Weekly Market Review | Hainan Promotes 5 Nationally Pioneering Measures to Serve the Construction of the Southern Breeding Silicon Valley; Green Tea Group's Hong Kong IPO Gets Filing Approval from the China Securities Regulatory Commission; Multiple Private Equity Firms Use ETFs to Allocate in the Equity Market
Weekly Market Review
Chinese A-shares
During this week (from March 24th to 28th), the Chinese A-share market experienced a volatile decline. The Shanghai Composite Index dropped by 0.40% within the week, closing at 3351 points on March 28th. The Wind All-China Index fell by 1.29% this week.
In terms of sectors, among the 31 first-tier industries in the Shenwan classification, only 4 industries saw an increase this week. The pharmaceutical, agriculture, forestry, animal husbandry and fishery, food and beverage, and household appliance sectors rose, while the computer, military, and communication sectors had relatively poor performance in terms of gains and losses this week.
Hong Kong Stocks
The Hong Kong stock market declined this week. The Hang Seng Index dropped by 1.11% within the week, and the Hang Seng Tech Index fell by 2.36% this week.
In terms of sectors, among the 12 Hang Seng industry indices, the healthcare, raw materials, and conglomerates sectors rose this week, while the information technology, industrial, and financial sectors led the decline.
US Stocks
In the US stock market, all three major indices declined this week. Among Chinese concept stocks, the pharmaceutical, media, and household products sectors had relatively high gains.
Weekly Positive News
According to Hainan Daily, on March 29th, reporters learned from Haikou Customs that to accelerate the construction of a global transit base for the introduction of animal and plant germplasm resources, Hainan has highlighted institutional integrated innovation and successively promoted 5 nationally pioneering facilitation measures, injecting new impetus into the high-quality development of the Southern Breeding Silicon Valley. It is reported that these measures include dynamic certification for high-quality agricultural product exports + exemption from certificate and filing registration assessment, mutual recognition of quarantine nursery assessments, a new model for special approval of imported plant propagation materials, conditional release of imported seedlings across customs regions in the Hainan Free Trade Port, and conditional exemption from port quarantine sampling for imported seedlings in the Hainan Free Trade Port.
At the 2025 China Electric Vehicle 100 - Person Forum held today, Wang Chuanfu, the chairman of BYD Group, said that if the electrification in the first half was an improvement, then the intelligence in the second half is a disruption. Whether in terms of technology, products, or the industrial chain, China's new energy vehicles lead the world by about 3 - 5 years. We should seize this window period, adhere to open innovation, promote a higher - level opening - up with higher - level green technologies and products, and go global through complementary advantages and open cooperation. (Caixin)
36Kr learned that on March 28th, Luobo Kuaipao, an autonomous driving mobility service platform under Baidu, announced that it had signed a strategic cooperation agreement with the Roads and Transport Authority (RTA) of Dubai to conduct large - scale driverless tests and services in Dubai's urban area. The two parties plan to deploy more than 1000 fully driverless cars in Dubai. This is also the first time that Luobo Kuaipao has carried out large - scale driverless tests and services outside China.
E Fund Achieved a Net Profit of 3.9 Billion Yuan in 2024, a Year - on - Year Increase of 15.33%
36Kr learned that the 2024 annual report released by GF Securities shows that E Fund achieved a net profit of 3.9 billion yuan in 2024, a year - on - year increase of 15.33%. Its operating income in 2024 was 12.109 billion yuan, a year - on - year decrease of 3.13%.
ALT: Signs a Framework Cooperation Agreement with Nissan (China) Investment Co., Ltd.
36Kr learned that ALT announced that the company had signed a "Master Business Agreement" with Nissan (China) Investment Co., Ltd. The two parties will aim at the development of automobile - related models and actively carry out project cooperation in areas such as vehicle development commissions and the development of automobile parts and systems. This agreement is a framework cooperation document, and specific business cooperation will be subject to agreements signed through separate negotiations. The agreement is valid for 6 years. The company is a leading forward - looking technology - driven enterprise in the industry that provides independent vehicle R & D and system solutions, capable of providing customers with full - process, full - domain, full - stack, and short - cycle "turnkey" services. Nissan has a long - standing presence in the Chinese market and has developed many classic and best - selling models. The signing of this agreement is conducive to the company's business expansion and stable operation, and will enhance the company's influence among international customers and brand awareness globally.
36Kr learned that Keep, a sports technology company, released its 2024 annual performance report as of December 31, 2024. During the reporting period, Keep achieved an operating income of 2.066 billion yuan, an adjusted net loss (measured by non - IFRS) of 469 million yuan, and a gross profit of 965 million yuan. The gross profit margin increased from 45.0% in the previous year to 46.7%. In terms of user scale, in 2024, Keep's average monthly active users and average monthly subscribed members were 29.92 million and 3.16 million respectively, with a membership penetration rate of 10.6%. As of the end of 2024, the Keep platform had more than 400 million registered users and 100 million annual active users, and the number of annual sports users exceeded 55 million.
36Kr learned that PICC released its 2024 annual report. In 2024, its operating income was 621.972 billion yuan, a year - on - year increase of 12.5%. The net profit attributable to the shareholders of the parent company was 42.869 billion yuan, a year - on - year increase of 88.2%. The company plans to distribute a final cash dividend of 1.17 yuan per 10 shares (tax included) to all shareholders.
36Kr learned that Huisheng Biotechnology issued an announcement on abnormal stock price fluctuations. The company noticed recent market rumors on platforms such as stock message boards about the price increase of tylosin and tylvalosin. After verification, recently, affected by market supply - and - demand factors, the market prices of the company's main products, tylosin and tylvalosin, show an upward fluctuation trend. Since the price fluctuations are affected by multiple factors and are uncertain, the impact on the company's performance is also uncertain. Investors are advised to make rational investments and pay attention to investment risks.
Haisco: HSK41959 Tablets Approved for Clinical Trials
36Kr learned that Haisco announced that its subsidiary, Shanghai Haisheng Nuoyao Pharmaceutical Technology Co., Ltd., recently received a "Drug Clinical Trial Approval Notice" for HSK41959 tablets from the National Medical Products Administration. HSK41959 is an orally administered, potent, and highly selective small - molecule inhibitor independently developed by the company, intended for the treatment of advanced solid tumors.
36Kr learned that Pop Mart International Group released its 2024 full - year financial report. The report shows that in 2024, its operating income was 13.04 billion yuan, a year - on - year increase of 106.9%. The adjusted net profit was 3.403 billion yuan, a year - on - year increase of 185.9%. Among them, the operating income in the Chinese mainland was 7.97 billion yuan, a year - on - year increase of 52.3%. The operating income from overseas and Hong Kong, Macao, and Taiwan regions was 5.07 billion yuan, a year - on - year increase of 375.2%, accounting for 38.9% of the total revenue. As of December 31, 2024, the total number of cumulative registered members of Pop Mart in the Chinese mainland was 46.083 million, and the number of new registered members added throughout the year was 11.729 million.
36Kr learned that Henrui Medicine announced that it would license its lipoprotein (a) [Lp (a)] oral small - molecule project (including the lead compound named HRS - 5346) to Merck for a fee. Merck will obtain the exclusive right to develop, produce, and commercialize HRS - 5346 globally outside the Greater China region. The agreement includes a $200 million upfront payment, milestone payments of up to $1.77 billion, and sales royalties based on the sales of HRS - 5346 outside the Greater China region. The agreement is expected to take effect in the second quarter of 2025.
Weekly Negative News
China Eastern Airlines: Suffered a Net Loss of 4.226 Billion Yuan in 2024
36Kr learned that China Eastern Airlines announced that its net profit attributable to the shareholders of the listed company in 2024 was - 4.226 billion yuan, and the cumulative distributable profit of the parent company was negative. According to relevant regulations, the company does not meet the pre - conditions for cash dividends. Considering the company's long - term development and the interests of all shareholders, the company's board of directors agreed not to distribute cash dividends in 2024 and not to implement the conversion of capital reserves into share capital.
CICC: Achieved a Net Profit of 5.69 Billion Yuan in 2024, a Year - on - Year Decrease of 7.5%
36Kr learned that CICC announced that its operating income in 2024 was 21.333 billion yuan, a year - on - year decrease of 7.21%. The net profit attributable to the shareholders of the parent company was 5.694 billion yuan, a year - on - year decrease of 7.50%. The company plans to distribute cash dividends to shareholders in 2024. The total amount of cash dividends to be distributed is expected to be 434 million yuan (tax included), and the cash dividend per share is expected to be 0.9 yuan (tax included).
36Kr learned that Fuling Zhacai announced that its operating income in 2024 was 2.387 billion yuan, a year - on - year decrease of 2.56%. The net profit attributable to the shareholders of the listed company was 799 million yuan, a year - on - year decrease of 3.29%. The basic earnings per share was 0.69 yuan per share, a year - on - year decrease of 4.17%. The company plans to distribute a cash dividend of 4.2 yuan per 10 shares (tax included) to all shareholders, issue 0 bonus shares (tax included), and not convert capital reserves into share capital.
People Familiar with the Matter: Italy Demands Massive VAT Repayments from Meta, X, and LinkedIn
According to people familiar with the matter, the country has issued VAT repayment notices to Meta Platforms, Elon Musk's social platform X, and Microsoft's LinkedIn, with the amounts involved reaching as high as 887.6 million euros, 12.5 million euros, and 140 million euros respectively. This move not only puts the involved companies under both legal and financial pressure but may also trigger a fundamental re - examination of the business models of the technology industry by the EU. (Caixin)
36Kr learned that Air China released its 2024 annual report. In 2024, it achieved an operating income of 166.699 billion yuan, a year - on - year increase of 18.14%. The net loss attributable to the shareholders of the listed company was 237 million yuan, compared with a loss of 1.046 billion yuan in the previous year.
Tigermed: Achieved a Net Profit of 405 Million Yuan in 2024, a Year - on - Year Decrease of 79.99%
36Kr learned