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Foreign Equities (HK): BYD launches cheaper plug-in hybrid EV

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Publish date: Wed, 21 Feb 2024, 12:14 PM
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BYD Co Ltd-H (1211.HK)

BYD has launched a new version of its plug-in hybrid model the Qin Plus DM-i, pricing it lower than bestselling petrol-powered cars like Volkswagen’s Lavida and Toyota’s Corolla. The company, backed by Warren Buffett’s Berkshire Hathaway, said on Monday that the new variant, known as the Glory Edition, aims to accelerate customers’ conversion from fossil fuel-powered vehicles to EVs amid a slowing economy.

The new version starts at CN¥79,800 (US$11,086), lower than the previous edition by CN¥20,000 US$2800) or 20 per cent. Its battery-only driving range is 55km. The new edition is 15% cheaper than the entry-level Lavida and nearly 40% less than the basic Corolla.

China Mobile Ltd (941.HK)

China Mobile has successfully launched the world's first 6G satellite into orbit. This audacious step, taken on February 15, 2024, firmly establishes China's leadership in the development of 6G technology and its commitment to commercializing the groundbreaking technology by 2030.

The newly-launched 6G satellite is expected to significantly boost experimentation with integrated space-to-ground communication technology. This technological tour de force offers tantalizing advantages, such as low latency and high data transfer rates, potentially revolutionizing various sectors.

While the world is still grappling with the transformative power of 5G, China's strategic investment in 6G research and development showcases its determination to maintain its competitive edge in the global race for technological supremacy. The country aims to establish 6G technology standards by 2025, setting the stage for widespread adoption and integration in the years to follow.

CK Hutchison Holdings Ltd (1.HK)

CK Hutchison called off the sale of a majority stake in its Italian network infrastructure portfolio to Sweden's EQT. The company said that the termination of the deal was because “conditions precedent to closing of the Transaction were not satisfied.” The Hong Kong conglomerate had planned to transfer its network equipment and wholesale mobile and fixed communications services business in its Italian mobile business Wind Tre to EQT Infrastructure. EQT said in a statement that it “will continue to explore alternative infrastructure transactions, including with CK Hutchison should the appropriate opportunity arise."

Geely Automobile Holdings Ltd (175.HK)

Geely has announced the launch of its first satellites. The aim is to soon form a constellation dedicated to the smooth operation of the autonomous cars of the future. Geespace, the Chinese carmaker's space subsidiary, has just launched 11 satellites into low-Earth orbit as part of its constellation project dedicated to Geely's future mobility solutions. This is a major first not only for China, but also for the automotive industry. The satellites will be used for communication, navigation and remote sensing of vehicles produced by the group. The aim is to be able to locate vehicles precisely, with a view to developing autonomous driving and making it more reliable.

JD.Com Inc-Class A (9618.HK)

JD.com is considering a bid for UK electronics retailer Currys as China’s e-commerce giants continue to look for overseas growth amid stagnant demand and rising competition at home. JD said it is “in the very preliminary stages of evaluating a possible transaction that may include a cash offer for the entire issued share capital of Currys”. The UK retailer, which operates 823 stores globally with 28,000 staff, rejected a US$883m bid from US investment firm Elliott at the weekend.

Source: Rakuten Research - 21 Feb 2024

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