Movement Alert｜ZTE Corporation Falls 3.11% in Regular Trading, Communications Equipment Sector Weakens Again as Prior Rebound Fails to Hold

Market Focus06-23

On June 23, ZTE Corporation fell 3.11% in regular trading, trading at HK$25.16/share, with turnover of HK$108 million. The decline came as the communications equipment sector weakened again following a brief rebound in the prior session, with sector-wide selling pressure dragging down individual stocks.

On the news front, the communications equipment sector resumed its downward trend, with peers Trigiant Group falling 5.98%, Cambridge Industrial Group declining 2.47%, and YOFC dropping 2.24%, indicating the previous trading day's rebound failed to sustain momentum. The sector-wide weakness intensified selling pressure on ZTE. Additionally, the company's Q1 earnings remain an overhang, with net profit attributable to shareholders declining 46.58% year-over-year and non-GAAP net profit falling 52.16%, continuing to weigh on valuation. JPMorgan has also been steadily reducing its holdings in ZTE H-shares, with its stake declining from 7.65% to 6.14%, reflecting a cautious stance from foreign institutional investors.

(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.)

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