FTSE CHINA A50 INDEX FUTURES DOWN OVER 1% AT OPEN

Shenzhen Inovance Technology Co., Ltd. has selected banks for a Hong Kong listing that could raise as much as $2 billion, according to people familiar with the matter. The deal is being arranged by Bank of America Corporation, China International Capital Corporation, Guotai Junan International Holdings Ltd. and Morgan Stanley. The Shenzhen-based industrial robot and automation maker, founded in 2003 and listed in Shenzhen since 2010, has a market capitalization of about 182 billion yuan ($26 billion). It makes automation and robotics systems for industries including plastics, packaging, and steel. The company said in January it was considering a Hong Kong listing, with size and timing still subject to change.

Japan has revised its clean energy vehicle subsidy program, cutting support for BYD Company Limited to 150,000 yen ($936), more than half its previous 350,000–400,000 yen level, according to the Ministry of Economy, Trade and Industry. The changes, effective from April, prioritize automakers using domestically produced batteries. Toyota Motor Corporation’s bZ4X retains the highest subsidy at 1.3 million yen, while Nissan Motor Co., Ltd.’s Ariya will be reduced to 1 million yen from 2027. Subsidies for imported models from Audi and Hyundai Motor are also being reduced, while Tesla, Inc. remains eligible for up to 1.27 million yen. BYD criticized the move as “extremely disappointing.”