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<H Shrs>HSI Sags 111Pts Midday; XIAOMI-W Dives 3%+; CICC Thrives
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Concluding the morning session, the HSI shed 111 points, or 0.4%, to 25,357; the HSCEI dipped 52 points, or 0.6%, to 8,790; and the HSTECH fell 68 points, or 1.3%, to 5,389. Total turnover for the midday was HK$79.066 billion. XIAOMI-W (01810.HK) plunged 3.1% to close at HK$39.94. Jefferies downgraded Xiaomi from Buy to Hold and lowered its target price to HK$43.36, citing further pressure on profit margins from memory costs. Smartphone component stocks SUNNY OPTICAL (02382.HK), LENS (06613.HK), Q TECH (01478.HK), and COWELL (01415.HK) slid 2.3-3.1%. SENSETIME-W (00020.HK) proposed a share placing at a discount of over 8% to raise net proceeds of HK$3.15 billion. Its share price cratered nearly 3.6% to HK$1.9. MINTH GROUP (00425.HK) partnered with a mainland Chinese robotics company to manufacture general-purpose embodied intelligent robots in Europe. Shares faded 0.5% to HK$29.96. The State Administration for Market Regulation stated that platforms requiring merchants to offer “the lowest price across the entire internet” may constitute a monopoly. BABA-W (09988.HK) and JD-SW (09618.HK) sank 1.6% and 0.5% respectively. In the financial sector, HSBC HOLDINGS (00005.HK) and HKEX (00388.HK) added 0.3%, while AIA (01299.HK) lost 0.2%. CICC (03908.HK) planned a share swap merger with Dongxing Securities and Cinda Securities. CHINA CINDA (01359.HK) was expected to generate revenue of RMB20 billion. Trading in the shares of CICC resumed and the stock rallied 3.6%, while CHINA CINDA slipped 2.2%. AAStocks Financial News |
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