China Tobacco International Co. had another wild day in Hong Kong trading on Wednesday as investors scrambled to get a piece of the international unit of state monopoly China National Tobacco — the biggest maker of cigarettes in the world. A 44% surge in the morning took the stock’s rally since its initial public offering last month to nearly 500%, before the day’s gains were erased.
Tobacco, like liquor, is a special asset in China, and the connection between the two products is a strong one. They can even be paired as a single word — yanjiu — to generally describe expensive gifts, as high-end cigarettes and alcohol are often given to business partners or government officials during holidays or to seek favors.
Lv Changshun, a fund manager at Beijing Dajun Zhimeng Investment Management Co., says China Tobacco’s rally can be justified. “I think most of the moves now are speculation, but I wouldn’t say they are completely irrational” for a unique listed asset like this, he said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Rubbishmaverick
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK ANALYSIS: Why Shamila Batohi needs more moneyAfter years of hearing about corruption, reading about it, discussing it and debating it, South Africans are yearning for just one major corruption case to be brought to court and the culprits to be marched off in orange overalls. Government’s overall budget is massively stretched, but isn’t the National Prosecuting Authority (NPA) one area which really does need more money? What will you do about this tito_mboweni ? NPA_Prosecutes PresidencyZA Tsek!!! U deserve to be boycotted This new dawn crap we are still waiting for you to connect the dots and arrest criminals.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Earnings Are No Longer an Excuse to Avoid Emerging-Market StocksFor global money managers, the risk-reward balance is tilting in favour of buying into emerging-market stocks rather than staying on the sidelines.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Be ‘Prepared for Anything’ as Trump Slams Europe, China on FXU.S. President Donald Trump’s latest accusation of currency manipulation has foreign-exchange analysts game-planning the administration’s next move.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: July 4: Five Things You Need to Know to Start Your DayChina trade talks resume as Donald Trump says Beijing and Europe are playing a “currency manipulation game.” Asia equity futures are higher after the Dow hits a record. And Boeing offers $100 million in “outreach” to Max crash victims’ families. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Trump Picks Two Fed Nominees Likely to Support Easier PolicyAfter a yearlong assault on the Federal Reserve and its chairman, President Donald Trump has tapped two wildly different economists to the central bank’s board who seemingly have one important thing in common. They’re both likely to support the president’s call for lower interest rates.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Lagarde’s Exit Reopens the Question: Why Does a European Always Lead the IMF?Christine Lagarde’s premature exit from the International Monetary Fund would spark a fresh debate in global capitals over whether to maintain the tradition of appointing a European as its leader or look to an emerging market for the first time. 😔😭 Are you sure you want to get to the bottom of that question...
Source: dailymaverick - 🏆 3. / 84 Read more »