Investor confidence plunges after Party congress

The markets are in freefall: The Party Congress is over but the markets continue to plunge as investors worry about China’s direction under Xí Jìnpíng 习近平. The Hang Seng Index crashed 6.4% yesterday and ADRs dropped by over 13%, and are down over 46% so far this year. Yesterday, China’s currency fell to its weakest level against the U.S. dollar in 14 years.

More from the Anglophone media:

• Hong Kong stock market dives after China Party meeting / WSJ (paywall) 
• China shares slide in U.S. as Xi starts historic third term / BBC
• China stock sell-off spreads to New York after Xi cements rule / Nikkei Asia (paywall) 
• Foreign business groups in China wary as new Xi term begins / Reuters
• Xi Jinping’s third term leaves China’s tech industry cold / Bloomberg (paywall) 
• China tech shares fall heavily across global markets / TechNode
• Foreigners flee China stocks market as panic spreads after Xi’s Party Congress / Bloomberg (paywall) 
• China’s Xi Jinping, secure in power, faces deepening economic challenges / WSJ (paywall) 
• China’s growth stutters as exports fail to rescue economy / FT (paywall) 
• China’s Q4 GDP hits early speed bump as COVID stifles economy / Reuters
• China’s yuan weakens to near 15-year low in aftermath of Party congress / Channel NewsAsia
• Renminbi hits 2007 low after Xi unveils harder line leadership / FT (paywall) 

Installed power generation capacity of 2.48 billion kW: The National Energy Administration reported yesterday that, as of the end of September, China’s total installed power generation capacity was about 2.48 billion kilowatts (kW), an increase of 8.1% year-on-year, including wind power of 350 million kW, a year-on-year increase of 16.9%, and solar power of 360 million kW, an increase of 28.8%.

Gome is going down: Home appliances retailer Gome 国美零售 has announced that its sales revenue for the first three quarters of the year declined by up to 60% year-on-year, and the company is now in negotiations with its creditors. (See our recent review of Gome’s misfortunes.)

But pet food is hot: Pet nutrition and supplies company Peidi 佩蒂股份 has announced revenue for the third quarter of 509 million yuan ($70.24 million), a year-on-year increase of 149.49%, and net profit of 67.46 million yuan ($9.31 million), a year-on-year increase of 391.48%.

C919 to enter service in December: An executive of China Eastern Airlines 东方航空 reported yesterday that the C919, the first large passenger aircraft independently developed in China, will be delivered to the airline in December.

NIO establishes battery company: According to the Tianyancha 天眼查 company database, electric vehicle manufacturer NIO 蔚来汽车 has launched a battery company, Nio Battery Technology 蔚来电池科技, with registered capital of 2 billion yuan ($275.64 million).