<p>The Hang Seng Index showed mixed performance on Thursday. After opening 137 points lower this morning, it hit a low of 25,261 points before stabilizing in the afternoon and regaining upward momentum. Ultimately, it closed at 25,498 points, up 29 points or 0.12%. The total market turnover decreased to HKD 162.38 billion; net inflow from the north was HKD 1.258 billion. The National Index fell 2 points or 0.02%, closing at 8,841 points; the Tech Index dropped 39 points or 0.73%, closing at 5,418 points.</p>
<h2>SenseTime's share placement fell 4% for the day</h2>
<p>Weakness in tech stocks dragged down the market, with Alibaba (9988) falling 1.3% to close at HKD 144.1; Meituan (3690) rose 0.1% to close at HKD 101.4; SMIC (981) fell 0.08% to close at HKD 64.7; Xiaomi (1810) dropped 2.47% to close at HKD 40.2. SenseTime (020) announced a placement of 1.75 billion subscription shares before the market opened yesterday, expecting to raise approximately HKD 3.15 billion. The stock price fell over 6% at one point, closing at HKD 1.89, down 4.06%.</p>
<p>Apple-related stocks generally fell, with Hwa Wei Electronics (1415) down 3.62% to close at HKD 27.7; QiuTai Technology (1478) down 2.88% to close at HKD 8.42; Lens Technology (6613) down 2.62% to close at HKD 25.24; Sunny Optical Technology (2382) down 1.8% to close at HKD 65.35; AAC Technologies (2018) down 1.15% to close at HKD 37.7.</p>
<h2>Gold-related stocks performed well, Zhaojin Mining rose over 6%</h2>
<p>The escalation of tensions between the United States and Venezuela has increased market demand for gold as a safe haven, supporting gold prices. Zhaojin Mining (1818) rose 6.21% to close at HKD 31.12; Shandong Gold (1787) rose 2.7% to close at HKD 35.</p>
<p>The China Passenger Car Association indicated that retail sales of new energy vehicles in the first two weeks of December fell 4% year-on-year, leading to weakness in automotive stocks. BYD (1211) fell 1.42% to close at HKD 93.9; Seres (9927) fell 2.87% to close at HKD 105; XPeng (9868) fell 1.52% to close at HKD 71.2; Li Auto (2015) fell 1.64% to close at HKD 63.05.</p>
<p>In the consumer sector, reports indicated that Pop Mart (9992) experienced a significant slowdown in revenue growth in North America, falling 1.28% to close at HKD 193.2; Miniso (9896) fell 3.65% to close at HKD 38; China Duty Free Group (1880) fell 5.77% to close at HKD 66.15.</p>
<h2>CSPC Pharmaceutical rose over 6%, becoming the best-performing blue chip</h2>
<p>In individual stocks, CICC (3908) finalized details for issuing A-shares to merge with Cinda Securities, rising 2.53% to close at HKD 19.44; HSBC (005) rose 1.02% to close at HKD 118.7. Pharmaceutical stocks performed well, with CSPC Pharmaceutical Group (1093) rising 6.52% to close at HKD 8.01, making it the best-performing blue chip; Hang Lung Properties (101) CEO Philip Liu will retire next year, falling 2.91% to close at HKD 8.68, making it the worst-performing blue chip
The Vice Chairman of the Hong Kong Stock Analysts Association, Zeng Yongjian, pointed out that the recent performance of Hong Kong stocks has been relatively quiet compared to US stocks, with AI (artificial intelligence) related shares showing stronger resilience against declines. He expects the Hang Seng Index to fluctuate between 25,000 and 26,000 points, with little chance of a significant upward trend in the short term. He also mentioned that there has been a change in expectations regarding the exchange rate of the Renminbi, with the market generally anticipating an orderly appreciation of the Renminbi, which, combined with central government policies supporting domestic demand development, will provide support for the Hong Kong and mainland stock markets.</p>
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<p>The Hang Seng Index opened 137 points lower this morning, briefly rising 43 points to a high of 25,511 points, but weakened again near noon, closing at 25,357 points, down 111 points or 0.44%, with a turnover of HKD 79 billion. In terms of the Tech Index, it closed at 5,389 points, down 68 points or 1.26%.</p>
<h2>Lei Jun Announces Xiaomi 17 Ultra Launch Next Week</h2>
<p>Among blue-chip stocks, tech stocks continued to be weak, with Xiaomi (1810) and Alibaba (9988) leading the market decline, falling 3.1% and 1.6% respectively. Another heavyweight tech stock, Tencent (700), also dropped 0.6%. Although Xiaomi founder Lei Jun announced that the Xiaomi 17 Ultra will be officially launched next week, it did not help the stock price rise.</p>
<h2>Pop Mart's North American Revenue Growth Slows</h2>
<p>In terms of stock price fluctuations, apart from Xiaomi, Pop Mart (9992) fell 2.7% at midday, making it one of the worst-performing blue chips, while Longfor (960) and Lenovo (992) also fell 2.6% and 2.5% respectively. According to foreign media reports, the craze for Labubu under Pop Mart seems to be fading, and YipitData shows that its North American revenue growth has slowed to 424% in the current quarter (ending December 6), more than halving compared to the three-month period ending at the end of September.</p>
<p>On the other hand, CSPC Pharmaceutical (1093) rose 5.3% against the trend, while ZTO Express (2057) and Sinopec (386) also rose over 2%. In terms of news, Morgan Stanley recently released a report incorporating CSPC's third-quarter performance into its forecasts, lowering sales forecasts for 2025 to 2027 by 1%, 2%, and 0% respectively. At the same time, based on management guidance and observed trends, it also adjusted operating expenses accordingly, leading to a downward revision of recurring net profit forecasts by 4%, 4%, and 0% for the same period. The firm lowered CSPC's target price from HKD 11 to HKD 10.4 but maintained an &#34;Overweight&#34; rating.</p>
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<p>US President Donald Trump deployed the &#34;largest fleet in South American history&#34; to block sanctioned oil tankers from entering and exiting Venezuela and is prepared to impose further sanctions if Russia refuses to accept a peace agreement regarding the Russia-Ukraine conflict, stimulating a rebound in international oil prices. New York crude oil closed up 1.2% at USD 55.94; London Brent crude rose 1.3% to USD 59.68.</p>
<h2>Oracle's Data Center Project Stalled</h2>
<p>Amid renewed concerns about an AI bubble, the three major US stock indices fell on Wednesday, with the Dow closing down 228 points or 0.47% at 47,885 points; the S&amp;P 500 down 78 points or 1.16% at 6,721 points; and the Nasdaq down 418 points or 1.81% at 22,693 points
In addition, the United States will announce the delayed CPI data for November today (18th) due to the government shutdown.</p>
<p>Among the focus stocks, Oracle (ORCL) and private credit company Blue Owl Capital originally planned to arrange up to $10 billion in financing and make a large equity investment in a data center project in Michigan, but negotiations for the related agreement have stalled, increasing market concerns about AI trading; the stock price fell sharply by 5.4% to $178.46 on Wednesday, and Nvidia (NVDA) also dropped 3.8% to $170.94.</p>
<h2>SenseTime plans to issue shares at an 8.6% discount to raise over 3.1 billion</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened 137 points lower this morning, at 25,330 points. Tech stocks generally retreated, with Alibaba (9988) down 2%; Tencent (700) down 0.7%; Meituan (3690) down 0.6%; JD.com (9618) and Xiaomi (1810) also fell 0.8% and 2% respectively; Baidu (9888) dropped 1.4%.</p>
<p>In addition, SenseTime (020) plans to place 1.75 billion new Class B shares to raise HKD 3.15 billion, equivalent to 4.4% of the expanded issued Class B shares and 4.3% of the expanded issued shares, with a placement price of HKD 1.8 per share, an 8.6% discount to the previous closing price of HKD 1.97. The stock opened at HKD 1.9, down 3.55%.</p>
<h2>HKEX allows public float to be reduced to 10%</h2>
<p>Hong Kong Exchanges and Clearing Limited (388) published a consultation summary regarding the public float requirements. The new measures include introducing an alternative public float threshold. In addition to the percentage threshold required at the time of listing, issuers can also choose an alternative threshold to meet the public float requirements. Specifically, the public float must account for at least 10% of the total issued shares of the listed class and simultaneously reach a market capitalization of at least HKD 1 billion, to provide issuers with greater flexibility for capital management transactions (such as share buybacks). The new regulations will take effect on January 1 next year.</p>
<p>For A+H issuers, the public float requirement for H shares must account for at least 5% of the total issued H shares or reach a market capitalization of at least HKD 1 billion, to ensure that there are always sufficient H shares available for public trading. The stock price of HKEX reported HKD 395 this morning, down 0.85%.</p>
<p>Related article: HKEX revises public float requirements and introduces alternative thresholds</p>
<p>Regarding the northbound capital flow, there was a net purchase of HKD 7.91 billion in Hong Kong stocks yesterday, with Xiaomi (1810), Meituan (3690), and Southern Hang Seng Technology (3033) receiving net purchases of HKD 1.063 billion, HKD 751 million, and HKD 745 million respectively; while China Mobile (941) and CNOOC (883) experienced net sales of HKD 514 million and HKD 132 million respectively</p>

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<p>The Hang Seng Index fell initially on Thursday but later stabilized, closing up 29 points or 0.12%. Technology stocks continued to be weak, with SenseTime's stock price dropping 4.06% after its placement. Apple-related stocks generally declined. Gold-related stocks performed well due to increased demand for safe-haven assets, with ZHAOJIN MINING rising 6.21%. Automotive stocks weakened due to a decline in retail sales in the new energy market. Consumer stocks, such as Bubble Mart, saw a slowdown in North American revenue growth, leading to a drop in stock price</p>

- The Hang Seng Index opened down 137 points before recovering later in the day, closing at 25,498 points, up 29 points or 0.12%.  
- Technology stocks performed poorly, with notable declines in companies like Alibaba and Xiaomi, while gold-related stocks rose amid increased demand.  
- The market remains cautious, as analysts anticipate fluctuations within the 25,000 to 26,000 point range, influenced by changing expectations for the renminbi and ongoing government policies to support domestic markets.

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The Hang Seng Index initially fell and then stabilized, closing up 29 points. Technology stocks continued to be weak, and experts expect a short-term volatile market｜Hong Kong stock market opening