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Hong Kong Stocks Retreat Ahead of Trump-Xi Talks; China Vanke Gains

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Hong Kong stocks closed lower Wednesday as investors remained cautious ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

The Hang Seng Index fell 253.63 points, or 1%, to close at 24,834.12, while the Hang Seng China Enterprises Index lost 88.79 points, or 1.1%, to finish at 8,273.81.

Investors focused on a meeting between Trump and Chinese President Xi Jinping, with markets watching for signs of an extension to the U.S.-China trade truce and potential cooperation on artificial intelligence.

Oil prices fell further as reports indicated increased supply from the Middle East. Saudi Arabia restarted operations at its East-West Pipeline and may have resumed exports from the Red Sea port of Yanbu, according to Reuters sources.

U.S. President Donald Trump said talks with Iran in New York had made progress, while threatening further action if no agreement was reached.

In corporate news, China Vanke (HKG:2202, SHE:000002) closed 4% higher after Chinese financial regulators asked some banks to extend repayment deadlines and avoid classifying certain overdue loans to the developer as non-performing.

What else is happening in Asia?

Asia

Shenzhen Megmeet Electrical Buys Out 46.3% Stake in Subsidiary

Shenzhen Megmeet Electrical (SHE:002851) will purchase the remaining 46.3% stake it does not own in subsidiary Shenzhen Megmeet Welding Technology for 663.6 million yuan, according to a Wednesday filing with the Shenzhen bourse.Following the sale of the stakes of 46 shareholders, the listed company will fully own the subsidiary.

SHE:002851
Asia

Zhejiang Wanliyang Appoints CFO

Zhejiang Wanliyang (SHE:002434) appointed Shi Yuqiong as chief financial officer after Zhang Leigang resigned from the top financial role due to a change in work responsibilities, according to a Shenzhen bourse filing on Wednesday.Shi's appointment came into effect on Tuesday. The term runs through the end of the current board's tenure.Qian Shouguang was also appointed head of the internal audit department after the previous department head resigned, the filing said.Shares of the Chinese auto transmission systems manufacturer fell over 2% in recent trade.

SHE:002434
Asia

Carimin Petroleum Raises Stake in Sealink International to 25.3%

Carimin Petroleum (KLSE:CARIMIN) acquired a 5.8% stake in Sealink International (KLSE:SEALINK) for 9.9 million ringgit in cash, according to a Tuesday filing with Bursa Malaysia.The acquisition involved 29.1 million shares bought at 0.34 ringgit each, between Sept. 18 and Sept. 22.Following the acquisition, Carimin's stake in Sealink rose to 25.3% from 19.5%, making Sealink an associate company.Carimin Petroleum said the acquisition was part of its ongoing investment strategy.The deal was funded through internally generated funds and does not require shareholder or regulatory approval, the filing said.

KLSE:CARIMINKLSE:SEALINK