China Market Update: Mainland Sees Massive Buying, Hong Kong Growth Flies, Week In Review [Forbes]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Forbes
There were multiple catalysts for today's China rally including the Ministry of Commerce issuing “Implementation Rules for the Subsidies for Trade-in-Listed Vehicles,” which provides a RMB 10,000 subsidy for trading in an old car for an electric vehicle (EV). This sent BYD higher by +4.42% while Li Auto gained +5.78%, Xpeng gained +8.80%, and NIO gained +7.24%. The Beijing Auto Show is also helping the space, featuring multiple, great-looking new launches, including NIO's ET7 sedan, Huawei-BAIC's new S9, and BYD's aZ9 GT and Ocean-M hatchback. NIO and Lotus are partnering on battery swap technology. Real estate was the top-performing sector in Mainland China, where it gained +5.42% and Hong Kong, where it gained +7.09%, following the Bloomberg article highlighting UBS' China and Hong Kong property head John Lam turning positive on the sector after his 2021 downgrade of the sector and especially after Evergrande's default. On the Mainland, there was also talk of Chengdu, Nanjing, an
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