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Real-time News
On January 5th, according to Tianyanchas risk information platform, Fang Yunzhou, Zhang Yong, and Yichun Langling Enterprise Management Consulting Center (Limited Partnership) were recently added to the list of judgment debtors, with an enforcement target of over 1.05 million yuan. The executing court is the Shanghai First Intermediate Peoples Court. Yichun Langling Enterprise Management Consulting Center (Limited Partnership) was established in October 2021, with Fang Yunzhou as the general partner and a capital contribution of 5.48 million yuan. Its business scope includes social and economic consulting services and information consulting services. Partner information shows that the consulting center is jointly funded by Fang Yunzhou, Zhang Yong, and more than 40 other partners.January 5th - As of midday closing, the Hang Seng Index fell 0.08%, and the Hang Seng Tech Index fell 0.18%. On the sector front, oil stocks, auto stocks, commercial aerospace stocks, and gaming software stocks led the declines, while short video concept stocks, pharmaceutical outsourcing concept stocks, brain-computer interface concept stocks, and mainland property stocks led the gains. NIO (09866.HK) fell over 5%, Great Wall Motor (02333.HK), XPeng Motors (09868.HK), and PetroChina (00857.HK) fell over 4%, CNOOC (00883.HK) fell over 3%, and Sinopec (00386.HK) fell over 1%. Nanjing Panda Electronics (00553.HK) surged nearly 45%, Joinn Laboratories (06127.HK) rose over 11%, and Kuaishou (01024.HK) and Shimao Group (00813.HK) rose over 9%.The yield on Japans 40-year government bonds rose 2.5 basis points to 3.630%.On January 5th, Daiwa Securities issued a report stating that Mixue Group (02097.HK) is facing a potential downward valuation reassessment due to slowing future profit growth, and its second growth engine has not yet been validated. The bank downgraded its investment rating from "Outperform" to "Hold" and lowered its valuation basis from a projected P/E ratio of 28x to 22x, with the target price reduced from HK$535 to HK$427. The bank believes that Mixues current valuation of 21x (equivalent to a projected P/E ratio for this year) is high, compared to 15-19x for mainland catering peers, and its forecast of a 15% CAGR for Mixues earnings from 2025 to 2027. The report stated that after the subsidy boom, Mixues same-store sales growth has remained resilient, and its branch network expansion may provide some support, but the bank believes the market may have overly high expectations for a second growth engine.Nomura Securities raised its target price for Baidu (BIDU.O) from $140 to $178.
