HSI Declines by 63 Points; SANDS CHINA LTD Rises After Earnings Report
Market Overview: The HSI opened down 63 points (0.2%) at 25,718, with declines in the HSCEI and HSTECH, reflecting a general downturn in the Hong Kong stock market.
Tech Stocks Performance: Major tech stocks like BABA, TENCENT, and XIAOMI experienced slight declines, while MEITUAN saw a small increase; short selling ratios varied significantly among these companies.
Software and Chip Sector: In the software sector, KINGSOFT and KINGDEE opened higher, while chip stocks SMIC and HUA HONG SEMI dipped slightly, indicating mixed performance in these industries.
Carmakers and Other Stocks: Carmakers like GEELY and BYD opened lower, while SANDS CHINA LTD saw a positive opening with a notable increase in its property EBITDA, outperforming market expectations.
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Zeekr 9X Component Production Increase Demonstrates Significant Advancement; Up to RMB12K in Available Subsidies
Customer Enthusiasm: Zeekr, a brand by GEELY AUTO, has seen a surge in orders for the Zeekr 9X, exceeding expectations due to increased customer interest and improved production capabilities with supply chain partners.
Delivery Incentive: To address potential delays in vehicle delivery, Zeekr will offer customers a daily bonus of RMB200 if the delivery exceeds the estimated date, with a maximum of RMB12,000 that can be deducted from the final payment.
Moody's Reaffirms GEELY AUTO's 'Ba1' Credit Rating and Changes Outlook to Positive
Moody's Rating Update: Moody's has affirmed GEELY AUTO's corporate family rating at "Ba1" and changed its outlook from "Stable" to "Positive" due to the company's strong performance and anticipated sales momentum.
Growth Expectations: The rating agency expects GEELY AUTO to expand its operational scale and improve profit margins, supported by favorable government policies and an increase in market share.
