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<H Shrs>HSI Tumbles 103 Pts at Close; KUAISHOU-W Dives 11%+; XPENG-W Retreats 6%
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The HSI retreated 103 points or 0.5% for the day, closing at 19,601. The HSCEI closed down 55 points or 0.8% at 7,034. The HSTECH dropped 54 points or 1.2% to close at 4,358. The total market turnover for the day amounted to $119.268 billion. KUAISHOU-W (01024.HK) dived 11.7% after reporting quarterly adjusted earnings broadly in line with expectations, and the market was concerned about the growth prospects of its e-commerce business. Handset component stocks Q TECH (01478.HK) and BYD ELECTRONIC (00285.HK) swelled 4% and 5% despite a report suggesting that iPhone sales fell by a double digit during China's Double 11 shopping festival. Among other tech stocks, NTES-S (09999.HK) rose 1.4%, while BABA-W (09988.HK), TENCENT (00700.HK), and BIDU-SW (09888.HK) edged down less than 1%. MEITUAN-W (03690.HK) and BILIBILI-W (09626.HK) dropped 1.2% and 1.3%. XIAOMI-W (01810.HK) and JD-SW (09618.HK) climbed less than 1%. In addition, KINGSOFT CLOUD (03896.HK) was speculated higher by 9.3%. TME-SW (01698.HK), NEW ORIENTAL-S (09901.HK), KINGDEE INT'L (00268.HK), and HUA HONG SEMI (01347.HK) advanced 3.4-4.2%. WEIMOB INC (02013.HK) and GDS-SW (09698.HK) lost 4.5% and 7.6%. EASOU TECH (02550.HK) soared 45% for the day, on a turnover of over $1.01 billion. NIO-SW (09866.HK)'s 3Q24 adjusted net loss deepened to RMB4.4 billion, with management targeting profitability by 2026. Its stock price inched down 0.5%. Its peer XPENG-W (09868.HK) tumbled 6%. Second-hand car platform AUTOSTREETS (02443.HK) was speculated higher by almost 40%, on a turnover of nearly $970 million. As for consumer stocks, ALI PICTURES (01060.HK) reported a 27% decline in interim net profit, sinking its stock price by 8.4%. Restaurant stocks JIUMAOJIU (09922.HK) and XIABUXIABU (00520.HK) cratered 5.9% and 7.1% respectively, while CR BEVERAGE (02460.HK) and MIDEA GROUP (00300.HK) waned over 3%. HAICHANG HLDG (02255.HK) introduced a potential strategic investor to subscribe for US$100 million convertible bonds, elevating its stock price by 12.1% to $0.51. AAStocks Financial News |
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