Agricultural Bank China Azioni (OTC: ACGBY)

Ultime notizie per Agricultural Bank China (OTC:ACGBY) Azioni

AGRICULTURAL BK CHIN

Agricultural Bank China

As one of the big four banks, ABC is headquartered in Beijing. The bank evolved from a state-owned specialized bank to a state-controlled commercial bank. It listed on the Hong Kong and Shanghai Stock Exchanges in 2010. ABC operates more than 20,000-branch network in China, providing corporate and retail banking products and services, and carries out treasury operations for its own accounts or for its customers. Shareholders Central Huijin, China's state-owned investment company, and the Ministry of Finance own 40.14% and 35.29%, respectively. Corporate banking, retail banking, and wholesale banking accounted for 41%, 56%, and 3% of total revenue in the first half of 2024, respectively. Rural banking and urban banking contributed 50% and 50% of total revenue during the same period.

AGRICULTURAL B/C UNSP/ADR by Agricultural Bank of China

Agricultural Bank of China Ltd

Hong Kong stocks opened in the red on Tuesday after the Nasdaq index closed at its lowest level since July 2020 and a semi-conductor stock rout spread across Asian markets like <a href="https://www.benzinga.com/markets/asia/22/10/29209234/apple-supplier-tsmc-and-other-chip-suppliers-stocks-plunge-after-us-curbs-on-china">Taiwan and South Korea</a> which opened for trading after the holidays.
<table align="center" border="1" cellpadding="1" cellspacing="1" style="width:400px">
<caption>Hong Kong Stocks Today</caption>
<thead>
<tr>
<th scope="col">Stock</th>
<th scope="col">Movement</th>
</tr>
</thead>
<tbody>
<tr>
<td>Alibaba Group Holding Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>)&nbsp;</td>
<td>-3.24%</td>
</tr>
<tr>
<td>JD.com Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jd#NASDAQ">JD</a>)</td>
<td>-5.1%</td>
</tr>
<tr>
<td>Baidu Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bidu#NASDAQ">BIDU</a>)</td>
<td>-5.17%</td>
</tr>
<tr>
<td>Tencent Holdings Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcehy#OTC">TCEHY</a>) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</td>
<td>-3.11%</td>
</tr>
<tr>
<td>Meituan (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mpngf#OTC">MPNGF</a>)</td>
<td>-7.07%</td>
</tr>
<tr>
<td>Nio Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>)</td>
<td>-4.03%</td>
</tr>
<tr>
<td>XPeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>)</td>
<td>0.93%</td>
</tr>
<tr>
<td>Li Auto Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>)</td>
<td>0.96%</td>
</tr>
</tbody>
</table>
ANZ Research said in a note that equities continued to sell off as the impact of tighter monetary policy spooks investors. &ldquo;Global political and economic uncertainty remains elevated, which is supportive of the dollar,&rdquo; it said.
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The benchmark Hang Seng traded 1.7% lower in morning trade. Shares of Meituan, Baidu and Nio tanked by over 4%, while Alibaba shares fell over 3%.
Macro News:&nbsp;China&#39;s Foreign Ministry said on Monday Taiwan is an inseparable part of its territory, and the root cause of the problems in the Strait is the Taiwanese government&#39;s seeking of independence,&nbsp;<a href="https://www.reuters.com/world/asia-pacific/taiwan-seeking-independence-root-cause-problems-china-says-2022-10-10/" target="_blank">reported&nbsp;</a>Reuters.
China called for &quot;patience&quot; with its tough pandemic policies and warned against any &quot;war-weariness&quot; at a time when local cases surged to their highest since August,&nbsp;<a href="https://www.reuters.com/world/china/china-urges-patience-covid-cases-rebound-ahead-key-congress-2022-10-10/" target="_blank">reported&nbsp;</a>Reuters.
The&nbsp;People&rsquo;s Bank of China&nbsp;added a net 108.2 billion yuan ($15.2 billion) in&nbsp;<a href="https://www.benzinga.com/markets/asia/22/10/29197797/for-the-first-time-in-two-years-china-reportedly-uses-controversial-tool-to-infuse-funds-into-policy" target="_blank">Pledged Supplementary Lending</a>, or PSL, in September for the&nbsp;China Development Bank,&nbsp;Agricultural Development Bank of China&nbsp;(OTC:&nbsp;<a href="https://www.benzinga.com/stock/acgby#OTC" target="_blank">ACGBY</a>) and&nbsp;Export-Import Bank of China.
Company News:&nbsp;Alibaba Cloud&nbsp;has opened a new campus in its home city of Hangzhou, covering 2.1 million sq ft,&nbsp;<a href="https://www.scmp.com/tech/big-tech/article/3195472/alibaba-cloud-opens-new-hangzhou-campus-size-googles-silicon-valley" target="_blank">reported&nbsp;</a>the South China Morning Post.
Contemporary Amperex Technology Co Ltd.&nbsp;anticipates its net income to rise to as much as 9.8 billion yuan ($1.4 billion) in the third quarter,&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-10-10/battery-maker-catl-sees-up-to-200-profit-jump-on-ev-cell-sales" target="_blank">reported&nbsp;</a>Bloomberg.
Top Gainers and Losers:&nbsp;Meituan&nbsp;and&nbsp;Longfor Group Holdings Limited&nbsp;were the top losers among Hang Seng constituents, having shed over 7% and 5%, respectively.&nbsp;Techtronic Industries Company Limited&nbsp;and&nbsp;Henderson Land Development Company Limited&nbsp;were the top gainers having risen over 3% and 1%, respectively.
Global News: U.S. futures traded lower on Tuesday morning Asia session. The Dow Jones futures were down 0.5%, while Nasdaq futures lost 0.45% and S&amp;P 500 futures were down 0.51%.
Elsewhere in Asia, Australia&rsquo;s ASX 200 was up 0.06%. Japan&rsquo;s Nikkei 225 lost 2.5%, while China&rsquo;s Shanghai Composite index was up 0.03%. South Korea&rsquo;s Kospi was down 2.3%.
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Alibaba, Nio Shed Over 3%: Hong Kong Shares Continue To Bleed, Semiconductor Rout Spreads Across Asia

China has reportedly utilized a controversial tool to inject funds into policy banks for the first time in over two years, as Beijing increasingly turns to semi-official lenders to boost the economy at a time when the monetary stimulus is limited by <a href="https://www.benzinga.com/news/22/10/29197698/market-volatility-increases-following-release-of-us-jobs-report">rising global interest rates</a>.
What Happened: The People&rsquo;s Bank of China added a net 108.2 billion yuan ($15.2 billion) in Pledged Supplementary Lending, or PSL, in September for China Development Bank, Agricultural Development Bank of China (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acgby#OTC">ACGBY</a>) and Export-Import Bank of China, <a href="https://www.bloomberg.com/news/articles/2022-10-10/china-turns-to-controversial-loan-tool-for-policy-bank-funding?srnd=premium-asia&amp;leadSource=uverify%20wall">reported </a>Bloomberg, citing a statement posted by the central bank over the weekend.
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This is the first monthly increase in the tool since February 2020. It raised the outstanding value of PSL to 2.65 trillion yuan, said the report.
PSL was created by the Chinese central bank in 2014 to provide cash for policy banks to finance the shantytown renovation program, which aided in the turnaround of the property market downturn back then. It was criticized later for inflating the real estate bubble in lower-tier cities.
Expert Take: Xiaojia Zhi, an economist at Credit Agricole CIB in Hong Kong, told Bloomberg the funding boost from PSL could play a big role in the coming months to support credit to targeted areas, such as infrastructure, manufacturing and also low-income housing as well as the delivery of sold property projects.
Price Action: The Global X MSCI China Financials ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/chix#NYSE">CHIX</a>) has lost over 22% since the beginning of the year while the SPDR S&amp;P China ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gxc#NYSE">GXC</a>) has shed over 30% in the same period.
Read Next: <a href="https://www.benzinga.com/news/22/10/29163694/why-pboc-may-find-it-easier-to-defend-the-yuan-in-coming-weeks">Why China&#39;s Central Bank May Find It Easier To Defend Yuan In Coming Weeks And Ease Currency Woes</a>

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