Streetbeat News

BACHF

Bank of China Ltd.

https://www.boc.cn/

Industry

Commercial Banking

Open

0.50

Mkt cap

189B

Volume

High

0.50

P/E Ratio

4.90

52-wk high

0.53

Low

0.49

Div yield

0.05

52-wk low

0.34

Hong Kong and China stocks fell due to poor economic data from the housing and financial sector. China's housing prices fell the fastest in 11 months, and investment in the housing sector plunged 9.1% in the first 9 months of this year. Country Garden Holdings Limited (OTC:CTRYF) defaulted on US dollar bonds, and its stock fell 3%. Other property firms like China Evergrande Group (OTC:EGRNQ) and Sunac China Holdings Limited (OTC:SNCNQ) also saw their stocks fall. Alibaba Group Holdings Limited (NYSE:BABA), Tencent Holdings Ltd (OTC:TCEHY), and JD.com Inc (NASDAQ:JD) fell due to a larger credit rout. Bank of China Ltd. (OTC:BACHF), China Construction Bank Ltd (OTC:CICHF), and HSBC plc (NYSE:HSBC) fell due to potential LGVF defaults. EV makers like Nio Inc (NYSE:NIO), XPeng Inc. (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI) fell due to disappointing earnings from Tesla Inc (NYSE:TSLA).

Portfolio Pulse from Daniel Harrison

October 19, 2023 | 5:36 pm

Three Hong Kong-based companies made significant announcements. Sino-Ocean Group Holding Limited (OTC:SIOLY) requested another week to make a bond interest payment, which could negatively impact its parent company, China Life Insurance Co Ltd (OTC:CILJF). Bank of China Limited (OTC:BACHF) issued a prospectus for a $1.6 billion medium term note, indicating a potentially stronger outlook. Swire Pacific Limited (OTC:SWRAY) issued a prospectus for a $5 billion medium term note offering, which could strengthen its position against struggling rivals.

Portfolio Pulse from Daniel Harrison

October 19, 2023 | 3:20 pm

Hong Kong property developer Hysan Development Company Limited (OTC:HYSNY) has issued a prospectus for up to $4 billion of medium-term bonds, more than 10 times its average medium-term debt tranche. The bonds are being issued in the form of zero-coupon notes that are heavily discounted to institutional purchasers. The company plans to list the bonds on the Hong Kong exchanges within the next 12 months. The bonds are unsecured and reliant on a guarantee by Hysan to repay. Bank of America Corporation (NYSE:BAC) and UBS Group AG (NYSE:UBS) are handling the debt issuance.

Portfolio Pulse from Daniel Harrison

October 10, 2023 | 3:43 pm

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