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☆ China growth worries have hit a big alcohol stock. Why some analysts see a buy opportunity
▼ + stars: | 2024-06-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

"Flying Fairy," a 53% alcohol from Shanghai-listed Kweichow Moutai , saw wholesale prices drop by more than 5% in a week. He agreed the drop in wholesale prices won't have a big impact on Moutai's immediate earnings. What's also different about Moutai's stock decline is that investors aren't rushing in to bottom fish as they have in the past, Ye said. "The recent wholesale price drop we think is mostly triggered by the arbitragers in the market," Morningstar's Song said. She expects wholesale prices to increase in coming months given major Chinese holidays in the fall.

Persons: stoking, That's, Jennifer Song, Song, Kweichou Moutai, Ye Yuhua, What's, Ye, Moutai, Huatai, Moutai's, Goldman Sachs Organizations: Nomura, Morningstar, Stock, Capital, Financial Holdings, JPMorgan, Macquarie Locations: Shanghai, Guangzhou, Hainan

☆ Chinese leaders to hold annual 'Two Sessions' meeting as debate about bazooka-like stimulus swirls
▼ + stars: | 2024-03-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Edgar Su | ReutersBEIJING — China is set this week to kick off its annual parliamentary meetings, which investors are watching closely for signals on economic stimulus. China's economic policy is typically set at an annual meeting in December by leaders within the ruling Communist Party of China. GDP and other economic targetsThe Chinese People's Political Consultative Conference, an advisory body, is set to kick off its annual meeting on Monday. "On balance, the additional fiscal impulse this year, assuming a bazooka-like fiscal package is not forthcoming, is unlikely to be particularly large." China's foreign minister and premier typically hold press conferences during the parliamentary meetings, which generally end in mid-March.

Persons: Edgar Su, Wang Jun, Wang, Zong Liang, Louise Loo, Loo, Goldman Sachs, Bank of China's Zong Organizations: of, Initiative, Reuters, Huatai Asset Management, CNBC, Communist Party of China, U.S, Political Consultative Conference, National People's, Oxford Economics, Industry, Information Technology, Science, Technology, Housing, Bank of, Communist Party's, Communist Party of Locations: Beijing, China, Reuters BEIJING, U.S . Federal, RMB3.8tn, Bank of China's

Liu got the librarian job after a government-led campaign to secure temporary work for graduates, which analysts describe as a short-term solution to preserve social stability in a slowing economy with little on offer for young Chinese. Such "welfare jobs," as they are known in China, include roles as receptionists, office administrators, security guards and community workers. Various government institutions offer such jobs every year, but they had usually drawn applications from disadvantaged groups, such as elderly or disabled people. But state media editorials have also encouraged young graduates to take lower skilled jobs. Reuters GraphicsThe total take-up of short-term jobs and internships remains unknown, but social media posts commenting on the selection process and discussing career options are frequent and analysts expect such roles will be in demand in a slowing economy.

Persons: Peter Liu, Liu, Wang Jun, joblessness, Mao Zedong, Chen, Graphics Liu, Kripa Jayaram, Ellen Zhang, Shri Navaratnam Organizations: Reuters, Human Resources, Social Security, Huatai Asset Management, Graphics, Beijing, Thomson Locations: BEIJING, HONG KONG, Beijing, Henan, China, Chongqing

Domestic equipment manufacturers, such as toolmaker Naura (002371.SZ) and etching equipment maker AMEC, are winning a much higher proportion of tenders from Chinese foundries than in previous years, as chipmakers race to replace foreign-made equipment with domestically made alternatives, research showed. "There is definitely huge progress happening in the Chinese semiconductor equipment space, as reflected in the strong revenue growth metrics," he said. The Huatai Securities report revealed that for the first eight months of 2023, only one tender for lithography equipment was awarded to a Chinese company, out of many bids. "Local players still lack capability to supply a full set of equipment, such as EUV," said Nori Chiou, investment director at White Oak Capital, saying Chinese manufacturers are focused on covering mature node equipment. "It’s a long way to go to see advanced semiconductor equipment made in China."

Persons: Florence Lo, Xi Jinping, Biden, Hua Hong, SMIC, Nori, Fanny Potkin, Yelin, Ellen Zhang, Brenda Goh, Sharon Singleton Organizations: REUTERS, Companies, Huatai Securities, Beijing, Reuters, HK, Hua Hong Semiconductor, CINNO Research, Analysts, Materials Inc, Lam Research Corp, U.S, Huawei Technologies, White Oak, Thomson Locations: China, SINGAPORE, BEIJING, Japan, Netherlands, U.S, ASML, Singapore, Yelin Mo, Beijing

☆ Exclusive: China scrutinizes quant strategies as market weakness stokes public anger - sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +4 min

A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. Separately, the Shanghai and Shenzhen stock exchanges, under the CSRC's guidance, have sought information from major quant funds on their money-making strategies, another source said. The weakness has triggered finger-pointing in social media, as well as criticism from fund managers and retail investors against these quant funds and short sellers. Short-selling activities by quant funds could also be caught in the crossfire, he said. Another brokerage source said the CSRC asked them to elaborate on the size of their quant clientele and whether quant trading had impacted recent stock market.

Persons: Aly, shortsellers, Yuan Yuwei, Yang Tingwu, Shri Navaratnam Organizations: Shanghai Stock Exchange, REUTERS, Rights, China Securities Regulatory Commission, Global, Sigma, Huatai Securities, China's, Quant Investment, Yanfu Investments, Shanghai Minghong Investment Management Co, Wisdom Asset, Tongheng Investment, Shanghai, Thomson Locations: Pudong, Shanghai, China, Shenzhen, Winton, Beijing

☆ Country Garden stocks surge after bondholders agree to extend debt payment
▼ + stars: | 2023-09-04 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The deal was significant, as it was the first debt extension the firm has secured since its liquidity crisis became public last month. According to the agreement with creditors, which was reported by multiple state-owned media outlets on Saturday, Country Garden will now be able to stretch its payment of the outstanding principal of $540 million into 2026. This particular bond had the largest outstanding balance that the company needed to pay out among its onshore debt in the coming year, they added. Country Garden, which was China’s largest residential developer by sales last year, is battling a cash crunch. It has about 31 billion yuan ($4.3 billion) in bonds set to mature through the end of 2024, according to Moody’s.

Persons: hasn’t, ’, Yeap Jun Rong Organizations: Hong Kong CNN — Investors, CNN, China Overseas, Southern Media Group, Huatai Securities, IG Locations: China, Hong Kong

☆ China turns to rural tourism and smart appliances to boost consumption
▼ + stars: | 2023-08-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

On Monday, the central government announced 20 measures to support tourism, as well as spur consumption of electric cars and so-called smart appliances. The support measures announced included an entire section on spurring rural consumption. Specifics included subsidizing trade-ins for purchase of smart household appliances, improving delivery services and promoting rural tourism. Median disposable income for rural households rose by 6.1% in the first half of the year from a year ago, official data showed. But at 8,920 yuan ($1,245) in disposable income, rural households only had about 40% of what urban households had to spend.

Persons: Yang Bo, Xu Hongcai, Li Chunlin, Li, Nomura, Xu, Wang Jun Organizations: China News Service, Getty, China Association of Policy, National Development, Reform Commission, CNBC, Boston Consulting Group, U.S . Authorities, Huatai Asset Management Locations: Nanjing, China, BEIJING, Beijing, Hong Kong

[1/5] A worker sweeps a street in the Central Business District on a rainy day in Beijing, China, July 12, 2023. REUTERS/Thomas PeterBEIJING, July 18 (Reuters) - China is entering an era of much slower economic growth, raising a daunting prospect: it may never get rich. He expects growth to slow to 3%, which "will feel like an economic recession" when youth unemployment is already above 20%. The April-June data puts 2023 growth on track for roughly 5%, with slower rates thereafter. But China's annual growth averaged around 7% last decade, and more than 10% in the 2000s.

Persons: Thomas Peter BEIJING, Desmond Lachman, year's, Wang Jun, Zheng Shanjie, Zheng, Richard Koo, Juan Orts, Xi Jinping's, Zhao, Cai Fang, Zhu Ning, Koo, Liangping Gao, Ellen Zhang, Ziyi Tang, Kevin Yao, Joe Cash, Marius Zaharia, David Crawshaw Organizations: Central Business District, REUTERS, American Enterprise Institute, Reuters, Communist, Huatai Asset Management, Reform Commission, Overseas, Nomura Research Institute, Fathom Consulting, Shanghai Advanced Institute of Finance, Thomson Locations: Beijing, China, Japan, United States, Young, Africa, Latin, U.S, Central

The Shenzhen-listed company, known for its flagship SF Express delivery business, has started preparations for the Hong Kong listing and aims to file the prospectus with the Hong Kong exchange by June, one of the sources said. SF Holding, which has a market value of 267 billion yuan ($38.63 billion), did not immediately respond to Reuters' request for comment. Bloomberg News on Friday first reported SF Holding's listing plans, citing people familiar with the matter. Its express delivery business covers nearly 100 countries overseas including the United States and Japan, according to its 2022 annual report. SF went public in Shenzhen in 2017 and listed two of its units - SF Real Estate Investment Trust (2191.HK) and Hangzhou SF Intra-City Industrial (9699.HK) - in Hong Kong in 2021.

The London Stock Exchange and British officials are ramping up efforts to build a robust pipeline of Chinese firms, trading on London's status as Europe's deepest capital market. Edwards said he thought London was "an obvious choice" for many Chinese companies "given the issues around the U.S.-China relationship." However, the China-Switzerland Connect - an eight-month-old rival scheme - is gaining more traction among Chinese companies, partly due to a relatively easier process. The London Stock Exchange is "actively looking at how they can address some of the issues," Edwards said. Edwards said officials have identified hundreds of Chinese companies that could potentially issue GDRs in London and "are actively approaching them at the moment."

☆ This ETF only invests in women-led companies — and is expected to rise 20% this year
▼ + stars: | 2023-03-08 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The WCEO ETF is created to isolate this "female factor" by investing solely in women-led companies. "We created an algorithm, that in our view, would come closest to isolating the female factor," Lizarraga told CNBC Pro . This index has outperformed its FT Wilshire US Small Cap Index benchmark by more than 20 percentage points over the past five years. Lizarraga hopes that the WCEO ETF will enable investors to improve their allocation diversity and help demonstrate that investing in women-led companies can be profitable. In comparison, women are CEOs at 41 S & P 500 companies, according to the Catalyst, a workplace gender diversity charity, which is less than 10% of the benchmark.

SHANGHAI/HONG KONG, Jan 19 (Reuters) - Chinese brokerages are in a race to raise billions of dollars in capital to meet regulatory requirements, jumping on a market upturn to bolster operations as they brace for tougher competition from Wall Street banks on their home turf. The brokerages need fresh capital to meet Chinese risk management rules, and finance capital-intensive businesses such as margin financing and market-making, having weathered volatile markets in the last couple of years. Chinese brokerages raised just 77 billion yuan via follow-up share sales last year, Refinitiv data showed. "Securities firms need capital to transform their business model by reducing reliance on traditional businesses." Chinese brokerages face stiffer competition after Beijing allowed Western banks, including Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Credit Suisse (CSGN.S), to take full control of their China brokerage units.

☆ China securities regulator to check brokers' financing needs after Huatai share plan
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 3 (Reuters) - China's securities regulator said it would fully check securities firms' financing needs after Huatai Securities Co Ltd (601688.SS), proposed a share placement plan that would be one of the biggest in China's brokerage industry. The China Securities Regulatory Commission (CSRC) in a statement on Tuesday said it will fully pay attention to the necessity for, and rationality of, securities firms' financing, as part of its vetting process. The comments come as Huatai Securities, one of China's biggest brokerages, said on Friday it plans to raise 28 billion yuan ($4.07 billion) in A-share and H-share rights issue. Listed brokers should reasonably determine the financing plan and method, and safeguard the legitimate rights and interests of all types of investors, especially small and mid-sized investors, the regulator said. Huatai Securities did not reply to a phone call and an email seeking comment.

☆ Chinese regulator gives greenlight to fund targeting Korean chipmakers
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 10 (Reuters) - China's securities regulator has given the greenlight to the country's first mutual fund targeting top Chinese and South Korean chipmakers, an official at Huatai-PineBridge Fund Management Co said, amid an escalating Sino-U.S. tech war. The China Securities Regulatory Commission's approval comes amid heightened geopolitical tensions between the world's two largest economies. The exchange-traded fund (ETF) will invest in top Korean semiconductor firms including Samsung Electronics Co (005930.KS) and SK Hynix Inc (000660.KS), as well as Chinese chipmaking giants such as Semiconductor Manufacturing International Corp and Montage Technology Co (688008.SS). In 2021, South Korea was China's second-biggest exporting country in equipments, including chipmaking tools, and Chinese exports to South Korea have also been rising, the fund manager said. South Korea said on Saturday there would be no significant disruption to equipment supply for Samsung and SK Hynix's existing chip production in China from the U.S. move.

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