Hong Kong stocks halt seven-day rot as Meituan, Tencent lead market rebound

stocks, its longest losing streak, plans to hire 60,000 employees in 2021, seeking to raise US$10 billion, added to the benchmark this week

Hong Kong stocks gained as traders looked to overnight gains in US equities for inspiration and arrest a seven-day slump.

The Hang Seng Index rose 0.4 per cent to 28,851 at the midday trading break. The gauge has lost about 2.5 per cent in its longest losing streak since late 2015. The Shanghai Composite fell 0.3 per cent, and the CSI 300 dropped 0.8 per cent.

Meituan advanced 2.6 per cent to HK$305.60, the most since June 1. The operator of China’s largest on-demand delivery and local services platform plans to hire 60,000 employees in 2021, almost doubling its headcount. The stock has the largest weighting in the benchmark at 8 per cent.


Tencent Holdings added 0.4 per cent to HK$603. China’s biggest ride-hailing firm Didi Chuxing, which counts Tencent among its financial backers, disclosed its US listing plan, seeking to raise US$10 billion at a company valuation of US$100 billion, Reuters reported.

Solar panel glass manufacturer Xinyi Solar rose 4.5 per cent to HK$14.74. The company was added to the benchmark this week.

Chinese oil giants rose as a report from OPEC on Thursday predicted oil demand to grow by about 5 million barrels a day in the second half of 2021, compared to the first half. PetroChina, Sinopec and CNOOC rose by 2.3 per cent to 4.1 per cent.

Stocks on Wall Street rose overnight as investors dismissed a surge in US inflation as temporary. The S&P 500 climbed 0.5 per cent to a record high, while the Nasdaq Composite gained 0.8 per cent. Consumer prices jumped 5 per cent in May from a year earlier, the most in nearly 13 years.

“The market’s reaction shows that US inflation is still not sufficient to break away from the transitory factors narrative,” said Anderson Alves, global macro analyst at ActivTrades, said in an report. Traders will be watching whether these factors become persistent, he added.


Markets in the Asia-Pacific region were mixed. Japan’s Nikkei 225 was little changed, while South Korea’s Kospi rose 0.6 per cent. Australia’s S&P/ASX 200 appreciated 0.3 per cent.

Two companies debuted on the mainland. In Shanghai, battery product manufacturer Guangdong Greenway Technology rose 228 per cent from its listing price of 25.91 yuan. In Shenzhen, Zhejiang Hongchang Electrical Technology gained 102 per cent from its debut price of 37.60 yuan.

News Related

OTHER NEWS

How crypto coin scams use celebrity imposters, other tricks to steal cash

Mix two hot trending names – cryptocurrency and Elon Musk – and well, you’ve got a recipe for ripping people off. During the past six months, consumers reported losing more than $2 million… Read more »

Cryptos are now in 401(k)s. Are they the right investment for your nest egg?

It’s no longer just celebrities, billionaires and digital-asset enthusiasts who are dabbling in the crypto craze. Cryptocurrencies are coming to retirement plans soon. A small group of workers next month will be able… Read more »

Stocks move higher, erasing weekly loss for the S&P 500

Stocks moved broadly higher Thursday, bringing the S&P 500 index out of the red for the week. Health care and technology companies were among the biggest gainers. The S&P 500 was up 0.6%… Read more »

Stocks end mostly higher

U.S. stock indexes meandered to another uneven finish Tuesday after spending much of the day swaying between small gains and losses. The modest moves reflect a wait-and-see attitude among investors amid a light… Read more »

US stocks claw back much of an early loss and finish mixed

Stocks gave up some of their recent gains Monday, though the selling eased toward the end of the day, leaving the major indexes mixed. The S&P 500 slipped less than 0.1% after having… Read more »

Stocks end lower on Wall Street

Technology companies helped drag stocks lower on Wall Street Thursday, knocking the S&P 500 into the red for the week. The benchmark S&P 500 index dropped 0.4% and is now on track for… Read more »

ADP, PepsiCo, Sysco: Consider buying these 3 stocks in retirement

If you’re a retiree, you need to be careful about which stocks are in your investment portfolio. Income is important, so you should prioritize dividend stocks. You also want to make sure that… Read more »

Here are the 37 states that don't tax Social Security benefits

There’s a lot to think about when deciding where you plan to retire: the weather, your family, and the cost of living, to name a few. But one factor you may want to… Read more »

Investing questions: How to get started in 6 steps

For many Americans, the only financial goal as of late has been staying afloat. As many as 78% of Americans report they earn just enough money to pay their bills each month. So… Read more »

'Resist' the urge to buy AMC, Gamestop and Blackberry stocks. Don't be a lemming as their prices soar.

I will go to great lengths to avoid crowds. I have found that they rarely bring out the best in people. Whether myth or not, the notion that lemmings will follow a herd… Read more »

Stocks notch modest gains and a 3rd winning week for S&P 500

Wall Street closed out a mostly listless week Friday with a wobbly day of trading that helped nudge the S&P 500 to its third straight weekly gain. The benchmark index edged up 0.2%… Read more »

996 culture: Tencent-owned company offers employees a break, but with a catch

The Tencent-backed gaming studio responsible for PUBG Mobile will encourage employees go home at 6pm under a new policy designed to counter China’s gruelling 996 work culture, but there is a catch: it… Read more »

Samsung tops Latin America smartphone sales in Q1with 42.4%

Samsung invested heavily on advertisements during the February launch of new flagship models Galaxy S21, Galaxy S21 Plus, and Galaxy S21 Ultra.  Samsung Electronics Co. accounted for 42.4 percent of smartphone shipments in… Read more »

ByteDance’s news app and nearly 130 apps ordered to halt privacy infringement by China’s internet watchdog

Popular news aggregation app Jinri Toutiao developed by TikTok owner ByteDance has been named in a new batch of 129 apps ordered to rectify their user data collection practices by China’s internet watchdog.… Read more »

Hana Financial collaborates with Line Bank to launch internet-only bank in Indonesia

LINE Bank LINE Bank. Hana Financial Group became in Southeast Asia to operate internet-only banking services with the launch of its LINE Bank in Indonesia through a partnership with Naver-affiliated Japanese messaging app… Read more »

When international travel resumes, Canada's borders and airports will be very different

Just as the 9/11 attacks did 20 years ago, the COVID-19 pandemic will transform the way people travel internationally — with hundreds of millions of dollars in new government spending planned for modernizing border security and updating public… Read more »

Is a summer hiring spree coming as COVID restrictions ease? Depends on who you ask

When Betty Lou's Library was shuttered during pandemic restrictions last year, it wasn't just the hit to the cash register that hurt the trendy Calgary speakeasy. The business also lost two of its… Read more »

US-China tech war: Huawei is still on the hook as Joe Biden fine-tunes America’s competitive strategy with Beijing

In the second of a five-part series on US-China technology policies under the Biden administration, Pan Che, Xue Yujie and Celia Chen take a look at how Huawei Technologies – the very first… Read more »

Could a virtual K-pop girl group dethrone Blackpink? After Aespa’s VR avatars comes Eternity, an 11-piece girl band created from AI graphics – but with new tech comes problems too

In March, girl group Eternity made its debut with the song, I’m Real. Like other K-pop acts, it also unveiled an eye-catching music video and short interview clips featuring each member. The 11-piece… Read more »

Why does a car parking bay in Hong Kong cost more than a flat in London’s upscale Knightsbridge area?

Hong Kong has long maintained its reputation as one of the world’s most expensive cities to own a home. Now, add car parking bays to the list. Car parking bays in Hong Kong… Read more »

Israeli startups smash funding records, reel in USD 10.5 billion in 6 months

Israel’s innovation technology sector broke another capital funding record this week and has now topped USD 10.5 billion since the start of the year—the same amount raised in all of 2020, according to… Read more »

Semiconductor squander: China’s chip drive leaves unqualified projects languishing

Within China’s push to become a self-sufficient technological superpower exists a fundamental bottleneck holding the country’s ambitions back: semiconductors. The computer chips that power devices from automobiles to smartphones are a complex technology… Read more »

Why do new restaurants go stale over time? They open with great food and service, then, a few months later, meh

How many times have you heard friends say this about a restaurant: “It’s not as good now as it was when they first opened.” I hear this refrain a lot, expressed both by… Read more »

Animoca Brands: How a big bet on blockchain and NFTs minted Hong Kong’s latest unicorn

When the Australian Stock Exchange (ASE) gave Animoca Brands, one of Hong Kong’s leading gaming companies, an ultimatum last March, co-founder and chairman Yat Siu faced a tough choice: give up on his… Read more »

Jeff Bezos is going to space ... before Elon Musk: inside the billionaire tech CEOs’ 15-year feud – from Twitter spats to Nasa contracts

Over the last 15 years, two of the world’s most high-profile CEOs, Elon Musk and Jeff Bezos, have been engaged in a simmering rivalry.  The two execs have sparred over their respective space… Read more »

Intermittent fasting, its health benefits for you and weight loss without the calorie counting

Fasting – voluntarily restricting when to eat – has been practised for centuries, for philosophical and religious reasons, and for better health.  Ancient Greek physician Hippocrates advocated it for treating certain ailments, believing… Read more »

Why eating insects to combat climate change is inevitable

In scientific circles, it’s called entomophagy. For us mere mortals, it’s called eating insects. In Thailand, which has more than 20,000 cricket farms and regular consumption of over 140 insect species, it’s called… Read more »

US lawmakers request additional $60 billion to support restaurants

More than 372,000 businesses applied for assistance during the first three weeks of the program but satisfying all of the requests required an additional $50 billion.  A group of US legislators introduced a… Read more »

Why the Gojek and Tokopedia merger is set to fuel Alibaba and Tencent’s competition in Southeast Asia

Two of Indonesia’s biggest startups, e-commerce marketplace Tokopedia and ride-hailing service Gojek, joined forces last month to merge as the GoTo group, giving birth to a regional technology powerhouse that accounts for 2%… Read more »

Another parking bay sells for a kingly sum in Hong Kong as Wantai Biological’s shareholder pays US$1.3 million for vehicle space at exclusive Mount Nicholson

A wealthy shareholder in vaccine maker Beijing Wantai Biologicial Pharmacy Enterprise, has forked out HK$10.11 million (US$1.3 million) for a parking space at the exclusive Mount Nicholson on The Peak. Qiu Mingjing’s identity… Read more »

Digital yuan and payment apps Alipay and WeChat Pay are not competitors, China’s central bank says

China’s digital yuan and payment apps Alipay and WeChat Pay were not competitors, Mu Changchun, the director general of the digital currency research institute at the People’s Bank of China (PBOC), said on… Read more »

Why sunscreen is your most important skincare product, as Jesse Tyler Ferguson will tell you – Modern Family star just got ‘a bit of skin cancer’ removed

Actor Jesse Tyler Ferguson is sharing an important reminder after getting “a bit of skin cancer” removed from his neck. In a post to Instagram this week, the Modern Family star, 45, urged… Read more »

Chinese hi-tech hub Shenzhen gears up for steady economic expansion over next five years, cementing its role as the Greater Bay Area’s ‘core engine’

Shenzhen, China’s Silicon Valley and the richest city in southern Guangdong province, expects to achieve steady economic expansion through 2025 under a new five-year plan, helping cement the metropolis’ role as the “core… Read more »

Developer pays US$1.4 billion for Hopewell’s Kowloon Bay exhibition centre in multibillion dollar project to turn into grade-A offices

A consortium led by Billion Development and Project Management has bought the 25-year-old Kowloon Bay International Trade and Exhibition Centre (Kitec), in a multibillion dollar project to erect office towers in one of… Read more »

Latest round of Hong Kong’s iBonds attracts record US$7 billion from investors betting on inflation

The latest round of Hong Kong’s inflation-linked government debt, known as iBonds, has been oversubscribed 3.6 times, and has attracted a record HK$54.58 billion (US$7.03 billion) from 717,000 people, according to preliminary data… Read more »

China’s yuan could become world’s ‘currency of choice’ by 2050 under dual circulation plan

Amid rising anti-globalisation sentiment and as Western countries intensify their efforts to contain China, the country is entering a period of economic development that will create new infrastructure to enable the global use… Read more »

China’s new Data Security Law promises steep punishments for unapproved overseas data transfers

China’s top lawmaking body has passed a sweeping data law that further enhances the government’s authority and promises hefty punishments for any transgressions as Beijing continues to rein in Big Tech and impose… Read more »

China tech moguls spur wave of philanthropy—have their efforts translated into impact? | China Venture Roundup Volume 39

Find out what moves China tech with us. We round up what you need to know about the local venture scene every Thursday morning at 8:00 a.m. (GMT +8), covering major investment stories,… Read more »

GGV Capital leads USD 20 million Series A round in sales intelligence startup Slintel

Software services startup Slintel has raised USD 20 million in its Series A round led by global venture capital firm GGV Capital, with participation from existing investors Accel, Sequoia Capital India, and Stellaris… Read more »

Asian markets’ coronavirus divide: bright prospects for China, Japan as tourism-dependent economies struggle

Until relatively recently, it seemed that Asia had a better grip on the pandemic than the rest of the world. However, as countries across the globe move from containment and suppression towards vaccination and reopening,… Read more »

Indian online movie ticketing platform BookMyShow lays off 200 employees amid COVID-19

Indian online movie and event ticket booking platform BookMyShow has fired 200 employees amid the ongoing COVID-19 pandemic that has squashed the demand for movie theaters and offline entertainment activities. The layoff comes… Read more »

China credit slowdown ‘happening faster than expected’ even as bank loans rose unexpectedly in May

China’s new bank loans unexpectedly rose in May from the previous month but broader credit growth continued to slow, as the central bank seeks to contain rising debt in the world’s second-largest economy.… Read more »

Jill Biden’s ‘love’ jacket on trip to Britain with US President Joe Biden stands in stark contrast to former first lady Melania Trump’s message of not caring

Jill Biden is sending a sartorial message of “love” as she accompanies her husband President Joe Biden overseas. The first lady wore a black jacket with the word “love” outlined on the back… Read more »

Singapore’s GIC injects USD 70 million into Hong Kong-listed digital asset platform BC Group

Hong Kong-listed BC Group, the operator behind crypto trading platform OSL, said on Friday that it notched HKD 543 million (USD 70 million) from Singapore’s sovereign wealth fund GIC via a private placement.… Read more »

How Singapore’s restaurants are weathering the Covid-19 storm, some better than others

Last month Mauro Colagreco arrived in Singapore ready to roll up his sleeves for a three-month residency at Mandala Club. Colagreco is chef of the three-Michelin-star Mirazur in Menton, France, and the stint… Read more »

Bitcoin trading volume and exchange fees dive amid Beijing’s ongoing crackdown in the name of financial stability

Bitcoin trading volumes are continuing to plummet in response to pressures from a cryptocurrency crackdown in China, the location of most of the world’s bitcoin mining capacity, amid a bearish market for the… Read more »

Battlefield and Madden NFL publisher EA says source code was stolen, as US Senate announces probe into recent cyberattacks

Electronic Arts Inc is investigating a recent data breach, where some of its game source code and related tools were stolen, the video game publisher said on Thursday, becoming the latest victim of… Read more »

‘Run to the moon’ to raise mental health awareness, and funds for charity, offers Hongkongers big prizes

Hongkonger Roger Chan looks fresh and energised as he bounds into the foyer of Soho House in Sheung Wan, on Hong Kong Island. It’s hard to believe that earlier in the day he… Read more »

K-drama review: Sell Your Haunted House – exorcism drama ends with emotional finale

This article contains spoilers. 3.5/5 stars Throughout its 16-episode run, the real-estate-themed exorcism drama Sell Your Haunted House delighted viewers with a series of compelling cases. Each featured daring exorcists Hong Ji-a (Jang… Read more »

China’s Huawei aims to develop driverless car technology by 2025

REUTERS/Hannibal Hanschke China’s Huawei Technologies aims to develop driverless passenger car technology by 2025, an executive said on Thursday, as the world’s largest telecommunications equipment maker diversifies its business in the face of U.S. sanctions. “Our team’s goal is to reach true driverless passenger cars in 2025,” Wang… Read more »