Hong Kong stock market closed higher on Monday. The Hang Seng Index (HSI) rose by 0.77%, the Hang Seng China Enterprises Index (HSCEI) increased by 1.10%, the Hang Seng Tech Index (HSTECH) rose by 0.32%, and the Hang Seng Composite Index (HSCCI) rose by 0.73%.
In terms of sectors, the steel sector saw significant gains, with Chongqing Iron up 10.75%, Maanshan Iron & Steel up 2.61%, and Angang Steel up 7%. The aviation sector also performed well, with Air China up 3.42% and China Eastern Airlines up 3.12%. The education sector saw gains, with New Oriental-S up 3.06%. The tobacco sector also rose, with Smoore International up 5.03%.
BABA-W fell by 1.03%. Alibaba announced plans to issue USD and RMB-denominated notes to repay debt and repurchase shares. S&P assigned an "A+" long-term issue rating to Alibaba's proposed USD and RMB bonds.
Bank of China rose by 4.16%. The former president of Bank of China, Liu Jin, resigned for personal reasons, and the new president, Zhang Hui, took office.
JD-SW rose by 3.62%. The stock opened higher along with the Hang Seng Index and Hang Seng Tech Index, with JD.com experiencing significant gains.
NIO-SW rose by 2.86%. Recently, NIO Capital's associated company, Hubei Yangtze NIO New Energy Investment Management Co., Ltd., underwent business changes, with Sequoia China’s Beijing Sequoia Mingde Equity Investment Center and Kunshan Xinghua Investment Consulting Center withdrawing as shareholders, and the registered capital reduced to RMB 100 million.
Bilibili-W fell by 0.75%. Goldman Sachs released a report stating that Bilibili's third-quarter performance met expectations and achieved breakeven for the first time. Driven by high-margin advertising and gaming businesses, Goldman Sachs expects Bilibili to achieve a net profit margin of 10% to 15% by 2026. Goldman Sachs maintained a "buy" rating on Bilibili and raised the target price from HKD 176 to HKD 180.
Comments