Wanrun New Energy Technology Signs Five-Year Supply Deal With CATL; Shares Up 4%

Chinese mutual funds' holdings in Tencent outranked that of Contemporary Amperex Technology as of the end of March, the South China Morning Post reported Wednesday, citing TX Investment Consulting.

The rise in Tencent holdings indicates investors' desire for more Hong Kong-listed shares, the report said.

A total of 1,186 Chinese mutual funds held 151 million shares of Tencent worth 69.38 billion yuan, dislodging CATL's 55.37 billion yuan of shares held by 1,267 mutual funds, the report said.

Kweichow Moutai is in third with 746 funds holding 378.62 million yuan of shares, while Alibaba is at fourth with 651 funds owning 33.95 billion yuan of shares, the report said.

Other Hong Kong-listed firms, such as China National Offshore Oil Corporation , China Mobile , Meituan , Pop Mart , Semiconductor Manufacturing International , and Xiaomi , are in the top 50 preferred shares by Chinese mutual funds, the report said.

Chinese stocks closed higher Monday on hopes of added stimulus from Beijing in a bid to offset the effect of US tariffs.

The Shanghai Composite Index, the main gauge of Chinese stocks, increased 0.45% or by 14.70 points to 3,291.43. The Shenzhen Component Index jumped 1.27% or by 123.88 points to 9,905.53.

The increase in both indices is the highest in five days.

"We expect the government to accelerate bond issuance and the spending of proceeds in the coming months," the South China Morning Post reported Monday, citing Goldman Sachs economist Andrew Tilton.

The Commerce Ministry also said it would assist exporters as they cope with "external shocks," the report said.

Beijing kept its loan prime rates unchanged, with the one-year loan prime rate at 3.1% and the five-year LPR at 3.6%.

The steady LPR indicates Chinese policymakers are in wait-and-see mode, Reuters reported, citing Xing Zhaopeng, senior China strategist at ANZ

Meanwhile, foreign direct investment in actual use increased 13.2% in March, while inflow fell 10.8% to 269.2 billion yuan in the first quarter, the commerce ministry said.

Fiscal revenue also slipped 1.1% in Q1 to 6.019 trillion yuan.

In corporate news, Contemporary Amperex Technology closed 3% higher following the launch of the second generation of its Shenxing fast-charging battery, Reuters reported Monday.

Hengrui Pharmaceuticals closed 2% higher after obtaining clinical trial approval for its HRS-9813 drug for lung function and lung fibrosis.

Shanghai SK Automation Technology received orders and signed contracts worth 684 million yuan from November 2024 to date, according to a Shanghai Stock Exchange disclosure on Saturday.

Some of the Chinese intelligent manufacturing equipment manufacturer's buyers include Contemporary Amperex Technology or CATL and its subsidiaries.

SK Automation's shares rose 2% in recent trade.