Latest news with #ShanghaiStockExchange
The Star
2 days ago
- Business
- The Star
China, HK stocks close down as US-China call offers no clear progress on trade
A screen displays market movements in the Shanghai Stock Exchange. — AFP SHANGHAI: China and Hong Kong stocks ended slightly lower on Friday, as investors remained cautious after a call between U.S. President Donald Trump and Chinese leader Xi Jinping failed to provide clear signals of progress in easing trade tensions. Trump and Xi confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday, leaving key issues unresolved for future talks. "If you look at the conversation between Chinese and U.S. presidents, there's nothing concrete that's positive. So little impact on stocks," said Guo Jianwen, partner at Shanghai-based hedge fund Haiyi Capital. China's blue-chip CSI300 Index fell 0.1%, while the Shanghai Composite Index was flat. Hong Kong benchmark Hang Seng Index dipped 0.5%. For the holiday-shortened week, the CSI 300 Index gained nearly 1%, while the Hang Seng Index rose 2.2%. "The only good news is that things are not getting worse," said William Xin, chairman of Shanghai-based hedge fund Spring Mountain Pu Jiang Investment Management. "If Trump can come to China for a visit in the short term, that would be hugely positive." Chinese markets have lacked clear direction since April 2, when Trump unveiled sweeping reciprocal tariffs, raising fears of a global trade disruption. The blue-chip CSI300 Index has barely budged from the April 2 level, and Hong Kong's benchmark Hang Seng Index gained less than 3% during the period, both lagging the recovery seen among major global markets. Investors should not over-interpret the talk as both sides are still struggling to adapt to each other in a broad confrontational trend, said Charles Wang, chairman, Shenzhen Dragon Pacific Capital Management. Wang said the most significant takeaway from the leaders' exchange was Xi's warning to Trump against provocative actions on Taiwan, which he interpreted as a signal that Beijing is not preparing for a near-term military move. Chinese tech American Depositary Receipts (ADRs) rose just 0.85% in New York overnight following the call, while tech majors listed in Hong Kong fell 0.6%. Onshore non-ferrous metal shares gained 1.1%, and materials stocks listed in Hong Kong jumped 2.4%. China's 10-year and 30-year government bond yields held steady, after the country's central bank said it would inject 1 trillion yuan ($139.23 billion) cash to its banking system via outright reverse repos on Friday. - Reuters
Business Times
16-05-2025
- Business
- Business Times
China solar firms to speed up global push amid tariff truce
[SHANGHAI] Chinese solar companies will continue their expansion into emerging overseas markets during a 90-day tariff truce between the US and China that brings a more stable trade environment, company executives said at online investor briefings. 'The easing of tariff policies between China and the US is conducive to providing a relatively stable overseas trade environment for the solar and energy storage sector,' said Li Xiande, chairman of Jinko Solar, at the briefing hosted by Shanghai Stock Exchange this week. The company will use the period to pursue 'diversification of global supply chain,' he said. Even before the latest trade war, Chinese solar products bound for the US had faced tariffs for more than a decade. Manufacturers responded by setting up operations in countries that weren't affected by the duties at the time. But US President Donald Trump's sweeping tariffs policies, including duties on solar imports from four South-east Asian countries, mean further relocation will be necessary. Jinko aims to enhance its capacity in the Middle East with a 10-gigawatt solar cell and module project in Saudi Arabia that it's jointly developing with the kingdom's Public Investment Fund and Vision Industries, according to Li. The company saw almost 60 per cent of its products go overseas in 2024, and emerging markets in the Middle East, Africa and South-east Asia grew fast, he said. 'The reciprocal tariffs between the US and China would have relatively small impact as there is basically no direct solar export from China to the US with the existing duties,' said Zhuang Yan, chief executive officer of CSI Solar, at the same briefing. The affiliate of Nasdaq-listed Canadian Solar will 'make good use' of its capacity in South-east Asia and other regions during the 90-day reprieve, while moving some production and procurement to regions with lower tariff costs, he said. CSI is also looking at the Middle East, but Zhuang said the company will prioritise other overseas markets amid fierce competition there. The firm will continue its five-gigawatt solar module project in the US, which is expected to reach designed capacity in the second half of this year and the full-year output is estimated at more than three gigawatts this year, the company's board secretary Xu Xiaoming said at the briefing. Tongwei currently has no plans to build production capacity overseas, although it has been exploring sites in recent years in emerging markets in the Middle East, Asia and Latin America, vice-chairman Yan Hu said at a separate briefing on Friday. BLOOMBERG
Mint
12-05-2025
- Business
- Mint
China owns THIS much stake in Pakistan Stock Exchange, data reveals amid US-China deal
China's expanding geopolitical ownership shows that the Asian nation owns a significant stake in Pakistan and Bangladesh's stock exchanges by acquisition through the consortium method, official filings data show. In 2017, China acquired a 40 per cent stake in the Pakistan Stock Exchange (PSE), though a consortium of companies like the Shanghai Stock Exchange (SSE), China Financial Futures Exchanges (CFFEX), Shenzhen Stock Exchange (SZSE), Pak China Investment Company Limited, and Habib Bank Limited. 'In March 2017, the Shanghai Stock Exchange (SSE), China Financial Futures Exchanges (CFFEX), Shenzhen Stock Exchange (SZSE), Pak China Investment Company Limited, and Habib Bank Limited formed a consortium and acquired 40% stake in Pakistan Stock Exchange,' according to the data filed in the Shanghai Stock Exchange. On the Bangladesh front, China acquired a 25 per cent stake in the Dhaka Stock Exchange in 2018. The bidding was carried out through a consortium of companies, formed by the Shanghai and Shenzhen Stock Exchange. The deal was carried out after both nations' regulatory authorities agreed to the acquisition. 'In May 2018, the Bangladesh Securities and Exchange Commission officially approved the bidding scheme of the Chinese consortium formed by the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). With the approval of the regulatory authorities of the two countries, the SSE and SZSE consortium successfully acquired 25% of Dhaka Stock Exchange's total capital,' according to the exchange filing. Apart from Pakistan and Bangladesh, China also owns a 25.1 per cent stake in the Astana International Exchange, i.e., the Kazakhstan stock exchange. US Treasury Secretary Scott Bessent on Monday said that the United States and China have reached a deal that would drop the import tariff rates by 115 per cent, according to a joint statement cited by the news agency Reuters. This move from the US and the Chinese government was taken well by stock market investors, and global markets rallied on Monday on the sentiment of the positive agreement. 'We had a very robust and productive discussion on steps forward on fentanyl,' Treasury Secretary Scott Bessent said, according to Mint's earlier report. 'We are in agreement that neither side wants to decouple.' However, the announcement also said that the parties will establish a mechanism to 'continue discussions about economic and trade relations.' This comes after the three-day talk between the two economic superpowers, who were fighting a tariff war after the US President Donald Trump imposed 145 per cent tariffs on all imports from China. In retaliation, China also imposed a 125 per cent import duty on US goods into their nation. If things go as planned, the overall tariffs will be reduced by 115 per cent, according to the US-China trade deal.
The Star
12-05-2025
- Business
- The Star
China stocks rally, yuan gains on Geneva trade talk optimism
Solid showing: A screen displays market movements in the Shanghai Stock Exchange. — AFP SINGAPORE/SHANGHAI: Chinese stocks rallied and the yuan strengthened on Monday, after weekend talks in Geneva between Chinese and U.S. officials showed encouraging signs of a de-escalation in a high-stakes trade war. U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer held long talks on the weekend with senior Chinese officials led by Chinese Vice Premier He Lifeng in Switzerland. Both sides struck a positive note, with markets awaiting specific details of any early agreement later in the day. China's blue-chip CSI 300 Index extended gains to 1.1% in the morning trading session, while the Shanghai Composite Index added 0.7%. Hong Kong's benchmark Hang Seng Index climbed 1.5%. The yuan strengthened 0.2% against the dollar, while its offshore counterpart was up about 0.3% in Asian trade. "The weekend talks are better than expected. Both sides are under strong incentives, and pressure, to push forward trade talks," said Charles Wang, Chairman of Shenzhen Dragon Pacific Capital Management Co in Shenzhen. "But the game will be a long process. Both sides need to determine on areas of concession and persistence." Ahead of the talks, President Donald Trump had signalled punitive U.S. tariffs of 145% on China would likely come down and even floated an alternate tariff figure of 80% that he said "seems right". China is at the epicentre of U.S. President Donald Trump's global trade war that has roiled financial markets, upended supply chains and fuelled risks of a sharp worldwide economic downturn. Tensions between the two sides have ratcheted higher steadily since Trump's inauguration in January, intensifying after his April 2 "Liberation Day" announcement of sweeping tariffs, with U.S. levies on China climbing to 145% and Beijing retaliating with equally hefty tariffs on U.S. goods. China's blue-chip CSI300 Index dropped sharply the week following those tariff announcements but has since recovered. It is now nearly back around the April 2 level. The Hong Kong benchmark Hang Seng is down 0.3% since April 2. The yuan has benefited from the capital flight from U.S. markets and dollar assets, and is up 0.4% since early April. Leading gains on Monday, the CSI Defense Index surged 5.5% and the info tech sub-sector index jumped 1.2%. In Hong Kong, the Hang Seng Tech Index advanced 1.8% and Hang Seng Automobile Index gained 2.1%. - Reuters
The Star
08-05-2025
- Automotive
- The Star
A-share companies post sound 2024 performance
Solid showing: A screen displays market movements in the Shanghai Stock Exchange. Net profit for companies in China's electronics sector rose 35.18% from a year ago. — AFP BEIJING: Most companies listed on China's A-share market delivered robust performances for last year, underscoring the vitality and resilience of the world's second-largest economy. As of Tuesday, 5,304 firms listed on the Shanghai and Shenzhen stock exchanges had released their financial reports for last year, with 66.42% achieving profits, according to financial information provider Wind Info. Notably, 19.21% of the listed companies posted year-on-year (y-o-y) net profit increases of over 20%. The reports reflect the underlying strength of the Chinese economy, buoyed by ongoing industrial transformation and a steady rise in innovation capacity, said Zhu Keli, a researcher with the China Institute of New Economy. Financial disclosures showed emerging sectors, from artificial intelligence and new energy to advanced manufacturing, are becoming fresh growth engines driving China's economic development. According to data from the main board of the Shanghai Stock Exchange, nearly half of China's top 50 listed firms by market capitalisation last year came from emerging industries, a marked increase in both number and proportion. The auto and electronics sectors stood out among emerging industries with stellar net profit growth. The auto industry posted an 11.16% y-o-y expansion in net profit while the electronics sector surged 35.18% from a year earlier, underlining the strong momentum in tech-related manufacturing. Auto parts supplier Shuanglin Group, for instance, reported a more than fivefold increase in net profit last year, driven by rising demand from electric vehicle (EV) makers such as BYD and Changan Auto. The company has also secured new orders from EV brands like Avatr. In the electronics sector, Will Semiconductor Co Ltd Shanghai saw its business performance register marked growth last year, with operating revenue hitting a record high. The leading semiconductor producer credited its rapid expansion to a rebound in the sector and surging demand for high-end smartphones and intelligent vehicles in the market. Technological innovation emerged as a notable feature of corporate performance last year. China's listed companies have been increasingly betting on frontier and disruptive technologies playing a pivotal role in the country's broader push for innovation-driven growth. Data showed that last year, A-share firms accounted for more than half of corporate research and development (R&D) spending nationwide and held nearly one-third of all the country's patents. The R&D intensity, measured by expenditure as a share of operating revenue, gained 0.1 percentage point from a year earlier to 2.6%. Chongqing-based automaker Seres, which collaborates with Huawei on Aito cars, invested nearly seven billion yuan or about US$967.1bil on R&D last year, a surge of about 60% y-o-y. Its research team also expanded by about a quarter from a year earlier to over 6,200 people. By maintaining a strong focus on R&D, the firm has tapped global frontier technologies and innovation resources, facilitating the integration of software and automotive technologies, said Zhang Xinghai, chairman of the company. In the annual Government Work Report released in March, China's policymakers have pledged to make solid progress in high-quality development, outlining measures to better modernise its industrial system and advance the integration of technological and industrial innovation, among others. — Xinhua
