--- title: "Hong Kong Stock Review: Gains Fully Reversed" type: "News" locale: "en" url: "https://longbridge.com/en/news/279772242.md" description: "In today's Hong Kong stock market review, the Hang Seng Index completely reversed its gains, influenced by expectations of a ceasefire and economic crisis. Tencent fell sharply, as market confidence in its AI investments was insufficient; JD.com rebounded due to share buybacks and business resilience. Alibaba's performance declined, with weak growth in its cloud business. Resource stocks plummeted, as the market lacked consensus on PE valuations. VOYAH AUTO dropped over 13% on its first day of listing, but its valuation is lower than its peers, and its long-term competitiveness remains to be observed" datetime: "2026-03-19T11:00:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279772242.md) - [en](https://longbridge.com/en/news/279772242.md) - [zh-HK](https://longbridge.com/zh-HK/news/279772242.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/279772242.md) | [繁體中文](https://longbridge.com/zh-HK/news/279772242.md) # Hong Kong Stock Review: Gains Fully Reversed Under the expectations of a ceasefire and economic crisis, the Hang Seng Index completely reversed its gains today and faced a double blow. On one hand, Tencent experienced a significant drop. The company is currently in a window period, reducing buybacks to invest more in AI, but there have been no substantial projects launched in AI yet, leading the market to cast a vote of no confidence during this period. In contrast, JD.com rebounded after its earnings report, thanks to the resilience of its business under Q4's subsidy withdrawal and the company's renewed buybacks. The company repurchased $1.5 billion in Q1, had no buybacks in Q2 and Q3, and then repurchased another $1.5 billion in Q4. The total return for the year 2025 is $4.4 billion, corresponding to an 11% return rate. JD.com has at least $20 billion in net cash, with cash inflows of at least $2 billion each quarter, making it not difficult to maintain this return. Currently, the buyback plan has only $2 billion left, but the key question is whether the company will maintain this level of buyback. Tencent Music is also under scrutiny for its execution strength. Under the impact of soda music, the previous logic of price increases for growth is no longer valid. Although Tencent Music may not be able to precisely meet users' personalized and long-tail music needs, the basic paid user base can be stabilized by its copyright moat. The valuation has dropped from 20 times to 10 times, and as long as the company is willing to increase buybacks, the stock price also has a bottom. Alibaba released its earnings report after hours, showing a decline in revenue growth and a 67% drop in adjusted profits. The optimistic view is that the profit margin has improved compared to the previous quarter, and cloud growth has accelerated, but profitability has not increased. It remains to be seen what the earnings report will say. On the other hand, resource stocks plummeted, mainly due to previous calculations based on new price highs being overly virtual, especially since there is no good explanation for what the reasonable PE ratio is; it is all relative comparisons. Currently, compared to metals, there may be greater opportunities in chemicals, and high oil prices may persist longer, with a stronger price increase wave downstream possibly on the horizon, but unfortunately, there are not many targets in the Hong Kong stock market. In addition, the spinoff of Voyah Auto from Dongfeng was listed today, with its stock price dropping over 13%, significantly lower than the company's theoretical value of over 10 yuan. However, based on the 2025 revenue, the PS valuation is about 0.6 times, which is considerably lower than its peers. It is rare for the company to be profitable, and the poor stock performance is likely due to the fact that Hong Kong Stock Connect can only sell. Of course, the company's long-term competitiveness is hard to say, but given the low base, maintaining growth this year should not be too difficult ### Related Stocks - [JD.com, Inc. 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