PRE-MARKET CHINESE STOCK NEWS: China proposes ban on irrational food-delivery subsidies to end price wars, with regulators targeting predatory pricing and merchant coercion

Fufeng Group (546 HK) - Co. guides H1 net at a possible loss or significant decline, noting depreciation of the US dollar to CNY led to FX loss. (Newswires)

HSBC Holdings (5 HK) - Australia’s ASIC seeks to fine the Co. AUD 35mln over scam protection failures. (Newswires)

Lenovo Group (992 HK) - Co. confirms plans to issue up to USD 2.0bln in 2033 convertible bonds, repurchase USD 675mln in 2029 convertible bonds and conduct an on-market stock buyback. (Newswires)

Zai Lab (9688 HK) - Co. shareholders approve up to 10% buyback program. (Newswires)

Food Delivery Platforms - China proposes ban on irrational food-delivery subsidies to end price wars, with regulators targeting predatory pricing and merchant coercion. (Newswires)

Other News

China government said it will give incentives to support employment and expand job channels for graduates and youths. (Newswires)

China’s top financial regulator said it supports trading of treasury bond futures in Hong Kong, promoting yuan internationalisation and the city’s role as a yuan hub. (SCMP)

HKMA leaves rates unchanged at 4.00%, as expected, tracking the US Fed. (Newswires)