China Market Update: Mainland Rebounds On High Volumes [Forbes]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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english.cmbchina.com/cmbir/home.aspx
Company Research
Source: Forbes
Hong Kong's rebound marched on last night and Mainland markets joined in on the parade as investors price in material policy support for markets and the economy. The rally was supported by strong volumes both within exchanges and Stock Connect. Northbound Connect saw over $800 million flow into Mainland stocks, while Southbound saw $232 million flow into Hong Kong. Southbound flows could reflect further buying by the “National Team” or investment firms with ties to the social security fund, sovereign wealth fund, or other government-related entities. TAL Education reported Q4 earnings overnight, the first among internet and technology companies to do so. The former tutoring company that has reinvented itself into an education technology company beat estimates in its top-line revenue. The company generated $374 million in revenue compared to an estimated $330 million. Evidently, the company has seen some traction for its educational technology products, though expectations were low
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