Business
Hong Kong Stocks fall as China Property Developers Slide
HONG KONG – Hong Kong stocks fell, with the benchmark index paring last week’s gain, as Chinese developers declined amid concern the nation will introduce more measures to curb house prices.
China Resources Land Ltd., the second-largest mainland property company traded in Hong Kong, dropped 3.5 percent after the southern Chinese city of Shenzhen said property buyers must have at least a 70 percent down-payment for their second homes. Tingyi (Cayman Islands) Holding Corp., a maker of instant noodles and beverages, fell 3 percent after surging 11 percent last week. Shunfeng Photovoltaic International Ltd. (1165), a maker of solar cells, surged 19 percent after announcing an acquisition plan.
The Hang Seng Index fell 0.3 percent to 23,189.62 on trading volume that was 27 percent below the 30-day average. The Hang Seng China Enterprises Index of mainland shares listed in the city advanced 0.1 percent to 10,686.06 after a gauge of China’s non-manufacturing industries rose.
“Chinese property shares are being dragged down by the news of down-payment in Shenzhen, which is huge,” said Jackson Wong, vice president of Hong Kong-based brokerage Tanrich Securities Co. “There might be more micro policies to fine-tune the current property measures. China’s focus is more on the quality of growth and not gross domestic product, and we really can’t quantify that.”
Stock Rebound
The Hang Seng Index (HSI) jumped 17 percent from this year’s low on June 24 as data from China signaled the world’s second-largest economy is stabilizing. The nation’s non-manufacturing Purchasing Managers’ Index climbed to 56.3 in October from 55.4 in September, a government report showed yesterday. The increase follows better-than-estimated readings for two manufacturing indexes last week.
The Hang Seng Index, on which gains this year have been led by gaming shares and China’s biggest Internet company, traded today at 11.1 times estimated earnings, compared with 15.9 for the Standard & Poor’s 500 Index on Nov. 1.
Shunfeng Photovoltaic jumped 19 percent to HK$6.36 after saying its unit agreed to buy Wuxi Suntech Power Co. for 3 billion yuan ($492 million). GCL-Poly Energy Holdings Ltd. (3800), the world’s biggest producer of polysilicon for solar panels, gained 4.3 percent after a Chinese-language industry website reported the company’s business will improve this quarter, citing company management.
China Meeting
China’s top party officials will meet in Beijing from Nov. 9-12 to map out a blueprint for reform. The nation’s current economic policy aims for long-term and sustainable development, instead of short-term effects, the China Securities Journal reported, citing Finance Minister Lou Jiwei as saying on Nov. 2 at a meeting.
“Investors are concerned about China’s economic reform as the policy will focus on improving the quality of the economy rather than the growth rate,” said Sam Chi Yung, a strategist at Delta Asia Securities Ltd. in Hong Kong. “There will be more rumors until the upcoming policy meeting.”
Property buyers in the southern Chinese city of Shenzhen are required to have at least a 70 percent down-payment for their second homes, according to a statement posted on the website of the central bank’s Shenzhen office last week. New home prices in September rose 20 percent in Shenzhen and Guangzhou, data showed last month.
Property Bubble
The nation’s real-estate bubble poses a “danger” to the economy and the government should combine property controls with economic reform of land and tax policies, according to a front-page editorial published today by the China Securities Journal.
China Resources Land sank 3.5 percent to HK$21.90. China Overseas Land & Investment Ltd. (688), the biggest mainland developer listed in Hong Kong by market value, slipped 1.3 percent to HK$23.50.
The S&P 500 rose 0.1 percent last week as positive corporate results overshadowed concern that improving economic data may prompt the Federal Reserve to trim stimulus as soon as next month.
Of the index members that have reported quarterly earnings this season, 75 percent posted higher profit than analysts estimated, data compiled by Bloomberg show. Futures on the gauge added 0.2 percent today. Fed Bank of Dallas President Richard Fisher said in Sydney today that the U.S. central bank should end its record stimulus as soon as possible.
IPO Freeze
China may remove a freeze on new listings on its domestic stock market after the leadership meeting later this week, Boming Cheng, president of Citic Securities Co., said in an interview. The nation suspended IPOs in October 2012 due to volatility in the stock market and investor concern about the financial reporting of newly-listed companies.
Jewelry retailer Luk Fook Holdings International Ltd. (590) halted trading pending a possible acquisition announcement.
Tingyi (Cayman Islands) Holding Corp., a maker of instant noodles and beverages, fell 3 percent to HK$22.60, the second-biggest drop on the Hang Seng Index.
Futures on the Hang Seng Index fell 0.4 percent to 23,170. The Hang Seng Volatility Index climbed 1.3 percent to 14.49, indicating traders expect the benchmark equity index to swing 4.2 percent in the next 30 days.
– BLOOMBERG
The President of Dangote Industries Limited (DIL), Aliko Dangote, has expressed support for the economic reforms of the President Bola Ahmed Tinubu administration, particularly the removal of the fuel subsidy and the liberalisation of the foreign exchange market.
The industrialist gave the commendation in Lagos on Monday at the Nigerian Exchange Group (NGX) during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals (DPRP).
He also commended Tinubu’s leadership and said the Dangote Refinery was supporting the administration’s efforts.
“I want to thank him for taking a lot of bold steps by removing the subsidy and democratising the exchange rate…” Dangote said.
READ ALSO: Dangote Refinery IPO: SEC Warns Investors Against Fraudsters, Fake Platforms
He assured that the Dangote Group would continue working with the government to contribute to Nigeria’s development.
“So, we thank you very much for your leadership and we will continue to partner with the government to ensure that we make this country great and we make Africa great,” he said.
Dangote, a former president of the Nigerian Exchange, also expressed surprise at the transformation of the bourse, saying he had not expected it to reach its current level.
“I was the president of this exchange. Even when I was inviting people to come and help me turn the exchange around to make it a world-class exchange, I never thought this exchange would be at this level in 2026,” he said.
He revealed that a more grand ceremony would be held with Tinubu in attendance.
The refinery’s IPO, which opened on Monday, offers 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is scheduled to close on 13 October 2026, subject to the terms of the prospectus.
President of Dangote Industries Limited, Aliko Dangote, has described the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals as a “People’s IPO” as the N2.15tn offer officially opened on the Nigerian Exchange on Monday.
Dangote sounded the gong at the NGX trading floor in Lagos to formally open the offer, marking a major milestone for Nigeria’s capital market.
The IPO comprises 4.1 billion new ordinary shares priced at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
RELATED NEWS: BREAKING: Dangote Refinery IPO Subscription Surpasses ₦1.4trn as Investor Demand Soars
The offer, which opened on September 14, 2026, is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Speaking after sounding the gong, Dangote said the offering was aimed at widening public participation in the ownership of the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.
“It’s not only about the refinery.”
The Dangote Refinery IPO is the first refinery offering to investors on the Nigerian stock market in the 66-year history of the Nigerian Exchange.
The offer is open to retail, institutional and eligible African investors, providing members of the public with an opportunity to acquire an interest in one of Africa’s largest industrial projects.
Dangote also disclosed that the IPO was part of a broader plan by the Dangote Group to list more of its companies on the capital market.
He said the group intended to list every company that would operate under its umbrella in the future.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.
The businessman added that the Nigerian Exchange would provide a platform for the group to pursue listings on other international exchanges.
“From this exchange, then we can go to any other place.
“So, Nigeria and Africa is our base. We want to make sure that we join our continent.”
The Dangote Refinery, located in the Lekki Free Zone, Lagos, has been positioned as a major investment in Nigeria’s domestic refining capacity and efforts to reduce dependence on imported petroleum products.
The opening ceremony was attended by Lagos State Governor Babajide Sanwo-Olu, NGX Group Chairman Umaru Kwairanga, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, Zenith Bank founder Jim Ovia and other dignitaries.
The N2.15tn IPO will remain open until October 13, 2026, subject to the terms contained in the prospectus.
A 0.4 percent increase from the 1.67 million bpd recorded in July saw Nigeria’s crude and condensate production rise to 1,677,777 barrels per day in August 2026.
The growth, disclosed in a statement by Head, Media and Corporate Communications, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eniola Akinkuotu, on Sunday.
Another interesting aspect of the report is that it shows Nigeria’s consistent compliance with the Organisation of Petroleum Exporting Countries (OPEC) crude oil quota for the fourth consecutive month.
READ ALSO: Rufai Oseni Row: NiDCOM Breaks Silence on Nigerians Detained in India, Addresses Ekene’s Case
According to the regulator, crude oil production, excluding condensates, stood at 1,500,190 barrels per day in August.
The report revealed that Nigeria meeting her OPEC quota for the fourth consecutive month, reflects continued efforts by operators to restore affected production capacity and address operational bottlenecks.
The latest increase followed the resolution of operational challenges involving the Single Buoy Mooring at the Erha field, which had affected production performance in the preceding month.
The NUPRC said the restoration of normal evacuation and production operations at the asset contributed positively to the overall output recorded during the month.
The statement read, “The NUPRC attributed the modest improvement in August production largely to the resolution of the Single Buoy Mooring operational challenges at the Erha field, which had adversely impacted production performance in the preceding month.
“The restoration of normal evacuation and production operations at the asset contributed positively to overall production volumes during the period under review.”
The regulator added that production activities across most other producing assets remained relatively stable, with operators sustaining measures aimed at improving efficiency, maintaining asset integrity and reducing operational disruptions.
According to the commission, the lowest daily crude oil and condensate production recorded in August was 1.64 million bpd, while the highest stood at 1.71 million bpd.
A breakdown of production by terminals and streams showed that the Bonny Terminal recorded the highest average output during the month, accounting for 320.04 thousand bpd.
Forcados Terminal followed with 317.40 thousand bpd, while the Qua Iboe Terminal recorded an average of 171.72 thousand bpd of crude oil and condensates.
Escravos Oil Terminal posted a daily average of 131.71 thousand bpd, while Bonga ranked fifth among the leading producing terminals with an average of 92.50 thousand bdp of crude oil.
The August output represented an increase of 6,777 bpd from July’s 1,671,000 barrels per day, based on the rounded July figure. It was also 57,621 bpd, lower than the 1,735,398 bpd recorded in June.
The June figure represented a decline of about 3.3 per cent in August when compared with the latest available June production data.
The NUPRC said the August performance reflected the industry’s continued efforts to resolve operational constraints and restore affected production capacity.
It stated, “While the increase recorded in August was modest, it reflects the industry’s continued efforts to address operational bottlenecks and restore affected production capacity.
“Stakeholders remain focused on enhancing asset reliability, improving operational resilience and advancing intervention programs to support sustained production growth in the coming months.”
The regulator further emphasised the importance of timely intervention, effective asset management and collaboration among industry stakeholders in safeguarding the country’s crude oil production capacity.
Nigeria’s oil production has remained a major focus of government efforts to increase revenue, improve foreign exchange earnings and strengthen the country’s ability to meet its OPEC production quota.
DPRP IPO: Dangote Rings Opening Bell at NGX
Dangote Commends Fuel Subsidy Removal
Dangote Refinery IPO: SEC Warns Investors Against Fraudsters, Fake Platforms
NDC Condemns Attack on Members in Enugu, Accuses APC of Sponsoring Thugs
Dangote Calls Refinery IPO ‘People’s IPO’ as N2.15tn Offer Opens
EFCC Warns Lawyers Against Charging Clients in Foreign Currencies
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
