The Hang Seng Index opened 254 points higher, rising above 27,000. Li Ning increased by 5%, while MINIMAX and KNOWLEDGE ATLAS rebounded | Hong Kong stock market opens

Amid concerns about AI slowing down, the three major U.S. stock indices continued to rebound on Wednesday, with the Dow Jones Industrial Average closing up 307 points or 0.63%, at 49,482 points; the S&P 500 index rose 56 points or 0.81%, to 6,946 points; and the Nasdaq increased by 288 points or 1.26%, to 23,152 points. NVIDIA Reports Record Revenue, Stock Price Volatile After Hours The market focused on NVIDIA (NVDA) as it announced its earnings after hours. On Wednesday, the stock closed at $195.56, up about 1.4%; however, the after-hours stock price was volatile, briefly rising over 4% to $203.49, but ultimately closing at $195.92, just a 0.2% increase. The company reported record fourth-quarter revenue of $68.127 billion, a 73% year-on-year increase, exceeding market expectations; adjusted earnings per share were $1.62, also beating expectations. Additionally, revenue from the data center business grew 75% year-on-year to $62.3 billion, but about half of the sales came from its largest hyperscale customers, raising concerns about concentrated demand and cyclical trading. In the Hong Kong stock market, the Hang Seng Index opened 254 points higher this morning, at 27,019 points, reclaiming the 27,000 mark. Among blue-chip stocks, Li Ning (2331) saw the strongest increase, surging nearly 5% at the open. Additionally, AIA (1299) and HSBC (005) rose 3% and 2.9%, respectively. Tech stocks generally performed well, with Tencent (700) up 1.2%; JD.com (9618) up 0.5%; and Xiaomi (1810) up 0.45%; however, Alibaba (9988) and Meituan (3690) opened without significant movement. In individual stock news, CKI Holdings (1038) led a consortium that announced a significant asset sale plan today (26th), agreeing to sell its entire stake in UK Power Networks (UKPN), the largest electricity distributor in the UK, to French energy company Engie S.A. CKI's stock rose 1.4% this morning; Power Assets Holdings (006) and Cheung Kong (1113) rose 1.1% and 2.2%, respectively; and CK Hutchison (001) also increased by 2.4%. Additionally, Goldman Sachs initiated coverage on MINIMAX (100) with a neutral rating and a target price of HKD 1,018, noting its core advantages include 70% overseas revenue, a full-modal product line, and performance at one-tenth the cost of U.S. SOTA models. Revenue is expected to grow from $75 million in 2025 to $980 million in 2027, with bull and bear market valuations of $66 billion and $16 billion, respectively, depending on global market share expansion. The stock opened at $779, up 3.4%. Another peer, KNOWLEDGE ATLAS (2513), rose 3.6%. Regarding northbound capital flows, there was a net sell of HKD 4.057 billion in Hong Kong stocks yesterday, with Tencent (700), Meituan (3690), and Alibaba (9988) seeing net purchases of HKD 818 million, HKD 678 million, and HKD 606 million, respectively; while the Tracker Fund of Hong Kong (2800), Hang Seng China Enterprises (2828), and COSCO SHIPPING Energy (1138) experienced net sales of HKD 4.41 billion, HKD 1.137 billion, and HKD 358 million, respectively