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<Midday Wrap-up>HSI Declines 116 pts, while LENOVO Lifts 4%+ & Biotech Stocks Rally
HSI closed at 16,609 for the midday, down 116 points or 0.7%. HSCEI lowered 38 points or 0.7% to 5,726. HSTECH fell 13 points or 0.4% to 3,386. Half-day turnover totalled $44.32 bi...
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<Midday Wrap-up>HSI Declines 116 pts, while LENOVO Lifts 4%+ & Biotech Stocks Rally
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HSI closed at 16,609 for the midday, down 116 points or 0.7%. HSCEI lowered 38 points or 0.7% to 5,726. HSTECH fell 13 points or 0.4% to 3,386. Half-day turnover totalled $44.32 billion.

On the tech front, BABA-SW (09988.HK)  -1.300 (-1.356%)    Short selling $188.02M; Ratio 12.189%   fell 0.9%. Group Chairman Joseph Tsai said the company was back on track to become one of China's top e-commerce companies, while Cainiao was still waiting for a better time to go public. TENCENT (00700.HK)  -6.400 (-1.557%)    Short selling $100.56M; Ratio 3.202%   decreased 1.6% to $286.2, BIDU-SW (09888.HK)  0.000 (0.000%)    Short selling $20.89M; Ratio 17.078%   dropped 2.4%, NTES-S (09999.HK)  -1.800 (-1.433%)    Short selling $27.61M; Ratio 17.054%   declined 1.7%, and JD-SW (09618.HK)  -0.400 (-0.257%)    Short selling $118.67M; Ratio 20.226%   fell 0.9%. KUAISHOU-W (01024.HK)  -0.300 (-0.649%)    Short selling $76.88M; Ratio 15.065%   meanwhile mounted 0.9%.

Related NewsNomura Lowers NTES-S (09999.HK) TP to $157, Cut Earnings Forecast
LENOVO GROUP (00992.HK)  -0.200 (-1.905%)    Short selling $15.14M; Ratio 15.398%   was the best blue-chip performer, mounting 4.3% amid a falling market. The group showed off its transparent screen laptop and panoramic AI lineup for the first time at the Mobile World Congress.

The NHSA shortened the waiting time for new drugs to be included in the National Reimbursement Drug List from an average of 5 years to less than 2 years, and the drugs included in the List were mainly new drugs approved within 5 years. This stimulated biotech stocks to rise, bucking the market trend. WUXI BIO (02269.HK)  -0.020 (-0.122%)    Short selling $39.58M; Ratio 10.838%   advanced 3.6%, while WUXI APPTEC (02359.HK)  0.000 (0.000%)    Short selling $8.10M; Ratio 7.472%   from the same series also elevated 3.6%. CUTIA-B (02487.HK)  +0.100 (+0.779%)    Short selling $12.62K; Ratio 0.131%   rocketed 26.9%, as BIOCYTOGEN-B (02315.HK)  +0.140 (+2.265%)   surged 17.2%. LAEKNA-B (02105.HK)  -0.520 (-6.025%)   advanced 7.2%.

Automotive stocks developed individually. BYD COMPANY (01211.HK)  -13.600 (-4.610%)    Short selling $333.80M; Ratio 18.319%   rose 1.9% after the chairman proposed to raise the amount of A-share buyback to RMB400 million. GEELY AUTO (00175.HK)  -0.760 (-5.270%)    Short selling $132.83M; Ratio 11.092%   elevated 1.8%, LI AUTO-W (02015.HK)  -1.200 (-1.105%)    Short selling $109.44M; Ratio 20.134%   inclined 0.4%, while NIO-SW (09866.HK)  -0.950 (-2.230%)    Short selling $15.20M; Ratio 24.668%   crumpled 4.9%, and XPENG-W (09868.HK)  +1.000 (+2.265%)    Short selling $81.62M; Ratio 25.088%   declined 0.9%.

Related NewsCiti Lifts GEELY AUTO (00175.HK) TP to $19.4, Hikes 2025 Sales Forecast
In financials, HSBC HOLDINGS (00005.HK)  +0.250 (+0.348%)    Short selling $70.83M; Ratio 8.574%   incremented 0.08%, and HKEX (00388.HK)  +1.400 (+0.452%)    Short selling $17.44M; Ratio 2.268%   waned 1.2%. AIA (01299.HK)  +0.250 (+0.408%)    Short selling $166.22M; Ratio 19.257%   slumped 2.4%, as UBS dropped its target price to $90 and expected its VNB to grow 31.5% in AER terms last year.

In addition, AIR CHINA (00753.HK)  +0.130 (+3.066%)    Short selling $9.18M; Ratio 8.695%   is rumoured to be considering increasing its stake in CATHAY PAC AIR (00293.HK)  0.000 (0.000%)    Short selling $2.27M; Ratio 26.425%   . They declined 0.7% and inclined 2.7% respectively. SHENZHOU INTL (02313.HK)  -0.450 (-0.744%)    Short selling $6.91M; Ratio 11.067%   routed 3.3%, becoming the worst-performing blue chip. ANTA SPORTS (02020.HK)  -0.800 (-0.955%)    Short selling $23.25M; Ratio 10.291%   and LI NING (02331.HK)  -0.040 (-0.252%)    Short selling $10.61M; Ratio 9.816%   retreated 3% and 2.9%.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-10-31 12:25.)

Related NewsBofAS: AIA (01299.HK) 3Q VONB Grows 17% YoY, Faster than Expected

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