Market Insight

Market Roundup

Alibaba (9988) suddenly suspended the IPO plans of its subsidiary businesses. The Hang Seng Index opened at a low of 249 points at 17,584 points, the half-day decline further expanded to 387 points or 2.2%, to 17,445 points. The H-Share Index fell 143 points or 2.3% at 5,973 points. The Hang Seng Technology Index fell 81 points or 2% to 3,969 points. The market turnover was HK$54.1 bn. Alibaba (9988) suspension on Subsidiary IPO plans and the Family Trust plans to sell shares. The news caused the stock price to fall 10% to HK$73.15. WuXi XDC (2268), which was listed on the first day, stock price rose 35.4% to HK$27.9.

Source: KGI Asia Investment Strategy

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