HK Stock Market Move | AVICHINA (02357) opened nearly 8% lower, with several large transactions involving approximately 312 million shares and exceeding HKD 1.1 billion in value before the market opened.

AVICHINA (02357) saw multiple large transactions in the market, involving approximately 312 million shares with an average price of 3.59 Hong Kong dollars per share, totaling over 1.1 billion Hong Kong dollars. As of the time of writing, the stock price has dropped by 7.81% to 3.66 Hong Kong dollars, with a transaction amount of 1.142 billion Hong Kong dollars. On the news front, AVICHINA released its annual performance report, with a revenue of 86.971 billion Chinese yuan, an increase of 2.62% year-on-year; and a net profit attributable to the owners of the parent company of 21.87 billion yuan, a decrease of 10.63% year-on-year. The decrease in net profit was mainly due to the decline in performance of its subsidiary AVIC Airborne Systems. In addition, UBS stated that Jonhon Optronic Technology is expected to contribute half of AVICHINA's profits in 2023, but due to lower-than-expected profit contribution in 2024, they have lowered their profit forecast for AVICHINA in the past year and this year by 7%.