Intraday Movers: TCL Electronics (+21.55%), Xiaomi (+9.24%), Palasino Group (+3.45%) And More
M+ Global Updates 02/04/2024 15:04

Hong Kong stocks welcomed a strong start after the Easter holiday, although gains narrowed in the afternoon. At the time of writing, the Hang Seng Index had risen 2.21%, while the Hang Seng Tech Index was up 1.86%. Palasino Group ( $PALASINO 02536.HK$ ) rose over 3%, Ping An Insurance Group ( $PING AN 02318.HK$ ) climbed over 2%, and Alibaba Group Holding Limited ( $BABA-SW 09988.HK$ ) gained over 1%.

The automotive sector saw mixed results, with Brilliant China Automotive Holdings Limited ( $BRILLIANCE CHI 01114.HK$ ) soaring over 27% after the company reported a net profit of RMB 7.735 billion for the full year of 2023, representing an 8.2% year-on-year increase. Great Wall Motor Company Limited ( $GWMOTOR 02333.HK$ ) rose over 7%, while Li Auto Inc. ( $LI AUTO-W 02015.HK$ ) was up more than 1%, followed by an increase in BYD Company Limited. In contrast, Xpeng Inc. ( $XPENG-W 09868.HK$ ) plummeted by over 6%, and NIO Inc. ( $NIO-SW 09866.HK$ ) dropped by more than 2%.

Gold stocks generally rose, with Lingbao Gold Company Limited ( $LINGBAO GOLD 03330.HK$ ) climbing over 9%, Shandong Gold Mining Co., Ltd. ( $SD GOLD 01787.HK$ ) jumping over 8%, followed by gains in Zijin Mining Group Co., Ltd. ( $ZIJIN MINING 02899.HK$ ) and Zhaojin Mining Industry Co., Ltd. ( $ZHAOJIN MINING 01818.HK$ ).

TCL Electronics Holdings Limited ( $TCL ELECTRONICS 01070.HK$ ) saw its shares skyrocket by 21.55%. According to its financial report, the company achieved revenue of HKD 78.99 billion in 2023, a year-on-year increase of 10.7%, with profits attributable to the parent amounting to HKD 740 million, up 66.4% compared to the previous year.

Xiaomi Corporation ( $XIAOMI-W 01810.HK$ ) saw its gains narrow to 9.5%, following the company's launch last week of the Xiaomi SU7, with a starting price of RMB 215,900. A recent report by Goldman Sachs stated that Xiaomi's newly launched electric vehicle, the SU7, has performed beyond expectations and has the potential to become one of China’s top-selling high-end electric sedans. Goldman Sachs analysts, including Timothy Zhao, citing Xiaomi's sales growth and strong profit outlook, raised their target price for the stock from HKD 18.9 to HKD 20 and maintained a "buy" rating.


The content is provided as general information only and should not be taken as investment advice. All the contents shall not be taken as a recommendation to buy or sell any security or financial instruments. Any action you take resulting from information, analysis, or commentary on this article is your responsibility. Please consult your investment advisor before making any investments.

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