China Longyuan Power Group, a leading renewable energy company, witnessed a significant surge in its stock price on October 31, 2024, with shares soaring 6.55% on the Hong Kong Stock Exchange. This rally came amidst a broader positive sentiment in the Hong Kong market, as the Hang Seng Index rose 0.16% and the Hang Seng Tech Index climbed 0.30%.
A key driver behind China Longyuan's stock performance was the company's impressive financial results for the third quarter of 2024. According to a filing with the Shenzhen Stock Exchange, the power company reported a 42% increase in attributable profit, reaching 1.65 billion yuan, compared to 1.16 billion yuan in the same period last year. Earnings per share also saw a significant jump of 46% to 0.1957 yuan.
The surge in China Longyuan's shares was further bolstered by the growing optimism surrounding the renewable energy and electric vehicle sectors. As investors sought exposure to these burgeoning industries, stocks like Goldwind, another major player in wind power, and electric vehicle manufacturers like Li Auto and BYD Electronic also witnessed gains. The positive sentiment towards sustainable energy solutions likely contributed to the upward trajectory of China Longyuan's stock price.
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