Huijin develops, manufactures, and sells financial machinery. The company's main products are notes binding machines, counterfeit Renminbi detecting workstations, sorters, and intelligent cash counters. It is based in Shijiazhuang, Hebei.
Latest Huijin News
Oct 25, 2023
October 25, 2023 at 06:17 am EDT Share SHANGHAI/SINGAPORE, Oct 25 (Reuters) - Investors aremaking a tentative return to China's beaten-down stock marketsas the government opened the stimulus taps, including pressing anational fund for support, but they remain mindful the economyand sentiment are still fragile. China's benchmark CSI300 Index staged a moderaterebound from 4-1/2-year lows this week, after state fund CentralHuijin Investment started buying exchange-traded funds (ETFs) onMonday, adding substance to the central bank's pledge over theweekend to fend off financial risks. Investors were also excited by Tuesday's approval of anadditional 1 trillion yuan ($136.76 billion) of sovereign bondissuance. Drawing investors back into China's $10.5 trillion stockmarket, particularly the foreign buyers that have fled in drovesthis year, would stem further slides in a market which fell toits lowest since 2019 earlier this week. The policy efforts could also halt capital outflows and easethe yuan's depreciation and a stronger market could help fund arejuvenation of the world's second-largest economy. The fiscal stimulus "is injecting some confidence to anextremely pessimistic market that saw no hope in the economy,"said Huang Yan, fund manager of Shanghai QiuYang Capital Co. QiuYang added some positions this week for short-term bets,but remained defensive as "the market needs time to findbottom", Huang said. Still, the rebound in China stocks was modest and tradingremained thin, underlining Beijing's challenge in revivingconfidence dented by a stop-go economic recovery, a deepeningproperty crisis, and heightened geopolitical tensions. Huang is also wary of another selloff since further falls instock prices could force leveraged investors to sell when theyface margin calls. The CSI300 index is down 18% from its peak this year inJanuary while China's currency is down nearly 6% sofar in 2023. This weekend the government gave a clear sign of marketsupport when People's Bank of China Governor Pan Gongsheng saidChina would prevent risk contagion in the stock, bond andforeign exchange markets, and ensure stability. "China's central government is endorsing the stock market,"said Qi Wang, chief investment officer of UOB Kay Hian's wealthmanagement division in Hong Kong. "We see tactical opportunities" over the next few months, hesaid, citing some improvements in China's economy, the Sino-U.S.relationship, and fresh stimulus. But "I dare not say we arealready at the bottom." Enlisting Huijin underscored the Chinese government'sseriousness about propping up the market after earlier piecemealmeasures such as a cut in the stamp duty, reductions in tradingfees, short-selling restrictions and curbs on share sales bylisted companies' large shareholders. That support showed in markets this week as several ETFs,including the PB CSI 300 ETF and E Fund CSI300 IndexETF saw heavy inflows after Huijin announced itspurchases in a statement, adding it would continue to do so. China Asset Management Co (AMC) said Huijin bought anestimated 10 billion yuan ($1.37 billion) of ETFs on Monday, andcontinuous buying would "effectively ease liquidity shortage andhelp stabilise markets." Huijin last bought ETFs during the 2015 stock market crash,and during the money market liquidity crunch in 2013. "TheShanghai stock indices were higher by more than 20% in threemonths both times", analysts at Singapore's United Overseas Bankwrote. Even without the policy moves, some overseas investors areslowly coming back to Chinese stocks. UK-based M&G Investments, which manages about $385 billionfor individual and profession investors, is adding to itsChinese investments and likes sectors including automotive,renewable and shipping, said Fabiana Fedeli, M&G's global CIOfor equities, multi-asset, and sustainability. "We do find opportunities in China, and opportunity iscreated by the fact that this market has been unloved for sometime," Fedeli said. Still, China's stock markets have to overcome earlier heavyselling from foreigners, burnt by Xi's previous crackdowns oninternet companies and other sectors, and its earlier stringentzero-COVID policy. Goldman Sachs estimates forex outflows from China rose to$75 billion in September, 80% higher than in August and thebiggest monthly amount since 2016. ($1 = 7.3149 Chinese yuan renminbi) (Reporting by Samuel Shen and Ankur Banerjee; Additionalreporting by Brigid Riley in Tokyo; Editing by Vidya Ranganathanand Christian Schmollinger) Share
Huijin Frequently Asked Questions (FAQ)
Where is Huijin's headquarters?
Huijin's headquarters is located at No. 209 Xiangjiang Road, Shijiazhuang.
Who are Huijin's competitors?
Competitors of Huijin include hyLink and 4 more.
Compare Huijin to Competitors
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