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Loss-making Hareon Solar has cheapest stock in China, at just 0.02 per cent of liquor giant Kweichow Moutai’s share price

A struggling manufacturer of components for solar panels has set a new record for having the cheapest ever shares in China’s stock market.Shares of Hareon Solar Technology, which is set to be stripped of its listing status, were trading at 0.18 yuan (2.6 US cents) on Monday after declining for 14 consecutive days, making it the least valuable stock among the 3,000-plus companies on the mainland Chinese exchanges.The solar cell and module maker’s stock price is a mere 0.02 per cent that of… Source link

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China 

China asks state-owned ‘national champions’ to help ‘stabilise’ economy, boost profits by 9 per cent in 2019

China’s biggest 97 industrial conglomerates, known as the country’s national champions, have been asked to play their part as “stabilisers” in the national economy in a bid to offset the trade war with the United States by boosting their profits by 9 per cent in 2019, according to the state-owned Xinhua News Agency.The State-owned Asset Supervision and Administration Commission (SASAC) set the target for the enterprises under its direct control, including state-owned oil and electric companies,… Source link

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White Rabbit milk tea sells at 2,000 per cent premium as Chinese consumers show support for local brands amid trade war

It is not all doom and gloom when it comes to the US-China trade war.At a time when more than US$300 billion dollars worth of Chinese exports to the United States face increased tariffs of 25 per cent, milk tea by storied Shanghai brand White Rabbit is selling at a premium of about 2,000 per cent – all in the name of national pride.Residents are willing to pay as much as 500 yuan (US$72) for a taste of the milk tea, which normally sells for 19-23 yuan, in a black…

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Property 

Seller incurs US$2.3 million, 50 per cent loss on unit at Seascape as Singapore’s Sentosa Cove continues to struggle

The loss-making deals continue at Sentosa Cove, a billionaire’s playground in Singapore that has become a lesson about the pitfalls of property speculation.The seller of a 2,336 square foot, three-bedroom home at Seascape incurred a S$3.17 million (US$2.32 million) loss on May 23, the most unprofitable transaction in Singapore during the week of May 21 to 28.The ground-floor unit was one of the first to be purchased when the seafront condo in Sentosa’s residential enclave was first launched for… Source link

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Vietnam 

Mitsui raises Minh Phú Seafood stake to 35 per cent – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Workers on a processing line at a Minh Phú Seafood factory. The company has confirmed its shrimp products are still entering the US as normal. — Photo soha.vn HÀ NỘI  MPM Investments Pte Ltd, a subsidiary of Japan’s Mitsui & Co Ltd, has acquired 60 million shares in Minh Phú Seafood Joint Stock Company (MPC) to raise its stake in the Vietnamese shrimp processor to 35.1 per cent. The purchase was made through a private placement worth nearly VNĐ3.04 trillion (US$130.5 million), equivalent to VNĐ50,630 per share, a 40.6 per cent premium…

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Vietnam 

Japanese firm acquires 17 per cent of Fecon – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Raito Kogyo Group from Japan has become a strategic partner of Fecon Corporation (FCN) after buying 19.5 million shares, equal to a 17.13 per cent stake.—  Photo baodautu.vn HÀ NỘI — Raito Kogyo Group from Japan has become a strategic partner of Fecon Corporation (FCN) after buying 19.5 million shares, equal to a 17.13 per cent stake. The shares were converted from two lots of convertible bonds that Raito Kogyo had bought from the Japan South East Asia Growth Fund (JSEAG), a member of the Development Bank of Japan (DBJ). JSEAG bought the convertible…

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Vietnam 

Việt Nam’s industrial production rises 9.4 per cent in five months – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Processing fish for export at An Giang Fisheries Import and Export Joint Stock Company (Agifish). Supply chains are shifting to Southeast Asia due to the region’s growing economies and consumer markets, according to a report from HSBC. — VNA/VNS Photo Phạm Hậu HÀ NỘI – Việt Nam’s industrial production index (IIP) rose 9.4 per cent in the first five months of 2019, driven by growth in the processing and manufacturing industry, power production and distribution, and water supply and waste treatment, data from the General Statistics Office (GSO) showed.…

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China can still achieve its 6-6.5 per cent growth target – if it acts quickly to resolve the trade war

It’s not getting any easier for China’s growth plans this year with storm clouds on the international front and potential economic squalls brewing at home. Hitting its 6-6.5 per cent GDP target for this year would be a tough ask under normal circumstances. But with a deepening US trade war posing a greater threat to domestic well-being, Beijing needs to pull out all the stops to build much stronger defences around the economy in the coming months. It’s not just slower world trade flows harming… Source link

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Hang Seng Index thuds to a four-month low, as May sees index rattled for 9.4 per cent loss

Hong Kong and China equity indexes ended May trade with respective monthly losses, led lower by the sustained selling in the mainland’s blue chip CSI 300 index, which posted a loss of 7.24 per cent for the period as investors fretted that the escalation of the US-China trade war could spin the world into a recession.The Hang Seng Index closed out Friday trade down 0.79 per cent or 213.79 points at 26,901.09. The level was its lowest since mid-January, dragging its loss for May to 9.42 per cent… Source link

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Money 

Tesla announces prices of Made-in-China Model 3. At 328,000 yuan it’s 13 per cent cheaper than US imports

Customers can pre-order the Model 3 car assembled in China after Tesla announced on Friday that it would be priced 13 per cent lower than the US imports, taking the electric carmaker a step closer in tapping the world’s largest EV market.The standard range plus Model 3 car that Tesla plans to assemble at the Gigafactory 3 in Lingang, Shanghai, will be priced at 328,000 yuan (US$47,529), 49,000 yuan cheaper than the same model currently imported from the US.Tesla’s US-built cars are now subject… Source link

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