ByteDance Rival Kuaishou files for Hong Kong IPO as Hong Kong growth stocks rally

ByteDance Rival Kuaishou files for Hong Kong IPO as Hong Kong growth stocks rally

to download our latest report: Asian stocks had a good day with Hong Kong winning as mainland China succumbed to a wave of profit taking. A key catalyst for the divergence has been the “leak” that Alibaba, Tencent and Baidu will not be added to the forbidden security list, although nine other companies, which are likely in the military / defense sector, could be. added. The Hang Seng gained + 0.93%, with Chinese companies listed in Hong Kong in the MSCI China All Shares index gaining 1.69% while growth companies outperformed. Volume leaders in Hong Kong were Tencent, which gained + 5.62% on another massive buying day from mainland Chinese investors via Stock Connect, Alibaba Hong Kong, which rose + 5%, reported bans China Mobile stock, which rose + 2.61%, as State Street said. they would buy Executive Order shares in the Hang Seng Tracker (although I’m not sure how they comply with the executive decree by doing so), Meituan, who gained + 5.67%, banned equity / energy giant CNOOC , which was up + 6.23%, banned semiconductor manufacturing stock, which rose + 7.44%, GCL-Poly, which gained + 15.45% after the announcement of a sale of shares, Xiaomi, which fell -1.06%, Ping An Insurance, which was down -1.39%, and Geely Auto, which rose + 0.331%. It is clear from the flow data of Stock Connect that mainland investors buy banned stocks while foreign investors are forced to sell. Today, Southbound Connect accounts for 14% of Hong Kong’s revenue, which is very high. Despite strong export / import data, Shanghai and Shenzhen lost -0.91% and -1.39% respectively, as the potential addition of more names to the forbidden safety list led to a wave of catches of profits. Despite this, it should be noted that more stocks moved ahead than fell. Stocks pull back a bit after breaking through resistance that had previously existed since early June. Resistance becomes support, which will play out over the next few weeks as the market consolidates a bit. All of the recently outperforming themes such as alcohol, electric vehicles, automobiles, clean energy and healthcare were hit hard. Foreign investors bought the weakness, adding $ 789 million in mainland stocks through Northbound Stock Connect. Bonds rebounded, while CNY and copper were untouched. How is China, the world’s second-largest economy, considered as an emerging market? MSCI has three criteria: To be a developed market, “the country’s GNI (gross national income) per capita must be 25% above the World Bank’s high income threshold for three consecutive years”. According to site World Bank Web, US GNI per capita is $ 65,000 against $ 10,000 for China. Long way to go! The size and liquidity requirements, which Chinese companies listed in the US and Hong Kong adhere to, are another. Chinese A shares have room for improvement in this regard.

Highlights

  • According to Forbes, “ByteDance Rival Kuaishou Files Hong Kong IPO While Hong Kong Growth Stocks Rally.”
  • Asian stocks had a good day with Hong Kong gaining as mainland China succumbed to a wave of profit taking. A key catalyst for the divergence has been the “leak” that Alibaba, Tencent and Baidu will not be added to the forbidden security list, although nine other companies, which are likely in the military / defense sector, could be. added.

Read the full story

Check all news and articles from the Money news and blog.

Bollyinside - US Local News & Breaking News Stories
Compare items
  • Total (0)
Compare
0