Hong Kong Shares Fall to Near One-Month Low Amid China's Economic Woes; Midea Launches Hong Kong IPO

MT Newswires Live09-09

Hong Kong Shares Fall to Near One-Month Low Amid China's Economic Woes; Midea Launches Hong Kong IPO Hong Kong stocks fell to their lowest level in almost a month reflecting a bearish sentiment driven...

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Midea Launches Hong Kong IPO Hong Kong stocks fell to their lowest level in almost a month reflecting a bearish sentiment driven by weak inflation data in China and a gloomy corporate earnings outlook.The Hang Seng Index fell 1.42%, or 247.34 points, to close Monday's session at 17,196.96, the lowest level since Aug. 15. The Hang Seng China Enterprises Index fell by 1.68%, or 102.63 points, to 6,002.91.Citibank has lowered its Hang Seng Index target by 3% citing corporate earnings outlook and weak consumption, according to the South China Morning Post.China's producer price index (PPI), a key gauge of factory gate prices, fell by 1.8% year-over-year in August, marking the fastest decline in four months. Meanwhile, the consumer price index (CPI), a measure of retail inflation, rose by 0.6% in August, missing analysts' 0.7% forecast.In corporate news, Midea Group (HKG:0300, SHE:000333) launched its initial public offering in Hong Kong Monday, seeking to raise up to HK$27 billion, or about $3.46 billion, in proceeds from the deal.The Chinese appliance maker is offering up to 492,135,100 shares expected to be priced between HK$52 and HK$54.80 per share.Elsewhere, Unity Group Holdings International (HKG:1539) recorded a profit attributable to owners of HK$8.4 million for the year ended March 31, against an attributable loss of HK$25.1 million logged for the corresponding previous fiscal year.  The energy-saving company's shares rose nearly 2% on Monday's 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":"4.29.2","shortVersion":"4.29.2","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/2466522155"}