Hong Kong Stocks Close in Red After Short-Term China Rate Cut

MT Newswires Live09-23

Hong Kong stocks closed in red on Monday even as China cut the 14-day reverse repurchase interest rate.

The Hang Seng Index fell 0.06%, or 11.46 points, to close Monday's session at 18,247.11. The Hang Seng China Enterprises Index rose by 0.12%, or 7.58 points, to close at 6,389.08.

The People's Bank of China reduced the 14-day reverse repurchase rate by 10 basis points to 1.85% and pumped more liquidity into the financial system on Monday, triggering expectations that China will introduce more stimulus to strengthen investor confidence.

In corporate news, Carote (HKG:2549) launched its initial public offering in Hong Kong on Monday, seeking to raise up to HK$750.6 million. The kitchenware company is offering 129,864,500 shares at HK$5.72 to HK$5.78 apiece. The issuer expects to determine its offer price on Sept. 27 and disclose the allocations on Sept. 30. It will then start trading on the Hong Kong bourse on Oct. 2.

China Ever Grand Financial Leasing (HKG:0379) unit Livingzone (Shanghai) Bio-Chem Technology will sell a property in China to Shanghai Bio-lu Biomaterials for over 6.9 million yuan. The company's shares plummeted nearly 13% on Monday's close.

Landsea Green Management's (HKG:0106) subsidiary Landsea Holdings failed to meet certain financial covenants and ratios under a loan agreement dated June 7, 2022, which constituted events of default, entitling the lender to take over the pledged 3,225,578 shares of the US-listed subsidiary of the group, Landsea Homes. The company's shares fell over 7% on Monday's close.

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