On November 21, 2024, the Hong Kong stock market opened lower. The Hang Seng Index (HSI) fell by 0.40%, the Hang Seng China Enterprises Index (HSCEI) dropped by 0.42%, the Hang Seng Tech Index (HSTECH) decreased by 0.87%, and the Hang Seng China-Affiliated Corporations Index (HSCCI) declined by 0.45%.
In terms of industry sectors, the blockchain concept stocks in Hong Kong saw a significant rise, with the sector index increasing by 1.95%. The SaaS concept stocks also performed well, with a rise of 1.53%. However, the popular tech stocks in Hong Kong experienced a decline of 0.30%, and the film and entertainment stocks fell by 1.05%.
TENCENT fell by 0.5%. Southbound funds net bought over HKD 5.5 billion on November 20, increasing their holdings in Meituan and Tencent, while reducing their positions in China Merchants Bank and CNOOC.
BABA-W dropped by 1.2%. Alibaba has entered into long-term collaborations with industry peers to broaden payment and logistics services on Taobao and Tmall platforms, which is expected to accelerate overall growth. The growth in Alibaba's Cloud business has also accelerated from the previous quarter.
CHINA MOBILE decreased by 0.35%. As of October 2024, China Mobile's total number of mobile business customers reached 1.004 billion, with a net increase of 300,000 customers this month and a cumulative net increase of 13.277 million customers this year. The number of 5G network customers reached 546 million. The total number of wired broadband business customers reached 315 million, with a net increase of 1.23 million customers this month and a cumulative net increase of 16.588 million customers this year.
KUAISHOU-W plunged by 11%. Kuaishou's Keling AI has undergone more than ten upgrades since its launch in June this year, currently serving over 5 million users and generating approximately 51 million videos and over 150 million images. Kuaishou's Q3 total revenue reached RMB 31.1 billion, with an adjusted net profit of RMB 3.9 billion. The company is optimistic about the future growth of Keling AI's revenue.
XPENG-W fell by 1%. Citigroup has reduced the price target for XPeng from $14.60 per share to $13.70 per share. XPeng's President Brian Gu expects the company to break even sometime later in 2025 and is actively exploring options to address the EU tariff issue. XPeng is also having discussions with dozens of auto players on smart driving collaboration and plans to increase its investment in AI next year.
CGS dropped by 0.7%. China Galaxy Securities completed the issuance of the 12th tranche of short-term financing bonds for 2024 on November 20, with an issuance scale of RMB 2 billion, a term of 92 days, and a coupon rate of 1.89%. The funds raised will be used to supplement the company's working capital.
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