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The current appetite by big investors for relatively expensive growth stocks over value belies a mistaken assumption about unicorns. [ABSTRACT FROM AUTHOR]

China has called on the US to lift sanctions and address concerns regarding the treatment of Chinese nationals traveling to the US. The request was made during a meeting between China's Foreign Minister Wang Yi and US Secretary of State Antony Blinken at the Munich Security Conference. Wang urged the US to remove "illegal, unilateral sanctions" and to stop the "unwarranted harassment and interrogations" of Chinese citizens. The meeting was described as candid and constructive by both sides. This meeting is part of ongoing efforts to improve relations between the two countries after a period of strained ties. [Extracted from the article]

China's Lunar New Year holiday saw a surge in travel, indicating a potential pickup in consumer spending in the country. Over 61 million rail trips were made in the first six days of the holiday, a 61% increase compared to the previous year. Initial data also showed improvements in road and air trips, as well as hotel sales on Chinese e-commerce platforms. However, box office receipts were slightly lower, suggesting reduced spending per trip. The Lunar New Year holiday is an important indicator of consumption in China, and while travel has increased, consumer confidence remains weak due to factors such as declining home prices and decreased car sales. [Extracted from the article]

Malaysia's economy grew at a slightly slower rate than expected last year due to weak global demand and a decline in exports and manufacturing activity. Gross domestic product (GDP) expanded by 3.7% in 2023, below the initial estimate of 3.8%. The economy grew by 3% in the fourth quarter, lower than the projected 3.4%. The slowdown in China, Malaysia's largest trading partner, has also affected its exports. Despite the challenges, the central bank expects the economy to improve in the future due to resilient domestic spending and a potential recovery in external demand. However, there are risks, such as the impact of limiting fuel subsidies and potential changes to domestic policy on inflation. [Extracted from the article]

China's Lunar New Year holiday saw a surge in travel, indicating a potential pickup in consumer spending in the country. Over 61 million rail trips were made in the first six days of the holiday, a 61% increase compared to the previous year. Initial data also showed improvement in road and air trips, and hotel sales on Chinese e-commerce platforms surged over 60%. However, box office receipts were slightly lower, suggesting reduced spending per trip. The Lunar New Year holiday is an important indicator of consumption in China, and while travel has increased, consumer confidence remains weak due to factors such as declining home prices and decreased car sales. [Extracted from the article]

China's Lunar New Year holiday saw a surge in travel, indicating a potential pickup in consumer spending in the country. Over 61 million rail trips were made during the holiday, marking a 61% increase compared to the previous year. Initial data also showed improvement in road and air trips, and hotel sales on Chinese e-commerce platforms surged over 60%. However, box office receipts were slightly lower, suggesting reduced spending per trip. The Lunar New Year holiday is an important indicator of consumption in China, and the country is expected to release tourism spending data at the end of the holiday period. [Extracted from the article]

Chinese builder Logan Group Co. is facing the risk of involuntary liquidation, similar to its competitor China Evergrande Group. Logan is seeking to convince Judge Anthony Chan in a Hong Kong court hearing that its restructuring plan, which includes cash and convertible bonds, is viable and has enough creditor support. The court's recent decision to wind up Evergrande has raised questions about its enforceability in mainland China and has reminded creditors that they can find a fair judicial ear when restructuring negotiations stall. A key point of contention in the hearing will be determining the creditor formally pushing for liquidation. [Extracted from the article]

Hong Kong is experiencing a decline in its retail and hospitality sectors as residents increasingly travel to mainland China for cheaper shopping and entertainment options. In December, residents made a record 7.7 million departures from Hong Kong to mainland China, the highest number since 1984. The weakening of the yuan has contributed to this trend, as Hong Kongers take advantage of lower prices for items such as hotpot, haircuts, and skiing. The decline in tourism and spending habits, as well as higher costs, have negatively impacted Hong Kong's nightlife and retail sales. [Extracted from the article]

Asian equities are expected to benefit from interest rate cuts and a weaker dollar in 2024, but the performance of the region will largely depend on China's ability to recover and address its struggling property sector. Chinese stocks ended 2023 with three consecutive years of losses, causing the MSCI Asia Pacific Index to underperform global equities. Other factors to watch in the Asian equity market include policy shifts by the Federal Reserve, election outcomes in India, South Korea, and Taiwan, the momentum of the Indian economy, and the performance of chipmakers in Taiwan and South Korea. [Extracted from the article]

China's best-performing mutual fund of 2023 achieved a 59% return by investing in stocks listed on the nascent Beijing Stock Exchange, despite a slowdown in the Chinese economy and a property crisis. The fund outperformed the Beijing Stock Exchange 50 Index, which gained 15%, and the CSI 300 Index, which fell 11%. The success of the Beijing exchange is attributed to a policy package that allowed firms to transfer their listing to other exchanges and lowered trading requirements for investors. The fund manager believes that Chinese stocks have a good chance of bouncing back in 2024, and the Beijing exchange is likely to amplify any potential gains. [Extracted from the article]

Testing is a core part of China’s strategy to contain Covid, but companies that provide such services are finding it harder to get paid on time. [ABSTRACT FROM AUTHOR]

Testing is a core part of China's strategy to contain Covid, but companies that provide such services are finding it harder to get paid on time. [ABSTRACT FROM AUTHOR]

Xi Jinping renewed calls for China to step up the development of technology critical to national security, issuing a forceful reminder just as escalating US sanctions threaten Beijing's efforts to become self-reliant in semiconductors. [ABSTRACT FROM AUTHOR]

The US is set to host the first gathering of Asian nations on an economic agreement envisioned by the White House as a counter to China's rising influence in the region. [ABSTRACT FROM AUTHOR]

Testing is a core part of China's strategy to contain Covid, but companies that provide such services are finding it harder to get paid on time. [ABSTRACT FROM AUTHOR]

Prime Minister Narendra Modi's push to boost domestic manufacturing of defense systems is leaving India vulnerable to persistent threats from China and Pakistan, according to officials with knowledge of the matter. [ABSTRACT FROM AUTHOR]

Prime Minister Narendra Modi's push to boost domestic manufacturing of defense systems is leaving India vulnerable to persistent threats from China and Pakistan, according to officials with knowledge of the matter. [ABSTRACT FROM AUTHOR]

6 p.m. Beijing China's securities regulator does its part to shore up confidence, convening a hastily arranged virtual meeting with executives of major investment banks including Goldman Sachs Group Inc. and UBS Group AG. Keywords: %USD; 3333@HK; 3690@HK; 601688@CH; 700@HK; EDU; ITSC@IN; SONG; TAL; ALLTOP; ASIA; ASIATOP; BON; BUSINESS; CHINA; CONS; CONSD; COS; FIN; FRX; FUTURES; GOV; HK; INDUSTRIES; INTERNET; LAW; MARKETS; MED; NORTHAM; STK; SVC; TEC; TMT; TOP; US; WORLD; WWTOP; WWTOPAM; WWTOPAS; WWTOPEU EN %USD 3333@HK 3690@HK 601688@CH 700@HK EDU ITSC@IN SONG TAL ALLTOP ASIA ASIATOP BON BUSINESS CHINA CONS CONSD COS FIN FRX FUTURES GOV HK INDUSTRIES INTERNET LAW MARKETS MED NORTHAM STK SVC TEC TMT TOP US WORLD WWTOP WWTOPAM WWTOPAS WWTOPEU It began with a record crash in Chinese stocks on Wall Street and only got crazier from there. [Extracted from the article]

Cathay Pacific Airways has pledged to maintain its full flight schedule over the Easter and summer months without major cancellations, according to CEO Ronald Lam. The airline also expects air ticket prices to return to normal levels within a year. The announcement comes after a series of flight cuts due to a shortage of reserve pilots and the airline's inability to forecast crew resources accurately. Cathay plans to recover its flight volumes to pre-Covid levels by the first quarter of 2025. [Extracted from the article]

The Philippines has accused China of making dangerous moves and deploying a helicopter during Manila's research mission to the South China Sea. The incident occurred when a China Coast Guard ship attempted to prevent a Philippine fisheries bureau vessel from reaching Thitu Island. China also deployed militia ships in the area. Tensions between China and the Philippines have been escalating, with the Philippines taking a more assertive stance under President Ferdinand Marcos Jr. Secretary of State Antony Blinken criticized China's actions and reaffirmed the US security commitment to the Philippines. [Extracted from the article]

The US House of Representatives has passed a bill that would require TikTok's parent company, ByteDance, to sell the app or face a ban in the US due to concerns about national security risks and data security. The bill gives ByteDance six months to sell TikTok to a US or friendly country-based company. TikTok has been working with US-based tech company Oracle to address concerns about data protection. However, the bill still needs to pass in the Senate, and privacy experts argue that banning TikTok alone would not solve the larger issue of data privacy. The bill also raises concerns about censorship and the impact on other American tech companies. The Senate's slow legislative process may result in the bill not passing. [Extracted from the article]

Nike Inc. has reported stronger-than-expected sales, despite weaker demand for its sneakers and apparel. The company's revenue for the quarter ended February 29 was $12.4 billion, higher than analysts' expectations, driven by better-than-expected sales in North America and Greater China. Nike's CEO, John Donahoe, has implemented a restructuring plan to cut costs and drive growth, including layoffs and getting rid of older merchandise. The company has also increased its advertising spending to stimulate demand. Shares of Nike rose 1.1% in after-market trading. [Extracted from the article]

A new bill in Congress aims to prevent US mutual funds from investing in certain products that track Chinese stock indexes. The bill, introduced by Victoria Spartz, a Republican from Indiana, and Brad Sherman, a Democrat from California, is part of a broader effort to target investments in China. The legislation seeks to protect Americans from being misled about the value of Chinese companies. The bill would impact mutual funds that primarily invest in indexes tracking Chinese stocks, but the specific products affected would be determined by the Securities and Exchange Commission. Other bills introduced by Sherman and Spartz would increase scrutiny on Chinese companies' financial audits, require US companies to disclose their supply chain connections to China, and remove a capital gains tax break for investments in companies from China, Belarus, Iran, North Korea, and Russia. The bills would need to pass through multiple stages of approval before becoming law. [Extracted from the article]

Ping An Insurance (Group) Co. reported a 23% decrease in profit last year, falling short of analysts' expectations due to a slumping stock market that impacted investment returns. Net income dropped to 85.7 billion yuan ($11.9 billion), missing the average estimate of 101.7 billion yuan. The company's operating profit also fell by 20% as the asset management business incurred losses. Despite these challenges, Ping An's life insurance business showed signs of recovery, with new business value increasing by 36%. [Extracted from the article]

Solar wafer prices in China continue to decline, despite efforts by manufacturers to reduce output in response to severe overcapacity. The China Silicon Industry Association reported that costs for solar wafers fell by up to 7.7% in the past week. This unsustainable situation has led to predictions of further production cuts and an expected wave of bankruptcies in China's solar industry. Some companies are already selling their solar factories, while others are struggling to invest in new capacity due to financial constraints. [Extracted from the article]

Nike Inc. has reported stronger-than-expected sales, despite weaker demand for its sneakers and apparel. The company's revenue for the quarter ended February 29 was $12.4 billion, higher than analysts' expectations, with sales in North America and Greater China performing well. In response to weaker sales, Nike has implemented a multiyear cost-cutting plan, including a restructuring effort to cut $2 billion in costs over the next three years and a reduction in its global workforce. The company has also been working to clear out older inventory to make room for new products. Shares of Nike rose 2.2% in after-market trading. [Extracted from the article]

China's annual China Development Forum, aimed at attracting top global executives, is facing uncertainty over which top leaders they will meet. While Premier Li Qiang is expected to attend, he is breaking a two-decade tradition of meeting with business chiefs. Instead, President Xi Jinping is set to meet with American business chiefs after the event, although the list of participants is still being compiled. The forum has been shortened to a two-day window, and the keynote speaker has not been revealed. The ruling Communist Party's opaque policymaking, economic slowdown, rising consumer nationalism, and trade tensions are creating challenges for foreign executives. Chinese officials are trying to boost investor confidence overseas after a decline in foreign businesses' direct investment into China. The event, which started in 2000, has been a venue for high-level dialogue between China and the world. The absence of Premier Li's meeting and the cancellation of the premier's annual press conference have raised concerns about diminishing government transparency. Despite the challenges, Apple CEO Tim Cook emphasized the importance of China's supply chain to his company. The event will also provide an opportunity for foreign executives to assess Xi's economic policymakers. [Extracted from the article]

Chilean lithium producer SQM is expanding its lithium refinery in the Atacama Desert, investing $490 million in a new processing line to increase production of lithium hydroxide. This expansion comes at a time when many other companies in the industry are cutting spending and output due to a supply glut that caused lithium prices to plummet last year. SQM's strategy of expanding production while buyers are still reducing inventories may prolong the glut, but the company is confident in its bullish demand outlook and prefers to stockpile unsold material rather than scale back. The expansion reflects the growing importance of lithium in the transition away from fossil fuels and the development of different segments of the electric vehicle market. SQM's current extraction contracts expire in 2030, and its ability to reach 300,000 tons of production in Chile depends on a proposed deal with state-owned Codelco. The company is also focused on reducing the environmental impact of its operations and has allocated $2 billion to boost efficiencies and introduce direct extraction technologies. Despite the industry downturn, SQM is operating at full capacity to maintain market share and avoid supply scarcities. The company is optimistic about a rebound in demand and is stockpiling inventory in preparation for future market needs. [Extracted from the article]

Ping An Insurance (Group) Co. experienced an unexpected 22.8% decrease in profit last year due to declines in the stock market, which negatively impacted investment returns. The company's net income dropped to 85.7 billion yuan ($11.9 billion) from 111 billion yuan the previous year. This decline in profit was not anticipated and fell short of the average estimate of 101.7 billion yuan by 16 analysts surveyed by Bloomberg. [Extracted from the article]

Nio Inc., a Chinese electric-vehicle maker, experienced a wider annual loss due to intense competition in the EV market. The company reported a net loss of 5.4 billion yuan ($2.9 billion) in the fourth quarter, bringing its annual deficit to 20.7 billion yuan. Nio's vehicle margins improved in the fourth quarter, but still fell short of analyst expectations. Unlike its competitors, Nio has not announced any major product launches for 2024, but is expected to unveil a mass-market brand to compete with Tesla's locally built models. The company's deliveries last year were below its original sales target, and it now expects to ship fewer cars in the first quarter of 2024. Nio's gross margins for the fourth quarter were lower than market expectations, and its revenue forecast for the current quarter is significantly below analyst expectations. The company has faced recent struggles and received a capital injection from CYVN Holdings LLC. Nio plans to launch a mass-market brand called Alps, which will start deliveries in the fourth quarter and compete with Tesla's Model Y SUV. The company also plans to expand in the United Arab Emirates and launch a cheaper sub-brand in 2025. Nio is promoting its battery-swap technologies and partnering with other Chinese automakers. The company's US-listed shares have declined by 41% this year. [Extracted from the article]

Nio Inc., a Chinese electric-vehicle maker, experienced a wider annual loss due to intense competition in the EV market. The company reported a net loss of 5.4 billion yuan ($2.9 billion) in the fourth quarter, bringing its annual deficit to 20.7 billion yuan. Nio's sales for the last three months of the year exceeded estimates, but its vehicle margins were lower than expected. Unlike its rivals, Nio has not announced any major product launches for 2024, but analysts believe the introduction of a mass market brand could help reduce losses. The company expects to ship up to 33,000 cars in the first quarter of 2024. Nio has faced challenges in recent years and received a capital injection from CYVN Holdings LLC, an investment entity controlled by the government of Abu Dhabi. The company has also made efforts to reduce costs, including trimming its workforce and considering spinning off non-core businesses. Nio is promoting its battery-swap technologies and has partnered with other Chinese automakers and local authorities to expand its reach. Nio's US-listed shares have declined by 41.2% this year. [Extracted from the article]

Nio Inc., a Chinese electric-vehicle maker, experienced a wider annual loss due to intense competition in the EV market. The company reported a net loss of 5.4 billion yuan ($2.9 billion) in the fourth quarter, bringing its annual deficit to 20.7 billion yuan. Nio's sales for the last three months of the year exceeded estimates, but its vehicle margins were lower than expected. Unlike its rivals, Nio has not announced any major product launches for 2024, but analysts believe the introduction of a mass market brand could help reduce losses. The company expects to ship up to 33,000 cars in the first quarter of 2024. Nio has faced challenges in recent years and received a capital injection from CYVN Holdings LLC, an investment entity controlled by the government of Abu Dhabi. The company has also made efforts to reduce costs, including trimming its workforce and considering spinning off non-core businesses. Nio is promoting its battery-swap technologies and has partnered with other Chinese automakers and local authorities to expand its reach. Nio's US-listed shares have declined by 41.2% this year. [Extracted from the article]

The Philippines and China have once again clashed in the South China Sea, with their ships colliding and tensions escalating over the disputed waters. During a Philippine military resupply operation, two Chinese coast guard vessels deployed water cannons against a Philippines-chartered supply boat, resulting in injuries to four crew members. The Philippines has lodged a protest against China's aggressive actions, stating that they infringe upon their sovereign rights and jurisdiction. China claims most of the South China Sea, including the contested Spratly Islands, and has accused the Philippines of violating their commitment and deliberately colliding with their ships. The United States and the European Union have condemned China's maneuvers, while the Philippine President has expressed a desire for bilateral engagements to resolve the dispute. [Extracted from the article]

Chinese stocks struggled and government bonds advanced as Premier Li Qiang unveiled an ambitious growth target, but investors remained skeptical about the strength of the nation's recovery. The National People's Congress set a GDP growth target of around 5% for 2024, which was higher than last year's base, indicating the need for further stimulus. However, the announcement failed to excite investors who were hoping for bolder measures to revive the economy. Chinese equities have rebounded in recent weeks, but policies from the NPC gathering will be closely scrutinized, and a failure to meet expectations may lead to a selloff in the equity market. [Extracted from the article]

Chinese stocks struggled and government bonds advanced as Premier Li Qiang unveiled an ambitious growth target, but investors remained skeptical about the strength of the nation's recovery. The National People's Congress set a GDP growth target of around 5% for 2024, which was higher than last year's base, indicating the need for further stimulus. However, the announcement failed to excite investors who were hoping for bolder measures to revive the economy. Chinese equities have rebounded recently, but policies from the NPC gathering will be closely scrutinized, and a failure to meet expectations may lead to a selloff in the equity market. [Extracted from the article]

Chinese stocks struggled and government bonds advanced as Premier Li Qiang unveiled an ambitious growth target, but investors remained skeptical about the strength of the nation's recovery. The National People's Congress set a GDP growth target of around 5% for 2024, which was higher than last year's base, indicating the need for further stimulus. However, the announcement failed to excite investors who were hoping for bolder measures to revive the economy. Chinese equities have rebounded recently, but policies from the NPC gathering will be closely scrutinized, and a failure to meet expectations may lead to a selloff in the equity market. [Extracted from the article]

China is planning to refine its real estate policies in order to provide stronger support for the struggling sector, which has been in crisis for the past four years. The government aims to treat real estate companies equally regardless of ownership and build government-subsidized housing to address the wealth gap. However, these measures have not convinced investors that the property slump will end, leading to a decline in developer shares. The government also plans to boost financing for private businesses and improve oversight systems for local government debt. Additionally, China will issue 1 trillion yuan ($139 billion) of ultra-long special central government bonds to support the economy. [Extracted from the article]

Four crew members from the Philippines were injured when China used water cannons during a military resupply mission in the South China Sea. The incident resulted in minor injuries and structural damage to a Philippine vessel. China's coast guard claimed that they took control measures against Philippine ships that had illegally intruded into the waters near Ren'ai Reef. The European Union's Ambassador to the Philippines expressed concern over the pattern of maneuvers and blocking by Chinese ships and called for all parties to abide by the 2016 arbitral ruling. [Extracted from the article]

China's annual policy report suggests that it may need to cooperate with the US to counter economic challenges, but tensions will persist due to ambitions in technology and military spending. The report outlines goals to boost science and tech breakthroughs, counter Washington's efforts to limit Chinese tech advancements, and prevent overcapacity in key industries. China also aims to address problems hindering foreign access and investment, which have declined in recent years. The report reaffirms China's opposition to Taiwan's independence and announces a 7.2% increase in defense spending. Economic concerns and uncertainty remain, with a focus on longer-term restructuring and potential disinflation. [Extracted from the article]

China's annual policy report suggests that it may need to cooperate with the US to counter economic challenges, but tensions will persist due to ambitions in technology and military spending. The report outlines goals to boost science and tech breakthroughs, counter Washington's efforts to limit Chinese tech advancements, and prevent overcapacity in key industries. China also aims to address issues hindering foreign access and investment. The report reaffirms China's opposition to Taiwan's independence and announces a 7.2% increase in defense spending. Economic concerns and uncertainty remain, with a focus on longer-term economic restructuring. [Extracted from the article]

China's defense spending is set to increase by 7.2% in 2024, the largest increase in five years. The country's military expenditure is expected to reach 1.67 trillion yuan ($231 billion) this year. Chinese leader Xi Jinping has set a goal for the military to become a "world-class force" by 2027, but concerns about corruption within the military have raised doubts about achieving this ambition. Despite the increase in defense spending, China's military budget will still be below NATO's target of 2% of GDP. China currently has the world's largest navy and is expanding its fleet of aircraft carriers. Tensions with the US, particularly over Taiwan, have eased since Xi and President Biden met in November 2023. [Extracted from the article]

China has reaffirmed its commitment to becoming self-reliant in various technological fields, including AI and chipmaking, in order to challenge the US for technological supremacy. The Chinese government plans to increase spending on scientific and technology research by 10% in 2024 and promote national champions to spearhead technological advances. Under President Xi Jinping, China has expanded state control in critical areas such as semiconductor manufacturing. However, China faces challenges, including US efforts to contain its technological progress through sanctions. The government continues to support local tech champions like Huawei and SMIC, but there are mixed messages and policy uncertainty in the internet sector. [Extracted from the article]

China is planning to refine its real estate policies in order to provide stronger support for the struggling sector, which has been in crisis for the past four years. The government aims to treat real estate companies equally regardless of ownership and build government-subsidized housing to address the wealth gap. However, these measures have not convinced investors that the property slump will end, leading to a decline in developer shares. The government also plans to boost financing for private businesses and improve oversight systems for local government debt. Additionally, China will issue 1 trillion yuan ($139 billion) of ultra-long special central government bonds to support the economy. [Extracted from the article]

China is attempting to boost consumer spending by encouraging citizens to trade in their appliances and cars for new models and offering more paid vacation days. President Xi Jinping and Premier Li Qiang have both called for consumer goods trade-in programs to stimulate spending on big-ticket items like electric vehicles and electronic products. The government also plans to strengthen consumer rights and implement paid leave, as there have been calls for reform to the current system. Despite domestic leisure travel returning to pre-pandemic levels, per capita spending remains lower than before Covid, and economic data, including retail sales, have been disappointing. [Extracted from the article]