^HSI - HANG SENG INDEX
| Previous close | 23,301.36 |
| Open | 23,206.75 |
| Volume | 0 |
| Day's range | 22,878.66 - 23,451.78 |
| 52-week range | 21,139.26 - 29,174.92 |
| Avg. volume | 2,323,352,850 |
BloombergHang Seng Indexes Co. CEO on Benchmark Revamp, Dual-Class Shares
May.27 -- Vincent Kwan, chief executive officer at Hang Seng Indexes Co. Ltd., discusses the Hang Seng including dual-class shares in its benchmarks and the overall revamp of the index. He speaks on “Bloomberg Markets: China Open.”
- Financial Times
Hong Kong stocks drop on US threat to special trade status
Hong Kong stocks tumbled as Washington took initial steps toward potentially removing the city’s special trade status. The city’s benchmark Hang Seng index dropped 1.6 per cent as shares elsewhere in the Asia-Pacific region rose following a strong performance on Wall Street. Overnight, US secretary of state Mike Pompeo said the US no longer viewed Hong Kong as autonomous from mainland China.
- Bloomberg
Protests Dwindle, Police Arrest More Than 300: Hong Kong Update
(Bloomberg) -- Small groups of protesters remained on Hong Kong’s streets Wednesday evening, after officers fired pepper spray projectiles and arrested more than 300 people in a return to unrest largely unseen since last year.Hundreds gathered to demonstrate at lunchtime in the central shopping hub Causeway Bay to oppose China’s increasing control over the city, while protesters tried to block roads in the city’s Mong Kong district later in the afternoon. Student groups and trade unions had called for protests to oppose several pieces of China-backed legislation, including a bill that would criminalize disrespect toward the Chinese national anthem and Beijing’s plan to impose sweeping new national security measures.What Are the New Laws China Is Pushing for Hong Kong?: QuickTakeKey Developments:Police arrest upwards of 300 demonstrators WednesdayAnthem bill gets second reading at legislatureOfficers fire pepper-spray projectilesHundreds gather in Causeway Bay, CentralTycoon Li Ka-shing defends security lawHere’s the latest (all times local):Arrests for unlawful assembly in Mong Kok (8:50 p.m.)Police arrested more than 60 people in Hong Kong’s Mong Kok district on unlawful assembly charges, the government said in a statement. Local television reports showed protesters blocking roads and starting small fires, which were quickly doused by the emergency services.Police say hundreds arrested during day of protest (5:30 p.m.)More than 300 people have been arrested for offenses including possession of weapons and participating in unauthorized and illegal assemblies, Hong Kong’s police force said in a Facebook post.Dozens of protesters remain in Causeway Bay (5 p.m.)Most demonstrators had left Hong Kong’s streets as evening fell. Some 100-200 protesters remained chanting in Causeway Bay, while small groups of protesters in the Mong Kok area of Kowloon, a hotbed for past rallies, were chased by police after marching toward them holding umbrellas.Second reading of anthem bill (3 p.m.)The second reading of the national anthem bill was underway in the legislature, after Legislative Council president Andrew Leung dismissed three pro-democracy lawmakers’ proposals to adjourn the meeting. He also ruled out any further adjournment proposals.Taiwan Foreign Minister concerned over China’s actions in Hong Kong (2:20 p.m.)Taiwan is concerned about China’s plans for national security law in Hong Kong, Foreign Minister Joseph Wu said in an interview with Fox News. The Chinese government is taking advantage of the situation while everybody is busy dealing with coronavirus pandemic, Wu said.If China imposes national security legislation in Hong Kong, “we don’t know what’s going to happen next. It might be Taiwan,” he said, adding that Taipei was concerned China might take military action against the democratic island.Protesters on Hennessy Road disperse (1:55 p.m.)Demonstrators who had occupied the central thoroughfare left after police arrived on the scene. Another group of riot officers was seen leaving police headquarters in the direction of the Wan Chai and Causeway Bay areas. Meanwhile, water barricades stood outside the Agricultural Bank of China’s Hong Kong headquarters in Central.Police use pepper spray projectiles in Central (1:30 p.m.)Officers fired pepper spray pellets to the ground to warn lunchtime protesters gathered on Pedder Street in Hong Kong’s Central district, local media reported, close to luxury malls and office buildings. Phalanxes of riot police kept watch on protesters there and outside Hysan Place, a busy shopping center in Causeway Bay.‘There have been concerns today about whether to come out’ (1 p.m.)Hundreds of people demonstrated around Hysan Place and others on Pedder Street, both popular with protesters last year. A 24-year-old woman who identified herself as Ms. Lee and works in the social work industry posted a black banner reading “Hong Kong Independence” at Hysan.“Both the national anthem and the national security laws are white terror to Hong Kong citizens,” she said. “We have seen a lot of pro-democracy activists being arrested in China and I don’t want Hong Kong to turn into this in the future.”“There have been concerns today about whether to come out protesting given the heavy police presence and what the movement can be achieved,” she added. “I think we are a bit lost over what’s the next action can be. But I am here to fight for the independence of Hong Kong, even though I know the chance is low, but I will try my very best till the end.”Police make numerous arrests, discover petrol bombs (12:30 p.m.)Hong Kong’s police force arrested at least 16 people across the city as of 11:30 a.m., according to a statement on Facebook.The suspects were arrested for offenses including possession of weapons and dangerous driving, as protesters had called on people to disrupt traffic on arterial roads and key cross-harbor tunnels by deliberately driving slowly. Three vehicles were also towed away. Police said they also discovered petrol bombs and hammers as part of their morning searches and patrols.Ip says Chinese security agencies to help with intelligence (11:45 a.m.)Chinese national security organizations operating in Hong Kong will have to abide by city laws, but will likely help local law enforcement with intelligence gathering, said Regina Ip, a pro-establishment lawmaker who previously served as Hong Kong’s security secretary between 1998 and 2003.“The Hong Kong administration will have to be consulted, and the people in Hong Kong will have to comply with Hong Kong laws,” said Ip, who is a current member of Hong Kong Chief Executive Carrie Lam’s advisory Executive Council. “If such agencies are to be established, the main responsibilities would be to supplement the deficiencies of our Hong Kong police force, which is in the area of intelligence collection and analysis.”Cheung says he hopes progress will be made on anthem bill (11:30 a.m.)Ahead of a meeting of the city’s Legislative Council, Hong Kong’s No. 2 official, Chief Secretary Matthew Cheung, told reporters he hopes progress will be made on the national anthem bill today, saying the bill has nothing to do with freedoms or human rights.Meanwhile, after being largely shut out from the Legco area by a police security cordon around the city’s legislature, protesters have taken to the Hysan Place shopping mall in Causeway Bay, shouting slogans including “Hong Kong independence, the only way out!”Li Ka-shing defends security legislation (11:19 a.m.)Billionaire Li Ka-shing, Hong Kong’s wealthiest tycoon, has defended China’s dramatic move to implement new national security legislation in Hong Kong.“It is within each and every nation’s sovereign right to address its national security concerns,” he said in a statement. “We probably need not over-interpret it. Hopefully the proposed new law can allay concerns the central government has in Hong Kong and give rise to a positive outlook from there.”He said there’s no need to overthink the legislation, and that the Hong Kong government must try and maintain trust in the “one country, two systems” principle under which China governs the former British colony.Beijing ‘wants to start a precedent,’ Martin Lee says (9:25 a.m.)The move to impose a national security law is part of a broader attempt to establish a legal precedent that would allow Beijing to force more laws on Hong Kong in the future, Martin Lee, a prominent pro-democracy figure who helped draft the city’s constitution, told Bloomberg Television in an interview. That could even include reviving the extradition bill that sparked protests last year, allowing Beijing to take people from Hong Kong and try them in mainland China’s Communist Party-controlled courts, he said.“Beijing wants to legislate for Hong Kong and start a precedent,” he said. “The next thing they could legislate is the extradition bill. Once that is passed, they could come to our courts and present some documents, present some trumped up charges, and we’d be transferred to Beijing.” Lee added that he hoped the international community would take action.“I call this the rape of Hong Kong. They are raping the Hong Kong system,” Lee said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- FX Empire
Midweek Market Drivers: Global Expand Of COVID-19, Situation In Europe, and US-China Tensions
Mid-week market drivers with Dukascopy TV. We’ve got COVID-19 news and numbers, U.S – China tension, and optimism towards the economic.
- Financial Times
Hong Kong/HKEX: future planning
Hong Kong faces its biggest threat yet to its status as Asia’s financial hub. Hong Kong’s exchange operator, unfazed, plans to expand its derivatives business with MSCI. HKEX will start with the launch of 37 futures and options contracts — mostly based on the most important Asian indices but including some emerging markets.
- FX Empire
Asian Shares Mixed as Investors Await US Response to China’s Planned National Security Laws for Hong Kong
U.S. President Trump said that he was preparing to take action against China this week over its effort to impose national security laws on Hong Kong.
- Financial Times
Global stocks shake off concern over US-China tensions
US stocks staged a late rally on Wednesday as hopes of a faster economic recovery overcame concerns over the relationship between the US and China. Wall Street’s S&P 500 finished the day 1.5 per cent higher, closing above 3,000 for the first time in 12 weeks. Other global equity benchmarks also rose, with London’s FTSE 100 gaining 1.3 per cent and the benchmark Euro Stoxx 600 closing 0.2 per cent higher.
- Bloomberg
Stock Rally Tempered by China Tensions; Oil Rises: Markets Wrap
(Bloomberg) -- U.S. stocks rose, but closed sharply off their highs after Bloomberg News reported that the Trump administration is considering sanctions on Chinese officials, threatening to escalate tensions between the world’s two largest economies.The S&P 500 ended up 1.2% at an 11-week high, giving up in the final half hour of trading almost 50% of gains that topped 2%. Stocks had soared earlier as investors poured back into risk assets on speculation the worst of the economic hit from the pandemic has passed. Megacap tech shares in the Nasdaq 100 fell on the day, while chipmakers exposed to China tumbled at the end of the session.Traders spent much of the day pouring into riskier pockets of the market as they played catch-up to a rally that pushed socks higher by as much as 35% from March lows, even as news over the long weekend brought signs of mounting tension with China. That bid faded after the report that the Treasury Department could impose controls on transactions and freeze assets of Chinese officials and businesses for implementing a new national security law that would curtail the rights and freedoms of Hong Kong citizens.Fresh economic data had showed that the easing of lockdown restrictions is boosting economic activity. The contours of the gains, with small-caps and energy shares leading, suggest investors who doubted its staying power are now targeting areas that have lagged behind so far. Large-cap tech shares, the group that lifted stocks from pandemic lows, trailed Tuesday.While economic data is still awful by virtually any historic comparison, a consensus among investors is building that the worst from the pandemic is over, easing fear that the rally was a bear trap destined to come undone. Now they will also contend with an increase in China tension that could threaten trade at a delicate time for the global recovery.Elsewhere, the Stoxx Europe 600 Index advanced, with travel stocks surging on reports that Germany plans to lift travel warnings for 31 European countries. The U.K. also announced steps toward getting back to business, sending the pound up by the most in almost a month.Japan led the equity advance in Asia as the world’s third-largest economy reopened, and shares rose in Hong Kong, which showed signs of stabilizing after weekend unrest. Treasuries slid after the three-day U.S. weekend, alongside Germany’s government debt.While investors’ spirits are being lifted by economic reopenings, there are also mounting signs that coronavirus infection rates are moderating. The Japanese government ended its nationwide state of emergency Monday, while Germany recorded a decline in the number of new virus cases. Signs that more euro area stimulus is on the way is also helping support the appetite for risk.“The narrative for markets is shifting somewhat, with hopes associated with the easing of lockdown measures in many countries and still very exaggerated hopes of a vaccine being found short-term, needing to be balanced against escalating U.S./China tensions,” said Marc Ostwald, chief economist and global strategist at ADM Investor Services.The euro strengthened ahead of negotiations this week on the form of a bloc-wide recovery fund. WTI crude oil advanced to around $34 a barrel on hopes the market may rebalance after historic output cuts.Here are some key events coming up:Earnings continue with companies including British Land, Royal Bank of Canada and HP Inc.Thursday brings the U.S. jobless claims reading for the week ended May 23.Federal Reserve Chairman Jerome Powell participates in a virtual discussion on Friday.These are the main moves in markets:StocksThe S&P 500 Index added 1.2% at 4 p.m. New York time.The Russell 2000 rose 2.8% and the Dow Jones Industrial Average jumped 2.1%The Stoxx Europe 600 Index climbed 1.1%.The MSCI Asia Pacific Index surged 2.3%.The MSCI Emerging Market Index surged 1.8%.CurrenciesThe Bloomberg Dollar Spot Index sank 1%.The euro rose 0.97% to $1.0991.The British pound surged 1.2% to $1.234.The Japanese yen strengthened 0.2% to 107.54 per dollar.BondsThe yield on 10-year Treasuries added threebasis points to 0.69%.Germany’s 10-year yield climbed seven basis points to -0.43%.Britain’s 10-year yield rose four basis point to 0.21%.Japan’s 10-year yield rose one basis point to 0.008%.CommoditiesWest Texas Intermediate crude gained 2.1% to $33.93 a barrel.Gold futures weakened 1.6% to $1,725 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Financial Times
Global stocks push higher on easing virus nerves
Hopes of a quick economic recovery gave a lift to global stocks on Tuesday, taking them to their highest levels since the coronavirus pandemic first took hold in early March. In the US the S&P 500 moved above the 3,000 point level for the first time in nearly three months, though the index pared gains late in the session on renewed concerns about new US tariffs against China. Investors were switching into riskier assets, with travel and leisure stocks leading the gains in response to moves by Germany and Spain to lift their travel restrictions.
- FX Empire
Asian Shares Higher as Investors Focus on the COVID-19 Economic Recovery, Rather than US-China Tensions
Australian shares jumped to their highest value in almost three months. Japan’s Nikkei surged on fresh stimulus speculation.
- Financial Times
Beijing seeks to reassure business over Hong Kong security law
China has sought to reassure international investors that a proposed national security law that critics say gravely threatens Hong Kong’s autonomy would instead improve the business environment in the Asian financial hub. Speaking a day after pro-democracy protesters returned to the streets of Hong Kong following a hiatus during the coronavirus epidemic, Xie Feng, China’s foreign ministry commissioner in Hong Kong, said the proposed legal changes would restore calm following a year of unrest. “The international community can rest assured about the legislation for Hong Kong,” said Mr Xie.
- Financial Times
China seeks to reassure investors rattled over HK security law
China has sought to reassure international investors that a proposed national security law that critics say gravely threatens Hong Kong’s autonomy would instead improve the business environment in the Asian financial hub. Speaking a day after pro-democracy protesters returned to the streets of Hong Kong following a hiatus during the coronavirus outbreak, Xie Feng, China’s foreign ministry commissioner in Hong Kong, said the proposed legal changes would restore calm following a year of unrest. “The legislation will alleviate the great concern among the local and foreign business communities about the violent and terrorist forces attempting to mess up Hong Kong,” said Mr Xie.
- Bloomberg
Hong Kong’s IPO Momentum Is Now Clouded by Political Turmoil
(Bloomberg) -- Hong Kong’s stock exchange was having a good week until Beijing crashed the party.Seen as one of the potential big winners from a bill last week by the U.S. Senate to limit listings of Chinese companies, Hong Kong Exchanges & Clearing Ltd. now faces what could be an even more rocky year than 2019, when political unrest cooled trading and brought revenue growth to a near standstill.The bourse’s shares on Friday had their biggest tumble in a year as investors absorbed Beijing’s proposal to impose security legislation on the semi-autonomous city. Protesters held their biggest rally in months over the weekend, with more demonstrations planned for later in the week. The bill also raises uncertainty over the city’s status as a financial hub, stirring doubts about the prospects of foreign investments and fears of capital flight.The planned crackdown adds peril for Chief Executive Officer Charles Li’s vision for the exchange to become a gateway to China, just as his plan was starting to gain momentum. Li has pushed through a number of changes to lure more of China’s corporate giants to list in the city, away from New York. The U.S. Senate bill unveiled last week was seen as adding further momentum to the push.Before Friday “it was clear that the U.S.-listed Chinese companies could come back and raise funds in Hong Kong,” said Castor Pang, head of research at Core Pacific-Yamaichi International Hong Kong. “Now frankly no one can be so sure.”A spokesman at HKEX declined to comment. Shares of the bourse rose 0.8% as of 10:18 a.m. after falling as much as 1.5%.Reforms over the past years have allowed the exchange to attract Chinese tech behemoth Alibaba Holdings Inc. to do a $13 billion dual listing last year. Companies such as JD.com Inc. and NetEase Inc. are planning to follow suit next month.Further optimism was stoked last week by changes to the city’s benchmark Hang Seng index to include China’s corporate giants and a move by Nasdaq Inc. to clamp down on Chinese listings.The big question now is over the fallout of the Chinese security bill, in particular if it will impact the movement of capital, and any potential U.S. blow back.President Donald Trump said Thursday that the U.S. will “address very strongly” any crackdown, while two senators proposed a bill that would sanction enforcers of the proposed law. The U.S. has also delayed an annual report on Hong Kong’s special status, further threatening the city’s economy.Hong Kong is for now still seen as largely insulated from the U.S.-China turmoil and has the proper legal framework to protect investors’ rights, said Louis Tse, a Hong Kong-based managing director of VC Brokerage Ltd. Maintaining that confidence will be key since the bourse will need major institutional investors in Europe and the U.S. to take part in big IPOs returning from New York, Tse said.“There will be measures to soothe the harm done to the Hong Kong market,” he said. “One doesn’t kill the goose that lays the golden eggs, right?”(Updates with HKEX comment in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Financial Times
Will investors cool on Hong Kong as China takes closer control?
The most unsettling aspect of Friday’s 5.6 per cent plunge in Hong Kong’s Hang Seng index was not its scale or its suddenness but its implications for the coming days and weeks. The drop — the heaviest fall in nearly five years — comes after China said earlier the same day that it planned to introduce a national security law that would target subversion, terrorism and foreign influence. Not only has that model guaranteed Hong Kong’s autonomy, said analysts, but it has underpinned the growth of Asia’s pre-eminent financial centre.
- Zacks
Hong Kong Tensions Sell Indexes Worldwide; Plus DE, FL
Mainland China appears to be turning toward Hong Kong's economic prowess to help the country recover from the lockdown measures that took a hammer to China's GDP over the past several months.
- Financial Times
China looks to set up national security agencies in Hong Kong
China’s national security agencies will set up operations directly in Hong Kong under proposed new subversion laws that critics say pose a grave threat to the territory’s political and legal autonomy. The planned legal changes, unveiled at the National People’s Congress on Friday, the annual session of China’s rubber stamp parliament, would target subversion, terrorism and foreign influence in Hong Kong. “When needed, relevant national security organs of the Central People's Government will set up agencies in [Hong Kong] to fulfil relevant duties to safeguard national security,” said Chinese official Wang Chen in a speech at the NPC, according to Xinhua, China’s state-owned news agency.
- Financial Times
Alibaba/HK law: arbed response
Coronavirus lockdown quietened Hong Kong protests. Beijing’s plans to impose a controversial national security law on the city look set to reignite them. Hong Kong stocks plunged on Friday, including locally-listed ...
- Bloomberg
Hong Kong Stocks Crash on New Concern Over City’s Future
(Bloomberg) -- Beijing finally pulled the trigger on national security legislation for Hong Kong, sowing panic in the city’s $5 trillion stock market.The Hang Seng Index plunged 5.6% by the close on Friday, its biggest loss since July 2015 when a bubble was bursting in Chinese equities. Real estate companies suffered the brunt of the selling, with an industry gauge sinking the most since the global financial crisis, amid concern the city’s uncertain future will spur investors and residents to shift assets overseas.At stake is whether the city can continue to operate effectively as a global financial center once Hong Kong passes laws curbing acts considered against China’s interests, such as sedition and subversion. The legislation was introduced in Beijing on Friday during the annual National People’s Congress, triggering calls in Hong Kong for renewed protests to safeguard local freedoms.The surprise move by the Communist Party also risks exacerbating tensions with the U.S., and destabilizing global markets still reeling from economic fallout of the coronavirus pandemic. U.S. President Donald Trump, when asked about China’s moves, pledged to respond “very strongly.”The stock selloff was widespread in Hong Kong, with more than two-thirds of the Hang Seng index’s 50 members setting new four-week lows on Friday. The MSCI Hong Kong Index was headed for its worst slide since 2008. The gauge, which includes two U.S.-listed shares, was trading at its lowest level since 2008 relative to MSCI Inc.’s global index.Mainland-based investors have been on a 33-week buying spree in Hong Kong, even as the city’s stocks lagged those onshore. They purchased another net $569 million of the shares on Friday -- the most in two months -- undeterred by a 40% surge in the Hang Seng’s version of the VIX Index. Single-day volatility spikes of that magnitude had only happened five times prior in Hong Kong’s stock market.The Hong Kong dollar weakened for a second day after hovering near the strongest it can trade versus the greenback for two months. Signs of nervousness showed in the options market, with volume on Hong Kong dollar derivatives at one point surpassing those on the yen. The currency’s 12-month forward points were set for the highest close since 1999, reflecting increasing demand to hedge against depreciation.The nervousness bled into global markets, with U.S. stock-index futures dropping 0.5% as of 5:36 a.m. New York time and the MSCI Asia Pacific Index slumping 2%. Investors sought safety in the greenback and yen.Hong Kong had failed to pass national security legislation since the U.K. handed the city back to China in 1997. The last time the local government attempted to introduce such laws in 2003 it triggered such widespread protests the bill was shelved.After demonstrations last year over plans to make it easier to extradite residents to mainland China morphed into the worst unrest in decades, Party officials clearly decided the time for patience was over.While the timing may make sense in Beijing, it could hardly come at a worse time for Hong Kong businesses. The economy is in tatters after last year’s protests and the coronavirus squeezed spending and curbed the flow of tourists and business travelers into the city.What seems certain is Hong Kong will continue its transformation into a financial center for Chinese companies to raise funds and do business globally. Intensifying scrutiny from U.S. exchanges is likely to spur a flood of share sales in Hong Kong by mainland companies unworried about national security laws or unrest -- Alibaba Group Holding Ltd. sold shares in the city last November during the height of anti-government protests.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Financial Times
Hong Kong stocks tumble as Beijing says it will impose security law
Hong Kong stocks tumbled on Friday after the Chinese government said it planned to impose national security legislation on the city, in the latest sign of how simmering geopolitical tensions have become a significant concern for investors. The city’s Hang Seng index fell 5.6 per cent due to rising fears that the show of legal force could reignite mass pro-democracy protests in the Asian financial hub and worsen tensions between Washington and Beijing. China’s CSI 300 of Shanghai- and Shenzhen-listed stocks fell by 2.3 per cent.
- FX Empire
Hong Kong Stocks Drop More than 5% as Beijing Pushes Security Law
The move by China drew a warning from U.S. President Donald Trump, who said the United States would react “very strongly” against it.
- Financial Times
Hong Kong stocks dive on China’s plans for security law
Hong Kong’s stock market tumbled after the Chinese government said it planned to impose a national security law on the city in a move that blindsided traders and prompted concerns over the Asian financial hub’s future. The Hang Seng closed 5.6 per cent lower on Friday, marking the index’s worst one-day performance in nearly five years, on investor concerns that Beijing’s show of legal force could reignite mass protests in Hong Kong and further worsen relations between the US and China. The jolt to the market came hours ahead of the opening of the National People’s Congress, China’s annual rubber stamp meeting of lawmakers, on Friday.
- Financial Times
Stocks stumble as investors contend with tension over Hong Kong
Global stocks and crude oil slowed advances made this week as fears over renewed tensions between Washington and Beijing outweighed hopes of more stimulus packages to support the world’s largest economies. Investors sought out havens such as gold and US Treasuries after China moved to assert its authority over Hong Kong with plans to impose a national security law on the territory. The Communist party’s decision earned a sharp rebuke from Washington, where Mike Pompeo, US secretary of state, called the plans a “death knell” for autonomy in the financial hub.
- FX Empire
Asia-Pacific Shares Weaken After WHO Reports Record Rise in COVID-19 Cases
Australia made the deepest dividend cuts globally this year, with more than $6 billion deferred or cancelled
- FX Empire
Alibaba to Enjoy Double Boost this Week?
Alibaba is set to announce its latest quarterly results on May 22.
