"Hong Kong Stocks" Hang Seng Index opened down 289 points, gold and silver, resource stocks, and Chinese telecom stocks under pressure

The Hong Kong stock market opened lower in the morning. The Hang Seng Index opened down 289 points or 1.1%, at 27,097 points; the National Index opened down 125 points or 1.3%, at 9,191 points; the Hang Seng Tech Index opened down 73 points or 1.3%, at 5,644 points.

Gold prices and banks fell last Friday (30th), with China Gold International (02099.HK) opening down 12.3%, Zijin (02899.HK) and SD GOLD (01787.HK) opening down 10% and 10.8%, respectively, and Zhaojin (01818.HK) opening down 9.4%. China Silver (00815.HK) opened down 4.3%. Resource stocks also declined, with Jiangxi Copper (00358.HK), Chalco (02600.HK), Luoyang Molybdenum (03993.HK), and Wanguo Resources (01208.HK) opening down 5.9% to 7.2%, and Hongqiao (01378.HK) opening down 5.1%. Oil stocks PetroChina (00857.HK) and CNOOC (00883.HK) opened down 2.4% and 3%, respectively.

China Mobile (00941.HK), China Unicom (00762.HK), and China Telecom (00728.HK) adjusted the value-added tax on telecommunications services from 6% to 9%, with China Telecom and China Unicom (00762.HK) opening down 6.3% and 7%, respectively, and China Mobile opening down 2.3%.

Several car companies announced monthly sales data, with Geely (00175.HK) reporting a 1% increase in total sales for January, and its stock opening up 1.1%. BYD (01211.HK) reported a 30% year-on-year decline in January sales of new energy vehicles, while Li Auto (02015.HK) saw a 38% month-on-month decrease in January deliveries. Leapmotor (09863.HK) reported a 27% year-on-year increase in first-month deliveries, with stocks opening down 1.3% to 1.5%. Xiaomi (01810.HK) delivered 39,000 vehicles in the first month, with its stock opening down 0.8%. Seres (09927.HK) reported a 1.04 times increase in January sales of new energy vehicles, with its stock opening up 0.2%. Chang'an Automobile (02333.HK) is expected to earn 21.7% less last year, with total revenue increasing by 10.2% year-on-year, and its stock opening down 1.1%. Nio (09866.HK) and XPeng (09868.HK) opened down 1.9% and 5.1%, respectively.

Macau's January gaming revenue increased by 24% year-on-year, exceeding expectations, with gaming stocks Galaxy Entertainment (00027.HK) and Sands China (01928.HK) opening down 0.9% and 0.2%, respectively. New World (00017.HK) stated that there is no intention to make a comprehensive offer for potential investments, with its stock opening down 2.6%. Xtep (01368.HK) plans to issue HKD 500 million in convertible bonds for refinancing while simultaneously redeeming bonds maturing this year, with its stock opening flat at HKD 5.14.

In the technology sector, Tencent (00700.HK) and Kuaishou (01024.HK) opened down 1.3% and 1.1%, respectively, while Alibaba (09988.HK) and NetEase (09999.HK) opened down 2.7% and 2.4%, respectively. Meituan (03690.HK) and JD.com (09618.HK) opened down 0.7% and 0.4%, respectively Baidu (09888.HK) opened down 1.8%, while chip stocks SMIC (00981.HK) and Hua Hong (01347.HK) opened down 0.5% and 2.1%, respectively. In the financial sector, HSBC (00005.HK) and Hong Kong Exchanges and Clearing (00388.HK) opened down 0.6% and 0.5%, while AIA (01299.HK) opened up 0.8%