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China & Hong Kong Equities Mixed, Property Out-Performing

ASIA STOCKS
Hong Kong and China Equities are unchanged to slightly higher today, China Mainland indices are out-performing. Property names are the top performing sector, following from reports yesterday of China Vanke in talks for debt swap, Country Garden bond holders hadn't received coupon payments, while earlier today Hangzhou city says it will no longer review buyers eligibility when they buy used homes.
  • Hong Kong equities are mostly lower today, other than the Mainland Property Index which is up 1.10%, the HSTech Index is down 0.60%, BioTech Index down 1.60% while the HSI is unchanged. In China, equities are faring slightly better with the CSI300 up 0.14%, while the CSI1000 is down 0.60%.
  • China Northbound flows were 3.98b yuan on Wednesday, with the 5-day average at 3.98b, while the 20-day average sits at 2.47b yuan.
  • China plans to bolster economic growth by incentivizing consumers and businesses to replace old equipment and goods, with central government funds allocated to support equipment renewal projects, tax breaks, and targeted lending from banks, aiming to increase spending on various sectors by at least 25% by 2027.
  • China is urged to adjust its industrial policy due to rising criticism of overcapacity from the US and Europe, with economists highlighting the need to address geopolitical concerns and domestic imbalances while emphasizing innovation-focused policies; however, detailed plans or targeted sectors have not yet been disclosed.
  • The US House of Representatives passed a bill to ban TikTok unless its Chinese owner sells it, which now awaits Senate consideration despite President Biden's potential support, however even it the bill becomes law it's expected legal challenges from TikTok and its supporters.
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