<p>Hong Kong stocks opened high and closed low before the Christmas holiday, constrained by the 26,000-point mark, ultimately closing at 25,774, down 27 points, ending a four-day winning streak with a cumulative increase of 566 points or 2.2%. The daily high-low range was 201 points. The market turnover further shrank to HKD 157.1 billion, the lowest since November 28. Hong Kong and U.S. stocks will have a half-day market tomorrow on Christmas Eve. The Hong Kong market will be closed all day on Thursday and Friday; the U.S. market will be closed on Thursday; mainland China will trade as usual this week.</p>
<p>The Hang Seng Index opened 74 points higher at 25,875, with the early gains expanding to 125 points, peaking at 25,927. However, it struggled to maintain upward momentum and turned negative in the afternoon, dipping to 25,726, down 75 points, and ultimately closing at 25,774, down 27 points. The National Index and the Tech Index both halted their two-day winning streaks, with the National Index closing at 8,913 points, down 25 points; the Tech Index closed at 5,488 points, down 37 points.</p>
<h2>Gold Prices Hit New Highs, Shandong Gold Up 4.6%</h2>
<p>The situation between the U.S. and Venezuela has intensified, leading to a flight to safety, coupled with rising expectations for U.S. interest rate cuts, with two cuts anticipated next year, pushing spot gold and silver to new highs, along with gold stocks rising. Shandong Gold (1787) closed at HKD 37.86, up 4.6%; Zhaojin Mining (1818) reported HKD 33.18, up 2.8%; Zijin Mining International (2259) closed at HKD 153.5, up 1.1%. However, Zijin Mining (2899) reported HKD 34.84, down 0.5%. Spot gold peaked at USD 4,497.74 per ounce, up 1.2%; spot silver briefly reached USD 69.9929 per ounce, up 1.4%.</p>
<p>Tech stocks showed mixed performance, with KUAISHOU-W (1024) being the worst performer among the Hang Seng Index and National Index constituents. KUAISHOU announced that its live streaming feature on the KUAISHOU app was attacked on Monday, while other services were unaffected. The company activated its contingency plan immediately, and after full efforts in handling and system restoration, normal services have gradually resumed. The company has reported the incident to the public security authorities and relevant departments and will consider taking other appropriate legal remedial measures as necessary. KUAISHOU closed at HKD 64.35, down 3.5%; Tencent (700) reported HKD 602, down 2%.</p>
<h2>Xiaomi Clarifies No Connection to Mainland Military</h2>
<p>Several U.S. lawmakers have written to U.S. Secretary of Defense Pete Hegseth, urging the inclusion of Xiaomi (1810) and other Chinese tech companies on the 1260H list suspected of assisting the Chinese military. Despite Xiaomi issuing a statement to clarify, its stock price still fell, closing at HKD 39.2, down 1.5%. Xiaomi stated in its announcement that there is no basis for including the company on that list, asserting that it is not a Chinese military company and has no affiliation or relationship with any Chinese military entity, and has always been a consumer goods company providing products and services for civilian and commercial use. However, Alibaba (9988) reported HKD 147.2, up 0.5%; JD.com (9618) closed at HKD 112.8, up 0.4%; Meituan (3690) reported HKD 103.2, up 0.4%
In terms of heavyweight stocks, CSPC Pharmaceutical Group (1093) closed at HKD 8.88, up 7.6%, making it the best-performing constituent stock of the Hang Seng Index and the Hang Seng China Enterprises Index. Cathay Pacific Airways (293) expects its full-year performance to surpass last year, boosting its stock price to close at HKD 12.88, up 7.2%.</p>
<h2>Li Ze Ming: Expecting 26,000 to 26,500 Next Week</h2>
<p>Li Ze Ming, Investment Director of Red Ant Capital, estimates that benefiting from the recent improvement in liquidity in the mainland, the gradual return of northbound capital, and heightened expectations of interest rate cuts in the U.S., the performance of Hong Kong stocks will not be too bad, with a greater chance of breaking through 26,000 next week. If successful, the Hang Seng Index is expected to rise to the level of 26,000 to 26,500 next week. Unless a major event occurs, the trading volume of Hong Kong stocks is inevitably expected to decrease this Wednesday.</p>
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<p>1220: Hong Kong stocks fluctuated narrowly around the 26,000 mark this morning, with the Hang Seng Index opening 74 points higher, peaking at a rise of 125 points, reaching a high of 25,927 points. It closed at 25,848 points, up 47 points or 0.18%, with a trading volume of HKD 87.289 billion. The Tech Index fell 22 points or 0.42%, reporting 5,503 points.</p>
<p>Tech stocks showed mixed developments, with JD.com (9618) up 0.98%; Alibaba (9988) up 0.68%; Meituan (3690) up 0.38%; while Tencent (700) and Xiaomi (1810) fell 1.46% and 1.65%, respectively.</p>
<h2>KUAISHOU: Emergency Repairs and Police Report</h2>
<p>KUAISHOU (1024) reported a large amount of pornographic content on its platform, to which the company responded that the platform had been attacked, and it has urgently handled repairs and reported to the public security authorities. KUAISHOU fell 3.59% to HKD 64.3.</p>
<p>CSPC Pharmaceutical Group (1093) rose 6.42%, making it the best-performing blue chip. The company's Executive Director and Chairman, Cai Dongchen, on Monday (22nd), increased his stake in the company by purchasing 13.454 million shares at an average price of HKD 8.1957 per share, involving HKD 110 million.</p>
<p>Cathay Pacific Airways (293) announced its November passenger and cargo traffic data yesterday and expects strong performance in the second half of the year, with full-year results expected to surpass last year's performance. Cathay closed at HKD 12.93, up 7.57%.</p>
<p>Related article: Cathay forecasts full-year results to surpass last year, stock price once rose over 6%</p>
<h2>Report: Cheng Family Plans to Sell The Dorchester Hotel in London</h2>
<p>According to a report by Bloomberg, the Cheng family of New World is planning to sell The Dorchester Hotel in London. Chow Tai Fook (1929) rose 1.65% in the half-day; New World (017) fell 0.27%; Chow Tai Fook Enterprises (659) rose 0.26%.</p>
<p>Related article: Cheng Ka Shun family reportedly hires consultants to negotiate the sale of The Dorchester Hotel in London.</p>
<p>This morning, three new stocks were listed. NOBIKAN (2635) closed at HKD 351 at noon, up 338.7% from the offering price of HKD 80; Relax Health (2661) closed at HKD 55.25 at noon, up 143.6% from the offering price of HKD 22.68. Hansi Aitai (3378) &#34;broke the issue,&#34; reporting HKD 18.25 at noon, down 42.9% from the offering price of HKD 32
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<p>0930: Federal Reserve Board member Milan stated that if interest rates are not further reduced next year, there may be a risk of recession, stimulating market expectations for rate cuts; on the other hand, the geopolitical tensions between the United States, Iran, and Venezuela have led to a flow of funds into the precious metals market, driving gold and silver to new highs, with spot gold reaching a new high of $4,470 and silver also breaking through the $69 mark, currently reported at $69.18.</p>
<h2>Nvidia reportedly to supply H200 chips to China next year</h2>
<p>The three major U.S. stock indices performed well on Monday, with the Dow Jones rising 227 points or 0.47% to 48,362 points; the S&amp;P 500 rising 43 points or 0.64% to 6,878 points; and the Nasdaq rising 121 points or 0.52% to 23,428 points. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it rose 0.58% to 7,683 points on Monday.</p>
<p>Among the focus stocks, Nvidia (NVDA) is reportedly set to supply H200 artificial intelligence chips to China before mid-February next year, currently awaiting approval from China, with the stock rising 1.5% to $183.69. In addition, Google's parent company Alphabet (GOOGL) will acquire data center and energy infrastructure company Intersect for $4.75 billion in cash, while also assuming its related debts; the stock rose 0.85% to $309.78.</p>
<h2>High gold prices boost gold-related stocks</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened 74 points higher this morning, reporting 25,875 points. Tech stocks showed mixed developments, with Alibaba (9988) rising 0.2%; Tencent (700) falling 0.2%; Meituan (3690) rising 0.9%; JD.com (9618) rising 0.4%; and Xiaomi (1810) falling 0.3%.</p>
<p>Additionally, gold-related stocks rose, with Shandong Gold (1787) rising 3.2%; Lingbao Gold (3330) rising 2.5%; Zijin Mining International (2259) rising 2.5%; and Zijin Mining (2899) rising 1.2%.</p>
<h2>Kuaishou platform attacked by black and gray industries</h2>
<p>In individual stock news, Kuaishou (1024) platform has seen a large amount of pornographic content, and the company responded that around 10 PM that night, the platform was attacked by black and gray industries, and emergency repairs are currently underway. The company stated that it firmly opposes illegal content, and the situation has been reported to the relevant departments and the police. The stock opened at $64.5, down 3.3%.</p>
<h2>Hansai Aitai's public offering oversubscribed 3,073 times</h2>
<p>In the new stock sector, Hansai Aitai (3378) recorded an oversubscription of 3,073 times in its public offering, with a 1% chance of winning a lot, and the international offering oversubscribed more than 4 times, opening at $28.9, down 9.7%.</p>
<h2>Relax Health's public offering oversubscribed 1,420 times</h2>
<p>Relax Health (2661) recorded an oversubscription of over 1,420 times in its public offering, with a 6% chance of winning a lot, and the international offering oversubscribed nearly 2 times, opening at $50, up 120%</p>
<h2>NobiKan's Public Offering Oversubscribed 187 Times</h2>
<p>NobiKan (2635) recorded an oversubscription of over 187 times for its public offering, with a 3% chance of winning one lot. The international offering was oversubscribed by 1 time, and it opened at HKD 319.8, a rise of 300%.</p>
<p>Regarding the movement of northbound capital, there was a net purchase of HKD 3.126 billion in Hong Kong stocks yesterday, with SMIC (981), Xiaomi (1810), and Tencent (700) receiving net purchases of HKD 731 million, HKD 687 million, and HKD 597 million respectively; while China Mobile (941), Alibaba (9988), and Pop Mart (9992) faced net sales of HKD 579 million, HKD 520 million, and HKD 25.45 million respectively</p>

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<p>Hong Kong stocks opened high and then fell before the Christmas holiday, with the Hang Seng Index closing at 25,774 points, down 27 points, ending a four-day winning streak. Tencent fell by 2%, and KUAISHOU-W dropped by 3.5%. Gold prices hit a new high, with Shandong Gold rising by 4.6%. KUAISHOU-W's live streaming function was attacked online but has resumed normal service</p>

- Hong Kong stocks fell before the Christmas holiday, closing at 25,774 after a drop of 27 points.  
- The market saw low trading volume, reaching its lowest since November 28, while gold prices hit new highs amid geopolitical tensions and expectations of U.S. interest rate cuts.  
- Notable stock movements included Kuaishou's decline after facing cyber attacks, and Shandong Gold's significant rise of 4.6% due to heightened demand for safe-haven assets.

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The Hang Seng Index closed down 27 points, Tencent fell 2%, KUAISHOU-W dropped 3.5%. Analysis: Expected to break through 26,000 next week | Hong Kong stock market closing