<p>The mainland authorities have raised the margin for margin trading to cool down A-shares, which may affect market sentiment. Coupled with the weakness of tech stocks such as Alibaba and Trip.com (9961), Hong Kong stocks fluctuated downward on Thursday. However, towards the end of the trading session, supported by the mainland's introduction of policies to lower the interest rates of structural monetary policy tools to support economic policies, the market gradually recovered some losses. The Hang Seng Index ultimately closed at 26,923 points, down 76 points, losing the 27,000 mark again and ending a four-day winning streak. The total market turnover fell to HKD 290.4 billion, below HKD 300 billion. Additionally, northbound capital also turned to outflow, with a net outflow of HKD 1.515 billion, ending a four-day inflow trend.</p>
<h2>Hang Seng Index Recovers Most of the Losses at Close</h2>
<p>After opening 27 points lower, the Hang Seng Index rose by as much as 207 points in the early session, returning to the 27,000 mark. However, as Alibaba stocks experienced a rebound and other heavyweight tech stocks also turned to decline, the gains of the Hang Seng Index evaporated, and it fell by as much as 191 points. Towards the end of the trading session, after the mainland policy was announced, the decline narrowed, closing at 26,923 points, down 76 points; the National Index closed at 9,266 points, down 48 points; the Tech Index closed at 5,828 points, down 79 points.</p>
<h2>Alibaba Stocks Rebound; Trip.com Faces Antitrust Investigation and Drops Nearly 20%</h2>
<p>Alibaba (9988) officially announced that its Qianwen App will fully integrate with Taobao, Alipay, and other Alibaba ecosystem businesses. However, after the news, Alibaba's decline widened, dropping 2.6% to close at HKD 164.6. Alibaba Health (241), which had surged recently, fell 7.8% to close at HKD 7.17. Most other tech stocks also weakened. Trip.com (9961) is under investigation by the market supervision bureau for allegedly abusing its market dominance to implement monopolistic behavior, with its stock price plummeting 19.2% to close at HKD 460, making it the worst-performing blue-chip stock. It is reported that Kuaishou (1024) plans to issue bonds to raise about USD 2 billion (approximately HKD 15.6 billion), of which USD 1.5 billion will be in U.S. dollar bonds, and the rest will be in dim sum bonds. Kuaishou also fell 2.9% to close at HKD 79.55. Meituan (3690) dropped 0.7% to close at HKD 100.8. Tencent (700) fell 1.7% to close at HKD 622.</p>
<p>According to foreign reports, AI chips for U.S. data centers and startups will receive an extension of tariff exemptions. Chip stocks continued to rise towards the end of the session, with Hua Hong Semiconductor (1347) rising against the trend, closing at HKD ；SMIC (981) rose 1.8% to close at HKD 77.35; Innovasea (2577) rose 2.9% to close at HKD 69.2.</p>
<h2>Local and Mainland Property Stocks Rise Against the Trend</h2>
<p>Local real estate stocks rose against the trend. Rosewood Hotel clarified that the group and brand will not be sold, and its associated company New World (017) saw its stock price jump 9.8% to close at HKD 9.04; Sun Hung Kai Properties (016) rose 2.2% to close at HKD 111.1; Sino Land (083) rose 2.4% to close at HKD 11.47; Cheung Kong Holdings (1113) rose 1.9% to close at HKD 43.08.</p>
<p>The mainland has lowered the minimum down payment ratio for commercial property loans to 30% to support the destocking of the commercial real estate market. Mainland property stocks saw more gains than losses. Longfor (960) rose 2.4% to close at HKD 9.42;
China Overseas (688) rose 0.8%, closing at HKD 13.25; Vanke (2202) increased by 6.8%, closing at HKD 3.59; Sunac (1109) went up 1.5%, closing at HKD 29.66.</p>
<p>In terms of individual stocks, WuXi AppTec (2268) offered a comprehensive acquisition proposal to Dongyao Pharmaceutical (1875) at a premium of 60%. After resuming trading, Dongyao Pharmaceutical's stock price surged 67.6%, closing at HKD 4.19; WuXi AppTec fell 3.8%, closing at HKD 72.9. China Rare Earth (3788) announced plans to change its name and terminate its previously proposed spin-off listing plan for Rare Earth Gold, with its stock price bouncing up 12.5%, closing at HKD 4.78; Jitu Express (1519) and SF Holding (6936) announced a strategic mutual shareholding agreement, with a total investment amount reaching HKD 8.3 billion. Jitu rose 0.8%, closing at HKD 11.83; SF rose 2.4%, closing at HKD 36.2.</p>
<h2>Huang Deji predicts strong resistance at 27,400 points for Hong Kong stocks</h2>
<p>Huang Deji, Executive Director of Usmart Yingli Securities Research Department, stated that Hong Kong stocks showed fluctuating trends on Thursday, mainly influenced by multiple factors. On one hand, the mainland has recently introduced a series of policies to support the economy, including slight adjustments to interest rates and other monetary policy tools; on the other hand, regulatory authorities have also simultaneously introduced measures to raise margin requirements to cool down the market; and there has been profit-taking in Alibaba-related stocks. He further pointed out that the stable appreciation of the RMB may provide support for the future performance of Hong Kong stocks, maintaining a cautiously optimistic attitude towards the future performance of Hong Kong stocks. However, technically speaking, the highest area of the Hang Seng Index last year, around 27,200-27,400 points, faces strong resistance, with a large number of bear certificates being recalled at this level. The Hang Seng Index may need to accumulate more positive news to break through this resistance level.</p>
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<p>The Hang Seng Index opened 27 points lower this morning, although it briefly &#34;turned positive&#34; by 207 points, reaching a high of 27,206 points, but gradually fell back after 10 o'clock, closing down 149 points or 0.55% at 26,850 points, once again failing to stabilize above the 27,000-point mark, with half-day turnover of HKD 163.8 billion. In terms of the Tech Index, it reported 5,799 points at midday, down 108 points or 1.83%.</p>
<p>Among the heavyweight blue-chip stocks, Alibaba (9988) fully integrated its Qianwen App with Taobao, Alipay, Taobao Flash Purchase, Feizhu, and Amap, but its stock price fell nearly 3% at midday; Trip.com (9961) was investigated for suspected monopolistic behavior abusing market dominance, falling nearly 20%; along with Tencent (700) and Kuaishou (1024), which fell 1.3% and 3.4% respectively, these were the main stocks dragging down the performance of the Hang Seng Index.</p>
<p>In terms of blue-chip stock price fluctuations, apart from Trip.com, Alibaba Health (241), which surged yesterday, also significantly retraced over 8%, becoming one of the worst-performing blue chips; China Life (2628) also fell 2.8%.</p>
<h2>Resource nationalism creates a &#34;metal bull market&#34;</h2>
<p>However, some lithium battery and metal stocks rose against the trend, with Ganfeng Lithium (1772) rising over 5% at midday, Tianqi Lithium (9696) up 3.7%, and Zhongchuang Innovation (3931) also up 2.5%; among non-ferrous metal stocks, Liqin Resources (2245) rose nearly 10%, Jiaxin (3858) rose over 5%, Jiangxi Copper (358) and Chifeng Gold (6693)
Yisheng rose over 1%.</p>
<p>In terms of news, CITIC Construction Investment pointed out that resource nationalism is gradually rising, strategic resources are being &#34;weaponized&#34; in the process of great power competition, the rigidity of supply is becoming &#34;visible,&#34; and the significant changes in industries benefiting from demand have jointly forged a bull market pattern for strategic metals. The firm also indicated that the global political and economic situation is becoming increasingly turbulent, and the trend of globalization retreating has already emerged, making the control of scarce resources important, with key strategic mineral resources becoming a new battlefield for competition among countries.</p>
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<p>The U.S. Supreme Court has yet to rule on the legality of the Trump administration's tariff policy, with a final result expected as early as next week. On the other hand, U.S. President Trump has signed two executive orders imposing a 25% tariff on certain semiconductor products and signed an executive order on critical minerals to secure the national supply of rare earths. Following the news, Nvidia (NVDA) saw its stock price drop 1.4% on Wednesday, while AMD (AMD) rose 1.2%; rare earth concept stocks surged across the board, with Critical Metals (CRML) rising over 32% and MP Materials (MP) also rising over 8%.</p>
<h2>U.S. Stocks Retreat, Gold and Silver Prices Remain Popular</h2>
<p>The three major U.S. stock indices declined, with the Dow Jones closing down 42 points or 0.09%, at 49,149 points; the S&amp;P 500 fell 37 points or 0.53%; and the Nasdaq dropped 238 points or 1%. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it fell 0.23% to 7,856 points on Wednesday. With ongoing geopolitical tensions, gold and silver prices continue to be favored, with spot gold reaching a new high of $4,343 on Wednesday, and the latest price at $4,612; silver rose over 7% to over $93 on Wednesday, but saw a slight retreat this morning, currently reported at about $91.93.</p>
<h2>Baidu Considering Switching to &#34;Dual Listing&#34;</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened down 27 points at 26,972 points. Tech stocks showed mixed developments, with Alibaba (9988) opening down 0.06%; Tencent (700) down 0.3%; Meituan (3690) up 0.5%; Xiaomi (1810) unchanged; and JD.com (9618) up 0.26%. As for Baidu (9888), it is reported to be considering switching from its current &#34;secondary listing&#34; method on the Hong Kong stock market to a &#34;dual listing&#34; to attract more attention from mainland investors and avoid potential adverse policies from the U.S.; the stock opened at HKD 146.4, up 0.9%.</p>
<h2>Trip.com Continues to Decline, Opening Down 15%</h2>
<p>Additionally, the State Administration for Market Regulation of China announced that it has launched an investigation into Trip.com Group (9961) for suspected monopolistic behavior by abusing its market dominance under the Anti-Monopoly Law. After falling 6.5% yesterday, Trip.com (9961) dropped another 15% this morning, reporting HKD 484.2.</p>
<h2>Dongyao Pharmaceutical Receives Full Acquisition Offer from WuXi AppTec</h2>
<p>In other stock news, WuXi Biologics (2269) announced that through its subsidiary WuXi AppTec (2268), it has made a full acquisition offer for Dongyao Pharmaceutical (1875), which has been suspended from trading and is engaged in the research and production of anti-tumor drugs, offering HKD 4 per share, a 60% premium over the pre-suspension price of HKD 2.5; WuXi Biologics and WuXi AppTec reported HKD 39.78 and HKD 74 this morning, down 0.5% and 2.3% respectively, while Dongyao resumed trading and surged nearly 59%</p>
<h2>China Rare Earth King Plans to Change Name and Terminate Spin-off Listing</h2>
<p>In addition, China Rare Earth King (3788) announced plans to rename itself to Rare Earth King Gold International Limited and terminate the previously planned spin-off listing of Rare Earth King Gold, focusing human and financial resources to fully support the development and production of the Mt Bundy gold mine project, while maintaining stable production operations in the iron ore and high-purity iron businesses. At the same time, the group's controlling shareholder has committed not to reduce its shareholding before December 31, 2028. The stock opened at HKD 4.15, down 2.3%.</p>
<p>Regarding the movements of northbound capital, there was a net purchase of HKD 2.865 billion in Hong Kong stocks yesterday, with Tencent (700), Alibaba Health (241), and Alibaba (9988) receiving net purchases of HKD 2.009 billion, HKD 1.458 billion, and HKD 1.134 billion respectively; while China Mobile (941), Xiaomi (1810), and Jingdian (2228) faced net sales of HKD 913 million, HKD 423 million, and HKD 309 million respectively</p>

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<p>The Hong Kong stock market closed at 26,923 points on Thursday, down 76 points, failing to break through the 27,000-point mark. Alibaba's stock price fell 2.6% due to its app integrating with Alibaba's ecosystem. Trip.com plummeted 19.2% due to antitrust investigations. Market turnover fell to HKD 290.4 billion, with northbound capital outflow of HKD 1.515 billion. Despite domestic policies supporting the economy, the Hang Seng Index ended a four-day winning streak</p>

- The Hong Kong stock market experienced fluctuations, closing at 26,923 points, down 76 points, impacted by increased margin requirements and weak performance from tech stocks like Alibaba and Trip.com.  
- Despite a decline in major indices, some sectors, including local real estate and specific metal stocks, showed resilience amid recent monetary policy adjustments from the mainland to support the economy.  
- Key developments include Trip.com facing an antitrust investigation and a proposed acquisition bid by WuXi AppTec for the pharmaceutical company Dongyao, resulting in varying stock reactions.

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Hong Kong stocks failed to break through 27,000 again, falling 76 points. Alibaba dropped 3%, and Trip.com plummeted 19%. Experts: still cautiously optimistic | Hong Kong stock market closing