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☆ Alibaba and Tencent: China’s internet giants snap up their own shares to boost flagging stock market value
▼ + stars: | 2024-04-03 | by ( Laura He | ) edition.cnn.com time to read: +4 min

That would mark the biggest share repurchase by a Chinese tech company in the past year. The tech giant’s move comes at a time when Chinese regulators have been asking listed companies to repurchase shares to stabilize market confidence. Overall, companies listed in Hong Kong spent 126 billion Hong Kong dollars ($16.1 billion) buying back shares in 2023, the highest on record, according to Chinese financial data provider Choice. Tencent alone accounted for about 40% of total share buybacks in the Hong Kong market. Additionally, the global selling of Chinese assets, driven by geopolitical tensions or concerns about regulatory uncertainties, has further pressured Chinese share prices.

Persons: Alibaba, “, ”, Stephen Innes, Tencent, Xiaomi, ” Innes Organizations: Hong Kong CNN, Alibaba, BABA, Hong Kong, CNN, “ Locations: China, Hong Kong, buybacks, Shanghai, Shenzhen, Hangzhou, Beijing

☆ Why India’s economy under Modi offers a real alternative to China
▼ + stars: | 2024-02-26 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

The market value of companies listed on India’s exchanges crossed $4 trillion in late November. But the country is stuck in recession and recently lost its position as the world’s third biggest economy to Germany. While interest in the world’s fifth largest economy is rising, the lofty prices of India’s stocks are scaring some international investors away. According to Macquarie, retail investors alone own 9% of India’s equity market value versus foreign investors at slightly under 20%. China “has a few too many companies which are $100 and $200 billion plus [in value],” Mittal said.

Persons: Peeyush Mittal, there’s, ”, Mittal, They’ve, Narendra Modi, Indranil Mukherjee, Jefferies, “, MSCI, Aditya Suresh, Modi’s, Modi, there’ll, ” Suresh, shoring, Hubert de Barochez, Elon Musk, India “, ” Musk, Suresh, Satish Babu, China “, ” Mittal, Priyanka Agnihotri, Nirmala Sitharaman Organizations: New, New Delhi CNN —, Matthews Asia, Getty, Macquarie Capital, Bharatiya Janata Party, Monetary Fund, Jefferies, Capital Economics, Apple, Foxconn, ”, Workers, Chennai Metro Rail, Advisory, Indian Locations: New Delhi, Jaipur, San Francisco, India, China, Shanghai, Shenzhen, Hong Kong, Japan, Germany, Beijing, Washington, “ India, Macquarie, Chennai, Baltimore

☆ Evergrande's $500 million EV share deal suspended, stock to resume trading
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +1 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The suspension of the share subscription deal was due to "significant uncertainties" tied to the Evergrande group, the filing by the Chinese firm said. Previously, Evergrande said investigations had been initiated against the parent company, its founder and senior executives, while the firm's debt restructuring plan has also been derailed. Trading in shares of the China Evergrande New Energy Vehicle Group, which were suspended on Sept. 28, will resume on Monday, the Sunday filing said. ($1 = 7.8313 Hong Kong dollars)Reporting by Xie Yu;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Xie Yu, Elaine Hardcastle Organizations: China Evergrande Group, REUTERS, China Evergrande, Energy Vehicle Group, HK, China, Hong Kong bourse, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Dubai

A panel displaying share prices is seen inside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen October 23, 2009. The Shenzhen Stock Exchange, one of the two major bourses in the Chinese mainland, is in negotiations with the Saudi Tadawul Group (1111.SE), operator of the Saudi Stock Exchange, for ETF Connect, as the programme is called, two of the sources said. The China Securities Regulatory Commission, the Shenzhen Stock Exchange and the Tadawul Group did not respond to Reuters' requests for comment. China has launched 'ETF Connect' projects in recent years with offshore stock exchanges in Hong Kong, Japan, South Korea, and Singapore. Reporting by Xie Yu and Selena Li in Hong Kong; Additional reporting by Hadeel Al Sayegh in Dubai; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bobby Yip, HONG KONG, HKEX, Jackie Choy, Xie Yu, Selena Li, Hadeel Al, Sumeet Chatterjee, Muralikumar Organizations: Shenzhen Stock Exchange, REUTERS, Saudi Tadawul Group, Saudi Stock Exchange, Connect, China's, China Securities Regulatory Commission, Tadawul, Singapore . Industry, Government Bond Index, Management, Saudi, Hong Kong Exchanges, Clearing, Tadawul Group, Hong Kong bourse, Morningstar Asia, Saudi Arabia's Ministry of Investment, Saudi Aramco, Thomson Locations: Shenzhen, HONG, China, Saudi, Beijing, Riyadh, Saudi Arabia, East Asia, Hong Kong, Japan, South Korea, Singapore, HK, Hong, Europe, East, Africa, Hadeel Al Sayegh, Dubai

☆ Wall Street faces life in China’s second tier
▼ + stars: | 2023-06-01 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

Recent earnings reports from U.S. investment banks defy the sober mood among China-focused financiers. Morgan Stanley’s (MS.N) Asia revenue in the first three months of the year was almost 40% above the final quarter of 2022. Companies going public in Hong Kong have raised $2 billion so far this year, per Dealogic. At some point Hong Kong IPOs and cross-border M&A are likely to perk up. Many of those trades flow through the Hong Kong bourse’s Stock Connect links to the Shanghai and Shenzhen exchanges.

Persons: Jamie Dimon, outlast, It’s, Morgan Stanley’s, Sharon Yeshaya, Goldman Sachs’s, that’s, Stephanie Hui, Goldman Sachs, ”, Morgan Stanley, Goldman, That’s, Breakingviews, Hong Kong, Peter Thal Larsen, Katrina Hamlin Organizations: MELBOURNE, Reuters, JPMorgan, Communist Party, Companies, HK, KKR, Reuters Graphics, Tuesday, Bank of America, Wall, China Securities, Financial Times, Apple, Hong Kong bourse’s, Goldman, JPMorgan –, Bloomberg, Thomson Locations: China, Shanghai, U.S, Asia, Hong Kong, Macau, Taiwan, Beijing, Washington, United States, People’s Republic, Germany, Hong, Shenzhen, Greater China, Pacific

☆ Hong Kong bourse’s profit pop looks passive
▼ + stars: | 2023-04-27 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, April 27 (Reuters Breakingviews) - What does a stock exchange operator do when equity markets are weak and interest rates are high? Hong Kong Exchanges and Clearing (0388.HK) posted a 28% year-on-year profit pop on Wednesday, largely propelled by stellar investment returns as opposed to its core business. Sustained weakness in equities trading and initial public offerings could augur tougher times ahead if transaction volumes don’t come back soon. Though Hong Kong’s IPO pipeline is better than many, with over 90 applications as of the end of March, the issue sizes are restrained. Net profit amounted to HK$3.4 billion ($434 million), up 28% from a year ago, with revenue and other income rising 19% year-on-year to HK$5.56 billion.

☆ Tencent applies for dual counter trading on Hong Kong exchange
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

March 31 (Reuters) - Tencent Holdings Ltd (0700.HK) said on Friday the video game company has applied for a dual currency counter with the Hong Kong Stock Exchange to allow investors to trade its shares in the yuan, in addition to the Hong Kong dollar. The stock exchange said in December it will introduce a new dual counter trading model from the first half of 2023. Other Hong Kong-listed companies such as insurer AIA Group Ltd (1299.HK) have also applied for a dual currency counter with the Hong Kong exchange. The launch of the dual currency counter is aimed at further advancing the internationalisation of the Chinese yuan, the Hong Kong bourse operator said earlier this month. Reporting by Nausheen Thusoo in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ China developer Country Garden sees 2022 loss amid property market slump
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: +1 min

Top Chinese property developer Country Garden Holdings said on Monday it expected to swing to a net loss of up to $1.1 billion for 2022 amid a sluggish property market, though core profit, excluding nonrecurring items, would remain positive. The company, which has the largest sales in the industry, said its loss was mainly due to a drop in gross profit margin, a rise in provision for impairment for property projects, and net foreign exchange losses it expected to report. The estimated loss attributable to shareholders, ranging from 5.5 billion yuan to 7.5 billion yuan ($799 million to $1.09 billion) for 2022, compared with a 26.8 billion yuan profit in 2021, Country Garden said in a filing to the Hong Kong bourse. Core net profit is expected to be in the range of 1 billion yuan to 3 billion yuan, compared with 26.9 billion yuan in 2021 as provision for impairment for property projects and foreign exchange losses also hit results. "The board is of the view that the above factors which affected profit are mainly in non-cash nature," said Country Garden, adding its net debt ratio had long remained at a low level and the company maintained a good credit record.

☆ China regulator asks Futu and UP Fintech to stop soliciting mainland clients
▼ + stars: | 2022-12-30 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

Reuters reported earlier that Chinese officials were planning to ban online brokerages such as Futu Holdings Ltd and UP Fintech Holding Ltd from offering offshore trading services to mainland clients. The announcement also came a day after Futu, backed by Chinese internet giant Tencent Holdings, delayed its listing plan in Hong Kong. The company said it was “clarifying certain matters concerning the Group with the Hong Kong Stock Exchange”, in a filing to the Hong Kong bourse on Thursday night. Futu and UP Fintech Hong Kong have conducted cross-border securities businesses involving domestic investors without regulatory consent, contravening Chinese laws, the China Securities Regulatory Commission (CSRC) said in a statement. The CSRC will ask the brokerages to take corrective measures, such as to stop soliciting new business from mainland investors, the watchdog said.

☆ China Evergrande says Hong Kong land plot sold by receivers for $637 mln
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - China Evergrande Group (3333.HK) said on Sunday its plot of undeveloped land for residential development in Hong Kong's Yuen Long district has been sold by its receivers for $636.94 million. The land project is expected to result in a loss of about $770 million, the Chinese property developer said in a filing to the Hong Kong bourse. The sale proceeds will be used to repay the financial obligations tied to the land plot, it said. Evergrande bought the rural land plot from local developer Henderson Land for $600 million in 2019, and spent around $532 million to convert it into buildable land, according to local media. Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.

☆ China Evergrande says its interests in land in Hong Kong sold for $637 mln
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: 1 min

Nov 6 (Reuters) - China Evergrande Group said on Sunday its interests in a plot of undeveloped land for residential development in Hong Kong's Yuen Long district have been sold by its receivers for $636.94 million. The proceeds will be used to repay some of the company's financial obligations in relation to the project and a loss of about $770 million is expected to be recorded in respect of the project, the Chinese property developer said in a filing to the Hong Kong bourse. Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors. read moreReporting by Donny Kwok; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

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