According to the Zhitong Finance APP, the Hang Seng TECH Index expanded its gains by over 3% in the afternoon. In terms of constituent stocks, technology stocks rose across the board today, with Meituan-W (03690) up 6.7% to HKD 175.3; JD Group-SW (09618) up 4.42% to HKD 141.8; NetEase-S (09999) up 3.17% to HKD 136.5; and Tencent Holdings (00700) up 2.44% to HKD 403.4.
Recently, Haitong International pointed out that under the influence of a strong dollar, the Asia-Pacific market generally declined; the Hang Seng TECH Index has fallen 20% from its peak on October 7 due to excessive prior gains, and the correction has been sufficient. Since most internet giants have lost more than half of their gains from late September to early October, the subsequent rebound in Hong Kong stocks still requires a rebound in the internet sector, especially for companies with third-quarter results and fourth-quarter guidance that exceed expectations. Tianfeng Securities believes that compared to global markets, Chinese assets currently still have cost-effectiveness. Based on the gradual repair of expectations and the anticipation of improving fundamentals, Chinese concept stocks in the current Hong Kong market still have valuation attractiveness and a high risk-return ratio.
Major internet companies have recently begun to disclose their third-quarter reports. Tencent Holdings reported third-quarter revenue of RMB 167.19 billion, a year-on-year increase of 8%; net profit attributable to shareholders was RMB 53.23 billion, a year-on-year increase of 47%; Alibaba Group's second-quarter fiscal year 2025 earnings report showed revenue of RMB 236.503 billion, a year-on-year increase of 5%; net profit was RMB 43.547 billion, a year-on-year increase of 63%. JD Group's third-quarter revenue was RMB 260.4 billion, a year-on-year increase of 5.1%; net profit attributable to shareholders was RMB 11.7 billion, a year-on-year increase of 47.8%

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The Hang Seng TECH Index rose by more than 3%, with tech stocks rising across the board. Meituan-W rose by 6.7%, and JD.com Group rose by 4.42%. Haitong International pointed out that the Asia-Pacific market generally declined, and the correction of the Hang Seng TECH Index has been sufficient. The subsequent rebound of Hong Kong stocks will rely on the performance of internet giants. Tianfeng Securities believes that Chinese assets offer good value for money, and the valuations of Hong Kong-listed Chinese companies are attractive. The third-quarter reports of major internet companies show that Tencent's revenue was 167.19 billion yuan, a year-on-year increase of 8%; Alibaba's revenue was 236.503 billion yuan, a year-on-year increase of 5%; JD.com's revenue was 260.4 billion yuan, a year-on-year increase of 5.1%

- The Hang Seng Tech Index rose over 3%, with major tech stocks like Meituan, JD.com, NetEase, and Tencent seeing significant gains.  
- Despite a recent decline in the Asia-Pacific market due to a strong dollar, analysts suggest that the pullback in tech stocks has created opportunities for recovery, particularly with upcoming earnings reports.  
- Tencent reported Q3 revenue of 167.19 billion yuan, a year-on-year increase of 8%, while Alibaba and JD.com also posted strong earnings growth, indicating potential for further market rebound.

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Understanding the Market | Hang Seng TECH Index expands its gains by over 3%, tech stocks rise across the board, Meituan-W rises nearly 7%