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Bank Of China (OTC:BACHY) Stock, Option Chain

Bank Of China

Bank of China was founded in 1912 with its headquarters in Beijing. The bank has evolved as a central bank, international exchange bank, and state-owned bank specializing in foreign trade business. BOC was listed on the Hong Kong and Shanghai stock exchanges in 2006. It provides a comprehensive range of financial services to customers across Greater China and overseas. Central Huijin, a Chinese state-owned investment company and BOC's largest shareholder, controls 64%. BOC has the most extensive global reach among Chinese banks, with operations in 64 countries and regions.

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Shares of bank stocks lifted Hong Kong markets Thursday as China’s sovereign fund went on a bank buying spree.

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This year marks the year of the big China stock sell-off: both the Hang Seng Index and China’s Shanghai Composite Index are well in the red. The iShares China Large Cap ETF (ARCA: FXI) is off 8% so far in 2023.

These 6 Chinese Stocks Are Paying A Dividend Of Over 10% Right Now

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In a white paper it published this week, China was quick to advertise how it is ramping up its global infrastructure investments.

China&#39;s Trade Hinges On Better Policy Relations Around The World – Starting With Israel, Some Say

BANK OF CHINA UNSP/ADR by Bank of China, Ltd.

Bank Of China Ltd

Bank Of China (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BACHY#OTC">BACHY</a>) reported quarterly earnings of $0.66 per share. This is unchanged from the same period last year. The company reported $22.48 billion in sales this quarter. This is a 7.58 percent increase over sales of $20.90 billion the same period last year.

Earnings

Bank Of China Q3 EPS $0.66, Same YoY, Sales $22.48B Up From $20.90B YoY

Shares of bank stocks lifted Hong Kong markets Thursday as China&rsquo;s sovereign fund went on a bank buying spree.
State-owned fund Central Huijin Investment Ltd. snapped up $65.7 million in Bank of China Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bachy#OTC">BACHY</a>), China Construction Bank Corp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cichy#OTC">CICHY</a>), Agricultural Bank of China Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acgbf#OTC">ACGBF</a>) and Industrial &amp; Commercial Bank of China Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/idcby#OTC">IDCBY</a>). The fund said that it would continue with the purchases over the next 6 months, although declined to specify to what extent.
Huijin raised its stake in each bank by ten basis points. The investment fund now owns 64.03% of Bank of China, 40.04% of Agricultural Bank of China, 57.12% of China Construction Bank and 34.72% of ICBC, according to Caixin. All the four banks were up between 4-5% in Hong Kong trading.
<a href="https://www.benzinga.com/markets/penny-stocks/23/10/35199032/these-6-chinese-stocks-are-paying-a-dividend-of-over-10-right-now" style="color:#0563c1">With Chinese dividend yields currently near historic highs</a>, share purchases of stocks by DChinese state funds are expected to be highly profitable over the medium term, according to the region&rsquo;s investment managers. &nbsp;
More measures are being taken by Beijing to lift flagging confidence in the Chinese mainland. The Chinese government is now expected to raise the deficit as it puts in 1 trillion RMB ($137 billion) to shore up the local economy, although some analysts say this won&rsquo;t be enough.
Property developer stocks were sharply down on more gloomy data from the home market in Hong Kong. (<a href="https://www.benzinga.com/markets/penny-stocks/23/10/35128718/is-there-a-real-estate-bubble-in-hong-kong-thats-about-to-burst" style="color:#0563c1">See this recent article on the Hong Kong housing bubble</a> at Benzinga for more.)
Hong Kong negative equity mortgages <a href="http://www.aastocks.com/en/stocks/news/aafn-news/NOW.1299308/3" style="color:#0563c1">may</a> be about to hit a 19-year high after succumbing to a 10% drop in home prices this year, according to new data. With expectations for another 10% fall in home prices on the island, that means that over 5% of all homes will enter negative equity territory. Negative equity mortgages are where the total sum of the mortgage held exceeds the value of the property.
Country Garden Holdings Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ctryf#OTC">CTRYF</a>) was down 1.3% while Sunac China Holdings Limited (OTC: SNCNQ) fell 0.95%. China Evergrande Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/evgrf#OTC">EVGRF</a>) plunged 9% by the end of the day&rsquo;s trading.
EV names fared better on sentiment that bailouts would add to increased purchases for automobiles and recovering deliveries. NIO Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) was up 1.1%, XPeng Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>) gained 0.4%, Li Auto Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) rose 1.6% and BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) jumped 3.1%
A <a href="https://asia.nikkei.com/Business/Markets/China-s-appetite-for-U.S.-IPOs-shows-little-sign-of-roaring-back?utm_campaign=GL_asia_daily&amp;utm_medium=email&amp;utm_source=NA_newsletter&amp;utm_content=article_link" style="color:#0563c1">report</a> by Nikkei said that Chinese companies are gradually coming back to list on US exchanges, although at a much slower pace that in 2021. Year-to-date, 17 Chinese companies have debuted on US exchanges, raising $405 million vs. 14 Chinese firms for the whole of 2022 which raised $468 million. That&rsquo;s still far off the $12.6 billion raised by 34 Chinese companies in 2021.
The report said that the Chinese companies that went public in the US between 2018 and 2021 have so far showed investors a -65% return from offer vs. just -16% for returns on non-Chinese IPOs in the US. Of the Chinese IPOs that have gone public this year, only one, Hesai Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hsi#NASDAQ">HSI</a>) has raised more than $50 million and that is currently trading at half the value it was in its February debut.
The report added that tighter accounting regulations for companies wanting to list stateside, by both Chinese and American authorities, as well as political tensions between the two countries were hampering a strong return to US markets for new China listings. &nbsp;
The report cited Alibaba Group Holding Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) as an example of the sort of stock that has fallen out of favor among investors in recent years due to these extenuating circumstances.
Alibaba rose in value in Hong Kong along with other big consumer names JD.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jd#NASDAQ">JD</a>) and Tencent Holdings Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcehy#OTC">TCEHY</a>) on the market&rsquo;s broader bullish bailout sentiment.
The Hang Seng Index rose 1.9% to 18,283.21 while the CSI 300 finished the day 1% higher at 3,702.38.

This year marks the year of the big China stock sell-off: both the Hang Seng Index and China&rsquo;s Shanghai Composite Index are well in the red. The iShares China Large Cap ETF (ARCA: FXI) is off 8% so far in 2023.
Hang Seng Indexes has made an index of the 50 companies with stellar dividend yields. Year-to-date, the Hang Seng Dividend Yield Index is down as for the rest of the market, by 10.5%.
Continued declines in Chinese stocks have led to speculation that the Chinese government will soon intervene to buy up stocks. If that happens, what are now unbeatable dividend yields may soon begin to vanish.
Of the 50 stocks in the Hang Seng Dividend Yield Index that are traded on US exchanges in addition to Chinese ones, the following six companies when equally-weighted in an investor&rsquo;s portfolio yield an average dividend of 10.83% at today&rsquo;s prices:
<ul>
<li>Telco HKBN Ltd. (OTC: HKBF) is currently 40% lower year-to-date and yields the highest in the group of 6 stocks, with a dividend of 13.8%.</li>
<li>China Shenhua Energy Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/csuay#OTC">CSUAY</a>) has remained flat all year, but this $82 billion power company is still paying today&rsquo;s stock investors an 11.8% dividend yield.</li>
<li>Guangdong Investment Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ggdvf#OTC">GGDVF</a>) is a somewhat overlooked stock, being a smaller-sized hotel operator, property and infrastructure (mostly waterworks) investor. Guangdong&rsquo;s shares offer today&rsquo;s stock buyers an annual 10.8% dividend on their purchase.</li>
<li>PCCW Limited (OTC: PCCW) is another smaller stock, with a market capitalization of just $3.9 billion, but like HKBN it is pretty much flat on the year. The company is paying investors a 10.15% dividend.</li>
<li>Hysan Development Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hysny#OTC">HYSNY</a>) <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35166232/property-giant-hysans-borrowing-surges-with-fresh-4-billion-bond-issuance" style="color:#0563c1">has a healthy cashflow position and brighter prospects than most in the property space</a>, according to Fitch Ratings. Hysan has been raising debt all year, which has led to a 42% reduction in its share price, so the company is now paying a 9.6% dividend.</li>
<li>Despite the effects of slowing growth on the mainland, Bank of China Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bachy#OTC">BACHY</a>) still remains China&rsquo;s lender-of-first-choice for many consumers and businesses alike. That has meant its shares haven&rsquo;t fared as badly as other companies in the financial sector have this year, falling just 4.5% so far in 2023. Even so, Bank of China is paying investors a 9.19% dividend.</li>
</ul>

In a white paper it <a href="https://www.scmp.com/news/china/diplomacy/article/3237451/china-marks-decade-belt-and-road-white-paper-declaring-redoubled-commitment-help-developing?module=lead_hero_story&amp;pgtype=homepage" style="color:#0563c1">published</a> this week, China was quick to advertise how it is ramping up its global infrastructure investments.
It has signed more than 200 &ldquo;belt and road&rdquo; initiatives with 152 countries and 32 multinational corporations this year, while China&rsquo;s government has spent over $280 billion on global infrastructure projects connecting the world to the mainland economy, it said. &nbsp;
Still, the fine print revealed a more curtailed international focus. The white paper also showed signs of waning investment in Africa, which has dropped to under $2 billion now.
During the latest Golden Week national holiday at the start of the month, the country&rsquo;s government focused consumer attention away from foreign travel, according to a former member of the Hong Kong government.
Part of the reason for some of the hawkishness is there are calls internally within China for the government to focus spending on its beleaguered consumer and property sector.
<h3>&ldquo;True Friends&rdquo;</h3>
Despite the increased attention on&nbsp;domestic affairs the Chinese government is pursuing, some analysts are warning that trade growth could suffer if China&rsquo;s international policy stance doesn&rsquo;t align with that of its major trading partners more closely.
In particular for many, the country&rsquo;s government and media has been noticeably insensitive in its reaction to the horrors of the Hamas attacks in Israel. Most of Chinese policymakers&rsquo; rhetoric has blankly called for a two-state solution and showed a reluctance to condemn Hamas.
Senator Chuck Schumer&rsquo;s visit to China early this week was billed by Chinese state media as a rousing success. But the Chinese government had to be asked twice to amend its statements on the Israeli-Palestinian situation. &nbsp;
In a South China Morning Post article published Wednesday, the paper took the unusual position of <a href="https://www.scmp.com/news/china/diplomacy/article/3237490/israel-hamas-conflict-raises-questions-over-chinas-long-term-plans-middle-east?module=lead_hero_story&amp;pgtype=homepage" style="color:#0563c1">criticizing</a> China&rsquo;s reaction to the Hamas attacks on Israel. The report said that analysts have largely disappointed US and Israeli policymakers and could affect China&rsquo;s long-term trade ties with the former.
Some suggest that China is attempting to derail closer ties between Israel and Saudi Arabia, the latter of which is also a significant investor in Chinese infrastructure. That&rsquo;s not good for business globally.
At its least calculated, messages in the Chinese language media have bordered on downright hostile towards Israel.
On Monday, Caixin, China&#39;s largest business daily,&nbsp;<a href="https://international.caixin.com/2023-10-09/102115036.html" style="color:#0563c1">published</a> a front-page article labelling Israeli Prime Minister Benjamin Netanyahu &ldquo;the bulldozer&rdquo; and saying that Netanyahu &ldquo;will eventually have to face a crisis&rdquo;.
The paper attributed the attacks on Israel to domestic Israeli policy as opposed to militant terrorist activity.
&ldquo;Israel&#39;s political arena becomes increasingly fragmented and its ideology shifts to the right,&rdquo; the paper commented critically.
All this potentially affects China&rsquo;s global status as a major trading partner in the world, say analysts, since global growth comes at a price: that is, singing on the same hymn sheet as your trading partners.
China&rsquo;s focus on bettering its international relations will be crucial at a time when its economic growth looks to be on the wane.
Wednesday, the International Monetary Fund (IMF) revised down again the country&rsquo;s growth prospects for this year and next. The IMF now expects China&rsquo;s growth, which accounts for a third of global growth, to come in at just 4.2%. That compares to over 6% growth for India, which has a more US-aligned foreign policy message.
The evidence is increasingly that China&rsquo;s international trade forms a more critical component of its growth than the government may be giving credit for.
Despite the country&rsquo;s property rout over the past year, exporter stocks such as PetroChina Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pccyf#OTC">PCCYF</a>), Li Auto Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>), BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) and XPeng Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>) have offered investors a silver lining as the Chinese government has poured billions into developing its energy and innovation sectors.
The argument is that China&rsquo;s overseas policy messages need to be more aligned with its partners since firms as large and diverse as Tencent Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcehy#OTC">TCEHY</a>), Alibaba Group Holding Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>), Xiaomi Corporation (OTC: <a class="ticker" href="https://www.benzinga.com/stock/xiacy#OTC">XIACY</a>), NIO Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) and Bank of China Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bachy#OTC">BACHY</a>) have to be perceived to be in synch with their trading partners as they build out on foreign turf.
As if to make the case in point of how sensitive Chinese stocks are to global events, XPeng&rsquo;s shares <a href="https://www.tipranks.com/news/xpeng-plunges-after-ev-delivery-to-israel" style="color:#0563c1">dived</a> 11% Tuesday after news of a freshly-delivered shipment of its EVs arrived in Israel, which had just announced it was at war with Hamas terrorists.
&ldquo;While the US provided Israel with verbal and practical support and is currently sending an aircraft carrier to the region to prevent Iran and Hezbollah from escalating the situation, China has not even expressed sympathy. This is very unfortunate,&rdquo; Galia Lavi, a specialist in China&rsquo;s belt-and-road initiative, in particular with its emphasis on Israeli and Middle Eastern ties, told a Hong Kong newspaper Wednesday.
&ldquo;At times of need, true friends are revealed.&rdquo;

China's Trade Hinges On Better Policy Relations Around The World – Starting With Israel, Some Say

Hong Kong-listed and Chinese companies are dipping into their retained earnings and splurging on stock buybacks and bumper dividend payouts as their domestic markets remain in a slump, according to new data.
With rising interest rates in the US and languishing stock markets in both China and Hong Kong, dividend payouts by Chinese firms and stock buybacks on Hong Kong&rsquo;s HSI are at historic highs. What&rsquo;s more, investors expect the trend to continue throughout the rest of the year.
In 2022, Hong Kong stock buybacks amounted to HK$104.9 billion ($13.4 billion) while the Hang Seng Index overall plunged 18%, Hang Seng Index <a href="https://www.hsi.com.hk/static/uploads/contents/en/dl_centre/blog/20230919T000000.pdf" style="color:#0563c1">said in a note</a> this week. Year-to-date, the trend has continued with over HK$70 billion of stock repurchases made by listed companies on the island despite an 11% slump in the index over the same period.
Wednesday, HSI index ended at a four-week low on fears of sustained tightening by the Federal Reserve. Hang Seng Index forecasts that the buyback trend will continue to over HK$90 billion of stock buybacks by year-end, which is 4 times the 5-year average.
&ldquo;This extraordinary high-level of buyback value might reflect that the corporates believe their listed shares in Hong Kong are undervalued in 2022 and YTD2023, leading to their &ldquo;buy on dip&rdquo; during the period,&rdquo; Hang Seng Index wrote in the note.
The buybacks mirror a trend reported by Bloomberg of record dividend payouts&nbsp;by China&rsquo;s biggest firms, which amounted to 1.5 trillion yuan ($206 billion) so far this year, surpassing 2022&rsquo;s 1.27 trillion yuan. State-owned behemoths such as Bank of China Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bachy#OTC">BACHY</a>) and PetroChina Co Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pccyf#OTC">PCCYF</a>) are both yielding over 6% in dividend returns.
China&rsquo;s CSI 300 Index is down 4.3% this year and companies trade for an average P/E of 13 there right now. This represents over a 50% fall from the index&rsquo;s 5-year high reached in February 2021.
Among the Hong Kong companies that have been buying back their beaten-down shares during 2023 which are also listed on US exchanges are beverage conglomerate Yum China (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/yumc#NYSE">YUMC</a>), tech giant Tencent (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcehy#OTC">TCEHY</a>), HSBC Holdings Plc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>), Hanison Construction Holdings Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hacof#OTC">HACOF</a>), Bank of East Asia Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bkeay#OTC">BKEAY</a>), Cosco Shipping Development Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/citaf#OTC">CITAF</a>), sportswear maker Li Ning Co. Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lnngy#OTC">LNNGY</a>) and Dongfeng Motor Co. Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dnfgy#OTC">DNFGY</a>).
Share buybacks have been occurring daily since the start of the year and frequently rise into the hundreds of millions and even billions of US dollars on any given day, according to data provided by Hang Seng Index.
This month&rsquo;s biggest stock repurchaser is Tencent which is currently repurchasing over $50 million of its own stock a day as part of the continuation of a similar stock buy-back initiative it undertook last year. In China, the year&rsquo;s largest stock repurchaser is Ant Group which <a href="https://www.bloomberg.com/news/articles/2023-07-08/ant-plans-to-spend-about-78-5-billion-to-repurchase-shares" style="color:#0563c1">announced in July</a> that it would buy back 7.6% of the entire company for around $5 billion. &nbsp;
The continued spending splurge follows headline share buybacks by other China-listed giants over the course of last year:
<ul>
<li>Xiaomi Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/xiacy#OTC">XIACY</a>) <a href="https://tech.hindustantimes.com/tech/news/xiaomi-shares-soar-in-hong-kong-after-1-3-billion-buyback-plan-71615515630175.html" style="color:#0563c1">announced</a> in August 2022 that it intended to repurchase up to $1.3 billion of its own shares in Hong Kong. This stock repurchase appears to be still ongoing according to Hang Seng Index data.</li>
<li>BYD Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) <a href="https://www.yicaiglobal.com/news/china-byd-to-buy-back-up-to-usd282-million-in-shares-for-staff-incentive-plan" style="color:#0563c1">repurchased</a> over $200 million of its own stock off mainland Chinese exchanges in April 2022.</li>
<li>In January 2022, China Mobile <a href="https://www.reuters.com/markets/asia/china-mobile-debut-shanghai-after-biggest-china-offering-decade-2022-01-04/" style="color:#0563c1">said that it would repurchase</a> $1.6 billion of its Hong Kong shares.</li>
</ul>
As for China&rsquo;s CSI, the beaten-down HSI also trades at a historically low P/E ratio of 10.
With 87% of Hong Kong listed companies now in the process of undertaking share buybacks, Hang Seng Index said that the exchange represented the largest destination in the world for corporate stock repurchases in 2023.
Disclaimer: Author holds no positions in any of the stocks mentioned.&nbsp;

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