List of Hk Marginable Securities
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SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 01918)
THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt about any aspect of this circular or as to the action to be taken, you should consult your licensed securities dealer or registered institution in securities, bank manager, solicitor, professional accountant or other professional advisers. If you have sold or transferred all your shares in Sunac China Holdings Limited, you should at once hand this circular together with the enclosed form of proxy to the purchaser(s) or transferee(s) or to the bank, licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser(s) or transferee(s). Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, 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 circular. This circular appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities. SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 (incorporated in the Cayman Islands with limited liability) (Stock Code: 01918) (1) CONNECTED TRANSACTION — PROPOSED SHARE ISSUANCE UNDER SPECIFIC MANDATE AND (2) APPLICATION FOR WHITEWASH WAIVER Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders Capitalised terms used on this cover shall have the same meanings as those defined in the section headed “Definition” in this circular, unless the context requires otherwise. -
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. -
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. -
Annual Report
2020 (Incorporated in Hong Kong with limited liability) (Stock Code : 00656) Annual Report Profit Attributable to Owners of the Parent RMB 8,017.9 million Innovation & Win The year 2020 might be the most challenging year for Fosun, yet it was also the best year. After the pandemic, we continue with the “wartime mechanism” and maintain the fighting spirit that we have developed during the global combat against COVID-19. This has resulted in our resilient business performance throughout the year. The pandemic has also allowed us to refine further our capabilities of the Company accumulated over the years for “Industry Operations + Industrial Investment”, FC2M model, globalization and technology innovation. Fosun has thus evolved and become even stronger. The theme of Fosun’s annual report this year is “Innovation & Win”. “Innovation” means Fosun always attaches great importance to innovation. We recognize that we can create world-class products only by increasing investment in innovation and R&D. It is also because of our investment in technology innovation in various industries over the years, as well as leveraging on Fosun’s diversified and globalized business portfolio, the development model of “Industry Operations + Industrial Investment”, and the “wartime” mode that it has upkept since the battle against the pandemic, that together effectively defended the impact brought by the external environment and brought the Group a resilient performance, thereby creating mutually beneficial and win-win situation to all stakeholders. The year 2021 is a new starting point for Fosun’s transformation. Facing the huge opportunities in the industrial internet era, we will continue to create good products and put the operation of customers (C-end) as our top priority to fully unlock the multiplier growth of good products and customer resources in Fosun’s ecosystem. -
Biontech and Fosun Pharma Receive Authorization for Emergency Use in Hong Kong for COVID-19 Vaccine
BioNTech and Fosun Pharma Receive Authorization for Emergency Use in Hong Kong for COVID-19 Vaccine January 25, 2021 COMIRNATY® (also known as BNT162b2, Chinese product name: 復必泰TM) is the first COVID-19 vaccine to receive Authorization for Emergency Use in Hong Kong MAINZ, GERMANY, and SHANGHAI, CHINA, January 25, 2021 —BioNTech SE (Nasdaq: BNTX, “BioNTech” or “the Company”) and Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun Pharma” or “Group”; Stock Code: 600196.SH, 02196.HK) today announced that according to the Food and Health Bureau of the Hong Kong Special Administrative Region of the PRC (“Hong Kong”), the COVID-19 vaccine COMIRNATY® (also known as BNT162b2, Chinese product name: 復必泰TM) based on BioNTech’s proprietary mRNA technology has received authorization for emergency use in Hong Kong. The vaccine will be produced in BioNTech’s manufacturing facilities in Germany and supplied to Hong Kong for administration under the Hong Kong SAR Government’s COVID-19 Vaccination Program. “We are excited and encouraged that COMIRNATY® has been authorized to emergency use in Hong Kong. This is an important milestone in the joint efforts of BioNTech and Fosun Pharma to achieve vaccine accessibility globally. We will continue working closely with BioNTech to complete the ongoing clinical trial and marketing registration in Greater China,” Wu Yifang, Chairman and CEO of Fosun Pharma said. “We will also cooperate closely with HKSAR regarding vaccination deployment plan to ensure that Hong Kong citizens can receive a well-tolerated and effective mRNA COVID-19 vaccine as soon as possible in order to protect the health of millions of households.” On 16 March 2020, BioNTech and Fosun Pharma announced a strategic collaboration to work jointly on the development and commercialization of a COVID-19 vaccine product in Greater China based on BioNTech’s proprietary mRNA technology platform. -
Gemdale Properties and Investment Corporation Limited 金地商置集團有限公司* (Incorporated in Bermuda with Limited Liability) (Stock Code: 535)
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. Gemdale Properties and Investment Corporation Limited * 金地商置集團有限公司 (Incorporated in Bermuda with limited liability) (Stock Code: 535) DISCLOSEABLE TRANSACTION DISPOSAL OF 74% OF A SUBSIDIARY DISPOSAL OF 74% OF A SUBSIDIARY The Board announces that, on 12 July 2018, One Polaris, Shenzhen Weixin, Fainmark and Nanjing Jiqingfeng (all of which are indirect wholly-owned subsidiaries of the Company, as the Vendors) and Perfect Area, Shanghai Hongxing, Xuzhou Vanke and Charm Silver (collectively, as the Purchasers) entered into the Agreement in relation to the Disposal. Upon completion of the Disposal, the Group’s effective equity interest in the Target Company will be reduced from 100% to 26% and the Target Company will be under the joint control of the parties to the Agreement. Therefore, the Target Company will cease to be accounted for as a subsidiary of the Company and will be accounted for as a joint venture of the Group. The financial results of the Target Company will no longer be consolidated into the consolidated financial statements of the Group. LISTING RULES IMPLICATIONS As one the applicable percentage ratios (as defined under the Listing Rules) exceed 5% but are less than 25%, the entering into of the Agreement and the transactions contemplated thereunder (including the consideration) constitutes a discloseable transaction of the Company and is subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules. -
China Reits Property Landlords to Shine 19
SECTOR BRIEFING number DBS Asian Insights DBS Group59 Research • May 2018 China REITs Property Landlords to Shine 19 DBS Asian Insights SECTOR BRIEFING 59 02 China REITs Property Landlords to Shine Ken HE Equity Analyst DBS (Hong Kong) [email protected] Carol WU Head of Greater China Research DBS (Hong Kong) [email protected] Danielle WANG CFA Equity Analyst DBS (Hong Kong) [email protected] Derek TAN Equity Analyst DBS Group Research [email protected] Jason LAM Equity Analyst DBS (Hong Kong) [email protected] Produced by: Asian Insights Office • DBS Group Research go.dbs.com/research @dbsinsights [email protected] Goh Chien Yen Editor-in-Chief Jean Chua Managing Editor Martin Tacchi Art Director 19 DBS Asian Insights SECTOR BRIEFING 59 03 04 Executive Summary 08 China REITs Are Lagging Edging Towards Onshore REITs Major Obstacles in Fostering 18 an Onshore REIT Regime CMBS/CMBNs Are Growing Faster C-REITs Are Imminent Which Asset Type Will Benefit 28 More? Modern Logistics Properties The Rise of Active Property Asset Management Which Developer Will Benefit From the Establishment of C-REITs? 49 Appendix DBS Asian Insights SECTOR BRIEFING 59 04 Executive Summary No REIT regime yet he real estate investment trust (REIT) has become an important investment vehicle as evidenced by its separation from the financial sector in the Global Industry Classification Standard as a sector on its own. Major Asian countries/regions have joined western countries to kickstart local versions of REITs, leaving China the last Tbig economy that has yet to have such an investment vehicle. Two major technical In our view, removing legislative obstacles (publicly traded funds are not allowed to obstacles hold commercial properties) is the first step that the government needs to take towards establishing a modern REIT regime. -
ACAL China Equity Nov17
ARETE CAPITAL ASIA CHINA: VALUE IN SELECTED NAMES CHINA EQUITY – OVERVIEW CHINA IS TAKING ITS PLACE ON THE WORLD STAGE • China is a critical player in the world economy and is the worlds largest economy on a purchasing power parity basis. • Xi’s position has been reinforced for the next 5yrs and possibly beyond. The new leadership will retain existing key policies with a focus on economic reform and an emphasis on foreign policy. ECONOMIC TRANSFORMATION WELL UNDERWAY • ‘Smokestack’ industries (coal, aluminium and steel) and ‘providing for populace’ businesses (consumer staples and healthcare) are no longer so dominant and being overtaken by manufacturers and service companies. • In many cases, these new ‘service’ industries are redefining business models in established sectors • The China government has selected and carefully encouraged special policies/industries to have Chinese operations challenge the established order – internally and externally INVESTMENT OPPORTUNITIES EXIST • Amongst the many transformations taking place in China, there are numerous great investment opportunities. We do not recommend an index, but selected stocks • Some of these stocks have made significant gains over the last 12months, but there is still more to come 2 CONTENT OVERVIEW ECONOMY Economy Issues Diversification 4 5 6 Equities Remninbi VALUATIONS 7 8 SITUATIONS MiddlePORTFOLIO Class ecosystem ADVISORY 9 10 SELECTED STOCKS Preferred 11 Valuations 13 3 CHINA – ECONOMY CHINA’s ECONOMIC GROWTH REMAINS RESILIENT … • IMF forecasts (not a leading indicator) -
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. -
Hang Seng Indexes Announces Index Review Results
14 August 2020 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Company Limited (“Hang Seng Indexes”) today announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 30 June 2020. All changes will take effect on 7 September 2020 (Monday). 1. Hang Seng Index The following constituent changes will be made to the Hang Seng Index. The total number of constituents remains unchanged at 50. Inclusion: Code Company 1810 Xiaomi Corporation - W 2269 WuXi Biologics (Cayman) Inc. 9988 Alibaba Group Holding Ltd. - SW Removal: Code Company 83 Sino Land Co. Ltd. 151 Want Want China Holdings Ltd. 1088 China Shenhua Energy Co. Ltd. - H Shares The list of constituents is provided in Appendix 1. The Hang Seng Index Advisory Committee today reviewed the fast expanding innovation and new economy sectors in the Hong Kong capital market and agreed with the proposal from Hang Seng Indexes to conduct a comprehensive study on the composition of the Hang Seng Index. This holistic review will encompass various aspects including, but not limited to, composition and selection of constituents, number of constituents, weightings, and industry and geographical representation, etc. The underlying aim of the study is to ensure the Hang Seng Index continues to serve as the most representative and important benchmark of the Hong Kong stock market. Hang Seng Indexes will report its findings and propose recommendations to the Advisory Committee within six months. The number of constituents of the Hang Seng Index may increase during this period. Hang Seng Indexes Announces Index Review Results /2 2. -
China Jinmao (817 HK) China Jinmao
China Financials 26 July 2016 China Jinmao (817 HK) China Jinmao Target price: HKD2.97 Share price (25 Jul): HKD2.26 | Up/downside: +31.4% Initiation: access to prime assets Cynthia Chan (852) 2773 8243 One of the few to have exposure to primary development in tier-2 cities [email protected] A proven brand in high-end housing; growing rentals in tier-1 cities Jonas Kan, CFA (852) 2848 4439 [email protected] Initiating with Buy (1) rating and 12-month target price of HKD2.97 Investment case: We initiate coverage of China Jinmao, the real estate Share price performance flagship of stated-owned Sinochem Corporation, with a Buy (1) call. We (HKD) (%) see China Jinmao as one of the few China developers with a differentiated 2.7 120 2.5 110 and sustainable business model, proven expertise in the primary land 2.2 100 development business in major tier-2 cities (Nanjing and Changsha), and a 2.0 90 sound reputation for high-end residential projects in upper-tier cities 1.7 80 (especially Beijing and Shanghai). Moreover, earnings should be backed by Jul-15 Oct-15 Jan-16 Apr-16 solid and growing recurrent income from several prime rental properties Franshion (LHS) Relative to HSI (RHS) and hotels, many of which are located in core areas of tier-1 cities. 12-month range 1.74-2.66 We believe China Jinmao’s primary development business differentiates it Market cap (USDbn) 3.10 3m avg daily turnover (USDm) 1.49 from other developers, especially at a time when property development Shares outstanding (m) 10,672 margins are shrinking and profitability is becoming harder to maintain.