HKG:6880

Deutsche Bank Starts Momenta Global at Buy with HK$400 Price Target

Market Chatter: China Regulator Resumes Permit Issuance for Robotaxis After Three-Month Pause

China's Ministry of Industry and Information Technology resumed the issuance of permits for self-driving taxis following a hiatus that began in April, Bloomberg reported Thursday, citing people familiar with the matter.An outage involving dozens of robotaxis operated by Baidu's (HKG:9888) Apollo Go, which stranded passengers and disrupted traffic in Wuhan, China, triggered the suspension of permit issuances, according to the report.Among the first companies to receive new permits was newly listed Momenta Global (HKG:6880) to allow the self-driving taxi operator to run trials in Shenzhen, while Baidu's robotaxi operations could also resume service, the report said.The ministry was not immediately available for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hong Kong Stocks Advance as Tech Rally Extends; Four Firms Make Mixed Debuts

Hong Kong stocks closed higher Wednesday as technology shares rallied despite renewed geopolitical tensions in the Middle East.The Hang Seng Index surged 3%, or 702.57 points, to close at 24,199.46, while the Hang Seng China Enterprises Index jumped 4%, or 313.96 points, to finish at 8,084.22.Technology stocks led the advance as investors grew more confident that upcoming lock-up expiries would have a limited impact on the market, following several cornerstone investors' reaffirmations of their long-term holdings.Meanwhile, the U.S. said it struck Iranian air defenses, coastal surveillance systems and drone launch sites, while Iran's Revolutionary Guards said they targeted U.S. military facilities in Bahrain and Kuwait.Washington also moved to revoke a waiver allowing Iran to sell oil on global markets, a step Tehran said violated the framework agreement to end the conflict.In corporate news, four companies made their debut on the Hong Kong main board.Momenta Global (HKG:6880) ended the session flat at HK$295.60, matching its offer price.EACON (HKG:7687) closed nearly 10% higher at HK$96.70, compared with its offer price of HK$87.92.BASiC Semiconductor (HKG:9971) ended the session 5% higher at HK$33.22, versus its offer price of HK$31.62.Reconova Technologies (HKG:7656) closed 3% lower at HK$21.00, compared with its offer price of HK$21.66.

Hong Kong Stocks Rebound as US-Iran Ceasefire Breakthrough Eases Oil Flow Fears; Five Firms File for IPO

Hong Kong stocks rebounded Monday, recovering from last week's tech selloff, after Iran and the U.S. agreed to halt attacks and resume talks, lifting hopes for de-escalation and easing concerns over oil flows through the Strait of Hormuz.The Hang Seng Index rose by around 354.82 points, or roughly 1.6%, to end at 23,026.68, while the Hang Seng China Enterprises Index increased by 144.50 points, or 1.9%, to end at 7,605.34.Rhetoric between Iran and the U.S. intensified this past week after both sides accused each other of violating an interim ceasefire.However, officials are now scheduled to meet in Qatar on Tuesday to resume technical talks to end hostilities in the region and agreed to let vessels pass through the vital Strait of Hormuz, Reuters reported.Investors also reacted to data demonstrating an accelerated pace of profit growth across China's major industrial enterprises during the first five months of the year.Profits of China's major industrial firms grew 18.8% year over year to 3.14 trillion yuan during the first five months of the year, according to data from the National Bureau of Statistics on Saturday.In corporate news, five firms filed to go public in Hong Kong.Among the future debutants, Momenta Global (HKG:6880) is seeking to raise about HK$5.89 billion to enhance its core autonomous driving technologies, while EACON Group (HKG:7687) is targeting HK$2.23 billion to expand its hardware and software capabilities.Elsewhere, BASiC Semiconductor (HKG:9971) is seeking to raise up to HK$866 million to expand its production base and Reconova Technologies (HKG:7656) is eyeing about HK$608.4 million for product iteration and new product development.Also among the list, DKE Holding (HKG:1770) launched its Hong Kong IPO to raise up to HK$517.5 million to advance the intelligentization of its production bases.