With a single-day plunge of 80%, can Hong Kong stocks still be saved?

  Value Line | produce 

    Hotspot | Column 

Bian Jiang| author 

Value line guide

Today, the Hong Kong stock Lehua Entertainment plummeted nearly 80% in a single day, and its share price hit a new low since its listing, with a market value of only HK$1.1 billion, while on January 12, Lehua Entertainment's market value was still around HK$6.7 billion.

With a turnover of just over 100 million yuan, Lehua, the "No. 1 Chinese entertainment brokerage stock", has plummeted, fully demonstrating the liquidity dilemma of Hong Kong stocks and the resulting decline in the investment and financing function of the market.

What was once an international financial center, the "Asian Tigers", has now been reduced to this level......

A-shares, which have fallen all the way from the beginning of 2024 to the present, suddenly stopped falling and stabilized at the end of today, will it be true this time?

plummeted by 80%, and Hong Kong stocks were in a liquidity crisis

A-shares closed in the red at the end today, but the Hong Kong Hang Seng Index still fell more than 2%.

Lehua Entertainment suddenly dived today, falling nearly 80%, and its share price hit a new low since its listing, with a market value of only HK $1.1 billion, while on January 12, Lehua Entertainment's market value was still around HK $6.7 billion.

According to public information, Lehua Entertainment is a well-known artist management company in China. Since its establishment in 2009, Lehua Entertainment has built the company into a cultural and entertainment platform that includes three complementary businesses: artist management, music IP production and operation, and pan-entertainment business. However, the company's revenue structure is relatively simple and highly dependent on the management of top artists.

According to the Shanghai Securities News, Lehua Entertainment's plunge may be due to the fact that someone "ran away in advance" on the eve of the lifting of the ban on cornerstone investors.

Lehua Entertainment was listed on the Hong Kong Stock Exchange on January 19, 2023, and is currently about to celebrate its first anniversary. According to the company's prospectus, the offer shares purchased by cornerstone investors are subject to a 12-month lock-up from the date of listing.

According to the prospectus, Lehua Entertainment introduced a number of cornerstone investors when it went public, namely Sun Mass Energy (a wholly-owned holding company of China Ruyi), Maoyan Hong Kong, Ding Shijia (executive director and vice chairman of Anta Sports) and Haozan Asset Management Co., Ltd., with a total subscription of US$19.9 million.

Yan Zhaojun, a strategic analyst at Zhongtai International, said in an interview that the announcement document of the distribution results shows that the lock-up deadline for cornerstone investors is January 18, 2024, which may be that some investors know that the lock-up is about to be lifted and sell the relevant shares in advance.

With a turnover of just over 100 million yuan, Lehua, the "first stock of China's entertainment brokerage", has plummeted, which fully shows the liquidity dilemma of Hong Kong stocks and the resulting decline in the investment and financing function of the market.

In fact, even a listed company with a larger volume and better quality than Lehua Entertainment will not get much liquidity in Hong Kong. J&T Express, which will be listed in October 2023, can be regarded as one of the few "star IPOs" in Hong Kong stocks in recent years, with an average daily turnover of only about 50 million since its listing. Tencent, the "king of stocks", has an average daily turnover of only five or six billion yuan, many of which rely on the company's continuous repurchases, which is equivalent to an average daily turnover rate of three thousandths.

For the entire Hong Kong stock market, if the daily turnover can exceed 200 billion, even if it is thankful, it can burn high incense if it exceeds 300 billion. Hong Kong is not so much a lake in a dry period as a small pond left by the drying up of the lake.

Hong Kong itself has no manufacturing industry, and there are no new technology industries, and the majority of the economic structure is the real estate chain, followed by the port logistics trade, tourism services and financial industries. Many of the listed companies in Hong Kong stocks are mainland companies, so the fundamentals of Hong Kong stocks are not determined by the local economy. The funds participating in Hong Kong stocks are basically foreign funds.

For more than a year, what has the liquidity of Hong Kong stocks been pumped by Lao Mei......

Today, the connection between Hong Kong stocks and global capital markets is far less smooth than it was then, and the problem is unlikely to be resolved anytime soon.

A-shares, this time it has been bearish for more than 1,000 days

Two o'clock ago, the major A-share indices fell all the way, and the Shanghai Stock Exchange and the ChiNext Index hit new lows in this round.

After two points, the market as a whole ushered in a reversal and counteroffensive.

By the end of the day, the three major indexes collectively turned red, and the Shenzhen Innovation Index had fallen more than 1% before. The big finance sector is active again, securities and banks take the lead in protecting the market, the tourism and catering sectors continue to be hot, Huatian Hotel has a daily limit, the concept of flying cars has sprung up, and Sunward Intelligence and other stocks have a daily limit.

Looking back, the reasons for the rampant sky in the past two days are probably as follows:

1. The expected RRR and interest rate cuts did not come, because there was a small essay last week that raised the market's expectations, but now it has not waited......

2. The expected IPO has not been postponed. The normalization of IPO was officially announced in the press conference, and the pre-review of the IPO of the Beijing Stock Exchange was prepared in a small composition, and the stock of listed companies progressed from "scallops ran away, pigs starved to death, and warehouses burned" to "was defrauded by electricity", and was still staging absurd flat account dramas.

3. The expected equalization fund did not come, and the national team's rescue was much weaker than expected.

There is currently a shortage of money. The principal of the national team is not the little profit and asset income of the state-owned enterprises themselves, but the financial allocation. As a result, in the three years of the pandemic, the growth rate of fiscal revenue plummeted, with -3.9% in 2020, the lowest and only negative growth in a decade, and 0.5% in 2022, only higher than in 2020. In 2020, the fiscal deficit reached a 10-year high of 6.28 trillion yuan, followed by 5.69 trillion yuan in 2022. A decrease in principal means less opportunity for trial and error, and the national team has to be cautious.

In the past two days, a research institute released a piece of data:

Take history as a mirror: five rounds of bear market in the past 20 years, the longest is 1219 days, down 72.3%, the average is 649 days, the decline is 47.5%, and the current round of bear market has been 1067 days, and the current maximum decline is 43.6%. (The statistical object is CSI 300)

On one side is the "bear A" that has been more than 1,000 days old, and on the other side is a 30-year high of Japanese stocks.

In the past week, A-share investors have been increasing their positions in the Nikkei ETF, which at one point pushed the ETF's premium to about 20%.

After more than 1,000 days of bear market, the current A/H shares are at a low level from all aspects, but when investors have not received positive feedback, even the right thing will fall into self-doubt. Valuation is part of the difficulty of investment, and the test of the market is part of it, and it is part of it that it continues to violate common sense and cannot be corrected.

What is the quality of this intraday reversal?

In the afternoon, the Shanghai Composite Index reached the lowest point of 2861 points, which has broken through the low point of April 27, 2022, and from the weekly point of view, the Shanghai Composite Index has maintained a large box trend for nearly 2 years and has been broken, so from a technical point of view, the downward space has also been opened, which is obviously beneficial to the bears, and you can take advantage of this opportunity to continue to increase efforts to short downward.

But after 2 o'clock, A shares started a wave of sharp upward trend, from 2 points to the close, so far the Shanghai Composite Index fell from the lowest point in the session to close up nearly 8 points, it can be said that this is an exciting shocking reversal.

The GEM index also rose from around 1724 to above 1750.

It can be seen that at the key position, at the critical moment, the "invisible hand" is still silently working hard for the bulls. After all, in the past two days, I have been crazy by Japan's new high, maybe the face still wants.

How significant is this stop for the market outlook, and how long can it be hard?

Some market participants said that the first wave of bears in 2024 is almost over after running to today's position, and it is likely to continue to rebound in the next two days, but the main line and space of the rebound still need to be observed.

In this round, new energy has been interpreted for too long, so if it still relies on new energy, the rebound strength is estimated to be unexpected. Yesterday, the semiconductor changed, and today it is adjusted. Here's a look at the rebound in the technology sector led by semiconductors.

Generally speaking, in a new cycle, there will be new active sectors.

Of course, it does not mean that this is the historical bottom, but it is still cost-effective to find some high-probability opportunities to go long here.

Epilogue:

China has formed a bull market band, but A shares are experiencing problems with A shares, and Hong Kong stocks are facing problems with Hong Kong stocks!

Netizens said on social platforms that they have not yet seen an all-out effort to save the market! Why not ban refinancing and IPO first, vigorously fight corruption and arrest internal ghosts, enforce the law fairly, justly and strictly, and protect investors should not be worse than Ah San! Until now, those people still don't understand where the money for financing comes from? Is it a brokerage? No! Is it a fund? No! Is it a private placement? Not to mention not! It is thousands of retail investors who support the stock market with their hard-earned money!

If you look at Hong Kong stocks, you will understand! When retail investors flee the market, Hong Kong stocks will be all over the place, and no one will care about them! I really don't want A-shares to be turned into Hong Kong shares in the future, but this will inevitably happen in a market where there are more and more stocks and less and less money......

Hayek said that the dividends of the capital market are like pouring honey into a cup, it does not fill the cup immediately, but gathers in the center of the cup and then flows slowly around.

Shanghai in the 90s, Japan has returned to recovery after 30 years, and Southeast Asia, whose population structure is still young, is the place where honey drips.

This time, how can A-share Hong Kong stocks get back the honey they once had?

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.6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:#191919; background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .. 5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){-appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{ background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .. 05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-FG-1: rgba(0, 0, 0, .5);--weui-REDORANGE: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .4 15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body: not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, ..1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-BG: #1E1E1E}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-LINE-BG: rgba(255, 255, 255, .07)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([ data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, ..1);-weui-ACTIVE-MASK: rgba(255, 255, 255, ..1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-REDORANGE: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .. 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .. 6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){-appmsgExtra-BG: #121212}}@media(prefers-color-scheme: dark){body:not([data-weui-theme=light]) .rich_media_content img:not(.wx_img_placeholder){filter:brightness(.8)}}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}