Economic Information Daily, August 29 - With U.S. bond yields remaining high, global stock market sentiment has been affected, leading to a generally weak performance in Asian markets. Although the Hang Seng Index opened slightly higher this morning, it faced selling pressure for most of the early session. After a sharp decline yesterday, A-shares traded weakly and erratically this morning. In the afternoon, both Shanghai and Shenzhen markets turned upward, briefly narrowing the Hang Seng Index's losses to just a few dozen points towards the close. However, the decline widened again towards the end of the session. The Hang Seng Index closed the day at 24,523, down 118 points or 0.5%. Board-wide turnover exceeded HK$184.6 billion. The Hang Seng China Enterprises Index closed at 8,178, down 38 points or 0.5%. The Hang Seng Tech Index closed at 4,249, down 46 points or 1.1%.
China's Ministry of Industry and Information Technology and six other departments yesterday released the '15th Five-Year Plan for the Development of New-Type Batteries'. Shares previously speculated on de-Ningde-era themes retreated, with Geely Automobile (00175) falling 7.4% to HK$14.98, hitting a low not seen in over six months, making it today's biggest decliner among blue chips; NIO (09866) dropped 5.1% to HK$27.
Additionally, automakers' gross margins remained under pressure in August, dragging down other auto stocks. BYD (01211) fell 2.5% to HK$75.75; Li Auto (02015) declined 2.6% to HK$44.54; XPeng (09868) dropped 4.1% to HK$37.5; Leapmotor (09863) fell 3.9% to HK$34.26.
SHEIN (00625) reported an adjusted net profit for the second quarter that plunged 67% year-on-year to US$228 million. SHEIN was heavily sold off throughout the day, closing down 10.7% at HK$31.5.
Four departments in Shanghai jointly introduced six policy measures to support the property market, providing a boost to mainland property developers. Among blue-chip property stocks, Longfor (00960) rose 5.9% to HK$5.77; China Overseas (00688) gained 3.7% to HK$13.37; China Resources Land (01109) advanced 3.4% to HK$30.46; taking the top three spots in blue-chip gains.
Additionally, Vanke Enterprise (02202) rose 11.3% to HK$2.81; Greentown (03900) gained 9.7% to HK$6.7; Sunac China (01918) climbed 8.7% to HK$0.69; Country Garden (02007) advanced 6.7% to HK$0.19.
Akeso (09926) saw its overseas partner Summit receive a proposed US$2 billion investment from AstraZeneca, driving Akeso's shares up 15.5% to close at HK$106.3.
Among today's four new listings, two rose and two fell. Benmof Tech (06731) closed at HK$23.2, 7.4% above its IPO price. Kinwong Electronic (03228) H-shares closed at HK$77.05, 10.3% above its IPO price.
The other two new listings broke below their IPO prices at market open and remained weak throughout the day. RoboSense (03757) H-shares closed at HK$414.4, 5% below its IPO price of HK$436. Tongcheng New Materials (09607) H-shares closed at HK$39.98, 9.1% below its IPO price of HK$44.
The top three most actively traded stocks on the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent (00700), Alibaba (09988), and Xiaomi (01810). Tencent closed at HK$432, down HK$7.8 or 1.8%, with turnover of HK$7.809 billion; Alibaba closed at HK$106.2, down HK$1.5 or 1.4%, with turnover of HK$6.052 billion; Xiaomi closed at HK$25.2, down HK$0.66 or 2.6%, with turnover of HK$3.69 billion. (vs)
China's Ministry of Industry and Information Technology and six other departments yesterday released the '15th Five-Year Plan for the Development of New-Type Batteries'. Shares previously speculated on de-Ningde-era themes retreated, with Geely Automobile (00175) falling 7.4% to HK$14.98, hitting a low not seen in over six months, making it today's biggest decliner among blue chips; NIO (09866) dropped 5.1% to HK$27.
Additionally, automakers' gross margins remained under pressure in August, dragging down other auto stocks. BYD (01211) fell 2.5% to HK$75.75; Li Auto (02015) declined 2.6% to HK$44.54; XPeng (09868) dropped 4.1% to HK$37.5; Leapmotor (09863) fell 3.9% to HK$34.26.
SHEIN (00625) reported an adjusted net profit for the second quarter that plunged 67% year-on-year to US$228 million. SHEIN was heavily sold off throughout the day, closing down 10.7% at HK$31.5.
Four departments in Shanghai jointly introduced six policy measures to support the property market, providing a boost to mainland property developers. Among blue-chip property stocks, Longfor (00960) rose 5.9% to HK$5.77; China Overseas (00688) gained 3.7% to HK$13.37; China Resources Land (01109) advanced 3.4% to HK$30.46; taking the top three spots in blue-chip gains.
Additionally, Vanke Enterprise (02202) rose 11.3% to HK$2.81; Greentown (03900) gained 9.7% to HK$6.7; Sunac China (01918) climbed 8.7% to HK$0.69; Country Garden (02007) advanced 6.7% to HK$0.19.
Akeso (09926) saw its overseas partner Summit receive a proposed US$2 billion investment from AstraZeneca, driving Akeso's shares up 15.5% to close at HK$106.3.
Among today's four new listings, two rose and two fell. Benmof Tech (06731) closed at HK$23.2, 7.4% above its IPO price. Kinwong Electronic (03228) H-shares closed at HK$77.05, 10.3% above its IPO price.
The other two new listings broke below their IPO prices at market open and remained weak throughout the day. RoboSense (03757) H-shares closed at HK$414.4, 5% below its IPO price of HK$436. Tongcheng New Materials (09607) H-shares closed at HK$39.98, 9.1% below its IPO price of HK$44.
The top three most actively traded stocks on the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent (00700), Alibaba (09988), and Xiaomi (01810). Tencent closed at HK$432, down HK$7.8 or 1.8%, with turnover of HK$7.809 billion; Alibaba closed at HK$106.2, down HK$1.5 or 1.4%, with turnover of HK$6.052 billion; Xiaomi closed at HK$25.2, down HK$0.66 or 2.6%, with turnover of HK$3.69 billion. (vs)
