"Hong Kong Stocks" Hang Seng Index opened high, up 24 points; Baidu rises after earnings, Xiaomi slightly weak

Market concerns about the overvaluation of artificial intelligence-related stocks led to a drop of 498 points or 1.1% in the Dow Jones. After three consecutive declines, Hong Kong stocks opened higher this morning, with the Hang Seng Index opening up 24 points or 0.1% at 25,954 points; the National Index opened up 17 points or 0.2% at 9,192 points; and the Hang Seng Tech Index opened up 21 points or 0.4% at 5,666 points.

Baidu (09888.HK) reported a 36% decline in Non-GAAP net profit for the third quarter, beating expectations, and its stock price opened up 2.2% at HKD 113.9. Xiaomi (01810.HK) reported EBIT that fell short of some broker expectations and had its target price lowered, with its stock price opening down 1.9% at HKD 40. Jack Ma appeared at the Ant Group campus in Hangzhou, leading industry speculation that it may be related to AI strategic deployment, with Alibaba (09988.HK) opening up 0.8% at HKD 155.8.

In other tech stocks, Tencent (00700.HK) opened up 0.6% at HKD 627.5, Meituan (03690.HK), JD.com (09618.HK), and Bilibili (09626.HK) opened up 0.1% to 0.2%, and NetEase (09999.HK) opened up 1.1%. Kuaishou (01024.HK), which will announce its quarterly results after the market closes, opened flat at HKD 64.65. Additionally, New Oriental (09901.HK) opened up 2.4%, while chip stocks SMIC (00981.HK) and Hua Hong (01347.HK) opened up 0.8% and 0.4%, respectively.

In the automotive sector, Geely (00175.HK) and XPeng (09868.HK) opened up 1.2% and 1.8%. In the financial sector, HSBC (00005.HK) opened down 1.1% at HKD 108.4, while Hong Kong Exchanges and Clearing (00388.HK) and AIA (01299.HK) opened up 0.4% and 0.5%. Gold stocks China Gold International (02099.HK) opened up 2.6%, and Zijin (02899.HK) opened up 1.4%