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Sofia Horta e Costa Profile picture
@SofiaHCBBG
Jul 8, 2022 • 10 tweets • 4 min read • Read on X
All of this happened in China this week. A thread. 1/10
Huge cyberattack. Unknown hackers claimed to have data on as many as a billion Chinese residents after breaching a Shanghai police database. China’s cabinet stressed the need to bolster data security (without directly addressing the incident). 2/10
bloomberg.com/news/articles/…
A rare backdown. Beijing cancels China's first Covid vaccine mandate after less than 48 hours. The capital's residents had called the requirement an illegal limitation on their freedom and questioned how effective the vaccines are against omicron. 3/10
bloomberg.com/news/articles/…
Stimulus ramps up. China may allow its cash-strapped local governments to sell $220b worth of bonds earlier than planned - one way to boost growth this year without expanding the central government's balance sheet. Commodities rallied on the news. 4/10
bloomberg.com/news/articles/…
China-US update. Biden's team is considering easing tariffs on Chinese goods due to inflation. Washington asked the Dutch to bar ASML from selling chipmaking gear to China. The FBI says China aims to “ransack” Western companies' intellectual property. 5/10
bloomberg.com/news/articles/…
Credit drama. Property developer Shimao defaults on a public bond for the first time - a big one at $1b. China Great Wall misses a June deadline to publish its 2021 results, reminding everyone of a similar delay by Huarong last year. 6/10
bloomberg.com/news/articles/…
Funding boost. Russia pocketed $24b from selling energy to China and India in the three months after its invasion of Ukraine. Russia is offering steep discounts to both countries and is accepting payments in local currency. 7/10
bloomberg.com/news/articles/…
Liquidity management. China's central bank is withdrawing cash from the financial system this month to keep risks in check. The cheap funding was encouraging bond traders to lever up, rather than helping spur lending in the real economy. 8/10
bloomberg.com/news/articles/…
PE money will go elsewhere. Carlyle aims to have about 20%-40% of China exposure in its new $8.5b Asia fund, versus 40%-50% on average for previous funds. Carlyle has been one of the biggest foreign investors in China for the past decades. 9/10
bloomberg.com/news/articles/…
HK welcomes a big share sale after a months-long drought. Tianqi Lithium raises $1.7b, with trading to begin July 13. HK's exchange chief says the financial hub is waiting for more homecomings from Chinese companies listed elsewhere. 10/10
bloomberg.com/news/articles/…

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More from @SofiaHCBBG

Sofia Horta e Costa Profile picture
Jun 16, 2023
All of this happened in China this week. A thread. 1/10
Stimulus mode. The central bank cuts interest rates, shifting gears to boost growth as economic data continues to disappoint. Authorities are also considering a broad stimulus package to support the housing market and get consumers spending. 2/10
bloomberg.com/news/articles/…
Challenges ahead. China's youth jobless rate sets another record at 20.8%. Unemployment among fresh graduates is a key sticking point for Beijing, as is the property market - which has entered what Goldman's team calls an “L-shaped” growth trend. 3/10
bloomberg.com/news/articles/…
Read 10 tweets
Sofia Horta e Costa Profile picture
Jun 9, 2023
All of this happened in China this week. A thread🧵1/10
Recovery stalls. Exports sink a worse-than-expected 7.5% in May and factory prices fall for an eighth month. More stimulus is in the works to support the property market and help banks, though Beijing appears reluctant to roll out bigger measures. 2/10
bloomberg.com/news/articles/…
Stimulus lite. China says some lenders can lower the yields offered on deposits, making it less attractive for savers to park their cash. Low interest rates are squeezing profits at banks, who are tasked with lending more to consumers and corporates. 3/10
bloomberg.com/news/articles/…
Read 10 tweets
Sofia Horta e Costa Profile picture
Jun 2, 2023
All of this happened in China this week. My third-to-last thread🧵1/10
Bear market. Chinese stocks are in a prolonged downturn, declining more than 20% since a peak. Worse-than-expected economic data, a mixed earnings season and tensions with the US have all made investors pessimistic. Friday's rebound saw low volumes. 2/10
bloomberg.com/news/articles/…
Light positioning. Sentiment is so bearish now that even European-based long-only funds, the biggest buyers of Chinese stocks in the first quarter, have turned underweight on the market. They were behind much of the $1.6 billion of outflows in May. 3/10
bloomberg.com/news/articles/…
Read 10 tweets
Sofia Horta e Costa Profile picture
Jun 1, 2023
So it's now June, my final month living and working in this beautiful city. I first moved to Hong Kong in early 2017 for what was meant to be 3 months. Then a few wonderful people helped make the move permanent and the rest is history.

A bit of a different thread today... 1/6 Image
I am very proud to have been a part of Bloomberg's HK bureau, an incredibly welcoming, collaborative, hardworking and resilient group of people. To everyone in print, TV, radio, QuickTake, social, security (Jimmy and Michael!) hair & make up (Maria and Marco!) - thank you. 2/6 Image
China markets - what a beat. Covering this part of the world is thrilling, exasperating, rewarding. I dug up my first HK TV appearance with @DavidInglesTV, when the MSCI China was in a bull market. It's had another 4 bull runs and 5 bear markets since. 3/6
bloomberg.com/news/videos/20… Image
Read 6 tweets
Sofia Horta e Costa Profile picture
May 19, 2023
All of this happened in China this week. A thread🧵1/10
Burry buys. Michael Burry, the investor played by Christian Bale in The Big Short, is betting big on JD.com and Alibaba. The stocks are now the largest holdings of his Scion Asset Management, accounting for 20% of the stock portfolio. 2/10
bloomberg.com/news/articles/…
Youth unemployment. The jobless rate for China’s 16-to-24 year olds exceeds 20% for the first time since records began - nearly 4x the national rate. Joblessness will worsen when almost 12 million graduates enter the job market in the summer. 3/10
bloomberg.com/news/articles/…
Read 10 tweets
Sofia Horta e Costa Profile picture
May 12, 2023
All of this happened in China this week. A thread🧵1/10
Italy out. PM Giorgia Meloni has signaled she intends to pull her country out of China’s Belt and Road Initiative. Italy is the only G-7 country to have entered the investment pact and is under US pressure to ditch it. 2/10
bloomberg.com/news/articles/…
Tit-for-tat. A Canadian diplomat in Shanghai is told to leave China by Saturday. Trudeau’s government had earlier expelled a Chinese envoy who was looking to penalize a Canadian lawmaker and his relatives in Hong Kong, the Globe and Mail reports. 3/10
bloomberg.com/news/articles/…
Read 10 tweets

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