Hong Kong stock market opened slightly higher. The Hang Seng Index (HSI) rose by 0.35%, the Hang Seng China Enterprises Index (HSCEI) increased by 0.34%, the Hang Seng Tech Index (HSTECH) climbed by 0.51%, and the Hang Seng Composite Index (HSCCI) went up by 0.14%.
BIDU-SW dropped by 7.8%. Baidu released its Q3 2024 financial report, showing a net profit decline of 19% to 5.886 billion RMB and a total revenue decrease of 2.58% to 33.557 billion RMB. Despite the overall revenue decline, Baidu's core revenue reached 26.5 billion RMB, and the net profit attributable to Baidu Core was 7.54 billion RMB, a year-on-year increase of 17%, exceeding market expectations. The report also highlighted that the daily call volume of the Wenxin large model reached 1.5 billion times in November, a 30-fold increase compared to Q4 last year.
TRIP.COM-S rose by 2.09%. The company did not release any specific news, but the stock showed a significant increase in the market.
BABA-W saw a decline of 0.95%. Alibaba Group announced plans to integrate its e-commerce platforms into a unified entity called the Alibaba E-commerce Business Group. This restructuring move will merge Alibaba's Chinese e-commerce platforms, including Taobao and Tmall, with its international businesses such as Lazada and AliExpress. The integration aims to streamline operations, enhance efficiency, and strengthen Alibaba's competitive edge in the global e-commerce landscape. Despite the announcement, Alibaba's share price remained steady during premarket trading.
XIAOMI-W rose by 0.36%. Xiaomi plans to launch its second pure electric SUV model in February or March next year. Additionally, Xiaomi's manufacturing fund and 18 other shareholders have invested in Chiplink Technology, increasing its registered capital to approximately 660 million RMB. Chiplink Technology is a provider of one-stop system solutions for automotive-grade silicon carbide manufacturing and module packaging.
MIDEA GROUP increased by 0.82%. The company received multiple utility model patent authorizations, including patents for "salt valve, salt tank, and water softener," "valve seat, control valve, and water softener," and "filter element assembly and water purification device." This year, Midea Group has obtained 2,654 new patent authorizations, an increase of 19.33% compared to the same period last year.
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