Movement Alert｜China Hongqiao Falls 3.48% in Regular Trading, Aluminum Sector Pullback Compounded by Fading Buyback Support

Market Focus05-28

On May 28, China Hongqiao fell 3.48% in regular trading, trading at HKD 29.38/share, with trading volume of approximately HKD 248 million. The decline reflects a broad aluminum sector retreat combined with the dissipation of buyback-driven buying support.

The company completed the cancellation of 92.376 million repurchased shares on May 20, concluding a large-scale buyback program that cost approximately HKD 3.079 billion at an average price of HKD 33.34 per share between May 6 and May 14. With the program fully executed and shares cancelled, the sustained bid support that had underpinned the stock price has now subsided. Additionally, the company recently completed the issuance of RMB 10.2 billion in convertible bonds, raising market concerns over potential equity dilution.

The broader aluminum sector saw collective weakness, with CHALCO down 4.54%, Chuangxin Industrial down 7.45%, and Nanshan Aluminium International down 3.10%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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