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Market Chatter: Hong Kong Bourse Reviewing 106 IPO Applications
Li Ying of Hong Kong Exchanges and Clearing: companies under sanctions may still be able to have IPOs in Hong Kong.
The Joint Chief of Initial Public Offering Examination at hkex(00388) Liu Ying pointed out that according to the listing guidelines of hkex, sanctioned companies may not necessarily be unable to IPO in Hong Kong.
UBS Group: Maintains Neutral rating for Hong Kong Exchanges and Clearing Limited, target price lowered to HKD 261.
UBS Group released a research report stating that it maintains a "neutral" rating on the Hong Kong Stock Exchange (00388) and, considering the market performance, lowers the ADT (average daily turnover) forecast for 2024 to 2026 to 110 billion, 123 billion, and 137 billion yuan, respectively. The corresponding EPS forecast is reduced by 1%, 2%, and 3% to 9.7, 9.9, and 10.1 yuan, and the target price is reduced from HKD 275 to HKD 261.
CITIC Lyon: Maintains a "outperform" rating for HKEx (00388), and the target price has been raised to HKD 287.
CICC has revised its profit forecast for HKEX (00388) in 2024 and 2025, up by 6% and 2% respectively.
Citigroup: Rates HKEX as "sell", with a target price reduced to HKD 230.
Citigroup released a research report stating that it gives a "sell" rating on Hong Kong Stock Exchange (00388), and lowers the earnings per share forecast for the fiscal years 2024 to 2026 by 1% to 3% to reflect the downward adjustment of the average daily turnover forecast. The target price is lowered from HK$240 to HK$230. The company's performance for the second quarter is expected to be good but with uncertain growth prospects. Due to the market sentiment weakening again, the average daily turnover since July is about 100 billion yuan. Citigroup pointed out that Hong Kong Stock Exchange will announce the second quarter results on August 21. The bank predicts that the second quarter net profit will reach 3.3 billion yuan, an increase of 10% and 12% quarter-on-quarter and year-on-year, respectively, which is 2% higher than the market forecast.
Hong Kong Exchanges & Clearing's Earnings Appear to Be Bottoming Out -- Market Talk
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