Live | China Markets Live - See-sawing Chinese and Hong Kong markets end weakly as rate cuts fail to inspire
Welcome to the SCMP's live markets blog. The intense volatility of recent weeks has every chance of remaining the core underlying theme of activity. Investors are increasingly focused the broader question of how this episode might affect the wider economy as many suspect the equity bubble has yet to fully deflate. We'll bring you the key levels, trading statements, price action and other developments as they happen.
Here’s a summary of market action:
- Chinese markets whip-sawed by sharp swings
- Shanghai's afternoon surge fizzles as index ends day down 1.27 per cent
- Shenzhen closes 3.05 per cent off as afternoon rally of 1.8 per cent dissipates in late spelling spree
- Hong Kong settles lower as market fails to hang onto gains
- Investors seem to be waiting for more stimulus measures from Beijing after interest rate, RRR cuts
4:09pm: The Hang Seng Index drifted further to close on 21,080.39 points, down 1.52 per cent or 324.57 points. The H-shares index recorded a decline to 9,427.93, down 0.91 per cent or 86.11 points.
3:25pm: China markets today: the Shanghai Composite Index (orange), Shenzhen Composite (green), CSI 300 (purple) and ChiNext (blue). Click to enlarge.
3:12pm: The Shanghai Composite Index sank at the end to close on 2,927.29 points, down 1.27 per cent or 37.68 points. The CSI 300 dropped to 3,025.65, down 0.57 per cent or 17.24 points.
3:12pm: The Shenzhen Composite fell to close on 1,695.76 points, down 3.05 per cent or 53.31 points. The ChiNext Price Index sank to 1,890.04, down 5.06 per cent or 100.67 points.
3:07pm: The Hang Seng Index falls to 21,260.36, down 0.68 per cent or 144.60 points. The H-shares index also drops to 9,507.45, down 0.07 per cent or 6.59 points.
2:26pm: Want Want China has slumped to lead the Hang Seng losers, dropping 9 per cent to HK$5.95, after it briefly gained more than 1 per cent this morning. Want Want’s shares have significantly underperformed the Hang Seng this year.
Yesterday, the mainland’s top snack food and dairy products maker posted a 10.3 per cent year-on-year drop in net profit to US$285.53 million for the half. Operating profits from its three main operations – rice crackers, daily products and snack foods – were flat to 4 per cent lower.
Click on chart below to enlarge.
2:07pm: The Hang Seng Index moves to 21,447.88, up 0.20 per cent or 42.92 points. The H-shares index remains higher at 9,655.66, up 1.46 per cent or 141.62 points.
2:06pm: The Shenzhen Composite has subsided to 1,770.37 points, up 1.22 per cent or 21.30 points. The ChiNext Price Index recovers to 1,995.13, up 0.22 per cent or 4.43 points, after briefly dipping below even once again.
2:04pm: The Shanghai Composite Index trades to 3,019.95 points, up 1.85 per cent or 54.98 points, having gone more than 4 per cent up around 20 minutes after midsession. The CSI 300 has moved to 3,122.49, up 2.61 per cent or 79.56 points as investors favour large cap financials.
2:02om: All sectors have rebounded into positive territory in China, led by financials which are up 4.76 per cent in Shanghai. Tech companies continue to trail at the rear but are nonetheless 0.79 per cent to the good. More stocks are currently at the daily upside limit of 10 per cent than at the downside limit.
1:46pm: Citic Securities said in a filing to the Shanghai Stock Exchange that the company learned from media reports that eight people, including an executive surnamed Xu, was taken by the public security organs for investigation Tuesday night.
The company has not received any notice from the authorities.
Xu Gang, a managing director of Citic Securities, is said to have been taken by the authorities, local media Caixin said.
Brokerage sources said the investigation could be about inside trading, or “malicious short selling”, which the government is cracking down on.
1:17pm: The Hang Seng Index starts the afternoon at 21,590.80, up 0.87 per cent or 185.99 points. The China Enterprises Index of major H-shares trades at 9,725.31, up 2.22 per cent or 211.27 points.
1:17pm: The Shanghai Composite Index has improved to 3,047.55 points, up 2.79 per cent or 82.58 points. The CSI 300 of large-cap stocks has jumped to 3,150.16, up 3.52 per cent or 107.23 points.
1:17pm: The Shenzhen Composite moves to 1,780.56 points, up 1.80 per cent or 31.49 points. The emerging tech-focused ChiNext Price Index goes to 2,010.98, up 1.02 per cent or 20.28 points.
12:21pm: Onshore yuan trades at 6.4134 to the dollar, up 0.03 per cent from previous close at 6.4214.
Offshore yuan trades at 6.4875 to the dollar, firmer by 0.34 per cent from the previous close at 6.4929.
12:04pm: The Hang Seng Index closed at midday at 21,443.91, up 0.18 per cent or 38.95 points. The China Enterprises Index (H-share index), which track Hong Kong listed Chinese companies, closed at 9,638.22, up by 1.31 per cent or 124.28 points.
The midday chart of the Hong Kong market.
Hang Seng Index (yellow) and H-share index (purple). The percentage at the end show the differences from the opening, not the previous close. Click to enlarge.
11:52am: Mainland banks trading in Hong Kong are following their A share counterparts and lifting as midsession approaches. Of the 11 bank stocks trading up, all are Chinese. Most of the 12 banks declining today are from Hong Kong.
Smaller Chinese banks are performing best – Huishang Bank, Minsheng Bank and Bank of Chongqing picking up over 2 per cent – while Standard Chartered drops 4.3 per cent to HK$89, its lowest level since early 2009.
11:40am: The Shanghai Composite Index closed the morning session at 2,988.76, up 0.8 per cent, or 23.79 points. The CSI300 index of Shanghai-Shenzhen large cap stocks finished the morning at 3,094.03, up 1.68 per cent or 51.1 points.
11:40am: The Shenzhen Composite closed at the morning session at 1,745.05, down 0.23 per cent, or 4.02 points. The NASDAQ-style ChiNext Price Index slides 1.34 per cent, or 26.72 points to trade at 1,963.98.
11:40am: The midday chart for the mainland Chinese market.
Shanghai Composite Index (yellow), Shenzhen Composite Index (purple), CS1300 Index (green) and ChiNext (blue). The percentage at the end of the chart represents the difference from the opening, not from previous close. Click to enlarge
11:29am: Hong Kong is showing a familiar top 3 by turnover: Tencent, down 1.3 per cent to HK$129.20; Ping An Insurance, down 1.10 per cent to HK$36.10; and Hong Kong Exchanges and Clearing, down 1.78 per cent to HK$176.80.
Their slightly-off performance is reflective of the market as a whole, although the H-shares index is slightly outperforming the Hang Seng to correct its slight underperformance yesterday.
11:23am: As Shanghai continues to seesaw, the finance sector has gained around 0.7 per cent, led by Ping An Insurance and a recovering Agricultural Bank of China. Consumer products and health are also slightly positive.
While other sectors are negative, the index is largely weighed down by industrials: China Railway Group, China Shipbuilding Industry Co (CSICL) and China Railway Construction Corp (CRCC) are all dragging.
11:22am: Hong Kong dollar is trading Thursday at 7.751 against the US dollar, near upper end of the currency peg. Euro/dlr weakened 0.01 per cent at 1.1516. Dlr/yen at 119.08, stronger by 0.21 per cent. Pound/dlr stronger by 0.15 per cent to 1.571. Australian dollar to US dollar weakened by 0.03 per cent to 0.7128.
11:10am: UBS strategist Lu Wenjie wrote in a note:
“A fresh concern is that the Chinese government seems to have stopped directly supporting the stock market. No block trades from the China Securities Finance Corp (CSFC) were reported last week and yesterday, state-owned-enterprises were not required to buy back shares or announce positive news.
"The equity investors have few places to seek shelter under current market valuations. The market sell-off spans across Asia, global emerging markets, and even developed markets. For those who seek shelter in China's space, we believe cash-rich stocks in non-cyclical sectors can provide some protection," he said in his report.
"We think the government is still highly alert to the risk of a full-blown financial market crisis. In our view, it will recalibrate its stimulus policies to support corporate earnings, rather than market valuation, in the next few months," he told the SCMP.
"The recent rate cut and RRR will usher in a more relaxed monetary environment, but investors are more keen to see real economy warming, and companies’ earning improving, which requires more fiscal spending and stronger fixed-asset investment," he added in remarks to the SCMP.
Click to enlarge the chart.
11:06am: Societe Generale analyst Wei Yao on the interest rate and RRR cuts.
“Overall, the People’s Bank of China (PBoC) did what it had to do, but will this be sufficient? Not certain, particularly if Forex intervention continues, as liquidity pressure will build quickly again in the onshore financial system. But how far will that go? The PBOC has to decide its currency strategy first.
Based on our calculations, the effective RRR rate of the Chinese banking system is actually below 15 per cent, rather than the reported headline of 18 per cent (include the cut today).
If the PBoC were to reduce the RRR quickly to a minimum level, say 5 per cent effectively, the amount of the liquidity injection would be over 13 trillion yuan (US$2 trillion), which should be large enough scope for FX intervention.
Our current forecast is that the USD/CNY will get to 6.8 by year-end, assuming that the PBOC would truly let the market decide (more) and thereby the drawdown in official FX reserves can be limited. In this case, we expect one more 50 basis point RRR cut.”
Click to enlarge the chart.
10:55am: Celestial Asia Securities Holdings (CASH) and CASH Financial Services Group (CFSG) resumed trading today after announcing via a Hong Kong stock exchange filing that discussions with potential investors on the sale of CFSG have been terminated.
Shares in CASH have dropped 15 per cent to 55 HK cents today, while shares in CFSG have plummeted 21 per cent to 32 HK cents.
10:44am: The Hang Seng Index trades at 21,141.85, down 1.23 per cent or 263.11 points. The China Enterprises Index (H-share index), which track Hong Kong listed Chinese companies, trades at 9,442.56, down by 0.75 per cent or 71.48 points.
10:43am: The Shanghai Composite Index trades at 2,909.61 point, weaker by 1.87 per cent, or 55.36 points. The CSI300 index of Shanghai-Shenzhen large cap stocks trades at 3,009.81, off 1.09 per cent or 33.12 points.
10:43am: The Shenzhen Composite Index trades at 1,697.34, down 2.96 per cent, or 51.74 points. The NASDAQ-style ChiNext Price Index slides 4.45 per cent, or 88.67 points to trade at 1,902.04.
10:40am: Sébastien Barbé, Head of Emerging Market Research & Strategy of Credit Agricole, said:
“Today’s action by the PBOC wil in itself not allow GDP growth to stabilise, but at least it is a step in the right direction in order to help calm markets in the short term. But it will likely not be enough to fix China’s growth problem. A further RRR cut cannot be ruled out if needed.
China’s more general problem is that it has two contradictory challenges to address: (1) rebalance the economy (ie, basically slow investment growth), but (2) without triggering a recession. This is a difficult thing to do. You need to get the support of the other two main alternative growth drivers: consumption and exports.
Today’s actions confirm that China’s has loaded an incremental policy of supporting GDP growth with credit-support measures, and accepts the risk of postponing economic rebalancing. Thus we do not rule out further RRR cuts in the coming months and quarters. We also expect the central bank to continue to provide liquidity via other tools such as the MLF that has recently been used."
Click to enlarge the charts.
10:25am: JPMorgan report said:
“The interest rate and Reserve Requirement Ratio (RRR) cuts happened against the backdrop of consecutive days of large fall in the A-share market. The cumulative fall in Shanghai Composite Index reached 25.8 per cent since August 17 and 42.6 per cent since the recent peak on June 12.
The rate and RRR cuts will provide a tentative relief to the stock market. The stock market correction was in part due to market disappointment of the late arrival of the RRR cut. An RRR cut has been widely expected given recent capital outflows and forex intervention.
By contrast, the People’s Bank of China continued to adopt short-term liquidity instruments and 7-day repo rate moved up by 16 basis points since onshore devaluation on August 11. This has caused market confusion about the monetary policy stance. The worry will be mitigated after today’s monetary easing.
Nonetheless, we do not think stock market is a major factor behind the monetary easing. Instead, stock market movements perhaps have fallen to secondary importance. As a background, the margin finance position in security firms has fallen from the peak level of 2.3 trillion yuan in late June to 1.2 trillion yuan on August 24, which suggests that the spillover risk is much contained at this stage.
The rate cut could lead to further capital outflow and add depreciation pressure on onshore yuan. It is a signal that, while the PBOC will continue to maintain relative stable CNY, it will tolerate modest depreciation under the new daily fixing regime. We maintain our view that USD/CNY will move up to the range of 6.50-6.60 towards the end of this year. “
10:21am: The majority of the Hang Seng Index is green so far today. Several stocks which have recently taken beatings are enjoying recoveries, including Kunlun Energy, up 4.49 per cent; Cathay Pacific, up 1.88 per cent; Want Want China, up 1.38 per cent; Lenovo Group, up 0.94 per cent; and CNOOC, up 2.15 per cent ahead of its interim results announcement today.
10:12am: Aidan Yao, Senior Emerging Market Economist at AXA Investment Managers discusses last night’s rate cuts:
“We had anticipated an imminent RRR cut by the PBoC to replenish domestic liquidity, as capital outflows appear to have accelerated after the currency devaluation.
We estimate today’s RRR cut will release around RMB670bn into the system, helping to keep monetary conditions stable. We believe capital outflows are a major source of macro risks for China in the coming months the PBoC needs to manage FX expectations carefully and stays ready to refill domestic liquidity. We expect two more RRR cuts for the remaining of this year.
Today’s action is also important for stabilizing investor sentiment. We think today’s move will go some way to reassure investors that the authorities haven’t turned a blind eye on the market turbulence, which, if it continues, could trigger systemic failures.
Last, but certainly not least, the latest monetary easing will be helpful for shoring up the economy, where growth momentum appears to be fading going into Q3.
These moves should help to improve macro conditions in the coming months. Moreover, we think the PBoC is behind the curve in putting a floor under growth, and hence, further policy actions (aggregate and targeted measures) will be necessary to ensure the economy hit the growth target.”
10:10am: Onshore yuan trades today at 6.4216 to the dollar, weaker 0.16 per cent from previous close at 6.4214.
Offshore yuan trades at 6.4923 to the dollar, stronger by 0.16 per cent from previous close at 6.4929.
10:04am: With mainland markets volatile in the first half hour of trading, financial stocks are close to even and best-performed as they were yesterday morning. Tech stocks are the biggest losers in both Shanghai and Shenzhen, while energy, industrials and raw materials are middling.
PetroChina, down 1.52 per cent, and China Railway, down 3.09 per cent, are dragging the heaviest on the Shanghai Composite.
9:38am: The Shanghai Composite Index opens the morning at 2,980.79 point, up 0.52 per cent, or 15.82 points. The CSI300 index of Shanghai-Shenzhen large cap stocks opens at 3,062.57, up 0.63 per cent, or 19.64 points.
9:38am: The Shenzhen Composite Index opens at 1,746.08, up 0.28 per cent, or 4.96 points. The NASDAQ-style ChiNext Price Index slides 0.74 per cent, or 14.78 points to open at 1,975.92.
9:35am: The Hang Seng Index opens at 21,446.28, up 0.19 per cent or 41.32 points. The China Enterprises Index (H-share index), which track Hong Kong listed Chinese companies, opens at 9584.39, rose by 0.74 per cent or 70.35 points.
9:23am: Goldman Sachs on the PBOC rate cuts:
“We believe the PBOC's move was mainly driven by the following:
Activity growth weakened meaningfully after a brief rebound in 2Q. July activity data were disappointing. August activity growth has probably also been weak. The official GDP target of "around 7%" this year is clearly under threat, and policy easing measures therefore must be stepped up to support growth.
Outflows re-emerged and drained liquidity. On the back of a weakening economy and FX rate devaluation, FX outflows re-emerged in July and very likely worsened in August. The PBOC needs to keep at least a steady level of liquidity supply and interbank rate.
Equity market has been falling very rapidly.
The liberalization of the long term (above 1 year) deposit rate is another positive step in the process of interest rate liberalization. The targeted RRR cuts will release some additional liquidity but the amount is likely to be modest compared to the broad 50bps cut.
These cuts are positive moves which are much needed to support the economy and market. But they are unlikely to be sufficient by themselves. Our baseline forecast is for another 100bp of RRR cuts by the end of the year, most likely in two moves--the exact timing will be data and market dependent.
Further benchmark interest rate cuts are relatively less likely compared with further RRR cuts. Besides monetary policies, fiscal and administrative policy support will likely be stepped up also.
We will likely see more government bond issuance, better utilization of idle fiscal deposits, more support to policy banks, and administrative measures pushing for the implementation of these policies in the near term.”
9:21am: ING Morning Call:
“The statement released following yesterday’s PBOC easing noted persistent downward pressure on the economy from highly volatile global financial market and need of more flexible use of policy tools to provide stable monetary and financial environment.
Bottom line: With China hard-landing anxiety joining Fed lift-off anxiety as investor sentiment swing factors we expect global financial market volatility to remain elevated in the rest of the current quarter. We reiterate our forecast of one more 25bp PBOC policy rate cut and 50bp RRR cut this year.”
9:18am: People’s Bank of China sets the mid-price for the yuan at 6.4043 to the dollar, weaker by 56 basis points from the mid-price yesterday of 6.3987. the onshore yuan finished Tuesday at 6.4114.
This marks the second day in a row the PBOC set the yuan's mid-price fix lower after it was pegged higher the preceding 7 days in a row.
9:09am: Heng Koon-how, FX strategist with Credit Suisse private banking, said:
“The overnight benchmark lending, deposit rate, Reserve Requirement Ratio cuts by People’s Bank of China (PBOC) are in line with our on-going expectations that PBOC will continue to ease monetary policy to help stabilize growth in China. We believe that since this easing cycle started last Nov, there has been a fair amount of stimulus injected by PBOC.
However, specific to both onshore yuan (CNY) and offshore yuan (CNH), I am more concerned about the spike in front end money market rates. In particular the 1month CNH rate has now doubled to 8 per cent, from under 4 per cent on August 11 when the PBoC first made its fixing rate mechanism adjustment.
This is indicative of an on-going jittery market. Hence, it is not surprising that both CNY and CNH are also pricing in much more weakness in the forward markets compared to prevailing spot rate. For e.g. the 1year USD/CNY NDF is now trading at 6.73, while the 1Y USD/CNH forward is trading at 6.75. This tells us that investors remain rather concerned about further CNY and CNH depreciation.”
9:07am: Suitcase maker Samsonite said profit attributable to shareholders decreased 2.7 per cent to US$94.4 million. Net sales hit US$1.16 billion in the first half, an 8.2 per cent increase over the same time last year on a constant currency basis, and in line with analyst expectations. The Group expects a strong US dollar will hurt second half results.
9:05am: ANZ chief economist Liu Li-gang:
“After the previous two RRR cuts (150bps) and four interest rate cuts (100bps) since November 2014, the weighted average lending rate has remained elevated at 6.46 per cent during second quarter for general loans.
Much of the surge of new loans in July was likely related to the government’s stock market rescue while around 583 billion yuan went to the real sector. Given the A-share market fell below 3,000, it means those loans going to market rescues have already turned bad. This will make banks more cautious in lending to the real economy.
Today’s RRR cut will immediately inject up to 650 billion to the banking system, which will spur bank lending and lower firms’ funding costs.
Further monetary policy easing by the PBoC is still in the cards. The PPI has remained in negative territories for 41 consecutive months, indicating that China’s deflationary pressures remain strong.
In order to fend off deflation and maintain GDP growth at the target of around 7 per cent, China will likely engage in further easing measures including another RRR cut of 50 basis points in the fourth quarter and additional targeted measures.”
8:37am: BESI Research on the pros and cons of the twin cuts of interest rate and RRR.
Positive Effects
Boosts the stock market, which has fallen 25.8 per cent over the past week.
Increase lending to key sectors and support the fiscal stimulus in second half. Makes refinancing the local government bond issues and other debt issuance easier.
Eases the pain for companies undergoing restructuring, with concerns about defaults having resurfaced owing to the ongoing tightness in the domestic monetary system, particularly in the shadow banking market.
Supports the property market turnaround.
Boosts the consumer credit and auto sectors in particular. This is designed to offset the squeeze on these sectors from the tightening in the shadow banking market and should support auto lending, a major contributor to the growth in auto sales over the last 2-3 years.
Negative effects:
Puts further pressure on the RMB vs the US dollar, with continued weakness likely over the next few months with current market rates pointing towards 6.7-6.8 by the end of the year.
This will contribute to the capital outflows from China, which reached a record amount of US$41 billion in July and look likely to continue in August.
8:36am: Sunshine Oilsands, a Canada oil-sands projects developer backed by China Investment Corp, Sinopec and the asset management units of Bank of China and China Life Insurance, said its planned private sale of HK$155.03 million worth of shares to Grand East Wealth Investment and City Legend Group has been terminated upon mutual agreement, due to “current adverse market conditions”, it said in a filing to Hong Kong’s stock exchange.
8:30am: Jiangxi Copper, the mainland’s largest smelter of the industrial metal, posted a 16.9 per cent year-on-year decline in net profit to 1.06 billion yuan for the year’s first six months, due to a 14 per cent year-on-year fall in copper prices. Revenue fell 18.7 per cent to 75.5 billion yuan. Copper and gold output both rose 2.2 per cent year-on-year.
8:23am: Barclays report:
“The People’s Bank of China announced a 25 basis points symmetric cut in loan/deposit and a 50 basis points cut in the Reserve Requirement Ratio (RRR) on August 25, 2015. In addition, the central bank also removed the interest rate cap on deposits with duration longer than one year.
We estimate that the RRR cut should release approximately 750 billion yuan liquidity, which is likely intended to 1) mitigate the impact of potential capital outflow and 2) stabilize the A-share market.
The banks expects there will be more rate cut given China’s PMI is dropping to a multi-year low, with one benchmark rate cut of 25 basis point in the third quarter, and 100 basis RRR cuts in the second half of this year and there would be risk of more cuts.
Potential further rate cuts will inevitably impact banks’ profitability, in our view. 2009 was the last time China aggressively cut BMR to stabilize the economy, and banking sector earnings dropped from 31 per cent in 2008 to 15 per cent in 2009.”
8:21am: Onshore yuan closed at 6.4114 on Tuesday, down 0.13 per cent from the previous close. Offshore yuan closed at 6.4886 on Tuesday, up 0.05 per cent from previous close.
8:20am: Property developer Hopewell Holdings (yellow) and Hopewell Highway Infrastructure (purple) will announce interim results today.
Hopewell closed up 0.61 per cent at HK$24.55 on Tuesday; Hopewell Highway traded up 0.28 per cent at HK$3.57. Both stocks have outperformed the Hang Seng Index (green) over the past three months. Click to enlarge chart.
8:15am: Hotels and resorts chian Shangri-La Asia (yellow) will release interim results today. The company closed up 1.38 per cent on Tuesday at HK$8.11. Its share has underperformed the Hang Seng Index (purple) for the past three months. Click to enlarge chart.
8:09am: Developer Sino Land (yellow), the property arm of Tsim Sha Tsui Properties (pruple), as well as its hotel arm Sino Hotels (green) will announce their interim results today.
Sino Land closed at HK$10.76 on Tuesday, down 0.37 per cent. Its share price has traded in line with the Hang Seng Index (blue) the past three months.
Tsim Sha Tsui Properties has been suspended from trading over the past two months and last traded on June 23, closing at HK$22.6. Click to enlarge the chart.
8:08am: China Petroleum & Chemical Corp (yellow), better known as Sinopec, will report interim results today. The company closed at HK$5.04 on Tuesday, down 1.95 per cent. Click to enlarge the chart on its share performance.
8:07am: Mainland China real estate giant Dalian Wanda Commercial Properties (yellow) will release first-half results today. The company closed up 2.50 per cent to HK$45.45 on Tuesday. Click to enlarge the chart on its share performance.
8:06am: Dah Sing Financial Holdings (yellow) and its banking arm Dahsing Banking (purple) will announce their interim results today.
Dah Sing Financial closed at HK$42 on Tuesday, up 2.56 per cent from Monday. Dahsing Banking closed at HK$13.54, up 1.05 per cent.
Both companies traded in line with the Hang Seng Index (green) the past three months, Click to enlarge the chart.
8:01am: Mainland China oil giant CNOOC Group (yellow) will announce its interim result today, with top executives meeting the media at 5:40 pm. The company closed at HK$7.91 on Tuesday, down 2.35 per cent. Its share price has underperformed the Hang Seng Index the past three months. Click to enlarge the chart.
8:00am: China Life (yellow), the nation’s largest life insurance company, will announce its interim results today.
The company closed at HK24.95 on Tuesday, up 2.67 per cent on the day. Its share price underperformed the Hang Seng Index (purple) the past three months. Click on chart to enlarge.
7:57am: China Railway Signal & Communication Corp (yellow), which listed earlier this month, will announce its interim results today. The company closed at HK5.95 on Tuesday, up 4.94 per cent on he day. So far, Its share price has outperformed the Hang Seng Index (purple). Click on chart to enlarge.