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China Harmony Auto Prepares for Key Financial Meeting
Harmony Auto (03836.HK) plans to hold a board of directors meeting on August 28th to approve its mid-term performance.
Harmony auto (03836.HK) announced on August 16th that the board of directors has scheduled a board meeting for Wednesday, August 28th, 2024 to consider and approve the interim performance announcement of the company and its subsidiaries for the six months ended June 30th, 2024, the distribution of interim dividends (if any), and to handle other matters.
Auto retailers under pressure, Harmony Auto (03836) fell 2.44%. Morgan Stanley believes that the industry has not yet emerged from the downturn, and has lowered the target price for multiple stocks.
Jingu Finance News: Car dealers/auto retailers are still under pressure as a whole, with Harmony Auto (03836) falling 2.44%, Yongda Auto (03669) falling 2.14%, Meidong Auto (01268) falling 1.14%, and Zhongsheng Hldg (00881) falling 1.13%. Daiwa Securities issued a research report stating that in the first half of this year, the new car business of mainland auto dealers may have reached a new historical low, but it is not completely unexpected for the market. As for the second half of the year, the bank's analysis indicates that it has not yet emerged from the predicament. Unlike the period of chip shortage in 2021, the demand this year is significantly lower than that year, so it is insufficient to support an increase in car prices. The bank pointed out,
Car dealers/auto retailers generally experienced a downturn, with Zhongsheng Hldg (00881) dropping 6.38%. The August car market has entered a period of stagnation, and dealers are expected to perform worse than they did in July.
Auto retailers fell across the board, with Zhongsheng Hldg (00881) dropping 6.38%, Meidong Auto (01268) dropping 4.85%, Yongda Auto (03669) and Harmony Auto (03836) falling by more than 1%. The latest issue of the "China Auto Dealers Inventory Warning Index Survey" released by the China Automobile Circulation Association shows that the inventory warning index for Chinese auto dealers in July 2024 was 59.4%, up 1.6 percentage points year-on-year but down 2.9 percentage points month-on-month. The inventory warning index is above the boom-bust line, and the auto circulation industry is in a recessionary range. The association said that
Auto retailers in general are doing well. Zhongsheng Hldg (00881) has risen 5.25%. In June, the inventory level of auto retailers was below the warning line.
Jingu Wealth News | Auto retailers are performing well overall, with Grand Baoxin (01293) up 11.25%, Zhongsheng Holdings (00881) up 5.25%, Meidong Auto (01268) up 4.95%, Yongda Auto (03669) up 2.47%, and Harmony Auto (03836) up 2.15%. On July 10th, the China Automobile Dealers Association released the "Auto Retailer Inventory" survey results for June 2024. The comprehensive inventory coefficient of automobile dealers in June was 1.40, a 2.8% decrease from the previous month and a 3.7% increase compared to the same period last year. Inventory levels were below the warning line. Dealers are upset.
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