Latest news with #A-share
Bloomberg
16 hours ago
- Business
- Bloomberg
China Spotlight: Hong Kong's Tech Future & Strategic Investment Opportunities
Join us for the second installment of our exclusive China Spotlight webinar series, tailored for buyside professionals interested in the dynamic investment landscape of China. In this session, we'll analyze how the combination of high tariffs and loose monetary and fiscal policies could reshape the outlook for global growth, dollar liquidity, and asset allocation. We'll also explore how Asian economies, holding a significant long-dollar legacy position, can navigate these changes, and highlight the unique advantages of Hong Kong as a major financial center backed by RMB assets. This in-depth session will cover: The significant trend of over 42 A-share technology companies and their subsidiaries filing for secondary listings in Hong Kong The impact on Hong Kong's tech sector composition & which segments are poised for global competitiveness Whether the Hang Seng Tech Index can evolve into a growth benchmark comparable to the Nasdaq QQQ Hong Kong's position as a global and technology financial center Key highlights on Hong Kong's push for stablecoins Don't miss this opportunity to gain important insights into Hong Kong's strategic role in the global financial and technology markets. AI-generated subtitles will be provided in your preferred language. Speakers Kelvin Teo Senior Vice President, Head of Asia Global Issuer Services Hong Kong Exchanges and Clearing Limited (HKEX) Mr Kelvin Teo joined HKEX as Senior Vice President, Head of Asia, Global Issuer Services in February 2025. Prior to joining HKEX, Mr. Teo served as the Head of Equity Capital Markets for Asia Pacific at Barclays, leading the rebuild of the cash equities origination business across both public and private equity. Kelvin brings along more than 20 years of capital markets experience across investment banking and private banking. Prior to Barclays, he also held positions at Credit Suisse, JPMorgan, Macquarie, and Bank of Singapore, working across Hong Kong, Singapore, and Sydney (Australia). Mr. Teo holds a Bachelor of Accountancy (Hons.) from Nanyang Technological University, Singapore. Eva Yi Chief Economist Huatai Financial Degrees in Economics and Fine Arts from Mount Holyoke College (Massachusetts, US). Eva YI has worked in the securities industry for over 19 years, with working experience at CICC, Goldman Sachs, and private equity funds. She served as Chief China Economist, Head of Economics Team and Managing Director at CICC during March 2015- September 2020. Eva YI served as China & Asia Economist at Goldman Sachs (Asia) during 2004-2009 after working at the Federal Reserve Bank of Boston. During 2009-2013, Ms. YI served as Chief Economist and Strategist at Keywise Capital Management in Hong Kong SAR. In early 2013, Ms. YI launched Calabas Capital Ltd. and served as portfolio manager in 2013-2015. Ms. YI specializes in economy and prices of asset classes in China and beyond, and conducts research in an easy-to-understand and market-oriented manner, with a focus on systematic economic fundamentals and variable forecasts. Ms. YI came as one of the top-ranked China Economists at the Institutional Investor China Poll during 2017-2022. Leping Huang Chief Analyst for Global Tech Strategy Huatai Financial PhD in Information & Communication Engineering from University of Tokyo , Bachelor's degree in Electronic Engineering from Shanghai Jiao Tong University. Global Tech Strategy QI Tengyuan CHEN Xudong YU Keyi LIU Jun joined Huatai Research in 2023. He began researching new energy, utilities and electrical equipment in 2009, with 12/2 years of sell/buy-side experience. Mr. LIU joined CICC in 2017 as the Chief Analyst for Utilities and New Energy before working at PinPOINT. Mr. LIU specializes in analyzing energy transformation-related industrial trends, forward-looking technologies and policy changes, as well as mediumand-long-term issues like the evolution of global industry landscape. SHI Jinfeng joined Huatai Securities in February 2024, specializing in economic policies, industrial policies, and public policy analysis. Mr. SHI worked at Credit Suisse during 2014-2023, with a focus on economic and market strategy research. He came third in All-Asia Best Sell-Side Analyst Poll for Equity Strategy organized by Institutional Investor in 2023. HUANG Leiping specializes in semiconductors, mobile phone industry chain, telecommunications, and cloud computing, as well as cutting-edge technologies such as AI, autonomous driving, blockchain, digital currencies, commercial space exploration, satellite internet, brain-computer interface, and quantum computing. He once worked at Nokia, Nomura, and CICC. Sharnie Wong Senior Analyst, Diversified Financials Bloomberg Intelligence Sharnie Wong is a Senior Research Analyst for Bloomberg Intelligence specializing in the diversified financials sector including brokers, exchanges and asset managers across the Asia Pacific region. Prior to joining Bloomberg, she spent a decade as a sell-side equities research analyst with global investment banks including Barclays and RBS/ABN AMRO covering banks in Asia. She started her career with PricewaterhouseCoopers in Sydney and is a Chartered Accountant (CA). Sharnie holds a Bachelor of Commerce degree from the University of New South Wales. Francis Chan Senior Analyst – APAC Banks & Fintech Bloomberg Intelligence Francis has been covering the Asian financial sector for more than 12 years, having held various senior analyst roles at both buy- and sell-side firms such as Bear Stearns, MF Global and Mirae Asset Management. Prior to joining Bloomberg Intelligence, he served as senior vice president of research for Chinese financials at ABCI Securities. At MF Global, Francis was head of Asian insurance research and previously served as vice president of banking and insurance research at Bear Stearns. Francis holds a Bachelor of Arts in Japanese Studies from the University of Hong Kong and a M.B.A. in Finance and Accounting from the McDonough School of Business at Georgetown University.
Asahi Shimbun
07-05-2025
- Business
- Asahi Shimbun
China injects ‘tactical' monetary stimulus ahead of U.S. trade meeting
An aerial view shows cars for export at a port in Yantai, Shandong province, China, on May 3, 2023. (China Daily via REUTERS) BEIJING--Chinese authorities announced on Wednesday a raft of stimulus measures, including interest rate cuts and a major liquidity injection, as Beijing steps up efforts to soften the economic damage caused by the trade war with the United States. The announcements come shortly after U.S. and Chinese officials said Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's top economic official He Lifeng in Switzerland this weekend for talks. The talks are the first opportunity for the two sides to de-escalate tensions after a protracted cat-and-mouse game over tariffs in which neither wanted to be seen as backing down. The tensions have roiled global markets and upended supply chains. The Chinese economy is already feeling the pain from the triple-digit levies, with data last week showing factory activity contracting in April at the fastest pace in 16 months. Concerns have been rising over the impact the tariffs would have on the job market and on the already-strong deflationary pressures in China as exporters lose their biggest customer. 'The domestic economy must be strong enough before (China) kicks off any protracted trade negotiations,' Xing Zhaopeng, senior China strategist at ANZ, said of Wednesday's stimulus measures. Chinese stocks rose as investors cheered the easing steps and the ice-breaker trade talks. Citi analysts said in a note that 'the tariff impact had started to surface,' and the stimulus measures could be 'tactical' ahead of the trade talks. 'Timely domestic support could create more leverage for China,' they said. China's central bank will lower the borrowing cost of its seven-day reverse repurchase agreements, its benchmark interest rate, by 10 basis points (bps) to 1.40%, effective May 8. Other interest rates will drop in line with the key rate. The amount of cash that banks must hold as reserves, known as the reserve requirement ratio (RRR), will also be cut by 50 bps from May 15, bringing the average level to 6.2%. The People's Bank of China's (PBOC) Governor Pan Gongsheng told a press conference the first RRR cut since September last year will release 1 trillion yuan ($138 billion) in liquidity. At the same event, the chairman of the China Securities Regulatory Commission, Wu Qing, said authorities will help A-share listed companies affected by tariffs to cope with difficulties. Li Yunze, the head of the National Financial Regulatory Administration, said Beijing will expand a pilot scheme allowing insurance companies to invest in stock markets by an additional 60 billion yuan ($8.31 billion). Additionally, PBOC's Pan said the central bank will set up low-cost relending facilities for purchases of tech-related bonds, and for investments in elderly care and services consumption. Similar existing tools to support agriculture and small businesses will be enhanced, Pan said. The PBOC is also trimming mortgage costs for some buyers. FX OPPORTUNITY Policymakers have been flagging monetary policy easing moves since late 2024 but had held fire while the yuan currency was under pressure, fearing capital outflows, analysts said. A slightly stronger yuan in recent days may have given the central bank an opening. 'A weaker dollar certainly gives China more room to make monetary adjustments,' said Xu Tianchen, senior economist at the Economist Intelligence Unit. 'I don't have very high expectations of the credit impact of these measures,' said Xu, but added they 'inject renewed confidence, which will support the stock market.' Capital Economics analysts also said the economic impact of the monetary stimulus 'will be positive but modest' because the main constraint on credit is demand, not supply. Fiscal support would be more effective, they said. Washington and Beijing are expected to discuss over the weekend reductions of the broader tariffs, two sources familiar with the planning told Reuters. The negotiating teams are also expected to discuss eliminating duties on specific products, U.S. policies on de minimis and the U.S. export control list, one of the sources said. Beijing has largely kept up its fiery rhetoric as tensions soared over the past few weeks, having vowed to 'never kneel' to U.S. President Donald Trump's tariffs. The stimulus measures announced on Wednesday are 'preventive in nature, as the U.S.-China trade negotiations may take quite a long time,' said Ma Hong, senior analyst at GDDCE Research Institution.
Yahoo
28-04-2025
- Business
- Yahoo
China Insight: Under Dual Pressures of Tariffs and Inventory, China's Fashion Industry Seeks a New Breakthrough
Once focused on rapid expansion and low-cost production advantages, China's fashion sector is now navigating slower growth. And April brought renewed turbulence. The dominant concern across the industry has been tariffs — looming large over every link in the supply chain, from raw material sourcing to finished product exports. Meanwhile, the real estate sector remains sluggish. Since the sector's downturn in 2021, Chinese households of three have experienced an average asset loss of around 430,000 renminbi (about $59,000), largely due to falling property values. The struggles of the real estate sector have driven up household savings and risk aversion, weakening consumption and slowing overall economic growth —further compounding pressure on discretionary categories like fashion. More from WWD How Ukrainian President Zelensky Chose His Clothes for Pope Francis' Funeral Melania Trump Favors Dolce & Gabbana for Pope Francis' Funeral Will Trump Tariffs Help or Hurt U.S. Garment Workers? On April 16, China's National Bureau of Statistics reported that gross domestic product grew 5.4 percent in the first quarter with a 4.6 percent year-over-year increase in total retail sales. While these numbers reflect the impact of proactive fiscal measures, many consumers remain unconvinced, signaling that policy tools have yet to fully restore confidence. Against this backdrop, China's fashion industry is contending with two critical challenges: geopolitical headwinds related to trade and the tariffs imposed by President Donald Trump, and domestic uncertainties stemming from the cooling real estate market. As a result, leading companies in the country's most economically advanced regions are starting to chart potential new paths forward. After the U.S. slapped higher tariffs on Chinese imports on April 2, sparking a tit-for-tat trade war between the two countries, textiles have emerged as one of the hardest-hit sectors, second only to consumer electronics among A-share listed industries. The changes reverberated throughout the industry, casting uncertainty over OEM exports and raw material imports. Shenzhou International, a leading knitwear manufacturer and a key supplier to Nike, Adidas, Puma and Uniqlo, serves as a cautionary example. In 2024, nearly 80 percent of its revenues came from its top four clients. Despite its diversification — only 16 percent of sales are from the U.S., with most production based in Vietnam — the company felt an immediate market shock. On April 3, its stock plunged more than 17 percent intraday, erasing more than 20 billion renminbi, or $2.74 billion, from its market valuation. Analysts at Morningstar warned that the U.S. tariffs could shave as much as 20 percent off the company's earnings. Yet JP Morgan struck a more measured tone, suggesting the market had overreacted. With more than half of Shenzhou's overseas capacity in Vietnam and Cambodia, and a temporary U.S. suspension of additional Vietnam tariffs, the bank maintained an 'overweight' rating on Shenzhou's shares, albeit lowering the price target. Despite the trade tensions, China's vast domestic market remains a key buffer. Economists like Lu Ting, chief China economist at Nomura, argue that the economy's strong start and tech-driven investment surge signal resilience. Meanwhile, the government's 'trade-in' stimulus policy is beginning to help revive momentum in certain consumer sectors. Scholar Tang Ya views the tariff standoff between the U.S. and China as a catalyst for global realignment. For Chinese brands, the challenge in 2025 will be telling their story on a global stage. Companies like Anta, Shein and Miniso are already proving it's possible — leveraging agile supply chains, digital-first models, and international expansion to redefine Chinese fashion on the world stage. With the Belt and Road Initiative continuing to guide long-term strategy, more Chinese companies are shifting focus from Western markets toward BRI-aligned countries. This marks a broader diversification strategy aimed at mitigating geopolitical risk while expanding global reach. Meanwhile, the Chinese fashion industry is grappling with another hangover: a reliance on real estate investments that once provided growth ballast but now poses challenges in a cooling market. Major players like Youngor, HLA and Septwolves had all diversified into property development. But as that sector contracts, fashion companies are rethinking their business models. Some are turning to industrial park partnerships to both off-load real estate assets and spur growth. A standout example is 361°, a sportswear brand that teamed with Suijin Industrial Park. In a strategic land-for-equity deal, 361° used its scale and network to attract complementary businesses to the park — while Suijin provided integrated industrial services, financial support and infrastructure. Suijin Future Technology City. Courtesy photo. This collaboration has already attracted a host of textile-related enterprises, including materials innovators like Jiufulong and Boyate Knitting, equipment makers like Lulusen Apparel, and tech-forward firms like Jiandeng Group. The Suijin Zhigu zone in Jinjiang, the first inventory revitalization project of its kind, has emerged as a model for leveraging industrial clusters to address surplus real estate while fostering innovation. Economist Chang Xiuze calls this model a blueprint for improving operational efficiency and stimulating regional economic development via industrial agglomeration. It's a rare win-win — one that addresses legacy inventory problems while helping to push innovation-driven growth. Though headwinds persist — from the ongoing trade war to tepid consumer sentiment and the aftermath of the real estate bubble — China's fashion industry is not standing still. Through a combination of global market reorientation, domestic supply chain innovation, and industrial cluster development, the sector is actively trying to write a new chapter. The world will be watching how China's fashion powerhouses balance pressure and potential — and whether the next wave of global fashion innovation will once again have 'Made in China' at its heart. Editor's Note: China Insight is a monthly column from WWD's sister publication WWD China examining developments in that all-important market. Best of WWD The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make Confidence Holds Up, But How Much Can Consumers Take? Sign in to access your portfolio
Reuters
30-03-2025
- Business
- Reuters
China's biggest state banks to raise $71.6 billion in private placements
BEIJING, March 30 (Reuters) - China's four largest state-owned banks plan to raise a combined 520 billion yuan ($71.60 billion) through A-share private placements, with the Chinese finance ministry involved in all four deals, stock exchange filings on Sunday showed.
