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Daniel Ren

Deb Price

Good day, traders --
Markets in Hong Kong and the mainland ended with gains, with a huge boost for blockchain-related stocks.
Catch up on the day's action below.
And if you'd like the Live Stocks Blog delivered to you each morning via email, shoot Deb and email at deb.price@scmp.com and she'll add you to the list.
-- Daniel Ren in Shanghai and Deb Price in Hong Kong 
 


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Stocks

Stocks Blog: Meituan Dianping, Xiaomi rise after Stock Connect inclusion;  HSBC falls on poor results 

Meituan Dianping, which has risen more than 100 per cent this year in Hong Kong, became available to mainland traders via the Stock Connect on Monday. Photo: Agence France-Presse 

HSBC's third-quarter profit fell 24 per cent. Photo: Sam Tsang

Business

Markets

Tencent breaks three-day losing streak
Blockchain-related stocks shoot up on Xi support
Great Wall soars on 3rd quarter results. 


Tencent breaks three-day losing streak. Blockchain-related stocks shoot up on Xi support. Great Wall soars on 3rd quarter results. 


China stock market

Hong Kong stock exchange

Meituan

Xiaomi

Tencent Holdings

Live

Mainland Chinese investors have long grumbled about not having access to some of their biggest home-grown tech superstars, which usually choose to list elsewhere. That’s changing – and it could boost share prices for smartphone maker Xiaomi and online food delivery-to-ticketing firm Meituan Dianping.
For the first time starting today, select Hong Kong-listed stocks that have so-called weighted voting rights – giving founders and others more control over a company – will be accessible on the Stock Connect to mainland traders.
Xiaomi and Meituan Dianping were the first stocks added to the trading link, according to a Shanghai Stock Exchange notice on Friday after market close.
“Both Xiaomi and Meituan are household names to the average retail investor in China. Granting these investors access to buy such stocks will definitely benefit the share prices,” said Kevin Leung, executive director of investment strategy at brokerage Haitong International.
Read full story by stocks reporter Yujing Liu here.


Meituan Dianping,  Xiaomi available on Stock Connect to southbound traders

Hong Kong’s financial chief on Sunday warned the city was heading towards negative economic growth for the full year as he appealed to the public to unite against the notion of “burning together”, referencing a popular slogan among anti-government protesters.
Financial Secretary Paul Chan Mo-po called for an end to violence and destruction on his weekly blog, noting that various sectors had been forced to bear huge costs from protest disruption and attacks over more than four months of social unrest.
“The government will be announcing its advance estimates for the third quarter on Thursday. After seeing negative growth in the second quarter, the situation continued in the third quarter, meaning our economy has entered technical recession,” he wrote.
“It seems it will be extremely difficult for us to reach full-year economic growth of 0 to 1 per cent. I would not rule out the possibility that the full-year economic growth will be negative.”
Read full story by Tony Cheung here.


Hong Kong finance chief warns of full-year negative growth amid protests 

Here's what we are watching this morning:
US Friday markets/ What futures foretell
The S&P 500 added 0.41 per cent, the Nasdaq rose 0.7 per cent and the Dow Jones Industrial Average gained 0.57 per cent.
-- Hong Kong futures 0.2 per cent lower, while the FTSE China A50 futures inched up 0.2 per cent
IPO debuts: Ascentage Pharma Group International Economy (6855 HK)
Corporate: Mainland investors will start trading shares in Hong Kong-listed Xiaomi and Meituan Dianping as the companies that have weighted voting rights are included in the Stock Connect.


Morning guidance 

The Shanghai Composite rose 0.5 per cent to 2,971.
Here's how some heavily traded stocks by northbound investors on the Stock Connect are doing:
-- Ping An Insurance (601318 CH)  rose 0.8 per cent to 88.68 yuan.
-- Jiangsu Hengrui Medicine (600276 CH) rose 1.3 per cent to 88.64 yuan.
-- Kweichow Moutai (600519 HK) slipped 0.3 per cent to 1,167.51 yuan.
-- Shanghai Pudong Development Bank (600000 CH) fell 0.9 per cent to 12.79 yuan.
-- Shandong Gold Mining (600547 HK) inched ahead 0.1 per cent to 32.45 yuan.
-- Deb Price    


Shanghai Composite rises 

The Hang Seng Index rose 0.7 per cent in early trading to 26,832.05.
Noteworthy stocks in Hong Kong: 
Xiaomi (1810 HK) jumped 3.2 per cent to HK$9.35, while Meituan Dianping (3690 HK) shot up 4.5 per cent to HK$94.65.
They become available to southbound traders on the Stock Connect beginning today.
Budweiser Brewing APAC (1876 HK), which debuted September 30 and fell Friday after poor results, fell 4.5 per cent to HK$28.35. 
-- Deb Price     


Hang Seng gaining 

Shares of mainland biotechnology firm Ascentage Pharma Group International (6855 HK) opened high before tanking on its first trading day.
The company that develops novel therapies for cancers opened at HK$52.5 -- 53.5 per cent higher than its offering price of HK$34.2.
They then dropped 21 per cent to HK$42.3.
Ascentage floated 12.18 million shares in its Hong Kong initial public offering.
-- Daniel Ren


Roller-coaster ride for Ascentage in IPO debut in Hong Kong 

The Hang Seng Index is seeing gains in every sector except information technology, with 38 of the 50 constituent stocks trading up, 11 down and one unchanged.
Hengan International Group (1044 HK) is one of the top gainers, rising 3.7 per cent to HK$54.20. China's diaper and sanitary maker has had a rocky year, falling 5.2 per cent as it battles international rivals for market share.
It has a big fan base among analysts. Of those tracked by Bloomberg, 19 call it a buy, four a hold and two a sell, with a 12-month price target of Hk$64.17.
Another big mover in early trading is Geely Automobile Holdings (175 HK), which has gained 3.5 per cent to HK$14.68. Morgan Stanley raised the Chinese automaker to equal weight from underweight and boosted its target price more than 50 per cent to HK$12.50.
Analysts are mixed on Geely, with 21 tracked by Bloomberg rating it a buy, 17 a hold and three a sell, with a target price of HK$13.05.
The Hang Seng Index is ahead 0.9 per cent at 26,900.55. 
-- Deb Price  


Hengan, Geely top gainers on rising Hang Seng 

Blockchain-themed stocks surged in mainland markets, buoyed by Chinese President Xi Jinping's call for more research into the technology.
Among the companies engaged in the research and development of blockchain technology, Insigma Technology (600797 CH) climbed by the 10 per cent daily upper limit to 9.85 yuan. Xinhu Zhongbao (600208 CH) also jumped 10 per cent to 3.18 yuan.
-- Daniel Ren


Blockchain stocks get a boost from Xi Jinping

Meituan Dianping (3690 HK) is continuing to climb on news it is now available for southbound traders on the Stock Connect. It is up 6.3 per cent to HK$96.30. 
The food delivery-to-ticketing company has traded in the morning as high as HK$97.15.
Chinese smartphone maker Xiaomi (1810 HK) also became available to southbound traders today. It has gained 2.4 per cent to HK$9.28.
Here's a feature by stocks reporter Yujing Liu on what investors need to know about the development. 
-- Deb Price    


Meituan Dianping continues to climb 

Shares of Shanghai Shenlian Biomedical Corporation (688098 CH), a producer of veterinary medicines including vaccines for foot and mouth disease, more than tripled on their trading debut in Shanghai to 26.51 yuan, from an initial public offering price of 8.80 yuan.
HES Technology Group (002963 CH), a Beijing based lighting engineer and landscape designer, rose 20 per cent to 28,39 yuan when its shares traded for the first time, compared with its IPO price of 23.66 yuan.
-- Eugene Tang 


Two IPOs shoot up in first day of trading on the mainland 

Shares of cancers and hepatitis B drugs developer Ascentage Pharma Group International (6855 HK) are still trying to find their footing, after soaring from their initial price and then falling sharply in morning trading.
They opened at HK$53, or 57 per cent above their initial offering price. But, after a tiny bit of gain, they quickly sank, falling to as low as HK$39.50. They have since climbed to HK$42.20, as traders search for a safe level.
The small shares offering received strong interest.
The Hong Kong tranche of the Suzhou-based firm's up to HK$370 million (US$47.4 million) shares offer was 752 times subscribed, while the international tranche was "significantly" over-subcribed.
It plans to use 42 per cent of the proceeds to fund clinical trials, manufacturing and marketing of its core product for chronic myeloid leukemia, a type of cancer that affects the blood and bone marrow.
The company - which applied to float shares in Hong Kong in August last year - has raised US$125 million in a private equity fund-raising in July last year.
-- Eric Ng


Ascentage Pharma shares trying to find footing in morning trading

Shares of Shanghai Pudong Development Bank (600000 CH) slumped 1.3 per cent to 12.73 yuan in morning trade as it offers the 50 billion yuan convertible bonds to the general public.
The debt sale, which could become the mainland’s biggest-ever convertible bond offering, carries a coupon rate of 4 per cent and will mature in six years.
The benchmark Shanghai Composite Index advanced 0.72 per cent in the morning.
-- Daniel Ren 


Pudong Bank shares drop amid 50 billion yuan convertible bond offering

Tencent (700 HK) climbed 1.6 per cent to HK$321.80 in morning trading, on track to break three straight days of losses and getting back above what has been a key support level this year of HK$320.
The Chinese social media and gaming giant fell to HK$316.60 on Friday, as it got caught in cross winds over its decision to broadcast National Basketball Association games. The NBA had angered Beijing over a comment by a team leader in support of the Hong Kong protesters.
Tencent is seen as a strong bet by analysts tracked by Bloomberg, with 50 ranking it a buy, seven a hold and none a sell, with a price target of HK$414.19.
 

-- Deb Price    


Tencent on track to break three-day losing streak

HSBC’s third-quarter pre-tax profit missed analysts expectations as the business climate weakened in Hong Kong, with months of protests and civil unrest sending Hong Kong’s economy into a technical recession.
On a pretax basis, the bank reported a profit of US$4.84 billion, below consensus estimates of US$5.29 billion by analysts surveyed by the bank.
Shares of HSBC (5 HK) rose about 1 per cent to HK$62.25 in the morning trading session.
-- Chad Bray 


HSBC third-quarter profit drops 24 per cent on protests 

HSBC (5 HK) dropped 2.4 to HK60.15 after reporting a worse-than-expected set of results in the third quarter.
The bank is the largest stock on the 50-member Hang Seng Index, with 10.3 per cent weighting on the benchmark.
-- Eugene Tang    


HSBC drops after worse-than-expected results 

Ascentage Pharma Group International (6855 HK) has taken investors on a wild ride on its first day of trading. 
Shares opened at 57 per cent above their initial offering price. Now it is trading at HK$42.70, or 19.4 per cent below its open at HK$53. 
Louis Tse Ming-kwong, managing director of VC Asset Management, says the IPO is the latest red flag for investors about chasing newly listed stocks with a small number of liquid shares.
"For small IPOs that involve a limited number of liquid shares, it is quite easy for speculators to bid up the price," said  Tse, the managing director of VC Asset Management.
"Investors should exercise caution as the initial over-valuation often turns out to be unsustainable, especially with unprofitable biotech firms that take investors' funds to engage in risky drugs development."
Ascentage offered to sell 12.2 million shares, of which 5.4 million -- or 44 per cent -- was subscribed by cornerstone investor Hong Kong-listed Sino Biopharmaceutical (1177 HK), which agreed not to sell the shares within the first six months of Ascentage's market debut.
-- Eric Ng    


Investors should be wary of chasing small IPOs, warns Louis Tse Ming-kwong

Tencent (700 HK) is continuing to see strong buying interest, climbing 2 per cent to HK$323.20, extending its morning gains.
-- Deb Price 


Tencent continues to rise  

China’s nearly 8,000 mutual funds made a combined profit of 205.7 billion yuan in the third quarter ended September 30. During that period, the Shanghai Composite slid 2.5 per cent.
According to TX Investment Consulting, the funds managed by 135 mainland fund houses earned 862 billion yuan on aggregate for the first nine months of this year.
Guangzhou-based E Fund Management was the top winner, whose funds reported income of 16.1 billion yuan in the three months from July to September.
-- Daniel Ren 


Mainland mutual funds earn more than 200 billion yuan in Q3

Mainland-listed firms related to blockchain continued to see a buying euphoria as investors took a cue from President Xi Jinping’s call to accelerate research in the technology.
An index compiled by East Money Information that tracks 172 A-share firms developing or using blockchain technology jumped 8 per cent as of 2:20pm. About 100 companies hit the daily 10 per cent trading cap.
Blockchain-related stocks soared in Hong Kong as well.
Pantronics Holdings (1611 HK) shot up 24.2 per cent to HK$4.83. Grandshores Technology  (1647 HK) soared 23.3 per cent to 53 HK cents. PC Partner Group (1263 HK) jumped 12. 3 per cent to HK$2.56. Meitu (1357 HK) shot up 10.3 per cent to HK$1.93. And Zhongan Online (6060 HK) climbed 8.3 per cent to HK$28.15. 
Chinese President Xi Jinping called for greater urgency in the development of blockchain technology.
Blockchain would play “an important role in the next round of technological innovation and industrial transformation”, Xinhua quoted him as saying at a group study session for members of the Politburo on Thursday.
-- Daniel Ren and Deb Price    


Xi sets off frenzied buying of blockchain-related stocks 

Great Wall Motor posted better than expected third-quarter results, prompting a ratings upgrade by Morgan Stanley and sending shares soaring in Hong Kong and on the mainland.
The mainland’s biggest sports utility vehicle (SUV) maker said its net profits in the three months ended September 30 surged 506.8 per cent to 1.4 billion yuan. It also represented an 88.2 per cent profit increase from the second quarter of this year.
On the mainland (601633 CH), the SUV and pick-up truck maker shot up to the 10 per cent limit, to 8.69 yuan.
In Hong Kong (2333 HK), it soared 12.8 per cent to HK$6.17.
Morgan Stanley boosted the H shares to overweight from equalweight, and lifted the price target to HK$8 from HK$5, Bloomberg reported. It upgraded its A shares to equalweight from underweight, and boosted the price target from 8 yuan to 4.5 yuan.
-- Deb Price and Daniel Ren


Great Wall's 3rd quarter results blow away investors -- stock soars 

The Shanghai Composite Index gained 0.9 per cent to 2,980, with 14 stocks hitting or nearly hitting the 10 per cent upside limit.
Gains were broad, with 1,232 stocks ending ahead, and only 245 closing down and 53 unchanged. It marked the second day of increases.
Among big gainers were blockchain-related stocks and Great Wall Motor (601633 CH), which posted better-than-expected third-quarter results.
The CSI 300 of large stocks traded in Shanghai and Shenzhen rose 0.8 per cent to 3,926.58.
Here are how some heavily traded stocks by northbound traders did:
-- Ping An Insurance (601318 CH)  rose 0.7 per cent to 88.64 yuan.
-- Jiangsu Hengrui Medicine (600276 CH) rose 0.7 per cent to 88.64 yuan.
-- Kweichow Moutai (600519 HK) rose 0.6 per cent to 1,178.29 yuan.
-- Shanghai Pudong Development Bank (600000 CH) fell 1.6 per cent to 12.70 yuan.
-- Shandong Gold Mining (600547 HK) climbed 2 per cent to 33.08 yuan.
-- Deb Price    


Great Wall, blockchain-related stocks big winners of day in China

The Hang Seng Index rose 0.8 per cent to 26,891.26, with 42 of the 50 constituent stocks rising. 
Index heavyweight HSBC (5 HK) fell 2.3 per cent to HK$60.25 on worse-than-expected third quarter profits. 
Tencent (700 HK) broke out, gaining 1.7 per cent to HK$322, after spooking investors last week when it fell below HK$320, which has been a key support level this year. The gains meant it snapped a three-day losing streak.
Great Wall  (2333 HK) soared 13.9 per cent to HK$6.23 after posting stronger-than-expected results. 
Meituan Dianping (3690 HK) and Xiaomi (1810 HK) closed ahead after being included in the Stock Connect, making them available to southbound traders. (Read an investor feature on the development here.)
Smartphone maker Xiaomi rose 1.4 per cent to HK$9.19, while Meituan Dianping gained 3.5 per cent to HK$93.70.
-- Deb Price     


Tencent gains, HSBC drops as Hang Seng finishes off ahead 

Stocks Blog: Meituan Dianping, Xiaomi rise after Stock Connect inclusion; HSBC falls on poor results

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}Tencent breaks three-day losing streak Blockchain-related stocks shoot up on Xi support Great Wall soars on 3rd quarter results.

Tencent breaks three-day losing streak

Blockchain-related stocks shoot up on Xi support

Great Wall soars on 3rd quarter results.