Focus on hotspots:

1. The State Council Information Office will hold a regular policy briefing on November 22, 2024 (Friday) at 10 a.m. Please have Wang Shouwen, the International Trade Representative and Vice Minister of the Ministry of Commerce, along with officials from the Ministry of Foreign Affairs, Ministry of Industry and Information Technology, People's Bank of China, and General Administration of Customs introduce relevant policy measures to promote stable growth in foreign trade and answer questions from the press.

2. Recently, there were reports that Sichuan held a meeting to raise the price of lithium carbonate. On November 20, reporters verified with several upstream and downstream lithium carbonate companies and learned that they have not received any relevant information yet. Currently, the price of lithium carbonate is based on market fluctuations.

3. Wu Qing, Chairman of the China Securities Regulatory Commission, met with Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region Government in Hong Kong. Both parties introduced the macroeconomic and financial situations in both places, reviewed the cooperation achievements in capital markets in recent years, and had full discussions on deepening the development of financial market cooperation between the two places, as well as supporting the consolidation and enhancement of Hong Kong's status as an international financial center. Both sides agreed to further support comprehensive and multi-level pragmatic cooperation between the mainland and Hong Kong, promote the common development of both markets, support Hong Kong in fully leveraging its unique advantages, and better integrate into the national development.

4. Bob Prince, Co-Chief Investment Officer of Bridgewater Investment Company, revealed at the Hong Kong International Financial Leaders' Investment Summit that he purchased a luxury home in Mount Kellett, Hong Kong because his wife likes Hong Kong and he is optimistic about Hong Kong's long-term development prospects. Prince is not a real estate speculator, but he sees great potential for Hong Kong to play an important role in the Pan-Asian region, believing that under the low level of securitization in Asia, Hong Kong has the potential to excel. The Greater Bay Area concept is also bullish for Hong Kong's development. In addition, Bridgewater has extensive business and long-term clients in Asia, Hong Kong's prime geographical location, and convenient transportation.

Global Markets

On Wednesday, the three major US indexes saw mixed movements. As of the close, the Dow Jones Industrial Average rose by 0.32%, the S&P 500 index remained unchanged, and the Nasdaq index fell by 0.11%.

Large technology stocks mostly declined, with Nvidia down 0.76%, Google down 1.20%, and Tesla down 1.15%.

Most popular China concept stocks rose, with the Nasdaq China Golden Dragon Index up 1.44%, Bilibili up 3.62%, Netease up 2.16%, Tencent Music up 2.60%, and iQiyi up 4.31%.

In the Hong Kong stock market, the three major indices all closed higher on Wednesday. As of the close, the Hang Seng Index rose 0.21%, the Technology Index rose 0.41%, and the Hang Seng China Enterprises Index rose 0.12%. Looking at market performance, pharmaceuticals, cryptos, and some SaaS solution stocks performed well, while auto stocks weakened slightly.

Company News:

Canvest Env (01381.HK): A-share company Grandblue Environment (600323.SH) announced that the company plans to privatize Hong Kong-listed Canvest Env by indirectly controlling its subsidiary through an agreement arrangement, leading to its delisting from the Hong Kong Stock Exchange. It is understood that in this transaction, Grandblue Hong Kong plans to pay a cash price of HK$4.9 per share to the planned shareholders and HK$0.51 per share to the option holders. If all options are not exercised, the total transaction value of this deal will be HK$11.091 billion.

Chicmax (02145.HK): Another increase in shareholding by directors. According to publicly available data, since May of this year, Chicmax has accumulated 17 increases in shareholding by directors, totaling nearly HK$40 million.

GTJA (02611.HK): Proposed merger with Haitong Securities approved by the Shanghai State-owned Assets Supervision and Administration Commission. It was announced on the same day that the merger with Haitong Securities passed the antitrust review.

Wu Qing-SW (09866.HK): Third-quarter automotive sales revenue was 16.6976 billion yuan, a 6.5% increase from the previous quarter, with an auto gross margin of 13.1%. Wu Qing CEO Li Bin stated that the company's goal is to achieve profitability by 2026. By 2025, the target for Wu Qing is to achieve 100% sales growth with an annual sales volume of approximately 0.45 million vehicles.

Kuaishou-W (01024.HK): The third-quarter revenue is approximately 31.131 billion yuan, a year-on-year growth of 11.4%. The profit for the period reached 3.27 billion yuan, a year-on-year growth of 49.9%.