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HK & China Equities Mixed, Property Outperforms, US To Ban Tiktok

ASIA STOCKS
Hong Kong equities experienced early gains but shifted to losses, with the Mainland Property Index as an exception, while China's CSI300 saw marginal gains. China is implementing measures to boost economic growth by incentivizing the replacement of outdated equipment and goods, while also facing scrutiny over its industrial policies amid criticism from the US and Europe. Furthermore, the US House passed a bill potentially banning TikTok, pending Senate review and anticipated legal opposition from the app and its supporters.
  • Hong Kong equities opened mostly higher today, however quickly saw selling with most indices now trading in the red for the day, the outlier being the Mainland Property Index which is up 0.50%, the HSTech Index is down 1.20%, BioTech Index down 0.90% while the HSI is also down 0.57%. In China, equities are faring slightly better with the CSI300 up 0.06%, while the CSI1000 is down 0.20%.
  • 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.
  • In the property space China Vanke is still in talks for a debt swap, there hasn't been any update from Country Garden on their default other than they will aim to repay it within the 30-day grace period window, while finally Hangzhou city says it will no longer review buyers eligibility when they buy used homes.
  • 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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