Hong Kong Stocks Close Lower; XPeng Sinks 7%; NIO Drops 4%; Alibaba Falls 3%

On November 14, 2024, the Hong Kong stock market closed lower. The Hang Seng Index (HSI) fell by 1.96%, the Hang Seng China Enterprises Index (HSCEI) dropped by 2.21%, the Hang Seng Tech Index (HSTECH) declined by 3.08%, and the Hang Seng China-Affiliated Corporations Index (HSCCI) decreased by 2.24%.

In terms of industry sectors, the blockchain concept stocks saw a notable increase, with Meitu rising by 5.46% and OKG Tech up by 3.69%. However, the tech stocks were under pressure, with Tencent slightly down by 0.10%, despite the release of its Q3 2024 earnings report which met market expectations. Some institutions raised their target price for Tencent, with the highest target price reaching HKD 573.

Zijin Mining experienced a significant drop of 3.74%. The company reported that its Colombian gold mine was looted by drug cartels, resulting in the loss of 3.2 tons of gold worth USD 200 million. Although the company stated that the impact on its performance was minimal, the news caused a negative reaction in the market.

AIA fell by 1.95%. The company was among the 28 Hong Kong stocks that were repurchased, with AIA, COSCO Shipping Holdings, and Sinopec Corp having the largest repurchase amounts.

Geely Auto declined by 1.00%. The company announced the integration of its Lynk & Co and Zeekr brands, with Zeekr's CEO overseeing the management. The merger is expected to be completed by June next year, with Zeekr acquiring a majority stake in Lynk & Co.

China Resources Beer dropped by 3.88% due to a decline in its Q3 performance, with both revenue and profit decreasing.

China Resources Power fell by 2.00%. The company's subsidiary power plants reported an 8.8% increase in electricity sales for the first 10 months of 2024, with wind and solar power sales increasing by 13.7% and 154.7%, respectively.

China Galaxy Securities saw a slight decrease of 0.13%. Market rumors of a merger between China Galaxy and China International Capital Corporation (CICC) caused fluctuations in their stock prices, despite the companies denying any merger plans.

CICC dropped by 3.42% amid the same merger rumors affecting China Galaxy Securities.