UBTENCT@EC2606E

US Department of Defense contract ban on Tencent expected to take effect in June.

US Market Open: Market focuses on impact of Tencent's overseas gaming retreat on ADRs.

Hang Seng Tech Index struggles as AI shares soar, leaving Tencent behind

Zhitong Finance releases HK Stock Connect Shareholding Analysis for February 23

Tencent Holdings ranks third in Hong Kong stock short selling with 1.081 billion HKD.

Tencent's cumulative buybacks in 2026 exceed HKD 6.3 billion.

Trump announces global tariff hike to 15%, pressuring Chinese tech stocks.

Expectations rise for Valorant Mobile global launch in early 2026.

HK Market Open: Investors to Weigh Tencent's Insighta Acquisition and Recent Downgrade

Tencent Music Entertainment (TME) to release Q4 and Full Year 2025 earnings

Pokemon Presents event may reveal updates on Tencent collaborations

Tencent stock price forecast: Technicals suggest weekly range of 470-552 HKD

Tencent Games' winter break gaming restrictions for minors will officially end on March 5.

Tencent closes TiMi Montréal studio, previously led by Assassin's Creed creative director.

Tencent's $500 million bond set to mature in April 2026.

Future Games Show: Spring Showcase 2026 to be held on March 12

Tencent expected to file Monthly Return on Securities Movements for February.

Rumors suggest Black Myth: Wukong DLC may be delayed to April 2026.

Tencent-published Rainbow Six Mobile set to launch on February 23.

Tencent Leads AI 'Red Envelope War' with Tech Giants Investing Over 8 Billion Yuan

KO YO GROUP

SANERGY GROUP

CHINA INFO TECH

MODERN LAND

UNI PRINTSHOP

GEOTECH HLDGS

HUSCOKE HLDGS

AGTECH HOLDINGS

WAI HUNG GROUP

YUNKANG GROUP

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BABA

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The Hong Kong stock market opened higher in the morning, with the Hang Seng Index rising 385 points to 26,798 points, and the National Index and Hang Seng TECH Index increasing by 131 points and 92 points, respectively. E-commerce stocks such as Alibaba and JD opened higher, while technology stocks Tencent, Meituan, and NetEase also saw gains. AI model stock KNOWLEDGE ATLAS opened down 13.8% due to issues. Export stocks such as Creative Technology and SHENZHOU INTL opened higher, and pharmaceutical stocks WUXI BIO and WUXI APPTEC also rose. Commodity prices increased, leading to a general rise in related resource stocks

AASTOCKS

KNOWLEDGE ATLAS

Hang Seng TECH Index

BABA-W

MEITUAN

SHENZHOU INTL

WUXI BIO

JD-SW

Alibaba

WUXI APPTEC

Hang Seng Index

TENCENT

FI CSOP HSI

CSOP HS TECH

FI2CAMNDQ100

FL2 CSOP HSI

China Southern Hang Seng ETF

FI2 CSOP HSI

"Hong Kong Stocks" The Hang Seng Index opened high at 385 points, with technology, export, and resource stocks rising, while AI model stocks retraced

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The box office for the mainland Spring Festival period has surpassed 5 billion RMB, marking the longest Spring Festival period in history for the film market. According to data from MAOYAN Professional Edition, as of the evening of the 22nd, the top three films for the 2026 Spring Festival period are "Fast and Furious Life 3," "Silent Awakening," and "Bounty Hunter: Wind Rises in the Desert." As of the 21st, this year's total box office has exceeded 7 billion RMB, with the mainland film market's cumulative box office surpassing 970 million USD, surpassing North America to become the world's leading single market in box office revenue

Guotai CSI Animation Game ETF

BONA

Penghua CSI Media ETF

Yinhua CSI Movies Theme ETF

MAOYAN ENT

Enlight Media

Guotai CSI Movies Theme ETF

ChinaAMC CSI Animation Game ETF

WANDA FILM

ChinaAMC CSI Cultural Entertainment Media ETF

DAMAI ENT

The box office for the mainland Spring Festival period exceeded 5 billion RMB, and so far this year, it has surpassed 7 billion RMB

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On the first trading day of the Year of the Horse, the Hong Kong stock market closed down 292 points at 26,413 points, with a turnover of HKD 165.373 billion. Technology stocks such as Tencent, Meituan, and Alibaba led the decline, falling 2%, 1.5%, and 4.9% respectively. However, robotics and AI-related stocks rose against the trend, with Zhizhu rising 42.7% and MINIMAX up 14.5%. Overall market performance was affected by the absence of northbound capital, with the Tech Index dropping 122 points to 5,245 points

- The Hong Kong stock market recorded a decline on the first trading day of the Year of the Horse, closing down by 292 points to 26,413.  
- Major technology stocks like Tencent, Meituan, and Alibaba led the losses, while humanoid robot and AI-related stocks surged due to increased interest following their appearance at the Chinese New Year Gala.  
- Analysts predict short-term fluctuations between 26,500 and 27,000 points, with positive sentiment expected to be fueled by developments in the AI sector.

Stheadline

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

HSTECH ETF

MINIMAX-WP

CAM HS TECH

On the first trading day of the Year of the Horse, the Hang Seng Index fell by 292 points, while AI stocks rose against the trend, with Zhipu soaring over 42% and MINIMAX rising nearly 15% | Hong Kong stock market closing

On the first day of the Hong Kong stock market opening, there was a significant rotation of funds! New AI stars like KNOWLEDGE ATLAS and MiniMax surged, while traditional giants like Alibaba and Tencent saw capital outflows. Domestic AI companies are accelerating the release of model updates, and the holiday and Spring Festival performances have amplified market attention on AI, driving funds to concentrate on pure AI targets on the first day of trading. At the same time, although the big companies' Spring Festival data is impressive, with daily active users of Qianwen and Yuanbao rising, the massive subsidy competition has drawn regulatory attention, increasing market sensitivity to cost rates and the sustainability of profits

- After the Lunar New Year holiday, Hong Kong's stock market saw diverging trends, with AI startups surging while traditional internet giants like Alibaba and Tencent experienced declines.  
- Investors are now favoring pure AI targets, as companies like MiniMax are projected to achieve significant growth, bolstered by favorable ratings from major investment banks.  
- Regulatory pressures on major platforms regarding promotions are adding to the reevaluation of investments, impacting traditional players' profitability amid rising competition from AI firms.

Wallstreetcn

Hong Kong stock technology stocks show differentiation: "AI newcomers" are favored, while "monetization concerns" drag down internet giants

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Tencent's large model AI product Yuanbao has over 50 million daily active users and 114 million monthly active users. Yuanbao iterated and updated 159 features within 21 days and plans to launch a red envelope drop event on the fifth day of the Lunar New Year. During the Spring Festival, the main venue of Yuanbao conducted over 3.6 billion lottery draws, and users completed AI tasks more than 1 billion times through the "Creation" section

Franklin Exponential Data ETF

iShares China Large Cap

Proshares Big Data Refiners ETF

Krne Csi China Internet

Tencent

Global X Cloud Computing ETF

iShares Expanded Tech Software Sector ETF

Global X Data Center & Dgtl Infrs ETF

SPDR S&P Software

Emerging Markets Internet ETF

Tencent Holdings Limited

iShares MSCI China

Tencent Yuanbao DAU exceeds 50 million households, MAU surpasses 110 million households

The total box office for the 2026 Spring Festival movie season (including pre-sales) exceeded 1.5 billion yuan. (CCTV)

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AXA SPDB CSI Hugangshen Game and Culture Media ETF

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BABX

Chinese tech companies are launching new AI products during the lunar new year, with ByteDance's Seedance 2.0 and Zhipu AI's GLM5.0 gaining significant attention. JPMorgan recommends buying Zhipu AI and MiniMax, which is also launching a new model. The success of these launches could benefit Tencent and other companies, while Alibaba and Baidu may experience mixed effects. Analysts emphasize the importance of integrating AI models into consumer products for success and suggest that these releases could help close the gap with global competitors like Google and OpenAI.

- Chinese tech companies are launching products during the lunar new year holidays to capture consumer attention, with ByteDance's Seedance 2.0 and Zhipu AI's GLM5.0 leading the focus.  
- Analysts from JPMorgan suggest that these launches could impact stocks like Tencent and MiniMax, while Alibaba's outcome may be mixed due to its Qwen app push.  
- The success of these models hinges on their integration into consumer products, which could narrow the gap with established global AI models and solidify their market position.

Dow Jones

KraneShares 2x Long BABA Daily ETF

BABA 2x Long Daily ETF - GraniteShares

These might be the winners from the latest round of Chinese new year AI launches

The State Administration for Market Regulation interviewed Alibaba, Tencent, and six other platform enterprises, requiring them to strictly comply with relevant laws and regulations, fulfill their main responsibilities, standardize promotional activities, eliminate "involution-style" competition, maintain a fair competitive market environment, and promote the healthy development of the platform economy

The State Administration for Market Regulation summoned Alibaba, Tencent, and seven other platform companies to eliminate "involutionary" competition

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On February 13th, the State Administration for Market Regulation interviewed platform companies such as Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao Flash Sale, requiring them to comply with relevant laws and regulations, fulfill their main responsibilities, standardize promotional activities, and eliminate "involutionary" competition to maintain a fair competitive market environment and promote the innovation and healthy development of the platform economy

- On February 13, the State Administration for Market Regulation discussed compliance with various laws aimed at promoting fair competition with major platforms including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao Shanguo.  
- The platform enterprises were urged to eliminate "involution" competition and to enhance responsible promotional practices to foster a healthy platform economy.  
- The article also includes a disclaimer about investment risks and advises users to consider their individual circumstances before making investment decisions.

Baidu

JD HEALTH

JD LOGISTICS

JD.com

Meituan

ALI HEALTH

Yinhua MSCI China A ETF

Global X E-commerce ETF

The State Administration for Market Regulation interviewed platform companies such as Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao Flash Sale

09888

On February 13th, the State Administration for Market Regulation interviewed seven platform companies, including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao Flash Sale, requiring them to strictly comply with relevant laws and regulations, fulfill their main responsibilities, standardize promotional activities, and eliminate "involution" competition to maintain a fair competitive market environment and promote the innovation and healthy development of the platform economy

KraneShares 2x Long JD Daily ETF

BIDU-SW

The State Administration for Market Regulation interviewed 7 platform companies

YINN

BABO

The Trump administration is set to add Alibaba and other companies to a list of firms allegedly supporting China's military. This action, expected on Friday, is part of the Pentagon's 1260H list, which, while not imposing formal sanctions, communicates the U.S. military's stance on these firms to suppliers and government agencies. Some companies have contested their inclusion in the list.

- The Trump administration plans to add companies, including Alibaba, to a list of firms allegedly supporting China’s military.  
- This action is expected to occur by Friday, according to sources familiar with the matter.  
- While the Pentagon's 1260H list does not enforce sanctions, it signals to U.S. suppliers the military's stance on these firms, some of which have litigated against their listing.

Reuters

Direxion FTSE China Bull 3X

YieldMax BABA Option Income Strategy ETF

US expected to add Alibaba and other to list of firms allegedly aiding China's military, sources say

Bernstein believes that Tencent's stock price decline is mainly due to the dual impact of lagging AI model development progress and concerns about AI disruption in the gaming industry. Currently, Tencent is trading at 14-15 times the expected price-to-earnings ratio for 2027, close to the low levels faced by the industry during the gaming approval stagnation and pandemic lockdowns of 2022-2023. Although Tencent does need to catch up in chatbot development, the company continues to generate robust AI investment returns through its advertising and gaming businesses, and the current valuation reflects overly pessimistic expectations

- A debate is emerging over the "winners of AI," as companies like Tencent face challenges due to shifting investor focus towards AI model development and chatbots, leading to a 10% drop in its stock this year.  
- Bernstein's research indicates that Tencent’s declining stock is due to lagging AI model development and disruption in the gaming industry, though its underlying business remains strong.  
- In contrast, Alibaba’s strategic advancements in AI, including the launch of Qwen services, have made it more appealing to investors, amidst concerns about the financial implications of substantial capital expenditures.

Is Tencent being wrongfully killed?

01024

On February 13th, the Hong Kong stock market collectively adjusted, with the Hang Seng Index falling 1.72%, breaking below short-term highs. The internet and retail sectors experienced widespread declines, influenced by the macro environment and intensified competition, with heavyweight stocks like Meituan and Alibaba weakening. The restaurant sector showed mixed performance, with Haidilao rising against the trend due to recovery expectations. In terms of individual stocks, Yingda Real Estate surged over 39% on expectations of profits from asset sales. The market has entered a short-term consolidation period, with funds focusing on liquidity changes and policy directions

- On February 13, Hong Kong stocks declined collectively after reaching a short-term high, with the Hang Seng Index falling 1.72% to 26,567.12 points. 
- The retail sector suffered due to intense price competition and weak consumer sentiment, impacting major players like Alibaba and JD.com. 
- Amid mixed macroeconomic signals, investors are advised to consider defensive opportunities in high-dividend and policy-benefited sectors.

Market Heartbeat

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MNSO

HAIDILAO

YUM CHINA

GUANZE MEDICAL

PCPD

STARCOIN GROUP

MANY IDEA CLOUD

AFFLUENT FDN

Hong Kong Stock Market Closing | Hang Seng Index fell 1.72%, Meituan dropped 3.18% leading the blue chips, Yingda Real Estate surged 39% on positive news

Unity

Conference Minutes

Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Unity Software(U.US). For our earnings review, see '30% Overnight Plunge: Who Crushed Unity?'. I. Key financials recap. Q4 2025 results. Revenue $503mn (+2% YoY); Adj. EPS $0.24 (vs. Street $0.21). Adj. EBITDA $125mn (margin 25%); FCF $119mn...

Unity Software

Opendoor Tech

Opendoor Tech Series A - CW26

Opendoor Tech Series K - CW26

Opendoor Tech Series Z - CW26

TENCENT-R

Tencent HK SDR 10to1

Unity (Trans): Vector up 70% YoY in Jan.

30-40% upside potential. Mainly driven by AI, gaming, advertising growth. A great giant ETF company🤣. Too expensive to buy and hold for retail investor.

2026 Resolution-Trade like professional . Do not FOMO. Keep more cash.

Fattycat

BABA Diamond Holder

BABA Return Rate

我想问真观点

What is Tencent's upside potential?

KC1028

This Lunar New Year, China’s tech giants kicked off a new round of AI wars.Alibaba launched a ¥3B “Spring Festival Treat” campaign, driving 10 million free milk tea orders in 9 hours across its platforms. Tencent invested ¥1B into WeChat’s “Yuanbao” AI red packets to deepen engagement.ByteDance took another path — its Dream platform released Seedance 2.0, a video AI model that boosts usable output for short clips to over 90%, far above the ~20% industry average.Beyond subsidies, this battle is about who can truly integrate AI into daily life. The holiday rush helps shape habits, gather data, and train models — all aiming to become the go-to “AI ask” gateway.The winner won’t just get traffic, but could define the super-app of the AI era.So — who’s your pick? Alibaba’s commerce, Tencent’s social grip, or ByteDance’s tech edge?$Alibaba(BABA.US)$BABA-W(09988.HK)$BABA-WR(89988.HK)$Tencent(TCEHY.US)$TENCENT(00700.HK)

Yuanbao

The Battle for the AI Gateway: Who Wins?This Lunar New Year, China's tech giants unleashed a new wave of AI application wars. Alibaba's &#34;Spring Festival Treat&#34; campaign, backed by ¥3B, offered deals across e-commerce and local services, logging 10 million free milk tea orders in 9 hours. Tencent doubled down on its WeChat ecosystem, investing ¥1B into its &#34;Yuanbao&#34; AI red packet feature to boost engagement.ByteDance played a different card. Its Dream platform launched Seedance 2.0, a new video AI model. A key breakthrough: it boosted the usable output rate for 15-second clips to over 90%, far above the ~20% industry average, slashing generation costs.Beyond subsidies, this battle tests real AI integration and ecosystem strength. The holiday season is a prime testing ground to shape user habits, collect data, and train models—all fighting to become users' first-choice &#34;AI ask&#34; portal.The stakes? It's not just about traffic. It's about defining the super-app gateway for the AI era, which will ripple across the entire investment landscape.So, who's your pick for the ultimate AI gateway? Alibaba with its commerce power, Tencent with its social lock-in, or ByteDance with its tech edge?

Today’s Key News Recap

Feb 6 | Dolphin Research focus: 🐬 Stock 1, $BABA-W(09988.HK) Alibaba's Qwen app launched a 'Spring Festival RMB 3bn free-order' campaign today. The first wave centers on AI one-line prompts to order milk tea for free.Notably, WeChat further blocked today the promo passwords for red-envelope campaigns run by both Alibaba Qwen and Tencent Yuanbao. As a result, those keywords can no longer be copied or recognized in private or group chats.The move aims to protect WeChat's platform ecosystem and curb over-marketing that disrupts user experience. It also helps defend its social-traffic moat...

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Amazon

Roblox

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Li Auto

DingDong

Alibaba Qwen's Lunar New Year free-order promo was blocked by WeChat; Nio surged after its first-ever quarterly profit | Daily News Recap

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UBTENCT@EC2606E(23638.HK)

"Hong Kong Stocks" The Hang Seng Index opened high at 385 points, with technology, export, and resource stocks rising, while AI model stocks retraced

The box office for the mainland Spring Festival period exceeded 5 billion RMB, and so far this year, it has surpassed 7 billion RMB

On the first trading day of the Year of the Horse, the Hang Seng Index fell by 292 points, while AI stocks rose against the trend, with Zhipu soaring over 42% and MINIMAX rising nearly 15% | Hong Kong stock market closing

Hong Kong stock technology stocks show differentiation: "AI newcomers" are favored, while "monetization concerns" drag down internet giants

Tencent Yuanbao DAU exceeds 50 million households, MAU surpasses 110 million households