SGJDCOM@EC2612A

SUPERLAND GROUP

OCT (ASIA)

GREAT WORLD

JIAODA WITHUB

CREATIVE CHINA

SMART CITY DEV

DAISHOMICROLINE

RIMBACO

SHENYANG PUBLIC

XUNCE

01024

00700

06862

03690

09618

06160

09888

09696

02015

00020

As of noon, the three major indices of the Hong Kong stock market rose collectively, with the Hang Seng Index approaching the 24,993-point mark and the Hang Seng Tech Index returning above 4,811 points. Market sentiment is relatively stable, with heavyweight and tech stocks resonating upward. In terms of sectors, the restaurant and retail industries performed strongly, with Haidilao leading the midday gains at 6.47%, and core assets such as Meituan and BYD leading in trading volume. Investors are closely monitoring macroeconomic data and performance guidance from core sectors, with overall market trading remaining active

- As of March 27, 2026, Hong Kong’s stock market indices showed positive movement, with the Hang Seng Index at 24,993.64, up 0.55%.  
- Notable performances included Haidilao, which rose 6.47%, reflecting recovering demand in the restaurant sector, while macroeconomic indicators are drawing investor focus.  
- The trading volume highlighted major players, including Meituan and Tencent, with respective figures of 62.41 billion HKD and 59.09 billion HKD amid mixed sector performance.

Market Heartbeat

KUAISHOU-W

TENCENT

HAIDILAO

MEITUAN

JD-SW

BEONE MEDICINES

BIDU-SW

TIANQI LITHIUM

LI AUTO-W

SENSETIME-W

Hong Kong Stock Midday Review | Hang Seng Index Approaches 25,000 Points, Strong Performance in Dining Retail with Haidilao Up 6.47%

01772

00883

09926

00857

09992

02513

09980

00100

GANFENGLITHIUM(01772) rose 3.74%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 30.9%. CNOOC(00883) rose 2.53%, with a trading turnover 4.5 Billion HKD, and a year-to-date rose 37.2%. KUAISHOU-W(01024) fell 14.04%, with a trading turnover 9.1 Billion HKD, and a year-to-date fell 28.7%. POP MART(09992) fell 10.46%, with a trading turnover 15.4 Billion HKD, and a year-to-date fell 19.7%.

- The Hang Seng Index fell by 1.89% and has decreased by 3% year-to-date.  
- The Hang Seng Tech Index dropped 3.28%, with a year-to-date decline of 13.7%.  
- Notably, Ganfeng Lithium and CNOOC showed gains of 3.74% and 2.53% respectively, while Kuaishou and Pop Mart experienced significant losses of 14.04% and 10.46%.

Top Gainers & Losers

GANFENGLITHIUM

CNOOC

AKESO

PETROCHINA

POP MART

KNOWLEDGE ATLAS

EASTROC

MINIMAX-W

Top 5 HK Stock Gainers/Losers (>100B) (3.26)

01929

09988

On March 26, the three major Hong Kong stock indices collectively retreated, with the HSI closing down 1.89% and the Hang Seng Tech Index falling 3.28%. Market sentiment for taking profits at high levels was strong, with Kuaishou plunging over 14% and Pop Mart dropping more than 10%. The overall market trended toward caution amid macroeconomic external demand pressure and insufficient consumption momentum, with capital concentrating in energy leaders and certain stocks with unusual performance results

- On March 26, Hong Kong's major indices declined, with the Hang Seng Index closing at 24,856.43, down 1.89%.  
- Retail sectors like jewelry and toys struggled due to weak consumer demand, while tech stocks fell significantly, especially Kuaishou, which dropped 14.04%.  
- Investors are focused on economic data related to trade and monitoring the uncertain external environment and its impact on local consumption and risk appetite.

CHOW TAI FOOK

NTES-S

BABA-W

KINGSOFT

DELTON

LENOVO GROUP

LEAPMOTOR

XIAOMI-W

YOFC

CHINA LIFE

SMIC

Hong Kong Stocks Close | HSI Falls 1.89% as Kuaishou and Pop Mart Plunge

The Hang Seng Index opened down 68 points at 25,267 points, and the National Index opened down 34 points at 8,547 points. KUAISHOU's stock price fell nearly 10%, while JD opened up 2.5%. Technology stocks generally opened lower, with Tencent down 0.9%. Individual stocks such as Kingsoft, Kingsoft Cloud, and Suoteng Juchuang opened higher. The market is focused on the possibility of a meeting between the U.S. and Chinese presidents and a ceasefire agreement between the U.S. and Iran

AASTOCKS

"Hong Kong Stocks" Hang Seng Index opened down 68 points, KUAISHOU fell nearly 10%, JD continued to rise

BABA

06618

BABX

IBUY

MPNGY

02618

The article points out that the chaos of "AB goods" in e-commerce is a persistent problem in the industry that needs to improve traffic rules. The National Development and Reform Commission and other departments will implement the "Rules on Price Behavior of Internet Platforms" on April 10, requiring regulatory authorities to refine standards, unblock complaint channels, and form a long-term restraint mechanism. At the same time, e-commerce platforms need to adjust their traffic allocation mechanisms, pay attention to quality, service, and user reputation, and strengthen their review and supervision responsibilities for merchants

Wallstreetcn

Alibaba

JD HEALTH

SPDR S&P Retail ETF

JD.com

BABA 2x Long Daily ETF - GraniteShares

Krne Csi China Internet

KraneShares 2x Long PDD Daily ETF

KraneShares 2x Long JD Daily ETF

Amplify Online Retail ETF

VanEck Retail ETF

Meituan

JD LOGISTICS

ProShares Online Retail

Economic Daily: Cracking Down on E-commerce "AB Goods" Requires Genuine Effort

89988

HBBD

89618

HJDD

Pre-market tonight (Mar 25), $PDD(PDD.US) released Q4 2025 results. Once the year's wild card on earnings, the company has now delivered two straight quarters broadly in line with the Street. PDD is now arguably the most focused, pure-play, value-driven e-commerce player in China.In detail: 1) Total revenue growth showed some recovery, weak at home and strong overseas. Revenue came in at approx. RMB 123.9bn (+12% YoY), roughly in line with expectations. Growth accelerated vs. last quarter, with a softer domestic contribution (Q4 was weak across e-com) ...

PDD: Has the Maverick Gone Mediocre?---

EBIZ

YINN

KBAB

EATZ

China's regulators are addressing food delivery price wars, positively impacting tech stocks like Alibaba (BABA), JD.com (JD), and Meituan. Following a meeting aimed at curbing unfair competition, Meituan's shares surged 13%, Alibaba rose 6.7%, and JD.com increased by 5.7%. A state-backed column criticized the industry's price wars, highlighting their detrimental effects on consumer recovery. Despite this, BABA shares fell 0.46% on the NYSE, closing at $125.48.

- Chinese tech stocks rose after new regulatory signals aimed at enhancing competition among food delivery firms, benefiting companies like Alibaba Group.  
- Meituan shares surged by 13% in Hong Kong, while Alibaba and JD.com saw gains of 6.7% and 5.7% respectively.  
- A state-backed column highlighted the detrimental effects of price wars in the sector, stating they hurt consumer recovery, even as Alibaba's shares declined by 0.46% on the NYSE.

Tip Ranks

Invesco Golden Dragon China

Global X E-commerce ETF

Direxion FTSE China Bull 3X

KraneShares 2x Long BABA Daily ETF

AdvisorShares Restaurant ETF

Invesco Leisure & ENT ETF

China Cracks Down on Food Delivery Price Wars, Lifting Alibaba (BABA), JD.com (JD), and Meituan Stocks

SONY

6758

HPPD

BYTED

Below is Dolphin Research's Trans of the FY25 earnings call for $POP MART(09992.HK). This section provides a recap of the core takeaways.1) Shareholder returns: the company plans to distribute 25% of net income attributable to shareholders as dividends. This implies a total payout of RMB 3.194bn and DPS of RMB 2.38.2) Guidance: for 2026, management targets revenue growth of at least 20%, prioritizing healthy, sustainable growth over aggressive expansion. It aims to avoid revenue growth without profit. The company will add quarterly business updates in May and Nov to increase disclosure frequency...

POP MART (Trans): 2026 'pit stop to refuel and change tires'

POP MART Chairman and CEO Wang Ning stated that despite the company's net profit tripling last year, it feels pressure from the market's high expectations for its growth. He revealed that this year, they will pursue growth of no less than 20% and collaborate with platforms like JD.com to launch new products. Wang Ning emphasized that POP MART's business is not limited to LABUBU and will continue to expand IP operations in the future. The company plans to open a flagship store in New York and strengthen cooperation with TikTok and Amazon, focusing on developing overseas markets

- Pop Mart's net profit tripled last year, highlighting rapid development under CEO Wang Ning's leadership, who noted significant market pressure.  
- The company aims for at least 20% growth, planning collaborations on IP-based home appliances, and expanding its retail presence with flagship stores.  
- Despite challenges, such as rising costs, Pop Mart is confident in its IP strategy and international market expansion, focusing on maturity in its operations.

Stheadline

POP MART Wang Ning laments great pressure, "Business is not just LABUBU," striving to achieve no less than 20% growth

The stock prices of food delivery platforms rose collectively, with Meituan at one point increasing by over 12%, and Alibaba and JD.com also showing significant gains. The State Administration for Market Regulation issued a statement requiring an end to the price war in food delivery, pointing out that such competition has a negative impact on the catering industry and affects the recovery of consumption. Regulatory authorities have intervened in the investigation, aiming to maintain market order, promote healthy competition, encourage technological innovation and service optimization, and avoid vicious competition

- The stock prices of delivery platforms surged, with Meituan (03690) rising by up to 12.66%, reaching a five-month peak.  
- Regulatory authorities emphasized the need to end the intense competition among delivery platforms, criticizing how the price wars harm the restaurant industry and consumer spending.  
- While regulatory actions aim to stabilize the market, promoting healthy competition focused on innovation and service rather than excessive monetary subsidies is essential for the industry's long-term sustainability.

YieldMax BABA Option Income Strategy ETF

The Market Supervision Administration forwarded an article to halt the food delivery war, Meituan once surged over 12%, and Alibaba and JD.com rose by half at one point

- Hong Kong-listed shares of delivery platform Meituan surged by up to 12.6% after state media and regulators urged an end to a price war in the industry.  
- Rival companies Alibaba and JD.com also experienced increases of more than 3%.  
- The report highlighted the detrimental effects of the price war on market profits and overall consumption recovery.

Reuters

Chinese food delivery giants surge as regulator, state media call end to price war

Forwarding a news piece today that had a major impact on the Hang Seng 'Food Delivery' Index. The crux: the State Administration for Market Regulation reposted an Economic Daily op-ed arguing the 'food-delivery price war' should end soon. Of course, this is not the first such line from state media, nor an official SAMR stance; it was merely a repost, though it may hint at regulators' leanings.However, Dolphin Research believes that unless regulators step in and forcefully halt delivery subsidies, competition will still be driven by companies' own goals and appetite. As such, the actual impact of this 'signal' is uncertain; it mainly lifts sentiment and could accelerate participants' subsidy rollbacks and loss reduction. $Alibaba(BABA.US) $MEITUAN(03690.HK) $JD.com(JD.US)

Hong Kong tech stocks surged in the short term, with Meituan rising over 10%, and Alibaba and JD.com up more than 3%

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Trade Showcase

By far the biggest news in China overnight is the Economic Daily article titled &#34;The Takeout War is Over&#34; leading to a strong rally in $Alibaba(BABA.US) and $JD.com(JD.US)&#39;s HK shares in afternoon trading. The restaurant delivery war has weighed heavily on the bottom lines of the companies.@Bridge Buzz SG

BABA-WR

JD-SWR

Alibaba HK SDR 5to1

JD HK SDR 10to1

Financial Analysis

Pop Mart

Conference Minutes

Sony

Sony Group Corporation

POP MART HK SDR 20to1

ByteDance

Meituan HK SDR 5to1

Laopu Gold 

Below is Dolphin Research's Trans from Laopu Gold's 2H2525 earnings call. For the earnings analysis, please see 'Laopu Gold: High-price follow-on; the Hermes of gold's big bet paid off!'

LAOPU GOLD

ETFS Capital Ltd.

Gold.com

HANG LUNG PPT

HANG LUNG GROUP

Laopu Gld HK SDR 50to1

Laopu Gold (Trans): Target GPM to stay at 40%-43%

With a two-track push in food delivery and AI, $Alibaba(BABA.US) released FY26 Q3 results pre-mkt tonight (Mar 19).From an expectations lens, aside from softer Intl commerce growth and deeper losses in other segments, the print broadly tracked the recently lowered guidance.In absolute terms, however, performance was weak.As the tailwind from state subsidies and the monetization uptick cycle largely faded, core commerce growth slowed markedly.The bright spot was Alibaba Cloud, which continued to post solid growth.Bloomberg consensus was not timely updated this quarter, so its reference value is limited...

Shopify 

BABA: E-com slips again; AI is the only lifeline---

Every new discussion zone marks a new step in the growth of our community. Here, you’ll find the latest unlocked stock discussion zones and connect with fellow investors. Thank you for being part of this journey — let’s grow together! 🚀

Every new discussion zone marks a new step in the growth of our community. Here, you’ll find the latest unlocked stock discussion zones and connect with fellow investors. Thank you for being part of this journey — let’s grow together! 🚀

NewDiscussionZones

$JD.com(JD.US) is successfully shedding its label as a purely asset-heavy, first-party retailer. The brightest spot in Q4 was a 20% surge in services revenue, reaching RMB 79.3 billion. Powered by AI algorithm optimizations, platform and advertising revenue jumped 15%. This high-margin growth engine successfully offset the 12% macro- and high-base-driven decline in electronics and home appliances. Furthermore, high-frequency general merchandise posted a robust 12.1% growth, significantly optimizing the revenue mix.To reclaim mindshare in lower-tier markets and on-demand retail, the new business segment saw revenue skyrocket 200.9% to RMB 14.1 billion in Q4. However, this came at a steep cost: an operating loss of RMB 14.8 billion (compared to a sub-RMB 1 billion loss a year ago). This is a double-edged sword: it signals a fierce commitment to defending market share, but it remains the most glaring financial red flag. Management indicated that investments here may taper off in 2026, suggesting the peak of the cash burn might be over, though this requires strict verification in upcoming quarters.@Bridge Buzz SG

$JD-SW(09618.HK)Based on the most recent market data and research reports, JD.com is receiving unanimous analyst support:🎯 This Month’s Ratings:9 BUY | 0 HOLD | 0 SELLKey Investment Highlights:✅ Shareholder Returns:~10% annualised return through buybacks + dividends (Haitong International)✅ Earnings Beat: Adjusted net profit exceeded expectations, driven by service revenue growth✅ Growth Catalysts:- Acceleration expected in H2 2026- Focus on 3C electronics core- Expansion into AI-powered retailBottom line:Analysts see strong value ahead. What’s your take on JD’s AI retail strategy?

The increase in universal tariff will deal another blow to the market on top of the war.

A massive Thursday unfolds as geopolitical tremors shake markets, the Fed gets a new nominee, and crypto explodes higher. Here's your essential briefing:

NVIDIA

Broadcom

Agilent Tech

Tesla

Intel

INTEL-T

Micron Tech

Bilibili

BILIBILI-W

Costco Wholesale

🔥 Market Flash: War, Fed Shakeup & Crypto Rip | Mar 5, 2026

$JD.com(JD.US) JD&#39;s total revenue growth slowed sharply to +1.5% YoY this quarter, with QoQ deceleration of over 13ppt. Overall margins compressed due to higher opex while certain sectors slowed down in growth as well. However, it is worth noting that JD shares Buybacks and generous dividends still make up a significant amount of shareholders returns, and while stocks like JD could be cyclical, the pullback could present am opportunity for a bigger bullish run in the future. @Bridge Buzz SG

SGJDCOM@EC2612A(26653.HK)

SGJDCOM@EC2612A Stock Performance Chart

Hong Kong Stock Midday Review | Hang Seng Index Approaches 25,000 Points, Strong Performance in Dining Retail with Haidilao Up 6.47%

Top 5 HK Stock Gainers/Losers (>100B) (3.26)

Hong Kong Stocks Close | HSI Falls 1.89% as Kuaishou and Pop Mart Plunge

"Hong Kong Stocks" Hang Seng Index opened down 68 points, KUAISHOU fell nearly 10%, JD continued to rise

Economic Daily: Cracking Down on E-commerce "AB Goods" Requires Genuine Effort