June 20, Friday

High-Level Voices: 
Xi Jinping held a phone call with Vladimir Putin, focusing on exchanging views on the Middle East situation. Xi proposed four points: promoting a ceasefire is the top priority; ensuring civilian safety is of utmost importance; initiating dialogue and negotiations is the fundamental solution; the international community's efforts to promote peace are indispensable.

Overall Sentiment: 
On Monday evening, Iranian state media hinted at a major event, leading markets to speculate about a possible large-scale missile launch. However, it seems the
"missile" hit the A-share market instead.
The median A-share stock fell 1.84%, and H-shares dropped 2%. The national team likely had no contingency plan and did not intervene, resulting in a market rout.
There has been a long-standing push to make the valuation of A-share companies listed in Hong Kong higher than their A-share counterparts. However, yesterday, even Haitong Securities, listed in Hong Kong, broke its issue price.