Top Stock Market Highlights of the Week: China’s Stimulus Measures, DFI Retail Group and Temasek’s 50th Anniversary

The Smart Investor09-28

[ Share Facebook Twitter LinkedIn Email WhatsApp Welcome to this week’s edition of top stock market highlights. China’s stimulus measures As China’s slowdown deepens, the country’s ...

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Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>[\n\n\n\nShare\n\n\nFacebook\n\nTwitter\n\nLinkedIn\n\nEmail\n\nWhatsApp\n\n\n\n\n\nWelcome to this week’s edition of top stock market highlights.\nChina’s stimulus measures\nAs China’s slowdown deepens, the country’s ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-chinas-stimulus-measures-dfi-retail-group-and-temaseks-50th-anniversary/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0545562505.USD","symbol_name":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) 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ACC"},"translate_title":"本周股市亮点：中国刺激措施、DFI零售集团和淡马锡成立50周年","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"D01.SI":1,"PM":1,"PBOC":1,"MNSO":0.7},"content_text":"[\n\n\n\nShare\n\n\nFacebook\n\nTwitter\n\nLinkedIn\n\nEmail\n\nWhatsApp\n\n\n\n\n\nWelcome to this week’s edition of top stock market highlights.\nChina’s stimulus measures\nAs China’s slowdown deepens, the country’s central bank announced another short-term policy rate cut to spur consumer demand.\nThe People’s Bank of China (PBOC), China’s central bank, reduced the 14-day reverse repurchase rate from 1.95% to 1.85%.\nAlong the way, the central bank also injected RMB 74.5 billion of liquidity into the banking system.\nThis move came ahead of China’s National Day Holiday which typically lasts for seven days whereby the PBOC will offer 14-day loans ahead of the break.\nMeanwhile, the Ministry of Finance and Ministry of Civil Affairs will dish out one-off cash handouts to people in extreme poverty on 1 October.\nThis rate move came a day after the government announced a sweeping program to stimulate the country’s economy.\nLiving subsidies will be handed out to disadvantaged groups including orphans and the very poor before the National Day Holiday.\nThis is an unusual move as China is known for rejecting a welfarism policy.\nChina’s ministries budgeted around RMB 154.7 billion for financial assistance to people in extreme poverty, which numbered around 4.74 million people at the end of June 2024.\nAside from the monetary policy measures announced, all eyes will be on the Ministry of Finance which will meet ahead of the week-long holiday.\nInvestors may be expecting more fiscal measures to come as China goes all out to boost its economy and stimulate spending.\nElsewhere, Shanghai’s government plans to give out RMB 500 million in consumption vouchers for dining, accommodation, and sporting events.\nBeijing is reportedly getting ready to recapitalise the six big state banks using around RMB 1 trillion.\nIt remains to be seen if these bold moves will have any positive effect on the economy, but it appears the Chinese government cannot be faulted for lack of trying.\nDFI Retail Group (SGX: D01)\nDFI Retail Group announced the divestment of 1,913,135,376 shares of Yonghui Superstores Co., Ltd (SHA: 601933) through its wholly-owned subsidiary.\nThe shares represent a 21.1% stake in the Chinese supermarket operator which is accounted for as an associate company in DFI Retail Group’s books.\nThe buyer is Guangdong Juncai International Trading Co., Ltd, a subsidiary of MINISO Group (NYSE: MNSO).\nThis transaction will bring in gross cash proceeds of approximately RMB 4,496 million (around US$640.4 million) for the pan-Asian retailer.\nThe sale works out to be around RMB 2.35 per Yonghui share.\nFor 2023, the share of underlying losses from Yonghui amounted to US$36 million for DFI Retail Group.\nThe retailer also reported that the carrying value of Yonghui on its balance sheet as of 30 June 2024 was US$765 million.\nWith the sale at around US$640.4 million, DFI Retail Group may have to recognise a one-time loss on disposal of around US$124.6 million.\nThe good news is that moving forward, Yonghui will not contribute to further share of losses in DFI Retail Group’s books.\nThe completion of this sale, however, is contingent upon the satisfaction of regulatory conditions and needs clearance from Chinese antitrust authorities and the Shanghai Stock Exchange.\nMINISO also needs to obtain shareholder approval for the transaction to proceed.\nTemasek Holdings\nTemasek Holdings recently held its 50th anniversary dinner at Shangri-La Singapore on 23 September where Prime Minister (PM) Lawrence Wong spoke about how the investment firm has evolved over time.\nMore than 600 Temasek partners and friends were in attendance, including representatives from the board and senior executives from its local and global portfolio companies.\nPM Wong noted that initially, Temasek’s role was mainly custodial and administrative.\nThe investment firm started out with a portfolio of 35 companies that it had taken over from the government, including stakes in DBS Group (SGX: D05) and Singapore Airlines (SGX: C6L).\nOver time, Temasek morphed into a more active manager while stepping up its direct investments in new areas.\nFrom a Singapore-centric portfolio, Temasek’s portfolio evolved to owning investments across Asia, the Americans, Europe, the Middle East, and Africa.\nThe Temasek today is a different animal compared to when the investment firm first started out in 1974, but PM Wong also noted that the global environment has become more challenging with increased protectionism and the US-China trade tensions.\nMeanwhile, Temasek also launched a commemorative book titled “By Generations, For Generations: Fifty Years of Temasek As Told By The People Who Shaped It”.\nThis book was written by former journalist Ong Soh Chin after doing research and interviews with around 90 staff, alumni, and business partners.\nWant to pave your child’s road to being a millionaire? Start today so they shield their money from pricey hawker meals and sky-high HDB costs. The first step is to set aside money to invest in dividend stocks. The second step is to grab a copy of our latest FREE report. Inside, we show you the secrets to investing for your children, including 3 SGX stocks to consider today for a wealthier future. Click HERE to download a copy now.\nDisclosure: Royston Yang owns shares of DBS Group.\n\n\n\nYahoo\n]","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2470931066"}