HK Stock Market Move | SANY INT'L (00631) falls more than 7%, its stock price has halved from its high in March. Credit Suisse says its emerging business losses still need time to resolve.

SANY INT'L (00631) fell by over 7%, hitting a low of 7.88 Hong Kong dollars during trading, a decrease of over 50% from the high point in March this year. As of the time of writing, it has fallen by 7.39% to 7.9 Hong Kong dollars, with a trading volume of 69.3923 million Hong Kong dollars. On the news front, SANY INT'L previously disclosed its first-quarter performance, with comprehensive income of approximately 6.651 billion yuan, a year-on-year increase of 13.2%; however, the net profit attributable to the parent company's owners decreased by approximately 509 million yuan, a decrease of 19.8% year-on-year. The decrease in net profit was mainly due to a slight decrease in the gross profit margin of the logistics equipment business, resulting in a decrease in the overall gross profit margin of the products; and the impact of rising prices of silicon wafers, silicon materials, and battery cell raw materials on the gross profit margin of emerging industries in the period. Societe Generale believes that the company will still be a focus of the market, as strong demand for mining equipment and the trend of electrification continue to drive its market share, but losses in emerging businesses still need time to resolve.