--- title: "Hong Kong Stock Market Closing | The Hang Seng Index fell 1.82%, technology and restaurant stocks were under pressure, while KNOWLEDGE ATLAS surged 12.14%" description: "On February 24th, Hong Kong stocks closed with all three major indices significantly retreating, with the Hang Seng Index down 1.82% and the Hang Seng Technology Index down 2.13%. Dragged down by the " type: "news" locale: "en" url: "https://longbridge.com/en/news/276702925.md" published_at: "2026-02-24T08:19:06.000Z" --- # Hong Kong Stock Market Closing | The Hang Seng Index fell 1.82%, technology and restaurant stocks were under pressure, while KNOWLEDGE ATLAS surged 12.14% > On February 24th, Hong Kong stocks closed with all three major indices significantly retreating, with the Hang Seng Index down 1.82% and the Hang Seng Technology Index down 2.13%. Dragged down by the adjustment in U.S. stocks and macroeconomic concerns, the technology and catering sectors saw widespread declines, with Meituan down 4.24% and Tencent Holdings down 3.35%. Despite the weak market, KNOWLEDGE ATLAS surged against the trend, driven by positive news from AI model breakthroughs, rising 12.14%, while YUM CHINA increased by 2.55% due to strong earnings reports. Market sentiment has turned cautious, facing short-term profit-taking pressure **Market Overview** On February 24, Hong Kong stocks closed with all three major indices significantly retreating, failing to maintain the strong momentum of yesterday's new highs, and market sentiment turned cautious. ▪ The Hang Seng Index fell by 1.82%, closing at 26,590.32 points. After reaching a phase high yesterday, the index faced noticeable profit-taking pressure today. ▪ The Hang Seng Technology Index led the declines, closing down 2.13% at 5,270.7 points, also ending yesterday's upward trend. ▪ The National Enterprises Index weakened simultaneously, with a decline of 2.06%, closing at 9,007.86 points. Overall, after all three indices reached new phase highs yesterday, they retreated across the board today, indicating certain technical resistance above, entering a phase of short-term consolidation. **Sector Performance** ▪ The internet content and information sector showed a downward trend. Dragged down by adjustments in U.S. stocks and concerns over the AI bubble, Tencent Holdings (700.HK) fell by 3.35%, with a turnover of HKD 18.829 billion, and market divergence remains significant; Kuaishou-W (1024.HK) dropped by 2.77%, with a turnover of HKD 2.416 billion, as funds became cautious ahead of the earnings season; Baidu-SW (9888.HK) fell by 2.63%, with a turnover of HKD 1.337 billion, affected by concerns over AI commercialization. ▪ The retail sector overall weakened, with earnings outlooks and tariff concerns suppressing valuations. Alibaba-W (9988.HK) fell by 2.76%, with a turnover of HKD 12.279 billion, as investors adopted a wait-and-see attitude before the earnings release; Miniso (9896.HK) dropped by 2.87%, with a turnover of HKD 0.093 billion, as the market worried about increased trade barriers raising overseas costs; JD-SW (9618.HK) was relatively resilient, down 1.12%, with a turnover of HKD 1.199 billion, attracting some stable funds. ▪ The restaurant sector showed significant performance divergence. Meituan-W (3690.HK) led the sector down, falling by 4.24%, with a turnover of HKD 5.524 billion, as funds worried about the impact of weak macro consumption on growth; Haidilao (6862.HK) fell by 2.14%; Yum China (9987.HK) rose against the trend by 2.55%, with a turnover of HKD 0.424 billion, mainly boosted by Q4 earnings exceeding expectations and strong shareholder return policies. **Macroeconomic Background** ▪ Recently, the focus of the Hong Kong stock market has been on the resilience of economic recovery and marginal changes in liquidity. Although some macro data has not been updated since early February 2026, investors are highly concerned about the transmission effects of the Federal Reserve's monetary policy on the Hong Kong dollar's peg, as well as the support of mainland economic stimulus policies for the fundamentals of Hong Kong stocks. In the short term, the market will closely monitor retail sales and import-export data to verify the sustainability of local consumption and external demand recovery. **Popular Stocks** ▪ KNOWLEDGE ATLAS (2513.HK) rose by 12.14%, with a turnover of HKD 31.55 billion. Driven by the latest release of the GLM-5 model, which achieved significant breakthroughs in programming and reasoning capabilities, it sparked a strong reaction in the capital market, pushing its market value above HKD 300 billion ▪ Kingboard Laminates (1888.HK) rose 12.37%, with a transaction volume of HKD 1.03 billion. The company issued a profit warning, expecting a more than 80% increase in net profit for the full year of 2025, mainly due to strong demand for high-end copper-clad laminates from AI servers and 5G/6G devices, as well as the effect of product price increases. ▪ Aide New Energy (2623.HK) rose 30.50%, with a transaction volume of HKD 67.2554 million. The company announced a strategic investment in Horizon Minerals, marking an expansion in the mineral resources sector. The market reacted enthusiastically, but short-term stock price volatility is significant, with high speculative sentiment. ▪ Zhaoyi Innovation (3986.HK) rose 11.91%, with a transaction volume of HKD 1.136 billion. Influenced by the better-than-expected earnings reports from global memory chip giants and rising memory prices, the market confirmed the consensus on the "memory cycle reversal," further enhancing its valuation premium. ▪ Southern Communications (1617.HK) rose 38.03%, with a transaction volume of HKD 45.6785 million. The cumulative increase since the beginning of the year has exceeded 380%, with strong enthusiasm for speculation in the optical communication sector, despite no significant specific positive news, and strong momentum for capital uplift. **Market Transaction Volume TOP10** ▪ Tencent Holdings (00700.HK) latest transaction price HKD 520.00, down 3.35%, transaction volume HKD 18.829 billion ▪ Alibaba -W (09988.HK) latest transaction price HKD 148.00, down 2.76%, transaction volume HKD 12.279 billion ▪ Meituan -W (03690.HK) latest transaction price HKD 81.40, down 4.24%, transaction volume HKD 5.524 billion ▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 35.74, down 2.24%, transaction volume HKD 5.103 billion ▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 129.20, up 1.17%, transaction volume HKD 3.728 billion ▪ Ping An Insurance (02318.HK) latest transaction price HKD 69.80, down 4.12%, transaction volume HKD 3.646 billion ▪ SMIC (00981.HK) latest transaction price HKD 69.40, down 2.39%, transaction volume HKD 3.600 billion ▪ Pop Mart (09992.HK) latest transaction price HKD 233.80, down 5.88%, transaction volume HKD 3.433 billion ▪ Knowledge Atlas (02513.HK) latest transaction price HKD 628.00, up 12.14%, transaction volume HKD 3.155 billion ▪ AIA Group (01299.HK) latest transaction price HKD 84.85, down 0.93%, transaction volume HKD 2.547 billion ### Related Stocks - [01024.HK - KUAISHOU-W](https://longbridge.com/en/quote/01024.HK.md) - [09888.HK - BIDU-SW](https://longbridge.com/en/quote/09888.HK.md) - [00700.HK - TENCENT](https://longbridge.com/en/quote/00700.HK.md) - [09988.HK - BABA-W](https://longbridge.com/en/quote/09988.HK.md) - [09896.HK - MNSO](https://longbridge.com/en/quote/09896.HK.md) - [09618.HK - JD-SW](https://longbridge.com/en/quote/09618.HK.md) - [03690.HK - MEITUAN](https://longbridge.com/en/quote/03690.HK.md) - [06862.HK - HAIDILAO](https://longbridge.com/en/quote/06862.HK.md) - [09987.HK - YUM CHINA](https://longbridge.com/en/quote/09987.HK.md) - [02513.HK - KNOWLEDGE ATLAS](https://longbridge.com/en/quote/02513.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Alibaba Stock Forecast Ahead of Q3 Earnings – Here's What to Expect | E-commerce giant Alibaba (BABA) is set to report fiscal Q3 2026 results soon, with analysts expecting earnings of $1.68 | [Link](https://longbridge.com/en/news/276325421.md) | | Is an AI price war about to begin? | The price of AI services is decreasing, with China's Zhipu offering access for about $3 a month, compared to $20 for US | [Link](https://longbridge.com/en/news/276415182.md) | | PNC Financial Services Group Inc. 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