Daily Brief China: Swire Pacific (B), First Pacific Co, Hong Kong Hang Seng Index and more

• In August this year, Swire Pacific started a buyback programme for up to HK$4.0 billion worth of their shares (Swire Pacific (A) (19 HK) | Swire Pacific (B) (87 HK)).
• The shares went up. And B briefly outperformed A, but since then, the B/A ratio has fallen and my impression was Swire may have been misinterpreting the buyback rules.
• Swire had been buying both every day. But they’ve been Buying Bs but no As for the last ten days in a row. This begs a few questions.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Kawasan Industri Jababeka
2. China South City
3. China Jinmao Holdings
4. Guangzhou R&F Properties
5. Sunac China Holdings

and more…

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Kawasan Industri Jababeka
2. China South City
3. China Jinmao Holdings
4. Guangzhou R&F Properties
5. Sunac China Holdings

and more…

• Chinese equities have continued to outperform versus other global markets
• The HSI Index 200dma has proved to be a barrier to the upside
• We evaluate the call ratio we suggested in November and recommend action

• Holiday Volume and excessive price actions make market analysis less than helpful. HSI daily shares traded volume on 21st was the lowest year to date.
• Thursday saw a pick-up in volume. Word on easing Covid restrictions for international travelers, reopening HK-China Border in January, and a higher close in the US market brought outsized gains.
• The stock was up 4.12% and had the heaviest volume on HKEX on the 22nd, yet the stock volume was well below 21 days’ average volume.