[Epoch Times November 11, 2021](Epoch Times reporter Huang Jiachuan reported in Hong Kong) The Hang Seng Index opened 25 points lower on the 10th, and then continued to decline due to weakness. However, it rebounded sharply in the afternoon and returned to the surface. The day’s low was 24,481 points, and it had fallen by 331 points at most. It finally closed at 24,996 points, up 183 points (0.74%), and the full-day turnover recorded HK$136.3 billion.
Tencent’s (00700) share price rose 4.2% before the performance. After the market closed, it announced that its third-quarter revenue rose 13% year-on-year to RMB 142.4 billion, which was lower than the expected RMB 145.4 billion. Adjusted net profit fell 2% to RMB 31.8 billion. Slightly below the 32.4 billion yuan expected. Tencent claims that games such as “Honor of Kings” have boosted the local market’s game revenue by 5% to 33.6 billion yuan annually.
The mainland official media claimed that the price of dairy products was too high and hindered the growth of demand, indicating that over-premiumization is detrimental to the competitiveness of the industry. Mengniu (02319) fell 5.2% in response, but Modern Dairy (01117) first fell and then rose 4.2%, while Youran (09858) fell 0.2% and H&H (01112) rose 0.5%.
Fantasia (01777) plummeted 36.6% after the resumption of trading. It announced yesterday that it defaulted on the 2021 bills due on the 4th of last month, and received notifications from some lenders to demand repayment of outstanding loans.
The market looked forward to the mainland’s relaxation of monetary policy, and the domestic real estate sector soared in the afternoon market. Shimao Group (00813) rose 16.9%, Sunac China (01918) rose 14.9%, and China Aoyuan (03883) rose 15.7%.
China Light and Power (00002, down 0.3%) will increase its tariff by 5.8% next year, and Hong Kong Electric (02638, down 0.9%) will increase by 7%.
On the other hand, mainland power stocks fell sharply across the board today. China Power (00836) fell 5.5%, Huaneng (00902) fell 3.2%, and China Power (02380) fell 4.6%. ◇
Editor in charge: Chen Wenqi
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