CHINA DAILY EDITION Tuesday, July 10, 2018 Markets | BUSINESS 17 stumbles on HK debut Equities edge up on reform moves Mega float sees subdued demand amid By CAI XIAO mounting concerns over high valuation [email protected]

Chinese stocks increased By LUO WEITENG The entrepreneur, who by more than 2 percent on The trade conflict in Hong Kong founded Xiaomi eight years Monday as China will fur­ [email protected] ago, said the market debut is ther open its stock markets between the US “much better than expected”, to foreign investors and Xiaomi experienced a weak given that the global capital expected easing of the trade and China also trading debut in Hong Kong as markets are in constant flux at conflict between the US and its once­highly anticipated ini­ this critical moment in Sino­ China. has eased off, tial public offering faced mut­ US trade relations. The benchmark Shanghai ed demand. Xiaomi, the world’s fourth­ Composite Index jumped by which shores Shares of Xiaomi opened largest smartphone maker by 2.47 percent to end at 2815.11 down at HK$16.60 ($2.16) on shipments, has undergone a points. The Shenzhen Com­ up investor Monday, more than two per­ series of twists and turns on its ponent Index closed 2.80 confidence.” cent below its offering price of path to the $4.7 billion Hong percent higher at 9160.62 HK$17 and extending Friday’s Kong listing, amid mounting points. The ChiNext Index, Liu Feng, chief economist at lackluster performance when concern over its hefty valua­ which tracks China’s growth China Galaxy Securities Co Ltd the company’s shares closed tion and the delay of its plan to enterprises board, gained gray market trading at become the first company to 2.64 percent to close at HK$16.10. offer China Depository 1581.93 points. Liu said the move will The Beijing­based company Receipts on the Chinese main­ An index of major banks improve liquidity, and the ended its trading debut 1.18 land. Lei Jun, chairman and CEO of Xiaomi, strikes a gong to mark the trading debut of the company’s rose 3 percent. China Con­ high­quality investors will percent lower at HK$16.80, Lei said the company shares on Monday at the . ROY LIU / CHINA DAILY struction Bank Corp also help promote the inter­ after touching a low of HK$16 reached an agreement with increased by 5.42 percent, nationalization of the domes­ and briefly peaking at the China Securities Regulato­ followed by Industrial and tic stock market. HK$17.00 in the morning ses­ ry Commission two weeks ago lukewarm performance of Derivative products such Such a move looks to invite Commercial According to Liu, the sion. that the time was not right for Xiaomi’s offering casts doubt as futures, options and war­ more participation in the trad­ Ltd, China Merchants Bank A­share market performed “It is not necessarily a bad the issuance of CDRs. over investor appetite for com­ rants are also available on the ing of Xiaomi, whose offering Co Ltd and Co calmly last week, in accord­ thing to start out from a low “The issuance of CDRs is a panies with dual­class share trading debut — something — the first one under the city’s Ltd. ance with expectations that point,” Lei Jun, Xiaomi pilot project, so we have to structures, Hong Kong Finan­ that was only previously seen newly­launched dual­class “It’s a piece of positive the US tactic of slapping new founder and chief executive, make sure that everything is cial Secretary Paul Chan when Industrial and Com­ share regime — would lead news for the A­share market tariffs on Chinese goods said at a listing ceremony at all right,” Lei said. “It would Mo­po said the listing heralds mercial Bank of China and Hong Kong to long­term suc­ that foreign individuals are would come into force last the Hong Kong stock be better to get it done after a new stage for the local AIA sold shares in Hong cess, Li said. allowed to have onshore Friday. exchange on Monday. “Getting Xiaomi’s stock trading in bourse, with more companies Kong, said Hong Kong The flagship Hang Seng securities accounts,” said Liu “The trade conflict is listed in Hong Kong is already Hong Kong gets on the right with similar structures follow­ Exchanges and Clearing Index was 1.32 percent, or Feng, chief economist at Chi­ expected to ease as the a big win for us. It also marks a track.” ing suit to go public in Hong Chief Executive Charles Li 372.88 points, up to finish at na Galaxy Securities Co Ltd. Trump administration would fresh start.” Dismissing the idea that the Kong. Xiaojia. 28688.50 points on Monday. “The trade conflict not like to bear the huge pres­ between the US and China sure from the American peo­ also has eased off, which ple and large companies,” shores up investor confi­ said Liu. dence.” Alan Greenspan, former ’s music streaming unit to list shares in US bourse Foreigners who work on chairman of the US Federal the Chinese mainland and Reserve, said on Saturday By HE WEI in Shanghai price range and entitlement “Tencent Music owns the other following a share swap in those who work overseas for that every tariff imposed by [email protected] of Tencent Music Entertain­ highest number of digital music December. A­share listed companies and the Trump administration on ment’s securities for the com­ 80 percent copyrights in China and has the The beleaguered recording participate in the company’s China amounts to a tax, and it Tencent Holdings Ltd’s plan pany’s shareholders are yet to most vibrant online music com­ industry is staging a comeback equity benefit plan will be is US citizens who will ulti­ total share of monthly to spin off its music­streaming be finalized. munities,” He Saiyi, an analyst since the National Copyright allowed to open A­shares mately end up paying. active users on the three unit and list shares in the Unit­ Tencent has “secured monop­ with Huatai Securities, said in a Administration of China securities accounts, the Chi­ The New York Times said Tencent music platforms ed States marks the fresh revival oly” status in China’s mobile research note on Monday. released a directive nearly three na Securities Regulatory US President Donald Trump of an industry that has often music industry, with its QQ Travis Lundy, an analyst at years ago urging music and kar­ Commission said in a state­ told Apple Inc CEO Tim Cook been plagued by piracy, indus­ Music, KuGou and Kuwo plat­ investment research platform aoke platforms to legalize their ment on Sunday. that he will not impose tariffs try experts said. forms each claiming more than even smaller players including Smartkarma, said an IPO would content. Foreign individual inves­ on iPhones assembled in Chi­ Hong Kong­listed Tencent 100 million monthly active Holding Ltd’s give Tencent Music new funds “The vast pool of tracks and tors are qualified for such an na. said on Sunday that it was plan­ users, according to market Xiami Music, the consultancy that it could use to buy more artists is now music to the ears arrangement if they are from Ayako Fujita, senior econo­ ning to sell shares in Tencent research firm QuestMobile in said. content for its platforms. of Tencent users,” said Wang countries and regions where mist at Nomura Asset Man­ Music Entertainment on a US January. And thanks to a string of An estimated valuation of Chuanzhen, an entertainment the local securities regulatory agement Co Ltd, said they are bourse, a move that will help Combining over 80 percent exclusive deals with major $30 billion by market observers analyst at consultancy Analysys. agencies have signed memo­ definitely positive about the cement the internet giant’s dom­ in terms of monthly active record labels — including Sony would put Tencent Music on “People aren’t necessarily loy­ randums of understanding Chinese A­share market in inance in online music at home. users, the three Tencent­owned Music, Universal Music Group par with its global peer Spotify al to one specific platform and with the CSRC. So far, 62 the next three years, although The company is still work­ platforms are distantly followed and Warner Music Group — Technology SA, which went could easily switch to anyone countries and regions have the outlook remains conserv­ ing on the terms of the spinoff by rival NetEase Inc’s music Tencent gets to decide which public in New York in April. The that houses a bigger (music) cooperative MOUs with the ative on its performance in proposal, whose offering size, arm at 66.8 million and other songs rivals can stream. duo already own stakes in each inventory.” CSRC. the second half.

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 –9% 0% +9% Shanghai Stock Exchange Composite Index 2815.11 +2.5 –14.9 Shanghai Stock Exchange 28,688.50 1.3 3600 Changchun Sinoenergy 6.22 10.09 Hangzhou Freely Comm 32.00 –10.26 Hang Seng China Ent Index 10,768.35 1.4 ZhejiangSunriverCultre 5.36 10.06 NingxiaXinriHnglStlWre 12.03 –10.02 TAIEX Taiwan Stock Index 10,720.28 1.1 3300 China Jushi Co Ltd 9.97 10.04 Zhejiang Huahai Pharma 20.54 –9.99 Nikkei 225 22,052.18 1.2 Shanghai Highly Group 12.39 10.04 ZhengpingRod&BrdgCnstr 8.24 –9.95 Sensex 35,932.74 0.8 3000 Shenma Industry Co Ltd 15.03 10.03 Huayi Electric Co Ltd 7.34 –9.94 KOSPI 2,285.80 0.6 Zhejiang Ausun Pharma 16.68 10.03 Anhui Wanjiang Log 3.23 –9.78 S&P/ASX 200 6,286.04 0.2 2700 Hubei Zhenhua Chemical 12.73 10.03 Luyin Investment Group 4.99 –8.61 New Zealand 50 Gross Index 9,061.65 –0.2 Huaxin Cement Co Ltd 16.47 10.02 ZhejiangTianchngCntrls 15.19 –6.29 Straits Times Index STI 3,224.13 1.0 Proya Cosmetics Co Ltd 45.30 10.00 Shanghai Zhongyida Co 3.45 –4.96 Bangkok SET Index 1,623.43 0.5 Bursa Malaysia KLCI Index 1,673.23 0.6 Component Index 9160.62 +2.8 –17.0 Fuda Alloy Materials 73.47 10.00 Shanghai Zhongyida Co 0.20 –4.88 VN-Index 915.12 –0.3 11,800 Shenzhen Stock Exchange Dow Jones 24,456.48 0.4 GuangdongLYIntllgntMfg 5.04 10.04 Baofeng Group Co Ltd 12.75 –10.02 10,800 XinjiangGoldwindSc&Tch 12.93 10.04 Wonders Information Co 19.14 –10.01 HangzhouTigermdCnsltng 62.79 10.00 DMG Ent & Media 10.88 –10.01 Commodities

9800 HengdianGrpDMEGCMgntcs 7.37 10.00 XingyuanEnvironmentTch 10.62 –10.00 Daily YTD % Chg SichuanShuangma Cement 15.97 9.99 AnhuiShngynEnvrnmntPrt 4.42 –9.98 Close % Chg –25% 0% +25% 8800 SichuanChngfIntgrtnTch 18.29 9.98 Glodon Co Ltd 25.22 –6.59 Brent Crude Oil (USD/bbl.) 77.51 0.5 Fujian Sunner Dev 15.37 9.47 ShanghaiGanglnECommrce 53.57 –5.49 Gold (USD/t oz.) 1255.80 –0.2 DeHuaTBNewDecoratnMtrl 7.99 9.30 ShenzhnJwPhtvltcLghtng 7.47 –4.35 Silver (USD/t oz.) 16.07 –0.2 ChangchunHigh&NewTchIn 236.50 9.10 Shenzhen Tat Fook Tech 11.16 –2.79 Copper (USD/lb.) 2.82 –0.1 Shanghai Shenzhen CSI 300 Index 3459.18 +2.8 –14.2 Aluminum (USD/MT) 2111.25 0.3 Asymchem Labs Tianjin 85.43 8.68 Transfar Zhilian Co 11.73 –2.33 4400 Corn (USD/bu.) 3.60 2.3 Hang Seng Wheat (USD/bu.) 5.15 1.9 4000 Galaxy Entertainment 60.45 5.13 China Constr Bank 6.94 –2.94 Soybeans (USD/bu.) 8.95 4.5 CSPC Pharmaceutical 22.90 4.57 CLP Holdings Ltd 88.00 –0.11 Coffee (USD/lb.) 1.13 –0.8 3600 Ltd 41.05 4.32 Swire Pacific Ltd 86.05 0.06 Sugar #11 (USD/lb.) 0.11 –0.7 WH Group Ltd 6.40 3.23 MTR Corp Ltd 43.00 0.23 Palm Oil (MYR/MT) 2275.00 0.4 3200 Automobile 19.92 3.21 Bank of China Ltd 3.69 0.54 Cross Currency Rates ETFS Shanghai B-Share Stock Price Index 291.01 +1.5 –14.9 Daily % USD EUR CNY HKD GBP KRW BRL RUB JPY INR CAD 365 EQUITY ETFs Ticker Close Change USD 1.177 0.151 0.127 1.334 0.001 0.259 0.016 0.009 0.015 0.765 China 50 510050 2.50 2.93 345 China AMC CSI 300 Index 510330 3.78 2.83 EUR 0.849 0.128 0.108 1.133 0.001 0.220 0.014 0.008 0.012 0.649 China CSI 500 510500 5.42 2.57 325 CNY 6.617 7.790 0.843 8.829 0.006 1.713 0.105 0.060 0.096 5.059 China SME 159902 3.07 3.20 305 HKD 7.848 9.240 1.186 10.472 0.007 2.032 0.125 0.071 0.114 6.000 China Universal CSI Consumer Staples Index 159928 2.22 2.92 GBP 0.750 0.882 0.113 0.096 0.001 0.194 0.012 0.007 0.011 0.573 E Fund ChiNext Price Index 159915 1.50 2.73 285 E Fund CSI 300 510310 1.49 2.48 KRW 1112.070 1309.060 168.059 141.695 1483.300 287.876 17.702 10.066 16.192 849.880 E Fund CSI 300 Financials ex Banks Index 512070 1.65 2.11 BRL 3.863 4.536 0.584 0.492 5.154 0.003 0.062 0.035 0.056 2.953 E Fund Hang Seng China Enterprises Index 510900 1.14 2.15 Shenzhen B-Share Stock Price Index 1059.27 +1.6 –9.0 RUB 62.800 73.928 9.490 8.002 83.802 0.056 16.256 0.568 0.914 48.000 E FUND SZSE100 INDEX FUND 159901 4.19 3.56 1250 Fortune SGAM Xianjin Tianyi Money Market 511990 100.02 –0.02 JPY 110.470 130.050 16.694 14.076 147.406 0.099 28.599 1.759 1.609 84.456 Guangfa CSI 500 510510 1.43 2.21 1175 INR 68.679 80.851 10.379 8.751 91.631 0.062 17.776 1.093 0.622 52.501 Guotai Shanghai Stock Exchange 180 Financial Index 510230 5.39 3.02 CAD 1.308 1.540 0.198 0.167 1.745 0.001 0.339 0.021 0.012 0.019 Harvest CSI 300 Index 159919 3.80 2.81 1100 Huatai-Pinebridge CSI 300 510300 3.49 2.92 Shanghai SSE180 510180 3.02 2.55 Data provided by 1025 SSE Pledge Urban Investment Bond 511220 91.15 0.16 J A S O N D J F M A M J Yinhua Traded Money Market Fund 511880 102.41 –0.01