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Stocksi

Stock market action from around the world, with a focus on Hong Kong, China and the rest of Asia.

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Paul Chan, Hong Kong’s financial secretary, and Bonnie Chan, the CEO of bourse operator Hong Kong Exchanges and Clearing, were speaking at Fortune Innovation Forum 2024.

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Hong Kong stocks underperformed the region as sentiment was dealt a blow by the cancellation of a Hong Kong IPO by Alibaba Group’s logistic unit and a cautious outlook from electric vehicle maker BYD, with the yuan’s slide adding to the gloom.

Trump Media & Technology Group – acquired on Monday by a blank-check company called Digital World Acquisition – runs the social media platform Truth Social.

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Alibaba has scrapped the planned Hong Kong IPO for its logistics unit Cainiao, deciding to double down on its investment in the strategically important unit.

Hong Kong stocks closed higher as China Merchants Bank and China Resources Land posted better-than-estimated results and China’s central bank governor struck an upbeat tone about the property market.

The sell-off follows Shenzhen exchange’s statement that it would take action against Citic for failing to fully clarify issues regarding Liangang Optoelectronic’s IPO prospectus.

Hong Kong stocks retreated after a brief boost from a resurgent yuan currency, as investors are watchful awaiting earnings announcements this week from about a third of the companies that comprise the benchmark.

Japan overtook China as the biggest private equity market in Asia-Pacific last year, becoming the only country to see an increase in deal activity, according to Bain & Company.

Has China’s long march to recouping stock market losses begun, after a US$1.75 trillion bounce in value from January lows? Many sentiment indicators have reached inflection points, backstopped by state intervention. Or do market bears still hold sway?

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Samsonite is exploring a dual listing plan for its shares, a surprise move that tempered market speculation about a potential offer to take the luggage maker private.

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Hong Kong stocks retreated as the focus returned to corporate earnings and after the euphoria over the US Federal Reserve’s dovish comments evaporated. The yuan broke a key level for the first time since November, adding to the gloomy sentiment.

Micron CEO Sanjay Mehrotra promised investors that 2024 will mark a rebound for the memory chip industry and 2025 will see record sales levels, driven by opportunities enabled by AI.

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Hong Kong stocks made a firm start after the US Federal Reserve’s dovish outlook brightened the prospects of lower funding costs in the months ahead.

The Hong Kong stock market posted gains driven by corporate earnings announcements but investors were cautious awaiting central bank monetary policy moves after benchmark rates were held steady

LianLian DigiTech aims for a fifth of the US$500 million it originally sought a year ago, as market conditions continue to dampen investor sentiment.

The cuts are part of a broader cost-reduction programme launched globally this month, which is expected to save US$125 million and make 9 per cent of its workforce redundant.

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The CSRC under Wu Qing will aim to develop 10 first-class brokerages including two or three that can compete with top global names like Goldman Sachs and Morgan Stanley by 2035.

WuXi AppTech, WuXi Biologics and Xpeng weighed on the market as fourth-quarter earnings of Chinese companies trail those of peers in the rest of Asia, according to Goldman Sachs.

Fosun Tourism Group, the leisure and tourism unit of Chinese conglomerate Fosun International, is courting both domestic and international investors in a move that is in line with its asset-light strategy.

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China is tightening the screws on new domestic stock offerings, issuing four documents at once laying out some of the harshest rules, checks and penalties yet to crack down on fake accounting and restore confidence.

Investors should seek refuge in Chinese domestic consumption stocks and avoid hardware and semiconductor makers to ride out the US-China geopolitical uncertainty, according to Goldman Sachs.

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Stocks suffer from a twin blow on interest-rate front. China keeps its one-year loan facility unchanged, while stronger than expected US price reports this week undermine bets on a rate cut in the next two meetings.

Hong Kong-listed firms have been involved in US$4 billion worth of take-private deals already in 2024, compared with US$1.2 billion for the whole of last year, with investors often dismayed by poor valuations.