Koolearn Technology, online education arm of New Oriental Education continue to rally in Hong Kong on Thursday, surging as much as 41% to hit HK$23.4, taking its month-to-date gains to more than 480%, bringing its market cap back above HK$20 billion. Its parent is jumping nearly 4%.
Home prices in the 70 major cities largely extended the downward trend in May on a month-on-month basis, though the prices declined at a slowed pace, with fewer cities seeing new home prices drop, said the National Bureau of Statistics.
Hong Kong stocks open higher on Thursday, with the benchmark Hang Seng Index up 0.97%, the Hang Seng China Enterprises Index up 1% and the Hang Seng Tech Index up 1.3%.
The city of Qingdao, East China’s Shandong province, will raise the cap on borrowing from the Housing Provident Fund for first-time home buyers to 500,000 – 800,000 yuan from previous 360,000 – 600,000 yuan, according to a notice released by the local authority on Wednesday.
Shares of Koolearn Technology, online education arm of New Oriental Education, extended gains to more than 50% to hit HK$16.3 in Hong Kong, jumping for the 8th consecutive trading day, bringing its gains so far this month to more than 330%.
Chinese stocks extend gains in the afternoon session on Wednesday, with the benchmark Shanghai Composite Index up 2.1%, the Shenzhen Component Index up 2.8% and the tech-heavy Chinext Price Index up 3.3%.
China’s electricity consumption reached 671.6 billion kWh in May, falling 1.3% from a year earlier, and the average daily electricity consumption rose 2.2% in May from the previous month, said the National Energy Administration.
Chinese carmakers may expedite passenger vehicle output and delivery starting this month, given car demand boost under stronger-than-expected stimulus packages in China, according to Fitch Ratings.
China’s major economic indicators weakened significantly in April due to the impacts of the Covid-19 outbreaks in several regions, and in May, production and demand both showed signs of improvement as epidemic eased, though some indicators remained weaker than a year earlier, said Fu Linhui, spokesperson of the National Bureau of Statistics (NBS).
