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Express News | 55-year-old Taiping's "veteran" Li Jinsong has been appointed as the general manager of Taiping Life Insurance.
City Supervision Bureau: Continuously monitoring the competitive situation in the domestic insurance market, strengthening anti-monopoly law enforcement in the people's livelihood field.
The State Administration for Market Regulation held the third Anti-Monopoly Compliance Lecture today (25th) in Beijing, launching an anti-monopoly compliance campaign for the insurance industry. The Market Supervision Administration requires the Insurance Industry Association and related insurance companies to attach great importance to anti-monopoly compliance, effectively fulfill their main responsibilities, strengthen internal compliance management, establish and improve the anti-monopoly compliance system, and effectively prevent and stop monopolistic behaviors. The Administration emphasizes that it will continue to pay attention to the market competition situation in the insurance industry, lawfully strengthen anti-monopoly law enforcement in the field of people’s livelihood, and promote the healthy development of the industry.
Hang Seng Index fell by 306 points, Meituan dropped more than 5%, and resource and energy stocks were weak.
The USD/JPY exchange rate fell to the edge of 152, triggering a global stock market decline due to arbitrage trading and unwinding. As for the Hong Kong stock market, the Hang Seng Index opened low by 50 points and the decline expanded. It fell to 16,964 points after a drop of 346 points, and closed at 17,004 points, a decrease of 306 points or 1.8% for the whole day. The national index fell 125 points or 2.1%, closing at 6,016 points. The Hang Seng Tech Index fell 69 points or 2%, closing at 3,421 points. The total turnover of the market for the day was HKD 105.734 billion, with a net outflow of RMB 0.36 billion and 1.64 billion in the southbound trading under the Shanghai and Shenzhen-Hong Kong Stock Connect. The chip equipment manufacturer ASMPT (00522.HK) fell after its performance announcement yesterday.
Research reports by Haitong Securities: China Pacific Insurance has a relatively low valuation, rated as "outperform" in the market.
On July 25th, GeLongHui reported that according to a research report by Haitong Securities, China Pacific Insurance (601601.SH) has achieved stable overall operation in recent years, achieving a revenue of 323.9 billion yuan in 2023; the net income attributable to the parent has decreased by 27% YoY to 27.3 billion yuan due to the implementation of the new accounting standards; the total assets have increased to 2.34 trillion yuan. With the promotion of the company's “Long Voyage Action” and the deepening transformation of the personal insurance sector, the quality of agents is gradually improving, the retirement community is taking the lead in landing a blueprint for a healthy life, and the property insurance sector is focusing on the construction of a systematic capacity. The company is expected to break through in the fierce industry competition. Currently, the A-share price corresponds to 2024.
Zhongyuan Mortgage: In June, there were 33 recorded cases of Hong Kong mortgage retirement, an increase of 50% from the previous month.
According to the data from the Central Plains Mortgage Research Department and the Land Registry, Hong Kong recorded 33 retirement mortgage registrations in June, a 50% monthly rebound.
Hong Kong stocks fluctuate | China Pacific Insurance (02601) fell more than 4%, leading the decline in mainland insurance companies, and insurance companies are facing greater pressure from interest rate spreads. The pre-determined interest rate of life i
Mainland insurance companies fell in early morning trading. As of press time, China Pacific Insurance (02601) fell 4.22% to HKD 19.3; New China Life Insurance (01336) fell 1.65% to HKD 14.34; China Life Insurance (02628) fell 1.68% to HKD 10.54.
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