China and Hong Kong Indexes Diverged Ahead of Fourth Quarter GDP Data

Li Chen
15 Jan, 2025
Hong Kong

Stock market indexes in China and Hong Kong lacked direction amid domestic economic uncertainties and a lack of progress in the property market. 

The Hang Seng index increased 0.2%, but the mainland-focused CSI 300 index decreased 0.4% as investors worried that the persistent weakness in the property market is likely to overshadow the strength in exports. 

Investors are looking ahead to the release of fourth quarter economic growth data on Friday, and economists are anticipating a slight rebound following a string of stimulus measures announced in September. 

GDP growth in the fourth quarter is estimated to accelerate to 5.0% from 4.6% in the September quarter, according to an informal survey of seven economists in Beijing, Shanghai, and Hong Kong conducted by Ticker.com. 

 

China Stock Movers 

The Hang Seng index added 0.2% to 19,256.92, and the mainland-focused index decreased 0.4% to 3,804.78. 

China Merchants Bank advanced 3.2% to HK $41.20 after the company reported a rise in profit in 2024.

Zijin Mining Group decreased 5.2% to HK $14.58 after the gold mining company was added to a U.S. blacklist for its alleged involvement in forced labor activities linked to the Uygur ethnic minority. 

Country Garden Holdings Co. Ltd reported a loss of 12.8 billion yuan in the first half of 2024 following a record loss of 178.4 billion yuan in 2023. 

Country Garden remains suspended from trading since March 28, 2024, and last traded at HK $0.49. 

Three companies listed their shares on exchanges, with one listed on the Hong Kong Stock Exchange. 

Beijing Saimo Technology edged up slightly from its initial public offering price of HK $13 per share after the company listed its stock on the Hong Kong Stock Exchange. 

The simulation and validation tools developer sold 145 million shares and priced its shares near the bottom end of its filing range between HK $12 and HK $18 per share and raised about HK $420 million, or $54 million. 

 Scantech soared more than 200% on the first day of trading in Shanghai after the three-dimensional visual digital products maker raised 569 million yuan through its initial public offering. 

The company sold its 33 million shares and priced its offering at 33.46 per share. 

Yangzhou Huitong Technology soared more than three-fold on the first day of trading after the chemical company completed its initial public offering.

Yangzhou Huitong traded at 50.10 yuan after the equipment maker for polymers priced its offering at 11.80 yuan per share.