HK Stock Market Move | KUAISHOU-W(01024) rose more than 4% in the final trading session Company releases Double 11 battle report Citigroup says GMV growth may exceed quarterly growth rate.

KUAISHOU-W(01024) rose more than 4% in the final trading session, closing up 4.1% at 52.1 Hong Kong dollars, with a turnover of 20.49 billion Hong Kong dollars. On the news front, Kuaishou's e-commerce platform released its "Double 11" closing report, showing strong year-on-year growth in gross merchandise volume (GMV) and breaking several records for the platform. Specifically, GMV for general merchandise on Kuaishou's e-commerce platform grew 110% year-on-year, while GMV from searches increased by 119%. The number of transactions on the platform exceeding one billion yuan grew by 200% year-on-year, and GMV for high-end products above one thousand yuan increased by 110%. The number of merchants participating in Kuaishou's "Double 11" shopping festival exceeded three million for the first time this year, with over seven million new paying e-commerce users. Citi released a research report stating that Kuaishou's GMV growth during the "Double 11" period may outpace the bank's 14% year-on-year growth expectations for the fourth quarter of 2024. However, with growth outside of the "Double 11" period slowing down, it may mean that Citi's GMV forecast for the fourth quarter of 2024 could be realized. The bank maintains a "buy" rating on Kuaishou with a target price of 67 Hong Kong dollars.