Flash News

TREE NEWS update: Hong Kong Financial Secretary Paul Chan Mo-po said the city has no intention of altering the Hong Kong dollar’s linked exchange rate system. He also said Hong Kong will take advantage of the low interest rates on renminbi-denominated bonds. The remarks reaffirm the existing currency peg regime.

TREE NEWS update: China will expand undergraduate enrollment at its “Double First-Class” universities by an additional 76,000 places over the next four years, state media reported. The plan covers the country’s top-tier higher education institutions designated under the Double First-Class initiative. No further details on the allocation of the added seats were given.

TREE NEWS update: BlackRock Fund announced on the morning of September 23 that its BlackRock Wenli 63-month closed-end bond securities investment fund has ended subscription early. The product opened for subscription on September 21, was originally scheduled to close on October 20, and instead closed on September 22. It is the first of 15 amortized-cost bond funds approved on September 14 to complete fundraising.

TREE NEWS update: China’s Communist Party Central Committee has appointed Li Lecheng as Anhui party secretary, replacing Liang Yanshun, and Zhou Zuyi as Henan party secretary, replacing Liu Ning. Zhou had served as Fujian party secretary, a post now filled by Zhao Long. The personnel changes were announced by the Central Committee.

TREE NEWS update: SoftBank has launched a jumbo high-yield bond offering to raise funds for artificial intelligence investments. The Japanese conglomerate is tapping the high-yield market as it continues to build out its AI portfolio. No deal size or pricing terms were disclosed.

TREE NEWS update: China’s Ministry of Education will roll out at least half a day of off-campus practice teaching every week nationwide, Tian Zuyin, director of the ministry’s basic education department, said on September 23 at a State Council Information Office briefing. Schools at all levels will arrange the sessions by age group under local conditions, and the activity will be written into school teaching plans.

TREE NEWS update: The Export-Import Bank of China issued a 1-year bond worth 3 billion yuan at a coupon rate of 1.3868%, below the expected 1.4000%. The auction drew a bid-to-cover ratio of 3.72 times and a marginal ratio of 1.50 times.

TREE NEWS reports: China’s Ministry of Finance awarded 2-month treasury cash deposits at a winning rate of 1.46%, down from 1.81% at the previous auction, and 3-month deposits at 1.47%, down from the prior 1.67%. The lower yields on both tenors mark a decline in the rates banks pay for the ministry’s short-term cash placements.

TREE NEWS update: Hong Kong Financial Secretary Paul Chan Mo-po said the city needs to broaden its range of renminbi-denominated products and build out the related infrastructure, and that it needs more quality issuers to list. Chan made the remarks in comments published on the city’s financial development priorities. He did not specify a timeline or list the products or issuers involved.

TREE NEWS reports: Shanghai Metals Market data showed the MMLC battery-grade lithium carbonate midprice at 132,750 yuan per tonne in morning trading, down 250 yuan per tonne from the 16:30 price the previous day.

TREE NEWS update: China’s Taiwan Affairs Office called on Taiwan to remove what it called unreasonable restrictions on cross-strait air transport, saying the move should follow public opinion. The office did not specify which restrictions it was referring to or set a timeline. The statement was issued without further details on the scope of the curbs or any response from Taiwan’s authorities.

TREE NEWS reports: Kingboard Laminates shares rose as much as 6% intraday after JPMorgan initiated coverage with an Overweight rating and a HK$65 target price, implying about 41% upside from Tuesday’s close. JPMorgan forecast EPS to grow eightfold between 2025 and 2028, driven by higher copper-clad laminate prices, capacity expansion and a 75% increase in loom equipment over the next two years. It expects the fiberglass fabric shortage to last at least until 2027, with tight supply of mid-to-high-end electronic-grade copper foil intensifying in 2027-2028.

TREE NEWS reports: Hong Kong’s Hang Seng Index extended its intraday decline to 1%, with the benchmark slipping further during the trading session. The move marks a widening of losses for the Hong Kong equities gauge on the day. No specific catalyst for the drop was cited.

TREE NEWS update: China’s Ministry of Education said the country’s population with higher education experience has reached 270 million. The figure was disclosed by the ministry, covering citizens who have received tertiary education. No further breakdown or timeframe was provided in the statement.

TREE NEWS reports: Hong Kong-listed mainland property developers climbed, with China Vanke rising 11% and Sunac China gaining more than 8%. Country Garden and China Aoyuan each advanced nearly 6% in the same session. No specific catalyst was cited for the move.

TREE NEWS reports: China’s real estate sector extended its rally, with Wo Ai Wo Jia and Huayuan Holdings both hitting their third consecutive daily limit-up. Zhonghua Enterprise surged straight to its limit, while Vanke A, Huali Family, World Union and Tefa Service also advanced. The moves came as property shares staged a fresh broad-based push higher.

TREE NEWS reports: China’s first island-loop natural gas pipeline network, the Hainan pipeline grid, has delivered a cumulative total of more than 35 billion cubic meters of gas. The network is supporting the construction of the Hainan Free Trade Port and the clean-energy island initiative.

TREE NEWS reports: New-home transaction area in 30 key Chinese cities rose 1.4% year-on-year from Sept 1 to 20, with first-tier cities continuing to grow. Second-hand home transactions in 20 key cities climbed 13.1% year-on-year, with Beijing and Shanghai posting seven straight months of growth. The recovery remains concentrated in quality projects in core cities, and the August 28 policy’s direct impact on near-term supply has been limited.

TREE NEWS reports: China’s treasury futures opened mixed on the latest trading session, with the 30-year main contract down 0.06%. The 10-year, 5-year and 2-year main contracts were all flat at 0.00%. No further details were disclosed.

TREE NEWS reports: China’s Shanghai Composite Index opened 0.02% lower at 3951.37, while the Shenzhen Component rose 0.14% to 13742.55 and the ChiNext Index gained 0.37% to 3412.53. The CSI 300 opened 0.07% higher at 4547.61, the STAR 50 added 0.40% to 1671.77, and the CSI 500 and CSI 1000 opened up 0.14% and 0.05% respectively.