China's Leapmotor hits over 4-month peak after Q1 results

FCE

20/05/2024 06:15

** Shares of Zhejiang Leapmotor Technology Co Ltd  9863.HK 
jump 8.9% to HK$34.10, their highest since January 2, on course
for the second session of gain
    ** Stock on track for the biggest one-day pct rise since May
14 
    ** Leapmotor deliveres a total of 33,410 vehicles in Q1
2024, up 217.9% from Q1 2023 
    ** Co says its Q1 revenue amounted to 3.49 bln yuan 
($482.70 mln), up 141.7% from Q1 2023, but down 33.9% from Q4
2023, while Q1 net loss was 1.01 bln yuan, compared with 1.13
bln in Q1 2023 and 954.5 mln yuan for Q4 2023
    ** Jefferies keeps "buy" rating on stock saying 1Q24 missed
on price cuts while outlook remains intact 
    ** Rivals also rise with NIO  9866.HK , BYD Co  1211.HK , Li
Auto  2015.HK , Geely  0175.HK  and Xpeng  9868.HK  up between
1.4% and 7.9% 
    ** Hang Seng Tech Index  .HSTECH  and Hang Seng Composite
Index  .HSCI  both climb 0.6%, while Hang Seng Index  .HSI  adds
0.5%
    ** Leapmotor stock down 7.4% YTD  


($1 = 7.2301 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))