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RTHK
7 days ago
- Business
- RTHK
Hang Seng Index shows relief bump over ceasefire
Hang Seng Index shows relief bump over ceasefire The Hang Seng Index ended the day up 487.94 points, or 2.06 percent, at 24,177.07. File photo: RTHK Mainland Chinese and Hong Kong stocks rose on Tuesday, joining a broader rally across Asia, as global risk appetite improved following US President Donald Trump's announcement of a ceasefire between Israel and Iran. In Hong Kong, the benchmark Hang Seng Index ended the day with solid gains of 487.94 points, or 2.06 percent, at 24,177.07, the biggest single-day gain in over five weeks. Tech firms and car makers led gains in Hong Kong, with the Hang Seng Automobile Index adding over 3 percent and the Hang Seng Tech Index climbing 2.1 percent. On the mainland, the benchmark Shanghai Composite Index ended up 1.15 percent at 3,420.57 while the Shenzhen Component Index closed 1.68 percent higher at 10,217.63. Combined turnover at these two indices stood at 1.41 trillion yuan, up from 1.12 trillion yuan on the previous trading day. Shares in the solid-state battery, robotics and gaming sectors led gains while those related to oil and gas, shipping and precious metals were among the biggest losers. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 2.3 percent to close at 2,064.13. Markets reacted positively to the news that Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day war that saw millions flee Tehran and prompted fears of further escalation in the war-torn region. Risk sentiment in China markets probably won't get much worse from here, and further dips on Middle East tensions might signal a new round of buying opportunities, analysts at Bank of China (International) Securities said in a note. In Tokyo, the benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed at 38,790.56, up 436.47 points, or 1.14 percent, from the previous trading day as investor sentiment was lifted after news that Israel and Iran had agreed to a ceasefire, easing geopolitical concerns. The broader Topix index also rebounded, rising 20.17 points, or 0.73 percent, to 2,781.35. (Reuters/Xinhua)
RTHK
03-06-2025
- Automotive
- RTHK
HK stocks end up, driven by rebound for carmakers
HK stocks end up, driven by rebound for carmakers The Hang Seng Index saw a fairly strong rise of 354.52 points, or 1.53 percent. File photo: RTHK Hong Kong and mainland shares ended higher on Tuesday as banking stocks hit record highs and automakers rebounded, though investors remained cautious ahead of key developments later in the week. In Hong Kong, the benchmark Hang Seng Index added 354.52 points, or 1.53 percent, to end the day at 23,512.49. The Hang Seng China Enterprises Index tracking mainland companies rose 1.9 percent to bounce back from a one-month low. Carmakers listed in the city bounced, taking a breather from the recent sell-off triggered by a price war on the mainland. The Hang Seng Automobile Index jumped 2.4 percent, with Li Auto surging 5.8 percent and BYD climbing 3.9 percent. Up north, Chinese stocks closed higher, with the benchmark Shanghai Composite Index up 0.43 percent to 3,361.98. The Shenzhen Component Index closed 0.16 percent higher at 10,057.17. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.48 percent to close at 2,002.70. Banking stocks led onshore markets higher, with the CSI Banks Index rallying 2 percent to a record high. Chip stocks also strengthened, with the CSI Semiconductor Index adding 1.4 percent. "A likely return of market volatility in June" is expected due to US tariff policy uncertainties and lingering fundamental headwinds seen in macroeconomic data, according to a China equity strategist at Daiwa Capital Markets Hong Kong. "We reiterate our cautious market views as a market rebound since mid-April may have already factored in a 'good outcome' of the trade war," he wrote in a note. Further afield, Australian shares ended higher, helped by banks as investors expectations for further rate cuts were strengthened after minutes from the central bank's May meeting showed it had considered an outsized cut. The S&P/ASX 200 index rose 0.6 percent to 8,466.70 at the close of trade. The benchmark remains a few points shy of the psychologically important 8,500-point level, last seen in mid-February. (Xinhua/Reuters)
The Sun
27-05-2025
- Automotive
- The Sun
China regulator summons automakers to discuss ‘zero-mileage' used car sales
SHANGHAI: China's commerce ministry will meet industry bodies and automakers including BYD and Dongfeng Motor to discuss increasing sales of 'used cars' that were never driven, a person with direct knowledge of the matter said. The meeting is set for Tuesday afternoon, the person said, speaking on condition of anonymity as details of the meeting were confidential. It comes after Great Wall Motor's Chairman Wei Jianjun said in an interview with Sina Finance last week that a phenomenon called 'secondhand cars with zero mileage' had emerged in the Chinese market as a result of the industry's years-long price war. The phenomenon, he said, involved cars that had been registered and had licence plates - marking them as sold - but had never been driven being sold in the secondhand market. Wei said that at least 3,000 to 4,000 vendors on Chinese used car platforms were selling such cars. The source said the tactic was seen as a potential method within the industry for automakers and dealers to support new car sales as they try to meet aggressive sales targets. Other participants invited to the meeting include the China Association of Automobile Manufacturers (CAAM), China Automobile Dealers Association (CADA), as well as some trading platforms of used cars, according to the person. The commerce ministry, BYD, Dongfeng Motor and CADA did not immediately respond to a request for comment. Great Wall and CAAM declined to comment. Shares in Chinese automakers such BYD and Leapmotor extended losses after Reuters reported the meeting, with both falling 3.1%. Hong Kong's Hang Seng Automobile Index fell more than 2%.
The Sun
27-05-2025
- Automotive
- The Sun
China Probes 'Zero Mileage' Used Car Sales Tactic
SHANGHAI: China's commerce ministry will meet industry bodies and automakers including BYD and Dongfeng Motor to discuss increasing sales of 'used cars' that were never driven, a person with direct knowledge of the matter said. The meeting is set for Tuesday afternoon, the person said, speaking on condition of anonymity as details of the meeting were confidential. It comes after Great Wall Motor's Chairman Wei Jianjun said in an interview with Sina Finance last week that a phenomenon called 'secondhand cars with zero mileage' had emerged in the Chinese market as a result of the industry's years-long price war. The phenomenon, he said, involved cars that had been registered and had licence plates - marking them as sold - but had never been driven being sold in the secondhand market. Wei said that at least 3,000 to 4,000 vendors on Chinese used car platforms were selling such cars. The source said the tactic was seen as a potential method within the industry for automakers and dealers to support new car sales as they try to meet aggressive sales targets. Other participants invited to the meeting include the China Association of Automobile Manufacturers (CAAM), China Automobile Dealers Association (CADA), as well as some trading platforms of used cars, according to the person. The commerce ministry, BYD, Dongfeng Motor and CADA did not immediately respond to a request for comment. Great Wall and CAAM declined to comment. Shares in Chinese automakers such BYD and Leapmotor extended losses after Reuters reported the meeting, with both falling 3.1%. Hong Kong's Hang Seng Automobile Index fell more than 2%.
The Sun
27-05-2025
- Automotive
- The Sun
China regulator summons automakers to discuss ‘zero-mileage' used car salesS
SHANGHAI: China's commerce ministry will meet industry bodies and automakers including BYD and Dongfeng Motor to discuss increasing sales of 'used cars' that were never driven, a person with direct knowledge of the matter said. The meeting is set for Tuesday afternoon, the person said, speaking on condition of anonymity as details of the meeting were confidential. It comes after Great Wall Motor's Chairman Wei Jianjun said in an interview with Sina Finance last week that a phenomenon called 'secondhand cars with zero mileage' had emerged in the Chinese market as a result of the industry's years-long price war. The phenomenon, he said, involved cars that had been registered and had licence plates - marking them as sold - but had never been driven being sold in the secondhand market. Wei said that at least 3,000 to 4,000 vendors on Chinese used car platforms were selling such cars. The source said the tactic was seen as a potential method within the industry for automakers and dealers to support new car sales as they try to meet aggressive sales targets. Other participants invited to the meeting include the China Association of Automobile Manufacturers (CAAM), China Automobile Dealers Association (CADA), as well as some trading platforms of used cars, according to the person. The commerce ministry, BYD, Dongfeng Motor and CADA did not immediately respond to a request for comment. Great Wall and CAAM declined to comment. Shares in Chinese automakers such BYD and Leapmotor extended losses after Reuters reported the meeting, with both falling 3.1%. Hong Kong's Hang Seng Automobile Index fell more than 2%.
