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Three Red Lines” Policy
Real Estate Developers with High Leverage to See Inventory Quality Tested Under Broader “Three Red Lines” Policy October 28, 2020 In our view, the widening of regulations aimed at controlling real estate developers’ interest- ANALYSTS bearing debt would further reduce the industry’s overall credit risk in the long term. However, the nearer term may see less headroom for highly leveraged developers to finance in the capital Xiaoliang Liu, CFA market, pushing them to sell off inventory to ease liquidity pressure. Beijing +86-10-6516-6040 The People’s Bank of China said in September that measures aimed at monitoring the funding [email protected] and financial management of key real estate developers will steadily be expanded. Media reports suggest that the new regulations would see a cap of 15% on annual growth of interest-bearing Jin Wang debt for all property developers. Developers will be assessed against three indicators, which are Beijing called “red lines”: whether asset liability ratios (excluding advance) exceeded 70%; whether net +86-10-6516-6034 gearing ratio exceeded 100%; whether cash to short-term debt ratios went below 1.0. Developers [email protected] which breached all three red lines won’t be allowed to increase their debt. If only one or two of the red lines are breached, such developers would have their interest-bearing debt growth capped at 5% and 10% respectively. The first half of the year saw debt grow rapidly among developers. In a sample of 87 real estate developers that we are monitoring, more than 40% saw their interest-bearing debt grow at a faster rate than 15% year over year as of the end of June (see the chart below). -
Placing 400 Million New Shares at HKD 25.25, Underlying Profit
Company Report: CR Land (01109 HK) Van Liu 刘斐凡 公司报告:华润置地 (01109 HK) +86 755 23976672 [email protected] 国泰君安研究 25 May 2015 Placing 400 million New Shares at HKD 25.25, Underlying Profit Revised up, Maintain fiBuyfl Research GTJA 以25.25港元配售4亿股,调高核心净利,维持“买入” Rating: Buy Maintained z CR Land (fithe Companyfl) plans to raise approximately HK$ 10.1 billion 评级: 买入 维持 by placing 400 million new shares at a price of HK$ 25.25 per placing ( ) share. The management intends to use the raised capital for further land acquisition, development costs and general working capital purposes. 6-18m TP 目标价: HK$29.40 Revised from 原目标价: HK$28.70 z Limited diluted effects with stronger balance sheet. As per our estimates, after the share placing completion, the underlying EPS will increase 0.3% due Share price 股价: HK$25.300 to the underlying profit being revised up and net gearing ratio will decrease 13.0 ppts in 2015E. Stock performance z Raised capital from share placing will help the Company’s land 股价表现 replenishment and new house set up plan acceleration, which is able to translate into earnings growth under the rebounding sales environment. 100.0 % of return z Maintain ‘Buy’. Raised capital from share pricing will help sales increase. 80.0 Expectations of loosening policies and southbound capital inflow with housing 60.0 sales rebound in April 2015 are likely to drive property companies’ valuation upside potential. We revise up the target price to HK$29.40, which represents 40.0 an 15% discount to revised 2015E NAV per share, 12.3x 2015 underlying 20.0 PER and 1.6x 2015 PBR. -
Contracted Sales Growth Will Slow in 2021 on Tightened Credit
CORPORATES SECTOR IN-DEPTH Property – China 28 January 2021 China Property Focus: Contracted sales growth will slow in 2021 on tightened credit TABLE OF CONTENTS » We expect national contracted sales growth in 2021 to slow amid tighter onshore Mild national contracted sales growth credit conditions. National contracted sales value grew 10.8% year-on-year in 2020 likely in 2021 2 (compared with 10.3% growth in 2019), largely driven by an increase in average selling Rated developers' offshore bond issuance remained robust in January price. Contracted sales volume (gross floor area), increased by 3.2% in 2020, higher than amid signs of tightening onshore the 1.5% growth in 2019, reflecting solid housing demand and the gradual economic credit to the sector 4 recovery in China despite the disruption caused by the coronavirus outbreak in early Liquidity stress indicator remained flat in December 2020 5 2020. Eight rating actions from 27 November to 26 January 6 » Rated developers' offshore bond issuance remained robust in January amid signs Appendix I 8 of tightening onshore credit to the sector. Rated developers issued $11.5 billion of Appendix II 9 offshore bonds in January 2021 (to 26 January), mainly for refinancing. The amount Appendix III 13 dropped 30% from $16.5 billion in January 2020 but remained robust compared to the Moody's related publications 14 $4.4 billion average monthly issuance in 2020. The active issuance at the beginning of the year also reflects developers' efforts to replenish liquidity amid signs of tightening onshore credit to the sector. On 31 December 2020, the Chinese regulators announced Contacts new guidelines to limit Chinese banks' property loan exposure. -
CK HUTCHISON HOLDINGS LIMITED (“CK Hutchison”) And
HUTCHISON WHAMPOA INTERNATIONAL (03/33) LIMITED (the “Issuer”) US$1,500,000,000 7.45% Guaranteed Notes due 2033 (the “Notes”) (ISIN: US44841SAC35/CUSIP: 44841SAC3/Common Code: 018124572 for Rule 144A Notes) (ISIN: USG4672CAC94/CUSIP: G4672CAC9/Common Code: 018124629 for Regulation S Notes) unconditionally and irrevocably guaranteed by CK HUTCHISON HOLDINGS LIMITED (“CK Hutchison”) and HUTCHISON WHAMPOA LIMITED In accordance with Regulation (EU) No. 596/2014 on market abuse and the law of 11 January 2008 on transparency requirements, as amended, the Issuer is filing with the Commission de Surveillance du Secteur Financier, storing with the Officially Appointed Mechanism and publishing the attached unaudited results for the six months ended 30 June 2019 of CK Hutchison, a guarantor of the Notes issued by the Issuer. The attached document was also published by CK Hutchison at 4:31 pm and 4:32 pm (Hong Kong time), 1 August 2019 on the websites of Hong Kong Exchanges and Clearing Limited and CK Hutchison, respectively. Hutchison Whampoa International (03/33) Limited Edith Shih Director and Company Secretary 1 August 2019 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019 HIGHLIGHTS -
STOXX Hong Kong All Shares 180 Last Updated: 01.05.2015
STOXX Hong Kong All Shares 180 Last Updated: 01.05.2015 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 97.0 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 71.8 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 69.5 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 67.4 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 59.3 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 46.7 6 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 37.7 7 10 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 32.3 8 7 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 28.9 9 9 HK0013000119 6448068 0013.HK 644806 Hutchison Whampoa Ltd. HK HKD Y 26.7 10 8 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 25.5 11 11 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 24.2 12 12 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 24.0 13 13 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 21.6 14 14 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 21.3 15 16 CNE100000205 B0B8Z29 3328.HK CN0054 Bank of Communications Co 'H' CN HKD Y 20.2 16 17 HK0004000045 6435576 0004.HK 643557 Wharf (Holdings) Ltd. -
Stock Code Stock Name Margin Category HK 1 CK HUTCHISON HOLDINGS LTD
UOB KAY HIAN (SINGAPORE) PRIVATE LIMITED MARGIN STOCK LIST - HONG KONG MARKET 1 April 2021 Stock Code Stock Name Margin Category HK 1 CK HUTCHISON HOLDINGS LTD. SA HK 2 CLP HOLDINGS LTD. A HK 3 HONG KONG AND CHINA GAS CO. LTD. A HK 4 WHARF (HOLDINGS) LTD. A HK 5 HSBC HOLDINGS PLC SA HK 6 POWER ASSETS HOLDINGS LTD. SA HK 8 PCCW LTD. C HK 10 HANG LUNG GROUP LTD. A HK 11 HANG SENG BANK LTD. SA HK 12 HENDERSON LAND DEVELOPMENT CO. LTD. A HK 14 HYSAN DEVELOPMENT CO. LTD. B HK 16 SUN HUNG KAI PROPERTIES LTD. SA HK 17 NEW WORLD DEVELOPMENT CO. LTD. A HK 19 SWIRE PACIFIC LTD. 'A' A HK 23 BANK OF EAST ASIA, LTD. A HK 27 GALAXY ENTERTAINMENT GROUP LTD. A HK 38 FIRST TRACTOR CO LTD. - H SHARES D HK 41 GREAT EAGLE HOLDINGS LTD. C (Max Net Loan H$10M) HK 45 HONGKONG AND SHANGHAI HOTELS, LTD. B (Max Net Loan H$10M) HK 53 GUOCO GROUP LTD. B (Max Net Loan H$10M) HK 56 ALLIED PROPERTIES (HK) LTD. D HK 62 TRANSPORT INTERNATIONAL HOLDINGS LTD. D (Max Net Loan H$1M) HK 66 MTR CORPORATION LTD. SA HK 69 SHANGRI-LA ASIA LTD. A HK 81 CHINA OVERSEAS GRAND OCEANS GROUP LTD. C HK 83 SINO LAND CO. LTD. A HK 86 SUN HUNG KAI & CO. LTD. D HK 87 SWIRE PACIFIC LTD. 'B' A (Max Net Loan H$10m) HK 101 HANG LUNG PROPERTIES LTD. A HK 107 SICHUAN EXPRESSWAY CO. -
STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016
STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 128.4 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 69.3 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.3 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 57.5 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 37.7 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 32.6 6 7 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 32.0 7 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 28.5 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 26.5 9 9 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 20.4 10 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 19.4 11 10 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 18.9 12 12 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 KYG2103F1019 BWX52N2 1113.HK HK50CI CK Property Holdings HK HKD Y 17.9 14 11 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.8 15 14 HK0688002218 6192150 0688.HK 619215 China Overseas Land & Investme CN HKD Y 14.8 16 16 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 14.6 17 17 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 13.5 18 19 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co. -
Significantly Regulated Organizations Added
Significantly Regulated Organizations Added ‐ September 2017 DUNS COUNTRY BUSINESS NAME TICKER SYMBOL EXCHANGE NAME NUMBER NAME 565406188 BRITISH AMERICAN TOBACCO ZIMBABWE ZIMBABWE BAT.ZW Zimbabwe Stock 565568949 MEDTECH HOLDINGS LTD ZIMBABWE MMDZ.ZW Zimbabwe Stock 565412350 NATIONAL FOODS LTD ZIMBABWE NTFD.ZW Zimbabwe Stock 565679081 STARAFRICA CORPORATION LTD ZIMBABWE SACL.ZW Zimbabwe Stock 555364141 CENTRAL PHARMACEUTICAL JOINT STOCK VIETNAM DP3 Hanoi Stock Exchange CHUONG DUONG BEVERAGE JOINT STOCK Ho Chi Minh Stock 555317798 COMPANY VIETNAM SCD Exchange 555297766 DANAMECO MEDICAL JOINT STOCK VIETNAM DNM Hanoi Stock Exchange DUC GIANG CHEMICALS AND DETERGENT 555345573 POWDER JOINT STOCK COMPANY VIETNAM DGC Hanoi Stock Exchange 555248250 Ha Long Canned Food Joint Stock Co. VIETNAM CAN Hanoi Stock Exchange 555530381 HA NOI INVESTMENT GENERAL VIETNAM SHN Hanoi Stock Exchange 555271543 HA TAY PHARMACEUTICAL JOINT STOCK VIETNAM DHT Hanoi Stock Exchange HOANG ANH GIA LAI JOINT STOCK Ho Chi Minh Stock 555335798 COMPANY VIETNAM HNG Exchange 555319636 HUNG HAU AGRICULTURAL CORPORATION VIETNAM SJ1 Hanoi Stock Exchange 555530218 HUNG VIET GREEN AGRICULTURE JOINT VIETNAM HVA Hanoi Stock Exchange KLF JOINT VENTURE GLOBAL INVESTMENT 555529792 JOINT STOCK COMPANY VIETNAM KLF Hanoi Stock Exchange 555340068 LAM DONG PHARMACEUTICAL JOINT STOCK VIETNAM LDP Hanoi Stock Exchange MECHANICS CONSTRUCTION AND 555303278 FOODSTUFF JOINT STOCK COMPANY VIETNAM MCF Hanoi Stock Exchange Ho Chi Minh Stock 555365190 NAFOODS GROUP JOINT STOCK COMPANY VIETNAM NAF Exchange NORTH PETROVIETNAM FERTILIZER & 555458287 CHEMICALS JOINT STOCK COMPANY VIETNAM PMB Hanoi Stock Exchange Ho Chi Minh Stock 555279715 S.P.M CORPORATION VIETNAM SPM Exchange SAIGON BEER ALCOHOL BEVERAGE Ho Chi Minh Stock 555254439 CORPORATION VIETNAM SAB Exchange 555341953 SAM CUONG ELECTRIC MATERIALS JS CO. -
U.S. Investors Are Funding Malign PRC Companies on Major Indices
U.S. DEPARTMENT OF STATE Office of the Spokesperson For Immediate Release FACT SHEET December 8, 2020 U.S. Investors Are Funding Malign PRC Companies on Major Indices “Under Xi Jinping, the CCP has prioritized something called ‘military-civil fusion.’ … Chinese companies and researchers must… under penalty of law – share technology with the Chinese military. The goal is to ensure that the People’s Liberation Army has military dominance. And the PLA’s core mission is to sustain the Chinese Communist Party’s grip on power.” – Secretary of State Michael R. Pompeo, January 13, 2020 The Chinese Communist Party’s (CCP) threat to American national security extends into our financial markets and impacts American investors. Many major stock and bond indices developed by index providers like MSCI and FTSE include malign People’s Republic of China (PRC) companies that are listed on the Department of Commerce’s Entity List and/or the Department of Defense’s List of “Communist Chinese military companies” (CCMCs). The money flowing into these index funds – often passively, from U.S. retail investors – supports Chinese companies involved in both civilian and military production. Some of these companies produce technologies for the surveillance of civilians and repression of human rights, as is the case with Uyghurs and other Muslim minority groups in Xinjiang, China, as well as in other repressive regimes, such as Iran and Venezuela. As of December 2020, at least 24 of the 35 parent-level CCMCs had affiliates’ securities included on a major securities index. This includes at least 71 distinct affiliate-level securities issuers. -
Istoxx® Developed and Emerging Markets Ex Usa Pk Vn Real Estate
ISTOXX® DEVELOPED AND EMERGING MARKETS EX USA PK VN REAL ESTATE Components1 Company Supersector Country Weight (%) Vonovia SE Real Estate Germany 3.58 Goodman Group Real Estate Australia 2.31 Mitsubishi Estate Co. Ltd. Real Estate Japan 2.14 Mitsui Fudosan Co. Ltd. Real Estate Japan 2.06 Sun Hung Kai Properties Ltd. Real Estate Hong Kong 2.00 Link Real Estate Investment Tr Real Estate Hong Kong 1.79 DEUTSCHE WOHNEN Real Estate Germany 1.71 Sumitomo Realty & Development Real Estate Japan 1.50 SEGRO Real Estate Great Britain 1.44 CK Asset Holdings Ltd Real Estate Hong Kong 1.33 China Resources Land Ltd. Real Estate China 1.14 SM Prime Holdings Inc Real Estate Philippines 1.11 LEG IMMOBILIEN Real Estate Germany 1.06 SCENTRE GROUP Real Estate Australia 1.04 UNIBAIL-RODAMCO-WESTFIELD Real Estate France 1.04 AROUNDTOWN (FRA) Real Estate Germany 0.85 China Overseas Land & Investme Real Estate China 0.84 WHARF REIC Real Estate Hong Kong 0.78 Mirvac Group Real Estate Australia 0.78 DEXUS Real Estate Australia 0.77 Nippon Building Fund Inc. Real Estate Japan 0.77 Stockland Real Estate Australia 0.75 Japan Real Estate Investment C Real Estate Japan 0.73 SWISS PRIME SITE Real Estate Switzerland 0.73 CAPTIALAND INT COMM TRUST Real Estate Singapore 0.71 GECINA Real Estate France 0.70 Ayala Land Inc Real Estate Philippines 0.69 Ascendas Real Estate Investmen Real Estate Singapore 0.68 New World Development Co. Ltd. Real Estate Hong Kong 0.66 CANADIAN APARTMENT PROP REIT Real Estate Canada 0.66 NIPPON PROLOGIS REIT Real Estate Japan 0.63 NOMURA REIT.MASTER FUND Real Estate Japan 0.62 CapitaLand Ltd. -
CHINA PROPERTIES GROUP LIMITED (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1838)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement is for information purposes only and does not constitute an invitation or a solicitation of an offer to acquire, purchase or subscribe for securities or an invitation to enter into an agreement to do any such things, nor is it calculated to invite any offer to acquire, purchase or subscribe for any securities. This announcement is not an offer of securities for sale or the solicitation of an offer to buy any securities in the United States or any country or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such country or jurisdiction. Neither this announcement nor anything herein forms the basis of any contract of commitment whatsoever. Neither this announcement nor any copy hereof may be takenintoordistributedintheUnitedStates.Securities may not be offered or sold in the United States absent registration or an exemption from registration. The Company has not registered and does not intend to register any of the Notes in the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the Company and management, as well as financial statements. -
Improving Fundamentals Leading to Decreasing Operating Risk, Maintain "Buy"
股 票 研 [Table_Title] Van Liu 刘斐凡 Company Report: Evergrande (03333 HK) 究 (86755) 2397 6672 Equity Research 公司报告: 中国恒大 (03333 HK) [email protected] 14 May 2018 Improving[Table_Summary Fundamental] s Leading to Decreasing Operating Risk, Maintain "Buy" 改善的基本面展望降低运营风险,维持“买入” 公 Contracted sales will maintain steady growth due to sufficient saleable [Table_Rank] 司 Rating: Buy resources in wide geographic locations. During Jan.-Apr. 2018, contracted Maintained 报 sales amounted to RMB212.26 bn, increasing by 46.6% YoY, achieving 评级: 买入 (维持) 告 38.6% of its 2018 sales target. As at the end of 2017, the Company had 766 Company Report projects in 228 cities. Total GFA amounted to 312 mn sq.m. We expect a high gross margin level. The Company's unit land cost 6[Table_Price]-18m TP 目标价 : HK$30.17 amounted to RMB1,711 per sq.m., 16.5% of ASP during Jan.-Apr. 2018. Revised from 原目标价: HK$29.60 Gross margin is expected to remain at around 36.8% between 2018 and Share price 股价: HK$25.350 2020. 告 Evergrande’s operating risks should gradually decrease alongside 证 balance sheet enhancement and profitability improvement. This is Stock performance 报 股价表现 券 favorable, especially when the credit environment is tightening up. We expect 究 stable contracted sales growth, an increase in profitability and scale growth [Table_QuotePic] 研 reduction of land reserves. Therefore, the net gearing ratio will gradually 研 究 decrease from 183.7% in 2017 to 81.6% in 2020. 券 报 2017 underlying net profit was in line with expectations.