<p>Hong Kong stocks opened high and then fell, with the Hang Seng Index once rising over 500 points, but after breaking through the 27,000 mark, it could not maintain its momentum, closing up 239 points at 26,848 points. The total market turnover was HKD 315.1 billion, breaking the HKD 300 billion level for two consecutive days; net inflow from northbound trading was HKD 1.3 billion.</p>
<p>Several heavyweight tech stocks surged and then retreated. Alibaba (9988) initially surged 6.3% due to external factors, closing up 3.6% at HKD 159.9, contributing 74 points to the index; Tencent (700) rose 2.6% at one point, closing up 0.7% at HKD 627.5; JD.com (9618) rose 3% at one point, closing up 0.4% at HKD 117.4. Xiaomi (1810) fell 2% to close at HKD 37.98; Meituan (3690) also fell 0.1% to close at HKD 104.9.</p>
<p>The biotech sector performed well, with several Chinese innovative drug companies participating in the healthcare conference held by JP Morgan in the U.S. WuXi AppTec (2359) surged 8.3%, as the company issued a positive profit alert, expecting adjusted earnings to rise by 41% last year; its affiliate WuXi Biologics (2269) also rose 5.9% to HKD 39.78, making both stocks the best-performing blue chips.</p>
<p>Chinese financial stocks strengthened, with China Construction Bank (939) closing up 1.2% at HKD 7.81; Industrial and Commercial Bank of China (1398) rose 1% to HKD 6.3; Agricultural Bank of China (1288) rose 0.7% to HKD 5.63. As for the insurance stocks, China Life (2628) surged 3.5% to HKD 33; Ping An (2318) rose 2.2% to HKD 70.</p>
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<p>The Hang Seng Index opened 350 points higher this morning, reaching a high of 535 points during the session, peaking at 27,143 points, but the trend weakened afterward, losing the 27,000 mark again. At noon, it closed at 26,877 points, up 268 points or 1.01%, with a half-day turnover of HKD 192 billion. The Tech Index rose 22 points or 0.38% to 5,885 points.</p>
<h2>Alibaba rises over 3%, Meituan and Baidu fall</h2>
<p>The performance of blue-chip tech stocks was mixed. Alibaba (9988) continued its upward trend, with its Qianwen model downloads exceeding 700 million times, and Alibaba Cloud's revenue is expected to continue to grow, rising 3.5% to HKD 159.7 at noon, contributing 71 points to the Hang Seng Index; JD.com (9618) also rose 1.11%; Tencent (700) rose 0.48%. However, Xiaomi (1810), Meituan (3690), and Baidu (9888) fell against the trend, dropping 0.67%, 0.86%, and 1.38%, respectively.</p>
<p>Innovative drug stocks surged collectively, with several Chinese innovative drug companies attending the healthcare conference held by JP Morgan in San Francisco, which positively impacted the innovative drug stocks. WuXi AppTec (2359) saw its earnings more than double last year, with the stock price peaking at HKD 121.5, closing at HKD 119.3, up 7.67%, making it the best-performing blue chip; CSPC Pharmaceutical Group (1092) rose 5.5%; WuXi Biologics (2269) rose 4.47%; Hansoh Pharmaceutical (3692) also rose 3.94%</p>
<h2>Auto stocks benefit from consensus on China-Europe electric vehicles</h2>
<p>In addition, with significant progress in the China-Europe electric vehicle negotiations, both sides have reached a consensus and agreed to resolve disputes through a &#34;price commitment.&#34; Auto stocks generally rose, with BYD (1211) up 3.19%; XPeng (9868) up 3.05%; Li Auto (2015) up 1.15%; and Seres (9927) up 1.02%.</p>
<p>In terms of new stocks, three new stocks listed today all rose, but after peaking, they retreated. Zhaoyi Innovation (3986) once rose over 53.5%, then slightly retreated, closing at HKD 226.8, up 40%; BBSB INTL (8610) opened 418% higher on its first day, closing at HKD 0.99, up 65%; and Hongxing Cold Chain (1641) only rose 4.4% by midday.</p>
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<p>U.S. President Trump announced an immediate 25% tariff on any country trading with Iran, effective immediately, but did not provide further details. As China, Brazil, Turkey, and Russia have close economic ties with Tehran, there are concerns that this move will trigger global supply chain disruptions. Additionally, some analysts believe that Trump's action temporarily reduces the likelihood of U.S. military intervention in Iran.</p>
<h2>Reports suggest U.S. to lower Taiwan tariffs to 15%</h2>
<p>On the other hand, foreign media reported that the U.S. and Taiwan are close to reaching a trade agreement, with the U.S. planning to lower the tariff rate on Taiwanese goods to 15%, expected to be announced within this month. At the same time, TSMC (TSM) will increase its investment in the U.S., with the stock rising 2.5% to USD 331.77 on Monday.</p>
<p>The three major U.S. stock indices rose on Monday, with the Dow and S&amp;P hitting new highs. The Dow rose 86 points or 0.17%, closing at 49,590 points; the S&amp;P rose 0.16%, closing at 6,977 points; and the Nasdaq rose 62 points or 0.26%, closing at 23,733 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, rose 4.26% to 8,023 points on Monday.</p>
<h2>Google's market value first exceeds USD 4 trillion</h2>
<p>Among the focus stocks, U.S. President Trump previously proposed setting a nationwide credit card interest rate cap at 10% starting January 20, raising concerns about credit card companies' profitability. American Express (AXP) fell 4.3%, VISA fell nearly 2%, and JPMorgan (JPM) also fell 1.4%. Additionally, Apple (AAPL) announced a partnership with Google (GOOGL) to support Apple's AI features, with both stocks rising 0.34% and 1% respectively, while Google's market value first exceeded USD 4 trillion.</p>
<p>In the Hong Kong stock market, the Hang Seng Index opened 350 points higher this morning, closing at 26,958 points. Tech stocks generally rose, with Alibaba (9988) opening up 5%; Tencent (700) up 2.2%; Meituan (3690) up 1.4%; JD.com (9618) up 2%; Baidu (9888) also rose nearly 2%, and Xiaomi (1810) rose 1.4%.</p>
<h2>Rongchang Bio signs exclusive authorization with AbbVie</h2>
<p>In individual stock news, Rongchang Biologics (9995) has signed an exclusive licensing agreement with AbbVie for the novel targeted PD-1/VEGF bispecific antibody drug RC148, obtaining exclusive rights for the development, production, and commercialization of RC148 outside the Greater China region. Upon approval and effectiveness of the agreement, the group will receive an upfront payment of USD 650 million and is eligible for up to USD 4.95 billion in development, regulatory, and commercialization milestone payments, as well as a tiered royalty on net sales outside the Greater China region. The stock opened at HKD 101, up nearly 9%.</p>
<h2>GigaDevice International Offering Oversubscribed by Over 17 Times</h2>
<p>In new stock news, GigaDevice (3986) recorded an oversubscription of approximately 541 times in its public offering, with a 2% chance of winning one lot, and the international offering was oversubscribed by over 17 times; the stock opened at HKD 235, up 43%.</p>
<h2>Hongxing Cold Chain Public Offering Oversubscribed by 2308 Times</h2>
<p>Hongxing Cold Chain (1641) recorded an oversubscription of approximately 2,308 times in its public offering, with a 1% chance of winning one lot, and the international offering was 0.65 times oversubscribed; the stock opened at HKD 19.58, up 60%.</p>
<h2>BBSB Opens Up 400%</h2>
<p>As for BBSB (8610), the public offering was oversubscribed by approximately 10,744 times, with a 0.05% chance of winning one lot; the international offering was oversubscribed by 0.01 times; the stock opened at HKD 3, up 400%.</p>
<p>Regarding the northbound capital flow, there was a net purchase of HKD 7.306 billion in Hong Kong stocks yesterday, with Kuaishou (1024), Tencent (700), and Southern Hang Seng Technology (3033) receiving net purchases of HKD 2.245 billion, HKD 2.012 billion, and HKD 858 million, respectively; while China Mobile (941), Meituan (3690), and Ping An Insurance (2318) experienced net sales of HKD 1.03 billion, HKD 482 million, and HKD 342 million, respectively</p>

<p>Hong Kong stocks opened high and closed low, with the Hang Seng Index closing up 239 points at 26,848 points. The turnover was HKD 315.1 billion, with a net inflow of HKD 1.3 billion from northbound trading. Alibaba rose 3.6%, contributing 74 points to the increase; Tencent rose 0.7%, and JD.com rose 0.4%. The biotechnology sector performed strongly, with WuXi AppTec surging 8.3% and WuXi Biologics rising 5.9%. Chinese financial stocks strengthened, with China Construction Bank rising 1.2% and China Life rising 3.5%</p>

- The Hong Kong stock market opened high, with the Hang Seng Index rising over 500 points before closing up 239 points at 26,848.  
- Major tech stocks showed mixed performance, with Alibaba rising 3.6%, while Xiaomi and Meituan experienced declines of 2% and 0.1%.  
- The biotechnology sector thrived, with WuXi AppTec surging 8.3% after announcing a significant profit increase, indicating positive trends in healthcare investments.

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Tencent

Tencent Holdings Limited

TENCENT

China Life

CHINA LIFE

China Construction Bank

Alibaba

BABA-W

WuXi Biologics

WUXI BIO

WuXi AppTec

WUXI APPTEC

The Hang Seng Index rose 239 points, failing to challenge 27,000. Alibaba rose 4%, leading the gains, while innovative drug stocks surged｜Hong Kong stock market closing