Jinwu Financial News | The Hang Seng Index closed at 16499 on Friday (22nd), down 363 points or 2.16%. The market traded 135.653 billion yuan a day. The national index fell 147 points, or 2.5%, to 5757; the technical index fell 127 points, or 3.5%, to 3455. Blue chips are under pressure as a whole. Ideal Auto (02015) lowered its first-quarter delivery forecast. It plummeted 10.9% today and 18.3% for the whole week, making it the worst performing blue chip.
The Dow closed at 39,475 points on Friday (22nd), down 305 points, or 0.77%. The index fell repeatedly by 0.14% to 5,234 points; the NASDAQ rose 0.16% to 16,428 points; and the Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 1.8%. European stocks developed individually. The British and German stock markets rose 0.61% and 0.15% respectively, while French stocks fell 0.34%. Among the major stocks, Apple is plagued by antitrust lawsuits. The stock price plummeted 4.1% on Thursday, the market capitalization evaporated by 113 billion US dollars in a single day, and rebounded 0.5% on Friday. Tesla (Tesla) reported that its Chinese plant cut production, and its stock price fell 1.2%. NVIDIA added 3.1% to close at $942.89. The Asia-Pacific stock market moved individually this morning (25th). The Nikkei 225 Index now reports 40,818 points, down 69 points, or 0.17%. The South Korea Composite Index is currently at 2,747 points, down 1 point or 0.04%. Hong Kong stocks have repeatedly weakened, and we expect a breakthrough in April.
Market Focus: Maoyan Entertainment (01896)
China's film industry ushered in a strong recovery in 2023, with a total annual box office of 54.915 billion yuan (RMB, same below). Among them, domestic films grossed 46.05 billion yuan, accounting for 83.77%. Against the backdrop of a strong recovery in the industry, Maoyan Entertainment (1896) saw a marked increase in revenue in 2023. For the year ended December 31, 2023, the Group achieved revenue of 4.757 billion yuan, an increase of 105.1% year on year; profit attributable to group owners was 910 million yuan, an increase of 765.49% year on year. The Group has seized the opportunity to continue to achieve business breakthroughs and development. Many business and financial indicators have broken through record highs over the same period, continuing to prove the Group's excellent level of business development and profitability. The Group's strength continued to improve, and revenue and profit levels surpassed the same period in history. In particular, the business results and financial performance of the entertainment content service sector achieved another breakthrough growth, further improved advertising service capabilities and market coverage, and steady growth in revenue performance for three consecutive years, further confirming the Group's continued excellent development capacity and level in the entertainment content field.
Target price is $12, stop loss price is $8.5.
(The author is a licensed person of the Securities Regulatory Commission and the author does not hold the above shares)
Author: Dr. Deng Shengxing, Managing Partner, Yibo Capital Asia Limited