|Bid||49.100 x 0|
|Ask||49.150 x 0|
|Day's range||48.050 - 49.400|
|52-week range||40.300 - 62.100|
|Beta (3Y monthly)||1.21|
|PE ratio (TTM)||15.71|
|Earnings date||23 Oct. 2019 - 29 Oct. 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||63.49|
(Bloomberg) -- Hong Kong’s corporate elite have come off the sidelines to oppose the violent protests that have disrupted businesses in the city and slashed billions of dollars off their market value.In full- and half-page newspaper advertisements Wednesday and Thursday, conglomerates including those founded by 91-year-old Li Ka-shing, the city’s richest person, and Henry Cheng, who runs a property-to-jewelry empire, called for restoring order and rule of law. Some supported the city’s Beijing-backed authorities in their efforts to quell the unrest.What started as protests over an extradition bill more than two months ago have widened into ongoing demonstrations against Beijing’s tightening grip on the semi-autonomous Chinese city. At least seven companies, all of them among the 10 worst performers on the benchmark Hang Seng Index over the past month, placed the ads after the unrest crippled Asia’s financial hub.“Save the economy, safeguard livelihood,” said the advertisement by Cheng’s New World Development Co., which has been tapped to build a HK$20 billion shopping-and-entertainment complex at Hong Kong’s international airport. Li’s CK Group ad urged readers to: “Rebuild a harmonious society.” The notice by Henderson Land Development Co., one of the city’s largest developers, asked: “Would a collapsed Hong Kong benefit you or your family?”Why Hong Kong’s Still Protesting and Where It May Go: QuickTakeSince July 19, at least $29 billion in market value has been wiped off the five flagship companies belonging to the CK group, Sun Hung Kai Properties Ltd., Henderson and New World, which runs Chow Tai Fook Jewellery Group Ltd. Tycoons with companies trading in Hong Kong have also absorbed losses, with the 10 wealthiest seeing their combined fortunes drop by about $28 billion since the unrest began, according to the Bloomberg Billionaires index.*From July 19 through Wednesday’s Hong Kong market closeHui Ka Yan, founder of property developer China Evergrande Group, has seen his net worth dip $4.5 billion to $29.6 billion. The wealth of CK’s Li has declined by $3.9 billion to $30.6 billion, the index shows.Hong Kong Businesses Take a Side, Uncomfortably: Nisha GopalanLand and casino billionaire Lui Che-woo took out full-page advertisements Thursday in major local newspapers, praising China’s rise and its support of Hong Kong, urging young protesters to calm down and calling on the government to solve deep-rooted social problems such as unaffordable housing.“I am especially saddened and find it hard to bear,” said Lui, founder of casino operator Galaxy Entertainment Group Ltd. and property developer K Wah International Holdings Ltd. “We are all of the same root and the same vein. I urge the government and all sectors to express goodwill and communicate rationally.”Sino Land Company Ltd. placed a newspaper ad as well.Demonstrators who initially marched to oppose the now-shelved bill that would’ve allowed extradition to the mainland have added demands including investigation of police behavior during the protests and the resignation of Hong Kong Chief Executive Carrie Lam.Clashes with protesters have led police to fire tear gas and rubber bullets. Earlier this week, protesters disrupted travel at Asia’s busiest airport by swarming the regional aviation hub.Chinese officials have said the protesters “acted like terrorists,” stoking concern that Beijing may mobilize troops or take other actions. In recent days, the demonstrators beat and detained two individuals they called infiltrators.Other groups that placed the ads include Swire Pacific Ltd., the parent of the city’s flagship air carrier Cathay Pacific Airways. In a separate statement Tuesday, Swire said it “resolutely” supports the efforts of Hong Kong’s government and police to restore law and order. Jardine Matheson Holdings Ltd., the conglomerate with deep roots in the city but listed in Singapore, echoed Swire’s comments in a statement on Thursday.“Hong Kong’s community should work together to restore the confidence of this great city and ensure the wellbeing and harmony of all its people,” Jardine said.(Updates with Jardine’s statement in the last two paragraphs.)\--With assistance from Shawna Kwan, Pei Yi Mak and Blake Schmidt.To contact the reporter on this story: Shirley Zhao in Hong Kong at email@example.comTo contact the editors responsible for this story: Sam Nagarajan at firstname.lastname@example.org, Dave McCombsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A tropical storm shut Hong Kong’s financial markets for the first time in almost two years, adding extra drama to a city that’s been wracked by protests for weeks.The Hong Kong Observatory raised the storm signal to 8 at 1:40 p.m. local time, the third highest number on its scale. That prompted the city’s stock exchange to suspend trading 15 minutes later, as required by its rules. The Hang Seng Index, which normally closes after 4 p.m., ended the session 1.3% lower. Nearly 600 flights have been cancelled or delayed.Tropical storm Wipha was centered about 320 kilometers (199 miles) south-southwest of Hong Kong at 7 p.m. local time, and forecast to move toward the vicinity of western Guangdong province, according to the observatory. Wipha is now at its closest to the city, meaning storm signal 8 is expected to remain in force for most of the evening, it said.“There’s a lot happening this week that’s keeping investors on the sidelines and adding to their cautious sentiment,” said Linus Yip, a strategist with First Shanghai Securities Ltd. “Local stocks are under pressure amid uncertainties in Hong Kong, and their performance is the main drag on the market. No one dares to bottom fish stocks right now.”As of 8 p.m. local time, 16 people had sought treatment at public hospitals, the government said, adding that it had received 10 reports of fallen trees and one each of landslides and flooding. The city’s airport authority said 25 flights had been cancelled and another 562 delayed. People rushed to get on trains before the suspension of bus and ferry services, while roads were jammed with traffic as workers sought to get home early.Train services continue and trains on the Island line, which cuts through the city’s financial center, are running at four-minute intervals, MTR Corp. said. The Hong Kong-Macau ferry terminal in Sheung Wan was temporarily closed. Most stores in Hong Kong’s central district shut by early afternoon, with many employees seen taping their windows.Preliminary data Wednesday showed the city’s economic expanded just 0.6% in the second quarter from a year earlier, less than half the pace forecast by economists. Hong Kong Chief Executive Carrie Lam had said earlier this week there’s “no room for optimism for the second quarter and the entire year,” according to a government statement citing her remarks at a luncheon.Casinos remained open in Macau, with representatives for Wynn Macau Ltd. and Galaxy Entertainment Group Ltd. saying operations are normal. Last September, resorts were hurt after Typhoon Mangkhut ripped through the world’s biggest gaming hub, forcing a temporary shutdown of casinos for the first time since licenses were given out in 2002.Wednesday’s weather disruption comes at a particularly bad time for Hong Kong. Eight consecutive weekends of unrest in the city have driven away tourists and forced retailers to close some stores in the city’s busiest areas, hitting sales of jewelry and cosmetics. It has also affected landlords’ ability to raise rents.“Lots of stocks, especially heavyweights, are being sold off, including developers and consumer-related stocks,” said Castor Pang, head of research at Core Pacific-Yamaichi International in Hong Kong. “That’s a signal that many long funds are pulling out of the market.”The stock declines reflect growing frustration over Hong Kong’s political impasse. Investors on Monday sold the city’s shares at the fastest rate in more than six weeks, after protesters clashed with police for an eighth weekend. Traders are worried the violence will disrupt the local economy, and a rare press briefing by Beijing did little to ease their concerns.The MSCI Hong Kong Index fell for a sixth day on Wednesday, the longest losing streak in more than a year. It’s fallen 3% this month as protests intensified.(Updates details on injuries and fallen trees in fifth paragraph.)\--With assistance from Magdalene Fung, Alfred Liu, Jeanny Yu, Jinshan Hong, Dominic Lau, Amanda Wang and Denise Wee.To contact the reporters on this story: Fion Li in Hong Kong at email@example.com;Sofia Horta e Costa in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Richard Frost at email@example.com, Will Davies, Karen LeighFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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