STOXX Hong Kong All Shares 50 Last Updated: 01.04.2015
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Buy Kunlun Energy
23 August 2017 Utilities Kunlun Energy Deutsche Bank Markets Research Rating Company Date Buy Kunlun Energy 23 August 2017 Results Asia China Reuters Bloomberg Exchange Ticker Price at 21 Aug 2017 (HKD) 7.45 Utilities 0135.HK 135 HK HSI 0135 Price target - 12mth (HKD) 8.50 Utilities 52-week range (HKD) 7.95 - 5.55 HANG SENG INDEX 27,155 Core profit growth in line; robust volume with slightly lower margin Valuation & Risks Kunlun's 1H17 core net profit rose by 14% yoy to Rmb2.7bn, in line with our Hanyu Zhang expectations and accounting for 58/62% of DBe/consensus full year forecast. Research Analyst Volume was as strong as expected with 12-184% yoy growth in four gas related +852-2203 6207 segments. Similar with gas utilities peers, Kunlun recorded a Rmb2cents/cm Michael Tong, CFA yoy (flat hoh) decline in EBITDA margin for gas sales segment due to market competition and failure to pass through PetroChina's winter citygate price hike. Research Analyst Mgmt expect the volume momentum to continue and margins to recover a bit +852-2203 6167 HoH in 2H17. Kunlun is the beneficiary of China's structural growth in both piped gas and the LNG value chain and is trading at an undemanding valuation of 11x Price/price relative 2018E P/E. Maintain Buy. 10 7.5 By segment results review 5 Kunlun's 1H17 reported net profit was flat yoy at Rmb2.4bn. If adding back 2.5 Rmb325mn attributable impairment loss, core net profit rose by 14% yoy to Jan '16 Jul '16 Jan '17 Jul '17 Rmb2.7bn. -
Credit Trend Monitor: Earnings Rising with GDP; Leverage Trends Driven by Investment
CORPORATES SECTOR IN-DEPTH Nonfinancial Companies – China 24 June 2021 Credit Trend Monitor: Earnings rising with GDP; leverage trends driven by investment TABLE OF CONTENTS » Economic recovery drives revenue and earnings growth; leverage varies. Rising Summary 1 demand for goods and services in China (A1 stable), driven by the country's GDP growth, Auto and auto services 6 will benefit most rated companies this year and next. Leverage trends will vary by sector. Chemicals 8 Strong demand growth in certain sectors has increased investment requirements, which in Construction and engineering 10 turn could slow some companies’ deleveraging efforts. Food and beverage 12 Internet and technology 14 » EBITDA growth will outpace debt growth for auto and auto services, food and Metals and mining 16 beverages, and technology hardware. As a result, leverage will improve for rated Oil and gas 18 companies in these sectors. A resumption of travel, outdoor activities and business Oilfield services 20 operations, with work-from-home options, as the coronavirus pandemic remains under Property 22 control in China will continue to drive demand. Steel, aluminum and cement 24 Technology hardware 26 » Strong demand and higher pricing will support earnings growth for commodity- Transportation 28 related sectors. These sectors include chemicals, metals and mining, oil and gas, oilfield Utilities 30 services, steel, aluminum and cement. Leverage will improve as earnings increase. Carbon Moody's related publications 32 transition may increase investments for steel, aluminum and cement companies. But List of rated Chinese companies 34 rated companies, which are mostly industry leaders, will benefit in the long term because of market consolidation. -
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. -
China and IMO 2020
December 2019 China and IMO 2020 OIES PAPER: CE1 Michal Meidan The contents of this paper are the author’s sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its members. Copyright © 2019 Oxford Institute for Energy Studies (Registered Charity, No. 286084) This publication may be reproduced in part for educational or non-profit purposes without special permission from the copyright holder, provided acknowledgment of the source is made. No use of this publication may be made for resale or for any other commercial purpose whatsoever without prior permission in writing from the Oxford Institute for Energy Studies. ISBN : 978-1-78467-154-9 DOI: https://doi.org/10.26889/9781784671549 2 Contents Contents ................................................................................................................................................. 3 Introduction ........................................................................................................................................... 2 I. Background: IMO 2020 .................................................................................................................. 3 II. China: Tough government policies to tackle shipping emissions… ....................................... 5 III. ...but a relatively muted response from refiners ..................................................................... 7 a. A tale of two bunker markets ....................................................................................................... -
Negativliste. Fossil Energi
Bilag 6. Negativliste. Fossil energi Maj 2017 Læsevejledning til negativlisten: Moderselskab / øverste ejer vises med fed skrift til venstre. Med almindelig tekst, indrykket, er de underliggende selskaber, der udsteder aktier og erhvervsobligationer. Det er de underliggende, udstedende selskaber, der er omfattet af negativlisten. Rækkeetiketter Acergy SA SUBSEA 7 Inc Subsea 7 SA Adani Enterprises Ltd Adani Enterprises Ltd Adani Power Ltd Adani Power Ltd Adaro Energy Tbk PT Adaro Energy Tbk PT Adaro Indonesia PT Alam Tri Abadi PT Advantage Oil & Gas Ltd Advantage Oil & Gas Ltd Africa Oil Corp Africa Oil Corp Alpha Natural Resources Inc Alex Energy Inc Alliance Coal Corp Alpha Appalachia Holdings Inc Alpha Appalachia Services Inc Alpha Natural Resource Inc/Old Alpha Natural Resources Inc Alpha Natural Resources LLC Alpha Natural Resources LLC / Alpha Natural Resources Capital Corp Alpha NR Holding Inc Aracoma Coal Co Inc AT Massey Coal Co Inc Bandmill Coal Corp Bandytown Coal Co Belfry Coal Corp Belle Coal Co Inc Ben Creek Coal Co Big Bear Mining Co Big Laurel Mining Corp Black King Mine Development Co Black Mountain Resources LLC Bluff Spur Coal Corp Boone Energy Co Bull Mountain Mining Corp Central Penn Energy Co Inc Central West Virginia Energy Co Clear Fork Coal Co CoalSolv LLC Cobra Natural Resources LLC Crystal Fuels Co Cumberland Resources Corp Dehue Coal Co Delbarton Mining Co Douglas Pocahontas Coal Corp Duchess Coal Co Duncan Fork Coal Co Eagle Energy Inc/US Elk Run Coal Co Inc Exeter Coal Corp Foglesong Energy Co Foundation Coal -
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. -
Hang Seng Indexes Announces Index Review Results
25 February 2016 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 31 December 2015. All changes will be effective on 14 March 2016 (Monday). 1. Hang Seng Index The following constituent changes will be made to the Hang Seng Index. The total number of constituents is fixed at 50. Inclusion: Code Company FAF (%) Sub-Index Cheung Kong Infrastructure 1038 25 Utilities Holdings Ltd. Removal: Code Company FAF (%) Sub-Index China Resources Beer 291 50 Commerce & Industry (Holdings) Co. Ltd. The list of constituents is provided in Appendix 1. 2. Hang Seng China Enterprises Index There is no change to the constituents of the Hang Seng China Enterprises Index. The total number of constituents is fixed at 40. The list of constituents is provided in Appendix 2. 3. Hang Seng Composite LargeCap & MidCap Index The following constituent changes will be made to the Hang Seng Composite LargeCap & MidCap Index. The total number of constituents will increase from 280 to 299. more… HANG SENG INDEXES ANNOUNCES INDEX REVIEW RESULTS/ 2 Inclusion: Code Company 10 Hang Lung Group Ltd. 109 Good Resources Holdings Ltd. 136 HengTen Networks Group Ltd. 400 Cogobuy Group 405 Yuexiu Real Estate Investment Trust 607 Fullshare Holdings Ltd. 715 China Oceanwide Holdings Ltd. 911 Hang Fat Ginseng Holdings Co. Ltd. 958 Huaneng Renewables Corporation Ltd. - H Shares 1071 Huadian Power International Corporation Ltd. - H Shares 1282 China Goldjoy Group Ltd. 1308 SITC International Holdings Co. -
Board Appointment the Hong Kong and Shanghai Banking Corporation
News Release 23 November 2020 BOARD APPOINTMENT THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED The Hongkong and Shanghai Banking Corporation Limited has appointed Cheng Chi Man (Sonia Cheng) as an Independent Non-executive Director of the Bank. Ms Cheng is currently the Chief Executive Officer of Rosewood Hotel Group. She is an executive director of New World Development Company Limited and a non-executive director of Chow Tai Fook Jewellery Group Limited, both listed on The Stock Exchange of Hong Kong Limited. She is also a director of New World China Land Limited. Laura Cha, Chairman of the Board of The Hongkong and Shanghai Banking Corporation, commented: “Sonia’s wealth of experience in our key markets of Hong Kong and mainland China will be a great fit to the Board of The Hongkong and Shanghai Banking Corporation, the flagship Asian entity of the HSBC Group. Her proven expertise in spearheading global expansion of her hotel brands will also bring value to our internationally focused business.” Ms Cheng will also be a member of The Hongkong and Shanghai Banking Corporation Limited’s Risk Committee. ends/more This news release is issued by Registered Office and Head Office: The Hongkong and Shanghai Banking 1 Queen’s Road Central, Hong Kong SAR Web: www.hsbc.com.hk Corporation Limited Incorporated in the Hong Kong SAR with limited liability Note to editors: Photo Caption Sonia Cheng has been appointed Independent Non-executive Director of The Hongkong and Shanghai Banking Corporation Limited. The Hongkong and Shanghai Banking Corporation Limited The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. -
ENGAGEMENT REPORT: OCT 20–MAR 21 Energy to Partner with Petrochina’S Treasury Function
Semiannual Commentary Oct 20 – Mar 21 AB GLOBAL EQUITY BLEND PORTFOLIO ENGAGEMENT REPORT: OCT 20–MAR 21 Energy to partner with PetroChina’s treasury function. In this During the six-month period ending in March, AB portfolio partnership, PetroChina Finance acts as an internal bank for its managers and analysts engaged with the senior management subsidiaries, aggregating cash and lending it to them at a lower and/or boards of directors of companies held by the AB Global rate. In 2019, Kunlun Energy met with European clients on ESG Equity Blend Portfolio on a range of subjects including modern and, as a result, has increased its focus on ESG-related topics. slavery, labor disputes and talent management. We engaged with management at Kunlun Energy to discuss the recent transaction as well as to check on the status of the Summary reports of a selection of our engagements with company’s ESG initiatives. companies during the period follow. Management explained that, given the nature of its business as a EXAMPLES ON ENVIRONMENTAL, SOCIAL AND city gas distributor, Kunlun Energy has to work with upstream GOVERNANCE ISSUES suppliers, with PetroChina being one of the three large upstream + AutoZone (consumer discretionary). During the period we suppliers. Based on our conversation, we do not have any spoke with the CEO, general counsel and head of investor concerns on this matter, as the pricing is market pricing and in relations (IR) to discuss a range of ESG issues and highlight our line with other city gas players. discussion on labor management issues that follow. We asked management about the nature of Kunlun Energy’s We believe management could move the needle on MSCI’s low relationship with PetroChina Finance. -
Greater China 2019
IR Magazine Awards – Greater China 2019 Winners and nominees AWARDS BY RESEARCH Best overall investor relations (large cap) ANTA Sports Products China Resources Beer WINNER China Telecom China Unicom Shenzhou International Group Holdings Best overall investor relations (small to mid-cap) Alibaba Pictures Group Far East Consortium International WINNER Health and Happiness H&H International Holdings Li-Ning NetDragon Websoft Holdings Best investor relations officer (large cap) ANTA Sports Products Suki Wong Cathay Financial Holdings Yajou Chang & Sophia Cheng China Resources Beer Vincent Tse WINNER China Telecom Lisa Lai China Unicom Jacky Yung Best investor relations officer (small to mid-cap) Agile Group Holdings Samson Chan BizLink Holding Tom Huang Far East Consortium International Venus Zhao WINNER Li-Ning Rebecca Zhang Yue Yuen Industrial (Holdings) Olivia Wang Best IR by a senior management team Maggie Wu, CFO & Daniel Zhang, Alibaba Group CEO Tomakin Lai Po-sing, CFO & China Resources Beer Xiaohai Hou, CEO Xiaochu Wang, CEO & Zhu WINNER China Unicom Kebing, CFO Wai Hung Boswell Cheung, CFO & Far East Consortium International David Chiu, Chairman & CEO Ma Jianrong, CEO & Cun Bo Wang, Shenzhou International Group Holdings CFO AWARDS BY REGION Best in region: China Alibaba Pictures Group ANTA Sports Products China Resources Beer WINNER China Telecom China Unicom Shenzhou International Group Holdings Best in region: Hong Kong AIA Group Far East Consortium International WINNER Health and Happiness H&H International Holdings Yue Yuen -
Schedule of Investments (Unaudited) Blackrock Advantage Emerging Markets Fund January 31, 2021 (Percentages Shown Are Based on Net Assets)
Schedule of Investments (unaudited) BlackRock Advantage Emerging Markets Fund January 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks China (continued) China Life Insurance Co. Ltd., Class H .................. 221,000 $ 469,352 Argentina — 0.0% China Longyuan Power Group Corp. Ltd., Class H ....... 52,000 76,119 (a) 313 $ 60,096 Globant SA .......................................... China Mengniu Dairy Co. Ltd.(a) ......................... 15,000 89,204 Brazil — 4.9% China Merchants Bank Co. Ltd., Class H ................ 36,000 275,683 Ambev SA ............................................. 236,473 653,052 China Overseas Land & Investment Ltd.................. 66,500 151,059 Ambev SA, ADR ....................................... 94,305 263,111 China Pacific Insurance Group Co. Ltd., Class H......... 22,000 90,613 B2W Cia Digital(a) ...................................... 20,949 315,188 China Railway Group Ltd., Class A ...................... 168,800 138,225 B3 SA - Brasil Bolsa Balcao............................. 33,643 367,703 China Resources Gas Group Ltd. ....................... 30,000 149,433 Banco do Brasil SA..................................... 15,200 94,066 China Resources Land Ltd. ............................. 34,000 134,543 BRF SA(a).............................................. 22,103 85,723 China Resources Pharmaceutical Group Ltd.(b) .......... 119,500 62,753 BRF SA, ADR(a) ........................................ 54,210 213,045 China Vanke Co. Ltd., Class A .......................... 67,300 289,157 Cia de Saneamento de Minas Gerais-COPASA .......... 52,947 150,091 China Vanke Co. Ltd., Class H .......................... 47,600 170,306 Duratex SA ............................................ 19,771 71,801 CITIC Ltd............................................... 239,000 186,055 Embraer SA(a).......................................... 56,573 90,887 Contemporary Amperex Technology Co. Ltd., Class A .... 1,700 92,204 Gerdau SA, ADR ...................................... -
Chinese Millennials
September 8, 2015 The Asian Consumer China’s 415 million Millennials, born in the 1980s and 1990s, are rapidly emerging as the country’s prime consumers. Raised in Chinese Millennials single-child households, shaped by China’s unprecedented growth, and powered by technology, Chinese Millennials approach spending with preferences and behaviors often radically different from their parents. In this latest report in our series on The Asian Consumer, we examine how this generation, larger than the combined working population of the US and Western Europe, is changing consumer market Joshua Lu Anita Yiu [email protected] [email protected] dynamics for China and for the world. 852.2978.1024 852.2978.7200 Goldman Sachs (Asia) L.L.C. Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. The Goldman Sachs Group, Inc. September 8, 2015 The Asian Consumer Table of contents Executive Summary: US$3 trillion more income over 10 years 3 Chinese Millennials will change consumer markets 4 Millennials in the labor force: changing