"Market Review" Hong Kong stocks rise, chips, gold, and new consumption stocks dance

Hong Kong stocks fluctuated upward today. Driven by the stock price of Oracle (ORCL.US), the Dow Jones rose 0.4% last Friday, and the Nasdaq increased by 1.3%. At the time of writing, the yield on the U.S. 2-year Treasury bond rose to 3.49%, while the yield on the 10-year Treasury bond fell to 4.165%, and the U.S. dollar index dropped to 98.52. The latest Dow futures rose by 34 points or 0.07%, and the Nasdaq futures rose by 120 points or 0.47%. The People's Bank of China announced that the LPR rates for 5-year and 1-year remained unchanged on December 12. The Shanghai Composite Index rose by 26 points or 0.69% today (22nd), closing at 3,917 points, while the Shenzhen Component Index rose by 1.5%, and the ChiNext Index increased by 2.2%. The total trading volume in the Shanghai and Shenzhen markets was 1.86 trillion yuan.

The Hang Seng Index opened 105 points or 0.4% higher this morning, reporting 25,795 points, and initially rose by 169 points, reaching a high of 25,859 points before encountering resistance. In the afternoon, it fell by 19 points, hitting a low of 25,671 points before stabilizing, closing the day at 25,801 points, up 111 points or 0.4%. The Hang Seng China Enterprises Index rose by 38 points or 0.4%, closing at 8,939 points. The Hang Seng Tech Index increased by 47 points or 0.9%, closing at 5,526 points. Trading slowed ahead of the long holiday, with a total market turnover of 169.777 billion yuan. The total turnover of northbound trading was 88.223 billion yuan, while southbound funds had a net inflow of 3.125 billion yuan today (the previous day's net inflow was 3.371 billion yuan).

International gold prices hit a new high, with Zhaojin (01818.HK) and Shandong Gold (01787.HK) rising by 6% and 5.5%, respectively, while China Gold International (02099.HK) increased by 7.6%. International silver prices also reached a peak, with China Silver (00815.HK) closing up 5.8%. Hainan concept stocks were active, with China Duty Free Group (01880.HK) closing at 81.85 yuan, up 15.8%, with a turnover of 1.219 billion yuan.

【Birun Technology Starts IPO, Chip Stocks Rally】

Technology stocks generally rose moderately, with Alibaba-W (09988.HK) increasing nearly 0.8% to close at 146.4 yuan, Kuaishou-W (01024.HK) rising by 0.6%, and Baidu-SW (09888.HK) climbing 1.3%. Tencent (00700.HK) and Meituan-W (03690.HK) rose by less than 0.1%.

Hong Kong's first GPU stock, Birun Technology (06082.HK), starts its IPO today. Chip stocks listed in Hong Kong are in demand, with SMIC (00981.HK) rising by 5.9% to close at 68.9 yuan, making it the best-performing blue-chip stock with a turnover of 6.279 billion yuan. Hua Hong (01347.HK) rose by 5.2%, with a turnover of 2.031 billion yuan. Some AI-related stocks surged, with SenseTime-W (00020.HK) rising by 8.5% to 2.04 yuan, with a turnover of 1.587 billion yuan. GDS Holdings-SW (09698.HK) increased by 3% to 34.7 yuan. Yangtze Optical Fibre and Cable (06869.HK) closed up 11.2%, with a turnover of 3.059 billion yuan Among the "Four Little Dragons of Domestic GPUs," Moore Threads-U (688795.SH) and C Mu Xi-U (688802.SH) have previously listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board. One of the "Four Little Dragons of Domestic GPUs," AI chip company Biren Technology has announced its IPO details in Hong Kong, planning to globally issue 248 million H shares, with 5% or 12.3848 million shares allocated for public offering in Hong Kong, and 95% or over 235 million shares for international placement. The offering price ranges from HKD 17 to HKD 19.6, with expected fundraising of up to approximately HKD 4.855 billion. Each trading unit is 200 shares, with an entry fee of about HKD 3,959.54. The subscription period starts today (22nd) and ends next Monday (29th), with the official listing expected on January 2nd next year. China International Capital Corporation, Ping An Securities (Hong Kong), and Bank of China International are acting as joint sponsors. Based on the median offering price of HKD 18.3, the net proceeds are expected to be approximately HKD 4.351 billion. Biren Technology is anticipated to become the first GPU stock in Hong Kong, having introduced 23 cornerstone investors in this listing, including 3W Fund, Ping An Life Insurance (02318.HK), Southern Fund, and Franklin Templeton.

Moore Threads-U was listed on the mainland Sci-Tech Innovation Board on December 5th, soaring 4.25 times on its first day; C Mu Xi-U was listed on December 17th, surging nearly 6.9 times on its debut.

【Stock Surge: New Consumption Stocks Rise】

The Hong Kong stock market has slightly weakened, with a rise and fall ratio of 27 to 22 for main board stocks (compared to 32 to 16 the previous day). There were 1,121 rising stocks (up 2.6%), with 45 Hang Seng Index constituent stocks rising and 42 falling, resulting in a rise and fall ratio of 50 to 47 (previously 71 to 27). The market recorded short selling of HKD 25.915 billion today, accounting for 16.985% of the total turnover of HKD 152.576 billion for shortable stocks.

New consumption stocks performed well, with Lao Pu (06181.HK) rising 6.5% to close at HKD 700.5, with a turnover of HKD 1.01 billion. Mi Xue (02097.HK) rose 10.1% to HKD 435, with a turnover of HKD 689 million. Pop Mart (09992.HK) increased 4.6% to HKD 201.8, with a turnover of HKD 2.344 billion. Mao Ge Ping (01318.HK) also saw a price increase of 2.1% to close at HKD 89.55. Blucor (00325.HK) rose 3.4%.

According to domestic media reports, Mi Xue Bing Cheng officially opened its first store in the Americas last Saturday (20th) in Hollywood, Los Angeles, located directly across from the "Chinese Theatre" on the Walk of Fame, in a mature consumer area. This store represents a key step in its globalization strategy. The store's product pricing is also consumer-friendly, with signature ice cream priced at USD 1.19, fresh lemonade at USD 1.99, and latte coffee at USD 2.99