Today is the third day of the National Day Golden Week. Hong Kong stocks and several other Asia-Pacific markets are the first to open for trading.
Hong Kong stocks will be closed for weekends on October 1 and October 2, and will be closed on October 4 for the Double Ninth Festival. The market will open normally on October 3 and October 5 to 7.
As of the close of Hong Kong stocks, the Hang Seng Index fell 0.83%, and the Hang Seng Technology Index fell 0.67%. Real estate stocks are strong, Country Garden rose more than 8%. Postal Savings Bank fell more than 11%, the worst performance in the listing; Ping An of China fell more than 4%, hitting a new multi-year low. Most technology stocks closed down, Jingdong Group fell nearly 3%, Meituan fell more than 2%, and Tencent Holdings fell 0.98%.
Favorable policies boost Chinese property stocks
Mainland property stocks became the best performing sector in Hong Kong stocks on the first day of market opening in early October.
As of press time, mainland real estate stocks were among the top gainers, with Powerlong Real Estate up 13.75%, KWG Group up over 9%, and Country Garden up nearly 9%.
On the news, the mainland property market has ushered in three major positives recently.
On the evening of September 30, the official website of the People’s Bank of China announced that the People’s Bank of China has decided to reduce the loan interest rate of the first personal housing provident fund by 0.15 percentage points from October 1, 2022, and the interest rate of the first set of personal housing provident fund loans will be reduced by 5 years (including 5 years) and 5 years. The annual interest rate was adjusted to 2.6% and 3.1% respectively. The interest rate policy of the second set of personal housing provident fund loans remains unchanged, that is, the interest rates for less than 5 years (including 5 years) and more than 5 years are not lower than 3.025% and 3.575% respectively.
The policy was released following the central bank’s “phased relaxation of the lower limit of the first-home loan interest rate in some cities” and the Ministry of Finance’s “residents who change houses within one year can enjoy a tax rebate”.
On September 29, the People’s Bank of China and the China Banking and Insurance Regulatory Commission issued a notice deciding to adjust the differentiated housing credit policy in stages. Eligible city governments can decide on their own to maintain, lower or cancel the lower limit of the local new first-home loan interest rate by the end of 2022.
On September 30, the Ministry of Finance and the State Administration of Taxation issued the “Announcement on Individual Income Tax Policies Supporting Residents to Buy Houses”, which stipulated the individual income tax preferences for house buyers, and those who meet the conditions “refund all paid individual income tax”.
Postal Savings Bank H shares fell 11.02%
Postal Savings Bank H shares fell sharply in early trading, falling by more than 12% and leading the financial sector of Hong Kong stocks. As of press time, Postal Savings Bank H shares fell 11.02%.
According to the disclosure of rights and interests of the Hong Kong Stock Exchange, the Li Ka-shing Foundation reduced its holdings of 50,000 shares of Postal Savings Bank on September 29, with an average price of HK$4.71 per share, involving a capital of regarding HK$235,500. After the reduction, the Li Ka-shing Foundation’s shareholding in the Postal Savings Bank dropped to 10.99%, holding 2.184 billion shares. It is reported that this is the first time that the Li Ka-shing Foundation disclosed that it has reduced its holdings in the Postal Savings Bank. The last interest declaration was in January 2019. At that time, the foundation held 2.267 billion shares (regarding 11.41% equity) of the Postal Savings Bank, which means that the foundation has During this period, more than 83 million shares or 0.42% of Postal Savings Bank’s equity has been reduced accumulatively, but it was not disclosed because the reduction did not exceed a whole number percentage points.
Hengfu Holdings rose 225%
Hengfu Holdings resumed trading today, and its stock price rose 225%. On the news, Hengfu Holdings announced that the controlling shareholder Li Haifeng sold 411 million shares to the bidder Ma Xiaoqiu, equivalent to 50.28% of the company’s issued share capital, at a cash consideration of HK$98.2982 million, or HK$0.239 per share sold, which is higher than the company’s quotation before the suspension. HK$0.24 is a 0.42% discount. The announcement shows that the offeror will make a mandatory unconditional cash offer for the remaining shares of the company at HK$0.239 per share. The Offeror intends to maintain the listing status of the Company following the close of the Offer.
In addition, China CDFG’s H-shares rose rapidly following the opening, reaching nearly 5% at one point, hitting a new high since its listing in August. As of 15:00 on the 3rd, China CDF H shares rose 3.29%
According to media reports, according to the news from Sanya Hailv Duty Free City, the average daily passenger flow more than doubled in the days before the National Day holiday compared to late September. In addition, the “world’s largest single duty-free shop” under CDFG, cdf Haikou International Duty Free City, will open on October 28, and more than 800 well-known international and domestic brands have confirmed their entry.
CDF said that as the domestic tourism market continues to pick up, CDFG’s dominant position in Hainan’s travel retail market will continue to be maintained. It is also understood that as of late September, all 10 duty-free shops on outlying islands in Hainan have resumed business. A week before the National Day, the popularity of searches related to Sanya on the Ctrip platform increased by 40% month-on-month, and Sanya travel bookings during the National Day holiday increased by 219% month-on-month.
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