Goldman Sachs said in a note that the worst may be over for China’s property sector, though it hard to tell the timing of a notable recovery.
Hong Kong stocks saw massive sell-offs on Monday, with the benchmark Hang Seng Index slumping 3.4% to 21,067, the Hang Seng China Enterprises Index down 3.5% and the Hang Seng Tech Index diving 4.7% to drop below 4,600 mark.
J.P.Morgan raised the forecast of Chinese auto and power battery maker BYD Company’s 2022-25 NEV sales by 20% – 22%, and raised the target price by 33.3% from HK$300 to HK$400.
Shares of Chinese rare earth producers rally on Monday driven by strengthening demand and rising prices, with an index tracking the sector compile by Wind Information jumping more than 4%, making it one of the best-performing sector in the A-share market.
Shares of Chinese pork producers trade higher in the A-share market boosted by expectations of higher prices of pork and live hogs, which had slumped since early 2021. Shares of Juxing Agriculture & Animal Husbandry surged by the daily limit of 10% in the morning session on Monday, Tangrenshen Group up nearly 5% and Muyuan Foods up more than 4% and Wens Foodstuff up more than 3%.
As TV panels’ prices have declined below the cash costs and the demand is expected to remain sluggish in the third quarter of the year, companies in the sector will expand production reduction, said Xie Qinyi, senior research director of consultancy Omedia.
Shares of New Oriental Education, with its online education arm Koolearn Technology, continue to rally on Monday as the company that had been hit by China’s crackdown on private tutoring sector is gaining momentum in live-streaming e-commerce business. The two companies shares are surging 25% and more than 50%, respectively, in Hong Kong.
Chinese ride-hailing giant Didi Global will start trading on the over-the-counter market (OTC) on Monday, more than two weeks after its shareholders voted for a delisting from the New York Stock Exchange.
Hong Kong stocks open sharply lower on Monday, with the benchmark Hang Seng Index sliding nearly 3%, the Hang Seng China Enterprises Index down 3% and the Hang Seng Tech Index tumbling 4%.
In China’s capital city of Beijing, the most populous district Chaoyang announced three rounds of mass testing to contain a “ferocious” COVID-19 outbreak that emerged at a bar last week.
Koolearn Technology, the online education arm of New Oriental Education, jumped as much as 43% on Friday to hit HK$6.48 in Hong Kong, the highest level since the end of February this year, bringing its market cap to HK$5.35 billion.
Shares of Chinese automaker stage a strong rally on Friday after the latest industry data showed China’s passenger car sales picked up significantly in May from the previous month and a major auto industry body raised forecast of the country’s full-year auto sales in 2022.
