Longbridge Breakfast | China released first-quarter economic data, Tesla shareholders launched a class action lawsuit against Musk

Good morning! A good day starts with making money.

Today, the Hong Kong Stock Exchange is closed due to the market closure on Easter Monday, and northbound trading is closed at the same time. The stock markets of Australia, Germany, Italy, Spain, France, the United Kingdom, New Zealand and many other countries are also closed.

Early Asia Pacific session

At the beginning of the Asian session this morning, the US stock futures index began to move lower, with NASDAQ futures down 0.5%, S&P 500 futures down 0.21%, and Dow futures down 0.04%. The Nikkei 225 opened down 0.97% at 26831.45 points, and the South Korea Composite fell 0.41% to 2685.04 points.

Hit new messages

Vietnam's leading electric vehicle company VinFast has recently submitted IPO listing information to the US Securities and Exchange Commission (SEC), and a person familiar with the matter said that the company plans to raise about $2 billion, and if the listing is successful, it will also become the largest IPO in the history of Vietnamese companies, and VinFast will also become one of the few Vietnamese companies listed in the United States.

New listings today

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U.S. stock news

Tesla shareholders launched a class-action lawsuit against Musk

The presiding judge in the case ruled that Musk knowingly committed the crime. In addition, Musk's acquisition of Twitter was resisted by the company's board of directors "Poison Pill Plan". In addition, Tesla will cut the price of mobile charging cables to $200.

The ARK Fund raised Tesla's 2026 price target to $4,600

The ARK Fund raised Tesla's 2026 price target to $4,600 due to optimism about Tesla's self-driving taxi business, after the ARK Fund gave Tesla a 2025 price target of $3,000. ARK analyst Tasha Keeney predicts that the self-driving taxi business will contribute more than half of Tesla's net profit in the future.

Microsoft may sell advertising slots in free Xbox games

Microsoft will develop a program to help marketers run ads within free Xbox games. Businesses can purchase an advertising space to secure space on virtual billboards. It's unclear whether this pattern will extend to character skins or video scrolling, but Microsoft is clearly creating a "private market" that only allows ads for brands that don't ruin the gaming experience.

Didi's fourth-quarter net loss was 380 million yuan, and Martin Lau resigned as a director

Didi: Total revenue for the fourth quarter of 2021 was $40.777 billion, down 13% year-over-year, net loss attributable to common shareholders was $383 million, narrowing by 95%, and net loss per share was $0.32, compared to a loss of $66.66 in the year-ago quarter. For the full year, Didi's total revenue in 2021 was 173.827 billion yuan, an increase of 22.6% year-on-year; the net loss attributable to common shareholders was 50.031 billion yuan, an increase of 368.5% from the loss of 10.680 billion yuan in the same period of the previous year. An Extraordinary General Meeting of Shareholders will be held on May 23 to vote on the voluntary delisting of ADS from the New York Stock Exchange.

Hong Kong stock news

The share of Hong Kong-themed ETFs continues to shrink, and Internet ETFs are the most "gold-absorbing"

Last week, the total net inflow of ETFs exceeded 30 billion yuan, the highest in the past five weeks, and the total share increased by more than 18 billion in the same period; however, nearly 100 Hong Kong-themed ETFs (with ETFs including Hong Kong stocks as the statistical object, the same below) showed a slight net outflow, and the share shrank slightly, after three weeks of continuous contraction. There are more than ten Hong Kong-themed ETFs whose share has continued to shrink in the past three weeks, most of which are new funds or sub-new funds established in the past two years, and the number of wide index funds accounts for a relatively high proportion. Huaxia Hang Seng ETF and Southern Hang Seng China Enterprise ETF saw their share shrink by more than 10 million shares last week.

Singapore Highlights

Wong was confirmed as Singapore's next Prime Minister

Singapore Prime Minister Lee Hsien Loong held a press conference on April 16 to respond to the question of succession, confirming that he would take over the baton before the next 2025 general election, or after the ruling People's Action Party won the election. Wong, 49, a civil servant and former personal secretary to Lee Hsien Loong, entered politics in 2011 and, after being elected to Parliament, was a minister of culture, a minister of national development and a minister of education. Since January 2021, he has been the co-chair of Singapore's "Government Inter-departmental Working Group on COVID-19", directing the fight against the epidemic.

Singapore is the largest wealth management centre in Asia

According to real estate research institute Knight Frank, as of the end of last year, there were 526,300 million millionaires in Singapore, accounting for about 10% of the local population, an increase of 6.03% year-on-year. Among them, the super-rich with a net worth of more than $30 million, that is, the ultra-high net worth, reached 4,206, an increase of 8.56% year-on-year. The agency also expects Singapore's super-rich to soar to 6,007 in 2026, a 2.68-fold increase from 10 years ago and second only to New Zealand in terms of growth rate.

Standard Chartered Bank slashed its Singapore office space

According to sources quoted by the external telephone, Standard Chartered Group plans to cut the current office space in Singapore's financial district by half, and will abandon the 9 floors leased at No. 1 Marina Bay Financial Centre in Singapore's business district, which is more than the 4 floors mentioned in the previous report. After the office space is reduced, the employees concerned may not have their own desks and need to reserve a place before entering the office.

Macro & Industry

Today, China's National Bureau of Statistics will release first-quarter economic data

Including gross domestic product, industrial added value, fixed asset investment, total retail sales of social consumer goods, etc.

Chen Maobo: As long as the epidemic continues to be stable and controlled, Hong Kong's economy is expected to gradually pick up

Hong Kong's Financial Secretary, Paul Chan Mo-po, said in a blog post on April 17 that as long as the epidemic continues to be stable and controlled, the local economy is expected to gradually pick up. If this momentum continues and moves towards a state of "dynamic clearance", there will be a better operating environment in the second quarter of this year, which will help the economy get rid of the situation of rapid turning into negative growth in the first quarter.

British ministers will ease restrictions on tech companies trading

The UK Competition and Markets Authority's Digital Markets Unit is working on plans to ease restrictions on technology company acquisition deals by the Digital Markets Authority. The division was created to curb silicon valley giants and includes the right to intervene in acquisitions of large tech companies in "strategic market positions." "The power to block acquisitions will be greatly limited, a major victory for Silicon Valley and startups," the Whitehall sources said. The proposed new merger control mechanism will not proceed. ”

The resumption of work and production in many places has been accelerated

Recently, many places have orderly promoted the resumption of work and production of enterprises. Jilin Province promoted the resumption of work and production of the automobile industry. Among them, Hongqi Ulsan Factory has taken the lead in resuming work and production, and the first batch of 47 suppliers have resumed production synchronously. The resumption rate of key projects in Quanzhou, Fujian Province, which has been suspended or semi-suspended due to the epidemic, has exceeded 80%. In addition, Nanchang City, Jiangxi Province, will gradually promote the resumption of work and production of enterprises.

SAIC Motor: Stress testing of resuming work began on April 18

SAIC Motor's vehicle, parts and logistics enterprises such as SAIC Passenger Vehicles, SAIC Volkswagen, SAIC-GM, Huayu Automobile, Anji Logistics, etc., focus on personnel support, supply chain support, logistics support, closed production management and epidemic prevention measures, and launch a stress test for resuming work and production; in the future, SAIC Motor will comprehensively consider the trend of the epidemic situation, stress test results, etc., and formulate a further dynamic plan for resuming work and production.

Huatai strategy: RRR reduction is "replenishment" but not "antidote"

The Sino-US spread and social financing structure are timing signals; in terms of configuration, the value continues to dominate, and the industry comparison idea is that the boom is excellent and not fully traded + banks/CXO/construction/agriculture/food and beverage that are small or benefit from the epidemic.

CITIC Construction Investment: It is not appropriate to use this small reduction as a new round of market "starting gun", and the recovery of the epidemic will be the key

The coming month is a critical observation period, mainly due to the domestic epidemic, domestic epidemic prevention and economic policies, global inflation, overseas interest rate hikes and balance sheet reduction expectations are still in a state of negative or chaotic expectations. The market is in the medium-term U-shaped bottom period, and it still faces some challenges and pressures in the short term.

Reminder today

At 10:00, the State Council New Office held a press conference on the operation of the national economy. At that time, China's GDP in the first quarter, the unemployment rate of the urban survey in March, the added value of industries above designated size in March, the total retail sales of consumer goods in March, and the investment in urban fixed assets from January to March will be announced.

22:00, US NAHB Real Estate Market Index for Apr

The IMF and the World Bank's Spring 2022 Annual Meeting will be held until April 24.