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Xiaomi Soars on Dualclass Shares Deal 16 BUSINESS Thursday, July 19, 2018 CHINA DAILY HONG KONG EDITION BGI officials hike equity stakes as prices fall Xiaomi soars By CHAI HUA range of its gene testing in Shenzhen, Guangdong methods. [email protected] The company said it had performed DNA-based non- on dual-class Chinese genomics giant invasive prenatal testing on BGI, known as the Beijing 3.1 million pregnant women Genomics Institute previous- globally by the end of May, ly, announced on Tuesday that and 2.48 million of their seven of its executives have babies were born. It also shares deal decided to increase their equi- admitted 70 infants with ty holdings in the company, abnormal chromosome con- after a two-day stock slump ditions were born due for Mainland, HK bourses’ agreement on triggered by a series of reports different reasons and insur- attacking its credibility. ance was provided for these Stock Connect inclusion lifts sentiment A report from tech news families. site huxiu revealed some new- DNA-based non-invasive By SUN FEIER in Hong Kong structure, Xiaomi, which borns with defects were previ- prenatal testing is generally [email protected] opened at HK$21.40 ($2.73) ously assessed as low risk by used to test for Down syn- on Wednesday, surged more BGI’s DNA-based non-inva- drome, and 98 percent of Mainland stock exchanges than six percent in the morn- sive prenatal testing. It took fetuses with the condition can and the Hong Kong stock ing trading session. It hit an the case of a boy with mental be tested, according to a study exchange have reached an intraday high of HK$22.20, disabilities and physical in the United Kingdom, said agreement on adjusting Stock before closing at HK$21.55 in deformities in Hunan prov- Cheung Ching-lung, assistant A visitor walks past a board showing big data for genomics in a BGI R&D facility in Qingdao, Connect inclusion arrange- the afternoon, up 3.11 percent ince as an example. professor of the Centre for Shandong province. YU FANGPING / FOR CHINA DAILY ments for the Hong Kong list- for the day. The report also criticized Genomic Sciences at the ed firms with dual-class share The Beijing-based smart- some hospitals and doctors Department of Pharmacology structures, sending Xiaomi phone maker’s shares had in China, saying they rely too and Pharmacy at the Univer- arose last month when a let- said to be no less than 30 mil- shares surging. tumbled as much as 9 percent much on BGI’s tests, mean- sity of Hong Kong. ter, accusing BGI of bribing lion yuan ($4.47 million). The Hong Kong stock on Monday, after the Shang- ing traditional methods, However, he said, there 82.98 officials and defrauding State- After the move, the shares exchange, together with the hai stock exchange said Chi- such as amniocentesis, are are also studies showing the owned assets, was made pub- of the Shenzhen-listed enter- Shanghai and Shenzhen nese mainland investors neglected. percentage is only 90 per- yuan lic. The genetic institution prise dropped slightly by 0.11 stock exchanges, will form a would not be allowed to buy The report captured atten- cent. Therefore, even if the closing price of BGI shares said the letter contains false percent on Wednesday, clos- group to work on detailed dual-class shares last Satur- tion in both the media and DNA test shows low risk, he on Wednesday at the information. ing at 82.98 yuan. rules of including the compa- day. The bourse said many the capital market. As a advised pregnant women to Shenzhen bourse In order to “enhance inves- Yet another factor that nies with dual-class struc- investors do not understand result, the Shenzhen-based also conduct an amniocente- tors’ confidence”, BGI’s execu- pulled down share prices was tures in southbound trading the risks associated with new company’s stock fell by the 10 sis to confirm the findings. tives, including the the expiry of the lock-in peri- under the Stock Connect, products. percent daily limit on Mon- The amniocentesis test company’s general manager, od for more than 51 percent of according to a statement Charles Li Xiaojia, CEO of day and Tuesday. That was alone could work because it quate, Cheung said. chief operations officer and its total share capital — worth from Hong Kong Exchanges HKEX, flew to Beijing on despite BGI’s statement on has been in clinical applica- The DNA-test is not the deputy general managers, roughly about 33.2 billion and Clearing Ltd. Monday night, paving the Monday that the boy’s defects tion for a long time and the only doubt about the compa- increased their holdings of yuan, according to latest clos- Dual-class share structures way for Chinese mainland were not included within the data provided are more ade- ny’s credibility. Suspicions the stock. The total value is ing prices. allow for weighted voting institutional and retail rights. investors to invest in Xiao- The three bourses will also mi, as well as other future an HQ will depend on a lot an upgraded version of the set up a joint working group Hong Kong-listed compa- factors, such as broad corpo- brand’s best-selling GS4 SUV, to formulate specific pro- nies with this kind of share GAC plans Detroit R&D center rate strategies, key partners, with multiple smart technolo- grams and supplementary structure. where a manufacturing facili- gy enhancements for a stay- rules for the inclusion of The city opened its door for By PAUL WELITZKIN noted in an email that GAC’s ty will be and government connected mobile lifestyle. dual-class structure compa- founders to protect their in New York center comes after the compa- relations,” said Hong. “The new GS4 marks the nies in Stock Connect trad- more heavily weighted voting paulwelitzkin@ ny opened an R&D facility in $4.45 “It’s a very dynamic envi- beginning of GAC Motor’s ing. rights in April. Since then, chinadailyusa.com California’s Silicon Valley in ronment for US-China auto new approach to facing the “Although detailed infor- Xiaomi has suffered a num- 2017. million investments, and I believe challenges, opportunities and mation hasn’t been released, ber of setbacks after its IPO, Guangzhou Automobile “It’s significant, as GAC GAC will navigate with cau- cost of GAC’s planned R&D competition in the era of tech- it is very possible that Xiao- from pricing its shares at the Group Co Ltd, known as GAC, finally acknowledges the tion and make the right deci- facility in Detroit nological revolution and mi will gain approval for lower end of its pricing range, said it expects to create 62 importance and unique role a sion,” he added. industrial transformation,” investment via southbound to being excluded from the jobs at a $4.45 million traditional automotive state In China, GAC is making Yu Jun, president of GAC trading in the near future, MSCI Emerging Market research and development like Michigan could play for efforts to promote intelligent Motor, said in a news release. given the company’s market Index. facility it is building in the foreign automakers aiming to The State-owned company and internet-connected driv- “In the future, we will work capitalization has surpassed “Xiaomi won back market Detroit suburb of Farmington expand in the North Ameri- also suggested it was scouting ing technologies. GAC part- with leaders in digital tech- many other eligible securi- confidence when Hang Seng Hills in the United States. can market,” Hong said. out sites for a planned North nered with Tencent Holdings nology including Tencent, ties and its positive profit Indexes Co Ltd announced it GAC received a $500,000 At the North American American headquarters. Ltd last September and iFlytek and AutoNavi, to performance in the past few will include Xiaomi in the grant from the Michigan Stra- International Auto Show in “An R&D center and/or unveiled its iSPACE electric bring about more break- years,” said Castor Pang Wai- Hang Seng Composite Index,” tegic Fund in June to help Detroit last January, GAC said eventually its North Ameri- concept car equipped with throughs in the field of smart sun, head of research at Core Pang said. “And today’s fresh build the center. it would enter the US market can headquarters in a winter Tencent’s AI in Car system. driving,” he said. Pacific-Yamaichi Interna- drive from the city’s (Hong Qiang Hong, researcher at sometime next year with the state (like Michigan) could The company’s subsidiary tional. Kong’s) stock exchange market analysis firm the Cen- GS8, a midsize SUV that is also help its global product GAC Motor released its new Cao Yingying in Beijing As the first Hong Kong-list- embodies investment demand ter for Automotive Research, already on sale in China. development. The selection of Qiyun smart SUV last month, contributed to the story. ed company with a dual-class from both sides”. Daily Stock Market Performance GainersGainers and andLosers Losers International Stock Markets Daily YTD Daily Daily Daily YTD % Chg Index Close % Chg % Chg GAINERS Close % Chg LOSERS Close % Chg Close % Chg –10% 0% +10% Shanghai Stock Exchange Composite Index 2787.26 –0.4 –15.7 Shanghai Stock Exchange Hang Seng Index 28,117.42 –0.2 3600 Huafang Ltd Co 4.68 10.12 HenanOrntlSlvrStrInvst 21.07 –10.00 Hang Seng China Ent Index 10,578.46 –0.1 ZhenhaiPetrochemiclEng 14.91 10.04 Veken Technology Co 5.64 –8.14 TAIEX Taiwan Stock Index 10,842.46 0.6 3300 Founder Technology 3.07 10.04 Guangzhou Yuetai Group 2.95 –8.10 Nikkei 225 22,794.19 0.4 NingxiaXinriHnglStlWre 7.04 10.00 Shenma Industry Co Ltd 18.00 –7.64 Sensex 36,362.02 –0.4 3000 Tibet Summit Resources 22.11 10.00 DynagreenEnvirProtectn 22.03 –7.32
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