BUZZ-Hong Kong-listed ZTE slips on Q3 net profit drop; brokerage downgrades stock

Reuters10-22

** Hong Kong shares of ZTE Corp drop 7.8% to HK$19.40; set to end two consecutive sessions of gains

** Telco and IT solutions co's Q3 net profit down 8.2% Y/Y

** UOB Kay Hian downgrades to "hold" from "buy", saying co's Q3 results were below expectations, with a surprising 3.9% Y/Y fall in rev despite low base

** Brokerage expects domestic telco spending to remain weak through 2025

** ZTE's Shenzhen stock falls 6.1% to 29.78 yuan; set to snap three-session gaining run

** Hang Seng Composite Index on IT firms slips 0.3%, while Hang Seng Tech Index climbs 0.8% and Hang Seng Index gains 0.2%

** YTD, Hong Kong shares add 12.4% and Shenzhen stock gains 13.6%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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