Xiaomi takes $ 11 billion in sanctions, Chinese finance predicts positive earnings, week in review

Xiaomi takes $ 11 billion in sanctions, Chinese finance predicts positive earnings, week in review

Asian equity markets saw a wave of profit taking accompanied by higher volumes, with South Korea and India underperforming. The US Department of Defense has added Xiaomi and eight other companies to the list of companies affiliated with the Chinese military. However, as of yet, the Office of Foreign Asset Control (OFAC) has not added the company to its sanctioned list. If OFAC does so, the US financial industry will have sixty days to divest itself of the listing of Xiaomi in Hong Kong, which manufactures cell phones, battery chargers and Alexa-like devices. The sanction list delivers a guilty verdict without evidence, although that can be a breaking point for anyone who wishes to challenge that decree in court. Xiaomi stated publicly overnight that he had no connection with the Chinese military. I sarcastically called the executive order the Hong Kong Investment Banker Employment Act, because Chinese companies are likely to pivot to Hong Kong rather than New York. Eliminating one of the world’s top five mobile phone makers seems a bit of a stretch, as an investment value of $ 11 billion was wiped out last night due to the sale of Xiaomi shares. Hopefully this will be the last call for the inventory ban. China Merchants Bank and ICBC reported positive earnings ahead of time, leading to a strong rally in financial stocks in Hong Kong and mainland China. The Hang Seng index, which includes Xiaomi, gained + 0.27% while Chinese companies listed in Hong Kong within the MSCI China All Shares index gained + 0.26%. Hong Kong volume leader Xiaomi plunged -10.26% on massive volume, Tencent gained + 2.46%, Alibaba HK gained + 2.55%, Yidu Tech’s IPO jumped + 147%, Ping An Insurance gained + 3.51%, Semiconductor Manufacturing associate sanction title fell -1.78%, Meituan fell -1.79%, Geely Auto fell -4.88 %, China Mobile fell -0.11%, and Guangzhou Auto gained + 19.49%. Massive volumes were seen in Southbound Stock Connect trading overnight, with mainland investors buying Tencent, Meituan, and to some extent Xiaomi. Southbound Connect accounted for 15% of Hong Kong revenue, which is 50% more than the 1 year average. Meanwhile, healthcare was cut short as several companies sold shares.

Highlights

  • According to Forbes “Xiaomi takes 11 billion dollars in sanctions, Chinese finances announce positive profits, week in review”.

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