--- title: "Hong Kong Stock Midday Review | Hang Seng Index fluctuates slightly down, technology and hardware diverge, SKYWORTH GROUP surges 37.64%" description: "On January 21st, during the midday session of the Hong Kong stock market, the three major indices showed mixed performance. The Hang Seng Index fell slightly by 0.15%, the Hang Seng Tech Index rose mo" type: "news" locale: "en" url: "https://longbridge.com/en/news/273171312.md" published_at: "2026-01-21T04:13:04.000Z" --- # Hong Kong Stock Midday Review | Hang Seng Index fluctuates slightly down, technology and hardware diverge, SKYWORTH GROUP surges 37.64% > On January 21st, during the midday session of the Hong Kong stock market, the three major indices showed mixed performance. The Hang Seng Index fell slightly by 0.15%, the Hang Seng Tech Index rose modestly by 0.14%, and the China Enterprises Index declined by 0.26%. The hardware, storage, and peripherals sectors overall dropped, with Xiaomi Group -W down 2.31% and Lenovo Group down 3.27%. The retail sector saw significant capital inflow, with Alibaba -W up 1.06% and JD.com -SW rising slightly. The internet content and information sector had mixed results, with Baidu -SW up 3.29%. Stocks such as SKYWORTH GROUP, TCL Electronics, and Fufeng Holdings showed notable gains, attracting market attention. Investors need to closely monitor the performance of core assets driven by sector rotation and earnings **Market Overview** ▪ As of January 21, the Hong Kong stock market showed mixed performance at midday, with the three major indices fluctuating. ▪ The Hang Seng Index reported 26,447.78 points at midday, down 0.15%. ▪ The Hang Seng Tech Index closed at 5,691.74 points, up 0.15%. ▪ The National Enterprises Index closed at 9,070.66 points at midday, down 0.26%. **Sector Performance** ▪ The hardware, storage, and peripherals sector overall declined, with leading stocks generally under pressure. Xiaomi Group -W fell 2.31%, with a trading volume of HKD 5.099 billion, leading the market. Lenovo Group dropped 3.27%, and Lenovo Holdings fell 1.14%. The sector lacks positive catalysts, with short-term capital outflows indicating a decline in risk appetite and increasing investor caution. ▪ The retail sector performed strongly, driven by consumer demand boosting leading stocks. Alibaba -W rose 1.06%, with a trading volume of HKD 4.531 billion, ranking high in the market. JD.com -SW slightly increased by 0.27%, while Miniso fell 1.00%. There are signs of capital inflow into the sector, supported by the logic of consumer recovery, with market expectations for the performance recovery of leading companies. ▪ The internet content and information sector saw mixed performance. Tencent Holdings fell 0.17%, while Baidu -SW rose 3.29%, showing outstanding performance with a trading volume of HKD 1.369 billion. Kuaishou -W slightly increased by 0.66%. Some stocks like Kuaishou experienced significant pullbacks in the morning session, putting short-term pressure on the sector, reflecting a weakening market risk appetite, with increased capital attention on quality leading stocks. **Macroeconomic Background** ▪ In the past month, the Hong Kong stock market has focused on retail, foreign exchange reserves, and manufacturing PMI performance. Considering inflation and import-export data, investors need to pay attention to macro-level fluctuations and policy directions, with noticeable sector rotations, suggesting a focus on structural layout in strategy. **Popular Stocks** ▪ SKYWORTH GROUP (751.HK) rose 37.64%, with a trading volume of HKD 459 million. The company announced plans to spin off its controlling stake in Skyworth Photovoltaic for a separate listing and distribute shares of Skyworth Photovoltaic to all shareholders, while also implementing a share buyback plan to withdraw its existing listing status, involving over HKD 2.5 billion. Shareholders can choose cash buybacks or share exchanges, aiming to unlock the value of the photovoltaic business and enhance overall valuation and liquidity, with the new energy strategy attracting capital. ▪ TCL Electronics (1070.HK) rose 17.08% during the session, with a trading volume of HKD 495 million. The company released a performance forecast, expecting a year-on-year increase of 45%-60% in net profit attributable to the parent company for 2025. The AI digitalization and globalization strategy, along with expectations of a joint venture with Sony, boosted market confidence, with strong performance in high-end products and overseas channel business. ▪ SF Express (9699.HK) rose 15.48%, with a trading volume of HKD 210 million. The semi-annual report showed a 48.8% year-on-year increase in revenue for the first half of the year, with order volume growing over 50%, achieving the best half-year performance in history. High demand for instant delivery boosted sector valuations, attracting continuous capital inflow▪ LQ Culture (550.HK) surged 229.17%, with a trading volume of HKD 19.0695 million. On December 1st, the company completed its resumption of trading, combined with the announcement of a new office address, stimulating a strong rebound in the stock price, indicating a restoration of market confidence and short-term inflow of main funds. ▪ Fong's Industries (607.HK) rose 60.00%, with a trading volume of HKD 10.7204 million. The company announced a special shareholders' meeting, and market rumors suggest that directors are involved in a High Court debt lawsuit and the sale of vacant land in Australia. This event-driven news has triggered stock price fluctuations, and investors need to closely monitor the company's governance and asset disposal progress. **Market Trading Volume TOP10** ▪ Xiaomi Group -W (01810.HK) latest trading price HKD 34.66, down 2.31%, trading volume HKD 5.099 billion ▪ Alibaba -W (09988.HK) latest trading price HKD 161.40, up 1.06%, trading volume HKD 4.531 billion ▪ Tencent Holdings (00700.HK) latest trading price HKD 600.00, down 0.17%, trading volume HKD 4.222 billion ▪ SMIC (00981.HK) latest trading price HKD 76.85, up 3.15%, trading volume HKD 4.024 billion ▪ China National Heavy Duty Truck Group (03808.HK) latest trading price HKD 31.84, up 6.13%, trading volume HKD 2.531 billion ▪ China Mobile (00941.HK) latest trading price HKD 78.35, down 1.20%, trading volume HKD 1.809 billion ▪ Meituan -W (03690.HK) latest trading price HKD 96.60, down 0.77%, trading volume HKD 1.738 billion ▪ Hua Hong Semiconductor (01347.HK) latest trading price HKD 105.30, up 4.67%, trading volume HKD 1.687 billion ▪ Anta Sports (02020.HK) latest trading price HKD 77.80, down 5.75%, trading volume HKD 1.685 billion ▪ Baidu -SW (09888.HK) latest trading price HKD 153.70, up 3.29%, trading volume HKD 1.369 billion ### Related Stocks - [01810.HK - XIAOMI-W](https://longbridge.com/en/quote/01810.HK.md) - [00992.HK - LENOVO GROUP](https://longbridge.com/en/quote/00992.HK.md) - [03396.HK - LEGENDHOLDING](https://longbridge.com/en/quote/03396.HK.md) - [09988.HK - BABA-W](https://longbridge.com/en/quote/09988.HK.md) - [09618.HK - JD-SW](https://longbridge.com/en/quote/09618.HK.md) - [09896.HK - MNSO](https://longbridge.com/en/quote/09896.HK.md) - [00700.HK - TENCENT](https://longbridge.com/en/quote/00700.HK.md) - [09888.HK - BIDU-SW](https://longbridge.com/en/quote/09888.HK.md) - [01024.HK - KUAISHOU-W](https://longbridge.com/en/quote/01024.HK.md) - [01070.HK - TCL ELECTRONICS](https://longbridge.com/en/quote/01070.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Alibaba unveils new Qwen3.5 model for 'agentic AI era' | Alibaba has launched its new AI model, Qwen 3.5, which is designed for independent task execution and boasts significant | [Link](https://longbridge.com/en/news/276045126.md) | | Lenovo Group posts Q3 net income attributable $546 mln | Lenovo Group posts Q3 net income attributable $546 mln | [Link](https://longbridge.com/en/news/275704306.md) | | Alibaba Stock Forecast Ahead of Q3 Earnings – Here's What to Expect | E-commerce giant Alibaba (BABA) is set to report fiscal Q3 2026 results soon, with analysts expecting earnings of $1.68 | [Link](https://longbridge.com/en/news/276325421.md) | | PNC Financial Services Group Inc. 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