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Hong Kong Equities Out-Perform, China Vanke Downgraded to Junk

ASIA STOCKS
  • Hong Kong equity markets are higher today, with the Biotech space being the top performer, up 3.51%, and recovering all the losses made over the past week. The Mainland Property Index has shrugged off China Vanke's downgrade to trade up 2.50%, while the HSTech index is up 2.00%. In China, equity markets are mixed today, with growth and small-cap names outperforming; the CSI1000 is up 0.30%, while the CSI300 is now down 0.10%.
  • China Northbound flows were 10.3 billion yuan on Thursday, with the 5-day average at 2.84 billion, while the 20-day average sits at 2.87 billion yuan.
  • In the property space, China Vanke was downgraded to junk by Moody's. Bloomberg reported that ICBC and China Construction Bank have yet to sign off on a syndicated loan after asking Vanke to provide sufficient collateral to back the new loan, but the developer was unwilling to do so. It should be noted that China Vanke has repaid nearly half of its maturing offshore debts this year and plans to repay the two remaining offshore debts due in May and June with its funds and offshore syndicated loans.
  • US Commerce Secretary Gina Raimondo has indicated that the United States may tighten controls on China's access to advanced semiconductor technologies to prevent Beijing from advancing in military capabilities, emphasizing the need to protect sophisticated technology and suggesting a willingness to expand controls as necessary. The Biden administration is reportedly considering new sanctions on Chinese tech companies and urging allies to curb the export of advanced technology to China.
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