On Thursday, October 3, A-shares continued to be closed for the holiday, while Hong Kong stocks opened lower and trended lower after rising for several consecutive days.【10:10】The Hang Seng Tech Index fell by over 5%, while the Hang Seng Index dropped by nearly 3%. JD Health and XPeng both fell by nearly 8%.<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/bcc0b1fe-7666-4096-a6fd-d44aa25daf70.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/bcc0b1fe-7666-4096-a6fd-d44aa25daf70.png"/>【9:47】The Hang Seng Tech Index dropped by over 4%, with some brokerage firms and real estate stocks plummeting. Kaisa Group, China Aoyuan, Shimao, Sunac, and other real estate stocks collectively experienced significant declines, with Shimao falling by over 20% and CITIC Securities dropping by over 12%. Analysts from Morgan Stanley pointed out in a report dated Wednesday that the current valuation level of real estate stocks already reflects a business environment similar to that before the Evergrande crisis, which is unreasonable.<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/c34a767c-8bcf-46e6-9ea9-25cb3cb4d45a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/c34a767c-8bcf-46e6-9ea9-25cb3cb4d45a.png"/>The SSE STAR Market 50 ETF experienced significant short-term volatility, currently still up by over 9%.Most Hong Kong-listed automotive stocks trended lower, with XPeng falling by 9%.Shenwan Hongyuan Hong Kong surged by nearly 60%

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Kaisa Group, CHINA AOYUAN, SHIMAO, SUNAC and other real estate stocks collectively plunged, with SHIMAO dropping by over 20%. Analysts from Morgan Stanley pointed out in a report dated Wednesday that the current valuation levels of real estate stocks already reflect a similar operating environment to before the Evergrande crisis erupted, which is unreasonable

- On October 3, the A-shares remained closed for the holiday while Hong Kong stocks opened lower and continued to decline after several days of gains.  
- The Hang Seng Technology Index fell over 5%, with JD Health and Xpeng Motors dropping nearly 8%.  
- Analysts from JPMorgan noted that the current valuation levels of real estate stocks reflect an operating environment similar to that before the Evergrande crisis, which they deemed unreasonable.

Hong Kong stocks pull back, with the Hang Seng Technology Index falling more than 5%, while some brokerages and real estate stocks take a dive