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<H Shrs>HSI Opens Elevating 189 pts; TENCENT Rallies ~5%, as BABA Pressurised
Hong Kong stocks opened higher, led by TENCENT (00700.HK) and Chinese property stocks. HSI opened 189 points or 1% higher at 19,262. HSCEI opened 73 points or 1.1% higher at 6,814....
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<H Shrs>HSI Opens Elevating 189 pts; TENCENT Rallies ~5%, as BABA Pressurised
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Hong Kong stocks opened higher, led by TENCENT (00700.HK)  -2.200 (-0.566%)    Short selling $610.82M; Ratio 20.611%   and Chinese property stocks. HSI opened 189 points or 1% higher at 19,262. HSCEI opened 73 points or 1.1% higher at 6,814. HSTECH opened 50 points or 1.2% higher at 4,091.

TENCENT's 1Q24 non-IFRS net profit hiked 54% YoY, beating forecasts, and its shares opened lifting 4.8% at $400. BABA-SW (09988.HK)  -0.550 (-0.741%)    Short selling $125.03M; Ratio 16.294%   's 1Q24 non-GAAP net profit declined 11% as expected. Morgan Stanley commented that BABA's quarterly results reflected a lack of transparency in Taobao Tmall Group's stabilisation timetable, and investors need to be more patient. BABA shares opened descending 4.1% at $79.3.

Related NewsCMS: EU Tariff Hike Will Not Stun Momentum of CN Carmakers Going Overseas; Global Mkt to Concentrate Towards Leaders Under Fierce Competition
As for other tech stocks, MEITUAN-W (03690.HK)  -1.300 (-1.071%)    Short selling $256.55M; Ratio 20.649%   and BILIBILI-W (09626.HK)  -6.200 (-4.297%)    Short selling $112.79M; Ratio 17.376%   opened rising 3.4% and 2.5%, JD-SW (09618.HK)  -1.800 (-1.563%)    Short selling $137.95M; Ratio 36.924%   and KUAISHOU-W (01024.HK)  -2.950 (-5.651%)    Short selling $389.11M; Ratio 27.159%   opened inclining 0.9%, while NTES-S (09999.HK)  -2.600 (-1.787%)    Short selling $23.64M; Ratio 12.121%   opened dropping 0.4%.

Lin'an, Hangzhou will purchase commercial housing for public rental housing, with each unit not exceeding 70 square metres in size. Mainland real estate stocks YUEXIU PROPERTY (00123.HK)  -0.160 (-2.802%)    Short selling $5.12M; Ratio 16.665%   , CHINA OVERSEAS (00688.HK)  -0.280 (-1.944%)    Short selling $9.14M; Ratio 16.602%   and CHINA RES LAND (01109.HK)  -0.200 (-0.725%)    Short selling $31.81M; Ratio 34.115%   opened 2.5% to 3.4% higher, while LONGFOR GROUP (00960.HK)  -0.440 (-3.661%)    Short selling $9.65M; Ratio 28.897%   opened mounting 6.3%.

China opened a new campaign to improve the penetration of NEVs in rural areas. XPENG-W (09868.HK)  -0.450 (-1.508%)    Short selling $21.70M; Ratio 24.091%   elevated 1.1% at open, while BYD COMPANY (01211.HK)  -0.600 (-0.252%)    Short selling $140.29M; Ratio 21.640%   opened down 0.6% at $221.6. NIO-SW (09866.HK)  -0.350 (-1.004%)    Short selling $2.62M; Ratio 20.182%   lowered 0.1% at open after its new brand Onvo's first EV was pre-sold at about RMB220,000. Deliveries of XIAOMI's SU7 reached 10,000 units, with the target set at 100,000 deliveries this year. XIAOMI shares opened 1.1% up at $20.2.

Related NewsJPM Upgrades BILIBILI-W (09626.HK) to Overweight, Adds TP to $165
WUXI APPTEC (02359.HK)  -0.400 (-1.260%)    Short selling $4.78M; Ratio 2.941%   opened 2.1% lower, while WUXI BIO (02269.HK)  -0.160 (-1.340%)    Short selling $28.07M; Ratio 9.446%   opened 0.8% higher after a US House of Representatives committee passed the Biosecure Act bill.

SAMSONITE (01910.HK)  +0.550 (+2.326%)    Short selling $16.69M; Ratio 28.054%   's 1Q net profit rose 12.3%, and shares opened crashing 9.5% at $26.1, Citi said the company's 1H revenue was weaker than expected, and the view on full-year revenue guidance is more conservative.

For financial stocks, HSBC HOLDINGS (00005.HK)  -0.100 (-0.146%)    Short selling $90.26M; Ratio 30.308%   opened 0.6% higher at $69.35, HKEX (00388.HK)  -2.200 (-0.829%)    Short selling $40.34M; Ratio 8.163%   opened 1% higher at $287.2, AIA (01299.HK)  -0.200 (-0.355%)    Short selling $43.16M; Ratio 6.558%   opened flat at $62.9. PING AN (02318.HK)  -0.050 (-0.133%)    Short selling $114.77M; Ratio 26.677%   opened rising 1.6% after its premium income grew 2.4% in the first four months. CHINA LIFE (02628.HK)  +0.180 (+1.604%)    Short selling $42.26M; Ratio 16.709%   opened escalating 1.5%.

Related NewsBOCOMI Ratings, TPs on CN E-commerce Operators (Table)
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-20 12:25.)

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