--- title: "Hong Kong Stock Market Update | The Hang Seng Index fell 1.75%, the Technology Index weakened, and the telecommunications services sector collectively adjusted downwards due to tax rate changes" type: "News" locale: "en" url: "https://longbridge.com/en/news/274451023.md" description: "As of February 2, 2026, at 13:00, the three major indices of the Hong Kong stock market are all in a downward channel, with the Hang Seng Index down 1.75% during the session, the Hang Seng TECH Index down 2.65% leading the decline, and the National Enterprises Index retracting 1.96%. Mainstream capital is generally cautious, with accelerated sector rotation and significant market differentiation. Active stocks such as DC HOLDINGS and MOBVOI saw substantial intraday gains, while most of the top ten stocks by trading volume continued to adjust, highlighting structural opportunities. Investors are paying attention to economic data, macro policy guidance, and cross-border capital flows, with on-site funds becoming more rational" datetime: "2026-02-02T02:33:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274451023.md) - [en](https://longbridge.com/en/news/274451023.md) - [zh-HK](https://longbridge.com/zh-HK/news/274451023.md) generator: "portal-rs" --- # Hong Kong Stock Market Update | The Hang Seng Index fell 1.75%, the Technology Index weakened, and the telecommunications services sector collectively adjusted downwards due to tax rate changes **Market Overview** ▪ As of 13:00 on February 2, 2026, the three major indices of the Hong Kong stock market have collectively retreated. ▪ The Hang Seng Index fell 1.75% during the session, reporting 26,908.03 points, retreating from the peak on January 29, with short-term high levels under pressure. ▪ The Hang Seng TECH Index saw the largest decline, currently reporting 5,566.69 points, down 2.65%, marking the most significant drop among the three major indices. ▪ The China Enterprises Index has decreased by 1.96% so far, currently reporting 9,134.38 points, failing to maintain its previous upward momentum and experiencing consecutive pullbacks. **Sector Performance** ▪ The internet content and information sector showed an overall downward trend during the session, lacking substantial positive drivers, leading to a gloomy sector sentiment. Tencent Holdings fell 0.66%, with a transaction volume of HKD 5.347 billion, Kuaishou-W fell 1.87%, and Baidu-SW fell 1.77%. Although trading activity was lively, the sustained net inflow momentum was insufficient, with investors primarily engaging in internal differentiation and speculation. ▪ Due to adjustments by the Ministry of Finance and the State Administration of Taxation regarding the applicable scope of the value-added tax for telecommunications services, some tax items were changed from value-added telecommunications services to basic telecommunications services, with the corresponding VAT rate adjusted from 6% to 9%. The telecommunications services sector plummeted significantly during the session, becoming a major drag on the index. China Mobile fell 4.2%, with a transaction volume of HKD 3.939 billion, China Unicom fell 9.31%, and China Telecom fell 7.62%. The three major telecommunications operators collectively weakened, as the industry faced a cooling of capital, leading the market to become cautious about the short-term growth and policy environment of the sector, resulting in significant pressure on the overall sector. ▪ The retail sector also performed weakly, with leading company Alibaba-W falling 1.77% during the session, with a transaction volume of HKD 3.940 billion, JD-SW fell 0.98%, and Miniso fell 2.17%. Although leading companies had innovation-driven events (such as Alibaba's Alipay launching health AI), the capital situation did not show significant improvement, and the sector overall did not experience a trend rebound. **Macroeconomic Background** ▪ The core focus of the Hong Kong stock market this month is on economic data performance, with fluctuations in export and retail growth rates, unemployment rates, and CPI becoming benchmark indicators for investors to assess internal and external risks. ▪ The capital situation is increasingly influenced by external factors, with cross-border capital liquidity and changes in money supply affecting market nerves. Manufacturing and services PMI, as important data measuring economic vitality, are closely monitored by investors regarding future policy adjustments and the direction of Sino-foreign economic cooperation, with the market likely to maintain structural volatility in the short term. **Popular Stocks** ▪ MINIMAX-WP (100.HK) rose 9.09%, with a transaction volume of HKD 581 million. Recently, the AI Agent has gained significant attention, and the company launched desktop and "expert agents," showing strong short-term performance, with high-growth stocks in the sector attracting incremental capital. ▪ DC HOLDINGS (861.HK) surged 21.80% during the session, with a transaction volume of HKD 254 million. The company announced that its non-wholly-owned subsidiary, Shenzhou Information, is expected to turn a profit in the fiscal year 2025, with main capital actively involved, indicating an increased preference for thematic concepts among short-term market funds ▪ Base Jinbiao Group (8460.HK) rose 18.35%, with a transaction amount of HKD 8.2378 million, attracting capital attention during the session, short-term speculation intensified, but there is no mainstream positive catalyst, and the sustainability of the hot spot remains to be observed. ▪ MOBVOI (2438.HK) rose 21.31% during the session, with a transaction amount of HKD 7.9734 million. As an emerging concept stock, it attracted concentrated inflow of short-term speculative funds, with significant price volatility and obvious signs of short-term speculation by main funds. ▪ Duoxiangyun (6696.HK) rose 11.36% during the session, with a transaction amount of HKD 2.4323 million. Overall capital participation is not as significant as the leading stocks, but the thematic growth effect has attracted attention from some institutions. **Market Transaction Amount TOP10** ▪ Tencent Holdings (00700.HK) latest transaction price HKD 601.50, down 0.74%, transaction amount HKD 5.324 billion ▪ China Mobile (00941.HK) latest transaction price HKD 76.35, down 4.32%, transaction amount HKD 3.917 billion ▪ Alibaba -W (09988.HK) latest transaction price HKD 166.10, down 1.83%, transaction amount HKD 3.909 billion ▪ Zijin Mining (02899.HK) latest transaction price HKD 40.14, down 4.20%, transaction amount HKD 2.902 billion ▪ SMIC (00981.HK) latest transaction price HKD 73.10, down 3.05%, transaction amount HKD 2.082 billion ▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 34.62, down 2.48%, transaction amount HKD 1.838 billion ▪ Meituan -W (03690.HK) latest transaction price HKD 95.30, down 1.95%, transaction amount HKD 1.805 billion ▪ BYD Company (01211.HK) latest transaction price HKD 92.70, down 5.17%, transaction amount HKD 1.544 billion ▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 107.00, down 8.15%, transaction amount HKD 1.513 billion ▪ Pop Mart (09992.HK) latest transaction price HKD 231.20, up 3.40%, transaction amount HKD 1.466 billion ### Related Stocks - [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [01024.HK](https://longbridge.com/en/quote/01024.HK.md) - [09888.HK](https://longbridge.com/en/quote/09888.HK.md) - [00941.HK](https://longbridge.com/en/quote/00941.HK.md) - [00762.HK](https://longbridge.com/en/quote/00762.HK.md) - [00728.HK](https://longbridge.com/en/quote/00728.HK.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [JD.US](https://longbridge.com/en/quote/JD.US.md) - [09896.HK](https://longbridge.com/en/quote/09896.HK.md) - [00100.HK](https://longbridge.com/en/quote/00100.HK.md) - [08460.HK](https://longbridge.com/en/quote/08460.HK.md) - [06696.HK](https://longbridge.com/en/quote/06696.HK.md) - [02899.HK](https://longbridge.com/en/quote/02899.HK.md) - [00981.HK](https://longbridge.com/en/quote/00981.HK.md) - [00861.HK](https://longbridge.com/en/quote/00861.HK.md) - [02438.HK](https://longbridge.com/en/quote/02438.HK.md) ## Related News & Research - [Michael Burry Says He 'Flipped' His Alibaba Stock into JD and Won't Be Flipping Back — Hong Kong-Listed Stock Falls Nearly 10% on $10B Raise](https://longbridge.com/en/news/296735167.md) - [Alibaba set to open down 8% in Hong Kong after $10.2 billion share placement plan](https://longbridge.com/en/news/296721260.md) - [Kuaishou files next-day disclosure return in Hong Kong after 7,079-share capital increase](https://longbridge.com/en/news/296902200.md) - [Alibaba chair buys another 720,000 company HK shares](https://longbridge.com/en/news/296888632.md) - [Alibaba Plans HK$80 Billion Share Placement to Fund AI Expansion](https://longbridge.com/en/news/296700572.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**