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港股午评 | 恒指跌逾400点,美团、小米跌超4%

Hong Kong Stock Afternoon Review | The Hang Seng Index fell more than 400 points, and Meituan and Xiaomi fell more than 4%

富途资讯 ·  Sep 24, 2020 12:09  · Exclusive

Hong Kong stocks as a whole opened low in the morning. By the half-day close, the Hang Seng Index was down 1.78% at 23319 points, the National Index was down 1.78% at 9388 points, the main board turnover was HK $63.5 billion, and the Hang Seng Technology Index was down 3.02% at 7077.98 points.

Plate aspectTechnology stocks fell almost across the board, Weimeng fell more than 5%, Meituan Dianping, XIAOMI Group, New Oriental Education & Technology Group online fell more than 4%, BABA, JD.com, Tencent, NetEase, Inc and other large technology stocks all fell more than 1%.

Blue chips generally fell, Wuxi Biologics concussion lower, closed down 6.01% at midday, China Life Insurance Company Limited, AAC Technologies Holdings Inc. fell more than 3%, Hang Seng Bank, HSBC Holdings PLC and so on fell more than 2%.

Apple Inc's concept stock fell, Fuzhikang Group fell by more than 6%, BYD Electronic fell by 5.62%, and Qiu Ti Technology fell by more than 3%. Apple Inc's shares fell more than 4 per cent to $107.12 overnight. UBS downgraded Apple Inc to neutral from buy and raised its target price from $106to $115. analysts believe the company's growth trajectory is "unsustainable" and its share price already reflects growth since the 5G cycle. Analysts expect a "significant decline" in revenue from services related to iPhone sales and say re-acceleration is crucial to driving market growth.

Hong Kong aviation stocks fell, Air China Limited and China Southern Airlines fell more than 3%, China China Eastern Airlines Corp Ltd shares fell more than 2%, Meilan Airport fell more than 4%.

Affected by the continued decline in gold prices, Hong Kong gold stocks fell collectively, China Gold International fell by more than 7%, Zijin Mining Group fell by more than 4%, and Zhaojin Mining fell by more than 1%. The dollar index has strengthened for four consecutive days, closing at 94.3685 yesterday, its highest level since July 27. A stronger dollar sent gold and silver prices lower, with overnight London gold closing down 1.97 per cent at $1862.4, the third consecutive day of losses and its lowest level since July 23. Loco-London silver fell as low as $21.655 today, its lowest level since July 23.

The concept of photovoltaic is hot. At one point, Flat Glass Group rose by more than 4% and approached its previous high. At midday, it closed up 1.55%, and solar energy rose more than 47%. Solar manufacturers are expected to accelerate capacity expansion to prepare for a surge in solar demand in the future, Daiwa reported. In view of the potential growth in demand, Daiwa expects Flat Glass Group to accelerate the expansion and the company's effective glass capacity is expected to reach 11545 tons per day in 2022, 3.4 per cent higher than the bank's previous forecast of 11170 tons per day. Yesterday, SPI Energy Co Ltd, the US photovoltaic concept stock, was violently cut (entering the electric car industry). It soared 4000% in intraday trading, and the turnover rate was as high as 3800%.

Individual stocks$JS Global Lifestyle Company Limited (01691.HK) $It was down more than 11% in intraday trading and narrowed to about 7.61% at midday. JS Global Lifestyle Company Limited announced this morning that the company placed 76.458 million shares through the old-to-new approach at a placing price of HK $14.12 each, a discount of about 11.97 per cent from yesterday's closing price. The total proceeds from the subscription are expected to be about HK $1.0796 billion and the net proceeds from the subscription are expected to be about HK $1.0704 billion. The Company intends to use the net proceeds from the subscription to repay revolving credit financing and / or as general working capital.

Bank of East Asia (00023.HK) $It fell more than 9%, reaching a four-month low. The Bank of East Asia announced a few days ago that it has now completed a comprehensive strategic review of its business and portfolio. As an immediate result of the strategic review, it was decided to initiate the process of selling East Asia Life Insurance Company Limited. UBS said the amount of assets sold by the bank of east Asia was below the market level, maintaining its target price of HK $11.7, down nearly 20% from the current price. The stock's share price has been falling recently, falling more than 20% in the past month.

$Ganfeng Lithium (01772.HK) $It continued to weaken, falling by more than 4%. Tesla, Inc. 's much-anticipated "Battery Day" failed to meet Wall Street's expectations. Musk said that the design and manufacturing process of the new battery has not yet been fully completed and that it will take three years for the new battery to go into full production. Analysts said that while Mr Musk described impressive technological and manufacturing innovations, Tesla, Inc. 's valuation already reflected his ability to upend the traditional car industry and that the much-anticipated battery show lacked surprises.

$Huazhu Group Limited-S (01179.HK) $It rose by 2.92% against the trend. Goldman Sachs Group said in a report yesterday that in the short term, due to the robust recovery in domestic tourism, the average revenue per rentable room in Huazhu Group Limited's hotels is expected to continue to narrow by the end of the year and is likely to record greater growth in 2021. In the medium term, the stabilization of the market is also beneficial to the international brand portfolio. In the long run, the bank believes Huazhu Group Limited will benefit from strong brand, franchise, customer mix growth and high usage, and expects to own more than 10, 000 hotels in 2022. First given Huazhu Group Limited-S "buy" rating, with a target price of HK $380.

$first Holdings Group (01269.HK) $At one point, it rose more than 12%, and closed up 7.84% at midday. On 23 September, the company entered into a memorandum of understanding with the Purchaser Great Wall Huili Securities Limited indicating their intention to enter into a formal agreement within the exclusive period for the possible sale of 50% or more of the equity interest in the target company, first controlled Securities Limited. The target company is a limited company incorporated in Hong Kong and is an indirect wholly-owned subsidiary of the company, mainly engaged in securities trading and underwriting. As at the date of the announcement, all the shares of the target company are wholly owned by the first Financial Holdings, while the first Financial Holdings are wholly owned by the company.

Edit / lydia, allen

The translation is provided by third-party software.


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