Hong Kong Stock Midday Review | Technology Index fell over 0.77% leading the decline, retail and technology sectors under pressure; Alibaba dropped 1.21%, Xiaomi fell 1.00%

Market Heartbeat
2025.11.13 04:13
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All three major Hong Kong stock indices fell, with the Hang Seng Tech Index leading the decline at 0.77%, and the retail and technology sectors overall under pressure. Market pessimism is rising, with capital operations becoming cautious, and leading technology and consumer stocks experiencing significant declines. Southbound capital had a net inflow of HKD 2.259 billion, with leading stocks like Xiaomi and Alibaba experiencing short-term declines that dragged down sector performance. The Federal Reserve maintained its accommodative stance, and the fluctuations in the RMB exchange rate provided some support to market risk appetite

Current Situation of the Three Major Indices

  • Hang Seng Index (HSI): down 0.58%, at 26,766.71 points
  • Hang Seng China Enterprises Index (HSCEI): down 0.64%, at 9,477.72 points
  • Hang Seng Tech Index (HSTECH): down 0.77%, at 5,888.39 points

A total of 819 stocks rose, 1,132 stocks fell, and 1,172 stocks closed flat.

Sector Performance

Retail Sector: Fluctuations in consumer demand increase market uncertainty, leading to overall downward movement in the sector, with valuations of leading companies under pressure and southbound capital operations becoming cautious.

  • Alibaba -W (9988.HK): down 1.21%, with a transaction volume of HKD 5.477 billion. Slowing profit growth and intensified competition in the e-commerce industry have led to a wait-and-see approach, with company valuations under short-term pressure amid sector rotation, and the pace of southbound capital accumulation has noticeably slowed.
  • JD Group -SW (9618.HK): down 2.17%, with a transaction volume of HKD 576 million. Performance did not meet expectations, with short-term profitability under pressure, logistics and cost structure adjustments affecting gross margins, and signs of reduced net buying from southbound capital.
  • Miniso (9896.HK): down 3.21%, with a transaction volume of HKD 7.6 million. The consumer sector continues to rotate, with relatively stable performance but facing valuation adjustments, leading to frequent short-term speculative trading amplifying volatility.

Internet Content and Information Sector: Adjustments in profit expectations for the sector, with a decline in short-term risk appetite, slowing capital inflows, and increased volatility among some leading companies.

  • Tencent Holdings (700.HK): down 1.14%, with a transaction volume of HKD 3.934 billion. Adjustments in advertising and gaming business expectations have led to cautious short-term market sentiment, with external market fluctuations affecting the group's valuation recovery.
  • Kuaishou -W (1024.HK): down 1.72%, with a transaction volume of HKD 807 million. Slowing traffic dividends and monetization pressures reflect fundamental pressures, with multiple brokerages lowering profit expectations and capital allocation becoming increasingly cautious.
  • Bilibili -W (9626.HK): down 0.66%, with a transaction volume of HKD 536 million. User growth and content ecosystem remain, but profitability has not significantly improved, with heightened wait-and-see sentiment as the performance window approaches.

Hardware, Storage, and Peripherals Sector: Fluctuations in technology demand expectations have put overall pressure on the sector, with structural differentiation in capital flows among leading companies.

  • Xiaomi Group -W (1810.HK): down 0.96%, with a transaction volume of HKD 3.442 billion. Limited performance of new smartphones and IoT products, with industry price wars suppressing profits, and channel inventory pressures dragging down overall performance, though high net buying from southbound capital has supported a narrowing of the decline.
  • Lenovo Group (992.HK): down 1.36%, with a transaction volume of HKD 163 million. Slow recovery in the PC industry, with uncertainties in new business transformations, leading to cautious capital sentiment amid adjustments in earnings expectations.
  • BYD Group (1263.HK): down 0.17%, with a transaction volume of HKD 12 million. Expansion in niche batteries and accessories, with limited business scale growth, and market attention on the performance expansion of industry leaders driving overall valuation expectations

Market Focus

1. Core Macro and Industry Focus News: The Federal Reserve paused interest rate hikes again in November, reinforcing expectations for rate cuts this year. Recently, the fluctuations in the RMB exchange rate have weakened, and the China-U.S. interest rate spread continues to converge. China's October CPI rose slightly by 0.2% year-on-year, stabilizing the economy and providing a basis for valuation recovery in Hong Kong stocks.

2. Capital Flow: Net inflow of southbound funds reached HKD 6.654 billion on the day, with concentrated increases in leading technology and consumer stocks. Xiaomi Group saw the highest net buying, while Alibaba and core technology weights influenced overall sector sentiment. Southbound fund operations have become generally cautious, with significant structural rotation.

Top Ten Stocks by Trading Volume

  1. Alibaba -W (9988.HK), trading price HKD 154.90, decline 1.21%, trading volume HKD 5.477 billion
  2. Tencent Holdings (700.HK), trading price HKD 649.50, decline 1.14%, trading volume HKD 3.934 billion
  3. Xiaomi Group -W (1810.HK), trading price HKD 43.28, decline 0.96%, trading volume HKD 3.442 billion
  4. China Resources Mixc Lifestyle (1209.HK), trading price HKD 43.38, decline 5.94%, trading volume HKD 2.895 billion
  5. SMIC (981.HK), trading price HKD 73.20, decline 0.07%, trading volume HKD 2.288 billion
  6. Ganfeng Lithium (1772.HK), trading price HKD 59.35, increase 11.25%, trading volume HKD 1.476 billion
  7. Ping An Insurance (2318.HK), trading price HKD 60.05, decline 0.41%, trading volume HKD 1.397 billion
  8. BeiGene (6160.HK), trading price HKD 227.40, increase 6.96%, trading volume HKD 1.373 billion
  9. Meituan -W (3690.HK), trading price HKD 100.40, decline 1.38%, trading volume HKD 1.366 billion
  10. Zijin Mining (2899.HK), trading price HKD 33.90, increase 3.93%, trading volume HKD 1.325 billion
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