"Hong Kong Stocks" Hang Seng Index closed up 111 points, Xiaomi group surged, AIA rose 6.5% after earnings

The Dow Jones rose 300 points or 0.8% overnight, and Hong Kong stocks rose today, with the Hang Seng Index opening up 30 points, initially dropping 159 points to a low of 21,848 points, and later rising 121 points to a high of 22,129 points in the afternoon. It closed up 111 points or 0.5% at 22,119 points; the National Index rose 8 points or 0.1% to close at 8,076 points; the Hang Seng Tech Index rose 67 points or 1.3% to close at 5,087 points. The total market turnover for the day was HKD 201.553 billion.

Hong Kong Exchanges and Clearing Limited (00388.HK) reported a 37% increase in net profit for the first quarter, exceeding expectations, with its stock price rising 1.6%. AIA Group (01299.HK) reported a 13% year-on-year increase in new business value at both actual and fixed exchange rates for the first quarter, with its stock price rising 6.5% for the day. Prudential (02378.HK) reported a 12% year-on-year increase in new business profit based on traditional embedded value standards for the first quarter, with its stock price falling 2.3%. Bank of China (02388.HK) reported a 15.6% increase in operating profit before impairment provisions for the first quarter, with its stock price rising 4%. Hang Seng Bank (00011.HK) also rose 2.5%.

After the announcement of first-quarter results, domestic bank stocks turned bearish, with Bank of Communications (03328.HK) and Bank of China (03988.HK) falling 0.1% and 0.5%, respectively, while Postal Savings Bank (01658.HK) and Agricultural Bank of China (01288.HK) fell 1.4% and 1.9%, respectively. China Construction Bank (00939.HK) and Industrial and Commercial Bank of China (01398.HK) fell 2.9%, and China Merchants Bank (03968.HK) fell 4.6%. China Life (02628.HK) rose 1.6%, while PICC (01339.HK) and China Pacific Insurance (02328.HK) rose 2.9% and 3%, respectively. HSBC Holdings (00005.HK), which announced results yesterday, retreated 1.4%.

Xiaomi (01810.HK) launched its first inference open-source large model, outperforming OpenAI's o1-mini and Alibaba's QwQ-32B preview version, with Xiaomi's stock price rising 5.3% for the day. Kingsoft Cloud (03896.HK) and Kingsoft (03888.HK) saw their stock prices rise 14.2% and 7.1%, respectively. Other tech stocks generally rose, with Meitu (01357.HK) and GDS Holdings (09698.HK) rising 10.3% and 9.3%, respectively, while Kingdee (00268.HK) and Xindong (02400.HK) rose over 6%, and Weimob (02013.HK) and Chinasoft (00354.HK) rose 4.3% and 3.6%, respectively.

According to reports, Tencent (00700.HK) is undergoing a comprehensive restructuring of its mixed Yuan large model R&D system, with its stock price rising 0.9%. NetEase (09999.HK), Kuaishou (01024.HK), and Alibaba (09988.HK) rose between 1.6% and 2.2%, while Bilibili (09626.HK) rose 1%. Baidu (09888.HK), JD.com (09618.HK), and Meituan (03690.HK) fell between 0.2% and 1.4% SMIC (00981.HK) and AAC Technologies (02018.HK) rose 2.5% and 2.6%.

In the automotive sector, BYD (01211.HK) fell 0.3% to HKD 370.2, Chang'an Automobile (02333.HK) and Nio (09866.HK) dropped 2.5% and 5.1%. In the consumer sector, WH Group (00288.HK) reported a nearly 21% increase in net profit before biological fair value adjustments for the first quarter, with its stock price rising 0.1%. Air China (00753.HK) reported a first-quarter loss of RMB 2.044 billion, with its stock price falling 3.3%. China Duty Free Group (01880.HK) saw a 16% decline in net profit for the first quarter, but its stock price rose 3.4%. In the pharmaceutical sector, CanSino (06185.HK) narrowed its first-quarter loss to RMB 11.55 million, with its stock price rising 11.7%. The U.S. Patent and Trademark Office ruled that Pharmacyclics' patent infringement claims against BeiGene (06160.HK) were invalid, causing BeiGene's stock to rise 6%.

PetroChina (00857.HK) reported a more than 2% increase in net profit for the first quarter, with its stock price rising 2.4%. China COSCO Shipping Holdings (01919.HK) saw a 73% increase in net profit for the first quarter, with its stock price rising 0.2%. Dingsheng Creation (00113.HK) received a privatization offer from major shareholder Pan Disheng at a premium of over 50%, with its stock price rising 43.1% to HKD 6.84