Hong Kong Financial News

By Tom Westbrook

Investing.com-- Most Asian stocks rose slightly on Tuesday as markets awaited a barrage of key economic readings this week, while a rally in Chinese shares extended into a second session amid speculation over more stimulus measures.

Asian stocks broadly rose after US equities moved higher, with traders awaiting a raft of economic figures over the next few days for clues on the outlook for global central bank policy. An Asian equity gauge climbed 0.5%, supported by gains in Hong Kong, Japan and Australia. Shares in mainland China fell at the open, before heading into positive territory.

Indian stock market is expected to open on a strong footing Tuesday led by positive global cues as Asian markets traded higher, while the US stocks also gained overnight. Investors await the release of key economic data this week that will guide the market going ahead. On Monday, the domestic benchmark equity indices Sensex and Nifty ended higher, snapping two-day losing streak, amid largely positive global cues after China announced steps to give a boost to its market.

HONG KONG (Reuters) — Shares of China Evergrande (HK:3333) Group are set to open down 14.3% on Tuesday, exending losses from the previous day when the embattled developer lost $2.2 billion, or 79% of its market value.

real estate developer, lost $2.2 billion, or 79% of its market value on Monday when it resumed trading following a 17-month suspension to restructure its offshore debt. Evergrande is at the centre of a crisis in property sector of China that has seen a string of debt defaults since late 2021, and its stock has been suspended for 17 months.

Investing.com — China slashes a levy on stock trading in a bid to reinvigorate capital markets and boost investor confidence. Shares in the country rise following the announcement, although ailing property group Evergrande's shares slide sharply after they start trading for the first time since March 2022. Meanwhile, 3M's stock climbs in premarket trading on reports that the industrial conglomerate has reached a settlement over personal injury claims related to earplugs it has sold to the U.S. military.

European shares opened higher on the final trading week of August, as traders weighed the prospect of higher interest rates from the U.S. Federal Reserve and looked ahead to upcoming economic data later in the week.

Terry Gou, who founded Apple supplier Foxconn, has announced that he will run as an independent candidate in Taiwan's presidential election, scheduled to take place in September this year. Gou pledged to fix ties with China and added, "I will definitely not allow Taiwan to become the next Ukraine". Gou criticised the ruling Democratic Progressive Party, saying its policies have “brought Taiwan into the risk of war" with China.

BEIJING — Chinese electric car company Xpeng said Monday it is buying Didi's smart electric car development business in an exchange of shares worth $744 million.

Hong Kong’s Financial Secretary, Paul Chan Mo-po has reiterated his support for blockchain technology, calling it the next wave of "breakthrough growth" in the digital technology industry in a recent blog post.

real estate developer, Evergrande Group are bleeding in red as the stock plunged 87% in Hong Kong trading as they started trading for the first time in a year and a half. Over 99% of the share value of embattled Chinese developers has been lost in the past three years. On Monday, Evergrande's market value shrank to just HK$4.6 billion ($586 million) from a peak of more than $50 billion in 2017.

Investing.com-- Most Asian stocks rose sharply on Monday, with Chinese shares in the lead after the country rolled out more measures to support its battered equity markets, while focus turned to key indicators from the world's largest economies this week.

trading in Hong Kong on Monday after the company was suspended for 17 months for not publishing its financial results. Trading «resumed at 9:00 am (0100 GMT) today», according to a notice posted on the Hong Kong stock exchange. The move comes after the company said in a filing on Friday that it had «fulfilled the resumption guidance» set out by the bourse, including belatedly publishing its financial results and complying with other listing rules. Its shares plunged 86.67 percent at the opening. Once China's largest real estate firm, Evergrande defaulted in 2021 and is saddled with more than $300 billion in liabilities, becoming a symbol of the nationwide property crisis that many fear could spill over globally. The company on Sunday reported fresh losses for the first half of the year amounting to 33 billion yuan ($4.53 billion), as well as dwindling liquidity, with just $556 million in cash assets. Evergrande's creditors will vote Monday on a proposal from the developer regarding its offshore debt that is shaping up to be one of China's biggest restructurings ever. The plan offers creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. Earlier this month, the company filed for bankruptcy protection in the United States, a measure to protect its US assets during its restructuring.

A second container ship has left port through a temporary Black Sea corridor established by Ukraine’s government after Russia halted a wartime agreement aimed at ensuring safe grain exports

By Clare Jim

HONG KONG (Reuters) — Chinese electric car company Xpeng (NYSE:XPEV) said it will acquire ride-hailing giant Didi's smart electric vehicle unit and the two companies will form a strategic partnership.

Investing.com-- Chinese stocks rose sharply at the open on Monday after Beijing announced a slew of new measures aimed at restoring faith and attracting investors back to its battered equity markets. 

Hong Kong Stock Exchange on Sunday. This loss compounds the cumulative losses of over 582 billion yuan incurred over the past two years. These losses mark the company's initial two complete annual financial downturns since it was listed in 2009.

Bhairahawa to Delhi and Hong Kong, making Kathmandu a transit point. The ticket booking for the same has already started, according to Nepal Airlines spokesperson Ramesh Paudel. In the beginning, there will be Bhairahawa-Hong Kong and Bhairahawa-Delhi flights via Kathmandu every Tuesday.

Reuters. The January-June loss was 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year earlier, said the firm. Since late 2021, Evergrande has seen a string of debt defaults, unfinished homes, and unpaid suppliers, shattering consumer confidence in the world's second-largest economy.