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On May 30th, the State Administration for Market Regulation announced that, in order to adapt to the needs of combating and rectifying pyramid schemes under the new circumstances, protect the legitimate rights and interests of natural persons, legal persons, and unincorporated organizations, and maintain market order and social stability, it has organized the revision of the "Regulations on Prohibiting Pyramid Schemes," resulting in the "Draft Regulations on Prohibiting Pyramid Schemes (Revised Draft for Public Comment)," which is now open for public comment. The public comment period is from May 29th to June 28th, 2026. The draft revisions focus on the following aspects: adding specific content on combating online pyramid schemes; strengthening the working mechanisms and measures for preventing and combating pyramid schemes; and increasing the legal liabilities for pyramid schemes.On May 30, at the invitation of Valentina Matviyenko, Chairwoman of the Federation Council of Russia, and Volodin, Chairman of the State Duma, Zhao Leji, Chairman of the Standing Committee of the National Peoples Congress, paid an official friendly visit to Russia from May 27 to 30. In Moscow, he held separate talks with Matviyenko and Volodin and attended the 11th meeting of the China-Russia Parliamentary Cooperation Committee. Zhao Leji stated that the exchange mechanism between the legislative bodies of China and Russia is increasingly完善 (perfected/improved), playing an important role in optimizing the legal environment for bilateral cooperation and consolidating the public opinion foundation of bilateral relations. Both sides should, based on the functions and responsibilities of their legislative bodies, maintain the good momentum of multi-level and multi-field exchanges, enhance mutual understanding and trust, strengthen exchanges and mutual learning, and better serve the development of the China-Russia comprehensive strategic partnership of coordination for a new era. Exchanges of legislative experience should be conducted in areas such as national security, ecological and environmental protection, artificial intelligence, and foreign-related legal affairs.According to AXIOS, the first Windows PCs equipped with NVIDIA (NVDA.O) chips will be unveiled next week.On May 30th, Xiaomi officially unveiled its end-to-end optimization solution for the inference system of the MiMo-V2.5 series models. According to Xiaomi, the team systematically reconstructed the entire inference stack, from KVCache management, hierarchical caching, and prefix caching to scheduling strategies and the Prefill/Decode link, based on a hybrid architecture of Hybrid SWA+MoE+multimodal. KVCache storage was compressed to approximately 1/7 of comparable solutions, significantly reducing inference costs in long-sequence scenarios—this is the core technological foundation for this price reduction. On May 27th, the MiMo-V2.5 series API underwent a permanent price reduction, with a maximum reduction of 99%, regardless of input length.On May 30, the nations first green computing power full-stack AI platform was officially launched in the Hohhot Area of the Inner Mongolia Pilot Free Trade Zone, filling the gap in the regions one-stop computing power model word element comprehensive service transaction.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Leads a Mixed Session

Steven Zhao

Feb 20, 2023 16:10

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Market Overview

It was a mixed morning session. There were no US economic indicators from Friday to influence investor sentiment this morning. It was also a quiet session on the Asian economic calendar, with no material economic indicators for Investors to consider. Nonetheless, the Hang Seng Index was on the move.


The lack of stats left the markets in limbo. It is another busy week ahead for the global financial markets, with US stats likely to influence sentiment toward Fed monetary policy.


From Asia, the RBA could weigh on the ASX 200 again tomorrow, with the RBA meeting minutes out. Prelim private sector PMIs for February and inflation numbers from the major economies will also influence market risk sentiment.


However, the general theme remains a hawkish Fed that may be intent on hiking rates until cracks in the US economy begin to reappear.


In contrast, PBoC did provide Hang Seng Index support this morning by holding the 1-year and 5-year loan prime rates steady at 3.65% and 4.30%, respectively.

ASX 200

The ASX 200 was flat. A bearish end to the week for the Dow Jones left the ASX 200 on the back foot this morning ahead of the RBA meeting minutes.


This morning, bank stocks had a bullish session. Westpac Banking Corp (WBC) and National Australia Bank (NAB) led the way, with gains of 1.10% and 1.21%, respectively. Commonwealth Bank of Australia (CBA) and ANZ Group (ANZ) also found support, rising by 0.89% and 0.718%, respectively.


Mining stocks also had a bullish session. Rio Tinto (RIO) and BHP Group Ltd (BHP) were up by 0.12% and 0.87%, respectively, with Fortescue Metals Group (FMG) rising by 0.99%. Newcrest Mining (NCM) was up by 0.68%.


However, Woodside Energy Group (WDS) and Santos Ltd (STO) were down by 0.29% and 0.73%, respectively. A pullback in crude oil prices to sub-$77 weighed on the oil stocks this morning, despite WTI rising by 0.26% to $76.60.


On the earnings front, The a2 Milk Company Ltd (A2M) slid by 8.17% despite operating profits beating expectations. An uncertain outlook weighed, with the company stating,


“The business outlook is encouraging, but there’s still some noise around COVID-19, deferred medical treatment, and claims exposure. Our current provisioning is prudent, but it’s going to take a bit more time for this to settle.”

Hang Seng Index

The Hang Seng was up 0.41% this morning. The PBoC decision to hold Loan Prime Rates unchanged delivered support. However, geopolitical tensions continued to cap the upside ahead of the key economic indicators from the US this week.


According to Reuters, the White House has planned new sanctions on Russia while also warning Beijing of the consequences of supporting Moscow. Geopolitical tensions between Washington and Beijing remain an area of concern.


Tencent Holdings Ltd (HK:0700) was down 0.11%, with Alibaba Group Holding Ltd (HK:9988) falling 0.30%


However, bank stocks found support. Industrial and Commercial Bank of China (HK:1398) and China Construction Bank (HK: 0939) rose by 0.50% and 0.81%, respectively, with HSBC Holdings PLC up by 0.44%.


CNOOC (HK: 0883) also found morning support off the back of a pickup in crude oil prices, rising by 1.06%.

Nikkei 225

The Nikkei 225 was flat this morning, despite a stronger USD/JPY at 134.355.


Tokyo Electron Ltd (8035) fell by 1.80%, with SoftBank Group Corp. (9984) and Fast Retailing Co (9983) seeing losses of 0.82% and 0.34%, respectively. Sony Corp (6758) also struggled, falling by 0.52%.

However, KDDI Corp (9433) rose by 1.10%.


With the Fed and Bank of Japan in focus this week and rising geopolitical risk, investors took a more cautious position today.