Hong Kong Shares Fall on Weak Economic Data, Trade Tensions; Wuhan Youji Surges 27% in Trading Debut

MT Newswires Live06-18

Hong Kong Shares Fall on Weak Economic Data, Trade Tensions; Wuhan Youji Surges 27% in Trading Debut Hong Kong stocks closed slightly lower on Tuesday following disappointing economic data from China ...

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The Hang Seng China Enterprises Index fell by 0.02%, or 1.18 points, to close at 6,373.48.This cautiousness stemmed from recent tensions between the European Union and China regarding trade practices. Investors are also looking towards Beijing for additional stimulus measures to bolster the Chinese economy, following the release of disappointing economic data earlier this week.Despite the slight dip in the market, Hong Kong's trade figures offered some positive signs. Hong Kong's volume of exports rose 7.7% year over year in April while the volume of imports inched up 0.5% during the month, according to data from the city's Census and Statistics Department released Monday.Hong Kong's gross national income rose 9.6% year over year to HK$831 billion in the first quarter while the city's gross domestic product jumped 7.1% year on year to HK$769.7 billion.In corporate news, Wuhan Youji Holdings (HKG:2881) made a stellar trading debut in Hong Kong Tuesday morning as its shares soared nearly 80% at the opening bell and were over 27% high on the market close. The toluene derivatives producer opened at HK$9.88 per share, well above its IPO price of HK$5.50, and closed at HK$7.02. Wuhan Youji raised about HK$25.9 million in net proceeds from its initial public offering.Yip's Chemical (HKG:0408) launched a share buyback program of up to 30 million yuan and fully utilized, will result in the repurchase of 3.57% of total share capital. It will be funded from internal sources. The companyâs shares were up 10% on Tuesdayâs close.Tsui Wah Holdings (HKG:1314) expects a lower profit attributable to the owners of HK$42 million for the fiscal year ended March 31, compared with a profit of HK$60.6 million in the previous year. The companyâs shares were up nearly 8% on Tuesdayâs close.Sichuan Kelun-biotech Biopharmaceutical (HKG:6990) said the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA) approved the investigational new drug application for the innovative drug SKB518. The companyâs shares were up over 4% on Tuesdayâs close.","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2444105085"}