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HK & China Property Slump On Worries Recent Measures Are Not Enough

ASIA STOCKS

Hong Kong & Chinese equities are lower today. HK markets have continued their four day losing streak as investors off-load stocks as US rate cut expectations are pushed back out to December from November, property is the worst performing as investors grow concerned that the most recent measures to support the struggling sector are not enough, while tech stocks are lower on concerns around Alibaba's convertible bond issuance. The calendar was empty for the region today.

  • Hong Kong equities are lower today, with property the worst performing sector. The Mainland Property Index is down 4.22%, while the HS Property Index is down 2.98%, HStech Index is down 1.82% while the wider HSI is down 1.24%. In China, the CSI300 is down 0.50%, while the small-cap CSI1000 and CSI2000 Indices have recovered some of the mornings losses to trade down 0.30% and 0.05% respectively, while the growth focus ChiNext Index is down 0.75%
  • (MNI) Copper Prices To Fall, Chinese Demand To Remain Flat - (See link)
  • (MNI) China Press Digest May 24: Reforms, Tech Listing, Tariffs - (see link)
  • Alibaba is aiming to raise $4.5 billion through a convertible bond sale to fund stock buybacks. The sale includes a greenshoe option to increase the deal by $500 million. The proceeds will also support Alibaba's core e-commerce and cloud businesses, which have lost market share due to regulatory crackdowns and internal issues. Alibaba's stock fell 1.2% after the announcement. The bonds will have an annual coupon of 0.25% to 0.75%, a 30%-35% conversion premium, and mature in seven years.
  • President Xi has called for deeper reforms in key sectors such as property, employment, and childcare to boost the weakening economy. Xi emphasized that reforms should enhance livelihoods and promote Chinese-style modernization. Xi's comments raise expectations for significant policy measures to be unveiled soon.
  • Next week, Hong Kong has Trade Balance data on Monday, Retail Sales on Friday, while China has PMI on Friday.
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