China Market Intelligence
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Stock Connect Roundup: CSI 300 Continues to Rise
SH-HK northbound turnover went down 6% to RMB4.7bn with 55% buy trades. SZ-HK northbound turnover went up 16% to RMB4.0bn with 61% buy trades. CSI 300 continues to rise today and reached 3,622.88 while Hang Seng index ended flat. SHCOMP rose 0.33% to 3157.87, SICOM also went up 0.99% to 10,366.78, and CSI 300 slightly grew 0.91% at 3,622.88. Cement industry was one of the best performing sectors, +1.18%. Oil industry was the worst performing, -1.48%.The most active stocks in northbound SH-HK and SZ-HK were Ping An Insurance [601318:CH] +1.18% and Hangzhou Hikvision Digital Technology [002415:CH] +1.57%.
CSRC Weekly: Tighter IPO Scrutiny
CSRC punished Huaiji Dengyun Auto-parts Holding [002715:CH] for fabricating IPO application documents on June 23. The company received a fine of RMB600,000 and its major executives were banned from entering the securities market for five years. New Times Securities and Guangdong Jun Xin Law Office who advised Dengyun’s IPO also received warning from CSRC.
Compal Suspends Plans to Buy Leshi Internet TV Unit
Taiwanese electronics maker Compal [2324:TT] announced on June 23 that they have suspended the plan to buy shares of Zhixin, the internet TV unit of LeEco’s listed subsidiary Leshi Internet Information [300104:CH]. According to Chen Ruicong, the chairman of Compal, the company's ultimate decision depends on Leshi’s financial position and repayment capability. While Compal will develop a new strategy to collect debt, legal action has not been ruled out. As the main supplier of LeEco, Compal stated they lost about USD22.71m in the first quarter due to a large accounts receivable.
CP Group Cooperates with JD on O2O
JDtohome, an online supermarket owned by JD [JD:US], declared that its cooperation with Charoen Pokphand [CPF:TB], commonly known as CP Group, has been enhanced. All member stores of CP Group are already offer products on JDtohome. From 1979, their first step into mainland China, to now, CP Group has invested RMB110bn, set up more than 300 stores, and achieved RMB100bn in annual sales.
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