LongBio Pharma's (HKG:1779) shares opened 50% above their initial public offering price in a strong Hong Kong debut on Friday morning.
The Chinese biopharmaceutical company opened at HK$144.30 per share, well above the offer price of HK$96.06.
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Shanghai Xizhi Technology Denies Allegations Against Director
Shanghai Xizhi Technology (HKG:1879) denied market rumors "containing groundless allegations" against its director's conduct and operational information, according to a Friday filing with the Hong Kong bourse.The optoelectronic computing company said it reported the incident to local law agencies and reserves the right to initiate legal proceedings.The clarification follows an earlier announcement in which the firm noted "unusual movements" in the trading price of its H shares and said there was no undisclosed information that would explain those movements.
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Asia
Market Chatter: Australian Banks Face Weaker Loan Growth, Higher Losses as Housing Outlook Clouds, Says Morgan Stanley, The Australian Reports
Australian Banks will be impacted by the changed property tax concessions, which will "fundamentally alter" the outlook for housing mortgage growth, which is expected to grow by just 3% in fiscal 2027, well below recent trends, according to a Friday report in The Australian, citing Morgan Stanley Analyst Richard Wiles.Morgan Stanley has cut its price targets for all major banks by around 6%, the report said.Owner occupiers will not be able to fill the gap left by expected flat investor loan balances in fiscal 2027, said Wiles.Morgan Stanley expects weaker loan growth, new margin headwinds, higher loss rates, and greater scrutiny of capital buffers, resulting in further downgrades for major Australian banks, the report added.According to the report, ANZ (ASX:ANZ, NZE:ANZ) is Wiles' top pick, while NAB (ASX:NAB), Commonwealth Bank of Australia (ASX:CBA), and Westpac (ASX:WBC, NZE:WBC) are rated underweight.Shares of ANZ, WBC, CBA, and NAB were down almost 1% each in recent Friday trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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Asia
Madras High Court Lifts Injunction Order Against CARE Ratings' Asset Transfer
The Madras High Court in India has vacated its injunction order against CARE Ratings (NSE:CARERATING, BOM:534804) that had restrained the company from alienating or transferring its assets, according to a filing to the Indian stock exchanges on Thursday.The court issued the order on June 3, lifting the restriction after the company complied with the directives given in the order dated Feb. 1, 2023.The company received a copy of this order on June 4.In 2023, the Madras High Court imposed the injunction until the company provided adequate security. The latest court order showed that the ratings agency has met the necessary compliance requirements.
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