Key News
Asian equity markets were mixed as Hong Kong outperformed. South Korea, the Philippines, and Australia outperformed while Japan, India, and Indonesia underperformed.
We knew that Hong Kong was going to have a good day after a strong day in US listed China ADRs despite a weak US equity market. There was more than one catalyst today though Alibaba’s Ant Group being approved by the China Banking and Insurance Regulatory Commission (CBIRC) to raise RMB 18.5B ($2.7B) for their consumer finance unit is garnering significant attention. Half of the investment capital will be coming from Ant with the remaining coming from local Chinese investors. China’s internet regulatory cycle has been over for quite some time though so skeptics should put a nail in that coffin. Following the bouncing ball, could an IPO be next? Would seem like logical next step. Hong Kong’s most heavily traded were Tencent +4.58%, Alibaba HK +8.74%, Meituan +2.5%, JD.com HK +7.21%, and Kuaishou +5.37%.
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