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HK stocks fluctuate | Chow Tai Fook (01929) drops more than 5% now, gold price continues to rise, partially suppressing end consumer spending.
chow tai fook (01929) fell more than 9% intraday. As of the press release, it fell by 5.18%, closing at 7.14 Hong Kong dollars, with a turnover of 0.144 billion Hong Kong dollars.
Stock Picks (Hong Kong): Chongqing Rural Commercial Bank And Chow Tai Fook Jewellery
[Brokerage Focus] Tianfeng Securities maintains a buy rating on Chow Tai Fook (01929), but points out that the strong performance of gold prices affects the consumption of gold jewelry.
Jingu Finance News | Tianfeng research reports indicate that SGE gold 9999 has risen by about 7% since July 2024 and is currently still showing strong performance in an upward trend; meanwhile, in August 2024, the total retail sales of consumer goods increased by 2.1%, with a 12.0% decrease in gold and silver jewelry. The bank believes that the rapid rise in gold prices has partially suppressed the consumption capacity of end consumers, leading to increased caution. The bank pointed out that Chow Tai Fook (01929) had a weak sales performance in FY25Q1. Due to the continuing impact of the macro environment on consumption, same-store sales in mainland China, Hong Kong, and Macau have all declined. In addition, gold prices are hovering at high levels.
Chow Tai Fook Issues Share Awards to Top Executives
Chow Tai Fook (01929.HK) granted a total of 5.44 million shares as rewards.
Gelonghui, October 7th - Chow Tai Fook (01929.HK) announced that on October 7, 2024, the company granted a total of 5.44 million shares to certain directors and senior management members under the stock incentive plan. The board of directors believes that the granting of rewards is to recognize and reward the contribution of the grantees to the growth and development of the group, and to motivate and encourage them to further contribute to the growth and expansion of the group. Therefore, the board of directors believes that granting rewards is in line with the overall interests of the group and shareholders.
There's Reason For Concern Over Chow Tai Fook Jewellery Group Limited's (HKG:1929) Massive 35% Price Jump
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