Kaohoon Morning Brief – 16 November 2021

1) Beijing Stock Exchange saw huge gain on first trading day

Beijing Stock Exchange (BSE) on Monday officially kicked off its first trading day with a turnover of 9.57 billion yuan ($1.5 billion) from a total of 81 listed small and medium-sized enterprises (SMEs). With no price limit on the first day of trading, companies such as Henan Tongxin Transmission surged nearly 500%, while Nantong Great Electric and Hebei Raisesun Information Technology rose more than 200%.


2) JP Morgan filed lawsuit against Tesla for $162 million on breaching contract

JP Morgan Chase filed a lawsuit against electric vehicle giant Tesla for $162 million in a dispute over warrants, claiming that the EV maker has breached the terms of a contract that Tesla was supposed to deliver shares or cash if its share price went above a contractually set “strike price” by a certain expiration date, according to the filing.


3) Biden and Xi kicked off virtual meeting to build relationship

The U.S. President Joe Biden and Chinese President Xi Jinping kicked off a virtual meeting on Tuesday to find a common ground and how they could work together toward climate goals.

The tone in the meeting was positive, according to the report from both representatives.

Biden said that he looked forward to meeting Xi in person, while the Chinese president expressed his readiness to work with President Biden to build consensus and take active steps to move China-US relations forward in a positive direction.


4) Shareholders approved establishment of SCBx

The Extraordinary General Meeting of Shareholders of The Siam Commercial Bank Public Company Limited (SCB) held on November 15, 2021, approved the restructuring plan to establish SCB X Public Company Limited (SCBx) to be a parent company.