Hong Kong stock market closed lower on Thursday. The Hang Seng Index (HSI) fell by 0.53%, the Hang Seng China Enterprises Index (HSCEI) dropped by 0.79%, the Hang Seng Tech Index (HSTECH) decreased by 1.24%, and the Hang Seng China-Affiliated Corporations Index (HSCCI) declined by 0.39%.
In terms of sector performance, the Hong Kong education sector saw a notable increase, with stocks such as New Oriental-S rising by 3.37% and Beststudy Education up by 3.66%. The Apple concept stocks also performed well, with BYD Electronic gaining 4.96%. However, the property management sector experienced significant declines, with Sunac falling by 9.20%.
Kuaishou-W experienced a significant drop of 11.70% after announcing its third-quarter results, which showed a 120.3% year-on-year increase in adjusted net profit. Despite the revenue growth of 11.4% and net profit growth of 24.4%, the performance of Kuaishou's e-commerce and live streaming businesses was disappointing, and the commercialization level of its AI business was insufficient.
Boyaa Interactive surged by 16.76% as Bitcoin prices broke the $95,000 mark, reaching a new all-time high. Boyaa Interactive reported a revenue of RMB 318 million for the nine months ending September 30, 2024, an 8.1% increase year-on-year. The company's net profit attributable to shareholders increased by 149.4% to RMB 212 million, driven by an increase in user numbers and successful hosting of the BPT brand series events.
Kingsoft Cloud rose by 9.27% after announcing its third-quarter financial results, which showed a 16% year-on-year increase in revenue and a return to profitability for the first time. This boosted market confidence in the company's long-term development prospects.
GCL Tech saw a 3.47% decline despite a 6.25% intraday surge, benefiting from policy adjustments in the photovoltaic industry and expectations of capacity clearing. The Ministry of Industry and Information Technology revised the photovoltaic manufacturing industry norms and interim measures for the management of photovoltaic manufacturing industry norms announcements, guiding photovoltaic enterprises to reduce projects that simply expand capacity and stipulating a minimum capital ratio of 30% for new and expanded photovoltaic manufacturing projects. As a leading company in the industry, GCL Tech is expected to benefit from this, accelerating the concentration of the industry and benefiting the company's long-term development.
Laekna-B plummeted by 15.39% after announcing a placement of 17.636 million shares at a price of HKD 13.36 per share, a 15.01% discount to the closing price on November 20, raising HKD 235.62 million. The net proceeds of HKD 230.3 million are expected to be fully utilized by December 31, 2026, to accelerate the development of LAE102 and other drug assets targeting the ActRII receptor.
