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China & Hong Kong Equities Mixed, China Equities Lag Move Higher

ASIA STOCKS
Hong Kong and China equities are mixed today as we break for lunch. Hong Kong markets have out-performed the past two-day with the YTD out-performance from China mainland equities slowly closing to just 3.27%, the CSI300 is now up just 2.63% for the year while the HSI is down 1.13%. Shimao Group faces liquidation in another hit to the property market, although this was expected with bonds trading in highly distressed territory for months now, there has been little else in the way of market moving headlines or economic data releases today, with focus turning to CPI & PPI on Thursday.
  • Hong Kong equities are higher today, although well off their highs. The Mainland Property Index was up 2.54% at one point and now is just 0.58% higher, the HSTech Index is up 0.63%, while the HSI is up 0.53%. In China, equity markets aren't faring as well with the CSI300 down 0.35% while the small-cap CSI1000 is up 0.59% and the growth focused ChiNext is up 0.29%.
  • In the property space, Shimao Group faces a liquidation demand from creditor China Construction Bank, marking a significant move by a state-backed bank amid the country's ongoing property crisis. Creditors, increasingly impatient with debt talks, have filed winding-up petitions against developers like Country Garden, with China Construction Bank seeking liquidation for several smaller developers. Despite Shimao's efforts to oppose the petition and work on an offshore restructuring plan, its shares fell sharply, while bonds trade at highly distressed levels, reflecting investor skepticism about its recovery prospects amidst mounting liabilities and a challenging industry landscape.
  • US Treasury Secretary Janet Yellen wrapped up discussions in China by cautioning against any support for Russia's military capabilities in Ukraine, emphasizing the potential consequences, including sanctions, for firms aiding Russia's war efforts. Additionally, Yellen urged China to address its overinvestment in manufacturing, particularly in new green-energy technologies, to rebalance global economic growth. Both sides agreed to commence talks focusing on balanced domestic and global economic development, signaling a collaborative effort to address concerns about China's economic policies.
  • Looking ahead it's a quiet start to the week with eyes on China CPI & PPI on Thursday
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