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Hong Kong stocks fluctuations | Meidong auto (01268) rose more than 15% in intraday trading, with subsidies from car manufacturers potentially boosting dealer profits. The company's inventory turnover is relatively high.
Zhitong Finance APP learned that Meidong Auto (01268) rose more than 15% in intraday trading. As of press time, it rose 10.19% to HKD 2.92, with a turnover of HKD 27.3817 million. On the news front, it was recently reported that some Porsche dealers in China protested due to poor sales and loss-making sales of Porsche in the mainland market. Daiwa published a report stating that the new car profit margin of Chinese luxury car dealers has fallen to the level where dealers refuse to accept more inventory unless the manufacturer provides additional rebates. For dealers, the boycott action shows that the new car business is hitting bottom, as the current thin profit margin mainly reflects in price promotion.
Meidong Auto (01268.HK) received a shareholding of 1.086 million shares from Aikya Investment.
According to the latest equity disclosure information from the Stock Exchange of Hong Kong, on May 29, 2024, Meidong Auto (01268.HK) received 1.086 million shares of shareholding from Aikya Investment Management Limited on the exchange floor, at an average price of HKD 2.64 per share, involving a total amount of approximately HKD 2.867 million. After the shareholding acquisition, the latest shareholding of Aikya Investment Management Limited increased from 4.99% to 5.08%, at a total of 70.42415 million shares.
DBS Bank said that the new car business is bottoming out and subsidies from car manufacturers could boost dealer profits.
According to a report by Daiwa, the new car profit margins of Chinese deluxe car dealers have dropped to a level where dealers refuse to accept more inventory unless manufacturers provide additional rebates. For dealers, this resistance indicates that the new car business is reaching its bottom; however, for German car manufacturers, reducing supply or providing additional rebates will still lead to a decline in profits.
Most car dealers rose, Zhongsheng Holdings (00881) rose 5.37%, and the new car business of Daimotsu dealers is bottoming out
Jinwu Financial News | Most car dealers rose, with Zhongsheng Holdings (00881) up 5.37%, Meidong Auto (01268) up 3.59%, Yongda Auto (03669) up 2.58%, and Zhengtong Auto (01728) up 2%. According to a report published by Damo, there are recent reports that due to poor sales and poor sales of Porsche cars in mainland China, some Porsche dealers in China have launched a boycott. According to the bank, the profit margin of Chinese luxury car dealers on new cars has dropped to a level where dealers refuse to accept more inventory unless the manufacturer provides additional rebates. For dealers, the boycott shows that the new car business is on
Why China MeiDong Auto Holdings Limited (HKG:1268) Could Be Worth Watching
China MeiDong Auto Holdings Limited (HKG:1268), might not be a large cap stock, but it saw significant share price movement during recent months on the SEHK, rising to highs of HK$3.33 and fallin
Changes in Hong Kong stocks | Auto dealers collectively declined, dealer inventory index rose month-on-month in April, demand for car purchases did not meet expectations in May
Auto dealers collectively declined. As of press release, Zhongsheng Holdings (00881) fell 9.07% to HK$13.84; MeiDong Auto (01268) fell 8.19% to HK$2.69; and Yongda Motor (03669) fell 5.12% to HK$2.04.
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