<Alert>SHENZHEN INVEST Cautions of Potential Interim Loss of Up to HKD2.7B Due to Impairment on ROAD KING INFRA
Financial Performance: Shenzhen Invest (00604.HK) anticipates an unaudited consolidated net loss of approximately HKD2.5-2.7 billion for the six months ending June 30, 2025, a significant increase from last year's loss of around HKD1.1 billion.
Impairment Loss Impact: The expected rise in net loss is largely attributed to a substantial impairment loss on its interest in ROAD KING INFRA (01098.HK) and an increased share of loss from this investment.
Future Outlook: Despite the anticipated losses, sufficient provisions for impairment losses on the long-term equity investment in ROAD KING INFRA are expected to mitigate significant negative impacts on Shenzhen Invest's performance moving forward.
Market Data: As of August 22, 2025, short selling activity for Shenzhen Invest was reported at $3.33 million with a ratio of 16.914%.
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Citi's Ratings and Target Prices for Chinese Developers (Table)
Citi's Ratings for Chinese Property Developers: Citi has provided investment ratings and target prices for various Chinese property developers, with ratings ranging from "Buy" to "Sell/High Risk" based on their performance and short selling ratios.
Target Prices Overview: Target prices for selected developers include Agile Group at HKD 0.53, C&D International Group at HKD 22.5, and China Overseas at HKD 17.2, reflecting varying levels of investor confidence.
Citi's Ratings for Brokerage Platforms: The investment ratings for Chinese brokerage platforms and project managers also indicate a "Buy" recommendation for companies like KE Holdings and Greentown Management, with target prices set at USD 22.6 and HKD 3.45, respectively.
Market Reactions and Short Selling: The report highlights significant short selling activity across various stocks, indicating market volatility and investor caution, particularly in the context of the Chinese real estate sector.
Citi's Ratings and Target Prices for Chinese Developers (Table)
Stock Performance Overview: Various Hong Kong stocks showed mixed performance, with Agile Group and C&D International Group experiencing slight gains, while CIFI Hold GP and China Jinmao saw declines.
Investment Ratings: Investment ratings varied across companies, with several stocks like C&D International Group and China Overseas rated as "Buy," while others like CIFI Hold GP and Country Garden were rated as "Sell (High Risk)."
Short Selling Activity: Significant short selling activity was noted, particularly in stocks like KE Holdings and C&D International Group, indicating investor caution or bearish sentiment.
Market Insights: JPMorgan highlighted that mortgage subsidies alone may not be enough to revitalize the Chinese property market, suggesting a need for broader measures to attract investor confidence.
Shenzhen Reports Total Contract Sales of RMB 9.838 Billion in 1-3Q, Marking a 24% Year-on-Year Increase
Third Quarter Performance: In Q3 2025, SHENZHEN INVEST reported unaudited contracted sales of approximately RMB3.025 billion, covering a sales area of about 128,700 square meters.
Year-to-Date Growth: For the first three quarters of 2025, total unaudited contracted sales reached approximately RMB9.838 billion, marking a 24% year-over-year increase, with a total sales area of about 428,200 square meters, up 36.3% YoY.
Average Price per Square Meter: The average price per square meter for the contracted sales was approximately RMB22,973.
Short Selling Data: As of November 3, 2025, short selling amounted to $899.62K with a ratio of 3.051%.
HSBC Research Updates Ratings and Target Prices for Chinese Developers (Table)
Stock Performance Overview: Various Hong Kong stocks showed mixed performance, with Agile Group and Greentown China experiencing declines, while Shenzhen Invest saw an increase.
Short Selling Activity: Significant short selling was noted in several companies, including China Overseas and China Res Land, with ratios indicating a high level of investor skepticism.
Analyst Ratings: Analysts have assigned "Hold" ratings to several companies like Agile Group and China Vanke, while C&D International Group and China Res Land received "Buy" ratings.
Market Forecast Adjustments: Morgan Stanley has lowered sales forecasts for China Vanke, adjusting the target price to HK$4.28, reflecting a cautious outlook on the company's performance.
<Alert>SHENZHEN INVEST Cautions of Potential Interim Loss of Up to HKD2.7B Due to Impairment on ROAD KING INFRA
Financial Performance: Shenzhen Invest (00604.HK) anticipates an unaudited consolidated net loss of approximately HKD2.5-2.7 billion for the six months ending June 30, 2025, a significant increase from last year's loss of around HKD1.1 billion.
Impairment Loss Impact: The expected rise in net loss is largely attributed to a substantial impairment loss on its interest in ROAD KING INFRA (01098.HK) and an increased share of loss from this investment.
Future Outlook: Despite the anticipated losses, sufficient provisions for impairment losses on the long-term equity investment in ROAD KING INFRA are expected to mitigate significant negative impacts on Shenzhen Invest's performance moving forward.
Market Data: As of August 22, 2025, short selling activity for Shenzhen Invest was reported at $3.33 million with a ratio of 16.914%.
Citi's Ratings and Target Prices for Chinese Developers (Table)
Citi's Ratings for Chinese Property Developers: Citi has provided investment ratings and target prices for various Chinese property developers, with ratings ranging from "Buy" to "Sell/High Risk" based on their performance and short selling ratios.
Target Prices Overview: Target prices for selected developers include Agile Group at HKD 0.53, C&D International Group at HKD 22.5, and China Overseas at HKD 17.2, reflecting varying levels of investor confidence.
Citi's Ratings for Brokerage Platforms: The investment ratings for Chinese brokerage platforms and project managers also indicate a "Buy" recommendation for companies like KE Holdings and Greentown Management, with target prices set at USD 22.6 and HKD 3.45, respectively.
Market Reactions and Short Selling: The report highlights significant short selling activity across various stocks, indicating market volatility and investor caution, particularly in the context of the Chinese real estate sector.
Citi's Ratings and Target Prices for Chinese Developers (Table)
Stock Performance Overview: Various Hong Kong stocks showed mixed performance, with Agile Group and C&D International Group experiencing slight gains, while CIFI Hold GP and China Jinmao saw declines.
Investment Ratings: Investment ratings varied across companies, with several stocks like C&D International Group and China Overseas rated as "Buy," while others like CIFI Hold GP and Country Garden were rated as "Sell (High Risk)."
Short Selling Activity: Significant short selling activity was noted, particularly in stocks like KE Holdings and C&D International Group, indicating investor caution or bearish sentiment.
Market Insights: JPMorgan highlighted that mortgage subsidies alone may not be enough to revitalize the Chinese property market, suggesting a need for broader measures to attract investor confidence.
Shenzhen Reports Total Contract Sales of RMB 9.838 Billion in 1-3Q, Marking a 24% Year-on-Year Increase
Third Quarter Performance: In Q3 2025, SHENZHEN INVEST reported unaudited contracted sales of approximately RMB3.025 billion, covering a sales area of about 128,700 square meters.
Year-to-Date Growth: For the first three quarters of 2025, total unaudited contracted sales reached approximately RMB9.838 billion, marking a 24% year-over-year increase, with a total sales area of about 428,200 square meters, up 36.3% YoY.
Average Price per Square Meter: The average price per square meter for the contracted sales was approximately RMB22,973.
Short Selling Data: As of November 3, 2025, short selling amounted to $899.62K with a ratio of 3.051%.
HSBC Research Updates Ratings and Target Prices for Chinese Developers (Table)
Stock Performance Overview: Various Hong Kong stocks showed mixed performance, with Agile Group and Greentown China experiencing declines, while Shenzhen Invest saw an increase.
Short Selling Activity: Significant short selling was noted in several companies, including China Overseas and China Res Land, with ratios indicating a high level of investor skepticism.
Analyst Ratings: Analysts have assigned "Hold" ratings to several companies like Agile Group and China Vanke, while C&D International Group and China Res Land received "Buy" ratings.
Market Forecast Adjustments: Morgan Stanley has lowered sales forecasts for China Vanke, adjusting the target price to HK$4.28, reflecting a cautious outlook on the company's performance.
<Alert>SHENZHEN INVEST Cautions of Potential Interim Loss of Up to HKD2.7B Due to Impairment on ROAD KING INFRA
Financial Performance: Shenzhen Invest (00604.HK) anticipates an unaudited consolidated net loss of approximately HKD2.5-2.7 billion for the six months ending June 30, 2025, a significant increase from last year's loss of around HKD1.1 billion.
Impairment Loss Impact: The expected rise in net loss is largely attributed to a substantial impairment loss on its interest in ROAD KING INFRA (01098.HK) and an increased share of loss from this investment.
Future Outlook: Despite the anticipated losses, sufficient provisions for impairment losses on the long-term equity investment in ROAD KING INFRA are expected to mitigate significant negative impacts on Shenzhen Invest's performance moving forward.
Market Data: As of August 22, 2025, short selling activity for Shenzhen Invest was reported at $3.33 million with a ratio of 16.914%.
