Hong Kong Stock Midday Review | The Hang Seng Index fell below 25,900 points, the Technology Index rose slightly against the trend, POP MART surged 3.84% to lead, with funds focusing on consumption and semiconductors

Market Heartbeat
2025.11.28 04:13
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The three major indices of the Hong Kong stock market showed mixed performance in the morning session, with the Hang Seng Index and the National Enterprises Index both declining, while the Technology Index saw a slight increase. Overall market sentiment is cautious, with trading activity skewed towards the consumer and technology sectors. POP MART surged, leading to increased activity in the retail theme, while semiconductor stocks such as Hua Hong Semiconductor and UBTECH ranked high in trading volume. The positive macroeconomic backdrop combined with growth in exports and imports has led to a structural opportunity for capital speculation

Market Overview

▪ On November 28, the three major indices of the Hong Kong stock market showed mixed trends. The Hang Seng Index fell by 0.24%, closing at 25,884.42 points; the Hang Seng China Enterprises Index decreased by 0.22%, closing at 9,144.84 points; the Hang Seng Tech Index rose by 0.10%, closing at 5,603.88 points.

▪ As of midday, there were 676 stocks rising, 872 stocks falling, and 1,173 stocks unchanged in the market, indicating a cautious overall market sentiment, with funds continuing to focus on structural opportunities.

▪ The technology and consumer sectors saw active capital, with mainstream funds engaging in short-term speculation on specific leading stocks.

Sector Performance

▪ The retail sector experienced slight fluctuations during the day, with overall trading volume being average. Core stock Alibaba -W rose by 0.73%, with a trading volume of HKD 4.522 billion; JD.com -SW increased by 0.95%, with a trading volume of HKD 0.461 billion; Miniso slightly fell by 0.10%. There was a structural inflow of funds, with a preference for leading stocks showing resilience amid weak consumer demand.

▪ The internet content and information sector showed weak fluctuations, with core leaders diverging. Tencent Holdings slightly fell by 0.16%, with a trading volume of HKD 2.881 billion; Kuaishou -W dropped by 0.37%; Baidu -SW rose by 0.80%. Overall, funds in the sector remained cautious, but companies like Baidu received some incremental buying support, indicating that short-term layout sentiment still exists in the market.

▪ The jewelry/toy/stationery retail sector performed flat overall, with limited market enthusiasm, but leading stock POP MART rose by 3.84%, with a trading volume of HKD 2.156 billion, significantly leading the sector. Others, such as China Duty Free, fell by 2.44%, and Chow Tai Fook dropped by 0.94%. There was divergence within the sector, with some leading stocks attracting thematic funds.

Macroeconomic Background

▪ The latest macroeconomic data from the Hong Kong stock market shows that both exports and imports have significantly increased year-on-year, with the trade deficit narrowing to HKD -39.9 billion, and the three-month unemployment rate dropping to 3.8%, with inflation moderating to 1.2%.

▪ The macro data reflects economic stabilization, while the recovery in external demand boosts market confidence. On the trading front, investors continue to focus on the subsequent recovery trends in retail and manufacturing.

Popular Stocks

▪ POP MART (9992.HK) rose by 3.84%, with the latest trading price at HKD 227.00 and a trading volume of HKD 2.156 billion, ranking third in overall market trading volume. The thematic focus and capital concentration in the sector are evident, making it a highlight of morning trading in the Hong Kong stock market.

▪ Alibaba -W (9988.HK) rose by 0.73%, with the latest trading price at HKD 151.70 and a trading volume of HKD 4.522 billion. The leading technology consumer stock performed steadily, with funds continuing to focus on its fundamentals.

▪ Tencent Holdings (700.HK) slightly fell by 0.16%, with the latest trading price at HKD 610.50 and a trading volume of HKD 2.881 billion. It remains in the high trading activity group, receiving stable funds for repeated trading.

Market Trading Volume TOP10

▪ Alibaba -W (9988.HK) latest trading price at HKD 151.70, with an increase of 0.73%, and a trading volume of HKD 4.522 billion▪ Tencent Holdings (700.HK) latest transaction price HKD 610.50, down 0.16%, transaction amount HKD 2.881 billion

▪ POP MART (9992.HK) latest transaction price HKD 227.00, up 3.84%, transaction amount HKD 2.156 billion

▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 40.84, down 0.63%, transaction amount HKD 1.783 billion

▪ Meituan -W (3690.HK) latest transaction price HKD 103.80, down 0.19%, transaction amount HKD 1.621 billion

▪ SMIC (981.HK) latest transaction price HKD 68.70, up 0.51%, transaction amount HKD 1.322 billion

▪ Hua Hong Semiconductor (1347.HK) latest transaction price HKD 74.25, up 2.34%, transaction amount HKD 775 million

▪ UBTECH (9880.HK) latest transaction price HKD 113.70, up 4.41%, transaction amount HKD 772 million

▪ GAC Group (2238.HK) latest transaction price HKD 3.98, up 12.11%, transaction amount HKD 684 million

▪ Ganfeng Lithium (1772.HK) latest transaction price HKD 49.16, up 2.50%, transaction amount HKD 648 million

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