bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

authorLocations

authors

paywallTypes

corrections

sponsorType

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Zhang Shidong

Deb Price

Welcome to Friday, traders!
China's stocks ended higher, while the Hang Seng Index ended under water.
Catch up on the day's action below.
And if you would like receive the Live Stocks Blog each morning via email, shoot Deb a message at deb.price@scmp.com.
-- Zhang Shidong in Shanghai and Deb Price in Hong Kong  
 


Hong Kong stocks reverse gains as China’s market-boosting plan disappoints traders

China channels pension, insurance funds into nation’s A shares to anchor stock market

China directs funds to stabilise stock market amid Trump tariff threats

Hong Kong’s banks gird for leaner times ahead as 9-month profit growth slows

Stocks

Stocks Blog: Investors punish Budweiser APAC over poor results; Tencent slips 

Shares of Budweiser Brewing APAC tumbled after the beer maker reported its third-quarter profits fell 22 per cent.  

Tencent -- whose mascots are pictured -- will be closely watched today, after it closed below a key support level Thursday.

Business

Markets

Budweiser Brewing Company APAC’s (1876 HK) profit fell 22 per cent in the third quarter
China Vanke Q3 net profit rises 31.6 per cent -- boosting shares in Hong Kong and mainland 
	 


China markets

Tencent

Hong Kong protests

Trade war

Budweiser Brewing APAC

Live

ZhongAn Online P&C Insurance (6060 HK), China’s first and largest online-only issuer, said in a Hong Kong stock exchange announcement that it will raise its annual cap set on the asset management fees to be paid to Ping An Asset Management for the financial year ending December 2019, to 59 million yuan from 21.8 million yuan.
The insuretech company said the annual cap revision is necessary due to the strong performances in “certain asset markets”, some of which have affected ZhongAn Online’s assets that are managed by Ping An Asset Management during the current financial year. It therefore expects that the management fees to be paid to Ping An Asset Management will exceed the original annual cap.
Ping An Asset Management is a subsidiary of Ping An Insurance, which in turn is a substantial shareholder in ZhongAn Online.
For the full year of 2018, ZhongAn Online paid 16.2 million yuan management fees to Ping An Asset Management. For the first nine months of 2019,  such fees totaled 7.1 million yuan, it said.
-- Georgina Lee    


ZhongAn Online raises cap on fees to Ping An Asset Management

China Vanke (2202 HK) said Thursday evening that net profit attributable for shareholders for the three months ended September rose 31.6 per cent from a year ago to 6.4 billion yuan, while revenue was up 21.7 per cent, at 84.6 billion yuan.
For the first nine months this year, net profit rose 30.4 per cent from a year ago, to 18.2 billion yuan, while revenue rose 28.4 per cent to 223.9 billion yuan, the company said in a Hong Kong exchange announcement.
During the third quarter, as China continued with its austerity measures in housing, with local governments introducing measures aimed at stablizing house prices and land premiums, the area of new housing construction in China rose by 8.6 per cent year-on-year, which was 1.5 percentage points lower than the growth rate seen in the first half this year.
It said in light of certain market conditions, it has made a 1.14 billion yuan impairment provision for its inventory, which impacted third quarter net profit by 0.78 billion yuan.
During the third quarter, the property developer achieved a contracted sales area of 9.12 million square metres, amounting to 141.6 billion yuan, up 5.2 per cent and 11.6 per cent, respectively.
-- Georgina Lee    


  China Vanke Q3 net profit rises 31.6 per cent

Budweiser Brewing Company APAC’s (1876 HK) profit fell 22 per cent in the third quarter, the first since its US$5 billion initial public offering in Hong Kong last month. 
The regional arm of the world’s largest brewer and Asia-Pacific’s most profitable brewer said that its organic volumes declined 6.5 per cent in the three months ended September 30 as it faced “softness” in its nightlife channel in China and a competitive and challenging environment in South Korea. 
The company's normalised earnings before income tax, depreciation and amortisation, which do not include some non-recurring items, rose by 3.3 per cent in the quarter.
The IPO was the biggest listing in Hong Kong this year and the second largest globally behind Uber Technologies’ US$8.1 billion offering in New York in May. Through Thursday’s close, Budweiser’s shares were up 13 per cent since it trading debut on September 30.
-- Chad Bray 


 Budweiser Brewing APAC profit falls 22 per cent 

* Overnight markets/ What futures foretell
-- Overnight in US markets, the S&P 500 gained 0.2 per cent, the Nasdaq rose 0.8 per cent, and the Dow Industrials slipped 0.1 per cent
 -- Hong Kong futures were 0.2 per cent higher, while the FTSE China A50 futures were little changed
* IPO debuts: Household appliances maker Town Ray Holdings (1692 HK) will start trading in Hong Kong today. Qingdao Haier Biomedical (688139 CH) will debut in Shanghai’s Star Board today and Lucky Harvest (002965 CH) in Shenzhen.
* Economic statistics/Central Bank action: nothing major
* Corporate events: earnings, meetings, news conferences
-- Industrial and Commercial Bank of China (1398 HK), Bank of Communications (3328 HK) and Agricultural Bank of China (1288 HK) are scheduled to post third-quarter results late today.
*Later this week: The September data on industrial companies’ profits is due on Sunday.


Morning guidance 

Tencent (700 HK) gained 0.2 per cent to HK$319.60.
The Chinese social media and gaming giant is looking for support today after closing at HK$319 Thursday. Three times this year, it has found support at HK$320.
 

-- Deb Price 


Tencent opens with gains in declining Hang Seng

Stocks in the mainland and Hong Kong both opened lower today, with the earnings season going on. The Shanghai Composite Index fell 0.4 per cent, while the Hang Seng Index slipped 0.3 per cent.
Ping An Insurance Group (601318 CH) dropped in both Shanghai and Hong Kong after posting third-quarter results Thursday night.
-- Zhang Shidong


China and Hong Kong stocks edge lower at open

Investors punished Budweiser Brewing APAC (1876 HK) for its third-quarter profit decline of 22 per cent. 
The stock is down 5.7 per cent at HK$28.75.
Through Thursday’s close, Budweiser’s shares were up 13 per cent since it began trading on September 30.
-- Deb Price    


Traders punish Budweiser for poor third quarter results 

Qingdao Haier Biomedical (688139 CH) surged by as much as 105 per cent from its initial public offering price on its first day of trading on Shanghai’s Science and Technology Innovation Board, or the Star market, today.
Unlike new listings on the main board that are capped by 44 per cent gain in debuts, IPOs on the Star board are exempt from the restriction. The stock recently traded at 31.70 yuan.
The stellar performance stands in sharp contrast with Town Ray Holdings (1692 HK), which began trading in Hong Kong today.
The household appliances maker tumbled by as much as 20 per cent from the offer price before paring the loss to 8.5 per cent to trade at HK$1.19.
Another new listing is Lucky Harvest (002965 CH), which surged by 44 per cent to 28.64 yuan in the mainland’s Shenzhen bourse.
-- Zhang Shidong 


Star Board debutant Haier Biomedical doubles while Town Ray tumbles in HK

China Vanke (2202 HK) rose 0.5 per cent to HK$28.70 after reporting its net profit for the three months ended September rose 31.6 per cent from a year ago to 6.4 billion yuan.
-- Deb Price 


China Vanke rises after reporting 31.6 per cent net profit gain  

Ping An Insurance Group (601318 CH, 2318 HK) was leading the decline in stocks in both the mainland and Hong Kong after posting third-quarter results.
Although profits for the first nine months increased 63 per cent from a year earlier, traders focused more on new business values for the life insurance segment, which increased by slower-than-expected 4.5 per cent in the period.
The Shanghai-traded shares lost 2.4 per cent to 87.69 yuan. In Hong Kong, the stock fell 3.2 per cent to HK$91.55.
-- Zhang Shidong 


Ping An Insurance falls in Shanghai and Hong Kong on NBV miss

Pork prices in China next year may not be as expensive as they are now.
That is the interpretation of a press conference by the agricultural ministry today.
The herd of hogs and breading sows already posted a month-on-month increase in September, making it likely that pork production will bottom out by the year end and supply will return to normal levels next year, the ministry’s official said at the briefing.
Still, the comment is not stemming gains in pig and poultry-breeding stock today, which have been on a roll this year amid rising prices and strained supply.
Pig-farming Muyuan Foodstuff (002714 CH) surged 3.8 per cent to 94.10 yuan, heading for a record close, and Shandong Minhe Animal Husbandry (002234 CH), which breeds chicken, climbed 5.3 per cent to 40.46 yuan, also poised for an all-time high.
-- Zhang Shidong 


China says pork production to pick up by year end

Jiangsu Hengrui Medicine (600276 CH), China’s biggest pharmaceutical company by market value, gained 4.4 per cent to 86.36 yuan in Shanghai today, poised for a record close since its listing in 2000.
Third-quarter net income increased 32 per cent from a year earlier to 1.32 billion yuan (US$186.9 million) on sales that rose 47 per cent, it said in an exchange filing Thursday night.
The company is expected to maintain at least 20 per cent annual profit growth over the next two years, according to the estimate by Shanghai-based brokerage Shenwan Hongyuan Group.
Jiangsu Hengrui is one of the Chinese stocks most beloved by foreign investors. A combined 11.5 per cent of the stake was owned by overseas investors participating in the stock connect programmes with Hong Kong by the end of the third quarter, the quarterly result showed.
-- Zhang Shidong 


China’s biggest drugmaker Hengrui rises to record on profit increase

The Hang Seng will start the afternoon session with losses, having fallen 0.4 per cent to 26,678.92.
Tencent (700 HK) see-sawed between small gains and losses, and was last down 0.2 per cent at HK$318.40. On Thursday, it closed below HK$320, which has been a key support level for the Chinese Internet giant this year.
Another stock of note:
Budweiser (1876 HK) was last down nearly 2 per cent to HK29.90 after posting a 22 per cent decline in third-quarter profit. It has traded as low as HK28.15, so has gained some of its earlier losses.
-- Deb Price    


Tencent see-sawing but last down; Budweiser recovers some of morning's big loss

China’s economic growth will probably fall to 5.9 per cent in the first quarter next year, as property investment slumps and contribution from consumption is limited because of a high year-earlier base, according to Shanghai-based brokerage Shenwan Hongyuan Group.
Still, the growth rate is likely to rebound to 6.2 per cent in the fourth quarter this year from 6 per cent for the previous three-month period, the brokerage said in a research note today.
-- Zhang Shidong 


China’s growth may fall below 6 per cent in 2020, Shenwan says

Pinduoduo has just breezed past Tencent-backed JD.com as China’s fourth-largest internet company.
An overnight 13 per cent surge in US-traded depository receipts of the e-commerce company lifted Pinduoduo’s market cap to US$46.4 billion, surpassing that of US$44.7 billion for JD.com for the first time.
Pinduoduo, which caters to online buyers mostly in China’s smaller cities, has risen 110 per cent since its listing in July last year.
Only Alibaba Group Holding (which owns the South China Morning Post), Tencent Holdings and Meituan Dianping are now bigger than the company in terms of the listed Chinese internet firms.
 
-- Zhang Shidong


Pinduoduo trounces JD.com in market values

The Shanghai Composite Index ended higher for the first time in three days, as pig and poultry breeders rallied and property developers rose after China Vanke posted higher quarterly profits.
The index posted a 0.6 per cent gain for the week.
Hog breeder Muyuan Foodstuff (002714 CH) surged by the 10 per cent daily limit to 99.73 yuan and China Vanke (000002 CH) added 1.2 per cent to 26.97 yuan.
-- Zhang Shidong 


China’s stocks end day higher as pig breeders and developers rally

Overseas investors bought net US$18.5 billion of mainland-traded stocks in the first nine months of the year, the State Administration of Foreign Exchange said today.
Net buying of onshore bonds was US$71.3 billion, it said.
-- Zhang Shidong 


Foreign traders snapped up US$18.5 billion Chinese stocks in first nine months of year 

The Hang Seng Index dropped 0.5 per cent to 26,667.39, capping a 0.2 per cent weekly loss.
Ping An Insurance Group (2318 HK) was the biggest decliner on the gauge, falling 3.9 per cent as growth in new business values failed to impress investors.
-- Zhang Shidong


Hang Seng Index ends up week in loss

Stocks Blog: Investors punish Budweiser APAC over poor results; Tencent slips

Budweiser Brewing Company APAC’s (1876 HK) profit fell 22 per cent in the third quarter China Vanke Q3 net profit rises 31.6 per cent -- boosting shares in Hong Kong and mainland

Budweiser Brewing Company APAC’s (1876 HK) profit fell 22 per cent in the third quarter

China Vanke Q3 net profit rises 31.6 per cent -- boosting shares in Hong Kong and mainland