Hong Kong Stock Market Update | The Hang Seng Index fell by 0.7%, the technology sector faced pressure with Xiaomi and Baidu leading the declines, while pharmaceutical growth stocks showed strong fluctuations
The main indices of the Hong Kong stock market collectively weakened during the session, with the Hang Seng Index and the Hang Seng Tech Index both giving back recent gains, leading to market fluctuations and adjustments. Sectors such as technology, hardware, and internet content led the decline, with leading stocks like Xiaomi Group and Baidu showing significant drops, indicating a decrease in market risk appetite. Although retail sales data showed some recovery, external uncertainties have led to a cautious sentiment. Pharmaceutical stocks and some small and mid-cap growth stocks surged during the session, attracting active capital attention, with market turnover mainly concentrated in technology and core blue chips
Market Overview
▪ In the Hong Kong stock market, the market is experiencing fluctuations and adjustments.
▪ As of now, the Hang Seng Index is at 25,583.99 points, down 0.7% during the session, failing to continue the new high from the previous trading day, and has continuously retraced recent gains, still within a high fluctuation range. The last peak was on December 8, 2025.
▪ The Hang Seng Tech Index is at 5,597.85 points, down 1.14% during the session, retreating after reaching a new high yesterday, with no further signs of upward movement. The previous high was also on December 8, 2025.
▪ The latest reading for the National Enterprises Index is 9,000.88 points, down 0.91% during the session, also far from yesterday's high, with market sentiment becoming cautious. The record for the peak remains on December 8, 2025.
Sector Performance
▪ The retail sector saw a slight decline during the session, with limited inflow into Miniso. The overall performance of the sector is under pressure. The main leader, Alibaba -W, fell 0.20% during the session, while Miniso dropped 1.68%, indicating that although there is some improvement in consumer data, funds are mainly in a wait-and-see mode, resulting in low sector activity.
▪ The hardware, storage, and peripherals sector continues to face selling pressure, with performance and management changes becoming the focus of funds. Xiaomi Group -W plummeted 2.82%, while Lenovo Group and Lenovo Holdings also declined, showing significant internal adjustment pressure within the sector, leading to heightened defensive sentiment among investors.
▪ The internet content and information sector weakened during the session, with a downward shift in risk appetite for tech stocks. Tencent Holdings fell 0.33% during the session, Baidu -SW dropped 3.10%, and Kuaishou -W fell 2.12%. Fund flows are becoming more cautious, with tech weights dragging down index performance.
Macroeconomic Background
▪ Recently, the annual growth rate of Hong Kong's retail sales has rebounded to 5.3%, indicating a gradual improvement in the consumption environment. However, external uncertainties have compounded, leading to a conservative market risk appetite. Investors continue to closely monitor the impact of retail, trade, and economic data on the performance of Hong Kong stocks, with future fluctuations likely to be further influenced by macro news.
Popular Stocks
▪ Genscript Biotech -B surged 14.93% during the session, with a transaction volume of HKD 425 million. Funds are actively pursuing high positions, with the strong momentum of innovative pharmaceuticals driving market sentiment, showing impressive performance.
▪ Excellence Commercial Real Estate rose 13.53% during the session, with a transaction volume of HKD 36 million. As a representative of growth stocks, the company gained attention during the session, with a strong short-term speculative atmosphere and increased activity.
▪ Zhongjia Guoxin's shares soared 53.33% during the session, with a transaction volume of HKD 13 million. The company has a small circulating share and high elasticity, with short-term funds actively entering the market, leading to significant volatility.
▪ Yixin Group rose 11.86% during the session, with a transaction volume of HKD 140 million. Influenced by news during the session, there is a strong willingness to chase the stock, leading to high volatility in the company's share price and increased market attention.
▪ Singlomedy -B rose 12.60% during the session, with a transaction volume of HKD 77 million. The innovative drug theme is in high demand, with a strong speculative atmosphere, leading to multiple surges during the session and driving industry hotspotsMarket Trading Volume TOP10
▪ Alibaba -W (9988.HK) Latest trading price HKD 153.10, decline 0.20%, trading volume HKD 3.776 billion
▪ Xiaomi Group -W (1810.HK) Latest trading price HKD 41.38, decline 2.82%, trading volume HKD 3.023 billion
▪ Tencent Holdings (700.HK) Latest trading price HKD 603, decline 0.33%, trading volume HKD 2.935 billion
▪ SMIC (981.HK) Latest trading price HKD 70.60, decline 1.67%, trading volume HKD 1.695 billion
▪ Pop Mart (9992.HK) Latest trading price HKD 195, decline 2.69%, trading volume HKD 1.151 billion
▪ Meituan -W (3690.HK) Latest trading price HKD 98.10, decline 1.41%, trading volume HKD 0.952 billion
▪ Hua Hong Semiconductor (1347.HK) Latest trading price HKD 77.5, decline 2.45%, trading volume HKD 0.730 billion
▪ Zijin Mining (2899.HK) Latest trading price HKD 32.44, decline 4.42%, trading volume HKD 0.715 billion
▪ Ping An Insurance (2318.HK) Latest trading price HKD 60.80, decline 1.54%, trading volume HKD 0.649 billion
▪ Baidu -SW (9888.HK) Latest trading price HKD 121.90, decline 3.10%, trading volume HKD 0.616 billion
