Hong Kong Stocks Open Higher, Li Auto Rises 2.2%

Market Watcher10-31

On October 31, 2024, the Hong Kong stock market opened higher. The Hang Seng Index (HSI) rose by 0.16%, the Hang Seng Tech Index (HSTECH) climbed by 0.30%.

Among individual stocks, GEELY AUTO fell by 0.83%. Geely Holding Group's CEO and Lotus Group Chairman, Li Donghui, emphasized the company's significant initiatives in globalization, green sustainable development, and the automotive industry at the "Pioneers' Journey" 2024 China Enterprises High-Quality Overseas Forum.

DONGYUE GROUP saw a rise of 2.03%, while KINGDEE INT'L dropped by 1.10%. BYD ELECTRONIC decreased by 1.45%, and CHINA EAST AIR fell by 1.34%.

PETROCHINA increased by 1.04%, and CHINA LONGYUAN surged by 3.27%. CCB rose by 1.01%, with China Construction Bank reporting operating income of 552.347 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.2%, while net profit attributable to shareholders increased by 0.13% to 255.776 billion yuan.

GOLDWIND increased by 2.30%, and MENGNIU DAIRY climbed by 2.26%. CONCORD HC GP saw a rise of 2.87%.

In the financial sector, ICBC rose by 1.30%. Industrial and Commercial Bank of China (ICBC) reported a net profit of 98.6 billion yuan in the third quarter, a 3.8% increase compared to the previous year. Earnings per share also rose by 4.2% to 0.25 yuan. Despite a slight decrease in net interest income, ICBC's profit was boosted by trading and investment gains. The company's Hong Kong shares closed slightly lower. Overall, ICBC's strong financial performance in Q3 reflects its resilience and ability to navigate challenging market conditions.

CHINA LIFE increased by 1.10%. Cai Xiliang was elected as the chairman of China Life, which reported a significant growth in its performance for the first three quarters of 2024. The company's net profit exceeded 100 billion yuan, a year-on-year increase of 173.9%, with total premiums surpassing 600 billion yuan, up by 5.1%. The value of new business grew by 25.1%.

XINYI SOLAR gained 3.12%, BILIBILI-W saw a rise of 2.49%, GCL TECH rose by 2.41%, LI AUTO-W rose by 2.21%, JD-SW rose 0.6%, BABA-W fell 0.5%.

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