---
title: "Hong Kong stocks closed | The Hang Seng Tech Index fell more than 1.7% under pressure, with retailers leading the decline; Alibaba dropped 2.6%, while Baidu rose 2.9% against the trend"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/264161095.md"
description: "All three major Hong Kong stock indices fell, with the Hang Seng Tech Index leading the decline, putting pressure on the technology and consumer sectors. Retail giants Alibaba and JD.com saw significant drops, while Baidu strengthened against the trend, supporting some internet content stocks. Funds concentrated on leading technology and consumer stocks, with net purchases from southbound funds exceeding HKD 2 billion. In the macro environment, the Federal Reserve's inaction and the weakening of the renminbi affected market risk appetite and structural differentiation"
datetime: "2025-11-04T08:16:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/264161095.md)
  - [en](https://longbridge.com/en/news/264161095.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/264161095.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/264161095.md) | [繁體中文](https://longbridge.com/zh-HK/news/264161095.md)


# Hong Kong stocks closed | The Hang Seng Tech Index fell more than 1.7% under pressure, with retailers leading the decline; Alibaba dropped 2.6%, while Baidu rose 2.9% against the trend

### Current Situation of the Three Major Indices

-   Hang Seng Index (HSI.HK): down 0.79%
-   Hang Seng China Enterprises Index (HSCEI.HK): down 0.92%
-   Hang Seng Tech Index (HSTECH.HK): down 1.76%

Individual stock closing performance: 596 stocks rose, 1325 stocks fell, and 801 stocks closed flat.

* * *

### Sector Performance

#### Retail Sector

The sector is under overall pressure due to the Federal Reserve's maintenance of interest rates, changes in the US-China interest rate differential, and weak consumer confidence. Some leading stocks received defensive capital allocation, but overall capital outflow from the sector.

-   Alibaba (9988.HK): down 2.57%, trading volume HKD 14.354 billion. The Federal Reserve's steady interest rates and overseas risk aversion pressure the stock price, while the weakening yuan affects capital flow, and short-term weak consumer demand suppresses performance expectations.
-   JD.com (9618.HK): down 2.99%, trading volume HKD 1.353 billion. Insufficient consumption recovery momentum and a decline in risk appetite lead to performance pressure, with a lack of driving news in the short term and increased volatility during the day.
-   Miniso (9896.HK): up 0.19%, trading volume HKD 0.095 billion. Domestic store expansion and management efficiency support the fundamentals, and despite tightening liquidity, there is still short-term capital layout, with limited positive news but defensive attributes.

#### Internet Content and Information Sector

The sector shows a mixed trend, with leading stocks performing steadily and some component stocks receiving increased capital, resulting in overall increased activity.

-   Tencent Holdings (700.HK): up 0.16%, trading volume HKD 9.461 billion. The company's fundamentals are stable, with cash flow and dividends attracting capital attention, and the short-term news front is relatively calm, with strong stock price performance.
-   Baidu (9888.HK): up 2.87%, trading volume HKD 3.143 billion. The market is optimistic about the prospects of AI and cloud business, with significant capital inflow boosting stock prices, and defensive attributes aiding in counter-trend performance.
-   Kuaishou (1024.HK): down 2.72%, trading volume HKD 1.659 billion. The peak of short video traffic dividends affects profit expectations, and a contraction in advertising spending pressures revenue structure, leading institutional capital to shift towards more certain leaders in the short term.

#### Hardware, Storage, and Peripherals Sector

Profit pressure on export-oriented enterprises and fluctuations in external demand have led to a downturn in the sector, with significant reduction in main capital allocation and a decline in industry prosperity.

-   Xiaomi Group (1810.HK): down 2.91%, trading volume HKD 5.975 billion. Increased competition in overseas markets leads to short-term performance pressure, rising capital expenditures affect profit margins, and some institutions reduce holdings in the short term.
-   Lenovo Group (0992.HK): down 1.22%, trading volume HKD 0.605 billion. The global PC demand off-season exacerbates performance uncertainty, the company is promoting new products but short-term improvements are limited, and market capital is generally cautious.
-   YN Group (1263.HK): down 3.58%, trading volume HKD 0.024 billion. Industry prices are generally declining, the company's profitability is affected, with no significant improvement in fundamentals, and market risk appetite is decreasing

* * *

### Market Focus

**1\. Core Macro and Industry Focus:** Recently, the Federal Reserve maintained the benchmark interest rate unchanged and hinted that there is limited room for rate cuts in the second half of the year. The renminbi has weakened against the US dollar in the short term, and the narrowing of the China-US interest rate differential directly affects foreign capital allocation in Hong Kong stocks and the withdrawal of risk appetite.

**2\. Capital Flow:** Southbound funds recorded a net purchase of over HKD 2 billion during the day, with both the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect seeing net inflows, pushing the total daily trading volume to exceed HKD 130 billion. Funds increased their positions in the three major leaders: Tencent, Alibaba, and Meituan, with related stocks averaging daily trading volumes exceeding HKD 4 billion. Baidu recorded a net inflow of funds against the trend, boosting its stock price.

* * *

### Top Ten Stocks by Trading Volume

1.  Alibaba (9988.HK), trading price HKD 159.00, decline 2.57%, trading volume HKD 14.354 billion
2.  Tencent Holdings (700.HK), trading price HKD 629.00, increase 0.16%, trading volume HKD 9.461 billion
3.  Xiaomi Group (1810.HK), trading price HKD 43.42, decline 2.91%, trading volume HKD 5.975 billion
4.  Semiconductor Manufacturing International Corporation (981.HK), trading price HKD 71.85, decline 1.37%, trading volume HKD 5.499 billion
5.  Meituan (3690.HK), trading price HKD 99.90, decline 2.35%, trading volume HKD 4.446 billion
6.  Pop Mart International (9992.HK), trading price HKD 217.40, decline 4.06%, trading volume HKD 3.912 billion
7.  BYD Company (1211.HK), trading price HKD 97.10, decline 2.02%, trading volume HKD 3.225 billion
8.  Baidu (9888.HK), trading price HKD 121.90, increase 2.87%, trading volume HKD 3.143 billion
9.  Hua Hong Semiconductor (1347.HK), trading price HKD 75.80, decline 1.49%, trading volume HKD 3.103 billion
10.  AIA Group (1299.HK), trading price HKD 79.65, decline 0.38%, trading volume HKD 2.942 billion

### Related Stocks

- [BABA-W (09988.HK)](https://longbridge.com/en/quote/09988.HK.md)
- [TENCENT (00700.HK)](https://longbridge.com/en/quote/00700.HK.md)
- [XIAOMI-W (01810.HK)](https://longbridge.com/en/quote/01810.HK.md)
- [SMIC (00981.HK)](https://longbridge.com/en/quote/00981.HK.md)
- [MEITUAN-W (03690.HK)](https://longbridge.com/en/quote/03690.HK.md)
- [POP MART (09992.HK)](https://longbridge.com/en/quote/09992.HK.md)
- [BYD COMPANY (01211.HK)](https://longbridge.com/en/quote/01211.HK.md)
- [BIDU-SW (09888.HK)](https://longbridge.com/en/quote/09888.HK.md)
- [Alibaba Group Holding Limited (BABA.US)](https://longbridge.com/en/quote/BABA.US.md)
- [Baidu, Inc. (BIDU.US)](https://longbridge.com/en/quote/BIDU.US.md)

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