Chinese property platform KE's Hong Kong shares jump on earnings beat

KE Holdings

01/12/2022 04:13

** Hong Kong shares of Chinese property platform KE Holdings
Inc  2423.HK  jump as much as 13.1% to HK$45, their highest
since Oct 7
    ** Stock set for the biggest daily pct rise since Nov 11 if
gains hold, tracking a 12% rise in U.S.-listed shares  BEKE.N  
    ** Beijing-based co posts a 2.8% drop in Q3 revenue at 17.6
bln yuan ($2.49 bln), while Q3 net income was at 716 mln yuan as
compared to a net loss of 1.77 bln yuan  urn:newsml:reuters.com:*:nTUA4RNJW6
    ** KE expects total net revenues for Q4 to be between 14.5
bln yuan and 15 bln yuan, representing a decrease of 15.7% to
18.5% from the same quarter in 2021, amid the latest real estate
related policies and measures, and an increase in COVID cases
    ** Jefferies maintains 'Buy' rating on the stock saying
recovery story ahead and says Q3 revenue is in line while
earnings beats on operation efficiencies and cost control
    ** The Hang Seng Commerce & Industry Index  .HSNC  surges
2.1% and the Hang Seng Tech Index  .HSTECH  rises 2%
    ** The Hang Seng Composite Index  .HSCI  climbs 1.3% and
Hang Seng Index  .HSI  gains 1.4%
($1 = 7.0691 Chinese yuan renminbi)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))