Taobao Instant Commerce's Group Buying Service Set to Launch Tomorrow in Shanghai and Two Other Cities
BABA-W Group Buying Launch: Alibaba's Taobao Instant Commerce is set to pilot a group buying program starting tomorrow in major cities like Shanghai, Shenzhen, and Jiaxing, with plans for a nationwide rollout in first- and second-tier cities.
Initial Product Categories: The pilot will feature high-frequency consumption items, including beverages and fast food, with participation from both national chains like NAYUKI and local brands such as Xuji Seafood.
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HSI Rises Over 600 Points; Tea Beverage Stocks Remain Weak; MIXUE Declines by 10%
Hong Kong Stock Market Performance: The Hong Kong bourse experienced a rally on the 28th, with the HSI reaching a 4.5-year high of 27,757, up 630 points or 2.3%, and a turnover of HK$176.495 million.
MIXUE GROUP Stock Decline: MIXUE GROUP's stock opened 2.5% lower and fell to HK$396, down 10.6%, following a downgrade by UBS, which cited potential short-term pressures and reduced profit forecasts.
Pressure on Tea Beverage Stocks: Several tea beverage stocks, including CHABAIDAO and GUMING, faced declines of 2-3%, diverging from the overall market trend.
Short Selling Activity: The short selling ratios for various stocks, including MIXUE GROUP and others in the tea beverage sector, indicate increased market skepticism, with significant short selling reported.
Tea Beverage Stocks Take a Hit: GUMING Plummets 9% Amid RMB2.9 Coffee Promotion; MIXUE and AUNTEA JENNY Drop 5%
Hong Kong Stock Market Performance: The Hong Kong stock market opened lower, with the HSI down 63 points at 25,718, and later reported a decline of 174 points or 0.7%, with a turnover of HKD63.586 billion.
Coffee Price War in Mainland China: GUMING launched a coffee promotion with prices as low as RMB2.9, causing its stock to drop 9.03% to HKD21.76, amid a surge in trading volume.
Decline in Tea Beverage Stocks: Other tea beverage stocks like MIXUE GROUP and AUNTEA JENNY also experienced declines, with MIXUE down 5.44% and AUNTEA down 5.58%.
NAYUKI Stock Stability: In contrast, NAYUKI's stock remained stable, slightly increasing by 0.847% to HKD1.18, with a lower trading volume compared to other stocks.
