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HK Equities Surge Higher Lead By Tech, China Equities Underperform

ASIA STOCKS

Hong Kong and China equities are mixed today with Hong Kong equities again out-performing China mainland indices. The HSI is close to 2%, while the HS China Enterprise Index is now in bull market territory up 20% from lows mad Jan 22, while China Mainland Indices are lower with small-cap and growth stocks the worst performers. Tech stocks are the top performing sector lead higher by Tencent and Alibaba which have been supported by share buybacks and news of more approvals of online games. EV stocks have also rallied higher after EV penetration recovered in April.

  • Hong Kong equities are higher today, led by the HSTech Index which is up 2.49%, the Mainland Property Index is up 1.42%, HS China Enterprise Index up 2.15% while the HSI is up 1.88%. China equity markets are lower today, with the CSI1000 erasing all of Tuesday gains, down 1.52%, while the CSI300 is faring a bit better down just 0.43%.
  • China Northbound flows were 1billion yuan on Tuesday, with the 5-day average at -0.71billion, while the 20-day average sits at 1.42billion yuan.
  • Over the past week in the property space, China Jinmao Holdings Group has told some investors it’s in talks with banks to refinance a HK$4 billion ($511 million) syndicated loan due in July. Country Garden’s President Mo Bin pledged to ensure delivery of the company’s housing projects during a monthly management meeting on Sunday. Sunac China will sell the remaining 51% stake in Chongqing College Town project and related debts to Chongqing Xiangyu Real Estate and Xiamen Xianghe Investment for 540 million yuan ($74.7 million) and Shimao Group shares fell as much as 12% in Hong Kong after China Construction Bank filed a winding-up petition against the company.
  • (Bloomberg) Chinese Brokerages Lower Rate on Margin Deposits, Newspaper Says (See link)
  • (Bloomberg) CHINA PREVIEW: CPI to Pull Back to 0.3% as Holiday Demand Fades (see link)
  • (Bloomberg) Chinese EV Stocks Rise as EV Penetration Recovers in April (see link)
  • Looking ahead, Focus is on China CPI Thursday
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