 billion yuan, according to a note on Monday.
China’s new real estate loans exceeded 150 bn yuan in June, improving from May – state broadcaster
China’s new bank loans to the real estate sector increased in June from the previous month, according to the state broadcaster, CCTV citing unnamed sources at financial regulators and multiple banks.
Citigroup, Credit Suisse raised forecast of Meituan’s revenue on faster-than expected recovery
Citigroup raised the forecast of Chinese on-demand service giant Meituan’s food delivery revenue and operating profit in Q2 by 2.4% and 11.7%, respectively, taking into account the reopening of restaurants in China, robust demand during Father’s Day and Dragon Boat festival, disciplined subsidies and cost optimization effort, according to a note on Monday.
Chinese property developers stage strong rally after massive sell-off last week
Shares of Chinese property developers stage a strong rebound after a massive sell-off last week after Chinese regulator urged banks to meet property developers’ reasonable financing needs and the latest data showed that China’s home prices fell at a slower pace in June.
China’s power battery giant CATL considering sites in Mexico – report
Chinese power battery giant Contemporary Amperex Technology Co Ltd (CATL, 300750.SH) is considering at least two locations in Mexico for a manufacturing plant that could potentially supply Tesla and Ford, according to a Bloomberg report on Monday.
Chinese regulators urge banks to extend loans to qualified property developers amid ongoing mortgage-payment boycott
Chinese regulators urged banks to extend loans to qualified property projects and meet developers‘ reasonable financing needs, in a bid to ease market concerns after a widening mortgage-payment boycott on stalled property projects.
Meituan gains on expectations of strong Q2 earnings
Chinese meal-ordering and food delivery giant Meituan gains nearly 5% in Hong Kong on expectation of strong earnings for the second quarter of the year.
China’s coal futures, coal miners’ shares rally on hope of rising power demand amid persistent heatwaves
China’s coal futures and shares of coal miners are rallying on expectations of rising demand after coal inventories in coastal China decline amid surging power demand in recent heatwaves.
Coal inventories at power plants in China’s coastal provinces decline amid heatwaves
The recent heatwaves that hit regions in East and South China has increased electricity demand and coal consumption, with daily coal consumption at power plants rising rapidly and coal inventories declining, according to coal industry
Hong Kong stocks, A-shares open higher on Monday; PBOC injects net 9 bn yuan liquidity; yuan fixing raised by 56 pips
Hong Kong Stocks open higher on Monday, with the benchmark Hang Seng Index 0.93%, the Hang Seng China Enterprises Index up 0.83% and the Hang Seng Tech Index up 0.33%.
Foxconn steps up recruitment for iPhone 14 production in Zhengzhou factory
Apple’s iPhone major assembler Foxconn’s factory in Zhengzhou, Central China’s Henan province, has been stepping up recruitment for the peak summer months, raising incentives for new hires, as the company is reportedly preparing for the mass-production of the iPhone 14 series.
China’s GDP growth slowed sharply in Q2 amid Covid outbreaks, recovery seen in June, real estate continued to weigh on economy
China’s economic growth slowed sharply in the second quarter of the year mainly due to the impact of the Covid outbreaks. Recovery in industrial production, …
China’s home prices fell for 10th straight month in June, though at slower pace amid easing property curbs
China’s home prices continued to decline in June, but at a slower pace, after many local governments relaxed property curbs to support the struggling housing …
China’s commodities futures tumbled across the board on Friday, nickel closed down 11.8%, iron ore down 10%
China’s commodities tumbled across the board on Friday. The most-traded nickel futures contract on the Shanghai Futures Exchange, for August delivery, slumped by 11.85% to close at 143,430 yuan per tonne, the lowest level since December 2021.
Shanghai’s economy contracted 13.7% on year in Q2, unemployment rate hit 12.5%
Shanghai’s economy slumped 13.7% in the quarter following citywide lockdowns in April and May, the biggest contraction among all province-level regions, data from the National Bureau of Statistics (NBS) showed on Friday.
Sell-off in property developers’ bonds continue amid growing concerns about mortgage defaults
Bonds issued by Chinese property developers continue to plunge on Friday amid growing market concerns about mortgage defaults.