1.Tencent Music shows confidence with their share buyback plan
Tencent Music Entertainment announced that its board of directors has approved a USD 1 billion share buyback plan. As a result, the company can now repurchase USD 1 billion of Class A common stock in the form of American Depository Shares (ADS) over the next 12 months. This can be seen as a reaction to its stock price that plunged more than 30% last week. Today's news with their share buyback plan has caused the share price to rise again.
2. Bilibili is the second most valuable stock on the HKEX after the IPO
Bilibili was listed today with the stock symbol 09626 and is performing neutrally. The opening price was HKD 790, a little less than the forecast price of HKD 808 per share. However, the price rose after a brief decline and is now above the opening price. The IPO has also paid off for CEO Rui Chen, who is now worth HKD 34 billion.
3. Stricter rules in the IPO process lead to IPO application withdrawals
This year, 73 Chinese companies have voluntarily withdrawn their IPO applications so far. This decision was either taken by the companies or suggested by the investment banks. During the same period in 2020, the companies whose admission were terminated due to the voluntary withdrawal of IPO applications were just two. Industry insiders believe that most of the withdrawing companies do not meet the listing requirements in terms of standardization. In this regard, investment banks are also criticized for not always acting as per regulations. The China Securities Regulatory Commission (CSRC) has recently amended its rules on conducting administrative licensing procedures.
4. Asia's largest oil refinery aims to be carbon neutral by 2050
Sinopec is aiming for carbon neutrality by 2050. The company's short-term strategy focuses on developing natural gas, but they plan to shift their focus more towards conversion to hydrogen in the long term. As China's largest hydrogen producer already, Sinopec plans to focus on fossil fuel-based hydrogen production in the next five years. They also plan to start producing "green" hydrogen using solar and wind energy. The company plans to set up 100 hydrogen refueling stations this year. This plan is a part of the company's goal to set up 1,000 stations by 2025, including stand-alone hydrogen kiosks and those combined with traditional fuels.
5. China Life Singapore awarded as the digital transformation company
China Life Singapore received an award as “Fastest Growing Digital Transformation Life Insurance Company" from a vital industry magazine, International Finance. China Life Insurance (Singapore) launched its digitalization project in 2019 and aimed to replace most of its manual work with a fully automated or system-based process. The insurance company has already implemented Robotic Process Automation (RPA) and uses Artificial Intelligence (AI) to replace most manual execution of its batch jobs. This has significantly freed up their operators' time, allowing them to spend more time on other work. Incorporating technology also improves their overall customer service.