On March 12, driven by consumer stocks and technology and Internet stocks, Hong Kong stocks opened higher and continued to rise in the afternoon. The Hang Seng Technology Index rose nearly 5%, up 20% from the low in January, entering a technical bull market; the Hang Seng Index It rose more than 3%, rose more than 500 points, and hit 17,000 points again.

Haidilao and catering stocks rise

Catering stocks generally rose, with Haidilao rising by about 12%. The stock price returned to the HK$16 mark, hitting a three-and-a-half-month high, with the total market value reaching HK$89.2 billion.

Analysts believe that Haidilao's sharp rise was due to the recovery of the company's turnover rate in February, which increased by about 10% month-on-month and more than 40% year-on-year. It mainly benefited from the seasonal strong momentum of festive catering during the Spring Festival. Citigroup raised Haidilao's sales forecast for this year and next by 7%-8%, and raised its profit forecast by 64%-72%. It maintained a "buy" rating and raised the target price from HK$24.2 to HK$24.4.

Driven by the surge in Haidilao, catering stocks showed general gains. Helens and Jiumaojiu rose by more than 12%, while Xiabuxiabu rebounded from lows and soared by more than 11%.

Xiaomi leads technology and internet stocks to rebound

Lei Jun officially announced today that Xiaomi Motors SU7 will be officially launched on March 28. Xiaomi opened higher throughout the day, with the increase expanding to nearly 12%, and the transaction volume exceeded 3 billion Hong Kong dollars.

With Miniso's outstanding overseas performance, many key financial indicators such as revenue, net profit, and gross profit hit record highs in the last quarter. After the release of the financial report, Hong Kong stocks surged by more than 16%.

The company's revenue last quarter was 3.84 billion yuan, a year-on-year increase of 54%, a record high in single-quarter revenue; gross profit margin reached 43.1%, a year-on-year increase of 3.1pct, a record high; adjusted net profit exceeded 660 million yuan for the first time (non-international financial Reporting Standard Non-IFRS), a year-on-year increase of 77%, hitting a record high.

Science and technology stocks generally rose, with Kingsoft Cloud rising by nearly 11%, Bilibili rising by more than 11%, JD.com rising by more than 8%, and Kuaishou and Meituan rising by more than 6%.

Li Ning surged 20% in the afternoon

Hong Kong stock Li Ning rose sharply in the afternoon, once rising by more than 26% to HK$24.5 per share, a new high since December 2023. As of press time, the increase had fallen back to nearly 8%, with a turnover of over HK$2.9 billion. News, some media reported that founder Li Ning is considering privatizing the listed company "Li Ning". As of now, the company has not responded to this.

Real estate stocks rise strongly

Hong Kong real estate stocks continued to rise. CIFI Holdings Group rose nearly 23%, Longfor Group rose more than 14%, Shimao Group rose more than 10%, and Sunac China rose more than 9%.

On the news, a rumor "requiring banks to strengthen financing support for state-backed real estate developer Vanke and calling on bondholders to consider extending the maturity of private debt" has been widely circulated. Media reports say some support does exist.

Around March 8, a number of insurance companies sent senior executives to Vanke’s headquarters in Shenzhen for a new round of consultations. The consultation plans include extending Vanke's debt repayment period by at least one year, additional credit enhancement guarantees and collateral, and converting non-standard bonds into standard bonds. As of March 10, negotiations between Vanke and insurance companies were still ongoing. Contrary to outside rumors, the focus of Vanke's current round of negotiations is not to "extend" the debt, but to hope that several insurance companies will not exercise their rights in advance and continue to perform the contract until the loan expires.

On March 11, CIFI Group Co., Ltd. announced on the Shanghai Securities Exchange that the "22 CIFI Group MTN001" medium-ticket holders meeting has been held from February 27, 2024 to March 8, 2024. The meeting will review All three proposals were passed, including waiving relevant requirements such as the procedures for convening this meeting, adjusting the current bond redemption arrangements and adding credit enhancement safeguards, and agreeing to extend the grace period.