According to the Wise News APP, Meidong Auto (01268) fell more than 7%, as of press time, fell 7.63%, reported HKD 2.42, turnover of HKD 23.6383 million.

On the news front, it was reported that recently, some Porsche dealers refused to increase inventory and requested more subsidies from Porsche. Porsche and its China dealers have discussed the complex problems faced by both parties and expressed their joint efforts to effectively respond to market changes. It is understood that the direct reason for the dispute is the decline in Porsche's sales in China. Data show that in Q1 2024, Porsche delivered 77,640 new cars globally, a year-on-year decrease of 4%; during the same period, Porsche delivered 16,340 cars in the Chinese market, a year-on-year decrease of 24%.

According to Morgan Stanley, the boycott movement indicates that dealers' new car business is bottoming out. As the current thin profit margin of new cars mainly reflects on prices, any additional subsidies from auto manufacturers in the short term will bring upward room for profit for dealers. However, achieving sustainable profit recovery still relies on the improvement of the macro economy and consumer sentiment.