Hong Kong Rebounds As Golden Week Wraps, Week In Review

Week in Review

Asian equities had a mixed week, mirroring a downdraft on Wall Street, though Hong Kong managed a positive return.
Mainland China markets were closed this week for the Golden Week holiday (Mid-Autumn Festival), which saw +86% more domestic trips taken compared to last year.
On Thursday, developer Sunac became the first China real estate company to receive court approval to restructure its debts after negotiations with 2,000 onshore bondholders.
Mainland financial media had a host of stories on the rebound in consumer spending on travel and other services this holiday, though the media hype could not lift consumption plays in Hong Kong.
In this week’s video update, Xiabing Su explores the groundbreaking collaboration between Kweichow Moutai and the freshly reformed Chinese chain Luckin Coffee.

Friday’s Key News

Asian equities rebounded as Hong Kong outperformed.

Hong Kong-listed internet stocks had a strong day after yesterday’s news from Meituan on Golden Week consumption data. Advancers outpaced decliners by a wide margin as the Hang Seng Index closed above 17,500, though on very light volumes due to the closure of Southbound Stock Connect.