On Friday, October 7, Hong Kong stocks opened lower, the Hang Seng Index opened down 0.89%, and the Hang Seng Technology Index opened down 1.42%, and then the decline expanded.
As of the close of noon, the Hang Seng Index fell to 1.13% to 17809.4 points, and the Hang Seng Technology Index fell to 2.8% to 3558.34 points.
On the disk, new energy vehicles and real estate stocks were among the top losers. Country Garden fell by more than 11%, Longfor Group fell by more than 8%; Ideal Auto fell by more than 16%, and Weilai fell by nearly 9%.
New energy vehicle stocks tumbled. In early trading, Ideal Auto fell by more than 16%, Weilai fell by nearly 9%, and Xiaopeng Motors fell by more than 6%. U.S. shares of Ideal Auto closed down 12.3% overnight.
Credit Suisse believes that Li Auto’s third-quarter 2022 deliveries are above its latest guidance of around 25,500 units, butDown from its original 27-29,000 guidancean increase of 6% year-on-year to 26,524 vehicles.
Bank of Communications believes that its new models still rely on extended-range technology, and more places are canceling new energy vehicle licenses for extended-range electric vehicles. Bank of Communications believes that this may have a slight impact on the sales of ideal cars.
Real estate stocks were among the top losers, with CIFI Holdings down more than 15%, Country Garden down more than 11%, and Longfor Group down more than 8%.
In terms of other stocks, Tencent Holdings fell 1.44%, Baidu Group fell 1.39%, Geely and Xiaomi fell more than 1%.
Kingsoft’s decline continues to expand, and is currently down more than 12%. The company expects to record a major loss in the first nine months of this year.
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