Market Overview
▪ As of noon, the Hang Seng Index reported 26,852.31 points, down 0.55%, still failing to break through the high, slightly retreating from the recent peak set on January 14.
▪ The Hang Seng Tech Index closed at 5,800.32 points at noon, down 1.83%, also adjusting after experiencing an upward trend.
▪ The National Enterprises Index reported 9,251.44 points at midday, down 0.69%, with a clear short-term high-level consolidation trend.
Sector Performance
▪ The retail sector weakened overall, with low market sentiment. The sector leader Alibaba -W fell 2.96%, despite the announcement on January 15, 2026, that the Qianwen App would integrate with Taobao Flash Purchase and Alipay AI Payment features, which is expected to enhance the platform's AI capabilities and user stickiness, as well as drive innovation in digital payment and smart shopping business models. However, the market saw a pullback after a significant rise in recent days.
JD.com -SW and Miniso fell 1.04% and 0.93%, respectively, with a strong wait-and-see atmosphere in the sector, limited trading activity, indicating insufficient consumer momentum, and main funds leaning towards caution.
▪ The hotel, resort, and cruise sector experienced increased divergence. Trip.com Group -S plummeted 19.65% during the session, leading the entire sector, with significant selling by main funds. The State Administration for Market Regulation announced yesterday that it has launched an investigation into Trip.com Group Limited for suspected monopolistic behavior in violation of the Anti-Monopoly Law of the People's Republic of China, and major institutions expect significant stock price fluctuations before the investigation results are clear.
Trip.com’s stake in Tongcheng Travel fell 10.86%, also showing weakness, with overall funding under pressure.
▪ The internet content and information sector experienced volatile consolidation, lacking significant positive support. Tencent Holdings fell 1.34%, Kuaishou -W dropped 3.42%, and Baidu -SW rose slightly by 0.28%. Core leaders faced pressure, with divergence in performance among leaders, reflecting short-term fund rotation and declining risk appetite.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has focused on the performance of the economic fundamentals, involving retail, import and export, and unemployment rate dynamics. Fluctuations in macro data significantly impact market confidence, with investors generally paying attention to the policy environment and sector performance. Overall market liquidity and foreign exchange reserves are also important observation points for fund movements. Short-term uncertainties in both the internal economy and external environment are exacerbating sector and stock volatility.
Popular Stocks
▪ Haotian International Construction Investment (1341.HK) rose 21.62%, with a trading volume of HKD 795 million. Although there is no latest news, the stock price showed significant abnormal movement, rising sharply for four consecutive trading days, reflecting short-term funds chasing hot stocks, with market enthusiasm significantly increasing.
▪ Zhongqing Holdings (1855.HK) rose 22.29%, with a trading volume of HKD 372 million. Fund performance was active, but lacked specific news drivers, with funds engaging in short-term trends.
▪ Dongyao Pharmaceutical -B (1875.HK) surged 64.00%, with a trading volume of HKD 116 million. WuXi AppTec announced a comprehensive acquisition proposal for Dongyao Pharmaceutical -B at a purchase price of HKD 4 per share, stimulating a significant rise in the company's stock price at market opening
▪ Shangshan Gold (1939.HK) rose by 31.25%, with a transaction amount of HKD 17.8013 million. Although there are no recent events, high turnover has driven sector activity, and the short trading atmosphere is evident.
▪ Delai Jianye (1546.HK) rose by 82.29%, with a transaction amount of HKD 9.3351 million. Lacking event support, the capital performance is relatively aggressive, leading to increased short-term volatility.
Market Transaction Amount TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 164.00, down 2.96%, transaction amount HKD 14.326 billion
▪ Trip.com Group -S (09961.HK) latest transaction price HKD 457.60, down 19.65%, transaction amount HKD 9.983 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 624.50, down 1.34%, transaction amount HKD 7.692 billion
▪ Alibaba Health (00241.HK) latest transaction price HKD 7.12, down 8.48%, transaction amount HKD 2.713 billion
▪ Ping An Insurance (02318.HK) latest transaction price HKD 69.35, up 0.95%, transaction amount HKD 2.354 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 37.90, up 0.32%, transaction amount HKD 2.151 billion
▪ Jingtai Holdings (02228.HK) latest transaction price HKD 12.65, down 9.45%, transaction amount HKD 2.129 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 100.70, down 0.79%, transaction amount HKD 1.912 billion
▪ China National Offshore Oil (00883.HK) latest transaction price HKD 22.18, up 2.40%, transaction amount HKD 1.764 billion
▪ Kuaishou -W (01024.HK) latest transaction price HKD 79.15, down 3.42%, transaction amount HKD 1.670 billion

As of noon, all three major indices of the Hong Kong stock market have retreated, with the Hang Seng Index down 0.55%, and the Hang Seng Tech Index falling by 1.83%, showing increased divergence among sectors. The retail and internet content sectors continue to be weak, while there is significant divergence in the hotel and cultural tourism sectors, with core leaders such as Trip.com and Alibaba experiencing substantial declines. Funds are focusing on the declining sectors and related leading stocks, while macroeconomic uncertainties are increasing market volatility, leading investors to pay close attention to policy trends and industry fundamentals

- As of midday, the Hang Seng Index stood at 26,852.31, down 0.55%, slightly retreating from a recent high.  
- The retail sector weakened with major players like Alibaba and JD.com facing declines, reflecting cautious investor sentiment amidst a recent market rally.  
- Additionally, Ctrip Group plunged 19.65% after an antitrust probe, leading to broader selling pressure in the tourism sector, while select stocks like Haotian International surged sharply without specific news catalysts.

Market Heartbeat

BABA-W

JD-SW

MNSO

TRIP.COM-S

TONGCHENGTRAVEL

TENCENT

KUAISHOU-W

BIDU-SW

HAO TIAN INTL

ZONQING LTD

BIODLINK-B

SHANGSHAN GOLD

THELLOY DEV

ALI HEALTH

PING AN

Alibaba

Trip.com

Hong Kong Stock Midday Review | Three Major Indices All Decline, Travel and Tourism Star Leader Trip.com Plummets 19.65%, Technology Sector Also Under Pressure