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Original title: Antitrust Guidelines Boots landed on Hong Kong stocks Meituan leads Hang Seng index
After the Antitrust Guidelines on Platform Economics of the State Council’s Antitrust Committee “kicked off” on February 7, the five big tech giants in Hong Kong stocks regrouped. On February 8, the Hang Seng Index closed at 29,319.47 points, a cumulative increase of 30.79 points, with Meituan and Tencent leading gains. Meituan rose 1.25% throughout the day to HK $ 406.4 per share, close to an all-time high, contributed 19.14 points to the Hang Seng Index and became the largest contributor. Tencent rose 0.5% to HK $ 736.5 per share, contributing 14.1 points to the Hang Seng Index.
Last Friday (February 5), the “upstart” Kuaishou IPO, which was listed on the first day of trading, ushered in a long-short market. The share price came out of the “V” and was once as low as HK $ 284, down 5%. However, at the close, the stock held the closing price of the previous day, reported 303 Hong Kong dollars per share, a slight increase of 3 Hong Kong dollars.
At the same time, Kuaishou has also maintained its position as the eighth largest company in the Hong Kong stock market by value, making it eligible for the “fast entry” of Hang Seng Index companies. After the market close on February 8, Hang Seng Index Company announced that it will be included in the Hang Seng Composite Index, the Hang Seng State Enterprise Index, the Hang Seng Technology Index and the Hang Seng Internet Technology Industrial Index, which will take Effective February 23. However, Kuaishou is temporarily not included in the Hang Seng index, which is a collection of large stocks and includes 50 major companies.
Shelf stocks are hot and cold thermometers for Hong Kong stocks
On February 8, other Hong Kong stocks and Internet stocks were mixed. Ali and Xiaomi, which are constituent stocks of the Hang Seng Index, fell 0.62% and 0.18% respectively, dragging the Hang Seng Index down 11.08 points. Additionally, JD.com was down 0.6%, NetEase was up 1%, JD Health was up 0.13% and Ali Health was up 0.96%. The “Antitrust Guidelines” formally promulgated on February 7 were released for comment on November 10 last year, which once deterred Xiangjiang and shook Hong Kong’s one trillion dollar market value. However, the implementation of this official document made the market digest expectations.
As of February 8, Tencent, Alibaba, Meituan, Kuaishou and JD.com are the “Internet Tigers” of Xiangjiang, with market capitalizations of 7.07 trillion, 5.55 trillion, 2.39 trillion, 1.24 trillion and 1.15 trillion Hong Kong dollars. The top ten market cap companies account for half of them. Internet stocks have become a “thermometer” for detecting the heat and cold of Hong Kong stocks, and they have always been the favorite stocks of Southbound Trading’s “North Water”.
February 8th is the last Southbound Stock Connect open day before Spring Festival. On that day, the Shanghai-Shenzhen-Hong Kong Stock Connect North Shui continued to buy Hong Kong shares with a net purchase of HK $ 12 billion. Southbound Stock Connect will be closed February 9-17 (the sixth day). In the first five weeks of 2021, Land-Hong Kong Stock Connect has purchased approximately $ 48 billion of Hong Kong stock, more than half of the total in 2020.
According to the analysis reports of the major investment banks compiled by Bloomberg, the major banks still generally sing the “Internet Tigers”, with most of them giving “outperforming” or equivalent ratings. Tencent, Alibaba, Meituan and JD.com are bullish on more than 90% of the market leaders, while Kuaishou’s coverage is not extensive. At the same time, the 12-month price target given by big bank analysts for the above companies is also quite “radical.” On February 8, Credit Suisse gave Meituan the latest 12-month price target of HK $ 436 per share, and UOB Kay Hian even gave the highest price target of HK $ 508 at the audience, which is a potential of 25 % compared to the closing price of the day. Increase.
“Antitrust Guide” Bans “Option One” and Big Data
The Antitrust Commission of the Council of State formally published the “Guide to antitrust activities in the field of the platform economy” (hereinafter the “Guide”) on 7 February. The Antitrust Office of the State Administration of Market Supervision also issued an interpretation of the “Guide” on the same day.
The interpretation said that in recent years, my country’s platform economy has developed rapidly, and new forms of business and new models have emerged one after another, which has played an important role in promoting high-growth economic development. quality and in meeting the growing needs of the population for a better life. However, at the same time, there are more and more reports and reports on suspected monopoly issues, such as operators in the field of platform economics requiring traders to “pick one of two”, familiarization with big data, and lack of declaration and implementation of the concentration of operators in accordance with the law. These actions harm fair competition in the market and the legitimate rights and interests of consumers, and are not conducive to fully stimulating innovation and creativity throughout society, promoting the innovative development of the platform economy, and generating new benefits and a new economic and social impulse. developing.
The interpretation also pointed out that the basic system, regulatory principles and analytical framework of the “Antitrust Law” of my country are applicable to operators in the field of platform economics. However, due to the complex business model and competitive ecology of the platform economy, wide coverage, and strong professionalism, it is necessary to integrate the development status, operational characteristics and operational rules of the platform economy on the basis of the laws and regulations in force. , rules and guidelines., Developed the “Guide” to further clarify the principles of antitrust enforcement in the field of platform economics, specific and detailed analysis ideas, and provide clearer guidelines for operators in the field of platform economy operate in accordance with laws and regulations, enhance the relevance of law enforcement and enhance the scientific nature of supervision, Promote the orderly, innovative and healthy development of the platform economy.
(Author: Southern Finance editors all media of the month Jiang: and good)
