7th January 2020 (Tuesday)
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After Alibaba’s magic float, Hong Kong angles for more tech listings

Successful listings of shares in Hong Kong by Alibaba and smaller rival Meituan Dianping have burnished the market’s high-tech credentials. Now bankers and investors expect more Chinese technology companies to list in the city.

Having more fast-growth stocks like these could rejuvenate a stock market dominated by less dynamic sectors such as banking and property, which include many mainland Chinese enterprises. That would likely boost trading volumes to the benefit of both brokers and the stock exchange, which has been working to lure more technology and health-care businesses.

In 2018, the operator of Hong Kong’s stock exchange changed its rules to admit companies with unequal voting rights – luring groups with existing US listings, like Alibaba, and unlisted startups, like Meituan. Alibaba’s stock sale in Hong Kong eventually raised nearly USD 13 billion, after the banks underwriting the deal increased the deal’s size in December 2019.

Bankers and investors say a colder US environment, caused by the US-China trade fight, could prompt other Chinese companies with New York-traded American depositary receipts to follow suit. More than 20 large Chinese technology companies with American depositary receipts could qualify for secondary listings in Hong Kong, Goldman Sachs analysts said recently. The largest include JD.com, Baidu, and NetEase.

The other prize would be to persuade more unlisted groups, such as Bytedance, owner of video-sharing app TikTok, to follow in the footsteps of handset maker Xiaomi Corp. and app operator Meituan in making their first market debut in Hong Kong. Meituan shares soared 132% in 2019, as investors grew more optimistic about the outlook for the group, whose app allows users to book services such as food delivery and hotels. That has given the company, which floated in September 2018, a market value of roughly USD 76 billion and made it one of China’s most valuable tech firms.

DVOW
DLC SG5xLong HKEx
0388.HK 5x Long
Last Price1
1.280 +0.032
(+2.56%)
Last Update: 07/01/2020 13:08
 
DVVW
DLC SG5xShort HKEx
0388.HK 5x Short
Last Price1
0.985 +0.001
(+0.10%)
Last Update: 07/01/2020 13:08
1 The DLC price displayed is based on the 'bid price' instead of the 'traded price'. This is to provide a more accurate representation of the DLC value at each particular point in time and a more accurate reflection of DLC price changes. DLCs may not trade as frequently as shares and sometimes may not record a trade for a long period of time while the bid/offer prices quoted by the Designated Market Maker continue to move with the Underlying Asset, therefore using the bid price is usually a better indicator of the value of a DLC.The variation of the last price is the difference between the last price and the intrinsic close of a DLC in the last trading day.
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DLC Funds Flow Chart
Data calculated based on the net change in money flow between 03/01/2020 and 06/01/2020.
 
Top Gainers / Losers
Code Name Bid Change
(%)
DSVW DLC SG5xShort Sunny +0.006
(+32.67%)
DWAW DLC SG5xShort CSPC +0.064
(+26.54%)
DYDW DLC SG5xShort AAC A +0.026
(+23.11%)
DAEW DLC SG5xShort Sunny A +0.084
(+22.96%)
DASW DLC SG5xShort AAC +0.002
(+20.06%)
Code Name Bid Change
(%)
DUFW DLC SG5xLong CSPC -0.111
(-19.27%)
DSNW DLC SG5xLong Sunny -0.387
(-18.03%)
DTAW DLC SG5xShort PetChina -0.098
(-16.00%)
DKUW DLC SG5xShort CNOOC -0.009
(-15.06%)
DAWW DLC SG5xLong Sunac -0.075
(-14.70%)
Data calculated based on the percentage change in last bid price between 03/01/2020 and 06/01/2020.
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Top 5 traded DLCs
Code Name Underlying
Chg (%)
Intrinsic Close1
(Chg %)
Sensitivity Value traded
DDJW DLC SG5xShortTencent A -1.46% 0.547961
(+7.36%)
0.689 1M
DFJW DLC SG5xShort OCBC A -0.91% 1.0874
(+4.49%)
0.010 1M
DNZW DLC SG5xShort CLIFE +1.63% 0.25444
(-8.11%)
0.086 1M
DBCW DLC SG5xShort Geely A -2.03% 0.295451
(+10.17%)
0.052 655K
CPSW DLC SG7xShortHSI210114 -0.79% 0.618287
(+5.66%)
32.609 654K
Data calculated based on the percentage change in underlying price and intrinsic close between 03/01/2020 and 06/01/2020 respectively.
1 Intrinsic Close is the value computed using the valuation formula of the Certificates stated on the relevant supplemental listing documents at market close.
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