Futu News reported on May 24 that the three major indices of Hong Kong stocks fell collectively. At the close, the Hang Seng Index fell 1.38%, the Science Index fell 2.48%, and the National Index fell 1.44%.
By the close, Hong Kong stocks were up 560, down 1,404, and closed at 1,049.
The specific industry performance is as follows:
On the sector side, many shares of TechNet fell, with Bilibili falling more than 11%, Kuaishou falling more than 4%, Xiaomi and Jingdong falling more than 3%, Meituan falling nearly 3%, Tencent and Baidu falling more than 1%, NetEase falling slightly; and Ali rising slightly.
Domestic housing stocks generally fell, with Vanke falling nearly 9%, Sunac China falling nearly 7%, Longhu Group falling more than 5%, China Resources Land falling by more than 3%, and China's overseas development falling by more than 2%.
Auto stocks declined, with NIO falling more than 6%, Xiaopeng Motors falling more than 3%, BYD shares falling nearly 2%, Great Wall Motors and Geely falling more than 1%, and Zero Sports Auto falling slightly.
Biotech stocks declined. Kangfang Biotech fell nearly 23%, BeiGene Shenzhou fell more than 6%, Kingsley Biotech fell nearly 5%, Pharmaceutical Biotech fell more than 3%, and Pharmaceutical Kangde fell more than 2%.
Power stocks generally rose. Huadian International rose more than 6%, Huaneng International and Datang Power rose nearly 4%, China Electric Power rose more than 3%, and China Resources Electric rose nearly 3%.
On the other side, PV stocks, gambling stocks, catering stocks, mobile game stocks, etc. generally declined; petroleum stocks and shipping stocks partially rose.
In terms of individual stocks,$BILIBILI-W (09626.HK)$It fell by more than 11%. First-quarter revenue increased 12% year over year, and net loss increased 21.4% year over year.
$CHINA VANKE (02202.HK)$It fell nearly 9%, and was downgraded by Fitch. The company has made frequent financing moves recently.
$CG SERVICES (06098.HK)$It fell more than 8%, and deep adjustments in the property industry continued. CICC said implied flexibility was relatively limited.
$MOG DIGITECH (01942.HK)$It rose nearly 4% to announce the construction of a data center for the 70 million shopping industry.
$AKESO (09926.HK)$It fell nearly 23%. Kangfang Biotech denied that clinical data fell short of expectations, and the decline narrowed in the afternoon.
$HANG LUNG PPT (00101.HK)$It fell by more than 4%, the capital expenditure cycle dragged down cash flow, and the company's dividend payments may be at risk.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Capital
On the Hong Kong Stock Connect side, today's net inflow of Hong Kong Stock Connect (southbound) was HK$2,517 billion.
Agency Perspectives
CICC: Maintains NetEase -S outperforms the industry rating, with a target price of HK$206
CICC released a research report saying that it maintains$NTES-S (09999.HK)$“Outperform the industry” rating, target price HK$206. The company's 1Q24 revenue also increased 7% to 26.9 billion yuan (game revenue also increased 10%), and non-GAAP net profit also increased 12.5% to 8.5 billion yuan, in line with the bank's expectations. It also announced a 1Q24 dividend of $0.099 per share ($0.495/ADS, dividend ratio of about 30%).
CMB International: Maintaining Xiaomi Group-W Buy Rating and Raising Target Price to HK$25.39
CMB International released a research report stating that it will maintain$XIAOMI-W (01810.HK)$The “buy” rating believes that the increase in the global market share of Xiaomi phones and the continued strong AIoT and overseas internet business will drive the company's growth in FY24-25. The FY24-26EEPS forecast was raised by 12%-16% to reflect strong 1Q24 performance, and the target price was raised to HK$25.39.
Damo: Aobo Holdings was given a “reduced holding” rating, and the target price was raised to HK$2.25
Morgan Stanley released a research report saying that it was raised$SJM HOLDINGS (00880.HK)$The target price of 4.7%, from HK$2.15 to HK$2.25, raised the company's 2025 EBITDA forecast by 2% and the 2026 EBITDA forecast by 2% due to an increase in the midmarket share forecast. However, the rating is “reduced” because although the Shanghai Lisboa Integrated Resort (GLP) hotels are of high quality, performance may be hampered by geographical location, etc.
Edit/Cynthia