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KUALA LUMPUR: AmInvestment Research believes the sharp fall in China’s Evergrande Group share price will have a limited impact on Malaysia’s stock market.
Evergrande’s share price fell 10% on Monday to HK$2.28. This is the lowest level in more than 11 years. Year-to-date, the stock has tumbled 85% from HK$14.90 at the start of 2021.
“We understand that the weak share price performance is caused by concerns that the company may not have sufficient cash to address its near-term payment obligation to lenders,” it said.
As for the impact on Bursa, AmInvest Research believes the impact to Malaysia’s stock market will be limited.
“In terms of direct exposure to China’s property market for stocks under our coverage, only two property companies have exposure to China property market. Based on our channel checks, none
Read More »Investors grappling with Evergrande fallout weigh risk of wider pain
NEW YORK: Investors unnerved by the fallout from heavily indebted Chinese real estate company Evergrande were gauging the potential for a wider shakeout after a selloff hit stocks around the world.
For now, many U.S.-based investors believe there is little chance that the woes of Evergande, China’s second-largest property developer, could morph into a systemic crisis reminiscent of the 2008 collapse of Lehman Brothers.
Still, with valuations on U.S. equities stretched on a historical basis and an unwind of the Federal Reserve’s easy money policies looming, some worry that a sudden drop in risk appetite could leave global markets vulnerable to a broader selloff.
"We have a very c
Read More »Baidu’s self-driving taxis are popping up all across China’s megacities
The battle is on between Alphabet in the United States and Baidu in China in regards to the development, launch and rollout of self-driving taxicabs. Baidu recently announced the launch of a test program in five major cities, including Beijing and Shanghai, where residents can take advantage of vehicles equipped with its Apollo autonomous driving system.
Chinese company Baidu has announced the beginning of public tests of its autonomous driving technology Apollo in Shanghai through a small fleet of cabs available to be used by passengers. Known as China’s answer to Google, the firm has already invested in five of the country’s major cities (Beijing, Changsha, Cangzhou, Guangzhou and now Shanghai) with the objective of being present in some 30 c
Read More »China defends tech crackdown in meeting with Wall Street chiefs
BEIJING: China’s top regulators defended their market-roiling crackdown on various industries in a meeting with Wall Street executives, while reassuring them the stricter rules aren’t aimed at stifling technology companies or the private sector.
China Securities Regulatory Commission Vice Chairman Fang Xinghai said recent actions were to strengthen regulations for companies with consumer-facing platforms, and improve data privacy and national security, according to a person familiar with the talks, who asked to not be identified because the meeting was private. Fang defended the moves such as those aimed at the education and gaming industries as meant to reduce social anxiety.
Global investors have been unnerved by the regulatory onslaught from Beijing
Read More »Evergrande says six execs redeemed investment products in advance
BEIJING: Six executives of China's heavily indebted Evergrande had redeemed some of the company's investment products in advance earlier this year, the property group said on Saturday.
Between May 1 and Sept. 7, the six executives made early redemptions of 12 investment products, Evergrande said in a statement on its website, without identifying the executives or giving details on the nature of the products.
"Regarding the early redemption of Evergrande wealth investment products by some managers, the group company views the matter seriously," the company said.
Evergrande said it had requested that all the funds redeemed by the six managers in advance be returned within a certain time frame.
Severe penalties would also be imposed, it said. Read More »
Chinese scientists find way to stop phones overheating, inspired by Hong Kong’s Ocean Park
A trip to Hong Kong tourist attraction Ocean Park led scientists to propose a way to prevent mobile phones overheating and detect counterfeit goods – by overturning 200 years of conventional wisdom.
Researchers at City University of Hong Kong began a two-year
Read More »Tencent opens WeChat to rivals’ links as China app walls crumble
Tencent Holdings Ltd allowed users of its main WeChat social media service to link to rivals’ content for the first time in years, taking initial steps to comply with Beijing’s call to dismantle walls around platforms run by the country’s online giants.
From Friday, users who upgrade to the latest version of the messaging service can access external services such as Alibaba Group Holding Ltd’s Taobao online mall or ByteDance Ltd’s video app Douyin, both of which were previously walled off from WeChat’s billion-plus members. That applies however only to one-on-one messaging, not group chats nor Facebook-like Moments pages.
While it’s unclear whether the social giant has opened up more of its scores of online services, it’s a major step for Te
Read More »Beijing sets up website for public to report gaming company ‘irregularities’ as anti-addiction drive ramps up
China’s gaming industry regulator has created a special website that encourages the public to report companies for any violation of state regulations designed to protect kids from video gaming addiction.
The website, officially named “reporting platform for gaming companies implementation of anti-addition regulations”, was created by the National Press and Publication Administration (NAPP) and is currently in “trial operations”.
Anyone with a Chinese ID and a mobile phone number can report gaming company irregularities to the regulator through the website. Reported irregularities are grouped into three types; whether an online game has fully implemented real name registration requirements; whether an online game has implemented time limits of only
Read More »World shares slide on China investment worries
NEW YORK: Global share markets edged lower globally on Thursday as concerns about investments in China and a mixed day on Wall Street outweighed positive economic data in the United States.
The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.
International investors who have been piling into China in recent years are now bracing for one of its great falls as the troubles of over-indebted property giant China Evergrande come to a head.
Dwindling resources set against 2 trillion yuan ($305 billion) of liabilities have wiped nearly 80% off the developer's stock
Read More »China’s cyberspace watchdog presses Internet platforms to vet their online content as crackdown deepens
China’s top cyberspace watchdog has ordered internet platforms to weed out and censor “unhealthy” content in its latest squeeze on Big Tech.
Guidelines issued by the Cyberspace Administration of China (CAC) on Wednesday emphasised that online platforms are responsible for managing their content, and told them to enhance both their self-censorship and the censorship of content generated by their legions of users.
It is pa
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