ALIBABA HEALTH INFORMATION TECHNOLOGY LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-07-05 am EDT
5.740 HKD   +4.74%
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China shares fall on economic outlook, HK down on signs of tech crackdown

06/22/2022 | 04:36am EDT

SHANGHAI, June 22 (Reuters) - Mainland Chinese shares ended lower on Wednesday, as extreme weather in some parts of the country added uncertainty to economic recovery from COVID-19 shocks, while signs of fresh crackdown on tech firms and the platform economy hurt the Hong Kong market.

** At the market close, the Shanghai Composite Index closed down 1.2% at 3,267.2 points, while the blue-chip CSI 300 index lost 1.27% to 4,270.62.

** The financial sector sub-index edged down 1.48%, the consumer staples sector eased 0.54%, while the real estate index fell 1.65%.

** Hong Kong's benchmark Hang Seng index dropped 2.56% to 21,008.34 points at the close, while the Hong Kong China Enterprises Index lost 2.84%.

** Heat waves in northern and central China drove up electricity demand to record levels as millions switched on air conditioners to escape the sweltering conditions, while floodwaters in the south submerged villages and trapped city residents.

** While some investors were worried that the flood could prompt supply chain disruptions, a latest UBS survey of 507 senior corporate executives conducted in April and May showed that COVID disruptions have caused more negative impact on business than that in 2021, the bank said in a note.

** "Respondents reported softer outlook in H2/2022 with expectation for slower sales growth, lower profit margin, weaker domestic and export orders."

** Some traders and analysts said markets will pay close attention to June economic indicators to gauge the pace of economic recovery, after the financial hub of Shanghai lifted its two-month long lockdown at the start of this month. ** In Hong Kong, shares snapped a three-day rally, pressured by fresh investor worries over a clampdown on tech firms, while global growth prospects, stubbornly high inflation and tighter financial conditions also hurt sentiment. ** The tech sector was among the biggest loser, with Hang Seng Tech Index plunging 4.37%, after regulators sought public consultation on potentially banning third-party pharmaceutical e-commerce platforms from online drug sales.

** Shares of pharmaceutical e-commerce platform operator Alibaba Health Information Technology Ltd closed down 13.85% at HK$4.79, and its rival JD Health International Inc tumbled 14.84% to HK$53.4.

** Separately, Hong Kong-listed Chinese live streaming services providers also tumbled after Chinese regulators rolled out fresh measures regulating the industry. Shares of Kuaishou Technology lost 4.08% to HK$82.35 at the close. ** Market participants will monitor U.S. Federal Reserve chair Jerome Powell's testimony to Congress later in the session, with investors looking for further clues about whether another 75-basis-point rate hike is on the cards in July. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich and Shailesh Kuber)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA HEALTH INFORMATION TECHNOLOGY LIMITED 4.74% 5.74 Delayed Quote.-16.84%
HONG KONG HANG SENG 0.10% 21853.07 Delayed Quote.-6.70%
JD HEALTH INTERNATIONAL INC. 2.03% 65.35 Delayed Quote.6.35%
KUAISHOU TECHNOLOGY 1.31% 88.8 Delayed Quote.23.25%
S&P/CITIC 300 INDEX -0.14% 4101.15 Real-time Quote.-8.55%
S&P/CITIC 50 INDEX 0.00% 3948.68 Real-time Quote.-5.89%
All news about ALIBABA HEALTH INFORMATION TECHNOLOGY LIMITED
06/30Alibaba Health Information Technology Limited Announces Executive Changes
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06/27Hong Kong Hang Seng Up 2.4% on Pandemic, Economy Outlooks
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06/22Beijing Mulls Banning Internet Healthcare Firms From Selling Drugs Online
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06/22Asian Stock Markets Retreat On Wall Street Cues, Beijing Tech Oversight
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06/22Hong Kong Hang Seng Slumps Anew, Down 2.6% on Tech-Sector Outlook
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06/22Hong Kong Stocks Snap Three-Day Rally; Mega Genomics Wipes Out Early Gains in Debut
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06/22China shares fall on economic outlook, HK down on signs of tech crackdown
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06/22Chinese Online Health Companies Extend Losses Amid Sector Sell-Down
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06/21Hong Kong Hang Seng Up 1.9% on China Outlook
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06/17Hong Kong Hang Seng Up 1.1% on Beijing Policy Outlook
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Financials
Sales 2022 20 318 M 3 032 M 3 032 M
Net income 2022 -480 M -71,6 M -71,6 M
Net cash 2022 10 549 M 1 574 M 1 574 M
P/E ratio 2022 -132x
Yield 2022 -
Capitalization 66 216 M 9 882 M 9 882 M
EV / Sales 2022 2,74x
EV / Sales 2023 2,23x
Nbr of Employees 1 870
Free-Float 34,9%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 4,90 CNY
Average target price 5,22 CNY
Spread / Average Target 6,50%
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Managers and Directors
Shun Yan Zhu Chairman & Chief Executive Officer
Yanwu Tu Senior Finance Director
Di Fan Shen Chief Operating Officer & Executive Director
Tong Luo Independent Non-Executive Director
King On Wong Independent Non-Executive Director
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