Market Overview
▪ During the trading session, the three major indices of the Hong Kong stock market are collectively in a slight adjustment state;
▪ The Hang Seng Index is at 26,363.930 points, down 0.16%;
▪ The Hang Seng Tech Index is at 5,069.830 points, down 0.72%;
▪ The State-Owned Enterprises Index is at 8,878.660 points, down 0.06%.
Sector Performance and Hot Stocks
Innovative Drug Sector Leads, Major Overseas Deal Reached
▪ Hengrui Pharma (01276.HK) surged over 6%, trading at HKD 70.1, as its potential total deal amounting to approximately USD 15.2 billion with BMS is seen as a milestone for Chinese innovative drugs going overseas;
▪ Health 160 (02656.HK) rose 3%.
Kuaishou Clarifies Spin-off Plan, Stock Price Among Top Trades
▪ Kuaishou-W (01024.HK) increased by 3.2%, trading at HKD 53.25, with a transaction volume exceeding HKD 7.2 billion. The company clarified that the AI spin-off restructuring plan is still in the preliminary stage and has not yet signed a final agreement.
Semiconductor and Consumer Manufacturing Stocks Decline
▪ Hua Hong Semiconductor (01347.HK) fell 4.4%, trading at HKD 128.1; SMIC (00981.HK) dropped nearly 3%, trading at HKD 74.5;
▪ Lanke Technology (06809.HK) decreased by 1.6%; Shenghong Technology (02476.HK) fell over 4%;
▪ Consumer manufacturing stocks such as Pop Mart (09992.HK) and Weichai Power (02338.HK) showed significant pullbacks.
Optical Fiber and Resource Stocks Fluctuate Strongly
▪ Changfei Optical Fiber and Cable (06869.HK) rose 3.7%, trading at HKD 269;
▪ PetroChina (00857.HK) increased over 4%, and CNOOC (00883.HK) rose 1.7%;
▪ Zijin Mining (02899.HK) increased by 1.8%.
Macroeconomic Background
▪ Milestone for Pharmaceutical Exports: The strategic cooperation between Hengrui Pharma and BMS is substantial, boosting the market's reassessment of the value of domestic innovative drug research and development.
▪ Semiconductor Sentiment Cooling: Overseas semiconductor leveraged products have significantly declined, with Nomura pointing out that the AI market may be taking a breather, and quantitative funds' short covering is nearing its end, suppressing the performance of related sectors in the Hong Kong stock market.
▪ Energy Geopolitical Disturbances: The situation in the Middle East has become tense again due to Trump's refusal to accept a ceasefire proposal, and the flow risk in the Strait of Hormuz supports international oil prices rising to around USD 100 per barrel, boosting the stock performance of the three major oil companies.
Top 10 Market Transaction Volumes
▪ Tracker Fund of Hong Kong (02800.HK) latest trading price HKD 26.54, unchanged, transaction volume HKD 11.3 billion
▪ Tencent Holdings (00700.HK) latest trading price HKD 460.20, down 0.9%, transaction volume HKD 8.4 billion
▪ XL Southern Hynix (07709.HK) latest trading price HKD 91.94, down 5.2%, transaction volume HKD 7.4 billion
▪ Kuaishou-W (01024.HK) latest transaction price HKD 53.25, up 3.2%, transaction amount HKD 7.2 billion
▪ Alibaba-W (09988.HK) latest transaction price HKD 133.80, down 0.07%, transaction amount HKD 5.4 billion
▪ SMIC (00981.HK) latest transaction price HKD 74.50, down 2.7%, transaction amount HKD 5.2 billion
▪ Southern Hang Seng Technology (03033.HK) latest transaction price HKD 4.956, down 0.8%, transaction amount HKD 4.9 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 269.00, up 3.7%, transaction amount HKD 3.8 billion
▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 128.10, down 4.4%, transaction amount HKD 3.4 billion
▪ Hang Seng China Enterprises (02828.HK) latest transaction price HKD 91.16, up 0.09%, transaction amount HKD 3.3 billion

01024

06869

On the afternoon of May 12, the Hong Kong stock market continued its narrow fluctuation pattern, with the Hang Seng Tech Index's decline expanding. Structural opportunities in the market became prominent: Hengrui Pharma and Bristol Myers Squibb (BMS) reached a global strategic cooperation worth over $10 billion, driving the innovative drug sector to surge against the market trend; Kuaishou clarified that the spin-off of Kuaishou AI is still in the preliminary evaluation stage, with its stock price continuing to strengthen and ranking among the top in trading volume. Meanwhile, the semiconductor sector was dragged down by overseas market sentiment, while resource stocks performed actively against the backdrop of rising international oil prices

Market Pulse

KUAISHOU-W

YOFC

HUA HONG SEMI

SMIC

POP MART

WEICHAI POWER

Weichai Power

HENGRUI PHARMA

Hengrui Pharma

Bristol Myers Squibb

160 HEALTH

MONTAGE TECH

Montage Technology

HANS CNC

XL2CSOPHYNIX

XL2CSOPSMSN

Corning

NVIDIA

ZIJIN MINING

Zijin Mining

PETROCHINA

CNOOC

TRACKER FUND

TENCENT

BABA-W

CSOP HS TECH

HSCEI ETF

Hua Hong

SMIC HK SDR 5to1

POP MART HK SDR 20to1

Bristol-Myers Squibb Company

KUAISHOU-WR

Han's CNC

NVIDIA Corporation

PetroCN HK SDR 1to2

CNOOC-R

Tencent

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

Alibaba

BABA-WR

Alibaba HK SDR 5to1

Hong Kong stocks intraday | The three major indices fluctuated narrowly, the innovative drug sector strengthened significantly, and Kuaishou clarified the rumors of a spin-off and performed actively