Hong Kong Stock Morning Post | Global asset management giant Fidelity International aggressively increased its position in China’s Internet leader in August

  [Yesterday Review]

  On September 15, Hong Kong stocks rallied, with the Hang Seng Index rising 0.44% and the Hang Seng Technology Index rising 0.25%.

  Internal housing stocks rose collectively, with R & F Real Estate, Country Garden, and Longguang Group rising by more than 8%. On the news, the Suzhou urban area has adjusted the policy for foreigners to buy their first suites, and no longer needs to show social security certificates or individual tax certificates; another news said that Guangzhou has relaxed the price limit policy, and the record price of new houses can rise by 10% and fall by 20%.

  CRO plate collective rebound. WuXi Bio rose more than 6 %,()、() rose more than 5%.

  Fosun rose higher, Fosun International rose more than 9%, () rose more than 1%. On the news, Fosun will file a lawsuit in court over the serious inaccuracy of relevant foreign media reports.

  Southbound funds bought a net 2.16 billion Hong Kong dollars on the day. WuXi Bio was favored by nearly 700 million Hong Kong dollars of funds and ranked first in the buying list. It is worth noting that Southbound funds added WuXi Bio for 3 consecutive days, accumulating nearly 2 billion Hong Kong dollars. Tencent Holdings, China Overseas Development, etc. ranked at the top of the buying list; GCL Technology, Geely Automobile, etc. ranked at the top of the selling list.

  [Capital flow]

  Add Tencent 60%! Global asset management giant Fidelity international bottom fishing China Internet leader

  Although the recent adjustment of class A shares and Hong Kong stock markets has not changed the attitude of some foreign investors to increase their positions in Chinese assets.

  According to the latest data from Morningstar, Fidelity International’s China Equity Fund has updated its position as of the end of August. Fidelity International’s China Consumer Power Fund has increased its position in most of its heavy stocks, and China Focus Fund has also increased its position in many heavy stocks.

  During August, the fund fully increased its holdings of Tencent Holdings, Alibaba, Meituan, JD.com and other Internet stocks. Among them, Tencent Holdings and Alibaba increased their holdings by a relatively large margin. During August, the fund increased its holdings of Tencent Holdings by 6.36%. The market value of the holdings at the end of the period was 417 million US dollars, and the 10.11% shares of Alibaba were increased. The market value of the positions at the end of the period was 339 million US dollars.

  At the same time, the fund reduced its 4.36% stake in AIA, while Ping An H shares, which is also in the insurance industry, gained 10.64% of its stake.

  As of the end of August, the top ten holdings of Fidelity International’s China Consumer Power Fund were Tencent Holdings, Alibaba, Meituan, AIA, Mengniu, Galaxy Entertainment, Ping An H Shares, JD.com, and Shenzhou International.

  Fidelity International’s other China equity fund, the China Focus Fund, has increased its exposure to internet stocks by more than 60 per cent.

  During August, the fund increased its position in Tencent Holdings by 61.18%, with a market value of $163 million at the end of the period. At the same time, the fund moved the US stock Alibaba to Hong Kong stocks. In August, it reduced its stake in Alibaba ADR by 7.12% and increased its stake in Hong Kong stock Alibaba by 17.66%. Financial stocks such as Construction Bank, China Merchants Bank, and Industrial and Commercial Bank of China were also increased by the fund.

  As of the end of August, the top ten major holdings of Fidelity International’s China Focus Fund were Tencent Holdings, Construction Bank H Shares, Alibaba, Alibaba ADR, () H Shares, China Merchants Bank H Shares, Industrial and Commercial Bank of China H Shares, Baidu ADR, Lenovo Group, and () H Shares.

  [Institutional Perspective]

  Tianfeng Securities: The turning point in the performance cycle of the Internet sector has been established, which is expected to attract additional funds

  () believes that after the Politburo meeting in late April set the tone, platform economic governance gradually shifted to normalized governance due to the past centralized supervision. Under the current phased environment, platform enterprises play an important and positive role in "stabilizing employment". Overall, we believe that macro-setting underpins the domestic policy environment, industry supervision tends to return to normalization, and with the gradual implementation of key rectification cases, uncertainty is significantly alleviated.

  At the same time, the Internet industry’s second-quarter results were announced one after another. Most platform companies’ performance exceeded market expectations, some business income was more resilient, and the industry as a whole reduced costs and increased efficiency significantly. Although the subsequent revenue acceleration may still depend in part on the recovery of domestic economic growth and the acquisition of game license numbers, etc., the brokerage still believes that the current round of the downward revision of China’s Internet industry’s phased profit expectations may be basically over, and the inflection point of the performance cycle is basically established.

  Overall, with the improvement of the policy environment in the Internet industry and the establishment of a profit inflection point, the mid-term valuation is relatively cost-effective, which is expected to attract additional funds. It is recommended to pay attention to: Tencent, Meituan, Kuaishou, JD.com, Pinduoduo, NetEase, Alibaba, Bilibili, etc.

  [Major announcement]

  BYD board secretary responds to screenshots sent online: How can the electric vehicle industry decouple?

  Last night, a screenshot circulated online claiming that the IRA Act requires that Chinese batteries be banned after 2024.

  In this regard, Li Qian, the secretary of the board, wrote in Moments, "I don’t see how the electric vehicle industry can decouple. In the electric vehicle industry, the United States is still in its infancy, relying on increased subsidies to support it, while China has completely shifted from policy-driven to market-driven."

  The new team of Tianfeng Securities also issued a document saying that the IRA bill only says that starting from 2024, any country whose battery components are produced in the list of "countries of special concern" (China is included) will no longer apply subsidies, and there is no requirement to ban them.

  According to the news, Kuaishou’s international business organization has been adjusted to fully accelerate commercialization

  On September 15, according to LatePost, Kuaishou Senior Vice President Ma Hongbin made a round of adjustments to the organizational structure of the department after leading the internationalization business for more than a month.

  After this adjustment, Xu Zhiwei, the head of internationalization original products and operations, will only be responsible for products, and the operation business will be transferred from the domestic main station business to Chen Ji, who will report to Ma Hongbin. Wang Meihong, the former head of the internationalization technology and growth team, has left the internationalization business department and transferred to the assistant CEO.

  According to reports, Ma Hongbin will continue the business direction previously set by Kuaishou’s internationalization division: not to do large-scale growth, but to accelerate commercialization in an all-round way.

  After Miniso was shorted, it responded: an independent investigation revealed that the relevant allegations were unfounded

  Miniso announced the latest progress of its independent investigation on September 15, saying that the short-selling report issued by short-selling agency Blue Orca Capital on July 26, 2022 was unfounded.

  Miniso said that after the short-selling report was published, the company’s board of directors established an independent committee to oversee the independent investigation into the allegations in the report. The independent investigation was overseen by an independent committee and conducted with the assistance of forensic accounting experts from an international law firm and a well-known forensic accounting firm.

  Ultimately, the independent committee concluded that the findings of the independent investigation were consistent with the preliminary findings, and that the allegations related to the short report were unfounded.

  Dongfeng Group plans to open the first round of external capital increase 30 billion its Lantu Automobile through bonds and other financing

  Dongfeng Group shares released a financing plan for 2022, and the move is a big deal.

  On the evening of September 14, Dongfeng Group announced that the company plans to apply to the Securities Supervision Commission for the registration of securities market bonds of 10 billion yuan and the China Interbank Market Dealers Association for the registration of interbank market bonds of 20 billion yuan, a total of 30 billion yuan.

  A day earlier, the information on the capital increase project of Landmap Automobile under Dongfeng Group was officially disclosed on the Shanghai United Equity Exchange. This capital increase is the first external equity financing since the establishment of Landmap Automobile. After the completion of the capital increase, it is expected that Dongfeng Group shares will hold no less than 77% of the equity, strategic investors will hold no more than 15% of the equity, and the employee shareholding platform will hold no less than 8% of the equity.

  Lantu said that this external financing will further optimize the shareholding structure of Lantu Automobile and accelerate the reform process of the state-owned enterprise system and mechanism.

  [Financial data]

  1 (): Recently won the bidding 91.20 billion yuan major project.

  2. People’s Insurance Group of China: January-August insurance premium income 452.461 billion yuan, an increase of 9.89%.

  3 (): August commercial coal sales 25.96 million tons, an increase of 1.3%.

  4. Weicheng International: It is expected that the annual net loss will be about 46 million yuan.

  5 (): The accumulated original insurance business income from January to August was 290.90 billion yuan.

  6. China’s property and casualty insurance: January-August insurance premium income of 340.247 billion yuan increased by 9.8% year-on-year.

  7 (): Passenger turnover in August Passenger turnover rose by 56.4% year-on-year and fell by 4.9% month-on-month.

  8 (): From January to August, the newly signed contract amount 832 billion yuan increased by 5.9% year-on-year.

  9. China Eastern Airlines shares: August passenger turnover rose by 62.14% year-on-year.

  [Investment and Operation]

  1. Geli Pharmaceutical-B: Shanghai Public Health Clinical Center has completed the clinical study of PD-L1 antibody ASC22 combined with cidamide for the functional treatment of HIV infection.

  2. Qiansheng Group Holdings: Signed a memorandum of understanding with Guangzhou Maiwei Technology.

  3. TRUE PARTNER: 10 million yuan subscription fund.

  4. ISP GLOBAL: Signed a strategic cooperation agreement with Nian Nian Card Group.

  5. Central Holdings: Enter into a strategic cooperation agreement with ().

  6. China Everbright Green Environmental Protection: spend 4.74 million yuan to purchase equipment and related technical services from Everbright Environmental Changzhou.

  [Repurchase and Cancellation]

  Tencent Holdings: on September 15 spent 351 million Hong Kong dollars to buy back 1.17 million shares.

  2. Skyworth Group: repurchased 8 million shares at a cost of HK $2862.16 million on September 15.

  3. SMIC: On September 15, it spent 53.2195 million Hong Kong dollars to buy back 3.3015 million shares.

  4. Xiaomi Group-W: Purchased 2.30 million shares at a cost of HK $2402.56 million on September 15.

  5. AIA: On September 15, it cost 178 million Hong Kong dollars to buy back 2.485 million shares.

  6. China Software International: On September 15, it cost 5.7469 million Hong Kong dollars to buy back 1 million shares.

  7. Swire Pacific A: Purchased 262,000 shares at a cost of HK $14.454 million on September 15.

  8. Standard Chartered Group: On September 14, it cost 9.4701 million pounds to buy back 1.5504 million shares.

  9 (): On September 15, it cost 33.413 million yuan to buy back 3 million class A shares.

  10 (): On September 15, it cost 41.9388 million yuan to buy back 1.358 million class A shares.

  11. Changshi Group: On September 15, it cost 33.1418 million Hong Kong dollars to buy back 630,500 shares.

  12. China Feihe: On September 15, it cost 6.0596 million Hong Kong dollars to buy back 1 million shares.

  13. Fosun International: On September 15, it cost 29.26 million Hong Kong dollars to buy back 6 million shares.

  14. DXN Service Group: Purchased 2.63 million shares at a cost of HK $7.89 million on September 15.

  15. ASMPT: Purchased 150,000 shares at a cost of HK $9.405 million on September 15.

  16. Greentown Services: Purchased 702,000 shares at a cost of HK $3.9968 million on September 15.

  17. Easy Bulk: On September 15, it cost 6.157 million Hong Kong dollars to buy back 4 million shares.

  [Other]

  1. Bohai Bank: Employees plan to buy more than 25 million H shares of the company with equity funds.

  2. China Communications Construction: The controlling shareholder has increased its holdings of about 264 million H shares.

  3. First Cheng Holdings: State Management Holdings intends to purchase 728 million shares of the company.

  4. Jianye Real Estate: plans to repurchase shares in the open market under the repurchase authorization.

  5. Ali Health: Granted 5.8233 million restricted share units.

  6. Qiu Titanium Technology: He Ningning, the controlling shareholder and chairperson of the board of directors, increased 100,000 shares.

  7. Baoxin Financial: It is planned to conduct a "20-in-1" share merger.

  8. Dashan Education: It is proposed to acquire approximately 45.75% of KSIEducation for 5.80 million pounds sterling.

  9. China Investment and Development: It is proposed to discount approximately 19.79% of the 492 million shares to raise 37.40 million Hong Kong dollars.

Investigation on the chaos of 9-valent HPV vaccination: it is hard to find a seedling in the community, and the online "yellow cattle" price increase is rampant.

  HPV (human papillomavirus vaccine) vaccine reservation market "yellow cattle" is active. Recently, Qing Liu (pseudonym), a citizen of Guangzhou, also saw relevant news in the circle of friends, "There are still a few 9-valent HPV vaccine appointments this week. Inoculation community: XX Community Hospital, Panyu District; Vaccine: 1331/ needle ×3 needles, paid at the community hospital, with an appointment service fee of 3,000 yuan, and paid at Noah’s clinic. "

  In fact, there is no need to pay extra fees for booking vaccination through the official platform. However, due to the long-term shortage of nine-valent HPV vaccine, it is often "second light" after the number is released, and the huge market has also spawned a large number of "vaccine scalpers".

  Recently, the reporter of national business daily called the Noah Medical Public Telephone Consultation mentioned above as a consumer. The other party said that the supply of 9-valent HPV vaccine in Guangzhou is tight at present, and only Panyu District has seedlings for the time being, but individuals can’t go to community hospitals. The secret lies in the "service fee". "If we make an appointment here, the community will also charge a certain fee, which is included in the reservation price of 3,000 yuan."

  The reporter also noticed that the "vaccine scalpers" who provide the booking service are rampant on different social platforms. How can they use invisible hands to make profits in the state of "no seedlings" in community medical institutions? How does this gray interest chain around the nine-valent HPV vaccine move the rights and interests of the general public? Who should be responsible for the repeated violations of scalpers?

  Some private hospitals call it "channel fee", which can be inoculated in community hospitals.

  Qing Liu hasn’t grabbed the 9-valent HPV vaccine, but she is dubious about the "scalpers" in her circle of friends. According to the picture information sent by the intermediary in the circle of friends, Noah Medical can provide the "Zhenai Women’s Health Management Package" with 2 outpatient visits by gynecologists, 1 ultrasound examination and 1 tooth cleaning maintenance, and give an additional HPV9-valent vaccine (three needles) to make an appointment.

  On February 23rd, the reporter of national business daily called the contact number on Noah’s medical publicity picture as a consumer, and the other party clearly stated that the supply of 9-valent HPV vaccine in Guangzhou is tight at present, and only Panyu District has seedlings for the time being. Noah’s medical can make an appointment in the community hospital on behalf of the consumer, and the corresponding appointment fee is 3,000 yuan, including three items with a total price of 2,000 yuan. If the appointment is successful, the consumer needs to pay the vaccine fee of 1,331 yuan/needle to the community hospital separately, and the total cost of 3 needles is 3,993 yuan.

  In the introduction of employees, this service has no "gift" nature — — "In the past, the service fee for our 9-valent HPV vaccine was 3,000 yuan, but some customers felt that the price was more expensive before adjusting it to give away the rest of the items."

  As if afraid that the reporter didn’t understand, the employee said again, "That is, we will help you to get vaccinated in a community hospital, and you have to pay the (vaccine) fee to the community hospital." When the reporter further asked which community he could go to for vaccination, the other party’s answer was vague, only revealing that one of the community health service centers had a relatively large supply.

  However, when the reporter inquired about Guangdong official vaccine platform "Yuemiao" and WeChat official account, a community health service center in Panyu District, Guangzhou, he found that it was impossible to make an appointment. After the reporter called, he was told that the application qualification is free and the injection will be charged.

  Since the community is "seedless", how do private hospitals make appointments? The aforementioned Noah medical staff said that there are very few nine-valent HPV vaccines now, and too many people make appointments. "I can’t make an appointment in a community hospital. If we make an appointment here, the community will have to charge a certain fee, which is included in the appointment price of 3,000 yuan."

  When the reporter showed that the price was too high, the person said that if you want to enjoy the 9-priced HPV vaccine reservation service at a cheaper price, you can choose another package with a price of 2,500 yuan. The difference from the 3,000-yuan package lies in the different inspection items, but it is still very cost-effective compared with other options in the market.

  What is the "channel fee" and whose pocket does it fall into? The person did not give a more detailed explanation, only reminded reporters, "Now you go to many institutions outside to make an appointment, and they say that you can get 3 shots, but you can’t guarantee that all 3 shots will be made on time, but we can guarantee it." It also asked reporters when they want to vaccinate, and they can choose the vaccination time relatively freely.

  On the afternoon of February 24th, national business daily tried to interview Noah Medical, but as of press time, he didn’t get a reply.

  On February 25th, the reporter called Noah’s medical consultation telephone again as a consumer, and the wiring staff also said that the reason why Noah could help make an appointment for customers was "to operate through institutional channels" and "to cooperate with community hospitals". "If some customers don’t want to pay the appointment fee, they can only queue up slowly by themselves, and there is no such priority (vaccination) service".

  Alternative "intermediary": bundling medical examination packages

  In addition to the "intermediary" like Noah Medical, some private medical institutions regard HPV vaccine as a "cash cow" for drainage.

  In public medical institutions, the price of 9-valent HPV vaccine is 1,318 yuan/piece, and a total of 3,954 yuan is required for three doses. However, in many private hospitals, the vaccination of 9-valent HPV vaccine requires a medical examination package, and the total cost needs 5,000-6,000 yuan.

  At the beginning of February, the chaos of bundling the "medical examination package" when private hospitals inoculated with the nine-valent HPV vaccine appeared on the hot search. On February 6th, the reporter of national business daily called Beijing Jiahe Women and Children Hospital (hereinafter referred to as "Jiahe Women and Children") for consultation as a consumer, and obtained the link of the nine-valent HPV vaccine medical examination package sent by employees.

  At that time, the package price was 5680 yuan, of which only two were clearly marked, namely the price of 9-valent HPV vaccine was 3894 yuan (3 needles), and the vaccination fee was 75 yuan; The rest of the price comes from blood routine, urine routine, four items of kidney function, five items of blood lipid, eight items of liver function and four items of virus, and the service fee of gynecologists.

  On February 6 th, Jiahe women and children 9-valent HPV vaccine physical examination package Image source: Jiahe women and children employees

  When the reporter asked if the 9-price HPV vaccination service could be purchased separately, Jiahe women and children employees said that "the cost of three shots of vaccination alone (vaccine+vaccination fee+service fee) is 5469 yuan", which is not much different from the price of the bundled medical examination package.

  On the same day, the reporter also randomly called Beijing Mingde Hospital, Beijing Wuzhou Women and Children Hospital and many other private hospitals that provided 9-priced HPV vaccination services on public comments, and found that these private hospitals can be roughly divided into two categories, one is represented by Jiahe women and children, and the package provided includes a number of medical examination items, and some said that "(other items) can be abandoned, but no refund can be made"; The other category, represented by Beijing Mingde Hospital, clearly indicates that the package price only includes the cost of 9-valent HPV vaccine, vaccination and service fees, and does not include other testing services.

  In addition, some hospitals are similar to Noah Medical, and the package fee includes the appointment fee. The difference is that they also provide vaccination directly.

  On February 23rd, the reporter of national business daily clicked on the package link of Jiahe women and children again. The original package content was replaced by the cost of 3 shots of vaccine, vaccination fee and doctor service fee. The total package price was 5369 yuan, but the items were not clearly marked.

  The reporter’s search for "9-valent HPV vaccine" in the public comment also found that no longer merchants package and sell 9-valent HPV vaccine with other physical examination items, but the price of 3-needle vaccination is still between 5,000 yuan and 6,000 yuan, which is 50% more expensive than that of public hospitals.

  Cracking the "yellow cattle" needs to start from two aspects: open source and supervision.

  The contradiction between supply and demand of HPV vaccine has a long history. The data shows that the 9-valent HPV vaccine supplied by Merck to China is increasing every year. According to the semi-annual report of Zhifei Bio in 2022, in the first six months of last year, the number of 9-valent HPV vaccines issued by Merck was 9,298,700, a year-on-year increase of 379.34%.

  However, according to the age range from 9 to 45, the number of women with HPV vaccine in China may exceed 300 million, and the gap between the vaccine that can be put on the market and the vaccination demand is very wide, and the number of people who can be vaccinated is less than 1% of the total. In addition, the production process of 9-valent HPV vaccine is complicated, and the production cycle takes four years, so it is difficult to keep up with the huge demand in China in a short time.

  Earlier, some media reported that some citizens in Shanghai made an appointment for a 9-valent HPV vaccine and were told to wait for 3 to 5 years.

  "It is a situation where there are not enough porridge, and there are less than 10 million in total. Some communities may have 10 branches and 8 branches a month, but the reservation platform is for the whole province, even if there is no ‘ Cattle ’ It is also a second light. " An industry insider familiar with the vaccine distribution mechanism told national business daily that the high demand for 9-valent HPV vaccine is just like the train ticket in Spring Festival travel rush, mainly due to the imbalance between supply and demand. As for why private hospitals seem to have more stocks, it is mainly because the price is expensive and there are relatively few people to vaccinate.

  Because of this, some school-age women will choose high-priced services. According to the data of the first hour of the pre-sale of Tmall double 11 in 2022, the pre-sale amount of HPV vaccine reservation increased by over 600% year-on-year.

  It is also the huge demand of young women for nine-valent vaccine that provides huge profit space for cattle. This situation has been reported in recent years, but why is it repeatedly banned? Where did the scalper exploit the loophole?

  "Now I use the ID card to make an appointment with the APP, and the data is in the CDC. It is estimated that it is to prevent related households and scalpers." A doctor from a basic medical institution told the reporter of national business daily that the supply and demand of nine-valent vaccine in his area are relatively balanced, and all the people who want to fight can basically grab the number. The "yellow cattle" still exist in some places where vaccines are difficult to grab. The "channel fee" is basically the same as that of a 3-needle vaccine. The "scalper" is profitable and definitely willing to take risks. Some people don’t want to wait, but they are definitely willing to pay a high price to "go through the back door".

  The doctor of another county-level hospital told reporters that the supply of 9-valent or even 4-valent vaccines in his area is in short supply. The hospital has received an appointment system before, but it has not been publicly launched because of the small number of vaccines. At present, it still continues the tradition of paper registration. The appointment only needs to leave the name and phone number. After the CDC issues the vaccine, the hospital will call the appointment person in the order of appointment to inform them to come to the hospital for vaccination.

  It is not difficult to find that online data of this paper appointment and vaccination results are difficult to get through. Even if there is no appointment, as long as accurate identity information is input when vaccination, the vaccination information will also be synchronized to the vaccine platform developed by the Health and Health Commission, leaving more room for "yellow cattle".

  The doctor also said that he had heard that some people were doing this business in big cities, but no one had done it in the county, "because there are too few seedlings."

  The reporter of national business daily learned that many regions are exploring a more scientific, fair and open vaccine distribution mechanism. At present, most regions make an appointment to vaccinate HPV vaccine through APP, but users can only see whether each region has a number, and if they don’t grab the number, they have to wait for the next round. They don’t know how many vaccines can be grabbed or how many people are grabbing it.

  At the "two sessions" in Shanghai in 2022, Chen Songju, a representative of the Municipal People’s Congress, suggested that the scientific management mechanism of HPV vaccination should be standardized, and the appointments of community vaccination clinics with various prices should be included in the "follow-the-bid" online platform, and personal review materials should be submitted online to generate an appointment demand list. At the same time, the progress can be checked, such as how many people are waiting in line and the estimated waiting time for vaccination. She also suggested that the development and investment of HPV vaccine should be increased, and the dosage and vaccination data of HPV vaccine in community clinics in this city should be regularly publicized.

  Xu Tianyu from the College of Science and Technology of Jiangxi Normal University suggested that it is urgent to realize "vaccine freedom" from two aspects: "open source" and "supervision". On the one hand, the number of HPV vaccines needs to be increased. In addition to imported vaccines, the research and development of domestic HPV vaccines needs to be accelerated, so as to solve the dilemma of "one vaccine is hard to find" as soon as possible. On the other hand, the market supervision administration should standardize management, strictly investigate the source channels of vaccines and standardize the sales channels of vaccines. Only in this way can we break the interest chain of bundled sales.