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Market Summary

Core Content

This summary provides an overview of the Hong Kong and China markets, including general market movements, sector updates, and company-specific news. It also includes disclaimers regarding the nature of the information provided.

Market Overview

• Hong Kong Stocks Market: The Hong Kong stocks market corrected yesterday due to profit-taking pressure in the Chinese financial sector. Most state-owned enterprise (SOE) banks declined by an average of 2-3%.
• Hang Seng Index: The index closed at 24,329 points, down 200 points, with a thin trading volume of HKD114.1 billion.
• U.S. Markets: The U.S. markets closed higher for the first time in four days, driven by a risk-on relief rally following eased geopolitical tensions between Russia and the West.
• Expectations: According to ig.com, the Hang Seng Index is expected to open approximately 350 points higher this morning, reaching 24,600 points.

Sector News

Hong Kong Property

• Government Policy: The Hong Kong government is not planning a city-wide lockdown despite the rapid spread of the Omicron variant, indicating continued commitment to the zero-COVID policy.
• Landlords' Performance: Hong Kong landlords' share prices are slightly below their levels from late 2021 when dine-in services were prohibited, suggesting that the market may not have fully priced in potential further tightening of social distancing measures.
• Residential Market Headwinds: The residential property market faces challenges due to reduced transaction activity, a negative wealth impact from a potential GDP decline, ongoing departures of foreign expats, and faster-than-expected U.S. Federal Reserve rate hikes.

China Coal

• Coal Prices: The latest CCTD QHD5,500 blended coal price and CCI5,500 spot coal price have remained relatively stable compared to pre-Chinese New Year levels.
• Inventory Levels: The average coal inventory at QHD rebounded by 11.1% week-on-week to 5 million tons as of 13 February, returning to the level seen at the end of December 2021.
• Market Outlook: Coal prices are expected to remain stable as the Two Sessions approach in early March, with relatively balanced supply and demand dynamics, although short-term spot price fluctuations may occur.

Company News

CM Port (144 HK)

• Operating Data: CM Port reported a 7% YoY increase in total throughput in January, up from a 1% YoY increase in December 2021.
• Geographic Performance:
  • China throughput growth increased to 8% YoY.
  • International throughput rebounded to 6% YoY.
  • Western Shenzhen saw a 8.3% YoY decline.
  • Hong Kong recorded a steeper 25% YoY decline.
  • Yangtze River Delta throughput remained stable at 8.1% YoY.
  • Bohai Rim throughput growth accelerated to 30% YoY.

Great Wall Motor (2333 HK)

• January Sales: Total wholesales declined by 28% YoY in January.
• Brand Performance:
  • Haval: -26% YoY.
  • Pick-ups: -42% YoY.
  • ORA: +29% YoY.
  • WEY: -15% YoY.
  • Tank Model: +72% YoY.
• Reason for Decline: The larger-than-expected sales decline is attributed to chip supply shortages, particularly impacting pick-up truck sales.

Sihuan Pharma (460 HK)

• Acquisition by CBC Group: Sihuan Pharma's partner, Hugel, has completed its acquisition by CBC Group, making CBC the single largest shareholder and controller of Hugel with a 42.9% shareholding.
• Strategic Collaboration: The acquisition is expected to strengthen the strategic cooperation between Sihuan, Hugel, and CBC, particularly in the development of botulinum toxin Letybo and hyaluronic acid.
• Legal Settlement: Sihuan has reached a settlement with CBC Group regarding a trade secrets infringement lawsuit in China.

Disclaimers

• This document is for general information and does not constitute investment research or recommendations.
• Information is based on data from recognized sources but is not independently verified.
• MIBSHK does not accept liability for any loss resulting from reliance on the content.
• Opinions expressed are current and may change without notice.
• MIBSHK may have financial interests in companies mentioned, including participation in financing transactions or holding positions in related securities.
• The information is intended for MIBSHK's clients and may not be reproduced or distributed without prior written consent.
• International investments carry risks such as economic, political, and currency fluctuations, and limited availability of information.
• Clients are advised to consult their financial advisors before making investment decisions.