On September 9, LI AUTO-W fell 3.04% in regular trading, trading at HKD 47.7 per share, with turnover of approximately HKD 235 million. The broader HK-listed auto sector came under broad selling pressure following a bearish industry outlook from CLSA.

CLSA published a research report forecasting September domestic passenger vehicle sales at approximately 1.7 to 1.8 million units, representing a year-on-year decline of roughly 24%, primarily attributable to a high base effect caused by demand being pulled forward in the prior year. The brokerage noted that total orders from major brands rose 10% week-on-week last week, but the incremental demand was mainly driven by new model launches such as BYD Hailion 08 and LI AUTO MEGA, while automakers without fresh product launches generally saw order declines. The sector-wide weakness was evident, with BYD COMPANY falling over 2%, Xiaomi Group declining over 2%, and Beijing Automotive dropping 2%.

Separately, CLSA maintained its High-Conviction Outperform ratings on BYD and GEELY AUTO with target prices of HKD 120 and HKD 30 respectively, while maintaining an Outperform rating on Leapmotor with a target price of HKD 60.

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