Futu News, July 29th - Hong Kong stocks opened high as a whole, and the three major indexes subsequently fluctuated and consolidated. As of the press time, the Hang Seng Index rose 1.08%, the National Index rose 0.95%, and the Science Index rose 0.66%.
As for sectors, network technology stocks rose, Alibaba rose over 4%, Xiaomi Group rose more than 2%, and JD.com rose nearly 2%.
Insurance stocks rose across the board, with AIA up more than 2%, New China Life Insurance, Ping An Insurance, and China Life Insurance up more than 1%.
Mainland banking stocks are doing well, with Jiangxi Bank up more than 3%, Bank of Communications and ICBC up more than 2%, and China CITIC Bank and Agricultural Bank of China up nearly 2%.
Photovoltaic solar stocks fell, with Flat Glass down more than 6%, Xinyi Solar and Xinyi Glass down more than 2%.
Most of the lithium battery sector is weak, with Ganfeng Lithium down more than 5% and Tianqi Lithium Corporation down nearly 4%.
In terms of individual stocks,$EAST BUY (01797.HK)$Once rebounded by more than 7%, and now up more than 3%, the company will continue to promote the development of self-operated products, and is expected to achieve stable operation after public opinion.
$NEW ORIENTAL-S (09901.HK)$Up nearly 4%, institutions stated that the market overreacted to Dong Yuhui's resignation, and the e-commerce business has limited drag on the company.
$Fuyao Glass (03606.HK)$: A wholly-owned subsidiary located in Moraine, Ohio, USA, Fuyao America received an on-site inspection from US government agencies at around 10 a.m. on July 26 local time. Fuyao America is not under investigation. All production and operation of Fuyao America is normal. Affiliated companies, Evergrande New Energy Automobile and Evergrande Smart Automobile, have received notices. Some creditors applied to relevant local courts on July 25, 2024 to apply for bankruptcy reorganization of relevant subsidiaries, which will have a significant impact on our production and operation activities of the company and related subsidiaries. The announcement also stated that discussions about potential equity transfers are still ongoing, but the potential sellers and buyers have not yet entered into a purchase agreement. Due diligence on potential transactions is still pending, including the potential buyer's proof of funds and a comprehensive investigation of the group's assets, liabilities, and operations, etc.Down more than 7%, reports stated that its US factory was raided, and the company clarified that Fuyao America is not the target of the investigation.
$EVERG VEHICLE (00708.HK)$Down nearly 9%, the acquisition of its subsidiary has no substantial progress due to bankruptcy reorganization petition.
$XD INC (02400.HK)$Up nearly 8%, the performance of the new game "Heart's Town" is impressive, and new games are expected to continue to drive growth.
Editor/Lambor