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China & Hong Kong Equities Mixed, Property Pares Gains

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Hong Kong & Chinese equities are mixed today, while ranges have been tight. Property stocks initially opened higher on the back of Shanghai announcing relaxation of lending and down payments although we have since given up those gains on the back of Logan delaying a vote to suspend repayment on some onshore bonds, Citi say's gaming stocks look cheap as they are trading at 9x 1yr forward EV/EBITDA while China has setup a semiconductor funds after the US imposed tariffs on the sector.

  • Hong Kong equities are mixed today, property names are now the worst performing sector with the Mainland Property Index down 0.80%, while the HS Property Index is down , while the HS Property Index is down 0.5%, HStech Index is up 0.40%, while the wider HSI is up 0.30%. In China, the CSI300 is down 0.25%, while the small-cap CSI1000 and CSI2000 Indices are both down 0.40%, and the growth focus ChiNext Index is down 0.75%
  • MNI China Press Digest May 28: Housing, FTA, Integrated Circuit - (See link)
  • in the property space, Logan has postponed the deadline for voting on its proposal to halt repayment on certain yuan bonds. The new deadline is June 3, extended from May 27, to gather more support. The company has already secured backing from creditors for suspending repayments on other bonds. Initially, on May 10, Logan requested bondholders to vote on a plan to suspend payments on all of its onshore public debt for 10 months
  • Shanghai has lowered down payment ratios and minimum mortgage thresholds to support its property sector, reducing down payments to 20% for first-time buyers and 30% for second-home buyers. This follows a central government initiative, including a 300 billion yuan funding package, to aid the property market after April saw the steepest home price decline in a decade. The central government has empowered local authorities to adjust down-payment ratios and mortgage rates. In September, Shanghai had already eased the minimum down-payment requirements and mortgage thresholds for certain housing types, as per BBG
  • China has established its largest semiconductor investment fund, Big Fund III, with 344 billion yuan to boost its domestic chip industry amidst escalating US restrictions. This fund underscores Beijing's push for technological self-sufficiency, with significant contributions from the central government and state-owned enterprises, as tensions with the US over advanced chip access continue to rise.
  • Looking ahead: China PMI on Friday, for Hong Kong we have Trade Balance later today, and Retail Sales of Friday
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Hong Kong & Chinese equities are mixed today, while ranges have been tight. Property stocks initially opened higher on the back of Shanghai announcing relaxation of lending and down payments although we have since given up those gains on the back of Logan delaying a vote to suspend repayment on some onshore bonds, Citi say's gaming stocks look cheap as they are trading at 9x 1yr forward EV/EBITDA while China has setup a semiconductor funds after the US imposed tariffs on the sector.

  • Hong Kong equities are mixed today, property names are now the worst performing sector with the Mainland Property Index down 0.80%, while the HS Property Index is down , while the HS Property Index is down 0.5%, HStech Index is up 0.40%, while the wider HSI is up 0.30%. In China, the CSI300 is down 0.25%, while the small-cap CSI1000 and CSI2000 Indices are both down 0.40%, and the growth focus ChiNext Index is down 0.75%
  • MNI China Press Digest May 28: Housing, FTA, Integrated Circuit - (See link)
  • in the property space, Logan has postponed the deadline for voting on its proposal to halt repayment on certain yuan bonds. The new deadline is June 3, extended from May 27, to gather more support. The company has already secured backing from creditors for suspending repayments on other bonds. Initially, on May 10, Logan requested bondholders to vote on a plan to suspend payments on all of its onshore public debt for 10 months
  • Shanghai has lowered down payment ratios and minimum mortgage thresholds to support its property sector, reducing down payments to 20% for first-time buyers and 30% for second-home buyers. This follows a central government initiative, including a 300 billion yuan funding package, to aid the property market after April saw the steepest home price decline in a decade. The central government has empowered local authorities to adjust down-payment ratios and mortgage rates. In September, Shanghai had already eased the minimum down-payment requirements and mortgage thresholds for certain housing types, as per BBG
  • China has established its largest semiconductor investment fund, Big Fund III, with 344 billion yuan to boost its domestic chip industry amidst escalating US restrictions. This fund underscores Beijing's push for technological self-sufficiency, with significant contributions from the central government and state-owned enterprises, as tensions with the US over advanced chip access continue to rise.
  • Looking ahead: China PMI on Friday, for Hong Kong we have Trade Balance later today, and Retail Sales of Friday