Hong Kong stocks traded within a narrow range yesterday, and the focus was on 4 new stocks. Among them, “Lithium King” Tianqi Lithium (2466) once fell below the IPO price, which was the most topical, reflecting the strong speculation of this stock.
Once diving closed to regain lost ground
The first battery concept stock to land in Hong Kong was BYD (1211), the company later transformed into a one-stop electric vehicle, and its stock price has risen 40 to 50 times. It is another private enterprise myth besides Tencent (700). The other is Ganfeng Lithium (1772), which was listed in 2018. At the beginning of its listing, it was deep at the level of 10 yuan. After diving for a long time, lithium mining stocks became hot and the stock price began to explode. The highest level was close to 120 yuan, and it closed at 76.35 yuan yesterday. , Lithium battery stocks are hot in concept, but they are quite high at the same time. In this context, Tianqi Lithium has experienced violent fluctuations before its listing.
Tianqi had waves before its IPO. The first wave occurred at the beginning of the year. At that time, when the IPO news came out, and after the hype of mainland lithium battery stocks, Tianqi became a sell-off target. The most recent wave occurred this week. Tianqi’s stock price was vigorously killed before the first listing in Hong Kong, but when it was about to be buried, the well-known mainland investor Xu Xiang’s wife Ying Ying suddenly jumped out, pointing out that Tianqi’s valuation was too high, and It means that the high growth and high valuation effects that contributed to Tianqi’s stock price explosion have passed. Ying Ying herself is also an investment internet celebrity. Immediately after posting the article, she touched the nerves of the market. Not only did Tianqi’s share price come under pressure, but even the share price of another giant in the sector, Ningde Times, was under pressure. Ying Ying’s approach also caused controversy in the market. Tianqi Lithium broke the bottom as soon as the market opened yesterday, and gradually stabilized in the afternoon, closing at 82 yuan, the same as the listing price.
Tianqi Lithium’s main revenue in the first quarter of 2022 was 5.257 billion yuan, an increase of 4.81 times year-on-year; the net profit attributable to the parent was 3.328 billion yuan, an increase of 14.42 times year-on-year; non-net profit deducted was 2.834 billion yuan, an annual increase of 18.83 times. The first-quarter profit was 1.6 times the full-year 2021 level. The issue price of H shares is determined to be capped at HK$82, and it is planned to raise HK$13.4 billion, making it the largest IPO on the Hong Kong Stock Exchange this year.
In the past, the atmosphere of such shares listing should be lively, but the momentum of this listing is not as expected. Tianqi’s performance this year is in the same rhythm as A-shares. At the beginning of the year, the market was down, and the stock fell particularly hard. In the middle of the year, A-shares rebounded, and with the stimulation of the listing, the stock price rushed to a high level, so whether to bet on this stock is half to see Confidence in mainland A shares, if you feel that A shares are going well, the stock should not be bad. If you look at the law to the contrary, you will naturally have to believe what Yingying said.
In addition to Tianqi Lithium, there were 3 new stocks listed yesterday, all of which saw red losses. Huzhou Gas (6661), a Chinese pipeline natural gas distributor, closed at RMB 5.6, down 7.9% from the listing price, and suffered a loss of RMB 240 per lot. Wealth management service provider Noah Holdings (6686) closed at 279 yuan, down 4% from the listing price, with a loss of 260 yuan per lot. Mainland household consumer goods retailer MINISO (9896) closed at HK$13.2, down 3% from its listing price, and lost HK$84 per lot on the books.
The hidden worries of the debts of the domestic house are turning over and tiring the domestic banks
The performance of new stocks was dull and had little to do with the market. The Hang Seng Index did not fluctuate much yesterday, closing at 20,797 points, down 46 points; the HSCEI closed at 7,145 points, down 45 points; the KSE closed at 4,547 points, up 22 points; the turnover was 108.3 billion Yuan. It is worth noting that the debt problem of domestic properties seems to be re-emerging. Mainland reports indicate that a bond of Country Garden (2007) will decline in 2024, and Country Garden will be sold. (6098) plunged 7% to close at 25.3 yuan; China Overseas (688) fell 3% to close at 23.3 yuan; CIFI Group (884) plunged 13% to close at 2.57 yuan.
There are reports in the mainland that the property market is poor, the property market is unfinished, and some hard-earned owners refuse to repay their loans. The news made the domestic banking stocks weak. China Merchants Bank (3698) was the most hurt, down 6.9% to close at 43.75 yuan. Some internal media pointed out that such loans account for an estimated 0.9% of mortgages, which should not have a major impact on the entire bank lending portfolio.
Hitoshi Rikuha