HK Stock Market Move | MEIDONG AUTO (01268) opened nearly 4% higher at the end of August, with passenger car inventory in the national market decreasing month-on-month. The overall industry inventory is healthy.

, MEIDONG AUTO (01268) opened nearly 4% higher. As of the time of writing, it was up 3.85%, trading at HK$1.89 with a trading volume of HK$3.25 million. On the news front, Cui Dongshu, the Secretary General of the China Passenger Car Association, stated that in response to the market downturn, manufacturers have significantly reduced production this year. The trend of new energy vehicles in August is good. Data shows that by the end of August, there were 3.15 million passenger cars in inventory nationwide, a decrease of 180,000 from the previous month and 330,000 from August 2023. An analysis of the changes in inventory of companies producing new energy vehicles shows that inventory in August fell to 440,000 vehicles, a significant decrease from the peak of 480,000 in June, indicating overall health in the industry's inventory. It is expected that the existing inventory in August can support future sales for 46 days, a significant decrease compared to 53 days in August 2022 and 52 days in August 2023, indicating that overall inventory pressure is not significant.