On November 26, 2024, the Hong Kong stock market opened lower. The Hang Seng Index (HSI) fell by 0.50%, the Hang Seng Tech Index (HSTECH) dropped by 0.74%.
In terms of sectors, the Hong Kong tech stocks sector saw a decline of 0.78%, with notable stocks such as TENCENT down 0.76%, BABA-W down 0.18%, and MEITUAN-W down 0.62%.
TENCENT fell by 0.76%. Tencent Holdings continued its stock repurchase for the seventh consecutive day, spending approximately HKD 702 million on November 25 to repurchase 1.77 million shares at a price range of HKD 394-402 per share.
BABA-W decreased by 0.18%. Alibaba continues its restructuring with the formation of the Alibaba E-commerce Business Group led by Fan Jiang. This restructuring aligns with the company's focus and is seen as a positive move.
JD-SW decreased by 0.68%. JD.com has recently been subjected to slander and malicious attacks by a few institutions and individuals. The public security authorities have taken legal action, and some of the slanderers have been punished. Currently, rumors still exist online, and relevant departments have launched investigations. JD.com calls for joint efforts to create a clean online environment.
BIDU-SW rose by 0.90%. Baidu's price target has been cut by Susquehanna from $105.00 per share to $85.00 per share. Additionally, Baidu has been downgraded from positive to neutral by Susquehanna.
COSCO SHIP HOLD fell by 1.39%. On November 25, the main contract of the European line futures of the container shipping index plunged in the afternoon, hitting the limit down with a drop of 16% by the close. COSCO Shipping Special and COSCO Shipping Holdings responded that the previous Red Sea conflict had a boosting effect on freight rates, and it is believed that the main contract of the European line futures of the container shipping index is related to the Red Sea situation.
NIO-SW fell by 3.06%. Goldman Sachs analysts have downgraded NIO stock to sell and set a price target of $3.90. The stock fell 3.4% on Monday and has been in a downward trend for the past few months. The selling pressure could continue into 2025 according to Goldman Sachs. This downgrade by Goldman Sachs could have a significant impact on NIO's stock performance. XPeng, Xiaomi fell 1.5%.
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