WEBVTT - Kioxia Rises, HSBC Drops, MiniMax Gains 

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News, The.

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<v Speaker 2>Stock Movers Report, your roundup of companies making moves in

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<v Speaker 2>the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 1>Let's take a look at some stocks on the move

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<v Speaker 1>today in Asia. I'm Stephen Carroll with Caroline Hepker and

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<v Speaker 1>we're joined Buyer Markets reporter Anthony Stevens. Anthony Memory chip

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<v Speaker 1>maker is getting hit in Asia again, this after SanDisk's

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<v Speaker 1>surname is disappointed in the US.

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<v Speaker 3>Yeah, it's important to mention that sand Disk and Western

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<v Speaker 3>digitalow amongst the top performers this year in the US,

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<v Speaker 3>and they're on the different spectrums of the memory trade.

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<v Speaker 3>They've come in below the most optimistic kind of analysts focused,

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<v Speaker 3>and that's hitting memory stocks across the region. So most

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<v Speaker 3>notably you have Kyoksha down nine point three percent, but

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<v Speaker 3>also Samsung and Henis are down a lot. Samsung's down

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<v Speaker 3>five percent and Heynex is down seven and that's what's

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<v Speaker 3>dragging down the costp. As you mentioned, what's very interesting

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<v Speaker 3>here is that foreigners have turned net sellers again in Korea.

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<v Speaker 3>Remember on the Big Pop that they bought a record

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<v Speaker 3>quantity of Korean shares. Now they've turned net sellers two

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<v Speaker 3>point two billion, So you've seen the amount of conviction

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<v Speaker 3>on this memory trade come down quite drastically as earnings

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<v Speaker 3>come in.

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<v Speaker 4>That's interesting. Financial firms meanwhile in Hong Kong are lower

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<v Speaker 4>as investors passed the announcements about China's new tax on

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<v Speaker 4>offshore insurance gains.

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<v Speaker 3>Yeah, so China is casting its offshore tax net a

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<v Speaker 3>lot more aggressively. They want to collect the taxes people

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<v Speaker 3>make outside China, and that includes some of the hefty

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<v Speaker 3>profits people have been making off offshore insurance products. Remember

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<v Speaker 3>that Hong Kong's interest rates are tagged to the US,

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<v Speaker 3>so interest rates on Hong Kong related kind of insurance

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<v Speaker 3>products or savings products has been higher. Meanwhile, in the mainland,

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<v Speaker 3>interest rates remain quite suppressed due to their low economic growth.

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<v Speaker 3>So that spread has been captured by Chinese money moving offshore,

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<v Speaker 3>and the Chinese want to kind of reduce that torrent

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<v Speaker 3>of money and as a result, this is a very

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<v Speaker 3>easy place to start. The Chinese insurance sellers like AIA

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<v Speaker 3>and Prudential are down quite sharply. AIA, for example, is

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<v Speaker 3>not eight and a half percent, which is a big

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<v Speaker 3>move for a big solid financial like that. And HSBC

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<v Speaker 3>was down in your session yesterday and follows through today

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<v Speaker 3>down another two point three and Prudential is down another

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<v Speaker 3>six after getting sharply hit in the London session yesterday

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<v Speaker 3>as well.

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<v Speaker 1>Well, let's look for some optimism then, a bright spot

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<v Speaker 1>in the Hong Kong market, some AI firms being included

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<v Speaker 1>in the stock connect links for mainland Chinese investors.

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<v Speaker 3>Yeah, on the ironic side, you know, the connect beerment

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<v Speaker 3>is a very important source of Chinese capital into Hong Kong,

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<v Speaker 3>and they don't have some of these tech names to

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<v Speaker 3>invest in on the mainland. So the LM, the po

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<v Speaker 3>LLLM names Minimax and Jubu are quite strong. Mini Max

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<v Speaker 3>is up fifteen percent. This stock has been under a

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<v Speaker 3>lot of pressure because it priced a huge block right

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<v Speaker 3>after IPO outlock and one billion dollars, so some of

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<v Speaker 3>that pressure is being alleviated against some of the southbound

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<v Speaker 3>buying and that's lifting its peer Jupu or z Ai

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<v Speaker 3>as it called now, which is up three percent against

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<v Speaker 3>the market that's down around two percent.

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<v Speaker 4>Really interesting. There's also been another story that we're thinking

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<v Speaker 4>about in terms of Taris US. Taris the US now

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<v Speaker 4>looking at pola silicone, which is the main thing that

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<v Speaker 4>you need in in microchips and in solar panels, and

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<v Speaker 4>that's also affected a lot of stocks in Asia.

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<v Speaker 3>Yeah, that's an interesting one because most of the US

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<v Speaker 3>makers of solar panels still import the raw materials from China,

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<v Speaker 3>so at the moment they're negatively impacted. That space fell

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<v Speaker 3>quite sharply last night. It's following through to the Asian supplies.

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<v Speaker 3>Of course, most of that space is down around two

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<v Speaker 3>to three percent, including names like Tongwei and gclpoly in China.

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<v Speaker 3>What's very interesting is how far can the US go

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<v Speaker 3>down that path? How much capacity is it willing to

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<v Speaker 3>build in this space that is suffering some quite drastic

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<v Speaker 3>global over supply. So bear in mind China has been

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<v Speaker 3>struggling with solo overcapacity for a very long time, to

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<v Speaker 3>the extent at which the exports are flooding relatively poor

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<v Speaker 3>countries like Pakistan, Bangladesh and so on. And actually that's

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<v Speaker 3>one of the reasons the oil impact from the Iran

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<v Speaker 3>crisis has been relatively muted on poor countries. They've been

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<v Speaker 3>able to replace energy demands with sola quite easily. So

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<v Speaker 3>it's very interesting to see how this dynamic plays out

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<v Speaker 3>over the next couple of months.

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<v Speaker 2>This Stock Movers report from Bloomberg Radio. Check back with

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