China Market Update: PBOC Cuts With More To Come, Buybacks Roll On [Forbes]
Li Auto Inc. - American Depositary Shares (LI)
Company Research
Source: Forbes
The People's Bank of China (PBOC) cut the 14-day reverse repo rate to 1.85% from 1.95% to play catch up with the 7-day reverse repo cut to 1.70% from 1.80% back on July 22nd. More importantly, PBOC Governor Pan Gongsheng will host a 9 am press conference tomorrow morning. It is likely the 7-day reverse repo rate, the bank reserve requirement ratio, and/or medium-term lending facility rate will be cut as well. The mortgage rate (5-year loan prime rate) was not cut last week, though could be revised, in theory. Markets will welcome interest rate cuts, though China does not suffer from a supply problem but, rather, a demand problem. Meanwhile, Hong Kong, which had been up 7 of the last 8 days, was hit with profit taking on recent outperforming growth stocks and sectors, led lower by Hong Kong's most heavily traded stocks by value: Alibaba, which fell -0.52% despite $252 million worth of net buying via Southbound Stock Connect and 451,800 ADRs bought back on Friday, Tencent, which fell
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LI
Sec Filings
- 9/6/24 - Form 6-K
- 9/6/24 - Form 6-K
- 9/3/24 - Form 6-K
- LI's page on the SEC website