--- title: "\"Market Review\" Hong Kong stocks retreat, Alibaba and Xiaomi under pressure, Hongqiao rebounds by 50%" type: "News" locale: "en" url: "https://longbridge.com/en/news/282165559.md" description: "Hong Kong stocks fell today, with the Hang Seng Index dropping 140 points to close at 25,752 points. Alibaba and Xiaomi saw their stock prices decline by 4.3% and 5.6%, respectively. The market is focused on the US-Iran ceasefire negotiations, which are affecting US stock performance. Northbound trading recorded a net inflow of CNY 12.593 billion, with total turnover decreasing to CNY 244.977 billion. KNOWLEDGE ATLAS's stock price rose by 7%, while Yangtze Optical Fibre and Cable increased by 6.9%" datetime: "2026-04-09T09:04:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282165559.md) - [en](https://longbridge.com/en/news/282165559.md) - [zh-HK](https://longbridge.com/zh-HK/news/282165559.md) --- # "Market Review" Hong Kong stocks retreat, Alibaba and Xiaomi under pressure, Hongqiao rebounds by 50% The market is paying attention to the developments in the US-Iran ceasefire negotiations, and the Hong Kong stock market fell today (9th). US President Trump announced a two-week pause on attacks against Iran, with the Dow Jones and Nasdaq rising 2.9% and 2.8% respectively on the evening of the 8th. At the time of writing, the yield on US 2-year bonds fell to 3.785%, while the yield on US 10-year bonds stood at 4.291%, and the US dollar index dropped to 99.04. The latest Dow futures fell by 190 points or 0.4%, and Nasdaq futures fell by 92 points or 0.37%. The Shanghai Composite Index fell by 28 points or 0.72% to close at 3,966 points, the Shenzhen Component Index fell by 0.3%, and the ChiNext Index declined by 0.7%, with a total trading volume of 2.13 trillion yuan in the Shanghai and Shenzhen markets. Mainland state media reported that an Iranian military spokesperson expressed hope for an agreement on the ceasefire negotiations, but also stated that they are prepared for a long-term war if the negotiations fail. The Hang Seng Index opened down 136 points and once fell by 239 points to a low of 25,653 points, closing down 140 points or 0.5% at 25,752 points; the Hang Seng China Enterprises Index fell by 65 points or 0.8% to close at 8,611 points; the Hang Seng Tech Index fell by 101 points or 2.1% to close at 4,821 points. The total trading volume for the market dropped to 244.977 billion yuan. The total trading volume of northbound funds was 93.127 billion yuan, while southbound funds had a net inflow of 12.593 billion yuan today (after a net outflow of 21.574 billion yuan on the previous trading day). Longfor Group (00960.HK) fell by 5.6%, BYD (01211.HK) fell by 4.7%, Xiaomi-W (01810.HK) fell by 4.3% to close at 31.36 yuan, and Kuaishou-W (01024.HK) fell by 3.6%. 【Alibaba and Xiaomi Weak, XunCe Soars 20%】 In the AI sector, KNOWLEDGE ATLAS (02513.HK) rose by 7%. MiniMax-W (00100.HK) fell by 0.1%, while XunCe (03317.HK) surged by 23.9%, with a trading volume of 2.811 billion yuan. Changfei Optical Fiber and Cable (06869.HK) jumped by 6.9% to close at 240.4 yuan, with a trading volume of 5.326 billion yuan. Tech stocks were weak, with Tencent (00700.HK) rising by less than 0.1% to close at 508.5 yuan. Tencent Cloud will increase prices for AI computing power, container services, and EMR-related products starting from the 9th of next month. Lenovo Group (00992.HK) and SenseTime-W (00020.HK) fell by 2.4% and nearly 2% respectively. Meituan-W (03690.HK), JD.com-SW (09618.HK), NetEase-S (09999.HK), Bilibili-W (09626.HK), and Baidu-SW (09888.HK) fell between 0.2% and 1.8%. Alibaba (09988.HK) saw its stock price decline by 2.8% to close at 122.9 yuan. A JP Morgan report indicated that Alibaba will announce its earnings in the first quarter of 2026 (March quarter), and its stock price has been significantly revalued due to the prospects of China's artificial intelligence infrastructure development, with revenue growth from cloud computing being a major financial support. The market generally expects customer management revenue (CMR) to grow by 4% to 9% this quarter, with external revenue growth from cloud business around 40%, while "other businesses" are expected to incur losses of 10 billion to 15 billion yuan. E-commerce remains the main profit contributor, but investors generally believe that as long as the performance is "stable," it can be accepted JP Morgan believes that stock prices will perform poorly in the early part of this season due to CMR figures, and the company's future quarterly results may redefine market observation indicators. If the company discloses "comparable CMR" in its financial report and investors focus on EBITA trends, the decline will be limited. A more persistent risk lies in excessive investment in Qianwen. If management can credibly frame the Spring Festival spending as "one-time" and guide significantly reduced spending in future quarters, this season will become a "clearing event"—merging profits hitting bottom, followed by an improvement in trends. If not, the market will begin to price in the "open-ended consumption AI investment cycle," compounded by the drag from food delivery, leading to a compression in e-commerce valuations. The bank leans towards the former but has limited confidence in the future trends of "Qianwen." JP Morgan stated that it maintains an "Overweight" rating on Alibaba (09988.HK) and lowers the target price from HKD 200 to HKD 195. 【1,354 Stocks Decline, China Hongqiao Rises by Half】 Hong Kong stocks turned weaker today, with a rise and fall ratio of 17 to 32 for main board stocks (compared to 40 to 14 yesterday), with 1,354 declining stocks (a drop of 2.5%); 36 constituent stocks of the Hang Seng Index rose today, while 53 fell, with a rise and fall ratio of 40 to 59 (compared to 81 to 17 yesterday); the market recorded short selling of HKD 45.182 billion, accounting for 20.843% of the shortable stock transaction amount of HKD 216.771 billion. Aluminum Corporation of China (02600.HK) rose by 3.4%, and China Hongqiao (01378.HK) saw its stock price rise by 5.2% to close at HKD 39.3, making it the stock with the largest increase. Citigroup released a report updating the forecast model for China Hongqiao, incorporating fiscal year 2025 performance, the latest price forecasts, and management guidance. The bank stated that the aluminum industry remains its most favored sector, as the situation in the Middle East continues to impact supply, and the recovery of aluminum production capacity may take longer. Citigroup indicated that based on yesterday's (8th) closing price, the forecast dividend yield for China Hongqiao in fiscal year 2026 is 6.4%, which is attractive. The company also provides attractive dividend payments and share buyback guidance, focusing on shareholder returns. The bank raised its target price from HKD 36 to HKD 48, maintaining it as the industry favorite with a "Buy" rating ### Related Stocks - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [01378.HK](https://longbridge.com/en/quote/01378.HK.md) ## Related News & Research - [US-Iran Truce Outlook Unclear, Analysts Caution Amid Reports of Ceasefire Violations](https://longbridge.com/en/news/282078114.md) - [Despite Middle East truce, airlines fear long-term disruptions](https://longbridge.com/en/news/282168944.md) - [I finally get the iPhone Air](https://longbridge.com/en/news/282088913.md) - [The Xiaomi 17 Ultra has some impressive add-ons that make snapping photos really fun](https://longbridge.com/en/news/281737153.md) - [Xiaomi's new SU7 locked-in orders surpass 40,000 units as deliveries accelerate](https://longbridge.com/en/news/281594920.md)