PRE-MARKET CHINESE STOCK NEWS: Automaker sales updates, Chinese RatingDog Manufacturing PMI is scheduled today
BYD (1211 HK) - Co. reported July total vehicle sales of 419,211 units vs. 344,296 Y/Y, with production of 420,249 units vs. 317,892 Y/Y. January-July vehicle sales were 2.23mln units vs. 2.49mln Y/Y, while production was 2.23mln units vs. 2.45mln Y/Y. (Dow Jones Newsplus)
Chery Automobile (9973 HK) - Co. reported July sales volume rose 24.1% Y/Y to 261.9k units. (Newswires)
China Vanke (2202 HK) - Chair Huang Liping stepped down with immediate effect. (Newswires)
Geely Automobile (175 HK) - Co. reported July total vehicle sales rose 5% Y/Y to 250,161 units, while January-July sales rose 2% Y/Y to 1.67mln units. (Dow Jones Newsplus)
Great Wall Motor (2333 HK) - Co. reported July vehicle sales rose 3.5% Y/Y to 108.1k units. (Newswires)
Legend Holdings (3396 HK) - Co. expects H1 net of at least CNY 2bln, rose 186% Y/Y. (Newswires)
Li Auto (2015 HK) - Co. reported July total vehicle deliveries of 30,468 units, with January-July deliveries at 1.76mln units. (Dow Jones Newsplus)
NIO (9866 HK) - Co. reported July vehicle deliveries rose 71% Y/Y to 35,934, but fell from June. (Newswires)
Xiaomi (1810 HK) - Co. reported July EV deliveries of more than 30.0k units, unchanged from June. (Newswires)
Other News
China's MOFCOM said the US addition of Chinese companies in its forced labour entities had no factual basis and that US actions disrupt the stability of global supply chains. (Newswires)
China is reportedly planning measures to stop photovoltaic companies from dumping products at excessively low prices. (Newswires)
Data Recap
- Hong Kong GDP QQ (Q2 A) -0.6% vs. Exp. 0.2% (Prev. 2.9%)
- Hong Kong GDP YY (Q2 A) 4.3% vs. Exp. 4.9% (Prev. 5.9%)
Monthly Chinese automaker delivery prints are a recurring fixture and their established pattern is a divergence trade rather than a sector-wide read: volume leaders and newer entrants are compared on growth rate, sequential momentum, and mix, with the spread between the strong and weak names tending to matter more than the aggregate. Year-to-date figures running below the prior year alongside a firmer July, as seen at the volume leader here, fit the pattern of a market where price competition and subsidy timing have compressed cumulative sales even as monthly demand recovers. The split worth drawing is between export-exposed legacy makers and domestic EV specialists, since tariff and trade friction headlines land unevenly across that divide, and the MOFCOM response on forced-labour entity listings is the latest instance of that recurring overhang. The chair departure at a major developer is the kind of event that has historically preceded restructuring or state-coordinated support announcements in the sector, making follow-on disclosure the tell. The RatingDog manufacturing PMI due later in the session typically frames whether the delivery strength reads as cyclical or idiosyncratic, and Hong Kong GDP undershooting expectations adds a soft regional backdrop. The anti-dumping signal on photovoltaic pricing echoes prior instances where Beijing has moved to curb below-cost selling, a sequence that has tended to stabilise sector margins at the expense of near-term volumes.