On May 28th, Hong Kong stocks experienced a &#34;Black Thursday.&#34; As of 11:20, the Hang Seng Internet ETF China (513330.SH) saw its secondary market price drop over 3%, recently reported at HKD 0.389, nearing the &#34;tariff bottom&#34; of April 2025. Among the weighted stocks, Alibaba-W, Tencent Holdings, NetEase-W, JD Group-SW, and Xiaomi Group-W all fell over 2%, Baidu Group-SW dropped over 3%, and MEITUAN-W fell over 6%.
Since the beginning of this round of adjustments in early October last year, the Hang Seng Internet Technology Industry Index has seen a maximum drawdown of over 37%. The main reasons for the weak performance include the AI investment boom favoring &#34;hardware devices&#34; over &#34;software applications,&#34; as well as rising overseas U.S. Treasury yields and liquidity withdrawal from Hong Kong stock IPOs. In the short term, it is necessary to observe developments in the Strait of Hormuz and changes in U.S. Treasury yields, but valuation cost-effectiveness has already emerged, and investors should avoid blindly selling off

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On May 28th, Hong Kong stocks experienced a significant decline, with the Hang Seng Internet ETF dropping over 3%, approaching the "tariff bottom" of April 2025. Major weighted stocks such as Alibaba, Tencent, and NetEase all fell over 2%, Baidu dropped over 3%, and MEITUAN fell over 6%. Since October of last year, the Hang Seng Internet Technology Industry Index has retraced over 37%. The main reasons include AI investment leaning towards hardware, rising overseas U.S. Treasury yields, and reduced liquidity for Hong Kong stock IPOs. Investors need to be cautious and avoid blindly selling off

- On May 28, Hong Kong stocks faced significant losses, termed "Black Thursday," with the Hang Seng Internet ETF declining over 3%.  
- Major stocks such as Alibaba, Tencent, and Meituan fell between 2% and 6%, contributing to a more than 37% maximum drawdown since last October.  
- The softness is attributed to a focus on AI hardware over software, rising U.S. Treasury yields, and liquidity concerns regarding IPOs, although current valuations may present buying opportunities.

同壁财经

MEITUAN

NTES-S

Hang Seng TECH Index

NETEASE MUSIC

Tencent Holdings Limited

Krne Csi China Internet

Dacheng Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

Hwabao CSI HK Equities Internet ETF

ChinaAMC Hang Seng Internet Technology Industry ETF(QDII)

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

CSOP HS TECH

E Fund CSI HK Connect Internet ETF

ChinaAMC Hang Seng Technology ETF(QDII)

ISHARESHSTECH

BABA-W

Alibaba

TENCENT

Tencent

BIDU-SW

Baidu

NetEase

JD-SW

JD.com

XIAOMI-W

Xiaomi Corporation

Meituan

BABA-WR

Alibaba HK SDR 5to1

TENCENT-R

Tencent HK SDR 10to1

BIDU-SWR

JD-SWR

XIAOMI-WR

Xiaomi HK SDR 2to1

MEITUAN-WR

Meituan HK SDR 5to1

Alibaba, Tencent, and Baidu's stock prices plummet, with the Hang Seng Internet Index falling near the "tariff bottom" of April 2025