11/11 Financial News: CCP proposes antitrust law ahead of Singles’ Day shopping spree, New multi-year high for November soybeans

Image source: https://www.campaignasia.com

1.The Dow Jones Industrial Average led stock market action with a 0.9% advance, or 262 points. The S&P 500 fell 0.1%, while the tech-heavy Nasdaq composite sold off 1.4%. Among the Dow Jones leaders, Apple fell 0.3%, while Microsoft slid 3.4%. Alibaba plunged 8.3%, JD.com closing with a 5.6% loss.

2.CCP proposes antitrust law ahead of Singles’ Day shopping spree, CCP’s market regulator announced a set of draft rules that could rein in the monopolistic behavior of the country’s top internet firms. CCP’s largest tech companies saw their shares drop on trading in Hong Kong: Alibaba by 5.1%, JD.com by 8.78%, Meituan by 10.5% and Tencent by 4.42%.

3.Huawei is planning on selling its budget smartphone brand unit Honor for a 100 billion Yuan (roughly 15.2 billion US Dollars) deal which will include the Digital China Group, and the local government of the brand’s home town, Shenzhen. Divestment could mean Honor is no longer subject to Huawei’s U.S. sanctions.

4.The stocks of securities companies were liquidated by shareholders. During the year, 11 listed securities companies announced their shareholding reductions, involving 18 listed securities company shareholders. On November 10, Sinolink Securities announced that shareholders who have been holding 5% of the voting rights reduced their holdings by more than 1%. And on November 9, Guosen Securities announced that its major shareholder FAW Investment, which holds 2.79% of its shares, planned to liquidate the shares of Guosen Securities.

5.Shares of Meinian Onehealth Healthcare Holdings fell by the daily exchange-imposed limit after Alibaba Group Holding further reduced its stake in the provider of medical examination services. The sold shares in Meinian accounted for almost 1.4% of the company’s total. Merged fake news with iKang Healthcare Group. Last week, Meinian Health’s stock price fell more than 29% and its market value shrank by nearly 20 billion.

6.CCP’s white-feather broiler production has decreased, and the domestic broiler market has experienced six consecutive growth since early November. It is expected that the volume of commercial broiler chickens in November may continue to be tight. In addition, farmers are unwilling to sell, the price of white feather broilers will become stronger in the late November.

7.New multi-year high for November soybeans! On November 9th, the soybean futures price hit the highest price of 5,299 yuan/ton, a new high since the variety was listed in 2002. On November 10, the main contract of soybean futures continued to rise by 0.96% to 5,250 yuan/ton.

By 【G-Translators – Financial and Law Team-Tracy】

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