The Zhitong Finance App learned that Zhongji Xuchuang (03308) rebounded nearly 4% in the afternoon. As of press release, it had risen 3.39% to HK$641 million, with a turnover of HK$2,241 billion.
According to the news, on the evening of November 3, Zhongji Xuchuang released a record sheet of investor relations activities to respond to recent market rumors such as cutting orders from overseas customers, lowering demand, and lowering target prices by foreign brokerage firms. The company said that the vast majority of customers have not revised their demand or orders, and customer demand is still strong. Regarding the rumor that a foreign brokerage firm downgraded the company's rating and target market value, the company has sought evidence from the foreign brokerage firm. The other party said it is still maintaining its rating of the company, and there is no situation of downgrading the rating or target price.
Citi maintains a “buy” rating of Zhongji Xuchuang H shares and a target price of HK$1,394. The bank believes that Zhongji Xuchuang A shares and H shares fell by 12.7% and 10.9% respectively on November 3, which is believed to be related to investors' concerns about order cuts, but management has clarified that the company did not have extensive order cuts, and only individual customers made limited structural adjustments. Citi believes that the relevant stock price adjustments may be excessive, and the company's fundamentals are still stable, but the stock price is being dragged down by the cooling of artificial intelligence market sentiment.