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GEELY AUTOMOBILE HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-07-06 am EDT
16.40 HKD   -2.50%
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China, Hong Kong shares slump as Beijing ramps up COVID measures

05/24/2022 | 04:43am EDT

* SSEC -2.41%, CSI300 -2.34%, HSI -1.75% A-share outflows from foreign investors top 6.6 bln yuan

* A-share info tech sector -4.23%; Hang Seng Tech -3.48%

* China says it will take targeted steps to boost economy

SHANGHAI, May 24 (Reuters) - China shares fell on Tuesday while Hong Kong's benchmark index also slumped, as stricter COVID-19 measures in the country's capital reignited worries over slowing growth despite Beijing's pledges of further economic support.

** At the close of trade, Hong Kong's Hang Seng index was down 357.96 points or 1.75% at 20,112.10. The Hang Seng China Enterprises index fell 1.98% to 6,883.14.

** The Shanghai Composite index ended 2.41% lower at 3,070.93, posting its biggest drop since April 25.

** The blue-chip CSI300 index was down 2.34%, its biggest drop since May 6, with its financial sector sub-index lower by 1.49%, the consumer staples sector down 1.45%, the real estate index down 0.27% and the healthcare sub-index down 3.7%.

** Tech firms, which have led a market rebound since late April, fell sharply. The CSI Info Tech index slipped 4.23% and Shanghai's tech-focused STAR50 index dropped 4.73%.

** The smaller Shenzhen index ended 3.54% lower and the start-up board ChiNext Composite index fell 3.82%.

** Automotive shares fell less than the broader market, with a sub-index tracking the sector falling 1.1%, after China said it would reduce some passenger car purchase taxes by 60 billion yuan.

** The news helped to lift Geely Automobile Holdings Ltd , which jumped 3.52% and was the top gainer on the Hang Seng.

** The tax reduction is among a number of steps China's cabinet has pledged to support an economy wracked by widespread COVID-19 outbreaks that are hobbling an already-slowing economy.

** Chinese Vice Premier Sun Chunlan called for more thorough measures to cut virus transmission and adhere to the nation's zero-COVID policy during an inspection tour in Beijing.

* Daily COVID-19 numbers in China remain closely watched by investors and Beijing on Monday reported 99 new infections for the previous day, the largest daily tally so far during a month-old outbreak.

** Foreign investors were net sellers of A-shares on Tuesday, with Refinitiv data showing outflows of more than 6.6 billion yuan ($988.85 million) through the Stock Connect programme.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.25%, while Japan's Nikkei index closed down 0.94%.

** The yuan was quoted at 6.6686 per U.S. dollar at 0814 GMT, 0.3% weaker than the previous close of 6.6488.

($1 = 6.6744 Chinese yuan) (Reporting by Andrew Galbraith; Editing by Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CHINESE YUAN RENMINBI (AUD/CNY) -0.20% 4.558557 Delayed Quote.-0.22%
BRITISH POUND / CHINESE YUAN RENMINBI (GBP/CNY) -0.52% 7.993032 Delayed Quote.-5.64%
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.42% 5.1367 Delayed Quote.3.72%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) -0.85% 6.8329 Delayed Quote.-3.24%
GEELY AUTOMOBILE HOLDINGS LIMITED -2.50% 16.4 Delayed Quote.-21.03%
HONG KONG HANG SENG -1.22% 21586.66 Delayed Quote.-6.70%
INDIAN RUPEE / CHINESE YUAN RENMINBI (INR/CNY) -0.17% 0.084614 Delayed Quote.-0.46%
NIKKEI 225 -1.20% 26107.65 Real-time Quote.-9.16%
S&P/CITIC 300 INDEX -1.47% 4040.73 Real-time Quote.-8.55%
S&P/CITIC 50 INDEX -1.78% 3878.44 Real-time Quote.-5.89%
SHENZHEN STOCK EXCHANGE A SHARE INDEX -1.16% 2309.2 Real-time Quote.-11.76%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.70954 Delayed Quote.5.56%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.26% 6.7018 Delayed Quote.5.48%
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Financials
Sales 2022 129 B 19 231 M 19 231 M
Net income 2022 6 869 M 1 022 M 1 022 M
Net cash 2022 25 276 M 3 762 M 3 762 M
P/E ratio 2022 20,1x
Yield 2022 1,55%
Capitalization 144 B 21 479 M 21 479 M
EV / Sales 2022 0,92x
EV / Sales 2023 0,71x
Nbr of Employees 44 000
Free-Float 57,3%
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Mean consensus BUY
Number of Analysts 31
Last Close Price 14,40 CNY
Average target price 15,92 CNY
Spread / Average Target 10,5%
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Managers and Directors
Sheng Yue Gui Executive Director
Wen Ze Xu President
Shu Fu Li Chairman
Yang Wang Independent Non-Executive Director
Qing Heng An Independent Non-Executive Director
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