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<H Shrs>HSI Opens Elevating 189 pts; TENCENT Rallies ~5%, as BABA Pressurised
Hong Kong stocks opened higher, led by TENCENT (00700.HK) and Chinese property stocks. HSI opened 189 points or 1% higher at 19,262. HSCEI opened 73 points or 1.1% higher at 6,814....
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<H Shrs>HSI Opens Elevating 189 pts; TENCENT Rallies ~5%, as BABA Pressurised

Hong Kong stocks opened higher, led by TENCENT (00700.HK)  -6.200 (-1.600%)    Short selling $1.26B; Ratio 12.815%   and Chinese property stocks. HSI opened 189 points or 1% higher at 19,262. HSCEI opened 73 points or 1.1% higher at 6,814. HSTECH opened 50 points or 1.2% higher at 4,091.

TENCENT's 1Q24 non-IFRS net profit hiked 54% YoY, beating forecasts, and its shares opened lifting 4.8% at $400. BABA-SW (09988.HK)  -1.400 (-1.907%)    Short selling $628.63M; Ratio 15.054%   's 1Q24 non-GAAP net profit declined 11% as expected. Morgan Stanley commented that BABA's quarterly results reflected a lack of transparency in Taobao Tmall Group's stabilisation timetable, and investors need to be more patient. BABA shares opened descending 4.1% at $79.3.

Related NewsBOCOMI Upgrades XPENG-W (09868.HK) to Neutral, Citing Limited Shr Price Downside
As for other tech stocks, MEITUAN-W (03690.HK)  -3.700 (-3.086%)    Short selling $702.93M; Ratio 14.874%   and BILIBILI-W (09626.HK)  -1.000 (-0.726%)    Short selling $246.80M; Ratio 33.491%   opened rising 3.4% and 2.5%, JD-SW (09618.HK)  -2.900 (-2.580%)    Short selling $393.54M; Ratio 25.649%   and KUAISHOU-W (01024.HK)  -0.150 (-0.303%)    Short selling $419.81M; Ratio 24.266%   opened inclining 0.9%, while NTES-S (09999.HK)  -3.800 (-2.639%)    Short selling $110.19M; Ratio 8.732%   opened dropping 0.4%.

Lin'an, Hangzhou will purchase commercial housing for public rental housing, with each unit not exceeding 70 square metres in size. Mainland real estate stocks YUEXIU PROPERTY (00123.HK)  -0.040 (-0.722%)    Short selling $14.96M; Ratio 24.381%   , CHINA OVERSEAS (00688.HK)  -0.160 (-1.133%)    Short selling $42.32M; Ratio 15.154%   and CHINA RES LAND (01109.HK)  -0.350 (-1.284%)    Short selling $77.54M; Ratio 22.833%   opened 2.5% to 3.4% higher, while LONGFOR GROUP (00960.HK)  -0.120 (-1.054%)    Short selling $122.79M; Ratio 45.494%   opened mounting 6.3%.

China opened a new campaign to improve the penetration of NEVs in rural areas. XPENG-W (09868.HK)  +0.050 (+0.170%)    Short selling $118.27M; Ratio 37.186%   elevated 1.1% at open, while BYD COMPANY (01211.HK)  -1.400 (-0.589%)    Short selling $324.63M; Ratio 22.327%   opened down 0.6% at $221.6. NIO-SW (09866.HK)  -0.600 (-1.752%)    Short selling $55.09M; Ratio 51.008%   lowered 0.1% at open after its new brand Onvo's first EV was pre-sold at about RMB220,000. Deliveries of XIAOMI's SU7 reached 10,000 units, with the target set at 100,000 deliveries this year. XIAOMI shares opened 1.1% up at $20.2.

Related NewsCMBI Suggests 3 Main Investment Lines for CN Dotcoms: Rising Shareholder Return, New Biz, Growth at Reasonable Price
WUXI APPTEC (02359.HK)  -0.550 (-1.774%)    Short selling $6.74M; Ratio 4.849%   opened 2.1% lower, while WUXI BIO (02269.HK)  -0.120 (-1.024%)    Short selling $43.57M; Ratio 11.897%   opened 0.8% higher after a US House of Representatives committee passed the Biosecure Act bill.

SAMSONITE (01910.HK)  +0.500 (+2.075%)    Short selling $94.68M; Ratio 26.954%   's 1Q net profit rose 12.3%, and shares opened crashing 9.5% at $26.1, Citi said the company's 1H revenue was weaker than expected, and the view on full-year revenue guidance is more conservative.

For financial stocks, HSBC HOLDINGS (00005.HK)  -0.350 (-0.511%)    Short selling $484.61M; Ratio 42.684%   opened 0.6% higher at $69.35, HKEX (00388.HK)  -5.800 (-2.204%)    Short selling $175.05M; Ratio 14.820%   opened 1% higher at $287.2, AIA (01299.HK)  -0.150 (-0.268%)    Short selling $257.24M; Ratio 14.157%   opened flat at $62.9. PING AN (02318.HK)  -0.600 (-1.604%)    Short selling $309.89M; Ratio 26.652%   opened rising 1.6% after its premium income grew 2.4% in the first four months. CHINA LIFE (02628.HK)  -0.100 (-0.879%)    Short selling $96.21M; Ratio 24.572%   opened escalating 1.5%.

Related NewsHSBC Global Research: MEITUAN Organisation Changes to Boost Cross-sales & Transaction Frequency; No CB Issue Plans
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-21 16:25.)

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