Hong Kong Exchange (388.HK) Jumped on More IPO Initiation

Hong Kong Exchange jumped more than 7% after more Chinese Technology companies would initiate the IPO in Hong Kong Exchange.

Stocks (1)

Hong Kong Exchange jumped more than 7% after more Chinese Technology companies would initiate the IPO in Hong Kong Exchange.

Ant Group, the largest online payment platform in China, announced its plan of listing in Hong Kong Exchange and Shanghai Exchange. Bloomberg reported that the fintech giant would target a $200 billion valuation (roughly HK$1.55 trillion) in valuation and seek raising $10 billion.

Besides, Didi Chuxing, a ride-hailing company in China, plans to list in Hong Kong as fast as this year, according to chinastarmarket.cn. The media reported that the company would target a valuation of $80 billion.

From a technical point of view, the stock posted a bullish gap after touching the 20-day moving average on the daily chart.

The RSI indicated a positive reversal signal, suggesting the resumption of recent uptrend.

Bullish readers could consider the nearest support level at the previous low at HK$335, while the resistance level would be located at HK$400 (161.8% retracement) and HK$441 (261.8% retracement).


Source: GAIN Capital, TradingView

More from Equities

Disclaimer

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.

Important Notice:

Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.