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Georgina Lee

Anthony Richardson

It's the end of another week :-
China's benchmark fell the most in a month after the country's GDP growth came in at a new low of 6.0 per cent in the third quarter. Hong Kong stocks also fell.
We'll be back next week with everything you need to know!
-- Georgina Lee and Anthony Richardson
 


Chinese courier giant SF Holding seeks up to US$793 million from Hong Kong IPO

Global financial leaders stress resilience and wisdom key to navigating uncertain times

Hong Kong stocks rise for second day as top Chinese official pledges policy support

Chinese banks surge as CSRC guideline urging more shareholder returns lifts confidence

Stocks

Stocks Blog: China stocks fall most in a month as GDP slips; Cathay slumps amid protests

Cathay's inbound passenger numbers dropped 38 per cent in September from a year earlier. Photo: AFP

Business

Markets

China's GDP growth slowed to a new low of 6.0 per cent
Hong Kong stocks slip, but end the week higher


Cathay Pacific said it saw a 38 per cent fall in the number of inbound passengers in September


Liveblog

China stock market

Hang Seng Index

Hong Kong Stock Exchange

China markets

Banking & finance

Live

China Citic Bank (0998) said on Thursday evening that its net income between July and September jumped 12.3 per cent from a year ago to 12.45 billion yuan (US$1.77 billion).
  The Beijing-based lender, which was the first domestically-listed bank to report earnings for the third quarter, said revenue jumped 21.3 per cent to 49.1 billion yuan in the three-month period.
  Its bad loan ratio stood at 1.72 per cent on September 30, unchanged from the rate at the end of June.
-- Daniel Ren


China Citic Bank posts 12 per cent profit rise 

Here's what we are watching this morning:
  What futures foretell:  -- Hong Kong futures climbed 0.25 per cent, while China A50 futures are up 0.21 per cent.
IPO debuts:
Centenary United Holdings, a distributor of vehicles for Nissan Motors, Volkswagen (1959 HK)   Sichuan Languang Justbon Services Group (2606 HK)   Cosonic Intelligent Technologies (300793 CH)    
Trade data out of China:
-- Third-quarter GDP; September industrial production; September retail sales   


Morning Guidance

The Hang Seng Index opened 0.2 per cent higher, at 26,910.55. In China, the CSI 300, which tracks blue chips listed in Shenzhen and Shanghai, was up 0.3 per cent at 3,935.42.
  The benchmark Shanghai Composite Index gained 0.2 per cent to 2,98234.
  Analysts expect China's economic growth to slow to 6.1 per cent from 6.2 per cent in the third  quarter. The data is sue out this morning. If growth matches expectations, then barring a collapse in the fourth quarter, growth this year will fall within the government’s 6 to 6.5 per cent range.
  Leading the gains in Hong Kong is insurer AIA (1299 HK). Casino operator Galaxy Entertainment (27 HK) rose 2.1 per cent at HK$52.25. A two-day rally in property developers started to run out of steam, with New World Development (17 HK) inching up 0.5 per cent to HK$11.24 and Sun Hung Kai Properties (16 HK) slipping 0.1 per cent to HK$116.
  Liquor distiller giant Kweichow Moutai (600519 CH) lost 0.4 per cent to 1,179 yuan; Ping An Insurance (601318 CH) climbed 0.6 per cent 92.3 yuan
-- Georgina Lee   


Hong Kong, China stocks open higher, property firms lose steam

Centenary United Holdings (1959HK), a distributor of vehicles for Nissan Motors, Volkswagen and Hyundai Motor in Zhongshan, Guangdong province, traded at HK$1.18, about 9 per cent higher than its offer price of HK$1.08.
  Sichuan Languang Justbon Services Group (2606 HK), a property management company operating in Sichuan province and Southwest China, surged 20 per cent to HK$44.65 after the gong sounded.
-- Georgina Lee   


Two Hong Kong debutantes get off to solid start

Leng Peidong, the bank’s Shanghai chief, is being investigated by anti-corruption watchdog the Central Commission for Discipline Inspection, a source familiar with the matter said.
  Yang Hua, predecessor of Leng, is also under investigation, according to a report in the Shanghai Securities Times. It is unclear what the investigation is about.
  A spokesman for the bank said Leng is being investigated “for personal reasons”, and the bank will actively cooperate with the authorities in the case.
  On Thursday, Ping An Bank (000001 CH) shares listed in Shenzhen closed down slightly by 0.5 per cent. On Friday, they recovered, rising 1.4 per cent to 16.93 yuan.
For full story click here.
-- Georgina Lee


Ping An Bank’s Shanghai chief probed by corruption watchdog

The offshore yuan climbed to 7.0753 per US dollar from Thursday's closing price of 7.0812.
  This morning the central bank’s daily fixing rate for the onshore yuan was set at 7.069 per dollar, stronger than the previous fixing of 7.0789.
  Onshore yuan edged up 0.08 per cent to 7.0718 yuan. A stronger yuan is positive for industries like  airlines, which have US-dollar liabilities and fuel costs. and property developers which have heavy US-dollar debt.
  The yuan gains come as China's economic growth slowed in the third quarter. GDP growth came in at 6 per cent, lower than the forecast of 6.1 per cent.
-- Georgina Lee


Offshore yuan strengthens despite GDP growth missing forecast

Cosonic Intelligent Technologies (300793 CH), an electronics maker based in Guangdong province, staged a strong debut on the Shenzhen ChiNext board, a market small to medium-sized tech start-ups.
  It hit the first-day trading limit of 44 per cent, surging to 19.34 yuan from an offer price of 13.43 yuan.
-- Georgina Lee


Cosonic Intelligent Tech surges to trading limit on Shenzhen debut

The Chinese economy grew by 6.0 per cent in the third quarter of 2019, the lowest quarterly growth since records began in March 1992.
  It follows second quarter growth of 6.2 per cent, which was itself the lowest on record. The growth rate was below the result of a poll of economists conducted by Bloomberg, which had forecast 6.1 per cent.
  A batch of data released on Friday also showed that China’s industrial economy performed better than expected in September. Industrial production, a measure of output in sectors such as manufacturing and mining, grew by 5.8 per cent, well above analysts’ expectations of 4.9 per cent and an improvement on August’s figure of 4.4 per cent growth, which was a 17-year low.
  Retail sales, a key metric of consumption in the world’s most populous nation, grew by 7.8 per cent in September from a year earlier, ﻿up from 7.3 per cent the month before and in line with analysts’ expectations.
Click here for full story.
-- Finbarr Bermingham and Orange Wang   


China’s GDP growth sinks to new low of 6.0 per cent in third quarter

Jinzi Ham (002515 CH) rose by the daily 10 per cent limit for the fourth time this week. Its share price was last quoted at 7.52 yuan.
  On Monday it said in an exchange annoucement that it has obtained production approval for its new vegetarian meat, which is co-developed with food additive group, Danisco China, a wholly-owned unit of US chemical giant DuPont de Nemours.

  Year-to-date, the stock has advanced 79 per cent.
-- Georgina Lee   


Veggie meat maker Jinzi Ham continues to stir up traders’ frenzy in China

The CSI 300, which tracks blue chips listed in Shenzhen and Shanghai, slipped 0.2 per cent to  3,916.85. The benchmark Shanghai Composite Index also lost 0.2 per cent, at 2,9712.19.
  China’s third-quarter GDP growth came in at 6.0 per cent, the lowest quarterly growth since records began in March 1992, and missed forecasts of 6.1 per cent.
  Ping An Insurance (601318 CH) fell 0.5 per cent, to 91.26 yuan, liquor giant Kweichow Moutai (600519 CH) edged down about 0.1 per cent to 1,182.95, and LONGi Green Energy Tech (601012 CH) plunged 3.4 per cent at 23.37 yuan.
  The Shenzhen Component Index was up by 0.2 per cent at 9,659.92.
-- Georgina Lee   


China benchmarks slip after Q3 growth misses forecasts

All 33 stocks listed on China's Science and Tech Innovation Board advanced, seemingly unaffected by China’s disappointing economic growth in the third quarter. Data released this morning showed GDP grew by 6 per cent, the lowest pace on record.
  The biggest gainer on the STAR board was Guangzhou Fang Bang Electronics (688020 CH), which soared 11.4 per cent to 93.4 yuan. Shanghai MicroPort Endovascular MedTech (688016 CH) rose 6.8 per cent to 147.9 yuan, Micro-tech (Nanjing) (688029 CH) climbed 5.7 per cent to 169.3 and Espressif Systems (688018 CH) moved up 4.7 per cent to 151.97 yuan.
-- Georgina Lee   


Tech shares on Shanghai's Star Market buck downward trend

Hong Kong's blue-chip stock index mirrored losses in mainland benchmarks, after China's economic growth for the third quarter came in at a new low of 6.0 per cent.
  After two days of gains on the back of government measures to boost home-buying, Hong Kong's property developers started to give up some of their gains.
  New World Development (17 HK) slid 2 per cent to HK$10.96, Link Reit (823 HK) lost 1.8 per cent to HK$83.6, Henderson Land (12 HK) fell 1.8 per cent to HK$18.05 and Sino Land (83 HK) dropped 1.8 per cent to HK$12.08.
  The Hang Seng Index edged down 0.1 per cent to 26,816.17.
-- Georgina Lee   


Hang Seng Index slips as developers snap two-day rally

Budweiser Brewing Company APAC (1876 HK) fell 3.5 per cent in Hong Kong to HK$30.3, below the stock’s 10-day moving average of HK$31.32.
  The company behind the Stella Artois, Corona and Hoegaarden brands was listed in Hong Kong in September after an initial public offering priced at HK$27, the low end of its indicative range. It had scrapped an earlier flotation attempt in the summer.
-- Georgina Lee


Budweiser loses fizz as share price slumps more than 3 per cent

Cathay Pacific and Cathay Dragon carried 2.43 million passengers in September, down 7.1 per cent from a year ago, as the airlines struggle with a huge drop in tourists visiting Hong Kong amid violent protests.
Passenger load factor, which assesses how efficiently the airline fills seats and generates fare revenue, decreased by 7.2 percentage points to 73.6 per cent. For the first nine months of this year, the number pf passengers carried grew slightly, by 1.3 per cent.
Inbound passenger traffic for both airlines combined dropped by 38 per cent, unchanged from August, while outbound traffic was down 9 per cent, narrowing from the 12 per cent drop recorded in August.
“We continue to see a significant shortfall in inbound bookings for the remainder of 2019 as compared to the same snapshot last year. This has been felt most strongly with bookings from mainland China and our other Asian markets," said Ronald Lam, Cathay Pacific Group's chief customer and commercial officer.
Cathay Pacific (293 HK) shares fell 1.8 per cent to HK$10.
Year-to-date, Cathay's share price is down by 10 per cent. The airline's traffic has been dampened by a massive dip in tourist arrivals since June, when protests that have become increasingly violent began.
-- Georgina Lee   


Cathay Pacific's passenger numbers still way down amid protests

Losses in the CSI 300 index, which tracks blue chips listed in Shenzhen and Shanghai, widened so that it closed 1.4 per cent lower at 3,869.38.
   The benchmark Shanghai Composite Index slid 1.3 per cent, its biggest drop in a month, to finish the day at 2,938,14.
  Leading the losses in Shanghai were financials, with Ping An Insurance (601318 CH) falling 2.2 per cent to 89.75 yuan, China Merchant Bank (600036 CH) also dropping 2.2 per cent, to 36.18 yuan, and Industrial and Commercial Bank of China (601398 CH) edging down 0.7 per cent to 5.67 yuan.
  Index heavyweight, liquor distiller Kweichow Moutai (600519 CH), lost 0.6 per cent to 1,175,79  yuan. LONGi Green Energy Tech (601012) slumped 3.5 per cent to 23.35 yuan.
  Xu Lei, an analyst with Shenwan Hongyuan Securities based in Shanghai, said investors were beginning to fear that GDP growth, which has fallen in every quarter since beginning this year, is reflecting the fact that the various economic stimulus and supportive monetary measures launched by the government and central bank are having a limited effect.
  “There is even some speculation that in 2020, GDP growth could dip below 6 per cent. With 80 per cent of the [domestically- listed] companies still engaged in the traditional economy and representing small-to-medium enterprises, China’s economic slowdown has already begun to be reflected in their third quarter results and over the medium term,” said Xu.
  “Given this, over the medium term I believe the market will still be mired in economic growth concern, and I don’t see the Shanghai Composite Index going beyond the 3,000 level."
-- Georgina Lee   


China stocks fall most in a month as GDP growth disappoints

The Hang Seng Index snapped two days of gains to close 0.5 per cent lower, at 26,719.58. For the week, however the benchmark gauge 1.5 per cent, thanks largely to the Hong Kong government's new policies aimed at promoting home ownership, announced on Wednesday, which boosted property developers.
  But those construction firms succumbed to losses on Friday and, together with Chinese banks, pulled the index down.
  Link Reit (823 HK) dropped 2.4 per cent to HK$83.1, Sino Land (83 HK) lost 1.6 per cent to HK$12.1, Henderson Land (12 HK) fell 1.7 per cent to HK$38.1 and New World Development (17 HK) gave up 0.9 per cent to close at HK$11.08.
  “On Wednesday and Thursday, Hong Kong developers and banks had been overbought due to the positive sentiment from the policy address. But their fundamentals have not improved. Hence, it is not surprising that they retraced these gains on Friday,” said Alex Wong, a director at Ample Finance.
  China’s third-quarter GDP growth at 6.0 per cent, the lowest on record, dragged financials lower. China Construction Bank (939 HK) lost 0.5 per cent to HK$6.28, Industrial and Commercial Bank of China (1398 HK) slid 1.1 per cent to HK$5.42 and insurer AIA (1299 HK) dropped 0.5 per cent to HK$75.35.
  Limiting the losses was social media giant Tencent (700 HK), which ticked up about 0.2 per cent to HK$331.6. CSPC Pharmaceutical (1093 HK) ended 3.6 per cent higher at HK$17.5.
  “I’d expect the Hang Seng Index to hover at around 27,000-level next week, with capital switching into blue-chip Chinese companies, preferring them over companies with Hong Kong-focused business,” said Wong, referring to the grimmer Hong Kong economic outlook.


Hong Kong stocks close lower as China growth falters

Stocks Blog: China stocks fall most in a month as GDP slips; Cathay slumps amid protests

China's GDP growth slowed to a new low of 6.0 per cent Hong Kong stocks slip, but end the week higher

China's GDP growth slowed to a new low of 6.0 per cent

Hong Kong stocks slip, but end the week higher