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𝐁𝐚𝐢𝐝𝐮 𝐥𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝐂𝐡𝐢𝐧𝐚’𝐬 𝐅𝐢𝐫𝐬𝐭 𝐃𝐫𝐢𝐯𝐞𝐫𝐥𝐞𝐬𝐬 𝐓𝐚𝐱𝐢 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐢𝐧 𝐂𝐡𝐨𝐧𝐠𝐪𝐢𝐧𝐠 𝐚𝐧𝐝 𝐖𝐮𝐡𝐚𝐧

Fully driverless taxis will take to the roads of Chongqing and Wuhan on Monday in a landmark moment for the future of mobility in mainland China.

Baidu, China’s biggest search engine and artificial intelligence firm, has been given the green light to launch the unmanned taxi services, giving it the upper hand in a fierce competition among smart electric vehicle (EV) start-ups to commercialise autonomous driving technology.

In a groundbreaking move in January, US regulators allowed self-driving company Cruise to offer paid, fully driverless rides in select streets in San Francisco.

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

𝐓𝐡𝐞 𝐇𝐚𝐧𝐠 𝐒𝐞𝐧𝐠 𝐈𝐧𝐝𝐞𝐱 𝐡𝐢𝐭 𝐢𝐭𝐬 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐜𝐥𝐨𝐬𝐞 𝐬𝐢𝐧𝐜𝐞 𝐀𝐩𝐫𝐢𝐥 𝟒 𝐰𝐢𝐭𝐡 𝐫𝐞𝐩𝐨𝐫𝐭𝐬 𝐭𝐡𝐢𝐬 𝐰𝐞𝐞𝐤 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐧𝐠 𝐚 𝐫𝐞𝐛𝐨𝐮𝐧𝐝 𝐢𝐧 𝐂𝐡𝐢𝐧𝐞𝐬𝐞 𝐦𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠

Hong Kong stocks closed at the highest level since April 4 on optimism that reports this week will show China’s recovery from the Covid-19 pandemic is strengthening while authorities further eased lockdown measures.

The Hang Seng Index rallied 2.4 per cent to 22,229.52 at the close. The Hang Seng Tech Index surged 4.7 per cent, while the Shanghai Composite Index added 0.9 per cent.

Gains in US equities last week also boosted sentiment, with the S&P 500 logging the biggest gain in two years on Friday. Federal Reserve officials signalled that the US central bank will consider the probability of a recession while moving to rein in inflation.

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

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

𝐒𝐡𝐚𝐧𝐠𝐡𝐚𝐢, 𝐡𝐨𝐦𝐞 𝐭𝐨 𝐓𝐞𝐬𝐥𝐚, 𝐒𝐌𝐈𝐂 𝐚𝐧𝐝 𝐆𝐌 𝐚𝐧𝐝 𝐕𝐨𝐥𝐤𝐬𝐰𝐚𝐠𝐞𝐧’𝐬 𝐂𝐡𝐢𝐧𝐞𝐬𝐞 𝐩𝐚𝐫𝐭𝐧𝐞𝐫, 𝐢𝐬 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐜𝐢𝐭𝐲 𝐟𝐨𝐫 𝐂𝐡𝐢𝐧𝐚’𝐬 𝐞𝐜𝐨𝐧𝐨𝐦𝐲. 𝐇𝐞𝐫𝐞’𝐬 𝐰𝐡𝐲:

The weeks-long Shanghai lockdown under China’s zero-Covid policy, which forced most of the city’s 26 million people indoors and brought manufacturing to a virtual standstill, has taken a heavy toll on China’s commercial and financial hub. At the same time, it has underscored the city’s crucial economic position not only in China but globally.

In 2021, Shanghai recorded a gross domestic product of 4.32 trillion yuan (US$637 billion), with a year-on-year growth of 8.1 per cent. With 1.7 per cent of the nation’s total population, Shanghai accounted for more than 3.8 per cent of GDP – the biggest proportion among all mainland cities.

The daily average value of shares traded on the Shanghai bourse this year stands at 385 billion yuan, which makes up 41 per cent of the combined average turnover on the Shanghai and Shenzhen exchanges. The Shenzhen exchange, which hosts more companies in emerging industries, particularly on its ChiNext board, has in recent years diverted some trading interest from Shanghai. The Shanghai exchange is also striving to capitalise on the primacy of technology companies by setting up a Nasdaq-like Star Market in 2019 for tech listings. The board now has 418 companies.

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

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

𝐂𝐡𝐢𝐧𝐚 𝐌𝐚𝐫𝐤𝐞𝐭 𝐌𝐚𝐲 𝐅𝐚𝐥𝐥 𝐅𝐮𝐫𝐭𝐡𝐞𝐫 𝐚𝐬 𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐈𝐬𝐬𝐮𝐞𝐬 𝐍𝐨𝐭 𝐏𝐫𝐢𝐜𝐞𝐝 𝐈𝐧

China’s stocks will probably extend their declines – already the biggest in Asia – as investors have not fully priced in the economic damage from coronavirus lockdowns and are too optimistic about the outlook for earnings, according to Swiss private bank UBP.

The bank lowered its projection for second-quarter economic growth to 3.5 per cent from 4.5 per cent, slower than the 4.8 per cent expansion in the preceding three months and significantly trailing the annual goal of 5.5 per cent.

But full-year growth will slow to 4.7 per cent if the coronavirus lockdowns in China extend into the third quarter, it said.
“The worst months are still ahead of us,” said Casanova. “Investor sentiment will remain extremely fragile during this period.”

Source: South China Morning Post
For the full article, please visit https://bit.ly/3rKsq4F

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

𝐂𝐡𝐢𝐧𝐚 𝐒𝐭𝐨𝐜𝐤𝐬 𝐇𝐢𝐭 𝐎𝐧𝐞 𝐖𝐞𝐞𝐤 𝐋𝐨𝐰 𝐀𝐬 𝐏𝐁𝐎𝐂 𝐌𝐨𝐯𝐞 𝐃𝐢𝐬𝐚𝐩𝐩𝐨𝐢𝐧𝐭𝐬

Stocks in mainland China fell to near a one-week low after the economy grew last quarter at a pace below the national target amid Covid-19 lockdowns, while policy easing signals disappointed investors.

The Shanghai Composite Index retreated 0.5 per cent to 3,195.52 at the close of Monday trading. It has lost 12 per cent this year, the worst among major Asia-Pacific indices. Markets in Hong Kong are closed for a public holiday. Regional indices also weakened as rising commodity prices rekindled inflation concerns.

The local authorities published plans to restart production in the city in efforts to restore manufacturing capacity and repair broken supply chains. Businesses should plan for “closed-loop management,” they added.

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

𝐂𝐡𝐢𝐧𝐚 𝐒𝐭𝐨𝐜𝐤𝐬 𝐀𝐟𝐟𝐞𝐜𝐭𝐞𝐝 𝐚𝐬 𝐋𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐚𝐭𝐞 𝐑𝐞𝐦𝐚𝐢𝐧

Chinese stocks are headed for a second straight weekly loss as investors were disappointed after the central bank unexpectedly left a policy lending rate unchanged, tempering optimism about an immediate loosening of monetary policy signalled by the premier.

The Shanghai Composite Index eased 0.6 per cent to 3,205.55 at the trading break on Friday, on track for a 1.4 per cent loss for the week. Hong Kong’s markets are closed through Monday for public holidays.

Guangdong Anda Automation Solutions, a car-parts maker, dropped 22 per cent to 47.15 yuan on the first day of trading in Shanghai.

Source: South China Morning Post
For the full article, please visit https://www.scmp.com/business/markets/article/3174352/chinese-stocks-head-second-weekly-loss-after-policy-lending-rate

𝐂𝐡𝐢𝐧𝐚 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐂𝐚𝐫 𝐒𝐚𝐥𝐞𝐬 𝐓𝐮𝐫𝐧𝐚𝐫𝐨𝐮𝐧𝐝 𝐈𝐧 𝐉𝐞𝐚𝐩𝐨𝐫𝐝𝐲 𝐎𝐯𝐞𝐫 𝐋𝐨𝐜𝐤𝐝𝐨𝐰𝐧 𝐢𝐧 𝐒𝐡𝐚𝐧𝐠𝐡𝐚𝐢 𝐚𝐧𝐝 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐃𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐨𝐧.

China’s new-energy vehicle (NEV) sector rebounded sharply in March as carmakers managed to get hold of enough components in the early stages of the Covid-19 outbreak to ramp up production to meet surging demand.

But the turnaround may be short-lived, said analysts, as the Covid-19 pandemic in Shanghai and at some production bases disrupts the supply chain and production.

In February, NEV sales dropped 24.1 per cent from a month earlier to 317,000 units, owing to a shortfall of key components and the Lunar New Year holiday that deterred consumers from buying big-ticket items.

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