China shares set for best week in 7 months on financials boost, Mideast truce
Onshore financial shares in China climbed nearly 4% this week. (EPA Images pic)
SHANGHAI : China stocks were little changed today but were set to notch their biggest weekly gain in more than seven months, led by financial shares, as a ceasefire between Israel and Iran lifted investor sentiment.
China's blue-chip CSI 300 Index was flat by the lunch break, while the Shanghai Composite Index lost 0.2%.
Hong Kong benchmark Hang Seng was down 0.1%.
'Chinese brokerage stocks rallied sharply this week, buoyed by easing global geopolitical tensions and improved investor risk appetite,' Morgan Stanley analysts said in a note.
'Over a 6- to 12-month horizon, increased portfolio allocation to China appears likely, supported by improving market fundamentals and growing global investor demand for diversification,' they said.
Tianfeng Securities jumped 10% today.
The CSI 300 Index has risen 2.6% this week, on track for its strongest weekly gain since November 2024, while the Hang Seng Index advanced 3.3%, heading for its best week since March.
Onshore financial shares climbed nearly 4% this week.
China's industrial profits swung back into sharp decline in May from a year earlier, as factory activity slowed in the face of broader economic stress.
The US has reached an agreement with China on how to expedite rare earth shipments to the US, a White House official said yesterday, amid efforts to end a trade war between the world's biggest economies.
Shares of Xiaomi surged to a record high today, after the company launched a new electric car model with a strong beat on pre-orders.
However, this has added pressure on other auto makers, with Li Auto and Xpeng down 1.4% and 2.7%, respectively.
Hong Kong's Materials Index and mainland's Non-Ferrous Metals Index rose 2.5% and 2.4%, respectively, as non-ferrous metal prices such as copper broadly rallied.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
an hour ago
- Malaysian Reserve
China's Xiaomi receives almost 300,000 SUV pre-orders in minutes
EIJING — Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sports utility vehicles in what the company said was a 'miraculous' moment for the industry. Lei Jun (picture), founder and CEO of the electronics-turned-car company, said he was astonished by the reaction from customers. 'My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders,' Lei said in a video distributed after the vehicle's launch on Thursday night. 'We may be witnessing a miracle in China's automotive industry.' The company's electric vehicle division said later on its official Weibo account that there had been 289,000 pre-orders for the five-seater YU7, priced from 253,500 yuan (about $35,000), within the first hour of sales. Xiaomi shares soared eight percent to a record high in Hong Kong after the surge of early orders. The Beijing-based commercial tech giant made its first foray into car-making with its SU7 EV model last year, part of a broader industry push to boost domestic consumption. Initial enthusiasm for intelligent driving features in such vehicles was tempered by the fatal crash of a Xiaomi SU7 in March. The vehicle had been in assisted driving mode just before it crashed, killing three students. Premier Li Qiang used the World Economic Forum in Tianjin this week to outline China's ambition to become a 'major consumption powerhouse', emphasising policies to stimulate demand for high-value goods such as electric vehicles. — AFP
Malay Mail
an hour ago
- Malay Mail
China bans uncertified, recalled power banks on flights amid safety fears
BEIJING, June 27 — China's aviation regulator will from Saturday ban passengers from carrying power banks without Chinese safety certification markings, as well as those recently recalled by manufacturers because of safety concerns. The move, which applies to anyone boarding a flight in China, follows a series of incidents globally involving lithium battery products, including power banks, overheating on planes. South Korea said a spare power bank was a possible cause of a fire that engulfed an Air Busan plane in January, and in March a Hong Kong Airlines flight from China to Hong Kong was forced to land in China due to a fire in an overhead baggage compartment. Lithium batteries in devices such as laptops, mobile phones, electronic cigarettes and power banks can produce smoke, fire or extreme heat when manufacturing faults or damage cause them to short circuit. They are a growing concern for aviation safety as passengers carry more battery-powered items on flights. Last year three incidents every two weeks of overheating lithium batteries on planes were recorded globally by the US Federal Aviation Administration, compared to just under one a week in 2018. China's Civil Aviation Administration said on Thursday power banks must be clearly marked with '3C' certification, short for China Compulsory Certification, which authorities require for products that could impact health, safety, and environmental protection. Several leading power bank manufacturers in China including Anker and Romoss have this month recalled batches of battery products due to safety concerns. China's market regulator has revoked or suspended the 3C certification of several power bank and battery cell manufacturers. Since the Air Busan incident, airlines globally have been tightening power bank rules. Aviation rules generally say power banks should be carried in cabin baggage, but increasingly airlines are banning their use on board and say they must be kept within view to spot any problems. China has since 2014 forbidden passengers from charging devices using power banks during flights. Southwest Airlines at the end of May became the first US airline to say portable charging devices must be visible while in use during flight. — Reuters
Malay Mail
an hour ago
- Malay Mail
Passing the Torch to a Trillion-Dollar Future: The 4th China Next-Gen Entrepreneurs Forum Redefines Private Enterprise Succession
Jerry Lu delivered an inspiring keynote at the 4th China Next-Gen Entrepreneurs Forum, sharing his journey and insights on generational succession. HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - Amid an era of unprecedented generational transformation, The 4th Forum of the New Generation of Entrepreneurs kicked off on June 17 in Beijing, sparking a groundbreaking dialogue on the future of private enterprise succession in China. Jerry Lu, Chairman of Jinshang Technology Group, set the stage with a powerful and inspiring keynote titled "" captivating the audience and setting the tone for this pivotal event brought together over 1,000 participants, including distinguished experts such as Ji Weimin, Deputy Director of the Institute of Industrial Economics at the Chinese Academy of Social Sciences and President of China Business Journal, Prof. Peng Qian, Director of Roger King Center for Asian Family Business and Family Office at the Hong Kong University of Science and Technology, along with representatives from the new generation and private Lu's keynote began with a personal story of accompanying his father on a business trip at age 12, planting the seed of his desire to one day stand shoulder-to-shoulder and lead alongside Lu reflected on the complexities of generational succession, sharing his personal journey of transformation—from feelings of frustration to a deep sense of understanding, and from reluctantly inheriting a legacy to actively embracing it. He likened the first generation's contributions to a powerful "threefold fuel"—resources, experience, and spirit—that not only provide a foundation for the next generation but also serve as a launchpad for bold innovation and future Lu highlighted critical insights into the generational succession crisis, revealing that 68% of successors forced into leadership roles leave within three years, and only 3% of such businesses survive beyond five generations. In contrast, businesses led by proactive successors boast a remarkable 71.2% survival rate over three generations, underscoring the importance of intentional, forward-thinking leadership address these challenges, Lu outlined five strategic pathways for successful succession: cultural governance, technology-driven transformation, digitalization, industry upgrades, and cross-sector a testament to these principles, Lu shared his own approach—leveraging the TOJOY's Platform to build a comprehensive health and legacy service platform tailored for high-net-worth clients. This integrated innovation model not only harnesses the resources and networks of previous generations but also positions businesses for sustainable growth in a rapidly changing a seasoned media expert, shared insights from a decade of research on over 2,000 family businesses across China, identifying three pivotal shifts essential for successful succession. The first shift urges the next generation to move beyond the passive role of "inheritors" and embrace the proactive role of "co-creators," taking responsibility for driving innovation and growth. The second shift emphasizes the importance of utilizing professional tools, such as insurance and trusts, to effectively protect and transfer family wealth. The third shift highlights the need to establish a sustainable ecosystem by integrating financial tools, family culture, and legal on this perspective, Prof. Peng Qian shed light on the growing trend of family businesses transitioning into family offices. She emphasized that the longevity and success of family enterprises rely on shared values, a long-term vision, and strategies focused on creating impact. As family businesses confront challenges like a shortage of successors and intergenerational conflicts, family offices are emerging as a vital solution. These offices not only manage wealth but also foster family unity and uphold values through philanthropy, education, and social impact investments. Peng stressed that this transition is essential for preserving family legacies while ensuring their growth and relevance in an ever-evolving business the next 30 years, approximately 84 trillion yuan in private wealth will transition to the next generation, shaping the backbone of China's economy. This forum, blending academic research, media insights, and practical case studies, presented a bold new blueprint for succession. With private enterprises contributing over 50% of tax revenue, 60% of GDP, 70% of technological advancements, 80% of employment, and more than 90% of all businesses, the next generation's responsibility extends far beyond their families—it is deeply tied to the nation's future. As Jerry remarked, "We inherit a legacy forged by our predecessors' perseverance, and we write a new chapter under the banner of national rejuvenation."A new era of collaboration, innovation, and shared responsibility has begun, paving the way for the future of China's private economyHashtag: #TOJOY The issuer is solely responsible for the content of this announcement.
