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<H Shrs>HSI Settles Lower by 561 Pts; XIAOMI-W Slumps 6.3%; SUNNY OPTICAL Dives 10%
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Hong Kong stocks tumbled. The HSI ended lower by 561 points or 2.3% at 23,344. The HSCEI fell off 234 points or 2.7%, closing at 8,616. The HSTECH slid 219 points or 3.8%, finishing at 5,517. Total market turnover for the day whopped HKD285.269 billion. XIAOMI-W (01810.HK) announced a top-up placing at a 6.6% discount, raising net proceeds of HKD42.5 billion, with its stock diving 6.3% at close. BYD COMPANY (01211.HK) reported a 34% YoY rise in net profit last year, with the market focusing on its sales targets for this year; its stock cratered 3.5%. BYD ELECTRONIC (00285.HK) saw a 5.5% YoY rise in net profit last year, but brokers noted its gross margin and operating profit missed expectations, leading to a 9.6% slump in its stock price. SUNNY OPTICAL (02382.HK) posted a 1.46-fold YoY surge in net profit last year, yet its stock stumbled 10.1%, with Citi pointing out that its operating profit missed forecasts. MEITUAN-W (03690.HK)’s Core Local Commerce CEO Wang Puzhong stated that the company is developing a native AI product, but its stock plummeted 4.3% at close. BABA-W (09988.HK) Chairman Joe Tsai remarked on signs of a bubble in AI data center construction, leading to declines in related stocks. CHINASOFT INT'L (00354.HK), KINGDEE INT'L (00268.HK) and GDS-SW (09698.HK) dipped over 4%. MEITU (01357.HK), KINGSOFT CLOUD (03896.HK), HUA HONG SEMI (01347.HK) and WEIMOB INC (02013.HK) plunged 5.9-6.8%. Among other techs, TENCENT (00700.HK), NTES-S (09999.HK) and BIDU-SW (09888.HK) subtracted 1.6-2.1%. JD-SW (09618.HK), BABA-W (09988.HK) and KUAISHOU-W (01024.HK) stumbled 3.2-3.8%. BILIBILI-W (09626.HK) lost 4.6%. EAST BUY (01797.HK) extended its share repurchase plan by one year; its stock opened higher but reversed, closing down 4%. COWELL (01415.HK) and AAC TECH (02018.HK) nosedived 5% and 8.3%, respectively. Collaborative robot manufacturer DOBOT (02432.HK) narrowed its full-year loss to RMB95.36 million, with its stock giving back 5.4% in the afternoon, recording a turnover of HKD1.145 billion. AAStocks Financial News |
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