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DAILY JOURNAL CORPORATION

(DJCO)
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Hong Kong shares hit four-week high as tech giants rally

10/11/2021 | 05:03am EST

* Hang Seng index ends up 1.96%

* China Enterprises index HSCE rises 2.55%

* Meituan, Alibaba lead gains; property sector stumbles

SHANGHAI, Oct 11 (Reuters) - Hong Kong shares rose to end at a nearly four-week closing high as Alibaba and Meituan rallied, with investors rushing to buy on bets that crackdowns against tech giants are nearing an end.

** The Hang Seng Tech Index rose 1.96%, with e-commerce giant Alibaba Group up 7.91% and food-delivery company Meituan gaining 8.36%

** The Hang Seng China Enterprises index rose 2.55% to 8,999.26.

** China's antitrust regulator fined Meituan 3.4 billion yuan ($527.4 million), a smaller than expected figure, for abusing its dominant market position, the latest penalty in Beijing's clampdown on online platforms. ** But analysts at Jefferies said that with the regulatory overhang now removed, the long-term outlook for Meituan is bright.

** Alibaba rose for a fourth successive session, after Daily Journal Corp, chaired by Berkshire Hathaway Vice Chairman Charlie Munger, boosted its holdings by 83% during the third quarter, according to public disclosures.

** An index tracking the tech sector has dropped more than 40% from the highest point this year on China's sweeping crackdowns, but rose 3.17% on Monday. ** The energy sub-index rose 1.07%.

** But Lenovo Group Ltd saw its stock fall more than 13% on Monday, its biggest intraday decline in more than three years, after the Chinese technology giant withdrew its application for a 10 billion yuan ($1.55 billion) share listing in Shanghai.

** Property and construction firms lagged the broader index, falling 0.43% on the day after a developer asked to delay a paper's maturity, as offshore bondholders of China Evergrande Group awaited news of $148 million in looming debt coupons.

(Reporting by Chi Xue and Andrew Galbraith, Editing by Timothy Heritage)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -3.93% 2.2 End-of-day quote.-85.23%
DAILY JOURNAL CORPORATION -3.24% 352.5 Delayed Quote.-9.82%
LENOVO GROUP LIMITED 1.76% 8.11 End-of-day quote.10.79%
MEITUAN 2.77% 244.6 End-of-day quote.-16.97%
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Financials (USD)
Sales 2020 49,9 M - -
Net income 2020 4,04 M - -
Net cash 2020 175 M - -
P/E ratio 2020 82,7x
Yield 2020 -
Capitalization 503 M 503 M -
EV / Sales 2019 3,49x
EV / Sales 2020 3,19x
Nbr of Employees 316
Free-Float 65,5%
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Daily Journal Corporation Technical Analysis Chart | DJCO | US2339121046 | MarketScreener
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Income Statement Evolution
Managers and Directors
Gerald L. Salzman President, CEO, CFO, Treasurer & Director
Charles Thomas Munger Chairman
Peter D. Kaufman Independent Director
Mary Conlin Independent Director
Ira A. Marshall Secretary
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