HSI Opens 174 pts Lower as MEITUAN, NTES Under Stress Post Results

Hong Kong stocks opened lower in the morning session after Morgan Stanley cut its target for the HSI as of June 2024. $Hang Seng Index (800000.HK)$ opened 174 points or 1% lower at 18,037. $Hang Seng China Enterprises Index (800100.HK)$ opened 68 points or 1.1% lower at 6,199. $Hang Seng TECH Index (800700.HK)$ opened 70 points or 1.7% lower at 4,087.

$MEITUAN-W (03690.HK)$ 's 1H23 adjusted profit amounted to RMB13.15 billion, beating estimation, but market was concerned about MEITUAN Select loss, therefore its share price opened 3.4% lower at $135.2.

$NTES-S (09999.HK)$ reported a 2Q23 non-GAAP net profit of RMB9 billion, but its game and related value-added services revenue retreated, resulting in its shares opening 5.8% lower to $155.

$PA GOODDOCTOR (01833.HK)$ narrowed its 1H23 loss to RMB245 million and opened 0.7% higher.