Movement Alert｜China Hongqiao Falls 3.43% in Regular Trading, Aluminum Sector Weakness Persists Amid Goldman Sachs Downgrade and Convertible Bond Dilution Concerns

Market Focus06-22

On June 22, China Hongqiao fell 3.43% in regular trading, trading at 21.6 HKD/share, with turnover of HKD 407 million.

On the news front, the aluminum sector continued its collective sell-off. Goldman Sachs recently downgraded peer Chalco from neutral to sell, slashing its target price from 12.5 to 7.5 HKD, citing expectations of aluminum price declines toward USD 2,350/ton by year-end and a widening global supply surplus. The bearish sentiment has spread across the sector, with Chalco down 3.74%, Chuangxin Industrial down 4.26%, and Nanshan Aluminium International down 2.7%.

Additionally, China Hongqiao's earlier announcement of a convertible bond conversion price reduction from 19.36 to 18.44 HKD per share — potentially issuing up to 126 million new shares — continues to weigh on sentiment due to dilution fears. Meanwhile, the company's HKD 3.079 billion share buyback program has been fully executed, removing a key source of sustained buying support. Citibank, however, reiterated a buy rating with a 48 HKD target price, calling the sell-off overdone.

(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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