--- title: "Hong Kong Stock Market Review: Simple Market Conditions" type: "News" locale: "en" url: "https://longbridge.com/en/news/270610210.md" description: "The Hong Kong stock market review shows that the market trend is simple, with funds returning to defensive sectors, led by financial stocks. U.S. tech stocks show signs of rebound, especially with potential volatility after Christmas. Commodities fluctuate due to the depreciation of the dollar, with a significant theme of de-dollarization in gold. The IPO market is active, with Wallen Technology set to go public, valued at 46.2 billion. Tesla's stock price hits a new high, while Waymo faces challenges with hardware costs" datetime: "2025-12-23T11:48:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/270610210.md) - [en](https://longbridge.com/en/news/270610210.md) - [zh-HK](https://longbridge.com/zh-HK/news/270610210.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/270610210.md) | [繁體中文](https://longbridge.com/zh-HK/news/270610210.md) # Hong Kong Stock Market Review: Simple Market Conditions U.S. tech stocks show signs of rebound, especially with the possibility of volatility after Christmas, while NVIDIA's stock price has been fluctuating for a while, and it remains to be seen if it can lead AI until the end of the year. The Hong Kong stock market remains relatively straightforward, with only a half-day trading session tomorrow. As we enter the long holiday, funds are returning to defensive sectors, with financial stocks leading the Hang Seng Index, and trading volume continues to shrink. In terms of sectors, commodities remain highly volatile. The main logic for commodities this year is the depreciation of the U.S. dollar, which has led to a surge in dollar-denominated assets. Gold has a major theme of de-dollarization, while copper, silver, and other related commodities have disrupted market liquidity, and these narratives seem likely to persist in the short term. As for the most unfortunate commodity, it is probably oil, which is deeply tied to the U.S. dollar. Whether it can surge next year will likely depend on the political situation and policy stimulus. Additionally, if U.S. stocks experience a Christmas rally, Hong Kong tech stocks may resonate with U.S. tech stocks, but mid-term performance still depends on liquidity. Recently, some stocks that fell sharply faced pressure from lock-up expirations, and the first half of next year will also see another wave of lock-up expirations. At the same time, IPOs continue to cluster for listing. Fortunately, today three new stocks performed differently; the innovative drug stock plummeted, while the other two surged, surpassing the market capitalization threshold for inclusion in the Hong Kong Stock Connect. Upcoming IPOs may not see the same widespread rise as before, but under the new mechanism, low volume speculation remains easy. The most notable IPO currently is Biren Technology, the first GPU stock in Hong Kong, but unfortunately, it missed the observation period for the Hong Kong Stock Connect ending this year. Biren's listing valuation is HKD 46.2 billion, with an H-share market value of HKD 21.9 billion. If there is a 20% clawback, the public market will have 247,000 lots, corresponding to a market value of HKD 970 million. After deducting cornerstone investors, only 198,000 lots will be left for institutional investors, corresponding to a market value of HKD 780 million. Although the company's popularity is not as high as Moore Threads and Muxi Technology, as the only stock in Hong Kong, its price performance is expected to be satisfactory, hoping to bring a climax to the first IPO of 2026. On the other hand, Tesla's stock price recently hit a new high, driven by autonomous driving, while its competitor Waymo is negotiating to raise USD 15 billion at a valuation of nearly USD 100 billion. However, Waymo's biggest problem lies in hardware costs, and large-scale expansion may only lead to "diseconomies of scale." Although Tesla's cybercab may not be widely rolled out next year, it also has a cost advantage over Waymo. Google, while powerful, still has its shortcomings. Regardless, the strong performance of Google and Tesla in the second half of this year may just be an appetizer for the big year of AI applications next year. As for domestic AI applications, it likely still depends on Tencent's moves ### Related Stocks - [Tesla, Inc. (TSLA.US)](https://longbridge.com/en/quote/TSLA.US.md) ## Related News & Research - [After a Monster Run, Is Micron Still Worth Owning?](https://longbridge.com/en/news/281707505.md) - [Tesla hit by Iranian missile debris in Israel and survives](https://longbridge.com/en/news/281686543.md) - [ZAWYA: Yas Waterworld expansion is now open to guests](https://longbridge.com/en/news/281689225.md) - [ZAWYA: Du announces enhanced connectivity support and services for SMEs and startups across the UAE](https://longbridge.com/en/news/281688775.md) - [ZAWYA: Jazeera Airways network grows with three new cities - Peshawar, Sialkot and Coimbatore](https://longbridge.com/en/news/281688638.md)