HK Stock Market Move | BEKE-W (02423) rose more than 6% in early trading. JP Morgan recently increased its holdings of Beike by nearly 600 million Hong Kong dollars, CITIC Securities said that the stock price is gradually entering the value-for-money range.

BEKE-W(02423) rose over 6% in the early trading session, rising 4.81% as of the time of this report, to 52.3 Hong Kong dollars, with a trading volume of 277 million Hong Kong dollars. On the news front, according to disclosure documents from the Hong Kong Stock Exchange, on April 7, JPMorgan Chase accumulated 12.2141 million shares of other shares of BEKE-W, worth about 588 million Hong Kong dollars. After the increase, JPMorgan Chase's latest holding is 315 million shares, with a good warehouse ratio rising from 8.70% to 9.05%. In addition, Beike has recently been actively buying back shares, spending 3 million US dollars to repurchase 46.6 thousand shares on April 15. CICC released a research report stating that in March, Beike went through the positive news realization of the opening up, and the full-year profit for 2024 and forward guidance were weaker than expected. The stock price has fallen by 26% compared to the high before the opening up, while the Hang Seng Tech Index has fallen by 21% and the Hong Kong stock exchange's real estate index has fallen by 8% during the same period. Looking ahead, we believe that the weakening trend of the real estate fundamentals is gradually becoming clearer, and under external environmental disturbances, market expectations for supportive domestic policies may become more optimistic and positive. The trading sentiment of real estate-related sectors may be boosted. As a blue-chip stock with a solid fundamental and stable market position, the company is gradually showing positioning value in the pullback. At the trading level, its proactive shareholder return attitude also provides bottom support for its market value.