1.The Dow Jones Industrial Average rose 44.81 points, or 0.15%, to 29,483.23, the S&P 500 gained 14.08 points, or 0.39%, to 3,581.87 and the Nasdaq Composite added 103.11 points, or 0.87%, to 11,904.71. Tesla shares rose $12.63, or 2.6%, to end at $499.27.Tesla Inc shares rose for the third straight session to touch a record high, riding the wave of its pending inclusion in the S&P 500.
2.Malaysian low-cost carrier AirAsia Group Bhd. its Japan unit filed for bankruptcy. Due to insolvency resulting from a demand slump in travel induced by lockdown restrictions related to the CCP-virus pandemic. AirAsia Japan’s current financial position is currently unable to settle the outstanding refunds. Customers who have booked AirAsia Japan flights can apply for a refund, which should be available from April next year, or they will receive a credit that can be used on any other AirAsia-operated flight.
3.On November 20, CCP’s market regulator expanded its investigation into bond sales for a state-backed coal miner that unexpectedly defaulted on payments last week, dragging in a number of banks, rating and accounting firms. Industrial Bank, China Everbright Bank, Zhongyuan Bank, China Chengxin International Credit Rating and Xigema Certified Public Accountants are being probed for alleged irregularities, the National Association of Financial Market Institutional Investors (NAFMII) said in a statement. Earlier this week, Haitong Securities was also puts under investigation.
4.Brilliance Group has officially entered the bankruptcy and restructuring procedure due to debt crisis, after local court accepted the bankruptcy and restructuring petition of the company’s creditors on Nov 20. The shareholders of Brilliance Group are the State-owned Assets Supervision and Administration Commission of Liaoning Provincial Government and the Liaoning Provincial Social Security Fund Council (Provincial Industry (Venture) Investment Guidance Fund Management Center), and they hold shares respectively 80%and 20%. In October 2018, Brilliance Group announced that it intends to sell a 25% interest in BMW Brilliance to BMW Group by 2022 at a transaction price of 29 billion yuan. At the same time, BMW Group’s shareholding in BMW Brilliance will be 50%. Will rise to 75%, which means Brilliance China’s profits from BMW Brilliance will be cut in half.
5.CCP’s telecom giant Huawei has joined hands with state-owned carmaker Changan Automobile and Tesla battery supplier Contemporary Amperex Technology to develop a premium “smart car”. At its Brand Day conference, Changan also announced a new technology named “Ark Architecture”. Changan Automobile share price continued to rise after announcing the cooperation between Huawei and CATL, As of the closing of November 17th, it closed up 8.09%, reported 20.30 yuan / share, into the 100 billion market value club. On November 19, the stock price dropped 9.31% and created largest single-day drop among last 4 months. The severe volatility in Changan Auto’s share price due to hot money hype.
By 【G-Translators – Financial and Law Team-Tracy】
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