Last Friday, U.S. stocks remained steady, with mainland A-shares performing well while Hong Kong stocks closed lower. The Hang Seng Index (HSI) opened 17 points lower on Monday (8th), rose to a high of 66 points during trading, then dropped by 330 points to close at 25,765 points, down 319 points or 1.2%, with a trading volume of 206.2 billion. The China Enterprise Index fell 1.3%, while the HSI Tech Index remained flat.
In the market, Tencent Holdings (00700) dropped by 0.8%, Alibaba Group (09988) fell by 1.0%, Meituan (03690) rose by 0.5%, JD.com (09618) dropped by 0.7%, Hong Kong Exchanges and Clearing (00388) declined by 0.7%, and HSBC Holdings (00005) fell by 1.7%. The top performer and worst performer among blue-chip stocks were Baidu (09888), which rose by 3.5%, and Meituan, which plummeted by 8.5%.
Deutsche Bank pointed out that the market premium of Labubu and other Internet Protocol companies has receded since August, with Labubu’s hidden premium shrinking by more than half. The bank has given Meituan a “hold” rating with a target price of 228 yuan.
Yu Ze, a member of the Party Committee and Vice President of PICC Group (01339), fell by 0.4% amid serious allegations of disciplinary violations and illegal activities, currently under investigation. Yu Ze is also the Party Secretary and President of PICC Property and Casualty (02328), with rumors circulating in the market that he has gone missing and suspected of being taken away for investigation.
HKTVmall’s parent company, Hong Kong Technology Exploration (01137), dropped by 2.1% as its first unmanned store, In:Five, located in Manchester, UK, ceased operations after operating for about two years, as announced on Instagram last week.
According to foreign media reports, troubled real estate developer Vanke (02202) saw a 3.1% drop as some investors met with local regulatory authorities on Sunday and expressed concerns over Vanke’s plans to delay bond payments.
At the time of writing, Brent crude oil fell by 0.8% to $63.7 per barrel, with the “Three Oil Majors” trading softly: PetroChina (00857) down by 1.7%, CNOOC (00883) by 2.3%, and Sinopec (00386) by 0.2%.