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Yujing Liu

Deb Price

Welcome to a fresh week of trading!
China and Hong Kong stocks rallied, given a boost by strong US jobs data out Friday and signs of progress on the US-China mini trade deal.
Catch up on the day's action below. 
And if you'd like the receive the Live Stocks Blog each day via email, shoot Deb a message at deb.price@scmp.com.
-- Yujing Liu and Deb Price in Hong Kong 
 


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Hong Kong stocks snap 5-day slide on tech rebound as US equities hit correction mode

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Stocks

Stocks Blog: Beigene, Budweiser, AIA help push Hang Seng to three-month high

A Chinese investor uses a mobile phone to check a rare earths company's stock price at a securities brokerage house in Beijing. Photo: EPA-EFE 

Business

Markets

China bans sale of e-cigarettes, sending China Tobacco International soaring in Hong Kong
Budweiser Brewing APAC rises on thumbs up from Citigroup, J.P. Morgan


Stocks rally in mainland and Hong Kong on trade optimism, US job growth


China stock market

Hong Kong Stock Exchange

Tencent

Blockchain

Budweiser Brewing APAC

Citigroup

Live

Here's what we are watching this morning:
Friday US markets/ What futures foretell  -- The US market jumped on Friday, driven by a better-than-expected jobs report. The S&P 500 added 1 per cent, the Nasdaq Composite climbed 1.1 per cent, and the Dow Jones Industrial Average was 1.1 per cent higher.  -- The Hang Seng Index Futures were 0.4 per cent higher at 27,268, while the China A50 futures also rose 0.4 per cent.
IPO debuts:
--None to note.
Economic statistics/Central Bank action:
China China PMI services and composite indices to release October data on Tuesday 9:45am.  President Xi Jinping to deliver a keynote speech at the opening ceremony of China International Import Expo on Tuesday.


Morning guidance 

The State Tobacco Monopoly Administration, China’s tobacco regulator, issued a notice on Friday to bar the sale of electronic cigarette products through e-commerce platforms and other businesses.
The ban in mainland China came after the United States took a similar step as regulators focus on vaping’s effect on public health.
About 10 mainland-listed firms including Shenzhen Jinjia Group (002191 CH) and MYS Group (002303 CH) engage in e-cigarette businesses.
-- Daniel Ren   


China bans sale of e-cigarettes

China Communist Party’s mouthpiece People’s Daily said China could become a global leader in blockchain technology.
The newspaper said in a commentary that China has many areas with great potential for development of the technology. The country also has a big talent pool to focus on the development of blockchain.
Blockchain stocks saw volatile trading last week after Chinese President called for more investment and development on the technology.
-- Daniel Ren   


China aims to be blockchain leader

Ping An Insurance (601318 CH) has spent 5 billion yuan (US$710.3 million) buying about 58 million shares, or a 0.3 per cent stake, in the company from April through the end of October, according to an exchange statement.
That falls in line with Ping An’s buyback plan, in which the insurer proposed in April spending between 5 billion and 10 billion yuan buying the stock within a year.   
-- Zhang Shidong 


 Ping An buys back 50 billion yuan of own shares

Xinhu Zhongbao (600208 CH) and Easy Visible Supply Chain Management (600093 CH) both issued statements to remind investors to guard against risks after the stocks surged.
Property developer Xinhu Zhongbao said in an exchange statement it still reaped an investment loss from a unit that is related to the blockchain business last year and that will not impact the company’s earnings in the short term.
Easy Visible said its blockchain operation was still in the early stage and immature, and its commercialization needs to be test by the market.
Shares of Xinhu Zhongbao jumped by the 10 per cent daily limit for five consecutive days and the stock of Easy Visible surged by the daily cap in four out of the past five days.
-- Zhang Shidong    


Some blockchain-linked companies remind investors of risks

Chinese online gaming and fintech company Forgame Holdings (HK 484) is likely to see a bumpy trading session as trading in its shares resume today.
The company has not been able to get in touch with its chairman and chief executive Li Luyi, it said in a stock exchange filing today, following media reports of a Beijing police raid of a peer-to-peer lending platform founded by Li.
Forgame is still verifying the media reports, which claim that some employees of the platform Beijing Haitouhui have been arrested, according to the filing. It has not been able to confirm the details of the police investigation, it said.
“The business and operation of the group remain normal,” company secretary Lee Ka-man said in the filing.
Trading of Forgame was halted from 9am on Friday. The stock fell 0.9 per cent to HK$4.33 on Thursday.
-- Yujing Liu 


Forgame fails to contact chairman and chief executive after reports of police raid

Are blockchain stocks the next big thing for investors? Analysts think not. They smell another speculative bubble.
Blockchain-related stocks went on a wild roller-coaster ride last week, triggered by a surprise push for the technology by Chinese President Xi Jinping.
But profitable application of blockchain is years away, analysts say, and no publicly listed leaders have emerged in a hot sector filled with promising but unproven start-ups.
“It’s too early to make an investment decision,” said Yang Delong, chief economist at Shenzhen-based First Seafront Fund Management. “I’d wait to see more solid applications take place first. Those speculative bets will only fall back after the short-term hype.”
An October 25 media report that Xi had said China needs to more rapidly develop blockchain technology set off an investor stampede last Monday into listed companies with even a hint of connection.
Read full story by stocks reporter Yujing Liu here. 


Blockchain stocks: Bubble or smart bet?

Hong Kong’s eight virtual banks, poised to roll out their services in the next few months, are in talks with the city’s dominant operator of automated teller machines (ATMs) to give customers of branchless banks access to more than 2,000 ATMs across the urban centre.
The banks are in talks with the Joint Electronic Teller Services (Jetco), which operates 60 per cent of Hong Kong’s 3,300 ATMs, according to the network’s chief executive Angus Choi Ping-chung.
The discussions offer the eight virtual banks, which are not allowed to operate any physical branches under the terms of their license from the Hong Kong Monetary Authority (HKMA), a workaround that provides customers with the kind of convenience and access that they need, without compromising pledge by the virtual banks to disrupt bricks-and-mortar banking.
“This is a short cut … as it would be more cost-effective than setting up their own network,” said Louis Tse Ming-kwong, managing director at VC Asset Management. “Hongkongers still like using cash, so it is vital for the eight virtual banks to provide ATM services to allow customers to withdraw cash.”
Read full story by Enoch Yiu here. 


Hong Kong’s virtual banks in talks with Jetco for customer to gain access to 2,000 automated teller machines

Hong Kong’s finance chief warned on Sunday of another cut to the city’s growth forecast as five months of protests pounded an economy already suffering from US-China trade tensions.
Financial Secretary Paul Chan Mo-po said a further downgrade for 2019 might now be “unavoidable” and there was a “very big chance” the city would be in recession for the whole year.
Writing in his official blog on Sunday, Chan did not say when the forecast revision for gross domestic product could take place. In August, the administration downgraded its GDP growth prediction to between 0 and 1 per cent, from the previous estimate of 2 to 3 per cent.
Read full story by Karen Yeung and Elizabeth Cheung here


Hong Kong finance chief warns cut in predicted GDP may be 'unavoidable'

Markets from Shanghai to Hong Kong surged, riding on trade optimism and extending big gains from the Wall Street last Friday.
The Shanghai Composite Index rose 0.5 per cent to 2,972.46 as of 9:34am, while the Shenzhen Component Index also surged 0.5 per cent.
The Hang Seng Index soared 1.1 per cent, or 299.2 points, to 27,396.45.
-- Yujing Liu 


China, Hong Kong benchmarks jump in market open

Chinese mobile game giant CMGE (302 HK), which started trading on the main board of Hong Kong’s stock exchange last Thursday, is surging again today.
It is up 12.9 per cent to HK$3.93 in early trading.
On Friday, it jumped 20.5 per cent to HK$3.48.
Its public offering price was HK$ 2.83. 
-- Deb Price    


China game giant CMGE soaring -- again 

Pharmaceutical stocks surged in China and Hong Kong after the country’s drug regulator granted conditional approval to the world’s first new Alzheimer’s drug in 20 years.
The National Medical Products Administration said the drug, Oligomannate, had been approved for the treatment of “mild to moderate Alzheimer’s disease and improving cognitive function”, in a statement on Saturday.
Developer of the drug Shanghai Green Valley Pharmaceuticals said mass production will start on November 7.
The drug could be on market in China by the end of this year, according to Chinese media reports.
The population of Alzheimer’s patients will reach 150 million around the world by 2050, according to the World Health Organisation, and more than a quarter of them will be in China.
A gauge tracking 250 drug makers listed on Shanghai and Shenzhen gained 1.3 per cent, even as Shanghai Green Valley is not yet public.
Jiangsu Lanfeng Bio-chemical (002513 SZ) and North China Pharmaceutical Group (600812 SH) jumped by the 10 per cent daily limit.
Read full story on the development here. 
-- Yujing Liu 


Drug makers advance after Alzheimer's drug approval

Cancer drugs developer BeiGene (6160 HK) extended its gains for a second day, after American biotech major Amgen agreed to buy a 20.5 per cent stake in the company for US$2.7 billion.
Shares of the company rose 6.6 per cent to HK$117.2 in the latest trading. The stock soared by 32 per cent to close at HK$110 on Friday.
The deal, if completed as planned in the first quarter of 2020, would make Amgen the company’s biggest shareholder.
-- Yujing Liu    


BeiGene gains for a second day after stake purchase plan

Hao Bai International (8431 HK), a Hong Kong-based contractor specialising in water circulation systems such as swimming pools, shot up by as much as 34 per cent to HK$0.2 in early trading.
It is unclear what drove the gains, as the company said on October 25 that it is likely to record an interim loss this year, compared to a net profit of HK$2.5 million for the same period last year.
The company will announce its half-year earnings on November 8.
-- Yujing Liu 


Mysterious gains in swimming pool builder

Shares of Sin Tao News Corporation (1105 HK), the publisher of Hong Kong's largest free daily newspaper, jumped for the third day, soaring by as much as 25.8 per cent to a seven-year intraday high of HK$1.66, after the newspaper confirmed that it's in talks with an independent investor about a takeover. The stock has soared by as much as 63 per cent since October 30.
Here's a story about the development.
-- Eugene Tang 


Sin Tao News confirms it is in talks with investor about takeover

Springland International Holdings (1700 HK), a Chinese operator of supermarkets and department stores, skyrocketed by 54 per cent to HK$2.12 as it resumed trading today, on the back of a HK$1.2 billion privatisation plan.
The company’s chairman and controlling shareholder Chen Jianiang will pay shareholders for the stake at a price of HK$2.3 apiece for the company to be delisted from the Hong Kong market, according to an exchange filing on Friday night.
The price represents a 63.1 per cent premium over the closing price of HK$1.4 on October 25, the last trading day before a suspension.
-- Yujing Liu


Chinese retailer soars on privatisation plan

China stocks climbed in the morning session on enthusiasm over technology shares and drugmakers.
The Shanghai Composite Index gained 0.8 per cent to 2,980.43 by the lunch break, inching closer to the key resistance level of 3,000 points.
The Shenzhen Component Index surged 1 per cent, while the ChiNext Index of start-ups advanced 1.1 per cent.
A gauge of 168 blockchain-related stocks rose 1.6 per cent, after China’s state media People’s Daily said the country could become a global leader in this new technology.
Ten pharmaceutical firms involved in developing treatments for the Alzheimer’s jumped 3.5 per cent, after China approved the first new drug for the disease in 20 years.
-- Yujing Liu 


Blockchain, pharmaceutical stocks push up China markets

Shenzhen Jinjia Group (002191 CH) fell 2.2 per cent to 10.48 yuan in morning trading after China’s tobacco regulator on Friday announced a ban on sales of electronic cigarette products through e-commerce platforms and other businesses.
MYS Group (002303 CH) rose 1.4 per cent to 6.32 yuan.
A gauge by data provider Xuangubao of 14 e-cigarette stocks was down 0.5 per cent, with seven stocks posting gains and seven stocks falling.
-- Deb Price    


Electronic cigarette-linked stocks mixed in China after new ban

Hong Kong stocks started the week with a very uplifting morning session.
The Hang Seng Index soared by 1.3 per cent, or 347.48 points, to 27,448.24 by the lunch break. It rose by as much as 1.5 per cent to a three-month intra-day high of 27,499.22 points in early trading.
Cigarette-related stocks surged after China banned e-commerce platforms from selling e-cigarettes. China Tobacco International (6055 HK) jumped 7.1 per cent to HK$19.7.
Investors also favoured Macau casino operators ahead of a raft of earnings reports. Galaxy Entertainment (27 HK) rose 1.6 per cent to HK$55, after Jefferies lifted its target price to HK$60 from HK$57 on positive outlook for its third-quarter results due Thursday.
-- Yujing Liu 


Hong Kong stocks reach three-month intra-day high

China’s rising inflation will put pressure on the country’s easing monetary policies, leading to unchanged loan prime rate (LPR) and reserve requirement ratio (RRR) – two key rates that policymakers use to adjust liquidity in the financial system -- for the rest of this year, according to a CICC report.
Consumer price index in China could rise by more than 4 per cent over the next three quarters driven by a shortage of pork, the investment bank predicted in the report published today.
The growth of China’s gross domestic product (GDP) is likely to slow to 5.9 per cent in 2020 and 5.8 per cent in 2021, from 6.1 per cent this year, CICC forecast.
-- Yujing Liu 


Soaring inflation will limit China’s easing monetary policy, CICC says

The global economy -- which is performing better than expected -- is behind gains in the Hong Kong and mainland China markets today.
The Hang Seng Index gained 1.3 per cent to 27,456.53, the Shenzhen Composite Index rose 0.9 per cent to 1,651.68, and the Shanghai Composite Index rose 0.8 per cent to 2,981.
The major driver is the US economy, with data released Friday showed that 128,000 jobs in the U.S. were added in October, said Francis Lun Sheung-nim, chief executive of GEO Securities.
Other factors such as China’s manufacturing expansion in October indicated by Caixin PMI, and the “reached consensus on principles” during Friday’s US-China trade talk also boosted the confidence in the stock market, Lun said.
“Global growth is less gloomy than it used to be,” said Lun.
In addition, unconfirmed buzz that Alibaba and Tik Tok owner ByteDance will list  in Hong Kong is also boosting investor sentiment. Alibaba, which owns the South China Morning Post, has declined to comment on the speculation. ByteDance has denied any immediate plans to list in the city. 
The Hang Seng is humming despite the city having fallen into a recession and the ongoing protests.
“The retails, restaurants, and tourism are entering the recession, but the economic pillar of Hong Kong -- the real estate and financial market -- are actually not much affected...If you look at some individual sectors, there are problems, but the overall Hong Kong stock market, driven by finance and real estate, is still very strong.
“If investors have confidence in Hong Kong's financial markets, the stock market is likely to exceed 28,000 points this week,” added Lun.
-- Snow Xia   


Stronger-than-expected US economic data behind market gains, says Francis Lun Sheung-nim

Brokerage stocks jumped on news China intends to loosen limits on price movement and make listing of new companies easier. That is expected to boost stock trading.
A gauge of 47 brokerage stocks rose 0.6 per cent, led by Hualin Securities (002945 CH), which shot up 4.9 per cent to 14.30 yuan. China Galaxy (601881 CH) rose 2 per cent to 11.17 yuan, while Huaxi Securities (002926 CH) climbed 2.2 per cent to 9.8 yuan.
Currently, stocks on their first trading day on the main stock exchanges in Shanghai and Shenzhen are restricted to a 44 per cent gain. After that, like other stocks, they are allowed to rise or fall by no more than 10 per cent.
But on the Star Market – which President Xi Jinping created to spur growth of start-ups, including those that have yet to post profits – stocks can rise or fall essentially without limits in their first week of trading. After that, they are restricted to 20 per cent daily gains or losses.
One restriction remains in the Star Market and throughout the mainland markets: Traders cannot sell a stock on the same day they buy it.
Here is a feature on the plans to change China's markets.
-- Deb Price    


Brokerages rally in China on coming loosening of market restrictions

It’s been a fantastic day for pharmaceuticals traders.
Chinese drugmaker CSPC Pharmaceutical Group (1093 HK) jumped by as much as 6 per cent to a 15-month intra-day high of HK$21 on a strong outlook for new product launch and sales.
Analysts at Daiwa Capital Markets raised its target price for the stock by 29 per cent to HK$24.84 on Friday, citing faster and broader-than-expected innovative drug pipeline layout.
Other Chinese drugmakers listed in Hong Kong also advanced broadly.
Luye Pharma Group (2186 HK) soared 9.3 per cent to HK$6.46, after it said in an exchange filing today that an oncology product that treats lung cancer has passed a Phase 3 clinical trial in China.
Guangzhou Baiyunshan Pharmaceutical Holdings (874 HK) rose 4.8 per cent, and Genscript Biotech (1548 HK) gained 5 per cent.
-- Yujing Liu 


Hong Kong-listed drugmakers shine

A gauge of 135  5G-related stocks in China compiled by data provider Xuangubao rose 0.8 per cent, following China's announcement last week that 5G networks will be available earlier than expected, with the three telecom providers launching commercial 5G services last Friday.   
Bright Oceans (600289 CH), which develops computer application software for the telecom sector, rose 5 per cent to 2.32 yuan. 
Wingtech Technology (600745 CH), which makes communications equipment including mobile phones, hit the daily 10 per cent upside limit to 80.38 yuan. 
Hengtong Optic-electric (600487 CH), which manufacturers optical fiber  and optical cable, jumped 8.6 per cent to 16.02 yuan. 
China could invest more than US$150 billion in 5G by 2025, Goldman Sachs says.
In Hong Kong, China Unicom (762 HK) rose 0.9 per cent to HK$7.85, China Telecom (728 HK) was flat at HK$3.36, while China Mobile (941 HK) slipped 0.7 per cent to HK$63.80.
Here's a feature for investors by stocks reporter Yujing Liu about 5G stocks in China.
-- Deb Price    


5G-related stocks jump in China 

Budweiser Brewing APAC (1876 HK) gained 1.6 per cent to HK$29.30, given a boost by Citigroup and  J.P. Morgan.
Citigroup initiated coverage of the beer manufacturer as a buy with a target price of HK$33, while J.P. Morgan initiated coverage with an overweight rating and a price target of HK$34.
The stock went public on September 30, with an initial public offering price of HK$27.
Fidelity Contrafund added the maker and seller of 50 beers including Budweiser, Stella Artois and Corona to its investments on September 1, buying 14.6 million shares at a value of US$52.6 million, Bloomberg reported.
 

-- Deb Price 
   


Budweiser Brewing APAC rises on thumbs up from Citigroup, J.P. Morgan

Global index provider MSCI is set to announce on Friday review results that will complete the third – and final – step of the weight increase of China stocks in its global indices.
The change, to be effective from November 27, is likely to lead to an inflow of 220 billion yuan (US$31 billion) worth of foreign capital into the A-share market, Dongguan Securities analysts wrote in a report published today.
Consumer stocks, especially electronic appliance producers, are likely to benefit as they are favoured by foreign investors over other stocks, the report says.
Air conditioner maker Gree Electric (000651 SH) rose 0.8 per cent to 64.3 per cent in the latest trading today, while rival Midea Group (000333 SZ) gained 0.2 per cent.
-- Yujing Liu


MSCI inclusion this month will benefit China consumer stocks, report says

Blockchain-related stocks weakened in afternoon trading, as investors pulled out of the highly speculative sector after a stellar morning session.
A gauge tracking 168 China-listed companies involved in blockchain gave up all of its 1.8 per cent gains in the morning to trade flat.
Easy Visible Supply Chain Management (600093 CH), which is developing blockchain-based solutions for supply chains, fell 3 per cent to 1.36 yuan in the afternoon, after surging by the 10 per cent daily limit in the morning. It is on track to snap a 10-session winning streak.
The sector is filled with short-term traders aiming for a quick profit, after President Xi Jinping endorsed the new technology in a surprise move. Companies including Easy Visible Supply Chain Management have warned investors of potential risks as their blockchain operations are still immature.
-- Yujing Liu


China's blockchain shares retreat after a buoyant morning session

Shanghai Stock Exchange officially changes the bronze bull statue in front - to one whose head holding high and roaring, from the old one bowing head down. Both HK and Shanghai markets respond favorably. pic.twitter.com/zNVPJt6tAc
  — Hao Hong 洪灝, CFA (@HAOHONG_CFA) November 4, 2019


Shanghai Stock Exchange gets a new bronze bull -- this one is more upbeat

Standard Chartered lowered its GDP forecasts for Hong Kong, citing "the much deeper hole Hong Kong now needs  to dig out of and external headwinds."
It now expects the city's GDP to contract 1.5 per cent and 0.3 per cent in 2019 and 2020, respectively, versus its prior expectation of positive growth at 0.5 per cent and 1.5 per cent.
"Hong Kong's very weak advance Q3 GDP estimates confirmed a long-feared technical recession, but also shed light on the entrenched damage caused by the perfect storm -- the escalating US-China trade war, China's slowing economy and worsening local political clashes," Kelvin Lau, the Greater China senior economist at Standard Chartered Global Research, wrote in a note dated today.
Data showed the city's GDP contracted by 2.9 per cent in third quarter, worse that the negative 0.3 per cent consensus expectation. It was the first year-on-year contraction since the global financial crisis, Lau noted.
Local political uncertainty pushed down investment as businesses put off long-term decisions, while the plunge in tourism and drop in private consumption expenditure weighed heavily on the city, he wrote.
"The double-whammy of the US-China trade war and local protests is not only weighing on short-term economic performance, but also deferring long-term business decisions like hiring and investment across all industries," he wrote.
The "silver lining," he said, has been the financial markets. The Hong Kong dollar has not touched 7.85 against the US dollar since June "is a sign of modest capital flows for now; the same could be said for the exceptionally stable HIBOR, indicating no liquidity tightness in the banking system." Meanwhile, the 6 per cent slide in residential property prices since the June peak is "manageable."
-- Deb Price    


Standard Chartered lowers GDP forecasts for Hong Kong in 2019, 2020

China and Hong Kong markets started the week with a bang.
The Shanghai Composite Index gained 0.6 per cent to close at 2,975.49, a one-week high, while the Shenzhen Component Index climbed 0.7 per cent. The ChiNext Index of start-ups advanced 0.8 per cent.
Pharmaceuticals and aviation stocks lifted up the market, as early gains in blockchain-related technology shares pared.
China Southern Airlines (600029 SH) led the carriers to surge by 8 per cent to close at 7.3 yuan. Investors were encouraged by the strengthening of the Chinese yuan of late and China Southern's strong third-quarter earnings.
In Hong Kong, the Hang Seng Index is trading 1.4 per cent higher at 27,478.55.
-- Yujing Liu


Pharmaceuticals, aviation stocks ignite China markets

Hong Kong stocks markets rallied today, as data shows that the US economy is doing better than expected and US stocks rose last Friday.
The Hang Seng Index rose 1.7 per cent to 27,547.30 points today. On Friday, the Nasdaq rose 1.13 per cent and S&P 500 rose 0.97 per cent.
“Both S&P 500 and Nasdaq saw new record highs last Friday because of the better-than-expected non-farm data that showed the US labour market remains robust. This boosted the sentiment in the Hong Kong and China markets,” said Louis Wong Wai-kit, director of Phillip Securities.
While Hong Kong has entered a technical recession and protests continue to be violent, traders are not downbeat.
“The negative factors are actually already reflected in the share price of those victimised sectors such as retail, hoteliers, food and catering. But for the [Hang Seng] index, companies with local exposure actually account for a rather small weighting.”  Wong added, “The supportive measures announced by the Hong Kong government also helped ease market sentiment.” 
In October, Hong Kong government relaxed the mortgage policy, allowing first-time home buyers to borrow up to 90 per cent for property worth less than HK$8 million.
-- Snow Xia   


Hong Kong stocks boosted by strong US economic data, says Louis Wong Wai-kit

Hong Kong stocks took off Monday, leaving over three months of soul-crushing volatile trading behind.
The Hang Seng Index soared by 1.7 per cent to 27,547.3 per cent, closing at the highest level since August 1.
The market has been roiling in the aftermath of ongoing anti-government protests, which have pushed Hong Kong’s economy into a technical recession.
The benchmark plunged by 12 per cent between a recent high on July 2 and a low on August 13.
Optimism over trade talks as well as upbeat market sentiment in the US market lent support to the Hang Seng. Financials climbed broadly, with insurer AIA Group (1299 HK) leading the advance with a 3.3 per cent gain to HK$82.15.
Pharmaceuticals also outperformed. CSPC Pharmaceutical Group (1093 HK) soared 5 per cent to HK$20.8.


Hang Seng recovers ground lost since August 1

Media reports on a meeting between US Commerce Secretary Wilbur Ross and Chinese premier Li Keqiang in Bangkok boosted markets, as trade talk developments look generally positive, according to David Chao, global market strategist, Asia Pacific at Invesco.
“The Hang Seng Index has been teasing historically low multiples – I think much of the bad news had been priced into the market, including the ongoing protests and weak economic data for the prior quarter,” Chao wrote in an emailed note.
“I don’t see the Hang Seng Index going much lower than these levels.  It makes sense that we see the market react positively when one of the major uncertainties, the US-China trade war, becomes less foggy,” he wrote.
-- Yujing Liu 


Stocks Blog: Beigene, Budweiser, AIA help push Hang Seng to three-month high

China bans sale of e-cigarettes, sending China Tobacco International soaring in Hong Kong Budweiser Brewing APAC rises on thumbs up from Citigroup, J.P. Morgan

China bans sale of e-cigarettes, sending China Tobacco International soaring in Hong Kong

Budweiser Brewing APAC rises on thumbs up from Citigroup, J.P. Morgan