HK Stock Market Move | NWS Holdings (00659) is currently falling more than 4% and plans to change its name to Chow Tai Fook Development. The change will officially take effect on January 2nd next year.

NWS HOLDINGS (00659) is currently down more than 4%, with a decrease of 4.71% to HK$7.28 as of the time of publication, with a turnover of HK$19.2088 million. On the news front, NWS HOLDINGS recently announced that its English stock abbreviation would be changed from "NWS HOLDINGS" to "CTF SERVICES" starting January 2, 2025, while its Chinese stock abbreviation would be changed from "NWS HOLDINGS" to "CHOW TAI FOOK FOUNDATION". The stock code remains unchanged. Furui previously published a report stating that after years of restructuring, NWS HOLDINGS now sees insurance, roads, logistics, construction, and facility management as its core pillars. After separating from NEW WORLD DEV, the new entity has more autonomy and financial flexibility. The bank pointed out that the road business is currently the largest division within the group, followed by the insurance business. However, due to the rapid growth nature of the insurance business, the bank expects that by the 2030 fiscal year, the insurance business will account for half of the group's total attributable operating profit.