Beijing time on June 30 news, U.S. bond yields fell, Federal Reserve Chairman Powell paid more attention to high inflation than the danger of slowing economic growth, U.S. stocks were mixed.
Powell believes the U.S. economy is strong enough to withstand higher interest rates, but does not guarantee a soft landing. Markets remain concerned that the Fed’s aggressive rate hikes to curb soaring inflation could lead to a recession. Citi sees a 50% chance of a U.S. recession.
As of the close, the Dow rose 82.32 points, or 0.27%, to close at 31029.31 points; the S&P 500 fell 2.72 points, or 0.07%, to close at 3818.83 points; the Nasdaq fell 3.65 points, or 0.03%, to close at 11177.89 The Nasdaq China Golden Dragon Index closed down 0.65%.
Most of the major technology stocks in the Chinese concept stocks fell. MINISO launched its listing on the Hong Kong Stock Exchange and fell more than 10%; Weilai responded to the short-selling report, saying that the accusation of falsely increasing revenue was “groundless” and fell more than 2%.
Yixian e-commerce rose by 12%, Tuniu and New Oriental rose by more than 9%, Mogujie rose by more than 8%, Xunlei rose by more than 5%, 36 Krypton rose by 5%, All Things New Life rose by more than 4%, and Shuidi Company rose by more than 3%. Ideal Auto and Ctrip rose by more than 2%, Qutoutiao, Lizhi, and Monster Charge rose by more than 1%. Autohome, WiMi Hologram, and Tencent ADR rose by more than 1%.
Uxin fell by more than 12%, Daily Youxian fell by more than 11%, Phoenix New Media, MINISO, and Manbang fell by more than 10%, Cheetah Mobile and Leju fell by more than 6%, and Dada Group fell by nearly 6%. NetEase Youdao fell by nearly 5%, Zhihu, Tiger Securities, Bilibili fell by more than 4%, Douyu fell by nearly 4%, Huya, iQiyi, Weilai Automobile, Dingdong Shopping, Wuxin Technology, New Oxygen fell by more than 2%, Kaixin Auto and BOSS Zhipin fell by nearly 2%, Huanju Group, Yunmi Technology, Baidu, NetEase, Xiaopeng Motors, Sohu, Best Group, and Gaotu fell by more than 1%, and Lufax Holdings fell by nearly 1%. 1%.
U.S. stocks closed mixed on Wednesday, the Dow rose 82.32 points, or 0.27%, to 31029.31 points; the Nasdaq fell 3.65 points, or 0.03%, to 11177.89 points; the S&P 500 fell 2.72 points, or 0.07%, Reported 3818.83 points.
Major U.S. tech giants were mixed:
Most of China’s major tech stocks fell:
China concept stock price
Other Chinese concept stocks that rose include:
Companies that fell include:
▲ Other Chinese stocks that fell
Ronglian Cloud Communications received a non-compliance notice from the New York Stock Exchange due to stock price issues
Ronglian Cloud Communications disclosed last night that it received a notification letter signed by the New York Stock Exchange on May 31, 2022, saying that the company’s stock price was lower than the compliance standard, and the grace period deadline was November 30, 2022.
▲ Ronglian Cloud Communication must re-comply before November 30, otherwise it will face the risk of delisting
Under the NYSE listing rules, businesses are considered non-compliant if the average closing price for 30 consecutive trading days is below $1. The business must raise the stock price above $1 within 6 months of receiving the notification letter. Once the stock price does not return above $1 on the last trading day of the grace period, and the average closing price for the 30 trading days before the last day of the grace period is below $1, the NYSE will initiate delisting procedures. MINISO is considering possible options to resolve the non-compliance issue.
MINISO’s Hong Kong issue price is no higher than HK$22.1, 45% higher than US stocks
MINISO announced last night to start the global offering of 41.1 million ordinary shares, including the public offering of 4.11 million shares in Hong Kong, China, the offering of 36.99 million ordinary shares in the international market, and the dual listing of its ordinary shares on the main board of the Hong Kong Stock Exchange. work. The code of MINISO listed on the Hong Kong Stock Exchange is “9896”. MINISO’s American Depositary Shares will continue to be listed on the New York Stock Exchange.
▲ MINISO launched a global offering of 41.1 million ordinary shares
Public offerings in Hong Kong can reach 20.55 million shares, accounting for half of the global offering. In addition, MINISO may grant over-allotment rights to international underwriters to issue an additional 6.165 million ordinary shares, accounting for about 15% of the planned number of shares to be offered. The issue price of Hong Kong’s public offering shares does not exceed HK$22.1, equivalent to US$11.32 per American depositary share, which is 45% higher than the US stock closing price of US$7.79 today, and the international issue price will not be lower than the Hong Kong issue price.
US/Foreign tech stocks
Other foreign tech stocks that rose included:
Companies that fell include:
▲ Other foreign tech stocks fell
Bank of America: The semiconductor industry may enter a downward cycle, lowering AMD’s target stock price
On Wednesday, local time, Bank of America analyst Vivek Arya (Vivek Arya) issued an investment report. Although he still gave AMD stock a “buy” rating, he lowered the price target from $160 to $110. Compared with other semiconductor companies, Aya is actually bullish on AMD, and lowering his target stock price is part of his bearish view of the entire industry.
▲ Next year semiconductor sales will shrink by 1%
Aya is bearish on the semiconductor industry purely for macroeconomic reasons, and he expects that a slowdown in GDP growth or a recession will cause the semiconductor industry to enter a downward cycle. “We cut our 2022 semiconductor sales forecast to US$608 billion, with growth narrowing from 13% to 9.5%, and lowered our 2033 forecast to US$604 billion, down 1% year-over-year,” the report said.
Amazon AWS could one day be valued at $3 trillion, 1.3 times that of Apple
Investment firm Redburn analyst Alex Haissl (Alex Haissl) published an investment report that Amazon’s cloud computing business AWS valuation can reach 3 trillion US dollars, equivalent to about 3 times the current market value of Amazon. The AWS business is so strong that Amazon may split it from its slow-growing online retail business at the right time, the report said. He did not disclose when AWS could reach a $3 trillion valuation. Apple’s market cap today is about $2.253 trillion, which means that AWS could be valued at about 1.33 times Apple someday.
▲ Amazon may split its cloud computing business in the future
Hessel said that Amazon may not consider splitting AWS at present, but if the gap between AWS’s performance and the rest of the business continues to widen, the split may be on Amazon’s agenda. He has a “buy” rating and a $270 price target on Amazon stock, about 148% above today’s closing price.
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