HSBC Holdings Plc (5.HK)

HSBC, the biggest of Hong Kong’s currency-issuing banks, reported a better-than-expected profit for the 2Q, driven by gains in its commercial and retail banking businesses as it benefited from the rising interest rate environment.

The London-based bank, which generates much of its profit in Asia, reported a 12% YoY increase in its 2QFY23 net profit to US$6.64bn, from a profit of US$5.49bn. The lender, one of Europe’s largest by assets, reported a pre-tax profit of US$8.77bn, ahead of the US$7.96bn expected by analysts. 2Q revenue rose by 37% YoY to US$16.7bn, while net interest income increased 35% to US$9.31bn. HSBC said it would pay a quarterly dividend of 10 US cents a share and announced a US$2bn share buy-back.

BYD Co Ltd (1211.HK)

Chinese electric vehicle maker BYD has told its Indian joint-venture partner that it will shelve a US$1bn investment in an electric car factory as its proposal faces politically biased scrutiny from New Delhi, citing so-called "security" concerns, Reuters reported. Chinese experts view the development as an indication of the worsening investment environment in India, which could tarnish India's economic development. BYD executives told Megha Engineering that the major electric vehicle maker wanted to drop pursuit of the investment after Indian regulators rejected the two companies' proposal to build a joint factory.

Standard Chartered Plc (2888.Hk)

Standard Chartered reported 1HFY23 pretax profit a 20% increase YoY and announced a new US$1bn share buyback, as rising rates and record financial markets business propelled margins at the emerging markets-focused lender. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of this year reached US$3.32bn. That compared with US$2.77bn a year earlier and the US$3.18bn average of 16 analyst estimates compiled by the bank.

The bank upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. Standard Chartered plans to open three more of its special outlets aimed at wealthy clients in Hong Kong and hire more staff this year to capture growing opportunities from the Greater Bay Area and Southeast Asian markets, its top boss in Hong Kong said.

Xpeng Inc (9868.HK)

Chinese electric car startups Xpeng posted vehicle delivery numbers for July, showing growth but differing in strength, as competition in the Chinese market continues to ramp up.

Xpeng, which continues to be hit with losses, said it delivered 11,008 vehicles in July, up by 28% on the month. It is the sixth consecutive month of delivery growth, highlighting a recovery to Xpeng’s business. It is also Xpeng’s highest monthly delivery number of this year, after the company commenced deliveries of its latest car, the G6 Ultra Smart Coupe SUV in July. Despite the month-on-month upside, Xpeng’s July deliveries were around 4% under the same time last year. Xpeng’s sales were also eclipsed by Chinese rivals Nio and Li Auto, as companies launch new models and a price war.

JD.Com Inc (9618.HK)

JD.Com has reportedly rebutted online rumours that the Chinese e-commerce giant plans to acquire leading chain supermarket operator Yonghui Superstores. JD.Com has no intention of buying Yonghui at the present time, The Paper reported a manager at the Beijing-based firm as saying, without providing further details. According to rumours on social media, JD.Com has been in talks with Yonghui about the acquisition, with at least one round of preliminary negotiations held.

JD.Com has had a close relationship with Yonghui in recent years, buying a 10% stake in the Fuzhou-based firm for CNY4.6bn (US$642m) in 2015, with the pair saying they will strengthen cooperation in the online-to-offline business.

Source: Rakuten Research - 2 Aug 2023

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