HK Stock Price Fluctuated | SHENZHOU INTL(02313) rose more than 3% as Citibank pointed out that its profit margin is expected to benefit from the growth of Adidas' core business in Greater China this fiscal year.

SHENZHOU INTL (02313) rose over 3%, at the time of writing, up 3.05% to HKD 69.25, with a turnover of HKD 3.22 billion. On the news front, Citigroup released a research report stating that Adidas's performance met expectations and was in line with the pre-announcement forecast at the end of January. The report pointed out that Adidas accounted for 16% of SHENZHOU INTL's revenue in the first half of last year, and they are observing a possible upward trend in the next 30 days mainly based on the expectation of a steady performance in the second half of last year. It is expected that Adidas's core business will achieve high single-digit growth in the 2024 fiscal year. It is estimated that the core business growth in the Greater China region in the 2024 fiscal year will accelerate and show double-digit growth at fixed exchange rates, which will help improve the capacity utilization of Shenzhou's factories in China and boost gross margins.