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Shares of China’s largest investment bank jump by the most in 17 months after Alibaba increased its stake

Shares of China International Capital Corporation (CICC) recorded their biggest intraday jump in 17 months after the world’s largest e-commerce platform raised its stake to become the third-biggest shareholder in the investment bank.CICC shares jumped as much as 11.1 per cent to HK$18.80, and changed hands recently at HK$17.44 on the Hong Kong exchange.Alibaba Group Holding, which operates the world’s biggest online shopping platform and owns South China Morning Post, yesterday announced that… Source link

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Vietnam 

VN stocks jump on 2019 earnings outlook – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Vietnamese shares rose strongly on Tuesday to extend gains for a second session as investor sentiment remained positive on 2019’s corporate performances. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 1.24 per cent to close at 937.54 points. The southern market index has increased by total 3.18 per cent in the last two trading days, setting its two-month high since December 14. More than 188.4 million shares were traded on the southern exchange, worth VNĐ4.2 trillion (US$180.2…

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Vietnam 

PV Power shares jump 4% – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — PetroVietnam Power Corporation (PV Power) shares jumped 4.7 per cent following the company’s debut on the Hồ Chí Minh Stock Exchange (HoSE) on Monday. PV Power started listing more than 2.34 billion shares on the southern bourse with code POW at the initial price of VNĐ14,900 per share (US$0.64). Shares ended Monday at VNĐ15,600 per share, up 4.7 per cent from the initial price level. The company’s market capitalisation reached VNĐ36.53 trillion ($1.57 billion) at the end of the trading…

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Shandong-based companies jump after it becomes latest Chinese province to join bailout rush

Gettop Acoustic and Shandong Weida Machinery led the gains among publicly traded companies based in the eastern Shandong province after the local government said it would provide funding to cash-strapped firms. Shandong joins Shanghai, Guangdong, Zhejiang and Fujian governments that are trying to defuse the risks linked to forced sales of shares pledged as collateral for loans after President Xi Jinping and top financial regulators from the central bank to the stock market watchdog vowed to support growth of the private sector. China’s troubled private listed firms offered billion-dollar bailouts…

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Tencent shares jump over 4 pc in early Hong Kong trading after better-than-expected earnings

Tencent Holdings increased 4.3 per cent to open at HK$284 on Thursday in Hong Kong trading, after China’s internet giant posted better-than-expected third quarter profits overnight. Tencent, the operator of China’s biggest social media and gaming businesses, posted a 30 per cent jump in third-quarter profit to US$3.4 billion as social advertising and investment gains helped to offset gaming uncertainties due to government regulation. Tencent president Martin Lau struck a note of caution in an earnings call on Wednesday, saying that challenges lie ahead, including the pace of state approvals…

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China 

Chinese consumers curb spending on trade war uncertainty, but investment and output jump in October

Chinese consumers reined in their spending in October on increasing uncertainty amid the trade war with the United States, government data released on Wednesday showed. But growth in fixed-asset investment and industrial production both accelerated during the first month of the fourth quarter, indicating that while the economy may be slowing, it is not collapsing from the weight of trade war uncertainty. China says strong US economy shores up its exporters Overall investment growth accelerated to 5.7 per cent in the January to October period, above expectations for a 5.5…

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Property 

Wynn Macau shares dive despite a 148 per cent jump in third-quarter profit

Shares of Wynn Macau, chaired by Hong Kong-based entertainment tycoon Allan Zeman, dived on Thursday even though the company posted a 148 per cent jump in third quarter profit from a year earlier. Net profit for the Macau unit of Wynn Resorts in Las Vegas, reached US$223.5 million. The company, which operates Wynn Macau and Wynn Palace, delivered US$1.31 billion in operating revenues for the three months through September, compared with US$1.09 billion in the same period in 2017. The increase was boosted by a 40 per cent jump in…

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Hong Kong Exchanges and Clearing soundly beats estimates with 20 per cent jump in net profit in third quarter

The Hong Kong Exchanges and Clearing on Wednesday reported a better-than-expected 20 per cent jump in its net profit during the third-quarter, after its largest listing reform in decades sparked an increase in market turnover and new listings. HKEX, the local bourse operator and owner of the London Metal Exchange, said that its July-to-September quarter net profit stood at HK$2.44 billion (US$312 million), or HK$1.96 per share, up from HK$2.03 billion a year earlier. The earnings beat consensus market estimates of a 4.8 per cent year-on-year growth in net profit…

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Money 

China, Hong Kong stocks jump over Chinese leadership’s vow to help markets

China and Hong Kong stocks advanced in early trading on Thursday, after China’s top leadership vowed to step up support for the stock market and private enterprises amid the slowing economy. The Shanghai Composite Index added 1.1 per cent, or 27.54 points, to 2,630.32 in early trading, extending a two-day rally. The Shenzhen Composite Index, which tracks mostly smaller companies, climbed 1.7 per cent to 1,316.76. In Hong Kong, the benchmark Hang Seng Index rose 1.7 per cent to 25,399.89 in morning trading. The rallies came after the Communist Party’s…

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Chinese carmakers’ shares jump as Beijing reportedly mulls cutting purchase tax by half

Chinese carmakers’ shares jumped on Tuesday morning in Hong Kong, after a news report that Beijing may be planning to halve the tax on car purchases. China is considering the move in an effort to boost what is the world’s largest automotive market, according to a report by Bloomberg that cited anonymous sources. The industry has seen its first decline in over two decades as a result of the US-China trade war, which is hitting consumer spending power. China’s once-buoyant auto sales hits a blip, likely to see the first…

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