Changes in Hong Kong stocks | Chaoying International Holdings (02111) rose more than 10% in the first quarter, the domestic textile and garment export reform agency believes that the company's tariff adjustments have been excessive

The Zhitong Finance App learned that Chaoying International Holdings (02111) rose more than 10%. As of press release, it had risen 10.38% to HK$2.34, with a turnover of HK$4.8042 million.

According to the news, on April 14, the China Chamber of Commerce for Import and Export of Textiles. In March, China's textile and garment exports grew rapidly year on year, driven by foreign trade enterprises to avoid higher tariffs, concentrate on “export grabbing”, and factors that had a low base for the same period last year. According to the latest data released by the General Administration of Customs on April 14, textile and garment exports in March were US$23.4 billion, up 12.9% year on year, up 16 percentage points from January to February. In the first quarter, textile and garment exports totaled US$66.28 billion, up 1% year on year, changing from negative to positive. Among them, textile exports totaled US$33.27 billion, a year-on-year increase of 4%, and clothing exports amounted to US$33.01 billion, a year-on-year decrease of 1.9%.

Komo released a research report saying that the stock price of Chaoying International Holdings has dropped by more than 30% since April 3, which is believed to be mainly due to tariff issues. It is believed that the tariff adjustments have been excessive. The reasons include: US orders (50% of the company's revenue comes from the US) are manufactured and exported overseas; the additional 46% US tariff on Vietnam has been suspended for 90 days since April 10; and Vietnam and the US have agreed to begin negotiations on “equal” tariffs. When visiting the company's factory, the bank believed that both the garment factory and the customer had remained calm and had not taken any action on the order so far.