On July 7, the major indices of A-shares weakened, with the ChiNext Index dropping over 2.00%. The Shanghai Composite Index fell by 1.53%, and the Shenzhen Component Index decreased by 1.92%. Sectors such as chemical fibers, precious metals, storage chips, and wind power equipment saw significant declines, with more than 4,800 stocks falling across the Shanghai, Shenzhen, and Beijing markets.
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ChiNext Index Falls Over 2%, More Than 4,800 Stocks Decline
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Hang Seng Tech Index Falls 1%
On July 7, the main indices of the Hong Kong stock market further declined, with the Hang Seng Tech Index falling by 1%, having previously risen over 2%. The Hang Seng Index dropped by 0.9%. -
Pan Gongsheng: National Foreign Exchange Reserves Will Increase Asset Allocation in Hong Kong
On July 7, Pan Gongsheng, the governor of the central bank, stated at the Hong Kong Fixed Income and Currency Summit and Bond Connect Forum that the deepening of financial market connectivity supports the prosperity and development of Hong Kong's capital market. Pan emphasized that the capital market is the core and foundation of Hong Kong as an international financial center. In recent years, a large number of high-quality mainland enterprises have been listed in Hong Kong, sharing the development dividends of the Chinese economy. He will continue to support more high-quality enterprises to list and issue bonds in Hong Kong, continuously optimizing and expanding the connectivity between the mainland and Hong Kong in areas such as stocks, bonds, wealth management, and interest rate swaps, and deepening financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area. The scale and scope of the Bond Connect southbound trading will be expanded, increasing the annual net investment quota from the current 500 billion yuan to 800 billion yuan, including southbound bonds in the scope of repurchase support, and extending the product range to Hong Kong dollar bonds and related products of renminbi bonds, also reaching out to the bond market in Macao. In the future, the national foreign exchange reserves will continue to increase the asset allocation ratio in Hong Kong, injecting more momentum into the development of Hong Kong's capital market. -
UBS: Buy SK Hynix's Upcoming ADR, Sell Its Seoul-Listed Shares
On July 7, UBS Group stated that investors should buy the American Depositary Receipts (ADR) planned for issuance by SK Hynix and sell the South Korean-listed shares of the chip manufacturer, as the former may trade at a premium. The sales and trading department of the Swiss bank noted in a report to clients that these ADRs could be more attractive to investors like hedge funds, as they offer higher efficiency and lower costs. The report also mentioned that some global portfolio managers who do not hold the Seoul-listed shares may also be able to purchase these U.S. securities. 'Going long on its ADR from day one and shorting its Korean stock seems like a no-brainer,' the UBS report stated. 'Given that the ADR discount phenomenon is unlikely to occur, the risks are very limited, making this a trade that can be executed on a large scale.' -
Morgan Stanley: Assigns Overweight Rating to SpaceX
On July 7, Morgan Stanley initiated coverage on SpaceX (SPCX.US) with an overweight rating and set a target price of $300. -
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Zhihui Technology (02513.HK) Sees Share Price Increase of 10%
Zhihui Technology (02513.HK) has seen its share price increase by 10%. The company stated that media reports claiming the withdrawal of its A-share counseling filing are inaccurate. (Jinshi) -
BTC Surpasses $63,000
Market data shows that BTC has surpassed $63,000, currently priced at $63,002, with a 24-hour decline of 0.05%. The market is experiencing significant volatility, so please ensure proper risk management. -
Sci-Tech Innovation 50 Index Turns Negative Again After Surging Over 2%
On July 7, the Sci-Tech Innovation 50 Index in the A-share market fell back into the red in the afternoon, having previously risen over 2%. -
FTSE China A50 Index Futures Plunge Over 1%
On July 7, FTSE China A50 Index futures plunged over 1%. -
BTC Falls Below $63,000
Market data shows that BTC has dropped below $63,000, currently priced at $62,972.46, with a 24-hour decline of 0.43%. The market is experiencing significant volatility, so please ensure proper risk management.
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