On September 2, CHINA JINMAO fell 5.26% in regular trading to HK$1.26, with turnover of approximately HK$63.15 million, extending the prior session's sharp 16% plunge.

The continued sell-off reflects a dual overhang from the nationwide push for completed-home sales and disappointing interim results. On August 28, multiple government agencies jointly issued policies to phase out pre-sale practices in favor of completed-home sales, fundamentally extending developers' cash conversion cycles and increasing capital requirements. While analysts view the reform as long-term positive for quality-focused state-owned developers, the near-term sentiment shock has been severe across the sector.

Meanwhile, CHINA JINMAO's first-half results released on August 25 showed revenue of RMB 21.42 billion, down 14.71% year-over-year, with attributable net profit declining 19.35% to RMB 879 million and gross margin narrowing four percentage points to 12.0%, primarily due to lower property development settlement volumes and compressed margins. Notably, Morgan Stanley and Citi both maintained bullish ratings with target prices of HK$1.91 and HK$1.90 respectively, citing improving margin outlook and sales momentum in core cities.

Sector-wide, the Real Estate Development sector remained under pressure, with GREENTOWN CHINA down 4.68%, CHINA RES LAND down 2.42%, and C&D INTL GROUP down 0.98%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)