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Support at 100 Day SMA; Regulatory Concerns Remained on Other Digital Platform Leaders

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Support at 100 Day SMA; Regulatory Concerns Remained on Other Digital Platform Leaders Investment Daily 13 April 2021 Major Market Indicators Market Overview 12 Apr 9 Apr 8 Apr Mkt. Turn.(mn) 160,700 141,700 281,100 Support at 100 Day SMA; Regulatory Concerns Remained on other Stock Advances 534 637 943 digital platform leaders Stock Declines 1,155 1,025 742 Hang Seng index opened up 93 points. However, due to tightening regulatory concern, HSI 28,453 28,699 29,008 Hang Seng index gradually retreated in the morning and stabilized in the afternoon, closing Change -246 -309 +333 at 28,453, down 245 points. H-shares index fell 102 points to 10,874, and Hang Seng Tech HSI Turn.($bn) 74.51 53.46 194.82 index declined 136 points to 8,169. Market turnover amounted to HK$160.7bn. AAC Tech HSCEI 10,875 10,977 11,109 (2018) issued a positive profit alert at the lunch break, triggering share price up 12.7%. Change -103 -132 +39 China’s regulator fined Rmb18.2bn on Alibaba (9988) due to its monopoly acts, but its HSCEI Turn.($bn) 75.21 54.29 193.04 share price rebounded 6.5% on lower-than-expected penalties. Geely (0175) was reported to involve in a consumption probe, with its share price down 7%, being the worst-performing blue-chip stock. HSI Technical Indicators Ahead of the major US enterprises announce the first quarter result, US stock market traded 10-days MA 28,530 50-days MA 29,204 within narrow range on Monday. The three major US index closed slightly lower with the 250-days MA 26,030 Nasdaq index fell 0.4% which performed the worst. Sector performances were mixed. 14-days RSI 45.72 Energy sector fell while consumer stocks and real estate stocks performed well. Primary resistance 29,000 On the other hand, US treasury yield continued its rebound, 10 Year US treasury rose 2 Primary support 28,196 basis points to 1.69%. Gold price turned weak, which fell 0.7% to US$1,733 per ounce. HS CEI Technical In dicators The regulatory pressure for Alibaba(9988) has been faded, after recording a Rmb18.2bn 10-days MA 10,990 antitrust fine, while its subsidiaries Ant Financial has agreed with the regulatory authority 50-days MA 11,394 to restructure its business. However, investors are concerned that the antitrust investigation 250-days MA 10,411 will switch to other digital platform leaders. Together with the weakness of A share market, 14-days RSI 42.03 Hong Kong stock market is likely to consolidate today. Hang Seng Index support is at 100 Primary resistance 11,087 Day SMA(28,196). Primary support 10,605 Hong Kong Stock Connect recorded net outflow of HK$2.5bn, of which, net sell mainly on HSI Futures Geely (0175) as municipal government meet with 13 auto manufacturers including Geely on consumer complaints. In fact, Geely 2020 financial results and recent sales are not too 12 Apr 9 Apr 8 Apr strong. Together with the weakness on EV concept stock, Geely share price was weak Apr 28,413 28,634 29,023 recently, major support at 250 Day SMA(HK$18.96). On the other hand, AAC Tech (2018) Volume 90,228 98,073 119,681 1Q21 rose 10x, which is much better than expectation. Share price rose sharply on Monday Open interests 105,900 109,589 112,708 with very high turnover. AAC Tech will continue to be short term market focus. May 28,246 28,460 28,857 Volume 516 239 171 Open interests 673 509 311 HSI Chart HSCEI Futures 12 Apr 9 Apr 8 Apr Apr 10,867 10,950 11,112 Volume 57,731 64,616 73,253 Open interests 155,079 156,238 155,267 May 10,809 10,891 11,060 Volume 576 600 65 Sources ：Google Open interests 1,776 1,427 889 Investment Daily Daily Focus China March Passenger Vehicle Wholesales Volume Grew 83% CPCA announced that March passenger vehicles wholesale volume was Great Wall Motor(2333) Info 1,838,000 which grew 61.6% MoM and 83.3% YoY. It dropped 4.6% Closed price 22.30 compared to March 2019. It was basically in line with expectation. Q121 wholesale volume was 5,004,000 which grew 77.2% YoY and declined Expected P/E (X) 19.5 Expected Dividend 2.9% compared to March 2019. 2.4 yield (%) March NEV wholesale volume was 202,000 which grew 1.01 times Mom 52 week high 31.46 and 2.61 times YoY. It beat expectation. March NEV retail penetration 52 week low 17.84 rate was 10.5% while that of Q1 was 8.6%. There was an obvious increase 14RSI 49.2 from 5.8% in 2020. NEV penetration rate of local brands was 20.5% while that of luxury cars was 15%. However, NEV penetration rate of mainstream JV brands was just 1.3%. For march sales volume of Hong Kong listed automobile firms, overall performance was not outstanding. March sales volume of BYD(1211), Geely(175) and GAC Motor(2238) grew 33.4%,37% and 57.6% YoY, which lagged the industry. Sales volume of Great Wall Motor(2333) grew 84.4% which was in line with market performance. In terms of 1Q21 performance, Great Wall Motor performance outperformed market which was 1.3 times YoY. BYD, GAC Motor and Geely growth was also slower than industry level. They grew 70%, 62.2% and 62% YoY. Forward looking 21Q2 sales volume, low base effect will fade gradually. And automobile brands remove inventory requirement. Dealers lack stocking incentives. CAAM mentioned that surge in raw material price increases cost pressure of automobile manufacturers. And chips supply shortage persists. CAAM expects that 21Q2 impact will be larger than 21Q1. And 21Q4 chip supply is expected to improve. Considering the above factors, sales volume growth is expected to decelerate in near term. In short term, Shanghai car exhibition will open in April 19. Major brands will announce new car models which may possibly serve as short term catalyst. For individual stocks, we prefer Great Wall Motor as its sales continues to outperform peers. And its product range is wide. NEV new models are widely accepted by young consumers. But chip shortage and concerns over increasing raw material price will continue to drag sector performance. Investors are suggested to take wait and see attitude. Analyst: Tracy Chan Lok Yee http://www.kgieworld.com 13 April 2021 2 Investment Daily Shanghai /Shenzhen -Hong Kong Stock Connect Statistics SH Connect SZ Connect Combined Southbound Balance (RMB bn) 46.75 50.83 84.48 Balance as % of Quota Amount 89.9 97.8 100.6 Top 10 Most Actively Traded Stocks(SH-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) TENCENT 700 1,074,162,450 1,312,083,570 2,386,246,020 MEITUAN-W 3690 312,645,220 791,120,815 1,103,766,035 CHINA MOBILE 941 420,642,825 598,548,300 1,019,191,125 SMIC 981 765,298,425 184,172,150 949,470,575 XIAOMI-W 1810 233,768,730 478,726,810 712,495,540 SMOORE INTL 6969 99,889,550 501,526,700 601,416,250 CNOOC 883 291,515,760 175,022,550 466,538,310 GEELY AUTO 175 91,871,520 358,158,300 450,029,820 SUNNY OPTICAL 2382 106,168,010 177,804,580 283,972,590 AAC TECH 2018 202,793,100 43,174,275 245,967,375 Sources: HKEx Top 10 Most Actively Traded Stocks(SZ-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) TENCENT 700 790,124,550 534,587,192 1,324,711,742 MEITUAN-W 3690 471,024,960 509,603,189 980,628,149 GEELY AUTO 175 164,621,920 615,276,540 779,898,460 XIAOMI-W 1810 404,825,570 259,015,071 663,840,641 SMIC 981 324,694,700 164,098,075 488,792,775 CHINA MOBILE 941 261,519,200 147,040,458 408,559,658 SMOORE INTL 6969 237,171,650 158,148,600 395,320,250 WEIMOB INC 2013 86,021,880 276,435,785 362,457,665 SUNNY OPTICAL 2382 142,157,340 192,537,770 334,695,110 WUXI BIO 2269 80,595,475 194,898,175 275,493,650 Sources: HKEx Other Statistics Ten Most Actively Traded Stocks Stock Name Code Change Closed Price Turnover(Million) BABA-SW 9988 6.51% 232.20 181.47 TENCENT 700 -1.13% 613.50 170.84 MEITUAN-W 3690 -5.03% 298.20 74.26 XIAOMI-W 1810 -2.92% 24.95 36.05 SMIC 981 -3.82% 25.20 25.10 GEELY AUTO 175 -7.05% 19.24 22.01 AAC TECH 2018 12.67% 44.90 20.87 PING AN 2318 -0.33% 90.90 18.81 JD-SW 9618 -2.15% 309.20 16.71 CHINA MOBILE 941 -0.20% 50.15 16.37 http://www.kgieworld.com 13 April 2021 3 Investment Daily Ten Short Sell Stocks Stock Name Code Short Selling Turnover Short Selling Ratio Turnover BABA-SW 09988.HK 3.07B 18.15B 16.93% TRACKER FUND 02800.HK 1.60B 2.66B 60.20% MEITUAN-W 03690.HK 1.52B 7.43B 20.51% TENCENT 00700.HK 1.39B 17.08B 8.12% XIAOMI-W 01810.HK 612.87M 3.60B 17.00% PING AN 02318.HK 558.19M 1.88B 29.68% JD-SW 09618.HK 467.43M 1.67B 27.97% CCB 00939.HK 396.94M 1.35B 29.40% WUXI BIO 02269.HK 345.97M 1.21B 28.56% KUAISHOU-W 01024.HK 345.72M 969.84M 35.65% Source: AA Stocks Economic Calendars Date Country Event Survey Prior Tue US Mar.
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