Tiger Brokers

BUZZ-China's Lonking soars on robust profit outlook, Tibet dam project

Reuters
Jul 22
BUZZ-China's Lonking soars on robust profit outlook, Tibet dam project

** China's Lonking Holdings 3339.HK soars 47.9% to HK$3.55; set for biggest one-day pct rise ever

** Stock hits highest since May 2021; set for fifth straight session of gains

** Construction machinery distributor expects H1 net profit to jump 29%-45% y/y, helped by growth in production scale, export business as co explores overseas markets

** Other construction and building materials stocks rise as construction of $170 billion hydropower dam, the world's largest, underway in Tibet

** Power Construction Corporation of China 601669.SS, Arcplus Group 600629.SS, Tibet GaoZheng Explosive 002827.SZ, cement maker Xizang Tianlu 600326.SS surge 10% each

** Nomura says commencement of mega dam project encouraging as project could boost growth marginally over the first couple of years of construction

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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