<p>On the last complete trading day of 2025, driven by window dressing effects and the onshore and offshore RMB both surpassing 7, the Hong Kong stock market atmosphere improved, with the Hang Seng Index rebounding by 219 points. Social media giant Meta's acquisition of Singapore AI startup Manus stimulated the performance of AI and semiconductor stocks, with Baidu (9888) surging nearly 9% and SMIC (981) also rising over 4%. The total market turnover was HKD 199.98 billion, a decrease of 11% from the previous day, falling back below HKD 200 billion. As the long holiday approached, northbound capital recorded a net outflow for three consecutive days, with the latest net outflow amounting to approximately HKD 3.8 billion.</p>
<h2>Tech Index Rises 1.7%, Tech Stocks Outperform the Market</h2>
<p>U.S. stocks softened on Monday, and the mainland stock market also lacked direction, with the Shanghai Composite Index closing nearly flat. The Hang Seng Index opened slightly higher by 1 point, reaching a high of 25,930 points, up 295 points, approaching the 26,000-point mark. However, the Hang Seng Index's upward momentum reversed towards the end, closing at 25,854 points, up 0.9%. The National Enterprises Index rose 1.1%, closing at 8,991 points. Tech stocks outperformed the market, rising 1.7% throughout the day, closing at 5,578 points.</p>
<p>Tech stocks became the focus of the market. Meta's acquisition of Manus, which was founded in China but has since relocated to Singapore, although the acquisition price was not disclosed, reflects the strength of Chinese AI technology. Additionally, one of the &#34;AI Six Tigers&#34; from the mainland, Zhitu (2513), and one of the &#34;Domestic GPU Four Dragons,&#34; TianShu ZhiXin (9903), have begun their initial public offerings, further shifting market focus to the AI and chip sectors.</p>
<p>The heavyweight AI concept stock Baidu surged by 8.9%, closing at HKD 129.7, while SenseTime (020) also rose by 2.3%, and the newly listed stock NobiKan (2635) skyrocketed by over 11%. In the chip sector, SMIC rose by 4.2%, closing at HKD 72.5, with a turnover exceeding HKD 6.7 billion, and HuaHong Semiconductor (1347) also increased by nearly 4%. Baidu and SMIC accounted for the top two largest gainers in the Hang Seng Index and National Index.</p>
<h2>Oil Prices Rebound, CNOOC Rises Nearly 4%</h2>
<p>In other stocks, international oil prices rebounded, driving CNOOC (883) up nearly 4%, while PetroChina (857) also rose over 2.4%. UBTECH (9880) chairman promised not to reduce his stake in the company within a year, causing the stock price to surge by 8.3%.</p>
<p>According to Wu Li-hsien, an international securities strategist at Everbright Securities, the rebound in Hong Kong stocks is mainly attributed to the strengthening of the RMB exchange rate and the recovery of trading activity. Compared to major global stock markets, Hong Kong stocks remain attractively valued, and it is believed that there is still upward potential for Hong Kong stocks next year, although in the short term, the Hang Seng Index may still be constrained by the 26,000-point level.</p>
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<p>This morning, after opening 1 point higher, the Hang Seng Index continued to rise, closing at 25,749 points at noon, up 113 points or 0.44%, with a turnover of HKD 96.54 billion; in terms of the Tech Index, it closed at 5,540 points at noon, up 57 points or 1.04%.</p>
<p>Internet stocks collectively rose, with Baidu (9888) being the best-performing blue chip, as its autonomous vehicle subsidiary, Luobo Kuaipao, is set to expand in the UK, and its self-developed AI chips are expected to enter a mass production phase, with the stock price rising 6.88% to HKD 127.3;
Alibaba (9988) rose 0.7%; Xiaomi (1810) rose 0.73%; Tencent (700) rose 0.42%; Meituan (3690) rose 0.19%.</p>
<h2>Affected by Labubu's Second-Hand Price Drop</h2>
<p>However, Pop Mart (9992) continued its downward trend, falling 5.2% to HKD 189.5 at noon, making it the worst-performing blue chip. On the news front, the prices of the Labubu Sit Party rubber plush series under Pop Mart have dropped on second-hand platforms, with the average price falling from RMB 1,478 to RMB 632, a decline of over half, and some items originally priced at RMB 99 have also dropped to RMB 82.</p>
<p>In addition, as Nvidia leads a &#34;revolution&#34; in power supply architecture for global data centers, shifting the voltage standard from traditional AC to 800V DC, it has sparked a wave of upgrades in AI computing infrastructure, benefiting the performance of various semiconductor stocks. Among them, Innoscience (2577) rose 9.23% in half a day; Chipone Technology (2166) rose 3.59%; SMIC (981) rose 3.24%; and Hua Hong Semiconductor (1347) rose 1.45%.</p>
<h2>6 New Stocks, 4 Strong Performers</h2>
<p>As for the 6 new stocks listed today, 4 of them performed strongly, with InnoSilicon (3696) rising 34.14%; Meilian Holdings (2671) rising 30%; Wuyi Vision (6651) rising 18.56%; and Linqingxuan (2657) rising 14.38%. However, XunCe (3317) &#34;dove&#34; down 0.08% in half a day; and Woan Robotics (6600) saw no change.</p>
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<p>After a surge in precious metals, profit-taking has emerged, with spot gold prices falling over 4% on Monday to USD 4,331.48, and slightly rebounding this morning, rising about 0.2% to USD 4,339; spot silver prices plummeted nearly 9% on Monday to USD 72.15, but rebounded about 1% this morning to USD 72.85. The tense market sentiment also dragged down the stock market, with all three major U.S. indices declining. The Dow Jones fell 249 points or 0.51% on Monday, closing at 48,461 points; the S&amp;P 500 fell 24 points or 0.35%, closing at 6,905 points; and the Nasdaq fell 118 points or 0.5%, closing at 23,474 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 0.67% to 7,636 points.</p>
<h2>Tesla's Cybertruck Continues to Be Delayed</h2>
<p>Among the focus stocks, Tesla (TSLA) Cybertruck project continues to be delayed, with the stock price falling 3.3% to USD 459.64 on Monday. South Korean battery material supplier L&amp;F stated that the supply contract amount of 38.3 trillion won signed with Tesla in February 2023 has been reduced by 99%; this material was originally planned for use in Cybertruck batteries, but delays in the model and shifts in consumer preferences have led to a sharp decline in actual demand
In the Hong Kong stock market, the Hang Seng Index opened 1 point higher this morning, reporting 25,636 points. Technology stocks showed mixed developments, with Alibaba (9988) unchanged; Tencent (700) up 0.3%; Meituan (3690) down 0.2%; JD.com (9618) up 0.8%; Baidu (9888) rising over 3%, and Xiaomi (1810) unchanged.</p>
<p>The frenzy in precious metals has subsided, leading to declines in related stocks, with Zhihui Mining (2546) down over 6%; Ganfeng Lithium (1772) down 5.7%; and Luoyang Molybdenum (3993) down 2%. Additionally, Jiang Copper (358) fell over 4%; Zijin Mining (2899) down 2.2%; Zijin Gold International (2259) down 2.4%; and China Silver (815) down 2.8%.</p>
<h2>SMIC to Acquire 49% Stake in North China Semiconductor for 40.6 Billion Yuan</h2>
<p>In individual stock news, SMIC (981) plans to issue shares to five shareholders of North China Semiconductor, including the National Integrated Circuit Industry Investment Fund, to acquire their 49% stake in the target company, with a transaction price of approximately 40.6 billion yuan; upon completion, SMIC will hold 100% equity in North China Semiconductor. The stock opened at 71.5 yuan, up 2.8%.</p>
<h2>Envision AESC's Public Offering Oversubscribed by 1,426 Times</h2>
<p>In the new stock market, six new stocks are listed today, among which Envision AESC (3696) recorded a public offering oversubscription of 1,426 times, with a 1% chance of winning one lot, and the international offering oversubscribed over 25 times. The stock opened at 35 yuan, up 45%.</p>
<p>Lin Qingxuan (2657) recorded an oversubscription of over 1,234 times in its public offering, with a 2% chance of winning one lot, and the international offering oversubscribed over 18 times. The stock opened at 85 yuan, up 9%.</p>
<p>Woan Robotics (6600) recorded an oversubscription of about 253 times in its public offering, with a 7% chance of winning one lot, and the international offering oversubscribed 7.9 times. The stock opened at 73.8 yuan, unchanged.</p>
<h2>Wuyi Vision and Midland Holdings Open Nearly 15% Higher</h2>
<p>Wuyi Vision (6651) recorded an oversubscription of about 255 times in its public offering, with a 10% chance of winning one lot, and the international offering oversubscribed 1.6 times. The stock opened at 35 yuan, up nearly 15%.</p>
<p>Midland Holdings (2671) recorded an oversubscription of about 145 times in its public offering, with a 0.75% chance of winning one lot, and the international offering oversubscribed 0.48 times. The stock opened at 8.21 yuan, up over 15%.</p>
<p>XunCe (3317) recorded an oversubscription of about 6.2 times in its public offering, with a chance of winning one lot of about 13%, and the international offering oversubscribed 2.1 times. The stock opened at 48.02 yuan, slightly up less than 1%.</p>
<p>Regarding the northbound capital flow, there was a net sell of Hong Kong stocks amounting to 3.414 billion yuan yesterday, with China Merchants Bank (3968), Hua Hong Semiconductor (1347), and Jiangxi Copper (358) receiving net purchases of 971 million yuan, 262 million yuan, and 22.59 million yuan respectively; while China Mobile (941), Alibaba (9988), and Zijin Mining (2899) faced net sells of 1.45 billion yuan, 1.024 billion yuan, and 622 million yuan respectively</p>

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<p>The Hang Seng Index rose 219 points on the last complete trading day of 2025, closing at 25,854 points, influenced by the appreciation of the Renminbi and Meta's acquisition of Singaporean AI startup Manus. Baidu and SMIC performed outstandingly, rising nearly 9% and over 4%, respectively. Despite a net outflow of about HKD 3.8 billion from northbound funds for three consecutive days, technology stocks performed strongly, with the tech index rising 1.7%. International oil prices rebounded, driving CNOOC up nearly 4%. Market attention towards the AI and semiconductor sectors has increased</p>

- On the last full trading day of 2025, the Hong Kong stock market rallied, with the Hang Seng Index gaining 219 points to close at 25,854.  
- Major contributors to this rise included Meta's acquisition of AI startup Manus and a rebound in the renminbi exchange rate.  
- The market saw a decline in turnover, dropping below 2,000 billion HKD, as northbound capital recorded net outflows for three consecutive days, totaling approximately 3.8 billion HKD.

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The Hang Seng Index closed up 219 points, with Baidu and SMIC performing well. Analysis: Hong Kong stocks still have upward potential next year | Hong Kong stock market closing