On June 23, China Telecom (00728) fell 3.13% in regular trading, trading at 4.34 HKD/share, with turnover of 282 million HKD. The decline extends a multi-week downtrend driven by fundamental deterioration and institutional selling pressure.

On the news front, Hong Kong Exchange filings revealed that China Ping An Insurance Group reduced its holding in China Telecom by 9.376 million shares on June 16 at approximately 4.7847 HKD per share, totaling around 44.86 million HKD. Following the reduction, Ping An holds approximately 685 million shares, representing a 4.93% stake. The institutional exit adds to broader selling pressure, as main fund net outflows reached 515 million yuan over the prior week.

Fundamentally, China Telecom reported weak Q1 results with net profit attributable to parent declining 17.08% year-over-year, non-recurring adjusted net profit falling 25.28%, and core revenue declining 2.32%. Huatai Securities previously cut its net profit forecast by 8%. Within the Integrated Telecommunication Services sector, China Unicom fell 0.74%, PCCW dropped 1.45%, and China Tower declined 0.11%, reflecting continued sector-wide weakness.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)