Market News

The Hong Kong stock market was weak in the third quarter, with the Hang Seng Index falling by a cumulative 21.2%. However, the southward capital continued to plunge, with a net inflow of nearly 40 billion yuan into Hong Kong stocks in the third quarter. Among them, the southward capital net inflow of 30.959 billion yuan in September, has been a net inflow for 10 consecutive months, showing that the more the mainland funds fall, the more buy the trend. In addition, Hong Kong stocks set off a wave of buybacks in the third quarter, the buyback amounted to 32.8 billion Hong Kong dollars, the first three quarters of the buyback amounted to about 65.3 billion Hong Kong dollars, a record high.

On Friday, the U.S. September non-farm payrolls report curbed all hope of a dovish turn by the Federal Reserve, the market is expected to raise interest rates in November, the odds of 75 basis points about 80%, "Federal Reserve News Agency" that the Federal Reserve to keep on track for another sharp increase in interest rates. The three major U.S. stock indexes hit the largest daily decline of more than three weeks, chip stocks in the sector fell more than 4% to lead the decline, AMD fell nearly 14% to the largest decline in two and a half years, the energy sector rose 14% for the week. After the employment report, the 2-year U.S. bond yields rose nearly 9 basis points during the day, approaching a fifteen-year high, the dollar index quickly turned up, and hit a new high of more than a week. Crude oil rose for five consecutive weeks to a new high of more than five weeks, up at least 15% for the week, the largest gain in seven months. European natural gas fell more than 10%, down nearly 20% for the week.

In China, the HSI closed down 1.5%, Hang Seng Technology fell more than 3%, new energy vehicles and real estate plunged, and Ideal Auto slumped 15%. Hong Kong stocks retreated for back-to-back days after Wednesday's epic surge and still accumulated gains for the week.

News:

1. WuXi Biologicals subsidiary Wuxi WuXi Biologicals has been removed from the unverified list by the U.S. Department of Commerce

WuXi Biologics announced on the Hong Kong Stock Exchange that on October 7, one of its subsidiaries, Wuxi WuXi Biotechnology Co., Ltd. has been removed from the unverified list by the U.S. Department of Commerce after successfully completing an on-site end-user visit by the U.S. Department of Commerce under the coordination of the Chinese Department of Commerce. The Company is still actively working with relevant government agencies to promote the removal of another subsidiary, Shanghai WuXi Biotechnology Co.

2. In March, AIA announced a $10 billion buyback program in which the company plans to return up to $10 billion of capital to the company's shareholders through open market buybacks of the company's common stock over the next three years.

On October 7, AIA repurchased another 1,425,600 shares of the company's stock at a price range of HK$69.85 to HK$70.45 per share, at a cost of approximately HK$100.2 million. Since March 21, AIA has repurchased 113 times, with a total of about 231 million shares, at a cost of HK$17.901 billion.

Looking at AIA's repurchase plan, the repurchases are currently less than one-third of the plan. The share price stabilized and fluctuated from March to July after AIA released its buyback plan, but since mid-July, the share price has once again entered a downward path.