Movement Alert｜China Hongqiao Falls 3.28% in Regular Trading, Aluminum Sector Under Pressure from Goldman Sachs Downgrade and Convertible Bond Dilution Concerns

Market Focus06-18

On June 18, China Hongqiao fell 3.28% in regular trading, trading at 22.94 HKD/share, with turnover of HKD 605 million.

On the news front, the aluminum sector continued its collective decline following Goldman Sachs' downgrade of Chalco (H-shares) from neutral to sell, with the target price slashed from 12.5 HKD to 7.5 HKD. Goldman Sachs forecasts aluminum prices will continue to retreat, citing expectations of China's electrolytic aluminum capacity reaching 48 million tonnes and faster-than-expected Middle Eastern production recovery. Industry peers Chalco fell 2.27%, Chuangxin Industrial dropped 3.97%, and Rusal declined 0.86%.

Additionally, concerns persist over equity dilution from the company's convertible bonds, with the conversion price previously adjusted down from 19.36 HKD to 18.44 HKD per share, potentially issuing up to 126 million new shares upon full conversion. The completion of the company's approximately HKD 3.079 billion share buyback program has also removed a key source of sustained buying support.

(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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