HSI Closes Up 50 pts; LI AUTO Lifts ~5%

Hong Kong stocks developed individually on the first trading day of 2H24. $Hang Seng Index(800000.HK)$ escalated 50 points or 0.29% to close at 17,769. $Hang Seng China Enterprises Index(800100.HK)$ inclined 43 points or 0.68% to close at 6,374. $Hang Seng TECH Index(800700.HK)$ fell 15 points or 0.43% to close at 3,539. The total market turnover for the day was $118.434 billion.

Auto stocks reveal June deliveries. Morgan Stanley commented that sales of $LI AUTO-W(02015.HK)$ , $XPENG-W(09868.HK)$ , $ZEEKR(ZK.US)$ and $BYD COMPANY(01211.HK)$ were broadly in line with expectations, while $NIO-SW(09866.HK)$ has beaten expectations. Among them, $LI AUTO-W(02015.HK)$ was the best blue-chip performer, hiking nearly 5% on the day, after delivering 47,700 new vehicles in June, up 46.7% YoY. $XPENG-W(09868.HK)$ added 1% after delivering 17,700 electric vehicles in June, up 24% YoY. BYD dropped 1.6%, with June sales of 341,600 new energy vehicles, up 35% YoY.

In addition, $GEELY AUTO(00175.HK)$ decreased 3.5%. Its total car sales grew 24% in June, and the full-year sales target was raised by 5%. In addition, GEELY's 1Q net profit was RMB1.561 billion, a YoY increase of 1.19x, in line with street expectations. The company's joint venture brought in Saudi Aramco as a major shareholder, with a stake of 10%.

$XIAOMI-W(01810.HK)$ lifted 1.1%. Delivery of Xiaomi SU7 delivery last month reached over 10,000 units and is expected to continue to top 10,000 units this month.