China Last Night powered by KraneShares is a daily note produced by KraneShares research team led by Chief Investment Officer Brendan Ahern. The note covers top news and events that moved China’s capital markets last night while you were probably sleeping.
What you will receive every day
Daily color on what drove China’s equity, fixed income, and currency markets' performance last night
Aggregated local broker insights
Daily analysis of important policy, trade, public company news / announcements
Sector level performance analysis across Mainland, Hong Kong, and US stock exchanges
Asian equities were mixed but mostly lower overnight, as Hong Kong and India outperformed, while Pakistan and Indonesia underperformed.
Both Hong Kong and Mainland markets opened lower but rallied into the close overnight. There was a slight growth bias in both markets, as metals were whacked on geopolitical concerns. Meanwhile, Mainland investors were rare net sellers of Hong Kong-listed stocks overnight, a rare occurrence these days, totaling about $160 million. Internet stocks listed in Hong Kong were mostly higher as investors are preparing for major earnings announcements later this week. The retail sales beat versus economists' expectations was also likely a factor in these stocks' performance overnight.
President Trump is said to be asking President Xi to help protect ships so trade can resume through the Strait of Hormuz. Meanwhile, US Trade Representative Greer reiterated that the Administration is looking for a stable relationship with China.
Tencent will report its Q4 earnings on Wednesday and Alibaba will report on Thursday before the market opens in the United States.
China reported multiple year-to-date (YTD) economic indicators overnight. Retail sales growth during this period was stronger than expected. This comes after China's February inflation numbers were the highest in two years, based on the year-over-year CPI change. Both indicators are positive signs of a consumer recovery. The first two months of the year are combined to accommodate for the Lunar New Year holiday.
Retail Sales YTD year-over-year (YoY) +2.8% versus expectations +2.5%
Online Retail Sales of goods and services YTD YoY +9.2% while online retail sales of goods +10.3% accounting for 24.2% of total retail sales of consumer goods
Industrial Production YTD YoY +6.3% versus expectations +5.3%
Fixed Assets Investment YTD YoY +1.8% versus expectations -5.1%
Property Investment YTD YoY -11.1% versus expectations -19.3%
Residential Property Sales YTD YoY -21.8%
February New Prices -0.28% (Month over Month MoM) from January’s -0.37%
February Used Home Prices -0.43% MoM from January’s -0.54%.
Last Night's Performance
Country / Index
Ticker
1-Day Change
China (Hong Kong)
HSI Index
1.4%
Hang Seng Tech
HSTECH Index
2.7%
Hong Kong Turnover
HKTurn Index
7.3%
Hong Kong Short Sale Turnover
HKSST Index
-4%
Short Turnover as a % of Hong Kong Turnover
N/A
19.1%
Southbound Stock Connect Net Buy/Sell (US $ Millions)
N/A
-159.61
China (Shanghai)
SHCOMP Index
-0.3%
China (Shenzhen)
SZCOMP Index
0.2%
China (STAR Board)
Star50 Index
0.8%
Mainland Turnover
.chturn Index
-3.1%
Japan
NKY Index
-0.1%
India
SENSEX Index
1.3%
Indonesia
JCI Index
-1.6%
Malaysia
FBMKLCI Index
-0.1%
Pakistan
KSE100 Index
-3.4%
Philippines
PCOMP Index
-0.9%
South Korea
KOSPI Index
1.1%
Taiwan
TWSE Index
-0.2%
Thailand
SET Index
-0.3%
Singapore
STI Index
0.5%
Australia
AS51 Index
-0.4%
Vietnam
VNINDEX Index
-0.2%
Indicator
Hong Kong
Mainland China
Today's Volume % of 1-Year Average
103
121
Advancing Stocks
58 (Hang Seng)
132 (Hang Seng)
Declining Stocks
30 (Hang Seng)
158 (Hang Seng)
Outperforming Factors
Growth
Growth
Underperforming Factors
Value
Value
Top Sectors
Information Technology, Health Care, Consumer Discretionary
Consumer Staples, Consumer Discretionary, Information Technology
Bottom Sectors
Materials, Utilities, Energy
Materials, Utilities, Industrials
Top Subsectors
Electrical Equipment, Semiconductors, Autos
Marine Industry, Soft Drinks, Liquor
Bottom Subsectors
Steel, Non-Ferrous Metals, Machinery
Fertilizer & Pesticides, Precious Metals, Steel
Southbound Connect Buys
Tencent, Alibaba, BYD
N/A
Southbound Connect Sells
Xiaomi, SMIC, Shandong Molong Petrolum
N/A
MSCI China All Shares Index
# of Stocks
Average 1-Day Change (%)
Hong Kong Listed
165
1.53
Communication Services
11
1.82
Consumer Discretionary
28
2.01
Consumer Staples
13
1.8
Energy
6
-0.86
Financials
25
1.15
Health Care
16
2.76
Industrials
22
0.72
Information Technology
12
3.95
Materials
14
-2.64
Real Estate
7
1.48
Utilities
11
-1.46
Mainland China Listed
386
0.16
Communication Services
8
0.1
Consumer Discretionary
26
1.34
Consumer Staples
19
2.3
Energy
12
-0.1
Financials
64
0.25
Health Care
31
1.08
Industrials
58
-0.28
Information Technology
95
1.11
Materials
52
-2.75
US & Hong Kong Dually Listed
Ticker
1-Day Change (%)
Tencent HK
700 HK Equity
2
Alibaba HK
9988 HK Equity
1.1
JD.com HK
9618 HK Equity
1.7
NetEase HK
9999 HK Equity
2.5
Yum China HK
9987 HK Equity
2.2
Baozun HK
9991 HK Equity
-0.6
Baidu HK
9888 HK Equity
0.6
Autohome HK
2518 HK Equity
-0.7
Bilibili HK
9626 HK Equity
2.8
Trip.com HK
9961 HK Equity
2.4
EDU HK
9901 HK Equity
2.8
Xpeng HK
9868 HK Equity
-0.9
Weibo HK
9898 HK Equity
0.8
Li Auto HK
2015 HK Equity
2.9
Nio Auto HK
9866 HK Equity
5
Zhihu HK
2390 HK Equity
0
KE HK
2423 HK Equity
2.3
Tencent Music Entertainment HK
1698 HK Equity
5.1
Meituan HK
3690 HK Equity
3.1
Hong Kong's Most Heavily Traded by Value
1-Day Change (%)
TENCENT HOLDINGS LTD
2
XIAOMI CORP-CLASS B
5.6
ALIBABA GROUP HOLDING LTD
1.1
BYD CO LTD-H
7.8
CNOOC LTD-H
-1.1
HUA HONG SEMICONDUCTOR LTD-H
7.4
ZIJIN MINING GROUP CO LTD-H
-3.3
CONTEMPORARY AMPEREX TECHN-H
7.9
SEMICONDUCTOR MANUFACTURI-H
0.5
MEITUAN-CLASS B
3.1
Shanghai and Shenzhen's Most Heavily Traded by Value
1-Day Change (%)
EOPTOLINK TECHNOLOGY INC L-A
4.9
ZHONGJI INNOLIGHT CO LTD-A
3.6
CONTEMPORARY AMPEREX TECHN-A
2.9
ZIJIN MINING GROUP CO LTD-A
-2.9
GOLDWIND SCIENCE & TECHNOL-A
-1.3
HGTECH CO LTD-A
-1.2
GIGADEVICE SEMICONDUCTO-CL A
10
POWER CONSTRUCTION CORP OF-A
-10
SUNGROW POWER SUPPLY CO LT-A
-1.4
BIWIN STORAGE TECHNOLOGY C-A
13.4
Last Night's Exchange Rates, Prices, & Yields
CNY per USD 6.89 versus 6.90 Friday
CNY per EUR 7.91 versus 7.89 Friday
Yield on 10-Year Government Bond 1.83% versus 1.81% Friday
Yield on 10-Year China Development Bank Bond 1.98% versus 1.97% Friday
Copper Price 0.55%
Steel Price 0.13%
Featured Tweets:
Meituan is set to acquire the China operations of online grocer Dingdong for ~US $717 M, highlighting Meituan’s strategic push to dominate the fresh grocery & quick commerce market. pic.twitter.com/gdM0vXJLtm
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