--- title: "The Hang Seng Index opened lower, with mainland telecommunications stocks and gold-related stocks sharply declining. China Unicom fell by 7%, and Zijin Mining dropped by 10% | Hong Kong stock market opens" type: "News" locale: "en" url: "https://longbridge.com/en/news/274445957.md" description: "The Hang Seng Index opened 289 points lower this morning, reporting at 27,097 points, affected by external market conditions and a sharp decline in gold and silver prices. Technology stocks generally fell, with Alibaba down 2.7% and Tencent down 1.3%. The value-added tax on telecommunications services was raised to 9%, causing China Mobile to drop over 2% and China Unicom to fall 7%. Gold prices retreated to USD 4,680, with related gold stocks like Zijin Mining down 10%. Among electric vehicle companies, Seres saw a slight increase, while Xiaomi and BYD both experienced a decline in sales and a drop in stock prices. Market analysis suggests that the bullish trend in Hong Kong stocks remains unchanged, with expectations for the Hang Seng Index to seek support at 27,000 points" datetime: "2026-02-02T01:38:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274445957.md) - [en](https://longbridge.com/en/news/274445957.md) - [zh-HK](https://longbridge.com/zh-HK/news/274445957.md) generator: "portal-rs" --- # The Hang Seng Index opened lower, with mainland telecommunications stocks and gold-related stocks sharply declining. China Unicom fell by 7%, and Zijin Mining dropped by 10% | Hong Kong stock market opens The Hong Kong stock market faces a volatile external environment at the start of February, with gold and silver prices plummeting last week and the U.S. military deploying near Iran, both affecting market sentiment. Last week, the Hang Seng Index futures briefly fell back to the edge of 27,000 points. Market analysts believe that the bullish pattern of the Hong Kong stock market remains unchanged, and the external situation may not continuously affect sentiment, expecting the Hang Seng Index to seek support around the 27,000 point level. ## Tech stocks generally decline, Alibaba drops nearly 3% The Hang Seng Index opened 289 points lower this morning, reporting at 27,097 points. Tech stocks generally declined, with Alibaba (9988) down 2.7%; Tencent (700) down 1.3%; Meituan (3690) down 0.7%; JD.com (9618) down 0.4%; and Baidu (9888) down 1.8%. ## Value-added tax on telecom services raised, China Mobile drops over 2% The three major telecom operators in mainland China announced that starting this year, the scope of the value-added tax on telecom services will be adjusted, with the corresponding tax rate raised from 6% to 9%, which is expected to impact revenue and profits; China Mobile (941) opened down over 2%; China Unicom (762) and China Telecom (728) fell 7% and 6.3% respectively. Related article: The three major Chinese telecom operators raise the value-added tax on telecom services to 9%, expected to impact revenue and profits. ## Gold prices further decline, Lingbao Gold drops 14% Gold and silver prices further declined, with gold prices having dipped to $4,584, currently reported at $4,680, down over 4%; silver prices also fell to $78.5, currently reported at $82.5, down over 3%; related stocks continued to decline, with Zijin Mining (2899) down 10%; its subsidiary Zijin Gold International (2259) down 8%; Lingbao Gold (3330) down 14%; Shandong Gold (1787) down 11%; Chifeng Jilong Gold (6693) down 9.8%; and China Silver (815) also down over 4%. In addition, several Chinese electric vehicle companies announced January data, with Seres (9927) and Leapmotor (9863) maintaining rapid growth, with stock prices rising 0.2% and falling 1.5% respectively; Xiaomi (1810) saw a 20% month-on-month decrease in vehicle deliveries, with stock prices down 0.85%; leading company BYD (1211) also saw a 30% decrease in sales, with stock prices down 1.3%. Related article: Chinese electric vehicle January deliveries show Seres and Leapmotor performing well, Xiaomi's vehicle deliveries down 20%, BYD's sales down 30%. ## Nie Zhenbang: Hong Kong stocks may fluctuate with the U.S. dollar Nie Zhenbang, Chief Analyst at Gao Ge Securities, stated that the Hang Seng Index's recent surge on high trading volume has seen a pullback, which is normal. In the short term, support may be sought around the gap near 27,200 points; if it holds, it may test the 27,800 point level again. He mentioned that the significant drop in gold and silver prices will mainly reflect on resource stocks like Zijin Mining (2899) in the Hong Kong stock market, but overall, there has not been a need for funds to sell Hong Kong stocks to cover positions, which is expected to have a limited impact on the market. Regarding external influences, Nie believes that with the appointment of a more hawkish Kevin Warsh as the next chairman of the U.S. Federal Reserve, if there are no expectations for a significant rate cut following Trump, it may alleviate market concerns about the independence of the Federal Reserve. Recently, the U.S. dollar has also seen a rebound, with some funds flowing out of Hong Kong stocks, and it is believed that the Hong Kong stock market may fluctuate with changes in the U.S. dollar ## Guo Sizhi: It is normal for a sharp rise to be followed by a sharp drop Guo Sizhi, vice chairman of the Hong Kong Stock Analysts Association, believes that the pullback of Hong Kong stocks after a surge is not a bad thing for the start of February, and he remains optimistic about the market outlook, expecting support at the 27,000-point level. He pointed out that whether it is Hong Kong stocks, U.S. stocks, or gold, "it is normal for a sharp rise to be followed by a sharp drop." The current overall direction indicates that the upward trend has not yet ended, and he believes it will continue to rise gradually and steadily. Currently, Hong Kong stocks still favor the financial, insurance, and resource sectors, while technology stocks can be "bought slowly as they stabilize." This week's economic data focuses on Friday's U.S. non-farm payrolls for January, with the market expecting an increase to 670,000 jobs and an unemployment rate of 4.4%. Additionally, the Caixin China Manufacturing Purchasing Managers' Index (PMI) for January will be released today ### Related Stocks - [00762.HK](https://longbridge.com/en/quote/00762.HK.md) - [601899.CN](https://longbridge.com/en/quote/601899.CN.md) ## Related News & Research - [Aurobindo Pharma shares in focus on final USFDA approval for Perampanel tablets](https://longbridge.com/en/news/300892798.md) - [Chick-fil-A wants to stay a family business even as it expands in the U.S. and abroad](https://longbridge.com/en/news/300877518.md) - [Rivian’s delayed ALSO e-bikes are finally arriving to first customers, with mixed early feedback](https://longbridge.com/en/news/300877255.md) - [Autonomous Orange: YMX adds Outrider self-driving tech to its electric yard trucks](https://longbridge.com/en/news/300879644.md) - [GoGold Resources Advances Los Ricos South as Parral Funds Mexico Growth](https://longbridge.com/en/news/300874294.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**