China's Kuaishou surges on strong quarterly results

Kuaishou Technology

22/11/2023 02:10

** Shares of Kuaishou Technology  1024.HK  surge as much as
5.4% to HK$61.65, on course for biggest one-day pct rise since
Nov 6, if gains hold
    ** Stock second-biggest pct gainer in the Hang Seng Tech
Index  .HSTECH  and the Hang Seng China Enterprises Index
 .HSCE  
    ** China's short video apps operator posts 2.18 bln yuan
($302.3 mln) profit for the quarter ended in September, compared
to a 2.71 bln yuan loss in the year-ago period, with revenue up
20.8% at 27.9 bln yuan   
    ** Jefferies maintains "buy" rating, saying Kuaishou's
revenue came in line and adjusted profit beat expectations
    ** The Hang Seng Tech Index slips 0.1%, the Hang Seng China
Enterprises Index eases 0.03%, and the Hang Seng Index  .HSI 
down 0.1%
    ** Stock down 15.6% YTD 
($1 = 7.2111 Chinese yuan)

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