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Latest SIM Technology Group Stock News | OTC:SIMTF | Benzinga

SIM Technology Group Ltd is a mobile communication and Internet of Things developer. It operates its business through segments that are Handsets and Internet of things terminals business (Handsets and IOT terminals business), Electronic manufacturing services business, Internet of things system and O2O business, and Property management. Handsets and the internet of Things terminals business segment generate the revenue. The group derives revenue from the PRC, Europe, the U.S, Hong Kong, and other Asian countries.

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Positive economic data for China growth and the approved restructuring of a major property developer lifted stocks in Hong Kong Thursday in the mid-morning session, although most failed to hold onto the gains in the afternoon.

Hang Seng Index was flat by end of the trading day, just 10 basis points higher at 17,212.43 points.

Hong Kong Stocks Gain Some Steam Back After Citigroup Declares China&#39;s &#34;Cyclical Bottom Is Here&#34;

SIM TECHNOLOGY GRP LTD by Sim Technology Group Ltd.

SIM Technology Group Ltd

SIM Technology Group

Positive economic data for China growth and the approved restructuring of a major property developer lifted stocks in Hong Kong Thursday in the mid-morning session, although most failed to hold onto the gains in the afternoon.

Hang Seng Index was flat by end of the trading day, just 10 basis points higher at 17,212.43 points.

Citgroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) <a href="https://www.bloomberg.com/news/articles/2023-10-05/citi-raises-china-gdp-forecast-saying-economy-has-bottomed-out?srnd=premium-asia" style="color:#0563c1">raised</a> its growth forecast for China to 5% for 2023 from 4.7% previously, citing expected improved retail sales and industrial production and a turn-around in <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35096939/mid-week-in-china-a-tough-export-climate-more-property-woes-sink-hong-kong-stocks" style="color:#0563c1">export contraction that has plagued the local economy</a>.

&ldquo;The cyclical bottom is here, with all eyes on whether organic demand will pick up amid gathering policy momentum,&rdquo; Citi economist Yu Xiangrong wrote in the bank&rsquo;s report on the world&rsquo;s second-largest economy.

Retailers Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and Trip.com Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCOM#NASDAQ">TCOM</a>) rose in the morning session but ended around 0.5% lower on the day but JD.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) was up convincingly by 1% on the day.

Chinese retail spending in the first half of the domestic National Golden Week Holiday in China increased 8.3% while domestic tourism revenues have increased 5% from the same year-ago period according to HSBC Holdings Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>). Approximately 900 million trips will be made by travelers during this week&rsquo;s annual 7-day break, China&rsquo;s Ministry of Culture and Tourism said.

Among exporters and industrial stocks, JD Logistics Inc. ended the day 0.7% higher, telco Coolpad Group Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CHWTF#OTC">CHWTF</a>) leaped 6% and Hong Kong IoT mobile provider SIM Technology Group Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SIMTF#OTC">SIMTF</a>) jumped 3%. &nbsp;

Sunac China Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SNCNF#OTC">SNCNF</a>) became the first Chinese property developer to successfully manage to restructure its debt after a Hong Kong court <a href="https://www.caixinglobal.com/2023-10-05/sunac-wins-court-approval-for-offshore-debt-restructuring-plan-102114126.html" style="color:#0563c1">declared</a> that the company could go ahead with the $10.2 billion debt reorganization. The approval comes on the back of a 98% approval vote by Sunac&rsquo;s creditors two weeks ago. About $5.7 billion of the delinquent bonds are expected to be replaced by new dollar-denominated convertible debt in Sunac.

The developer has fallen to 16th place from 3rd among China&rsquo;s leading developers by total number of developments under management as part of the long-and-winding saga that resulted in a previous default on dollar-denominated bonds in May 2022.

Investors appeared to sigh with relief at the news and snapped up Sunac stock in the Hong Kong session, with the shares ending the day 6.3% higher. Longfor Group Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LGFRY#OTC">LGFRY</a>) traders hopped on for the ride, rising 1.9%. China Aoyuan Group Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CAOYF#OTC">CAOYF</a>) and China Evergrande Group Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EGRNF#OTC">EGRNF</a>), which still remain beset by debt uncertainty, declined however, diving 2.2% and 11%, respectively.

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Latest SIM Technology Group Stock News | OTC:SIMTF | Benzinga

Thursday, October 05, 2023

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