The Hang Seng Technology Index expanded to 3%, Xiaomi Group rose more than 9%, and Kuaishou rose more than 8%.
Market news: Xiaomi is negotiating to use Great Wall Motor’s factory to produce electric cars and may announce a partnership as soon as next week.
Xiaomi responded to the rumors that Great Wall will join hands to build electric cars: All are subject to the announcement.
UBS released a research report, slightly raising the target price of Kuaishou from HK$430 to HK$432, with a “buy” rating.
According to the report, the bank maintains its first choice in the online media industry, as its e-commerce and advertising business outlook has become more positive, especially after its strong revenue performance in the fourth quarter of last year.
The bank expects that the company's revenue from other services will be driven by e-commerce and is expected to increase by 224% this year, and the merchandise turnover (GMV) is expected to increase by 87.4% year-on-year to 714.2 billion yuan. The company's advertising revenue this year is expected to increase by 95% year-on-year, and product transformation is expected to increase traffic and cooperate with advertising to monetize.