Tencent Holdings Ltd (700.HK)

Tencent Holdings Ltd. led an HK$80bn selloff in some of China’s biggest online names, after the surprise imposition of new gaming curbs revived fears Beijing may again be targeting the country’s giant internet sector.

The top gaming regulator on published draft rules broadly designed to clamp down on practices that encourage players to spend more money and time online. They encompassed caps on the amount each player can spend within a game, a ban on rewards for frequent log-ins and forced player-duels, even a prohibition on content that violates national security. The sweeping restrictions, which caught industry players and investors off guard on the final trading day before Christmas, reminded many of the brutal tech-sector crackdown of 2021.

Li Auto Inc – CL A (2015.HK)

STMicroelectronics announced that it has signed a long-term silicon carbide (SiC) supply agreement with Li Auto. Under the agreement, STM will supply SiC MOSFETs to Li Auto, supporting the automaker's strategic development in the battery-electric vehicle market. STM said that its SiC has a higher switching frequency, breakdown voltage and thermal resistance, which can significantly improve the performance and energy efficiency of the power transistor, which is very important in the high-voltage environment of battery electric vehicles.

HSBC Holdings Plc (5.HK)

HSBC Holdings announced that the Minister of Finance of the Canadian federal government approved on 21 Dec that the sale of its Canadian branch to the Royal Bank of Canada (RBC). HSBC said it will continue to make progress with RBC in finalizing the transaction, which is expected to be completed in 1QCY24. HSBC maintained its commitment to actively consider paying a special dividend of US$0.21 per share as a priority use of the proceeds of the sale in 1H24.

NetEase Inc (9999.HK)

Following talks with a number of Chinese video game developers, Activision Blizzard has reportedly has chosen to work with NetEase again after the two cut ties last year.

NetEase and Blizzard will rebuild the team that ran the Californiabased firm's games in the Chinese mainland and test servers and systems, tech media outlet 36Kr reported, citing several sources. But expectant players will need to be patient because the return of Blizzard’s games to China will likely take six months or more, the sources added. NetEase declined to comment on the matter, Shanghai Securities News said yesterday. The team, which previously ran Blizzard's games in China, was disbanded this year, and it is unlikely to be re-formed quickly, the report said, citing a source close to the Hangzhou-based company.

CNOOC Ltd (883.HK)

CNOOC Ltd and China National Petroleum Corp (CNPC) have both asked the U.S. government for exemptions from sanctions on a new Russian liquefied natural gas (LNG) export plant, a Beijing-based industry official with direct knowledge of the matter said. CNOOC Ltd and CNPC each have a 10% stake in the Arctic LNG 2 project controlled by Novatek, Russia's largest LNG producer, which holds a 60% stake in the project.

"This is a standard response as an equity partner communicating with Office of Foreign Assets Control (OFAC) to protect our interest in the project," said the source, who declined to be named as the matter remained confidential.

Last month, the U.S. imposed sweeping new measures against Russia over the war in Ukraine, including sanctions targeting a major entity involved in the development, operation and ownership of the Arctic-2 LNG project in Siberia.

Source: Rakuten Research - 27 Dec 2023

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