<p>After the U.S. Supreme Court ruled that former President Donald Trump's tariff policy was illegal, Trump retaliated over the weekend by announcing an increase in the previously declared 10% global tariff to 15%. Analysts believe that the tariff-related news brings positive signals to the Hong Kong stock market, with the Hang Seng Index expected to test 27,300 points; however, some suggest that the impact may be short-lived, and the market trend still needs to wait for the resumption of trading after the Chinese New Year holiday on Tuesday, driven by the return of northbound capital. Due to the lack of strong upward momentum in the A-shares, it is expected that the Shanghai Composite Index will fluctuate between 4,000 and 4,200 points in the short term.</p>
<h2>Risk Aversion Drives Gold and Silver Prices Upward</h2>
<p>The ongoing tension between the U.S. and Iran, coupled with renewed trade tensions, has driven risk aversion, pushing gold and silver prices upward. Spot gold prices rose over 1% this morning to $5,171, while spot silver prices increased over 3% to $87.29. In the Hong Kong stock market, the Hang Seng Index opened 385 points higher at 26,798 points.</p>
<p>Tech stocks performed well at the market open, with Alibaba (9988) announcing that its Alibaba Cloud Coding Plan subscription service has added support for four top programming models: Qwen3.5-Plus, Qwen3-Coder-Next, GLM-4.7, and Kimi-K2.5. The stock opened at HKD 150.1, up over 2%. Tencent (700) rose 1.3%; Meituan (3690) increased 3%; JD.com (9618) was up over 2%; Baidu (9888) rose 0.9%; and Xiaomi (1810) also gained 1.4%.</p>
<h2>KNOWLEDGE ATLAS Issues Apology for GLM Coding Plan</h2>
<p>In individual stock news, KNOWLEDGE ATLAS (2513) issued an apology letter for its GLM Coding Plan last Saturday (21st), stating that the revision made three mistakes: insufficient rule transparency, slow gray-scale rhythm of GLM-5, and poorly designed upgrade mechanisms for old users. The company also indicated that after the release of GLM-5, traffic exceeded expectations, and it could not gradually open access in the order of Max, Pro, and Lite. For affected Lite and Pro users, it will support self-application for refunds. The stock opened at HKD 625, down over 13%. Competitor MINIMAX (100) also fell by 10%, reporting HKD 873.</p>
<h2>Pop Mart Launches New IP &#34;Merodi After School&#34;</h2>
<p>Additionally, Pop Mart (9992) will launch a new IP &#34;Merodi After School,&#34; with reports indicating that the price for a single blind box in this series will be RMB 69, and the price for a full box will be RMB 828. The online sale time is set for February 26 at 22:00, while the offline sale will begin on February 27. The stock opened at HKD 247, up 1%.</p>
<h2>Fantasia Holdings Receives Creditor Support for Offshore Debt Restructuring</h2>
<p>Domestic property company Fantasia Holdings (1777) announced that its offshore debt restructuring plan meeting has received the necessary support from the statutory majority of plan creditors, approving both the Hong Kong plan and the Cayman plan. A total of 1,397 creditors (holding USD 6.077 billion in claims) voted in favor of the plans, accounting for 99.67% of the total votes
The stock opened at HKD 0.083, with no fluctuations.</p>
<h2>Huang Deji: The primary support level for the Hang Seng Index is 26,300</h2>
<p>Huang Deji, Executive Director of the Research Department at Yingli Securities, believes that the Trump administration had long anticipated that the court would reject the original tariff measures and had prepared alternative plans in advance. This policy adjustment is within market expectations; therefore, the event has limited positive impact on Hong Kong stocks, and the short-term effect is likely to be brief. The future trend will depend more on the influence of the A-shares market after the Spring Festival, with the current key support level for the Hang Seng Index at 26,300 points.</p>
<h2>Wu Lixian: Hong Kong stocks are still in an adjustment wave</h2>
<p>Wu Lixian, a securities strategist at Everbright Securities International, believes that the 15% global tariff implemented by Trump only brings a short-term boost to market sentiment and lacks substantial positive support. Hong Kong stocks are still in an adjustment wave, and this news alone is insufficient to reverse the overall trend. He also pointed out that the current A-shares market lacks strong upward momentum, predicting that the Shanghai Composite Index will operate in the range of 4,000 to 4,200 points in the short term, with a more significant upward trend likely needing to wait for news catalysts before the March Two Sessions.</p>
<h2>Zeng Yongjian: High chance of a positive opening for A-shares after resumption</h2>
<p>Zeng Yongjian, Vice Chairman of the Stock Analysts Association, is relatively optimistic about the future market. He believes that Trump has &#34;not lost&#34; in the U.S. Supreme Court's ruling, but compared to his previous proposed tariff levels, the actual tax rate has been lowered, which is beneficial for countries affected by global trade tariffs. He expects a high chance of a positive opening for A-shares after their resumption, which will further bring capital support to Hong Kong stocks, with the Hang Seng Index likely testing 27,300 points in the short term.</p>
<p>Regarding the recent downturn of Hong Kong stocks, Huang Deji added that market concerns about the development of artificial intelligence are spreading from the software and platform economy sectors to the hardware sector, becoming an important reason for the recent weakness in Hong Kong stocks. He pointed out that the profit foundation of hardware companies like GPUs remains relatively stable, and the development of large model platforms relies on the support of related hardware products. Stocks like Tencent (700) and Alibaba (9988), which are at relatively low prices, have long-term investment value and can be gradually accumulated.</p>
<p>Looking ahead to this week, several large listed companies, including New World (017), HSBC (005), and Standard Chartered (2888), will release their earnings; additionally, the Hong Kong government's new fiscal budget will be announced on Wednesday; and U.S. PPI data will be released on Friday evening, providing more guidance on the inflation situation</p>

09988

KBAB

BABA

BABX

02513

<p>The U.S. Supreme Court ruled that Trump's tariff policy is illegal, and Trump plans to raise the 10% global tariff to 15%. The Hong Kong stock market opened, with the Hang Seng Index up 385 points at 26,798 points, and Alibaba's stock price rising over 2%. KNOWLEDGE ATLAS apologized for the GLM Coding Plan, with its stock price falling over 13%. Risk aversion sentiment drove up gold and silver prices</p>

- Following the U.S. Supreme Court's ruling against Trump's tariff policy, Trump announced a rise in the global tariff from 10% to 15%.  
- Analysts forecasted that this would have a short-term positive effect on the Hong Kong stock market, with the Hang Seng Index potentially testing 27,300 points; however, overall market momentum remains uncertain.  
- Gold and silver prices have increased due to heightened risk aversion amid ongoing geopolitical tensions and trade concerns, impacting stock performance across various sectors.

Stheadline

BABA-W

KraneShares 2x Long BABA Daily ETF

Alibaba

BABA 2x Long Daily ETF - GraniteShares

KNOWLEDGE ATLAS

Trump's tariffs hit a snag, the Hang Seng Index opened up 385 points, Alibaba rose over 2%, KNOWLEDGE ATLAS and MINIMAX fell over 10% | Hong Kong stock market opens