The markets are panicky
Business briefs from the Chinese media โ Thursday October 20
Markets are panicky: It was another dark day for Chinese ADRs in the U.S. yesterday, which plunged to a nine-year low. Earlier today, the Hong Kong Stock Exchange reported revenue for the first three quarters of HK$13.25 billion ($1.68 billion), a decrease of 18% year-on-year.
The Hang Seng Index slumped to the lowest level since April 2009, but the CEO of Hong Kong Exchanges and Clearing (HKEX) tried to see the positive side, pointing to increased IPO activity by mainland concept stocks in Hong Kong in the third quarter.
Huge shale gas find in Sichuan: Yesterday, Sinopec ไธญๅฝ็ณๅ announced that the companyโs Jinshi 103HF exploratory well in Sichuan Province is estimated to contain one trillion cubic meters (tcm) of shale gas. The well has so far delivered 387.8 billion cubic meters (13.69 trillion cubic feet) of shale gas. (From 2000 to 2019, the U.S. produced a total of 4.5 tcm shale gas).
Chinese chip consolidation: On Tuesday, Empyrean Technology ๅๅคงไนๅคฉ, one of Chinaโs leading companies in Electronic Design Automation (EDA) software for the design of microchips, acquired one of its local competitors, Shenzhen XD Technology ๆทฑๅณๅธ่ฏ่พพ็งๆ, for $10 million in cash. Empyrean IPOd in August, and is leading the charge to break into an industry dominated by foreign companies.
Big profits in new and old energy: As of October 18, of the more than 400 A-share companies that have released performance forecasts for the first three quarters, the most profitable company is oil giant CNOOC ไธญๅฝๆตทๆฒน with up to 109.8 billion yuan. The rest of the top ten most profitable companies are Cosco Shipping ไธญ่ฟๆตทๆง, Shaanxi Coal ้่ฅฟ็ คไธ, PICC ไธญๅฝไบบไฟ, Tongwei Group ้ๅจ่กไปฝ, Bank of Jiangsu ๆฑ่้ถ่ก, China National Coal Group ไธญ็ ค่ฝๆบ, CATL ๅฎๅพทๆถไปฃ, Andon Health ไนๅฎๅป็, and Tianqi Lithium ๅคฉ้ฝ้ไธ.
