--- title: "HK Stocks Intraday | Tech Stocks Under Pressure as Alibaba Falls 4.07%; Shandong Molong Surges 19.90% Against the Trend" type: "News" locale: "en" url: "https://longbridge.com/en/news/281476170.md" description: "On April 2, the three major Hong Kong stock indices were under overall pressure during intraday trading, with the Hang Seng Tech Index falling by over 2%. Profit-taking pressure was released, and market sentiment remained weak. The internet sector collectively declined, with Alibaba and Xiaomi both dropping more than 4%. Shandong Molong delivered a standout performance, surging 19.90% against the trend during the session, with turnover exceeding HK$3.1 billion. On the macro front, focus remains on import/export fluctuations and PMI data, as the foundation for economic recovery still needs consolidation" datetime: "2026-04-02T06:33:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281476170.md) - [en](https://longbridge.com/en/news/281476170.md) - [zh-HK](https://longbridge.com/zh-HK/news/281476170.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/281476170.md) | [繁體中文](https://longbridge.com/zh-HK/news/281476170.md) # HK Stocks Intraday | Tech Stocks Under Pressure as Alibaba Falls 4.07%; Shandong Molong Surges 19.90% Against the Trend **Market Overview** ▪ During intraday trading on April 2, the three major Hong Kong stock indices were generally under pressure. As of now, market sentiment is weak. ▪ Hang Seng Index: Fell 1.30% to 24,965.78 points, failing to reach a new periodic high and retreating from the peak on April 1. ▪ Hang Seng Tech Index: Fell 2.13% to 4,655.37 points, failing to reach a new periodic high and retreating from the peak on April 1. ▪ Hang Seng China Enterprises Index: Fell 1.14% to 8,407.67 points, failing to reach a new periodic high and retreating from the peak on April 1. ▪ Observation: Short-term profit-taking pressure has been released. The previous high levels above act as resistance; focus will be on whether the upward momentum can be regained later. **Sector Performance** ▪ The consumer electronics sector faced short-term pressure due to sluggish downstream demand, leading to an overall decline. Leading companies such as TCL Electronics are driven by raw material price hikes; on April 1, several online flagship stores strictly controlled prices, effectively raising them. The market is monitoring the potential for margin improvements, but short-term consumer willingness is suppressed. Skyworth Group also saw its stock price fall, affected by a 3.6% year-on-year decline in white goods production scheduling and rising costs, indicating that industry inventory and terminal demand remain under pressure. ▪ The internet content and information sector generally declined, clearly impacted by stricter regulations and overall market adjustment. Tencent Holdings opened lower and retreated, falling 2.01%. While Goldman Sachs is optimistic about its AI layout and growth in advertising and gaming, geopolitical events have fueled risk aversion, increasing short-term volatility. Content-related tech stocks such as Kuaishou and Bilibili are also under pressure, with capital outflows exacerbating sector volatility due to new regulations on online recruitment and business compliance, as well as short-term market sentiment. **Macroeconomic Background** ▪ Recently, the Hong Kong stock market has focused closely on foreign trade and retail data. Significant fluctuations in export and import growth rates reflect the complexity of the external environment. ▪ From a macro perspective, combined with unemployment rates and Manufacturing PMI data, the foundation for economic recovery still needs further consolidation. Investors are closely examining corporate profitability and the subsequent policy directions in mainland China. **Hot Stocks** ▪ Shandong Molong (568.HK) performed strongly during the session, closing up 19.90% with a turnover of HK$3.175 billion, ranking among the top in market popularity. ▪ Geely Automobile (175.HK) was active, closing up 6.28% with a turnover of HK$2.882 billion, showing clear signs of capital inflow. ▪ Yangtze Optical Fibre and Cable (6869.HK) closed up 2.58% with a turnover of HK$4.126 billion, with active trading throughout the session. ▪ CNOOC (883.HK) closed slightly up 0.37% with a turnover of HK$3.765 billion, showing a relatively steady trend. ▪ Sunny Optical Technology (2382.HK) closed up 5.18% with a turnover of HK$1.222 billion, showing significant movement within the sector. **Top 10 Stocks by Turnover** ▪ Alibaba -W (09988.HK) Latest price 117.70 HKD, down 4.07%, turnover 7.551 billion ▪ Xiaomi Group -W (01810.HK) Latest price 30.68 HKD, down 4.18%, turnover 5.834 billion ▪ Tencent Holdings (00700.HK) Latest price 487.40 HKD, down 1.85%, turnover 5.622 billion ▪ Yangtze Optical Fibre and Cable (06869.HK) Latest price 190.70 HKD, up 2.58%, turnover 4.126 billion ▪ CNOOC (00883.HK) Latest price 27.04 HKD, up 0.30%, turnover 3.765 billion ▪ Shandong Molong (00568.HK) Latest price 9.52 HKD, up 19.90%, turnover 3.174 billion ▪ Geely Automobile (00175.HK) Latest price 23.38 HKD, up 6.37%, turnover 2.882 billion ▪ SMIC (00981.HK) Latest price 50.70 HKD, down 4.07%, turnover 2.647 billion ▪ Meituan -W (03690.HK) Latest price 79.80 HKD, down 2.62%, turnover 2.563 billion ▪ Zhipu (02513.HK) Latest price 778.0 HKD, down 14.97%, turnover 2.181 billion ### Related Stocks - [Tencent Holdings Limited (TCEHY.US)](https://longbridge.com/en/quote/TCEHY.US.md) - [E Fund CSI HK Connect Internet ETF (513040.CN)](https://longbridge.com/en/quote/513040.CN.md) - [Yinhua MSCI China A ETF (512380.CN)](https://longbridge.com/en/quote/512380.CN.md) - [iShares MSCI China ETF (MCHI.US)](https://longbridge.com/en/quote/MCHI.US.md) - [KraneShares 2x Long BABA Daily ETF (KBAB.US)](https://longbridge.com/en/quote/KBAB.US.md) - [Hwabao CSI HK Equities Internet ETF (513770.CN)](https://longbridge.com/en/quote/513770.CN.md) - [KraneShares CSI China Internet ETF (KWEB.US)](https://longbridge.com/en/quote/KWEB.US.md) - [Invesco Golden Dragon China ETF (PGJ.US)](https://longbridge.com/en/quote/PGJ.US.md) - [GraniteShares 2x Long BABA Daily ETF (BABX.US)](https://longbridge.com/en/quote/BABX.US.md) - [iShares China Large-Cap ETF (FXI.US)](https://longbridge.com/en/quote/FXI.US.md) - [Global X E-commerce ETF (EBIZ.US)](https://longbridge.com/en/quote/EBIZ.US.md) - [Direxion Daily FTSE China Bull 3X ETF (YINN.US)](https://longbridge.com/en/quote/YINN.US.md) - [Tencent Holdings Limited (TCTZF.US)](https://longbridge.com/en/quote/TCTZF.US.md) - [TCL ELECTRONICS (01070.HK)](https://longbridge.com/en/quote/01070.HK.md) - [SKYWORTH GROUP (00751.HK)](https://longbridge.com/en/quote/00751.HK.md) - [SHANDONG MOLONG (00568.HK)](https://longbridge.com/en/quote/00568.HK.md) - [GEELY AUTO (00175.HK)](https://longbridge.com/en/quote/00175.HK.md) - [YOFC (06869.HK)](https://longbridge.com/en/quote/06869.HK.md) - [CNOOC (00883.HK)](https://longbridge.com/en/quote/00883.HK.md) - [SUNNY OPTICAL (02382.HK)](https://longbridge.com/en/quote/02382.HK.md) - [XIAOMI-W (01810.HK)](https://longbridge.com/en/quote/01810.HK.md) - [SMIC (00981.HK)](https://longbridge.com/en/quote/00981.HK.md) - [KNOWLEDGE ATLAS (02513.HK)](https://longbridge.com/en/quote/02513.HK.md) - [MEITUAN-W (03690.HK)](https://longbridge.com/en/quote/03690.HK.md) ## Related News & Research - [OpenClaw effect: explosion in AI token use adds fuel to Chinese AI development](https://longbridge.com/en/news/280792478.md) - [Sunny Optical Tech final dividend of 120.60 HK cents per share](https://longbridge.com/en/news/281054134.md) - [China's 'one-person companies' have exploded. 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