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2024-11-22

Hang Seng is doomed!

Texas governor orders state agencies to sell China assets

UPDATE 1-Texas governor orders state agencies to sell China assetsTexas Teachers, UTIMCO told to sell China stakesNews hurt Hong Kong market mood, broker saysAdds detail of some agencies and their China holdings, market reaction and stock broker quote in paragraphs 4-8

Texas governor orders state agencies to sell China assets

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To the extent you have any current investments in China, you are required to divest at the first available opportunity,\" he said.</p><p>Texas has been taking an increasingly activist stance in its agencies' investments, having <span>previously restricted</span> public pension funds from doing business with Wall Street firms that have embraced environmental, social and governance principles.</p><p>Its state agencies include the Teacher Retirement System of Texas, which had $210.5 billion under management at the end of August, according to its annual report. </p><p>The TRS has roughly $1.4 billion exposure to Chinese yuan and Hong Kong dollar assets, and listed Tencent Holdings <span>0700.HK</span> as its 10th largest position, worth about $385 million at current prices.</p><p>Abbott's letter said he had told the University of Texas/Texas A&amp;M Investment Management Company (UTIMCO), which manages nearly $80 billion, to divest from China earlier this year.</p><p>Neither Texas Teachers nor UTIMCO responded immediately to a request for comment outside business hours. </p><p>Markets in China fell sharply on Friday, with the Shanghai Composite <span>.SSEC</span> down 3%. Tencent shares were about 2% lower in afternoon trade in Hong Kong, in line with the broader market.</p><p>Dealers said trade had been light in Hong Kong and sentiment already weak as Chinese authorities have disappointed expectations for economic stimulus, but that the news had added to the downbeat mood.</p><p>\"Even though we all know that there will be more and more policies against China from the U.S.... whenever there's any news like this, it will hit the sentiment here,\" said Steven Leung, executive director at brokerage UOB Kay Hian in Hong Kong.</p><p> (Reporting by Tom Westbrook in Singapore and Summer Zhen in Hong Kong. Additional reporting by Jiaxing Li in Hong Kong; Editing by Tom Hogue and Jan Harvey)</p><p> ((tom.westbrook@tr.com; +65 6973 8284;))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Texas governor orders state agencies to sell China assets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTexas governor orders state agencies to sell China assets\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2024-11-22 16:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>UPDATE 1-Texas governor orders state agencies to sell China assets</title></head><body><div><p>Texas Teachers, UTIMCO told to sell China stakes</p><p>News hurt Hong Kong market mood, broker says</p></div><p>Adds detail of some agencies and their China holdings, market reaction and stock broker quote in paragraphs 4-8</p><p>\n<span>SINGAPORE/HONG KONG, Nov 22 (Reuters)</span><span> - </span>The governor of Texas ordered state agencies to stop investing in China and sell assets there as soon as possible, citing financial and security risks, a sign of rising <span>U.S.-China tensions</span> starting to impact global capital flows.</p><p>In a letter to state agencies dated Nov. 21 and posted to his website, Republican Greg Abbott said \"belligerent actions\" of China's ruling Communist Party had increased risks to Texas' investments in China, and told investors to get out. </p><p>\"I direct Texas investing entities that you are prohibited from making any new investments of state funds in China. To the extent you have any current investments in China, you are required to divest at the first available opportunity,\" he said.</p><p>Texas has been taking an increasingly activist stance in its agencies' investments, having <span>previously restricted</span> public pension funds from doing business with Wall Street firms that have embraced environmental, social and governance principles.</p><p>Its state agencies include the Teacher Retirement System of Texas, which had $210.5 billion under management at the end of August, according to its annual report. </p><p>The TRS has roughly $1.4 billion exposure to Chinese yuan and Hong Kong dollar assets, and listed Tencent Holdings <span>0700.HK</span> as its 10th largest position, worth about $385 million at current prices.</p><p>Abbott's letter said he had told the University of Texas/Texas A&amp;M Investment Management Company (UTIMCO), which manages nearly $80 billion, to divest from China earlier this year.</p><p>Neither Texas Teachers nor UTIMCO responded immediately to a request for comment outside business hours. </p><p>Markets in China fell sharply on Friday, with the Shanghai Composite <span>.SSEC</span> down 3%. Tencent shares were about 2% lower in afternoon trade in Hong Kong, in line with the broader market.</p><p>Dealers said trade had been light in Hong Kong and sentiment already weak as Chinese authorities have disappointed expectations for economic stimulus, but that the news had added to the downbeat mood.</p><p>\"Even though we all know that there will be more and more policies against China from the U.S.... whenever there's any news like this, it will hit the sentiment here,\" said Steven Leung, executive director at brokerage UOB Kay Hian in Hong Kong.</p><p> (Reporting by Tom Westbrook in Singapore and Summer Zhen in Hong Kong. Additional reporting by Jiaxing Li in Hong Kong; Editing by Tom Hogue and Jan Harvey)</p><p> ((tom.westbrook@tr.com; +65 6973 8284;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"80700":"腾讯控股-R","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0080751232.USD":"富达环球多元动力基金A","TCEHY":"腾讯控股ADR","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","00700":"腾讯控股","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","HTCD.SI":"Tencent HK SDR 10to1","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","BK1531":"手游股","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU2251237306.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC A","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC"},"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241122:nL1N3MT07D:1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2485352312","content_text":"UPDATE 1-Texas governor orders state agencies to sell China assetsTexas Teachers, UTIMCO told to sell China stakesNews hurt Hong Kong market mood, broker saysAdds detail of some agencies and their China holdings, market reaction and stock broker quote in paragraphs 4-8\nSINGAPORE/HONG KONG, Nov 22 (Reuters) - The governor of Texas ordered state agencies to stop investing in China and sell assets there as soon as possible, citing financial and security risks, a sign of rising U.S.-China tensions starting to impact global capital flows.In a letter to state agencies dated Nov. 21 and posted to his website, Republican Greg Abbott said \"belligerent actions\" of China's ruling Communist Party had increased risks to Texas' investments in China, and told investors to get out. \"I direct Texas investing entities that you are prohibited from making any new investments of state funds in China. To the extent you have any current investments in China, you are required to divest at the first available opportunity,\" he said.Texas has been taking an increasingly activist stance in its agencies' investments, having previously restricted public pension funds from doing business with Wall Street firms that have embraced environmental, social and governance principles.Its state agencies include the Teacher Retirement System of Texas, which had $210.5 billion under management at the end of August, according to its annual report. The TRS has roughly $1.4 billion exposure to Chinese yuan and Hong Kong dollar assets, and listed Tencent Holdings 0700.HK as its 10th largest position, worth about $385 million at current prices.Abbott's letter said he had told the University of Texas/Texas A&M Investment Management Company (UTIMCO), which manages nearly $80 billion, to divest from China earlier this year.Neither Texas Teachers nor UTIMCO responded immediately to a request for comment outside business hours. Markets in China fell sharply on Friday, with the Shanghai Composite .SSEC down 3%. Tencent shares were about 2% lower in afternoon trade in Hong Kong, in line with the broader market.Dealers said trade had been light in Hong Kong and sentiment already weak as Chinese authorities have disappointed expectations for economic stimulus, but that the news had added to the downbeat mood.\"Even though we all know that there will be more and more policies against China from the U.S.... whenever there's any news like this, it will hit the sentiment here,\" said Steven Leung, executive director at brokerage UOB Kay Hian in Hong Kong. (Reporting by Tom Westbrook in Singapore and Summer Zhen in Hong Kong. Additional reporting by Jiaxing Li in Hong Kong; Editing by Tom Hogue and Jan Harvey) ((tom.westbrook@tr.com; +65 6973 8284;))","news_type":1,"symbols_score_info":{"80700":0.6,"TCEHY":0.6,"HTCD.SI":0.6,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":1855,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}