"Hong Kong Stocks" Hang Seng Index down 240 points in half a day, Baidu and KUAISHOU-W weaken, pharmaceutical stocks decline

U.S. stocks rose and then fell last Friday (12th), with the Dow Jones Industrial Average down 0.5%. The "three-horse carriage" data from the mainland in November fell short of expectations. Hong Kong stocks fell this morning (15th) along with the fluctuating external markets. The Hang Seng Index opened down 258 points, and the decline narrowed to 152 points at 25,824 points; it fell 240 points or 0.9% to 25,736 points at midday. The National Index fell 109 points or 1.2% to 8,970 points; the Hang Seng Tech Index fell 100 points or 1.8% to 5,537 points. The total turnover of the market at midday was HKD 108.239 billion.

HSBC (00005.HK) plans to privatize Hang Seng Bank (00011.HK) at a price of HKD 155 per share, with a vote scheduled for next month on the 8th. HSBC fell 1.1%, while Hang Seng rose 0.3% to HKD 153.5.

In the tech sector, Alibaba-W (09988.HK) fell 2.7% to HKD 149.9, Tencent (00700.HK) fell 1.5% to HKD 606.5. Baidu-SW (09888.HK) and KUAISHOU-W (01024.HK) fell 4.2% and 3.9%, respectively. Meituan-W (03690.HK), JD-SW (09618.HK), and Bilibili-W (09626.HK) each fell 1.1%. NetEase-S (09999.HK) fell 0.2%. Additionally, Ping An Good Doctor (01833.HK) rose 5.8%, Dongfang Zhenxuan (01797.HK) and New Oriental-S (09901.HK) rose 3.1% and 2.7%, respectively, while Yueda (00772.HK), Meitu (01357.HK), and JD Health (06618.HK) fell between 3% and 3.3%. In the chip sector, SMIC (00981.HK) and Hua Hong (01347.HK) fell 2.7% and 6.6%, respectively.

In the automotive sector, BYD (01211.HK) fell 1.5%, while Xiaomi-W (01810.HK), Nio-SW (09866.HK), and Leapmotor (09863.HK) fell between 2.3% and 2.6%. In the autonomous driving concept, WeRide-W (00800.HK) and Horizon-W (09660.HK) fell 2.5% and 3.2%, respectively, while Pony.ai-W (02026.HK) fell 7.2%. In the battery sector, CATL (03750.HK) rose 0.4%, while automotive dealer Zhongsheng (00881.HK) rose 2.8%.

Pharmaceutical stocks were under pressure, with Innovent Biologics (01801.HK), Rongchang (09995.HK), and Kangfang (09926.HK) falling between 4.9% and 5.5%. BeiGene (06160.HK) and Hansoh (03692.HK) fell 6.8% and 7.6%, respectively, while WuXi AppTec (02359.HK), WuXi Biologics (02269.HK), and China National Pharmaceutical (01177.HK) fell between 2.9% and 3.2% In other financial stocks, Hong Kong Exchanges and Clearing Limited (00388.HK) and AIA Group Limited (01299.HK) rose by 0.6% and 2.2%, while the domestic bank stock Bank of Communications Co., Ltd. (03328.HK) fell by 3.2%. Domestic insurance stocks China Taiping Insurance Holdings Company Limited (00966.HK), Ping An Insurance (Group) Company of China, Ltd. (02318.HK), and China Pacific Insurance (Group) Co., Ltd. (02601.HK) rose by 2.4% to 3%. Domestic property stocks Yuexiu Property Company Limited (00123.HK) and Vanke Co., Ltd. (02202.HK) fell by 3.1% and 3.8%. Local real estate stocks Wharf Real Estate Investment Company Limited (01997.HK) and Sun Hung Kai Properties Limited (00016.HK) fell by 1.9% and 2.5%, while New World Development Company Limited (00017.HK) fell by 2.9%.

In consumer stocks, Nongfu Spring Co., Ltd. (09633.HK) and Maoyan Entertainment (01896.HK) fell by 3.1% and 5%. Li Ning Company Limited (02331.HK) rose by 4.9%, making it the largest blue-chip gainer for the half-day. In other stocks, Pacific Basin Shipping Limited (02343.HK) fell by 4.9%, Goldwind Science & Technology Co., Ltd. (02208.HK) rose by 4.4%, and Zijin Mining Group Company Limited (02259.HK) rose by 6.9% for the half-day, with a turnover exceeding HKD 1.3 billion. Yangtze Optical Fibre and Cable Joint Stock Limited (06869.HK) fell by 8.3%