China's housing services platform KE drops most on record as Q1 revenues fall

KE Holdings

24/05/2024 03:38

** Hong Kong shares of Chinese online and offline housing
transactions and services platform operator KE Holdings Inc
 2423.HK  drop 13% to HK$43, on course for the biggest one-day
pct decline since debut in May 2022
    ** Stock hit the lowest since May 9, extending losses for
the second session; second biggest percentage loser in Hang Seng
Composite Index  .HSCI  
    ** U.S.-listed stock  BEKE.N  fell 10% on Thursday   
    ** Co says its Q1 net revenues decreased 19.2% Y/Y to 16.4
bln yuan ($2.26 bln) with net income attributable to
shareholders down 84.3% Y/Y to 432 mln yuan from 2.75 bln yuan
the same period in 2023
    ** Nomura keeps "buy" rating but trims target price of the
U.S. stock to $22.20 from $22.30 saying muted momentum in 1Q24
in line with expectations 
    ** Hang Seng Mainland Properties Index  .HSMPI  drops
3.4%Hang Seng Composite Index  .HSCI  falls 1.2% and Hang Seng
Index  .HSI  eases 1.1%
    ** Hong Kong shares gain 1.3% YTD, U.S. stock up 4.8% YTD   


($1 = 7.2452 Chinese yuan renminbi)

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