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Hong Kong-listed NIO (09866.HK) continued to fall, now down more than 5%, with a trading volume of over 100 million lots.On April 30, Didi Chuxing predicted that the evening rush hour for taxis on the last day before the holiday (April 30) will be advanced to 15:00 and last until 21:00. The demand for taxis is expected to increase by about 55% compared to usual times.Stifel: Lowered Starbucks (SBUX.O) price target to $92 from $103.On April 30, CCB International published a research report. Based on the banks unchanged forecast of 13 times the price-to-earnings ratio for fiscal year 2025, it lowered Li Nings (02331.HK) target price by 6% from HK$15.4 to HK$14.5, and maintained a "neutral" rating. The report pointed out that Li Nings retail sales in the first quarter of 2025 increased by low single digits year-on-year, which was basically in line with the banks and market expectations. The companys performance continued to lag behind its major peers, reflecting the continued loss of market share. The bank pointed out that Li Nings sales have been weak since April, with no obvious signs of improvement. Offline sales continue to be dragged down by slowing store traffic. The bank expects this difficult operating environment to continue until the second quarter of 2025. At present, the bank maintains its forecast of 1% full-year revenue growth in fiscal year 2025.On April 30, CCB International published a research report, raising the target price of Zhaojin Mining (01818.HK) by 35% from HK$16.4 to HK$22.1, and maintaining the "outperform" rating. The report pointed out that Zhaojins profit in the first quarter of 2025 exceeded expectations, with revenue increasing by 54% year-on-year, net profit increasing by 198% year-on-year, and gross profit margin expanding to 50.3%, the highest level since the fourth quarter of 2021. Net profit in the first quarter of 2025 also hit a record high. The bank is optimistic about the outlook for gold production, raising Zhaojins self-produced gold production forecast by 8% to 18.3 tons in 2025 and by 10% to 25.3 tons in 2026. The bank raised its gold price forecast for 2025 by 12% to US$3,115 per ounce and its gold price forecast for 2026 by 16% to US$3,300 per ounce.

Ping An is to be nominated as a board member by HSBC

Charlie Brooks

Aug 01, 2022 10:48

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This week, as the global lender prepares to meet with Hong Kong shareholders, a Hong Kong lawmaker has requested that HSBC separate its Asia subsidiary and appoint Chinese insurer Ping An to its board.


In order to improve shareholder value, Ping An Insurance Group Co., Ltd., the bank's biggest shareholder, asked in April that London-based HSBC consider strategic options such as spinning off its key Asian division.


Several retail investors in Hong Kong who were initially displeased with HSBC's proposal to cease its dividend payout in 2020 have now welcomed the move.


"We advise HSBC to divide its Asian business units. Restoring Hong Kong's main listing is the best way to protect minority shareholders' interests "Hong Kong district council member Christine Fong said in a Sunday Facebook (NASDAQ:META) post.


She said, "Having learnt our lesson from the 2020 dividend cancellation, we wholeheartedly support Ping An's candidacy to the HSBC board."


Approximately 65 percent of HSBC's stated earnings before taxes in 2021 came from Asia, with Hong Kong serving as the bank's biggest market.


The banking giant has hired advisors, including the London-based boutique investment company Robey Warshaw, to assist in a review of its strategy, but has made no direct response to Ping An's inquiries.


Sunday, HSBC did not immediately respond to a request for comment from Reuters.


According to Fong, "more than 500 HSBC retail investors" support the proposal.


The office of Fong did not immediately respond to Reuters' request for comment.


Tuesday will be the first genuine meeting between HSBC management and Hong Kong shareholders since the COVID-19 pandemic. Group Chairman Mark Tucker and Chief Executive Officer Noel Quinn will preside over the meeting.


HSBC is expected to prolong the campaign initiated by Ping An, sources told Reuters earlier this month. The midyear results of HSBC will be released on Monday.


According to them, HSBC might respond by accelerating its exit from non-core markets and dedicating more resources in Asia.

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