Original headline: Hang Seng index fell more than 1%, Xinneng auto and real estate shares fell dramatically, Ideal Auto fell more than 16%, and CIFI Holdings fell 15%
On Friday, October 7, Hong Kong stocks opened lower, the Hang Seng index opened 0.89% lower, and the Hang Seng tech index opened 1.42% lower, so the decline is is expanded.
At the end of noon, the Hang Seng Index fell 1.13% to 17809.4 points and the Hang Seng Technology Index fell 2.8% to 3558.34 points.
On the record, new energy vehicles and real estate stocks were among the top losers. Country Garden fell more than 11%, Longfor Group fell more than 8%, Ideal Auto fell more than 16% and Weilai nearly 9%.
New energy vehicle stocks plummeted: in early trading, Ideal Auto fell by over 16%, Weilai by nearly 9% and Xiaopeng Motors by over 6%. US shares of Ideal Auto closed 12.3% lower overnight.
Credit Suisse believes Li Auto’s third quarter 2022 deliveries are above its latest forecast of around 25,500 units, butDown from its original lead of 27-29,000a 6% year-over-year increase to 26,524 vehicles.
Bank of Communications believes its new models are still based on extended-range technology and more seats are canceling licenses for extended-range electric vehicles. Bank of Communications believes this could have a slight impact on ideal car sales.
Real estate stocks were among the top losers, with CIFI Holdings down over 15%, Country Garden down over 11% and Longfor Group down over 8%.
In terms of other stocks, Tencent Holdings fell 1.44%, Baidu Group 1.39%, Geely and Xiaomi lost more than 1%.
Kingsoft’s decline continues to expand, and is currently down more than 12%. The company expects to post a major loss in the first nine months of this year.
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