China Market Intelligence
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Stock Connect Roundup: China Stocks Slightly Lifted
SH-HK northbound turnover went down 11% to RMB5.4bn with 63% buy trades. SZ-HK northbound turnover went down 12% to RMB3.8bn with 66% buy trades. Both the A-share market Hong Kong market went up today. SHCOMP went up 0.06 % to 3249.78, SICOM went up 0.95% to 10,395.19, and CSI 300 also went up 0.18% at 3,712.19. The digital information sector was one of the best performing sectors, +3.98%. The coal industry was the worst performing sector, -2.72%.The most active stocks in northbound SH-HK and SZ-HK were Ping An Insurance [601318:CH] +0.91% and Gree Electric Appliances Inc of Zhuhai [000651:CH] -2.75%.
PBoC Proposes Layered Required Reserve System
A publication affiliated to PBoC published an article proposing to set up a two-layer required reserve system in order to ease liquidity pressure in the financial market and hedge banks against negative impacts from required reserve ratio (RRR) cuts. The proposal is a 7% mandatory RRR and a 10% adjustable RRR.
Tencent Adds Stake in India with BYJU, Ola Deals
Tencent [0700:HK] has recently invested in Indian education startup BYJU with a USD800m valuation, according to Sina on July 26. Bangalore-based BYJU mainly provides personalized 4th to 12th grade classes to its 9 million students, 450,000 of which are paid subscribers. Furthermore, Tencent is also in talks to invest USD400m in India's largest ride hailing app Ola, according to Economic Times on July 27. Ola has raised nearly USD400m since November 2016, and with the new investment, it could be valuated at over USD4bn.
Baidu, PayPal Ink Cross Border Payment Deal
Baidu [BIDU:US] struck a deal with Paypal [PYPL:US] on July 27, allowing Baidu Wallet users to connect Paypal service to make payments on overseas shopping sites. According to PayPal CEO Dan Schulman, 17m international merchants on PayPal platform can gain easy access to the vast consumer demographic in mainland through the link with Baidu. According to Baidu, its payment service currently has over 100m activated users.
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