Hang Seng Index holds steady, HSBC performs well, and Xiaopeng Motors soars

89

22nd May 2024 – (Hong Kong) The Hang Seng Index opened with a slight gain of 4 points or 0.02%, reaching 19,225 points in early trading. At 10.09am, the index continued to show resilience and was trading at 19,328.50, marking an increase of 107.88 points or 0.56% for the day.

In individual stock developments, major technology companies experienced mixed results. Tencent saw a decline of 1.1%, while Alibaba dropped by 0.3%. In contrast, Meituan rose by 0.5%, and Xiaomi Group also recorded a 0.5% increase. JD.com witnessed a decline of 1.5%, while Kuaishou saw a slight rise of 0.1%.

The performance of financial stocks varied, with HSBC Holdings gaining 0.9%. However, China Ping An recorded a slight decline of 0.1%, and AIA Group Insurance dropped by 1.3%. Hong Kong Exchanges and Clearing also experienced a minor decrease of 0.2%.

Meanwhile, XPeng Motors demonstrated remarkable growth, with a significant surge of 9.6% in its stock value.

Additionally, Hong Kong Technology Venture Company Limited announced a buyback offer of up to 100 million shares at a premium of 20.8%. This news had a positive impact on the company’s stock price, which surged by 8.4%.