[Explanation] Recently, major technology Internet companies have released their 2021 financial reports, including Tencent, Meituan and other Hong Kong stock technology companies have released the latest transcripts.
During the same period, from the last trading day of this week, the Hang Seng Technology Index fell by nearly 5%, and the stock prices of Hong Kong-listed technology companies fluctuated greatly.
The annual report of the big factory is released, why did the Internet technology stocks fall collectively?
On March 25, the reporter connected with the practitioners to interpret the report from the analysis of the report and the performance of the capital market.
[Explanation] According to the analysis of financial experts, the operating conditions of leading Internet companies are generally good, but the growth rate has slowed down due to factors such as the downturn in the advertising industry and investment in new economic formats.
[Concurrent] Pi Jianjun, senior manager of Zhongxing Caiguanghua Accounting Firm
Overall, I think (Tencent)'s operating scale and operating profit are relatively good.
Tencent has always adhered to a diversified business model, and the overall growth is actually still growing, but the growth of the chain (year-on-year) has slowed down.
[Explanation] Experts pointed out that Internet companies have launched new retail businesses, with high R&D costs, still in the stage of accumulating customers and acquiring traffic, and investing in logistics and subsidies in the early stage, which has a negative impact on profit performance.
[Concurrent] Pi Jianjun, senior manager of Zhongxing Caiguanghua Accounting Firm
As a whole, the food delivery business of Meituan is still a pillar of its profitability, but I think it is also seeking this kind of diversified development.
Perhaps the new retail business, new business, and investment in early-stage R&D expenses last year have restricted its performance to a certain extent.
[Explanation] In addition, researchers from Anbang Think Tank pointed out that the sharp decline in the stock prices of Hong Kong stock technology companies is also closely related to the global monetary environment and geopolitical changes.
In the context of higher inflation, the United States and other economies are preparing to raise interest rates, putting pressure on the valuation of technology stocks.
At the same time, more and more investors are also paying attention to the valuation risks brought by geopolitical risks.
[Concurrent] Wei Hongxu, researcher of Anbang Think Tank
The change in the geographical environment is relatively large, so including the Russian-Ukrainian war, there are too many uncertainties, coupled with the epidemic, especially the real cash flow and real profits of technology stocks are not so many, most of them are It is the future income, so the discount may be more severe.
Another is the competitive relationship between China and the United States. Geographical competition has also caused various problems. After the trade war, there was a technology war, and sanctions were imposed at every turn, including the current Sino-US audit (regulatory cooperation) issue, so It is possible that an agreement can be reached.
But twists and turns come and go.
Because there may not be much room for concessions on both sides.
[Explanation] Experts believe that with the rising geopolitical risks, for companies to go public, seeking a region with less geopolitical conflicts or lower political risks is conducive to the management of the company's market value.
[Concurrent] Wei Hongxu, researcher of Anbang Think Tank
As Hong Kong, in fact, it will gradually come together with the mainland, and the trend is becoming more and more obvious.
(Hong Kong capital market) is more and more in line with the mainland side.
I think the future changes in Hong Kong stocks, whether good or bad, are basically the same as the market changes in our mainland economy, and sometimes it may react more violently.
Reported by Chi Hanyu in Beijing
Responsible editor: [Li Yuxin]