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Scientech's Profit Rises 17% in May

Scientech's (TPE:3583) net profit rose 17% to NT$158 million, or NT$1.97 in May, according to a Monday Taiwan Exchange filing.Meanwhile, revenue for the month edged up 1% to NT$971 million, the semiconductor manufacturer said.

TPE:3583

Asia7d ago

Market Chatter: Nissan Shelves Electric Qashqai Plans Amid Cost-Cutting, Rising Chinese Competition

Nissan (TYO:7201) has stalled all its plans to develop the fully electric version of its Qashqai sport utility vehicle, a top-selling model in Europe, as part of its cost-cutting measures, Channel News Asia reported on Tuesday, citing six sources familiar with the matter.With this, the Japanese carmaker has shelved its 2023 plan to develop the EV version at its Sunderland car plant in Britain amid growing Chinese dominance in the competitive EV car market across Europe.Nissan did not immediately respond to a request for comment from.(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.)

$NISA.FTYO:7201

Asia7d ago

Hong Kong Stocks Slide; Senior Technology Gains as HJ Science Flops in Debut

Hong Kong stocks declined on Tuesday as investors assessed the latest developments in U.S.-Iran negotiations while bracing for a more hawkish Federal Reserve.The Hang Seng Index fell 1.8%, or 432.24 points, to close at 23,336.28. The Hang Seng China Enterprises Index dropped 2.0%, or 155.38 points, to finish at 7,759.36.The United States waived sanctions on Iran for 60 days beginning Monday following an initial round of talks under a fledgling peace agreement.U.S. President Donald Trump said he would "do what I have to do" if Tehran failed to uphold its commitments.Meanwhile, traders are increasingly betting on a faster pace of monetary tightening under new Federal Reserve Chair Kevin Warsh.Markets expect the Fed to deliver a total of 50 basis points of rate hikes by year-end to combat inflation pressures, particularly from higher energy costs, Reuters reported, citing CME Group's FedWatch Tool.In corporate news, two companies made their trading debut on the Hong Kong bourse.HJ Science (HKG:6132) closed 57% lower at HK$35.26, compared with its offer price of HK$81.80.Shenzhen Senior Technology Material (HKG:6067, SHE:300568) advanced 22% to HK$11.00, versus its offer price of HK$8.98.

Hang SengHKG:6067HKG:6132SHE:300568

Asia7d ago

Survey Finds China Closing In Biotech Research With US, But Still Lacks Quality, Commercial Reach

China is conducting more clinical drug trials than the U.S., but still falls short when it comes to quality and the commercial reach of its biomedical science, according to a survey of U.S. industry and academic leaders.The poll, which was lead by the Cure Innovation Index, found that China was leading when it comes to clinical development and supply chain infrastructure.Meanwhile, the U.S. was found to have advantages in capital formation and commercialization, technology transfer and talent.Out of 117 respondents, 72% said China's biomedical sector is improving faster than the U.S., while 85% said the U.S. lead will last 10 years or less.Moreover, 74% said declining U.S. federal research funding has been the biggest threat to biomedical leadership rather than any single competitive move from China, while 76% forecasted more research and development will move outside the U.S. if the current trends continue.

Shanghai Composite^SZSE

Asia7d ago

S&P Rates Denso's US Dollar Bonds A+

S&P Global Ratings on Tuesday placed an A+ long-term issue credit rating on Denso's (TYO:6902) US dollar senior unsecured bonds.The bonds' rating is in line with the company's long-term issuer credit rating, reflecting its sufficiently low leverage that limits the likelihood of significant disadvantage for the noteholders compared to other lenders, S&P said.The bond will boost the company's financing diversification through an expanded overseas investor base, the rating agency said.The company's rating considers its major position in the global auto component market, anchored by diversified business segments and advanced technologies.S&P expects the company to further gain from economies of scale and joint research and development activities, given its close links with Toyota Motor (TYO:7203) and other group companies.

TYO:6902TYO:7203

Asia7d ago

China Autonomous Driving Company Momenta Passes Listing Hearing in Hong Kong

Chinese self-driving technology company Momenta released its post-hearing information pack Tuesday after passing its listing hearing in Hong Kong.The move brings Momenta closer to its IPO in the city.Momenta plans to use proceeds from its planned IPO to boost research and development, increase artificial intelligence computing and data storage capacity, as well as commercialization of its robotaxi services, joint marketing initiatives, and working capital, according to a near-final prospectus released the same day.Momenta secured approval for its IPO from Chinese authorities, according to a notice by the regulator on Thursday.

Hang SengShanghai Composite^SZSE

Asia7d ago

Geekplus Technology Launches HK$2 Billion Hong Kong-Listed Share Buyback; Shares Surge 6%

Beijing Geekplus Technology's (HKG:2590) is looking to buy back up to HK$2 billion of Hong Kong-listed shares, according to a Monday bourse filing.Shares of the warehouse automation services provider were up over 6% in Tuesday afternoon trading.The shares will be repurchased from the open market over a period of 24 months.

HKG:2590

Asia7d ago

CyberTAN Technology to Sell Innovation Road Factory Via Public Auction

CyberTAN Technology (TPE:3062) board has approved the disposal of its Innovation Road factory and related ancillary equipment through a public auction, according to a Monday Taiwan Exchange filing.Shares slid over 2% in Tuesday's midday trade.The company said the move is aimed at optimizing its asset structure, revitalizing idle assets and improving capital efficiency.

TPE:3062

Asia7d ago

Chinese Shares Fall on Rising Rate Cut Bets;; Jinan Shengquan Falls 10%

Chinese shares fell on Tuesday as investors turned cautious amid rising bets that the U.S. Federal Reserve will raise rates and concerns over subdued domestic consumption following a quiet "618" shopping festival.The Shanghai Composite Index, the main gauge of Chinese stocks, fell 1.4% to 4,106.25. The Shenzhen Component Index plunged 3.2% to 15,854.20.Rising bets on a Fed interest rate hike bore down on investor sentiment.Bank of America now expects rate increases of 75 basis points across September, October and December, marking a reversal from its recent forecast no change this year.Meanwhile, gross merchandise value, a measure of sales from e-commerce platforms, stood at 863.6 billion yuan during the mid-year 618 shopping festival that spanned from May 13 to June 18. The recent number was nearly flat compared with last year's ⁠855.6 billion yuan, Reuters reported.In company news, Jinan Shengquan (SHA:605589) will undertake a convertible bond offering of 2.5 billion yuan. Shares of the resin manufacturer slid 10% in recent trade.

Shanghai Composite^SZSESHA:605589

Asia7d ago

Yuanta Financial Unit Buys Bonds Worth KRW4 Billion

Yuanta Financial (TPE:2885) unit Yuanta Savings Bank has acquired privately placed bonds worth 4 billion won from Daehan Real Estate Trust.Yuanta said the investment was made for business needs, according to a Monday Taiwan Exchange filing.

TPE:2885

Asia7d ago

China Releases New Guidelines to Boost Green Energy Consumption

The Chinese government will set binding targets for the proportions of electric and non-electric energy that should be sourced from renewables, the National Development and Reform Commission said in a circular released Monday.Chinese companies and provinces will be measured according to the percentages of renewable energy consumption every quarter, and non-compliant entities will be required to purchase green electricity certificates, among other guidelines.

Shanghai Composite^SZSE

Asia7d ago

Invenia Bags KRW8.68 Billion Display Manufacturing Equipment Project

Invenia (KOSDAQ:A079950) secured an 8.68 billion won project from Fuzhou BOE Optoelectronics Technology, to supply display manufacturing equipment, according to a Tuesday filing on the Korean Exchange.The contract is expected to be fulfilled by Feb. 28, 2027.

KOSDAQ:A079950

Asia7d ago

Lykis Incorporates Three Subsidiaries

Lykis (BOM:530689) said it has incorporated three wholly-owned subsidiaries, including Parshav Infra Market, Exnora Trade and Tidagela Industries, according to an Indian bourse filing on Monday.Shares of the fast-moving consumer goods company rose nearly 2% in Tuesday's trade.

BOM:530689

Asia7d ago

ICT Zone Asia's Profit Rises in Fiscal Q1 as Revenue Jumps

ICT Zone Asia's (KLSE:ICTZONE) profit jumped to 4.5 million ringgit in the fiscal first quarter ended April, from 3.3 million ringgit a year earlier.Earnings per share went up to 0.0056 ringgit from 0.0050 ringgit a year prior, the information and communication technologies service provider said in a Tuesday Malaysian bourse filing.Revenue rose to 100.3 million ringgit from 41.6 million ringgit a year ago, the filing said.

KLSE:ICTZONE

Asia7d ago

VM Bags KRW21.6 Billion Semiconductor Project

VM (KOSDAQ:A089970) secured a 21.6 billion won contract to supply semiconductor manufacturing equipment to SK Hynix (KRX:000660), according to a Tuesday filing with the Korean Exchange.The contract will run through Oct. 14, 2026.

KOSDAQ:A089970

Asia7d ago

South Korea's Kospi Crashes 10% as Investors Offload Tech Stocks; Samsung, SK Hynix Down 12%

A technology stocks-led sell-off dragged South Korean stocks sharply lower on Tuesday on strong profit-taking and following overnight losses on Wall Street. Major market-moving technology stocks Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) plunged over 12% at market close.The Korea Exchange activated a five-minute buy-side sidecar on the country's primary stock market around 11.40 am after the KOSPI200 Futures fell 76.06 points, or 5.12%, to trade at 1,407.54 amid the massive sell-off. A buy-side sidecar is activated when the KOSPI200 Futures index moves 5% or more for at least one minute.The benchmark Korea Composite Stock Price Index, or Kospi, fell 10%, or 910.71 points, to close at 8,203.84. The Kosdaq also decreased by 7.9%, or 76.88 points, to end at 891.52.In economic news, South Korea's composite consumer sentiment index rose to 106.6 in June from 106.1 in May, according to data released by the Bank of Korea on Tuesday. A reading above 100 indicates an improved outlook, while a reading below 100 suggests pessimism.Sentiment toward current living standards rose one point to 94, while sentiment on the future outlook was unchanged at 97. The outlook for future household income and the sentiment for future household spending were steady at 100 and110, respectively.In corporate news, a worker at HD Korea Shipbuilding & Offshore Engineering (KRX:009540) subsidiary HD Hyundai Samho died on Monday after being struck by a mooring rope during vessel berthing operations at Dolphin Pier 1 in Yeongam.The Ministry of Employment and Labor is investigating the matter, according to a Tuesday filing with the Korea Exchange.Shares of HD Korea Shipbuilding & Offshore Engineering fell nearly 8% at market close.

^KOSDAQKOSPIKRX:000660KRX:005930KRX:009540

Asia7d ago

Takashima Board Approves Treasury Share Disposal as Restricted Share-Based Remuneration

Takashima & Co. (TYO:8007) board approved the disposal of 63,630 treasury shares totaling 47.6 million yen under its restricted share-based remuneration plan.The shares were allocated to four directors, excluding audit and supervisory committee member directors, five audit and supervisory committee member directors, two managing executive officers, two senior executive officers, five executive officers, and 10 general managers, according to a Tuesday filing on the Tokyo Stock Exchange.The disposal is scheduled for July 22.

TYO:8007

Asia7d ago

Lopal Tech Raises Nearly HK$194 Million from Share Placement; Shares Slide 3%

Jiangsu Lopal Tech. Group (SHA:603906, HKG:2465) raised net proceeds of HK$193.7 million from the placing of 15 million shares, according to a Monday Hong Kong bourse filing.Shares of the automotive specialty chemicals seller were down nearly 3% in Tuesday afternoon trading.The shares, representing around 1.9% of its enlarged issued share capital, were placed to at least six investors at HK$13.09 apiece.

HKG:2465SHA:603906

Asia7d ago

China's New Foreign-Funded Enterprises Rise 5.3% in January-May

China posted a 5.3% year-over-year rise to 25,297 in newly established foreign-invested enterprises in the January-May period, state media Xinhua News reported Monday.Actual foreign direct investment (FDI) inflow declined 8.6% to 327.3 billion yuan, although May saw a 5.9% rebound.Manufacturing secured 87.0 billion yuan in FDI, while services attracted 234.2 billion yuan. High-tech industries posted an over 19% growth to 130.1 billion yuan.U.A.E., Malaysia, Switzerland and U.S. investment rose 286%, 109%, 49% and 17%, respectively,

Shanghai Composite^SZSE

Asia7d ago

Sakura Internet Board Approves Treasury Share Disposal Under Restricted Stock Compensation Plan

Sakura Internet (TYO:3778) board approved the disposal of 22,185 treasury shares totaling 70.8 million yen under its restricted stock compensation plan.The shares were allocated to three directors, excluding outside directors, and 11 executive officers, according to a Tuesday filing on the Tokyo Stock Exchange.The disposal is scheduled for July 8.

TYO:3778

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