Hong Kong Stocks End Flat in Negative Territory; Qiniu Stocks Plummet 56% on Trading Debut

MT Newswires Live10-16

Hong Kong stocks fell marginally on Wednesday, improving from substantial losses, as market sentiment remained jittery and investors held on to the hope of receiving clarity regarding China's recent stimulus measures.

The Hang Seng Index fell slightly to finish the session at 20,286.85. The Hang Seng China Enterprises Index saw a minor decrease at 7,267.98.

The housing ministry is holding a press conference on Thursday, at which investors are counting on the announcement of more details on how the support policy measures will be implemented, according to an SCMP report.

Property stocks soared in anticipation of more support for the sector. Sunac China (HKG:1918), China Vanke (HKG:2202, SHE:000002) and Longfor Group (HKG:0960) surged 40%, 19%, and 8%, respectively.

John Lee Ka-chiu, Hong Kong's chief executive, also announced a number of supportive policy measures across various sectors at his policy address on Wednesday, the SCMP report said.

The government is planning to ease mortgage restrictions, invest in technology innovations, and reintroduce support initiatives for SMEs via a government-sponsored loan program, among other endeavors.

In corporate news, cloud and data services company Qiniu (HKG:2567) made a weak trading debut on the Hong Kong bourse today, closing the day's trade at HK$1.2 per share, down 56% from its IPO price of HK$2.75 per share.

Robotics company Horizon Robotics (HKG:9660) also launched its initial public offering in Hong Kong, looking to raise up to HK$5.41 billion from an offering of 1,355,106,600 shares for between HK$3.73 to HK$3.99 apiece.

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