Market Insight

Market Roundup

The debt ceiling discussion still has no results, and US stocks closed down last night. The Hang Seng Index opened 185 points or 1% lower at 18,930 points; the China Enterprises Index opened 64 points or 1% lower at 6,413 points; the Hang Seng Technology Index opened 28 points or 0.8% lower at 3,747 points. The market's half-day turnover was HK$ 55.0 bn. Xpeng (9868)'s quarterly results were unsatisfactory, and the management is more cautious about the outlook. The company expects vehicle deliveries in the second quarter to range from 21,000 to 22,000 units, a decrease of approximately 36.1% to 39.0% year-on-year. The total revenue in the second quarter will range from CNY4.5billion to 4.7billion, a year-on-year decrease of approximately 36.8% to 39.5%. Xpeng (9868) share price fell 8.4% in the morning. Xiaomi Group (1810) turnaround in the first quarter of this year, earning RMB4.204billion, exceeding market forecasts. Xiaomi share price rose 0.6%.

Source: KGI Asia Investment Strategy

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