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Not surprised. Hang Seng chart tells you the story.

Hong Kong Stocks Tumble as Alibaba’s Scrapping of Logistic Unit IPO Weighs on Sentiment

Alibaba Group Holding has decided to withdraw the IPO for its logistics operation Cainiao in Hong Kong which would have unlocked value for its shareholdersCorporate earnings take central stage this we

Hong Kong Stocks Tumble as Alibaba’s Scrapping of Logistic Unit IPO Weighs on Sentiment

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Hang Seng chart tells you the story.","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/288679740580136","repostId":1153013404,"repostType":2,"repost":{"id":"1153013404","pubTimestamp":1711509037,"share":"https://www.laohu8.com/m/news/1153013404?lang=&edition=full","pubTime":"2024-03-27 11:10","market":"hk","language":"en","title":"Hong Kong Stocks Tumble as Alibaba’s Scrapping of Logistic Unit IPO Weighs on Sentiment","url":"https://stock-news.laohu8.com/highlight/detail?id=1153013404","media":"south china morning post","summary":"Alibaba Group Holding has decided to withdraw the IPO for its logistics operation Cainiao in Hong Kong which would have unlocked value for its shareholdersCorporate earnings take central stage this we","content":"<html><head></head><body><ul style=\"\"><li><p>Alibaba Group Holding has decided to withdraw the IPO for its logistics operation Cainiao in Hong Kong which would have unlocked value for its shareholders</p></li></ul><ul style=\"\"><li><p>Corporate earnings take central stage this week, when 26 companies on the Hang Seng Index are due to post annual results.</p></li></ul><p>Hong Kong stocks slid, taking the market benchmark to near two week lows, as the mood soured after the abrupt cancellation by Alibaba Group Holding of its Hong Kong listing plans for its logistics unit and a warning from electric vehicle maker BYD.</p><p>The Hang Seng Index fell 0.7 per cent to 16,495.6 as of 11.08am local time. The Hang Seng Tech Index dropped 1.7 per cent.</p><p>Alibaba dropped 1.9 per cent to HK$69 after withdrawing the listings application for Cainiao, and instead unveiled plans to buy the remaining shares from the unit’s minority shareholders “to double down on its investment in Cainiao”, given the unit’s “strategic importance”.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/7be3eb30eb7921677006b90c1138b5fc\" tg-width=\"302\" tg-height=\"615\"/></p><p style=\"text-align: start;\">“The company originally wanted to separately list Cainiao in the Hong Kong market to unlock value for Baba shareholders,” said Nomura analysts in a note. “However, management conceded that the challenging capital market made this plan very difficult to implement.”</p><p>Chinese electric-vehicle maker BYD lost 2.9 per cent to HK$209.80 after it cautioned investors about weak consumer spending and a cloudy global outlook. Bloomberg data shows that the fourth quarter profit growth was the slowest since the last quarter of 2021. EV sales have started to slow in the world’s biggest auto market which has triggered a brutal price war, hurting margins of companies.</p><p>Corporate earnings take central stage this week, when 26 companies on the Hang Seng Index are due to post annual results. That will put to test the sustainability of the rebound in local stocks that has been mainly driven by China’s stock market intervention and the expectations around interest-rate cuts by the US Federal Reserve.</p><p style=\"text-align: start;\">Other major Asian markets were broadly higher. Japan’s Nikkei 225 climbed 0.7 per cent and Australia’s S&amp;P/ASX 200 added 0.3 per cent, while South Korea’s Kospi retreated 0.1 per cent.</p><p><br/></p></body></html>","source":"lsy1600132093512","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong Stocks Tumble as Alibaba’s Scrapping of Logistic Unit IPO Weighs on Sentiment</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong Stocks Tumble as Alibaba’s Scrapping of Logistic Unit IPO Weighs on Sentiment\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-27 11:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.scmp.com/business/china-business/article/3256863/hong-kong-stocks-tumble-alibabas-scrapping-logistic-unit-ipo-weighs-sentiment><strong>south china morning post</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Alibaba Group Holding has decided to withdraw the IPO for its logistics operation Cainiao in Hong Kong which would have unlocked value for its shareholdersCorporate earnings take central stage this ...</p>\n\n<a href=\"https://www.scmp.com/business/china-business/article/3256863/hong-kong-stocks-tumble-alibabas-scrapping-logistic-unit-ipo-weighs-sentiment\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","09988":"阿里巴巴-SW","01211":"比亚迪股份"},"source_url":"https://www.scmp.com/business/china-business/article/3256863/hong-kong-stocks-tumble-alibabas-scrapping-logistic-unit-ipo-weighs-sentiment","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153013404","content_text":"Alibaba Group Holding has decided to withdraw the IPO for its logistics operation Cainiao in Hong Kong which would have unlocked value for its shareholdersCorporate earnings take central stage this week, when 26 companies on the Hang Seng Index are due to post annual results.Hong Kong stocks slid, taking the market benchmark to near two week lows, as the mood soured after the abrupt cancellation by Alibaba Group Holding of its Hong Kong listing plans for its logistics unit and a warning from electric vehicle maker BYD.The Hang Seng Index fell 0.7 per cent to 16,495.6 as of 11.08am local time. The Hang Seng Tech Index dropped 1.7 per cent.Alibaba dropped 1.9 per cent to HK$69 after withdrawing the listings application for Cainiao, and instead unveiled plans to buy the remaining shares from the unit’s minority shareholders “to double down on its investment in Cainiao”, given the unit’s “strategic importance”.“The company originally wanted to separately list Cainiao in the Hong Kong market to unlock value for Baba shareholders,” said Nomura analysts in a note. “However, management conceded that the challenging capital market made this plan very difficult to implement.”Chinese electric-vehicle maker BYD lost 2.9 per cent to HK$209.80 after it cautioned investors about weak consumer spending and a cloudy global outlook. Bloomberg data shows that the fourth quarter profit growth was the slowest since the last quarter of 2021. EV sales have started to slow in the world’s biggest auto market which has triggered a brutal price war, hurting margins of companies.Corporate earnings take central stage this week, when 26 companies on the Hang Seng Index are due to post annual results. That will put to test the sustainability of the rebound in local stocks that has been mainly driven by China’s stock market intervention and the expectations around interest-rate cuts by the US Federal Reserve.Other major Asian markets were broadly higher. Japan’s Nikkei 225 climbed 0.7 per cent and Australia’s S&P/ASX 200 added 0.3 per cent, while South Korea’s Kospi retreated 0.1 per cent.","news_type":1},"isVote":1,"tweetType":1,"viewCount":20,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":43,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}