Hong Kong Stocks Open Lower, Li Auto Drops 3%

Market Watcher

2024/10/30

On October 30, 2024, the Hong Kong stock market opened with a decline. The Hang Seng Index (HSI) fell by 0.55%, the Hang Seng Tech Index (HSTECH) decreased by 0.92%.

Li Auto fell 3%; XPeng fell 2%; JD.com fell 2%; Alibaba, Tencent fell 1%.

PetroChina (PETROCHINA) gained 0.86%. The company reported a decline in profit for the third quarter due to lower global oil prices and continued weakness in the domestic economy.

BYD Company (BYD COMPANY) dropped by 1.35%. The Chinese electric vehicle manufacturer is expected to announce its first-ever quarterly revenue surpassing Tesla, with anticipated revenue reaching up to 204.8 billion yuan (approximately $28.7 billion) and new energy vehicle sales exceeding 1.1 million units. Market observers suggest that BYD's overseas sales will be crucial for further stock price increases.

Fosun Pharma (FOSUN PHARMA) rose by 2.06% after releasing its third-quarter report, showing a 0.69% increase in revenue to 30.912 billion yuan, though net profit fell by 11.93% to 2.011 billion yuan.

Other notable stock movements include:
- Xinte Energy (XINTE ENERGY) down by 4.76%
- Chalco (CHALCO) down by 5.06%
- Yum China (YUM CHINA) up by 2.88%
- Concord HC GP (CONCORD HC GP) up by 3.03%
- Chabaidao (CHABAIDAO) up by 3.67%

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The Hang Seng Index (HSI) fell by 0.55%, the Hang Seng China Enterprises Index (HSCEI) dropped by 0.70%, the Hang Seng Tech Index","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"HSTECH":"恒生科技指数","HSCEI":"国企指数","HSI":"恒生指数"},"translate_title":"港股低开理想汽车跌3%","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HSI":1,"HSCEI":1,"HSTECH":1},"content_text":"On October 30, 2024, the Hong Kong stock market opened with a decline. The Hang Seng Index (HSI) fell by 0.55%, the Hang Seng Tech Index (HSTECH) decreased by 0.92%.Li Auto fell 3%; XPeng fell 2%; JD.com fell 2%; Alibaba, Tencent fell 1%.PetroChina (PETROCHINA) gained 0.86%. The company reported a decline in profit for the third quarter due to lower global oil prices and continued weakness in the domestic economy.BYD Company (BYD COMPANY) dropped by 1.35%. 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