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Meituan Co-Founder Divests 2 Million Shares
Citi: Maintains a "buy" rating on Meituan-W (03690), with the target price raised to HK$192.
Citigroup released a research report stating that it maintains a "buy" rating on Meituan-W (03690), with the target price raised from 155 Hong Kong dollars to 192 Hong Kong dollars.
Trending Stocks Today: SINCEREWATCH HK Shoots up 72.72%
HK stocks surged | Network technology stocks opened low but continued to rise, driving the Hengke Index up by over 4% again. The 'China Dragon' ETF debuted on the US stock market on Thursday.
Network technology stocks opened lower in the morning but continued to rise, driving the Hang Seng Tech Index up by over 4%. As of the time of publication, Meituan-W (03690) rose by 3.8% to 212.8 Hong Kong dollars; Alibaba-W (09988) rose by 3.45% to 113.8 Hong Kong dollars; Tencent (00700) rose by 2.53% to 478 Hong Kong dollars; Baidu Group-SW (09888) rose by 1.01% to 109.9 Hong Kong dollars.
【Brokerage Focus】Under the adjustment of the market situation by Zhongtai International, investors' preferences for individual stocks can be better highlighted.
Jingu Finance News | Citi International stated that on October 3, the Hong Kong stock large cap exhibited significant volatility, oscillating at high levels. In the market adjustment, investors' preferences for individual stocks are more pronounced, with leading stocks often leading the large cap to bottom out or break through upwards. For example, Meituan (03690) and China Merchants Bank (03968) rose against the market by 3.9% and 3.8% respectively, while Tencent (00700), AIA (01299), and Hong Kong Exchanges and Clearing (00388) experienced minor declines. Overall, supported by fund flows and market sentiment, Hong Kong stocks can maintain a positive trend, but it is expected that Hong Kong stocks will enter a wide range of range-bound trading in the short term to digest the extreme overbought conditions.
"China Dragon" ETF landed on Wall Street as the bull market returns, benchmarking the seven major ETFs in the US.
A new ETF called DRAG, "China Dragon", tracking the performance of major Chinese companies has landed on the US stock market. Its components currently include Tencent, Pinduoduo, Alibaba, Meituan, BYD, Xiaomi, JD.com, Baidu, and Netease. DRAG aims to track an equally weighted basket of stocks composed of the 5 to 10 largest and most innovative Chinese technology companies. This ETF will be rebalanced quarterly.
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