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<H Shrs>HSI Loses 156Pts at Midday; TME-SW Stumbles 12%; CHINA RES MIXC Slips ~6%
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By midday close, the HSI lost 156 points, or 0.6%, at 26,766; the HSCEI dipped 61 points, or 0.6%, to 9,477; and the HSTECH dropped 45 points, or 0.8%, to 5,888. Morning turnover totaled HKD127.082 billion. TME-SW (01698.HK) tumbled 12.1% despite quarterly results beat, as investors eyed on intensifying competition in music streaming and margin pressure from live performances. Its peer NETEASE MUSIC (09899.HK) dived 3.6%. TENCENT (00700.HK), set to report quarterly earnings later in the day, declined 1.1% to HKD649.5. Mainland China’s “Double 11” shopping festival generated approximately RMB1.7 trillion in total e-commerce sales, but e-commerce stocks weakened, with BABA-W (09988.HK) and JD-SW (09618.HK) down 1.2% and 2.2%, respectively. Short-video platform KUAISHOU-W (01024.HK) shed 1.7%. MEITUAN-W (03690.HK) slipped 1.4% despite reporting record-high transaction volume, user orders, and per-user spending on its Meituan Instashopping during the Double 11 period. Other tech names were mixed. XIAOMI-W (01810.HK), NTES-S (09999.HK), and BILIBILI-W (09626.HK) dropped 0.4-1%, while BIDU-SW (09888.HK) lifted 1%. PA GOODDOCTOR (01833.HK) surged 6.5%, and chipmaker SMIC (00981.HK) edged down 0.1%. In the auto sector, BYD COMPANY (01211.HK) and SERES (09927.HK) gained 0.9% and 1.7%, respectively, while CHERY AUTO (09973.HK) slid 3.1%. Battery giant CATL (03750.HK) climbed 4%, while autonomous driving firms WERIDE-W (00800.HK) and PONY-W (02026.HK) tumbled 2.4% and 3.8%. Lithium stocks rallied, with GANFENGLITHIUM (01772.HK) and TIANQI LITHIUM (09696.HK) soaring 11.2% and 9%, respectively, as mainland lithium carbonate futures swelled 3% in morning trade. For Chinese property developers, CHINA RES LAND (01109.HK) reported a 17% YoY shrinkage in contracted sales for the first 10 months and announced a 9.6% discounted placement of shares in CHINA RES MIXC (01209.HK) to raise net proceeds of HKD2.06 billion. CHINA RES MIXC dived 5.9%, while CHINA RES LAND faded 1.4%. AAStocks Financial News |
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