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Hong Kong stock market midday review | Hang Seng Index fell 0.86% in early trading, with the autos sector leading the gains
The new policy subsidies significantly boost auto consumption, and the year-end demand for car purchases will continue to be released.
MSCI global small cap stock index semi-annual adjustment: inclusion of Uutoo-W (09690), fourth paradigm (06682), exclusion of Meidong Auto (01268), etc.
On November 7, 2024, MingShine Index Company announced the semi-annual review results of the MSCI series indices.
Hong Kong stock market anomaly | Car dealers/auto retailers lead the gains, domestic passenger vehicle market price war stabilizing, reportedly some domestic silver banks have temporarily suspended the "high interest high return" cooperation.
Auto retailers lead the way, as of the time of publication, meidong auto (01268) rose by 5.63% to HK$2.44; zhongsheng hldg (00881) rose by 4.44% to HK$12.24; yongda auto (03669) rose by 3.61% to HK$1.72.
Reportedly, adjustments to mainland China's automobile financial business have led to some mainland silver temporarily suspending "high-interest, high-return" car loans.
According to the "21st Century Economic Daily", recently some commercial banks in mainland China have adjusted their automobile finance business, with some state-owned major banks temporarily suspending the "high interest high return" (also known as "high finance and high lending") automobile loan business in certain regions, but enforcement varies. Some individuals in the automobile finance industry have indicated that many dealer groups have also been negotiating with banks to gradually cease cooperation on the "high interest high return" scheme, although there are some differences among cities and branches. The so-called "high interest high return" business refers to some mainland commercial banks collaborating with dealers to promote automobile finance services, where banks attract dealers to participate with high commissions, and dealers receive commissions from banks as incentives.
Hong Kong stock market anomaly | autos industry chain across the board slump, Trump reiterates imposition of tariffs on Mexican autos, EU electric autos anti-subsidy case still under negotiation.
The automotive industry chain plummeted across the board, as of the time of publication, Nexteer (01316) fell 11.38%, to HKD 2.96; Xpeng Auto-W (09868) fell 8.5%, to HKD 46.3; Great Wall Motor (02333) fell 4.39%, to HKD 14.82; Meidong Auto (01268) fell 9.43%, to HKD 2.4.
Hong Kong stocks are on the move | Car dealers continue to rebound. The Association calls for relief measures to be taken, and relevant departments are investigating the financial plight of car dealers.
Car dealers continue to rebound, as of the time of publication, Meidong Auto (01268) rose by 9.01% to HK$2.42; Harmony Auto (03836) rose by 7.61% to HK$0.495; Zhongsheng Hldg (00881) rose by 7.22% to HK$11.88; Yongda Auto (03669) rose by 3.09% to HK$1.67.
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