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𝐂𝐡𝐢𝐧𝐚’𝐬 𝐛𝐢𝐠𝐠𝐞𝐬𝐭 𝐭𝐞𝐜𝐡 𝐬𝐭𝐨𝐜𝐤𝐬 𝐢𝐧 𝐇𝐨𝐧𝐠 𝐊𝐨𝐧𝐠 𝐚𝐫𝐞 𝐰𝐨𝐫𝐭𝐡 𝐚 𝐩𝐮𝐧𝐭 𝐚𝐬 𝐭𝐡𝐞 𝐧𝐚𝐭𝐢𝐨𝐧’𝐬 𝐬𝐭𝐫𝐢𝐧𝐠𝐞𝐧𝐭 𝐳𝐞𝐫𝐨-𝐂𝐨𝐯𝐢𝐝 𝐩𝐨𝐥𝐢𝐜𝐲 “𝐡𝐚𝐬 𝐩𝐚𝐬𝐬𝐞𝐝 𝐢𝐭𝐬 𝐧𝐞𝐚𝐫-𝐭𝐞𝐫𝐦 𝐩𝐞𝐚𝐤 𝐚𝐧𝐝 𝐬𝐨𝐦𝐞 𝐜𝐨𝐦𝐦𝐨𝐧-𝐬𝐞𝐧𝐬𝐞 𝐩𝐫𝐚𝐠𝐦𝐚𝐭𝐢𝐬𝐦”

China’s biggest tech stocks in Hong Kong are worth a punt as the nation’s stringent zero-Covid policy “has passed its near-term peak and some common-sense pragmatism” will begin to manifest, according to Alpine Macro.

The Montreal-based research firm recommended opening a speculative long position on the Hang Seng Tech Index as a way to bet on the phasing out of China’s zero-Covid restrictions and a gradual recovery in business activity.

“The image of a group of competent technocrats that are capable of navigating the country through turbulences has been shattered, and their ability to self-correct policy mistakes has been questioned, particularly among foreign investors,” Yan said. “It remains to be seen how Beijing can improve investors’ perception of governance in China going forward.”

Source: South China Morning Post
For the full article, please visit https://bit.ly/3GGLDKT
https://bit.ly/HKStockNews

𝐇𝐊 𝐒𝐭𝐨𝐜𝐤𝐬 𝐒𝐥𝐢𝐝𝐞 𝐨𝐧 𝐂𝐨𝐯𝐢𝐝 𝐋𝐨𝐜𝐤𝐝𝐨𝐰𝐧𝐬

Most stocks fell in Hong Kong amid growing concerns about economic toll from Covid-19 lockdowns in mainland China, leaving policy makers behind the curve in shoring up growth. Sentiment weakened after an overnight sell-off in US markets.

The Hang Seng Index was little changed near a six-week low of 19,952.90 at the local noon trading break. Some 43 of the 66 index members declined, with HSBC and Hang Seng Bank slumping more than 3 per cent. The Tech Index also rebounded 1.2 per cent.

Markets in Asia-Pacific weakened. The benchmark in South Korea and Japan slipped by 1 to 2 per cent while equities in Australia retreated 0.5 per cent. Stocks in the US tumbled overnight, following an almost 4 per cent rout in the Nasdaq Composite Index amid concerns about inflation and corporate earnings outlook.

Source: South China Morning Post
For the full article, please visit https://bit.ly/3MsZNko

𝐓𝐞𝐬𝐥𝐚 𝐒𝐮𝐩𝐩𝐥𝐢𝐞𝐫 𝐋𝐨𝐬𝐞𝐬 𝐓𝐫𝐢𝐥𝐥𝐢𝐨𝐧 𝐘𝐮𝐚𝐧 𝐕𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧 𝐝𝐮𝐞 𝐭𝐨 𝐒𝐡𝐚𝐧𝐠𝐡𝐚𝐢 𝐋𝐨𝐜𝐤𝐝𝐨𝐰𝐧.

A three-month slide in Contemporary Amperex Technology Ltd, a major Tesla supplier, has knocked its market value below 1 trillion yuan (US$156.3 billion) for the first time in about a year. Part of that is because of Covid-19 production hiccups.

The stock slumped 7.6 per cent to 407 yuan in Shenzhen on Wednesday, capping a 31 per cent or US$63 billion rout this year and valuing the electric-vehicle (EV) battery maker at 949 billion yuan. Its capitalisation has held up above the trillion-yuan level since May 31, according to Bloomberg data.

CATL is due to release its first-quarter results next week. Net income probably jumped between 151 per cent and 196 per cent from a year earlier, the company said in an exchange filing in January.

Source: South China Morning Post
For the full article, please visit https://bit.ly/394yTkF

𝐇𝐊 𝐒𝐭𝐨𝐜𝐤𝐬 𝐄𝐱𝐭𝐞𝐧𝐝 𝐐𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲 𝐃𝐞𝐜𝐥𝐢𝐧𝐞

Hong Kong stocks dropped, extending a quarterly loss, as the prospect of monetary policy tightening and the Russia-Ukraine war reignited concerns about a global growth slowdown.

The Hang Seng Index slid 0.7 per cent to 21,837.48 at the noon break on Friday. The benchmark posted a 6 per cent loss in the first quarter, its third straight decline, battered by a flurry of headwinds such as a regulatory crackdown in mainland China and the earnings misses of Chinese technology juggernauts.

Among the biggest losers on the benchmark index, AAC Technologies slumped 4.4 per cent to HK$18.14, Alibaba Group lost 3.9 per cent to HK$107.70 and Country Garden Holding sank 4.6 per cent to HK$5.75.

Source: South China Morning Post
For the full article, please visit https://bit.ly/HKStocksDeclineExtends