Latest news for Mammoth Resources (OTC:MMMRF) Stock

Mammoth Resources Corp is an exploration-stage company. It is involved in the business of acquisition, exploration, and evaluation of mining properties in Mexico. It is focused on acquiring and defining precious metal resources in Mexico. Its project includes the Tenoriba property, in southwestern Chihuahua State, Mexico.

MAMMOTH RESOURCES CORP by Mammoth Resources Corp.

Mammoth Resources Corp

Northern Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTIC#NASDAQ">NTIC</a>) reported quarterly earnings of $0.20 per share which beat the analyst consensus estimate of $0.19 by 5.26 percent. This is a 566.67 percent increase over earnings of $0.03 per share from the same period last year. The company reported quarterly sales of $23.35 million which beat the analyst consensus estimate of $22.50 million by 3.77 percent. This is a 12.74 percent increase over sales of $20.71 million the same period last year.

Earnings

Earnings Beats

News

NTIC

Northern Technologies Q4 Adj $0.20 Beats $0.19 Estimate, Sales $23.35M Beat $22.50M Estimate

Buybacks

CTVA

Corteva Agriscience Announces $3B Share Repurchase Program

Jefferies analyst Roger Song upgrades Aclaris Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACRS#NASDAQ">ACRS</a>) from Hold to Buy and raises the price target from $2 to $7.

Upgrades

Price Target

Analyst Ratings

ACRS

Jefferies Upgrades Aclaris Therapeutics to Buy, Raises Price Target to $7

Akari Therapeutics, Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKTX#NASDAQ">AKTX</a>) announces receipt of written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC informing the Company that its deficiency under Listing Rule 5550(b) has been cured. The Company is now in full compliance with all Nasdaq continued listing requirements.
Based on the foregoing, the previously scheduled Nasdaq hearing before the Hearings Panel on November 21, has been cancelled. The Company will continue to be traded on The Nasdaq Capital Market.

AKTX

Akari Therapeutics Regains Full Nasdaq Compliance, Shareholders Equity Deficiency Has Been Cured

WIIM

SPAI

Safe Pro Group shares are trading higher. The company issued expectations for a year-over-year increase in its Q4 revenue.

Professional Diversity Network, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IPDN#NASDAQ">IPDN</a>), ("IPDN" or the "Company"), a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse individuals, today announced that it has entered into a securities purchase agreement with a single institutional investor for the issuance and sale of 2,500,000 shares of its common stock (or common stock equivalents in lieu thereof) in a registered direct offering at a purchase price of $0.80 per share.
In a concurrent private placement, the Company also agreed to issue to the same investor series A common stock purchase warrants (the "Series A Warrants") to purchase up to 2,500,000 shares of common stock and series B common stock purchase warrants (the "Series B Warrants") to purchase up to 2,500,000 shares of common stock (the Series A Warrants together with the Series B Warrants, the "Common Warrants"). The Series A Warrants will have an exercise price of $0.86 per share, will be exercisable commencing six months from the date of issuance, and will expire five and one-half years following the date of issuance. The Series B Warrants will have an exercise price of $0.86 per share, will be exercisable commencing six months from the date of issuance, and will expire twenty-four months following the date of issuance.
The gross proceeds from the offerings, before deducting the placement agent's fees and other offering expenses payable by the Company, are expected to be approximately $2 million. The Company expects to use the net proceeds from the offerings for general working capital.
A.G.P./Alliance Global Partners is acting as sole placement agent for the offerings. The offerings are expected to close on or about November 20, 2024, subject to the satisfaction of customary closing conditions.

Offerings

IPDN

Professional Diversity Network Announces Pricing Of $2M Registered Direct Offering With A Single Investor For The Issuance And sale Of 2.5M Shares Of Common Stock At A Price Of $0.80/Share, And Concurrent Private Placement

<a href="https://open.substack.com/pub/europeancapitalinsights/p/russian-stocks-get-much-needed-bump?r=3nmatg&amp;utm_campaign=post&amp;utm_medium=web">Russian stocks climbed after Donald Trump</a> won the US presidential elections on November 5 on hopes that a new administration in Washington will try to end Moscow's war in Ukraine.
Trump has promised to try to end the war in Ukraine despite the challenges of resolving the bitter conflict. The president could also improve relations between the US and Russia if a peace settlement is reached. This would benefit Russian businesses struggling under stiff Western-led sanctions.
State-owned energy corporation <a href="https://www.finam.ru/quote/moex/gazp/?go=comment">Gazprom</a> (up 2.6%) and state airline <a href="https://www.finam.ru/quote/moex/aflt/">Aeroflot</a> (up 3.8%) rose on November 7 after Trump won the election. The Russian stock index, MOEX, <a href="https://tradingeconomics.com/russia/stock-market">climbed</a> nearly 2% from November 5 to 6, peaking at <a href="https://tradingeconomics.com/russia/stock-market">2,785 on November 11</a>.
<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" width="1200" height="832" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1.png" alt="" class="wp-image-3437" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1-300x152.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1-1024x520.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1-768x390.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></figure>
Gazprom, Aeroflot Russian stock prices, October 18-November 18, 2024, Source: <a href="https://tradingeconomics.com/gazp:rm">Tradingeconomics</a>
After President Vladimir Putin sent troops into Ukraine in 2022, the US and its allies imposed sweeping sanctions against Russia. They forced companies to cut back on business ties and divest from assets. Western companies that kept significant operations there have also seen their valuations pressured, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-07/russia-linked-stocks-surge-on-nearby-markets-since-trump-win">reported</a>.&nbsp;
<h3 class="wp-block-heading">Shares In Companies with Russian Business Rose</h3>
Shares in companies that have interests in Russia also jumped after the Trump win. Optimism about a de-escalation in the Russia-Ukraine conflict caused the rally.&nbsp;
Vienna-based Raiffeisen Bank International AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RAIFF#OTC">RAIFF</a>) gained over 15% between November 4 and 7. Hungary's budget airline Wizz Air Holdings Plc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/WZZZY#OTC">WZZZY</a>), listed on the London Stock Exchange (<a href="https://www.londonstockexchange.com/stock/WIZZ/wizz-air-holdings-plc/company-page">LSE</a>), gained over 10% in the few days following the election from 1375p to 1567p on November 11.
In Turkey, construction company Enka Insaat (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EKIVF#OTC">EKIVF</a>) was up  7.4% the day after the election, and beer maker Anadolu Efes (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AEBZY#OTC">AEBZY</a>) advanced 24.30% from November 5 to 14.
Conversely, the Shanghai Stock Exchange Index, which rallied around 40% following the government&#8217;s intervention in September, lost more than 6% following the election on concerns of a renewed trade war with the US.
Senator Marco Rubio, Trump's nominee to serve as secretary of state, and Republican Mike Waltz, his national security advisor, are considered China hawks. In 2021, <a href="https://foreignpolicy.com/2024/11/15/rubio-waltz-china-xinjiang-uyghurs-human-rights/">Waltz called for the US</a> to boycott the Beijing Winter Olympics the following year over China's human rights record, <a href="https://waltz.house.gov/news/documentsingle.aspx?DocumentID=482">likening the event</a> to the infamous 1936 Summer Games that were held in Nazi Germany.
<h3 class="wp-block-heading">Russia Central Bank Hikes Key Interest Rate&nbsp;&nbsp;</h3>
Despite the post-election bump, the Russian stock index has steadily fallen since July 2024 as business struggles with the reality of a war-time economy. The Russian ruble traded below a one-year low against the dollar on Monday. It is down about 10% for the last 12&nbsp; months.&nbsp;&nbsp;&nbsp;
<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" width="1200" height="609" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1.png" alt="" class="wp-image-3436" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1-300x152.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1-1024x520.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125631/image-1-768x390.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></figure>
RUB/USD, Source: <a href="https://www.tradingview.com/chart/Fl8iqpOT/?symbol=FX_IDC%3ARUBUSD">Trading View</a>
Russians are also getting hit hard by inflation as the Kremlin pours billions of rubles into military industries. Russia boosted defense by 25% in 2025 to 6.3% of GDP, <a href="https://www.reuters.com/world/europe/russia-hikes-national-defence-spending-by-23-2025-2024-09-30/">Reuters reported</a>, citing draft budget documents.
In September, the current seasonally adjusted price growth rose to 9.8% in annualized terms from 7.5% in August. In response,&nbsp; the Bank of Russia raised on October 25 <a href="https://www.cbr.ru/eng/press/pr/?file=25102024_133000Key_eng.htm">its key interest rate by 200 basis points</a> on October 25 from 19% to 21%, above expectations of 100 basis points.&nbsp;
<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" width="1200" height="569" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125630/image.png" alt="" class="wp-image-3435" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125630/image.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125630/image-300x142.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125630/image-1024x486.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/19125630/image-768x364.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></figure>
Russia Interest Rate, 2022-2024, Source: <a href="https://tradingeconomics.com/russia/interest-rate">Trading Economics</a>&nbsp;
"We have been forced into beginning a monetary tightening cycle," Elvira Nabiullina, Russian central bank governor, <a href="https://www.cbr.ru/eng/press/event/?id=21126">said </a>on October 31. "Businesses are concerned about the implications for investment, production capabilities and economic growth. Households are concerned about when we will be able to tame growing prices."
Outside the defense industries, companies can't compete for workers without paying higher wages. In turn, they are charging higher prices, CNN <a href="https://edition.cnn.com/2024/11/18/economy/russia-inflation-new-heights-intl-analysis/index.html">reported</a>. News agencies have <a href="https://www.ft.com/content/659bb41c-d6f1-4690-8193-647f549d5133">reported a spike in the theft of butter</a>, highlighting the wartime economy's impact on prices.
<h3 class="wp-block-heading">Russian Businesses Struggle With Higher Rates</h3>
Monetary policy may not be enough to slow inflation, with Russia spending Soviet-level amounts on defense and security. Sergey Chemezov, head of the state-owned defense conglomerate Rostec, warned that "even arms sales don't generate enough profit" to cover the debt with rates at 21%.&nbsp;
&nbsp;"At the current interest rate, it's more profitable for companies to halt expansion or even downsize and put funds in the bank rather than continue operations," Russian billionaire Alexey Mordashov <a href="https://meduza.io/en/feature/2024/11/08/as-corporate-debts-in-russia-balloon-under-rising-interest-rates-a-wave-of-bankruptcies-could-be-on-the-horizon">said.</a> He is the majority shareholder in the steel company Severstal.
Oleg Kuzmin, an economist at Renaissance Capital, warned that highly leveraged companies face heightened risks. Russian firms typically rely <a href="https://www.the-express.com/news/world-news/154427/russian-corporate-debt-crisis-widespread-bankruptcies">on new loans to pay off existing debt</a>, but the strategy has become difficult with current interest rates, he added.
Peak economic growth in Russia "passed most likely in the middle of this year," Kuzmin <a href="https://www.russiamatters.org/news/russia-review/russia-review-oct-18-25-2024">said</a>.
Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content&nbsp;or&nbsp;accuracy.

Market Summary

Economics

Markets

General

AEBZY

EKIVF

RAIFF

WZZZY

Russian Stocks Get Much-Needed Bump on Trump Win

Financial Highlights
<ul>
<li>Preliminary financial highlights for the first quarter are broken out between continuing operations and discontinued operations for the three months ended September 30, 2024 and 2023. Discontinued operations relate to S&amp;W Australia and relates to activity from July 1, 2024 to July 24, 2024, the date S&amp;W no longer retained control of S&amp;W Australia for accounting purposes due to the VA, for the three months ended September 30, 2024.</li>
<li>Preliminary revenue for the first quarter of fiscal 2025 is expected to be $8.3 million, a 22.8% decrease compared to the first quarter of fiscal 2024.</li>
<li>Preliminary gross profit margin for the first quarter of fiscal 2025 is expected to be 16.1%, a decrease from 25.3% in the first quarter of fiscal 2024.</li>
<li>Preliminary adjusted EBITDA is expected to be ($3.1) million for the first quarter of fiscal 2025 compared to ($1.7) million for the first quarter of fiscal 2024.</li>
</ul>

SANW

S&W Seed Company Sees Preliminary Q1 Revenue Of $8.3M (-22.8% Yoy); Expects Gross Profit Margin To Be 16.1% Vs. 25.3% YoY

Northland Capital Markets analyst Gus Richard maintains Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) with a Outperform and lowers the price target from $110 to $90.

ENPH

Northland Capital Markets Maintains Outperform on Enphase Energy, Lowers Price Target to $90

Benchmark analyst Josh Sullivan reiterates Airship AI Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AISP#NASDAQ">AISP</a>) with a Buy and maintains $6 price target.

Reiteration

AISP

Benchmark Reiterates Buy on Airship AI Holdings, Maintains $6 Price Target

<ul>
<li>Innovative solution that integrates the mobile number directly into Microsoft Teams with advanced features is making mobile and hybrid work easier by streamlining transitions between home, office, and remote locations</li>
<li>Leveraging Canada's fastest and most reliable 5G network1 and one of Canada's largest SIP Trunking networks to empower the future of work in Canada</li>
<li>Bell's expanded portfolio of Microsoft Modern Workplace offerings is designed to help businesses meet the evolving needs of their employees and customers</li>
</ul>
MONTRÉAL, Nov. 19, 2024 /CNW/ - Bell today announced it is launching services for Microsoft Teams Phone Mobile, building on its collaboration with Microsoft to offer Canadian businesses a flexible, secure, high-performance communication solution. This innovative mobile-first solution integrates mobile numbers with Teams, enabling seamless calling and collaboration. Teams Phone Mobile provides a consistent user experience, simplifying business communication and boosting productivity and efficiency.

MSFT

Bell Expands Its Collaboration With Microsoft To Launch Services For Microsoft Teams Phone Mobile For Canadian Businesses

Northland Capital Markets analyst Michael Latimore maintains Symbotic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYM#NASDAQ">SYM</a>) with a Outperform and raises the price target from $50 to $53.

Northland Capital Markets Maintains Outperform on Symbotic, Raises Price Target to $53

NXTC

NextCure Highlights Presentation Of Data Demonstrating That NC605 Resulted In Enhanced Generation Of Quality Bone With Better Mechanical Properties

Preliminary Financial Results
The preliminary results set forth above are based on management's initial review of the Company's results as of and for the quarter ended September 30, 2024 and are subject to revision based upon the Company's quarter-end closing procedures and the completion and external review of the company's quarter-end financial statements. Certain details, largely pertaining to the VA process which are expected to impact financial results below the continuing operations line are not provided in today's announcement.&nbsp;Actual results may differ materially from these preliminary results as a result of the completion of quarter-end closing procedures, final adjustments and other developments arising between now and the time that Company's financial results are finalized, and such changes could be material. In addition, these preliminary results are not a comprehensive statement of the company's financial results for the quarter ended September 30, 2024, should not be viewed as a substitute for full financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of the Company's results for any future period.
Please note that the accounting requirements for reporting the S&amp;W Australia business going forward will be classified as a discontinued operation upon the entry into VA on July 24, 2024. Accordingly, the Company's preliminary consolidated financial information for all periods presented reflect the S&amp;W Australia business as a discontinued operation.
Preliminary total revenue for the first quarter of fiscal 2025 is expected to be $8.3 million compared to total revenue for the first quarter of fiscal 2024 of $10.8 million. The year ago period included approximately $5.6 million pertaining to S&amp;W Australia which is no longer included in the comparative results.
Preliminary gross profit margin for the first quarter of fiscal 2025 is expected to be 16.1% compared to gross profit margin for the first quarter of fiscal 2024 of 25.3%.
Preliminary GAAP operating expenses for the first quarter of fiscal 2025 is expected to be $5.6 million compared to GAAP operating expenses for the first quarter of fiscal 2024 of $5.7 million.
Preliminary adjusted EBITDA for the first quarter of fiscal 2025 is expected to be ($3.1) million compared to adjusted EBITDA for the first quarter of fiscal 2024 of ($1.7) million.
S&amp;W Australia
The VA process involving S&amp;W Australia is expected to conclude this month. S&amp;W is not expected to regain control of S&amp;W Australia following the completion of the VA process and will primarily be focused on its core Americas based operations, led by its high margin Double Team sorghum solutions.
Fiscal 2025 Guidance
S&amp;W expects fiscal 2025 revenue to be within a range of $34.5 to $38 million. This includes approximately $4.1 million of international sales in the just completed first quarter of fiscal 2025. Adjusted EBITDA is expected to be in the range of ($5.0) million to ($3.0) million for fiscal 2025. Adjusted EBITDA for the first quarter of fiscal 2025 was ($3.1) million indicating that the Company expects adjusted EBITDA for the remaining three quarters of the fiscal year to be in a range of ($1.9) to $0.1 million.

S&W Announces Preliminary Q1 2025 Revenue Expected To Be $8.3M, A 22.8% Decrease YoY; Sees FY25 Revenue $34.5M-$38M

Canaccord Genuity analyst Matthew Lee upgrades Bank of Nova Scotia (TSX:<a class="ticker" href="https://www.benzinga.com/stock/BNS#TSX">BNS</a>) from Hold to Buy and raises the price target from C$71 to C$84.

TSX:BNS

Canaccord Genuity Upgrades Bank of Nova Scotia to Buy, Raises Price Target to C$84

Biotech

CRDF

Cardiff Oncology Secures U.S. Patent Protecting Onvansertib Combination Therapy For KRAS Mutated mCRC Through 2043; Phase 2 Trial Data Expected By Year-End 2024

MSTR

MicroStrategy shares are trading higher after Benchmark maintained a Buy rating on the stock and raised its price target from $300 to $450.

GSK Announces Its GLISTEN Study Met Its Primary Endpoint, With Linerixibat Resulting In An Improvement In Itch

By Lee Shih Ta
&ldquo;Without innovation and technology, there is no future&rdquo; says John Lee Ka-chiu, Hong Kong&rsquo;s leader. As a global financial and commercial hub, Hong Kong has been transforming itself into a technology-driven innovation center in recent years, in line with Mainland China&rsquo;s policy of cultivating &ldquo;new productive forces&rdquo; and creating a new driving force for development led by technology. Through its steady accumulation of capital and introduction of talent focused on key industries, an ecosystem of &ldquo;patient capital&rdquo; is rapidly taking shape.
&ldquo;Patient capital&rdquo; refers to capital that has a longer-term outlook on returns and a higher tolerance for risk. It doesn&rsquo;t prioritize short-term gains, but instead puts more focus on projects or investment activities with long-term returns. And investment plans don&rsquo;t get derailed by short-term market fluctuations.
Hong Kong&rsquo;s financial markets have always been a rich source of direct financing for the Mainland&rsquo;s technology companies, attracting global patient capital to participate in such investment while promoting international exchange and cooperation. The city has become an important place where domestic and foreign &ldquo;patient capital&rdquo; can come together.
<h3>Technology-Driven At The Core</h3>
Science and technology are at the heart of Hong Kong&rsquo;s ambitions. But such ambitions have sputtered for years in the city due to factors like high office rents and human resource costs. Compared with neighboring Guangzhou and Shenzhen, Hong Kong was never a first choice for world-class technology companies and talent. However, the city is trying to change that by adopting a more proactive approach in recent years.
The current Hong Kong administration has made plans to actively promote such companies from its first day. It established Hong Kong Investment Corp. Ltd. in 2022 and launched its HK$30 billion ($3.85 billion) &ldquo;Co-investment Fund&rdquo; and integrated &ldquo;Hong Kong Growth Portfolio,&rdquo; as well as its &ldquo;Greater Bay Area Investment Fund&rdquo; and &ldquo;Strategic Tech Fund.&rdquo; Such funds will invest in enterprises or projects that can enhance Hong Kong&rsquo;s competitiveness and industrial diversification.
The Hong Kong government also established a New Industrialization Development Office in 2023 and set up a HK$10 billion New Industrialization Acceleration Scheme. It is currently preparing to set up a third InnoHK research cluster focused on innovation-driven R&amp;D. And Lee announced the establishment of a HK$10 billion &ldquo;Innovation and Technology Industry Oriented Fund&rdquo; in his latest policy address.
<h4>Star Companies Settle In Hong Kong</h4>
In November 2024, the Hong Kong government signed contracts with a third batch of 17 key enterprises that agreed to set up bases in the city, including intelligent speech technology company&nbsp;iFlytek&nbsp;(002230.SZ), life and health technology company&nbsp;Pharmaron&nbsp;(3759.HK; 300759.SZ), and advanced manufacturing company&nbsp;Pudu Robotics. So far, 62 key enterprises from three batches have signed contracts to set up operations in Hong Kong, which is expected to bring a total investment of about HK$42 billion and create more than 17,000 jobs.
Meanwhile, Hong Kong financial markets continue to play their role, attracting a growing number of &ldquo;companies with new productive forces.&rdquo; Many of those were on display at the recently held 11th edition of the &ldquo;Top 100 Hong Kong Listed Companies&rdquo; awards, which included companies with the greatest potential for developing &ldquo;new productive forces.&rdquo;
The event&rsquo;s main list of &ldquo;Top 100 Comprehensive Strength&rdquo; companies selects publicly traded firms with strength across five areas, including trading volume, total market value, profits, return on equity and total return rate. The average operating revenue of the listed companies on the list is HK$340 billion, the average net profit after tax is HK$40 billion, and the average ROE is 15.35%. Companies on the shortlist all showed strong profitability.
In addition to industry giants&nbsp;Tencent&nbsp;(0700.HK),&nbsp;Alibaba&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>), and&nbsp;Baidu&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bidu#NASDAQ">BIDU</a>), the list also includes electric automakers&nbsp;Li Auto&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) and&nbsp;Xiaomi&nbsp;(1810.HK), biotech companies&nbsp;Akeso&nbsp;(9926.HK) and&nbsp;WuXi AppTec&nbsp;(2359.HK; 603259.SH), as well as other internet companies like&nbsp;Meituan&nbsp;(3690.HK) and&nbsp;Trip.com&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tcom#NASDAQ">TCOM</a>).
The list demonstrates how the Hong Kong Stock Exchange has helped to nurture some of China&rsquo;s most innovative technology companies, and Hong Kong financial markets will continue to provide access to capital for such innovative technology companies.
Hong Kong is embracing a new era of innovation led by technology industries and the development of the real economy, said Lillian Cheong Man Lei, the city&rsquo;s undersecretary for Innovation, Technology and Industry. The Hong Kong government has invested tens of billions of Hong Kong dollars on technology to support the industry&rsquo;s development and growth.
Hong Kong&rsquo;s growing ecosystem of local tech companies is attracting more companies and outstanding talent, both local and from abroad, to settle in the city. That will naturally attract more funds to Hong Kong to support the sector, making it more competitive internationally as a global hub with a high-quality industrial chain.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Asia

Tech

BABA

BIDU

TCOM

Hong Kong Builds 'Patient Capital' Ecosystem To Foster Technology

<h3>Gainers</h3>
<table>
<thead>
<tr>
<th>Symbol</th>
<th>Name</th>
<th align="right">Price</th>
<th align="right">Change ($)</th>
<th align="right">Change (%)</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>SPDR Select Sector Fund - Utilities</td>
<td align="right">80.18</td>
<td align="right">0.24</td>
<td align="right">0.30</td>
<td>1.1K</td>
</tr>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>SPDR Select Sector Fund - Energy Select Sector</td>
<td align="right">96.26</td>
<td align="right">0.27</td>
<td align="right">0.28</td>
<td>9.9K</td>
</tr>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>SPDR Select Sector Fund - Consumer Discretionary</td>
<td align="right">215.80</td>
<td align="right">0.39</td>
<td align="right">0.18</td>
<td>1.8K</td>
</tr>
</tbody>
</table>
<h3>Losers</h3>
<table>
<thead>
<tr>
<th>Symbol</th>
<th>Name</th>
<th align="right">Price</th>
<th align="right">Change ($)</th>
<th align="right">Change (%)</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>Materials Select Sector SPDR</td>
<td align="right">91.33</td>
<td align="right">-0.66</td>
<td align="right">-0.72</td>
<td>775</td>
</tr>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>SPDR Select Sector Fund - Industrial</td>
<td align="right">138.06</td>
<td align="right">-0.86</td>
<td align="right">-0.62</td>
<td>31.2K</td>
</tr>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>SPDR Select Sector Fund - Financial</td>
<td align="right">49.76</td>
<td align="right">-0.26</td>
<td align="right">-0.52</td>
<td>137.7K</td>
</tr>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>Real Estate Select Sector SPDR Fund (The)</td>
<td align="right">43.17</td>
<td align="right">-0.19</td>
<td align="right">-0.44</td>
<td>624</td>
</tr>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>SPDR Select Sector Fund - Health Care</td>
<td align="right">141.53</td>
<td align="right">-0.41</td>
<td align="right">-0.29</td>
<td>7.2K</td>
</tr>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>The Communication Services Select Sector SPDR Fund</td>
<td align="right">95.95</td>
<td align="right">-0.14</td>
<td align="right">-0.15</td>
<td>221</td>
</tr>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>SPDR Select Sector Fund - Consumer Staples</td>
<td align="right">80.51</td>
<td align="right">-0.01</td>
<td align="right">-0.02</td>
<td>2.6K</td>
</tr>
<tr>
<td>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>SPDR Select Sector Fund - Technology</td>
<td align="right">229.42</td>
<td align="right">-0.03</td>
<td align="right">-0.02</td>
<td>13.3K</td>
</tr>
</tbody>
</table>
<a href="https://pro.benzinga.com/?utm_source=insights">Pulled from Benzinga Pro data</a> this sector movers alert provides traders with a compiled way to read macro-level market trends. Investors garner a particular interest in sector movers to better determine sectors that are over- or under-performing to make better investing decisions on exchange-traded funds (ETFs) or individual tickers in those sectors. 
For more information on sector movers, <a href="https://www.benzinga.com/movers">click here</a>.

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