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Shanghai share index rallies to 12-month high following quarterly economic data indicating growth upswing

China’s stocks climbed for a second day, sending the benchmark gauge to a one-year high, as the economy grew at a pace topping analysts’ estimates, strengthening evidence of a firmer recovery in full swing.The Shanghai Composite Index rose 0.3 per cent, or 9.52 points, to 3,263.12 at the close on Wednesday, finishing at the highest level since March 22, 2018. Carmakers paced the gains on expectations that the government will unveil plans that will ease license controls and encourage the… Source link

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Chinese electric vehicle maker Xpeng unveils P7 four-door coupe at Auto Shanghai 2019, months after SUV roll out

Chinese electric vehicle maker Xpeng unveiled the P7 four-door coupe, its second mass-market model in four months, at Auto Shanghai 2019 on Tuesday. It will start deliveries from the second quarter of 2020 and will announce a price later.“With P7, we are targeting the new generation of China … Xpeng Motors’ unique differentiation is its vision and corporate DNA,” said He Xiaopeng, the company’s founder and chairman. Brian Gu, a veteran JPMorgan investment banker and chairman of its Asia-Pacific… Source link

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Shanghai stocks gain ahead of 1st-quarter GDP data, fading concerns over liquidity

China’s stocks rose to an almost 13-month high, with the rally on the benchmark resuming, as investors brushed aside concerns about tightening liquidity and before the release of the data on economic growth.The Shanghai Composite Index advanced 2.4 per cent, or 75.81 points, to 3,253.60 at the close on Tuesday, the highest closing level since March 22, 2018. The gauge finished higher for the first time in four trading days and recouped all the losses over the past three days. Hong Kong’s Hang… Source link

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Shanghai Commercial Bank’s 2018 profit up 17 per cent on higher interest income, forfeited Hong Kong Life deposit

Shanghai Commercial Bank said on Tuesday that its profit rose 17 per cent in 2018, driven by higher interest income, particularly in the US, and an “extraordinary contribution” resulting from the failed sale of Hong Kong Life Insurance.The bank, which went private in 2017, reported a profit of HK$2.85 billion (US$363 million) for the year ended December 31, up from HK$2.43 billion a year earlier.“In the year ahead, the bank will take a more cautious approach to preserve good credit quality and… Source link

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China’s electric vehicle ambitions to take centre stage at Shanghai auto show

In this file photo from April 25, 2018, a visitor takes a closer look at the Sylphy Zero Emission during the start of Auto China 2018 in Beijing. Nissan and its Chinese partner will display the Sylphy, an all-electric model designed for China that went on sale in August, at the Shanghai auto show. Photo: AP Source link

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Zurich-based robotics giant ABB expects Chinese electric vehicle makers and SME sector to keep Shanghai plant busy

ABB Group, the Swiss-Swedish industrial automation and electricity supply technology company, is banking not only on hundreds of electric vehicle start-ups in China, but also millions of small and medium-sized manufacturers in the country, to fill up the order books at a robotics factory it is building in Shanghai.The Zurich-headquartered company, which also has robotics factories in Sweden and the United States, is betting big on further growth in the demand for automation in China – the world… Source link

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Shanghai ekes out a gain, while Hang Seng falls on day filled with jitters over global growth, trade

Hong Kong and China markets have got the jitters.The Shanghai Composite Index on Wednesday eked out the tiniest of gains – 0.1 per cent to 3,241.93 – on a day it struggled to climb out of a hole. Global growth concerns and escalating trade tensions also were felt in Hong Kong, which spent the day under water, though ended down just 0.1 per cent at 30,119.56.Overnight, the International Monetary Fund cut its global growth forecast to 3.3 per cent for this year, down from the 3.5 per cent it… Source…

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Hang Seng climbs to 10-month high as Shanghai Composite posts second straight day of losses

Hong Kong’s Hang Seng Index closed at a 10-month high as bulls ended up in control despite early weakness. Meanwhile, China’s Shanghai Composite Index dropped for a second consecutive day.Hong Kong markets are “still quite positive and people are expecting the upwards side of the index”, said Gordon Tsui, managing director of investment holding company Hantec Pacific.But, with trading at such a high level, the Hang Seng is at a critical point as investors may be worried about markets adjusting… Source link

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Chinese capital controls mean Shanghai is not a global financial hub, US bankers say

Shanghai has fallen short of its ambitious goal of becoming a fully-fledged international financial centre by 2020, according to a survey by the American Chamber of Commerce in Shanghai.The plan was announced in 2009, when Shanghai officials pledged it would be on an equal footing to New York, London and Hong Kong by next year’s deadline.As the deadline grows nearer, however, the city remains largely a commercial and shipping capital. Restrictions on the movement of capital in and out of China… Source link

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Canadian asset manager Brookfield in talks to buy Shanghai property from Hong Kong-listed Greenland

Canadian companies continue to pursue deals in China notwithstanding the diplomatic spat between the two countries that has seen tit-for-tat arrests of each other’s citizens.Two Canadians have been imprisoned in China after Huawei’s chief financial officer Sabrina Meng was arrested by Canada on December 1 following an extradition request from the US.Brookfield Asset Management, a Toronto-based alternative asset manager, is in talks to buy a commercial property site in Shanghai for around US$2… Source link

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