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on the mid-autumn festival, hong kong stocks soared.

in the morning session of september 17, hong kong stocks opened low and ended high, performing strongly. as of press time, the hang seng index and the hang seng technology index had both risen by more than 1%.

in terms of sectors and individual stocks, durable consumer goods and clothing sectors led the gains, with huanlong holdings rising nearly 30%. midea group's h shares were listed today and rose by more than 8% as of press time. real estate stocks performed strongly, with kaisa group rising by more than 40% at one point and still rising by more than 18% as of press time. fantasia holdings, yuzhou group, evergrande properties, and wharf properties also ranked among the top gainers. in addition, energy, materials, and banking sectors also rose well. in terms of individual stocks, songjing technology once rose by more than 165% during the session, and century group international once rose by nearly 280%.

in other asia-pacific markets, the south korean stock market was closed today; japanese stocks opened high and fell in the morning, and as of the midday close, the nikkei 225 index fell 2.06%; the australian stock market hit a record high during the session.

songjing technology surges

in today's morning session, hong kong-listed songjing technology rose sharply, with the highest intraday increase of 165.6%.

on the news front, yesterday, the company issued an announcement that it expects the company to turn losses into profits in fiscal year 2024. the announcement stated that the company expects to record an unaudited comprehensive net profit after tax of not less than approximately hk$40 million in fiscal year 2024 (ending june 30, 2024), compared with a comprehensive net loss after tax of approximately hk$108 million in the previous fiscal year. the company stated that the company's turnaround from loss to profit in fiscal year 2024 was mainly due to the following factors: 1. a significant increase in revenue; 2. a significant reduction in general and administrative expenses; 3. no goodwill and intangible asset impairment losses in fiscal year 2024; 4. recognition of gains from the sale of subsidiaries.

real estate stocks exploded across the board

in the morning trading today, hong kong real estate stocks exploded across the board. as of press time, guorui health rose 20.93%; jinlun tiandi holdings rose 20%; kaisa group rose more than 18%, and once rose more than 40%; yuzhou group rose more than 13%; far east holdings international rose nearly 10%; in addition, fantasia holdings, evergrande property, cheung kong group, wharf property, etc. also ranked among the top gainers.

yesterday, kaisa group announced that holders of approximately 75.11% of the total outstanding principal of kaisa's debts and approximately 81.07% of the total outstanding principal of ruijing's debts have joined the restructuring support agreement.

in the first half of this year, kaisa group delivered 12 projects with a total construction area of ​​approximately 280,000 square meters in shenzhen, beijing, chongqing, xuzhou, jieyang, zhongshan and other places. as of june 30, 2024, the group has a total of 186 real estate projects in 50 cities across the country, with a land reserve of approximately 23.3 million square meters; of which the greater bay area has a land reserve of approximately 13.64 million square meters, accounting for 59% of the group's overall land reserve.

midea's h-shares surge after listing

today, midea group's h shares officially landed on the hong kong stock market, opening up about 8%, with the stock price reaching a high of hk$60 per share, an increase of 9.49%. as of press time, the stock price is still up more than 8%.

according to the ipo results, midea group received 5.31 times the subscription in the public offering stage, and the final number of shares offered for public offering was 28.2978 million shares, accounting for about 5% of the total number of shares offered. a total of 13,717 valid applications were received and 13,717 applications were accepted. the probability of being allocated h shares for one lot is about 100% of the total number of applications. (for details, please click: just now! midea h shares are listed!)

previously, senior executives of midea group responded that the purpose of listing in hong kong was not to raise funds. if it was to raise funds, reducing dividends would solve the problem. the most fundamental reason is that hong kong stocks are breakthrough, convenient and fast. guolian securities research report pointed out that for midea, the significance of listing on the h-share market is more than fundraising. it is an extension of the company's "global breakthrough" strategic axis since 2020. while providing an operating platform for overseas equity incentives and mergers and acquisitions, it also improves overseas investment channels and capital structure.