Hong Kong-listed ZTE slips on Q3 net profit drop; brokerage downgrades stock
** Hong Kong shares of ZTE Corp 0763.HK drop 7.8% to HK$19.40; set to end two consecutive sessions of gains
** Telco and IT solutions co's Q3 net profit down 8.2% Y/Y
** UOB Kay Hian downgrades to "hold" from "buy", saying co's Q3 results were below expectations, with a surprising 3.9% Y/Y fall in rev despite low base
** Brokerage expects domestic telco spending to remain weak through 2025
** ZTE's Shenzhen stock 000063.SZ falls 6.1% to 29.78 yuan; set to snap three-session gaining run
** Hang Seng Composite Index on IT firms .HSCIIT slips 0.3%, while Hang Seng Tech Index .HSTECH climbs 0.8% and Hang Seng Index .HSI gains 0.2%
** YTD, Hong Kong shares add 12.4% and Shenzhen stock gains 13.6%
Reporting by Donny Kwok
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