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South China Morning Post
3 days ago
- Business
- South China Morning Post
Hong Kong stocks kick off trading on a strong note after US-EU trade deal
Hong Kong stocks started the week on a solid note after the US and the European Union (EU) agreed on a trade deal with a lower-than-expected tariff rate that could prevent the global economy from slipping into a recession. The Hang Seng Index rose 0.6 per cent to 25,533.23 at 10.07am local time, while the Hang Seng Tech Index dropped 0.1 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both climbed 0.2 per cent. China Life Insurance rallied 5.9 per cent to HK$24.10 and New Oriental Education & Technology rallied 3.9 per cent to HK$37.30. Ping An Insurance Group added 2.6 per cent to HK$56.10. The framework trade deal between the US and the EU included a 15 per cent tariff on European goods entering the US and significant EU purchases of American energy and military equipment, according to President Donald Trump. The US also struck a trade agreement with Japan last week, which triggered a rally in global equities amid fading fears of a trade war. Traders were gearing up for an eventful week: a third round of trade talks between China and the US are underway in Sweden. In addition, the US Federal Reserve will unveil its decision on interest rates and bellwether companies including HSBC Holdings are due to release first-half earnings reports.
South China Morning Post
7 days ago
- Automotive
- South China Morning Post
Hong Kong stocks hold at 3-year high on hope of trade agreement between US and EU
Hong Kong stocks steadied on Thursday, with the benchmark index hovering at its highest point in three and a half years as investors bet against a global trade war thanks to apparent progress towards a tariff deal between the US and European Union. The Hang Seng Index rose 0.2 per cent to 25,591.16 as of 10.11am local time. The Hang Seng Tech Index gained 0.1 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both climbed 0.2 per cent. Car dealer Zhongsheng Group Holdings advanced 2.9 per cent to HK$14.06, and ZTO Express advanced 2.4 per cent to HK$155.70. Semiconductor Manufacturing International rallied 2 per cent to HK$49.70, and China Life Insurance gained 3.1 per cent to HK$22.30. The gains in Hong Kong stocks took cues from US and Asian equities after reports emerged that the European Union would accept a 15 per cent tariff on its exports to the US. That marked another breakthrough in President Donald Trump's tariff policy after cutting a deal with Japan this week. Stocks cheered about the likely outcome, with the S&P 500 index notching a fresh record high. Investors had expected the two sides to be deadlocked on a 30 per cent rate. Other major Asian markets were mixed. Japan's Nikkei 225 climbed 1.9 per cent, South Korea's Kospi rose 0.7 per cent and Australia's S&P/ASX 200 slipped 0.1 per cent.
South China Morning Post
16-06-2025
- Business
- South China Morning Post
Hong Kong stocks waver on China's mixed economic data; drug companies lead decline
Hong Kong stocks swung between gains and losses after China reported a mixed bag of economic data from May. The Hang Seng Index rose 0.1 per cent to 23,907.52 as of 10.23am local time. The Hang Seng Tech Index gained 0.4 per cent. On the mainland, the CSI 300 Index climbed 0.1 per cent, and the Shanghai Composite Index added 0.2 per cent. Drug companies led the decline. Wuxi Biologics slumped 6.3 per cent to HK$26.30, Sinopharm Group lost 4 per cent to HK$18.44 and Sino Biopharmaceutical retreated 2.7 per cent to HK$5.38. Tempering losses, Chow Tai Fook Jewellery Group jumped 5.4 per cent to HK$13.64 on higher gold prices. China Life Insurance added 2.7 per cent to HK$18.40, and China Merchants Bank gained 2.4 per cent to HK$53.10. Retail sales grew 6.4 per cent last month, the fastest pace since December 2023, the National Bureau of Statistics said on Monday. That exceeded all the estimates of the economists polled by Bloomberg.
South China Morning Post
19-02-2025
- Business
- South China Morning Post
Sino-Ocean wins court approval to pursue US$6 billion debt workout plan
Published: 4:01pm, 19 Feb 2025 Sino-Ocean Group has taken another big step to resolve its liquidity crisis after a Hong Kong court approved its US$6 billion debt workout plan, joining a handful of mainland Chinese developers that have managed to stave off hostile offshore creditors. The High Court gave its nod to the state-backed company's plan to settle its overdue debt involving several tranches of loans governed by Hong Kong law, according to a judgment on Wednesday. No creditors or lenders opposed the workout plan during the hearing. The developer, which counts state-backed China Life Insurance and Dajia Insurance among its top shareholders, earlier this month won approval from a London court to proceed with its plan to settle with investors holding seven dollar-denominated bonds governed by UK law. Sino-Ocean has proposed to reorganise its finances after reneging on its obligations in September 2023 as China's housing market crisis deepened. The Beijing-based developer defaulted on syndicated loans totalling US$249.8 million and HK$12.2 billion, as well as US$3.72 billion of bonds, according to its stock exchange filings. 03:49 Rally cry by Xi sets economic priorities for Chinese officials, absolves them of mistakes Rally cry by Xi sets economic priorities for Chinese officials, absolves them of mistakes The developer unveiled its restructuring plan in July, in which it offered to repay creditors with long-term bonds and a combination of new mandatory convertible notes and perpetual securities. Most of its lenders consented, while some bondholders opposed it.
