<p>The Hang Seng Index opened 137 points lower this morning, briefly rising 43 points to a high of 25,511 points, but weakened again near noon, closing at 25,357 points, down 111 points or 0.44%, with a turnover of HKD 79 billion. As for the Tech Index, it closed at 5,389 points, down 68 points or 1.26%.</p>
<h2>Lei Jun announces Xiaomi 17 Ultra launch next week</h2>
<p>Among blue-chip stocks, tech stocks continued to be weak, with Xiaomi (1810) and Alibaba (9988) leading the market decline, falling 3.1% and 1.6% respectively. Another heavyweight tech stock, Tencent (700), also dropped 0.6%. Although Xiaomi founder Lei Jun announced the official launch of Xiaomi 17 Ultra next week, it did not help the stock price rise.</p>
<h2>POP MART's North American revenue growth slows</h2>
<p>In terms of stock price fluctuations, apart from Xiaomi, POP MART (9992) fell 2.7% at midday, making it one of the worst-performing blue chips, while Longfor (960) and Lenovo (992) also dropped 2.6% and 2.5% respectively. According to foreign media reports, the popularity of Labubu under POP MART seems to be waning, and YipitData shows that its North American revenue growth has slowed to 424% this quarter (ending December 6), more than halving compared to the three-month period ending at the end of September.</p>
<p>On the other hand, CSPC PHARMA (1093) rose 5.3% against the trend, while ZTO Express (2057) and Sinopec (386) also rose over 2%. In terms of news, Morgan Stanley recently released a report, incorporating CSPC's third-quarter performance into its forecast, and lowered the sales forecasts for 2025 to 2027 by 1%, 2%, and 0% respectively; at the same time, based on management guidance and observed trends, it also adjusted operating expenses accordingly, leading to a reduction in the forecast for recurring net profit by 4%, 4%, and 0% for the same period. The firm lowered CSPC's target price from HKD 11 to HKD 10.4 but maintained an &#34;overweight&#34; rating.</p>
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<p>U.S. President Donald Trump deployed the &#34;largest fleet in South American history&#34; to block sanctioned oil tankers entering and leaving Venezuela, and is prepared to impose further sanctions if Russia refuses to accept the Russia-Ukraine peace agreement, stimulating a rebound in international oil prices. New York crude oil closed up 1.2% at USD 55.94; London Brent crude rose 1.3% to USD 59.68.</p>
<h2>Oracle's data center project stalled</h2>
<p>Amid renewed concerns about the AI bubble, the three major U.S. stock indices fell on Wednesday, with the Dow closing down 228 points or 0.47% at 47,885 points; the S&amp;P 500 fell 78 points or 1.16% to 6,721 points; and the Nasdaq dropped 418 points or 1.81% to 22,693 points. Additionally, the U.S. will announce the delayed November CPI data today (18th) due to the government shutdown.</p>
<p>Among focus stocks, Oracle (ORCL) and private credit firm Blue Owl Capital had planned to arrange up to USD 10 billion in financing and make a significant equity investment in a data center project in Michigan, but negotiations for the related agreements have stalled, increasing market concerns about AI trading
The stock price plummeted 5.4% to $178.46 on Wednesday, while Nvidia (NVDA) also fell 3.8% to $170.94.</p>
<h2>SenseTime plans to issue shares at an 8.6% discount to raise over 3.1 billion</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened 137 points lower this morning, reporting at 25,330 points. Tech stocks generally retreated, with Alibaba (9988) down 2%; Tencent (700) down 0.7%; Meituan (3690) down 0.6%; JD.com (9618) and Xiaomi (1810) also fell 0.8% and 2% respectively; Baidu (9888) dropped 1.4%.</p>
<p>In addition, SenseTime (020) plans to place 1.75 billion new Class B shares to raise HKD 3.15 billion, equivalent to 4.4% of the expanded issued Class B shares and 4.3% of the expanded total issued shares, with a placement price of HKD 1.8 per share, an 8.6% discount to the previous closing price of HKD 1.97. The stock opened at HKD 1.9, down 3.55%.</p>
<h2>HKEX allows public float to drop to 10%</h2>
<p>Hong Kong Exchanges and Clearing Limited (388) published a consultation summary regarding the public float requirements. The new measures include introducing an alternative public float threshold. In addition to the percentage threshold required at the time of listing, issuers can also choose an alternative threshold to meet the public float requirements. Specifically, the public float must account for at least 10% of the total issued shares of the listed class and also reach a market capitalization of at least HKD 1 billion, providing issuers with greater flexibility for capital management transactions (such as share buybacks). The new regulations will take effect on January 1 next year.</p>
<p>For A+H issuers, the public float requirement for H shares must account for at least 5% of the total issued H shares or reach a market capitalization of at least HKD 1 billion to ensure there are always enough H shares available for public trading. The stock price of HKEX reported HKD 395 this morning, down 0.85%.</p>
<p>Related article: HKEX revises public float requirements, introduces alternative thresholds</p>
<p>Regarding the northbound capital flow, there was a net purchase of HKD 7.91 billion in Hong Kong stocks yesterday, with Xiaomi (1810), Meituan (3690), and Southern Hang Seng Technology (3033) receiving net purchases of HKD 1.063 billion, HKD 751 million, and HKD 745 million respectively; while China Mobile (941) and CNOOC (883) faced net sales of HKD 514 million and HKD 132 million respectively</p>

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<p>The Hang Seng Index fell 111 points in the half-day session, and the Tech Index dropped 68 points. Xiaomi and Alibaba led the decline, with POP MART falling nearly 3%. CSPC PHARMA rose over 5% against the trend. Trump blocked Venezuelan oil tankers, causing international oil prices to rebound</p>

- The Hang Seng Index opened lower by 137 points and closed down 111 points at 25,357, with tech stocks, notably Xiaomi and Alibaba, leading losses.  
- The report indicates a slowdown in revenue growth for Pop Mart in North America, impacting its stock price, while pharmaceutical company Stone Pharmaceutical rose by 5.3%.  
- In the U.S., stock indices fell due to concerns regarding AI investments, with Oracle and Nvidia shares declining significantly amid a halted data center financing deal.

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The Hang Seng Index fell 111 points in the first half of the day, with Alibaba and Xiaomi showing weakness. POP MART dropped nearly 3%, while CSPC PHARMA rose over 5% against the trend｜Hong Kong stock market opens