Streetbeat News

CICHY

China Construction Bank Corp.

http://au.ccb.com/sydney/en/index.html

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Commercial Banking

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Hong Kong stocks rallied on Friday, driven by strong consumer turnout and hopes of government stimulus. Alibaba Group Holding (NYSE:BABA) and JD.com Inc (NASDAQ:JD) saw their stocks rise due to successful Single’s Day presales promotions. Tencent Holdings Limited (OTC:TCEHY) also got a boost from its investment in J&T Global Express Limited's IPO. EV stocks, including Nio Inc (NYSE:NIO), XPeng Inc (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI), rose after Tesla Inc (NASDAQ:TSLA) scrapped a discount on its Model Y EV. Financials China Construction Bank (OTC:CICHY), AIA Group (OTC:AAGIY), and Ping An Insurance Group (OTC:PNGAY) also rose despite heavy short-selling.

Portfolio Pulse from Daniel Harrison

October 27, 2023 | 1:41 pm

China Construction Bank (OTC:CICHY) and China Life Insurance (OTC:CILJF) released their Q3 earnings, providing insight into China's economy. CICHY reported a net profit of $12 billion, a 3% improvement YoY, beating analysts' expectations. However, its non-performing loans to assets ratio remained flat at 1.37%. CILJF reported a net profit of 16.2 billion RMB, a 48% reduction in earnings-per-share YoY. The company attributed the decline to a flagging stock market. Both companies' earnings indicate robust underlying conditions for China's economy but also highlight the need for stimulation to achieve market growth.

Portfolio Pulse from Daniel Harrison

October 26, 2023 | 3:33 pm

Short-selling activity in Hong Kong stood at HK$14.3 billion ($1.8 billion), or 22.9% of all shares traded. The top 3 shorted stocks were China Construction Bank Corporation (CICHY), AIA Group Ltd (AIAGY), and BYD Company Limited (BYDDF, BYDDY). CICHY was shorted due to rising non-performing loans, AIAGY due to potential exposure to real estate debts, and BYDDF/BYDDY due to fears of lower margins in the EV price war and selling pressure from shareholder Berkshire Hathway Inc (BRK-A).

Portfolio Pulse from Daniel Harrison

October 16, 2023 | 3:18 pm

China's state-owned fund Central Huijin Investment Ltd. has bought $65.7 million in shares of Bank of China Ltd., China Construction Bank Corp, Agricultural Bank of China Ltd., and Industrial & Commercial Bank of China Ltd., raising its stake in each bank by ten basis points. The fund plans to continue these purchases over the next 6 months. Meanwhile, property developer stocks fell due to gloomy data from the Hong Kong home market, and EV stocks rose on positive sentiment. The report also mentioned that Chinese companies are gradually returning to list on US exchanges, albeit at a slower pace.

Portfolio Pulse from Daniel Harrison

October 12, 2023 | 3:54 pm

The Hong Kong real estate market is facing a potential bubble burst due to a sharp decline in property prices and a surge in mortgage applications. Major real estate developers like Country Garden Holdings Limited and China Evergrande Group have seen significant drops in their stock prices. Local banks like China Construction Bank Corporation and Bank of China Limited have also been affected. Despite government interventions and stimulus policies, the market remains unstable.

Portfolio Pulse from Daniel Harrison

October 06, 2023 | 3:52 pm

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