China Stocks Lower, Tencent to Sign Deal with Britain

China equities went lower at the close on Wednesday with losses in the Telecoms, Mobile, and Real Estate Investments & Services sectors dragging the shares down.

At the Shanghai close, the Shanghai Composite declined 0.08 percent. The SZSE Component index fell 0.17 percent.

The best performer on the session on Shanghai Composite was Zhejiang Whwh. Its shares rose 10.08 percent, or 0.63 points, trading at 6.88 at the close. Jiangsu Jiangnan Water Co Ltd gained 10.06 percent, or 0.480 points, ending at 5.250, while Suzhou Xingye Materials Technology Co Ltd perked up 10.01 percent, or 1.770 points, trading at 19.450 at the late trade.

On the flip side, the worst performer on the session was Aurora Optoelectronics Co Ltd, losing 10.02 percent, or 1.270 points, trading at 11.410 during the late trade. Meanwhile, Shanghai Laimu Electronics Co Ltd lowered 5.89 percent, or 1.220 points, ending at 19.510. Zhejiang ChiMin Pharmaceutical Co Ltd decreased 5.86 percent, or 0.65 points, trading at 10.45.

On the SZSE Component, the top performer was LandOcean Energy Services Co. Its shares soared 10.06 percent to 7.22. Shenzhen Sunway Communication climbed up 6.28 percent, settling at 35.38. Cangzhou Mingzhu Plastic Co Ltd rose 6.25 percent to end at 8.16.

On the other hand, the worst performer was Cefc Anhui International Holding Co Ltd. Its shares were 5.04 percent lower, closing at 3.20 in late trade. Shijiazhuang Changshan Textile Co Ltd dropped 4.26 percent, settling at 8.10. Shaanxi J&R Fire Protection Co Ltd went down 3.95 percent to 3.65 at the close.

There were more declining stocks than the rising ones on the exchange by 743 to 555. Around 66 remained unchanged at the close on the Shanghai Stock Exchange.

Meanwhile, the CBOE China Etf Volatility, which gauges the implied volatility of Shanghai Composite options, wasn’t moved at 0.00 percent to 22.42.

For commodities, Gold futures for delivery in June declined 0.61 percent, or 8.00, to $1305.70 per troy ounce. Crude oil for delivery in June climbed 2.69 percent, or 1.86, hitting $70.92 per barrel. Brent oil contracts jumped 2.70 percent higher, or 2.02, trading at $76.87 per barrel.

Tencent Enters Deal with Britain

Tencent, which is an internet giant, is set to announce a cultural trade deal with Britain. The agreement will include film, video games, and fashion. This would deepen the cooperation between the two countries, paving the way for its own global expansion moves.

Tencent is currently China’s most valuable company, and it runs the Asian country’s largest music, gaming, and network systems.

The company said that the first focus of the Memorandum of Understanding that it has sealed with the UK Department of International Trade would sit on film, fashion, and video games. The business would bring those things to its vast domestic audience in China.

There were no financial details or figures provided. Liam Fox, who is the British Secretary of State for International Trade, and Seng Yee Lau, who is Tencent Senior Executive Vice President, are set to announce deal later on Wednesday during an event in London.

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