STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016
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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). -
Shanghai Municipal Commission of Commerce Belt and Road Countries Investment Index Report 2018 1 Foreword
Shanghai Municipal Commission of Commerce Belt and Road Countries Investment Index Report 2018 1 Foreword 2018 marked the fifth year since International Import Exposition Municipal Commission of Commerce, President Xi Jinping first put forward (CIIE), China has deepened its ties releasing the Belt and Road Country the Belt and Road Initiative (BRI). The with partners about the globe in Investment Index Report series Initiative has transformed from a trade and economic development. to provide a rigorous framework strategic vision into practical action President Xi Jinping has reiterated at for evaluating the attractiveness during these remarkable five years. these events that countries should of investing in each BRI country. enhance cooperation to jointly build Based on extensive data collection There have been an increasing a community of common destiny and in-depth analysis, we evaluated number of participating countries for all mankind , and the Belt and BRI countries' (including key and expanding global cooperation Road Initiative is critical to realizing African nations) macroeconomic under the BRI framework, along with this grand vision. It will take joint attractiveness and risks, and identified China's growing global influence. By efforts and mutual understanding to key industries with high growth the end of 2018, China had signed overcome the challenges ahead. potential, to help Chinese enterprises BRI cooperation agreements with better understand each jurisdiction's 122 countries and 29 international Chinese investors face risks in the investment environment. organizations. According to the Big BRI countries, most of which are Data Report of the Belt and Road developing nations with relatively The Belt and Road Country (2018) published by the National underdeveloped transportation and Investment Index Report 2017 Information Center, public opinion telecommunication infrastructures. -
Global Offering
(Incorporated in the Cayman Islands with limited liability) Stock Code: Global Offering Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Leadad ManagersManagers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Project A_PPTUS cover(Eng) Cover size: 210 x 280mm / Open size: 445.3 x 280mm / Spine width: 25.3mm IMPORTANT If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. (Incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under : 550,000,000 Shares (subject to the Over- the Global Offering allotment Option) Number of Hong Kong Offer Shares : 27,500,000 Shares (subject to reallocation) Number of International Offer Shares : 522,500,000 Shares (including 55,000,000 Reserved Shares under the Preferential Offering) (subject to reallocation and the Over-allotment Option) Maximum Offer Price : HK$22.30 per Share plus brokerage of 1.0%, SFC transaction levy of 0.0027% and the Hong Kong Stock Exchange trading fee of 0.005% (payable in full on application, subject to refund) Nominal value : US$0.00001 per Share Stock code : 1209 Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, 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 prospectus. -
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 -
Company Report: Longfor Properties (00960 HK) Van Liu 刘斐凡 Equity Research Equity 公司报告:龙湖地产 (00960 HK) +86 755 23976672 [email protected]
股 票 研 究 Company Report: Longfor Properties (00960 HK) Van Liu 刘斐凡 Equity Research Equity 公司报告:龙湖地产 (00960 HK) +86 755 23976672 [email protected] 28 March 2017 Benign Prospective Fundamentals with Strong Contracted Sales, Reiterate "Buy" 强劲合约销售下的良好基本面展望,重申“买入” 公 2016 underlying net profit missed our expectation. Top line increased by 司 Rating: Buy 15.6% YoY to RMB54,799 mn. Underlying net profit increased 7.0% YoY to Maintained 报 RMB8,169 mn. 评级: 买入 维持 ( ) 告 The Company is expected to have sustainable revenue growth with Company Report Company stable margins. Contracted sales are likely to experience fast growth despite 目标价 policy tightening. Rental income is expected to grow fast. In addition, a quality 6-18m TP : HK$15.07 Revised from 原目标价: HK$13.22 land bank, appropriate unit land cost (27.6% of ASP in 2016) and low funding costs could result in stable margins. 股价: HK$13.120 Share price The Company is expected to maintain a healthy financial position. We estimate net gearing ratios to gradually decline in 2017-2019 and to maintain Stock performance below 60.0%. 股价表现 We think that Longfor deserves a low NAV discount. We revise up our target price from HK$13.22 to HK$15.07, representing a 24% discount to its 2017E 证 NAV, 7.0x 2017 underlying PER and 1.1x 2017 PBR. Therefore, we reiterate "Buy". Risk: lower-than-expected contracted sales and absent rental income 券 growth. 研 究 2016 年核心净利低于预期。总收入同比增长 15.6%到人民币 54,799 百万元。核心净利同 比上升 7.0%到人民币 8,169 百万元。 报 公司预计获得在稳定利润率下的可持续收入增长。尽管政策收紧但合约销售很有可能快速 告 增长。租金收入将快速增长。另外,有质量的土储,合适的单位土地成本(2016 年销售单 Equity Research Report Research Equity 价的 )以及低的财务成本能导致稳定的利润率。 27.6% 公司能够维持一个健康的财务状况。我们预测净资产负债率在 2017-2019 年逐渐降低并维 Change in Share Price 1 M 3 M 1 Y 股价变动 1 个月 3 个月 1 年 持在 60.0%以下。 Abs. -
Hang Lung Properties Wait with Patience
30 May 2018 Hong Kong EQUITIES Hang Lung Properties 101 HK Neutral Wait with patience Price (at 06:50, 30 May 2018 GMT) HK$17.96 Valuation HK$ 33.32 Key points - DCF (WACC 7.7%, beta 1.1, ERP 6.0%, RFR 1.5%) Acquired a land king in Hangzhou with good growth potential 12-month target HK$ 18.43 Large cost leads to slim yield, and long investment period impacts NAV Upside/Downside % +2.6 12-month TSR % +6.8 Benefit from strong retail sales but renovations temporarily hurt Volatility Index Low GICS sector Real Estate Event Market cap HK$m 80,779 We believe the acquisition of the new land king gives the company a good Market cap US$m 10,296 opportunity to ride on the strong retail growth and development of a quasi tier- Free float % 42 1 city. We believe the Hangzhou mall can charge the highest unit rental at 30-day avg turnover US$m 7.8 Rmb700 psm/mth among Hang Lung’s mainland shopping malls except for Number shares on issue m 4,498 Shanghai projects, which are charging more than Rmb1,500. However, as it will take six years to complete in 2024 and total investment cost could be as Investment fundamentals high as Rmb19bn with a 4-5% gross yield, the acquisition should negatively Year end 31 Dec 2017A 2018E 2019E 2020E impact the earnings, cash flow and NAV in recent years. Some previous Revenue m 11,199 10,721 11,107 9,449 EBIT m 7,330 7,452 7,704 6,020 projects have had a long development cycle for five to nine years and EBIT growth % -11.8 1.7 3.4 -21.9 experienced disappointing rentals. -
Hang Lung Properties Version 9 | Bloomberg: 101 HK EQUITY | Reuters: 101.HK Refer to Important Disclosures at the End of This Report
China / Hong Kong Company Guide Hang Lung Properties Version 9 | Bloomberg: 101 HK EQUITY | Reuters: 101.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 31 Jul 2019 BUY Retail sales growth gathering Last Traded Price ( 30 Jul 2019):HK$18.64 (HSI : 28,147) momentum Price Target 12-mth: HK$22.38 (20.1% upside) (Prev HK$20.35) BUY with HK$22.38 TP. The stock is trading at a 49% discount to Analyst our estimated current NAV and offers an attractive dividend yield Jeff YAU CFA, +852 36684180 [email protected] of 4.0% for FY19. Stellar tenants’ sales growth at its retail malls in Ian CHUI +852 36684174 [email protected] Jason LAM +852 36684179 [email protected] China augurs well for reversionary growth. Portfolio expansion and asset enhancement initiatives should provide additional What’s New momentum to drive rental income, offering better earnings quality • Improving retail tenants’ sales to underpin and in turn providing share price upside. HLP is among our preferred landlords. BUY with HK$22.38 TP. reversionary growth Portfolio expansion to lift rental income. The progressive opening • New properties to spice up rental earnings of new properties in Kunming, Wuhan, Wuxi, and Shenyang in • BUY with HK$22.38 TP 2019-20 should give an additional boost to Hang Lung Properties’ recurrent earnings growth, and its ability to raise dividends. Pre- leasing at Spring City 66 in Kunming is progressing smoothly, with Price Relative 88% of retail space already pre-committed. This mall is scheduled to open for business in late Aug. -
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. -
FIDELITY SALEM STREET TRUST Form NPORT-P Filed 2021-03-17
SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2021-03-17 | Period of Report: 2021-01-31 SEC Accession No. 0001752724-21-055741 (HTML Version on secdatabase.com) FILER FIDELITY SALEM STREET TRUST Mailing Address Business Address 245 SUMMER STREET 245 SUMMER STREET CIK:35315| IRS No.: 000000000 | State of Incorp.:MA | Fiscal Year End: 0430 BOSTON MA 02210 BOSTON MA 02210 Type: NPORT-P | Act: 40 | File No.: 811-02105 | Film No.: 21749300 617-563-7000 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Quarterly Holdings Report for Fidelity® SAI Emerging Markets Low Volatility Index Fund January 31, 2021 Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC. MLV-QTLY-0321 1.9892172.102 Schedule of Investments January 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks - 99.3% Shares Value Bailiwick of Jersey - 0.6% WNS Holdings Ltd. sponsored ADR (a) 133,901 $8,995,469 Bermuda - 1.3% China Resource Gas Group Ltd. 2,526,000 12,640,996 Shenzhen International Holdings Ltd. 3,307,714 5,452,241 TOTAL BERMUDA 18,093,237 Brazil - 0.2% Atacadao SA 902,600 3,140,970 Cayman Islands - 17.1% Anta Sports Products Ltd. 1,584,000 26,211,872 Bosideng International Holdings Ltd. 9,214,000 4,088,113 China Biologic Products Holdings, Inc. (a) 33,383 3,934,187 Hansoh Pharmaceutical Group Co. -
The Trade War and China's Oil and Gas Supply Security
HIGH ANXIETY: THE TRADE WAR AND CHINA’S OIL AND GAS SUPPLY SECURITY BY ERICA DOWNS NOVEMBER 2019 “If Oil Supplies Are Cut Off, How Much Oil Does China Have?” —Cover of the June 15, 2019, issue of China Petroleum & Petrochemical1 “Is China’s Oil Supply Still Secure?” —Cover of the August 15, 2018, issue of China Petroleum & Petrochemical2 Introduction In summer 2018, China’s president Xi Jinping, facing pressure from the US-China trade war, intervened in a long-running debate within China’s oil industry about the extent to which national security concerns or market forces should determine domestic oil and natural gas production. Xi effectively tipped the scales in favor of advocates of prioritizing self-sufficiency over cost as part of a broader push for self-reliance amidst trade tensions. As a result, China’s national oil companies (NOCs) are accelerating investment in domestic exploration and production. While this ramp-up in spending is likely to result in an increase in output, especially of natural gas, it is unlikely to alter China’s substantial and growing reliance on oil and natural gas imports. However, the trade war probably will continue to contribute to shifts in the composition of China’s import portfolio, with both traditional and new suppliers gaining shares as a result of the slowdown in the flows of US liquified natural gas (LNG) and crude oil to China and decreases in deliveries of Iranian and Venezuelan crudes due to US sanctions. Xi instructed China’s NOCs to ramp up domestic exploration and production of oil and natural gas to enhance national energy security in July 2018. -
Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 960)
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. Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 960) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2016 FINANCIAL SUMMARY • Contracted sales increased by 61.6% to RMB88.14 billion as compared with that of last year. • Revenue increased by 15.6% to RMB54.80 billion as compared with that of last year, of which the rental income from the property investment business increased by 35.2% to RMB1.91 billion. • Profit attributable to shareholders was RMB9.15 billion. Excluding effects, such as minority interest and valuation gains, core net profit increased by 11.8% to RMB7.76 billion as compared with that of last year. Gross profit margin increased by 1.7% to 29.1%. Core net profit margin attributable to shareholders was 14.2%. • The net debt to equity ratio (net debt divided by total equity) was 53.9%. Cash in hand was RMB17.36 billion. • Total consolidated borrowings amounted to RMB57.87 billion. Average cost of borrowing decreased from 5.74% to 4.92% per annum. Average maturity period of loan was 5.90 years. • Fully diluted earnings per share were RMB1.57. The Board recommends a final dividend of RMB0.466 per share, representing an increase of 30.5% as compared with that of last year. -
Ping an Insurance
Investment Daily 23 April 2021 Major Market Indicators Market Overview 22 Apr 21 Apr 20 Apr Mkt. Turn.(mn) 154,500 154,400 195,700 Focus on individual company performance; Eye on Golden Week Stock Advances 905 591 842 Concept Stock Stock Declines 756 1,075 796 Overnight US equities rose. Hong Kong stock market rose 133 points to 28,755. H-share HSI 28,755 28,622 29,136 Index rose 50 points to 10,939. Tech Index rose 94 points to 8,279. Market turnover was Change +133 -514 +30 HK$154.5 billion. Commodity stocks grew. Angang(347) and Maanshan Iron(323) gained HSI Turn.($bn) 55.63 75.47 113.52 5.2-9.8%. Healthcare sector rose. Innovent Bio(1801) and Ocumension-B(1477) gained HSCEI 10,939 10,889 11,086 4.7-13.6%. China Gas(384) announced share placement at discount. Share price failed to Change +51 -197 -7 keep above placement price HK$29.75. Share price plunged 11.3% and closed at HK$29. HSCEI Turn.($bn) 68.19 76.42 112.87 US initial weekly jobless claim fell further to 547,000, better than expectation, but it failed to provide much support to the US stock market on Thursday. Investors remained concerns HSI Technical Indicators on the surge of COVID 19 new cases in lots of countries including India. Media reports saying that US President Biden plans to propose nearly doubling the capital gains tax rate 10-days MA 28,793 50-days MA 29,178 for wealthy individuals, triggered a sell off on the US stock market in late session.