On November 28, 2024, the Hong Kong stock market experienced a decline across the board. The Hang Seng Index (HSI) fell by 1.20%, the Hang Seng China Enterprises Index (HSCEI) dropped by 1.46%, the Hang Seng Tech Index (HSTECH) decreased by 1.52%, and the Hang Seng Composite Index (HSCCI) declined by 1.81%.
In terms of individual stocks, Geely Auto rose by 4.87% after its chairman, Li Shufu, increased his holdings in the company by purchasing 24.2 million shares over two days, raising his stake from 41.19% to 41.40%. This move was supported by a research report from CMB International, which raised its sales forecast for Geely next year by 18% to 2.38 million units, driven by the popularity of its newly launched new energy vehicles. The report also predicted that Geely's new energy vehicle sales would increase by 51% year-on-year to 1.32 million units, accounting for 55% of total sales.
On the other hand, Meituan fell by 2.27% despite expectations of over 20% growth in its third-quarter performance, with significant increases in both revenue and profit. The company's food delivery business performed well, with order volume up 19% year-on-year, and its instant delivery and in-store business showed strong growth momentum.
BYD Company dropped by 2.63% after announcing its investment in Qinghong Electronics to strengthen cooperation in the high-end connector field. Xiaomi fell by 1.59%, Nongfu Spring decreased by 1.99%, Lenovo Group declined by 2.47%, Guotai Junan fell by 1.05%, and Akeso dropped by 5.22% after its drugs Kaitanni and Idafang were included in the latest national medical insurance drug list published by the National Healthcare Security Administration of China.
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