--- title: "The Hang Seng Index fluctuated daily, dropping 521 points in half a day, Tencent fell over 3%, Zhizhu rebounded by 20%, while pharmaceutical and domestic insurance stocks were weak | Hong Kong stock market opens" description: "The Hang Seng Index opened 168 points lower this morning, with a maximum drop of 558 points, closing at 26,560 points, down 521 points or 1.93%. The Tech Index fell 127 points or 2.36%. Tencent and Al" type: "news" locale: "en" url: "https://longbridge.com/en/news/276683254.md" published_at: "2026-02-24T04:36:09.000Z" --- # The Hang Seng Index fluctuated daily, dropping 521 points in half a day, Tencent fell over 3%, Zhizhu rebounded by 20%, while pharmaceutical and domestic insurance stocks were weak | Hong Kong stock market opens > The Hang Seng Index opened 168 points lower this morning, with a maximum drop of 558 points, closing at 26,560 points, down 521 points or 1.93%. The Tech Index fell 127 points or 2.36%. Tencent and Alibaba dropped 3.4% and 3%, respectively, while Meituan fell 4.8%. Pharmaceutical stocks performed weakly, with Hansoh Pharmaceutical down 6.5%. Domestic insurance stocks also showed weakness, with China Life down over 6%. All three major U.S. stock indices fell, and market risk aversion sentiment increased The Hang Seng Index opened 168 points lower this morning and continued to show weakness, at one point dropping 558 points to a low of 26,523 points. As of noon, it was reported at 26,560 points, down 521 points or 1.93%, continuing the recent trend of "daily rises and falls," with a half-day turnover of HKD 138.6 billion as northbound capital returned. The tech index performed even worse, dropping 127 points or 2.36% to 5,258 points. ## Hansoh Pharmaceutical and China National Pharmaceutical fell over 6% Among the heavyweight blue-chip stocks, Tencent (700) and Alibaba (9988) fell 3.4% and 3% respectively, while Meituan (3690) dropped 4.8%. HSBC (005), which is set to announce results tomorrow, also fell 1.5%. These four stocks collectively dragged the Hang Seng Index down nearly 200 points. In terms of stock price fluctuations, pharmaceutical blue-chip stocks led the declines, with Hansoh Pharmaceutical (3692) down 6.5%, China National Pharmaceutical (1177) down 6.1%, and Innovent Biologics (1801) and CSPC Pharmaceutical (1093) down 5.7% and 5.6% respectively. ## Insurance stocks' profit performance last quarter may be under pressure In addition, insurance stocks also showed weakness, with China Life (2628) down over 6% and Ping An (2318) down over 4%. Domestic brokerage Shenwan Hongyuan stated that the capital market experienced phase fluctuations in the fourth quarter of last year, coupled with some insurance companies significantly increasing their secondary market equity allocation ratio in the second half of last year, which may put pressure on the profits of listed insurance companies in the fourth quarter. The firm expects that the net profit attributable to the parent company of A-share listed insurance companies will grow by 22.7% year-on-year to RMB 426.4 billion, with the growth rate declining by 10.9 percentage points compared to the first three quarters of last year. However, the two major AI large model stocks rebounded, with Zhiyun (2513) rebounding by 20% in half a day, and MINIMAX (100) also rising nearly 8%. ————— The situation between the U.S. and Iran remains tense, and the uncertainty surrounding Trump's tariff policies has increased, along with ongoing impacts from AI panic on software stocks, leading to heightened market risk aversion. All three major U.S. indices fell on Monday, with the Dow closing down 821 points or 1.66% at 48,804 points; the S&P 500 down 71 points or 1.04% at 6,837 points; and the Nasdaq down 258 points or 1.13% at 22,627 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 0.95% to 7,478 points on Monday. ## IBM experiences AI panic, stock price plummets 13% On the other hand, gold prices rose over 2% on Monday but saw a slight pullback this morning, currently down about 0.5% to around $5,201; silver prices also rose and then fell back, dropping over 4% on Monday, having briefly reached $89, and this morning down about 1% to $87.2. Among the focus stocks, International Business Machines (IBM) saw its stock price plummet over 13%, becoming one of the latest victims impacted by AI technology, primarily due to Anthropic announcing that its AI program tool Claude Code can assist in modernizing COBOL programming language. ## Northbound capital returns after the long holiday, Hang Seng Index opens 168 points lower In the Hong Kong stock market, today northbound capital returned after the long holiday, but the Hang Seng Index opened 168 points lower at 26,913 points. Tech stocks generally declined, with Alibaba (9988) down 1.5%; Tencent (700) down 0.7%; Meituan (3690) down 1%; JD.com (9618) down 0.6%; and Baidu (9888) down 1.6%; Xiaomi (1810) also fell 1.3%. As for the two AI large model star stocks that plummeted yesterday, Zhipu (2513) rebounded 2.8%; MINIMAX (100) rose 2.3%. On the other hand, gold-related stocks continued to be favored this morning after a sharp rise yesterday, with Shandong Gold (1787) up 1.2%; Zhaojin (1818) up 0.9%; Zijin Mining (2899) up 0.8%; and its subsidiary Zijin International (2259) also up 0.5%. ## Wuyi Vision completes system adaptation with Moore Threads In individual stock news, Wuyi Vision (6651) announced that its next-generation intelligent driving and robot simulation platform, SimOne 4.0, for one of its three major businesses "51Sim," has recently completed systematic adaptation and deep optimization on the domestic GPU company Moore Threads' MTT S5000 GPU, providing a complete domestic solution for the intelligent driving industry ecosystem. The stock opened at HKD 62.4, up 2.3%. ## Hopson Development reaches principle agreement on offshore debt restructuring In addition, Hopson Development (1813) has reached a principle agreement with a group of noteholders on the main terms of a comprehensive offshore debt restructuring plan, involving USD 3.95 billion of senior notes, USD 380 million of syndicated loans, and USD 334 million of various other loan financings borrowed or guaranteed by the company, pending further negotiations with the noteholders group to finalize terms and documents. Members of the noteholders group collectively hold or control over 25.8% of the total outstanding principal amount of the applicable debt. As part of the restructuring, Hopson Development will need to conduct a rights issue, but the final rights issue ratio and amount have not yet been determined. Additionally, the group’s chairman and/or family members will provide up to USD 10 million in new funding to support the restructuring, which may be provided in the form of equity or subordinated debt, but is subject to further negotiation with the noteholders group. 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