The Hong Kong stock market is performing well, with three new stocks being popular; MINIMAX has doubled compared to its listing price

The market is waiting for the U.S. to announce non-farm payroll data tonight, and the U.S. Supreme Court may also rule on the legality of Trump's tariffs as early as tonight, leading to fluctuations in the Hong Kong stock market today. The market continues to pay attention to the development of international situations, with the Dow Jones Industrial Average rising 0.6% and the Nasdaq falling 0.4% the night before. At the time of writing, the yield on U.S. 2-year bonds rose to 3.503%, the yield on U.S. 10-year bonds rose to 4.185%, and the U.S. dollar index rose to 99.02. Dow futures are currently down 34 points or 0.07%, and Nasdaq futures are down 12 points or 0.05%. China announced that the CPI for December last year rose 0.8% year-on-year, in line with expectations, and increased 0.2% month-on-month. The PPI for December last year fell 1.9% year-on-year (market expectation was a decline of 2%) and rose 0.2% month-on-month. The Shanghai Composite Index rose 37 points or 0.92% to close at 4,120 points, and the Shenzhen Component Index rose 1.2%, with a total transaction amount of 3.12 trillion yuan in the two markets.

The Hang Seng Index opened 123 points higher this morning, initially rising 150 points to 26,299 points before consolidating, and then falling 34 points to a low of 26,114 points. It closed up 82 points or 0.3% at 26,231 points; the Hang Seng China Enterprises Index rose 9 points or 0.1% to close at 9,048 points; the Hang Seng Tech Index rose 8 points or 0.2% to close at 5,687 points. The total transaction amount for the day was 245.13 billion yuan. The total transaction amount for northbound trading was 111.389 billion yuan, while southbound funds had a net inflow of 6.815 billion yuan today (after a net outflow of 4.901 billion yuan the previous day). Newly listed stocks performed well today, with MINIMAX-WP (00100.HK) closing at 345 yuan, up 109.1% from the listing price, RIBOLIFE-B (06938.HK) closing at 82.1 yuan, up 41.6% from the listing price, and JINXUN RESOURCE (03636.HK) closing at 37.8 yuan, up 26% from the listing price. Some recently listed new stocks have support, with TianShu ZhiXin (09903.HK) rising 11% and ZhiPu (02513.HK) rising 20.6%.

The Hang Seng Index has fallen a total of 106 points or 0.4% this week, the Hang Seng China Enterprises Index has fallen a total of 120 points or 1.3% this week, and the Hang Seng Tech Index has fallen a total of 49 points or 0.86% this week. The U.S. has taken military action against Venezuela, and the market is concerned about its impact on the global geopolitical situation. The A-share Shanghai Composite Index has seen capital support, reaching a ten-year high, while southbound funds have net bought 32.694 billion yuan this week.

【Alibaba has support, three new stocks are popular】

Tech stocks are mixed, with Alibaba (09988.HK) rising 2.7% to close at 146.5 yuan. JD.com (09618.HK), Kuaishou (01024.HK), and Bilibili (09626.HK) rose between 2.6% and 3.9%, while Tencent (00700.HK) and NetEase (09999.HK) fell 0.8% and 1.3%, respectively. Meituan (03690.HK) and Baidu (09888.HK) fell over 2% Alibaba Health (00241.HK) rose 4.7%, JD Health (06618.HK) increased by 2.9%.

JP Morgan's research report pointed out that due to an optimistic outlook on Alibaba's trading prospects for the next 6 to 12 months, it recommends increasing holdings in Alibaba stock, expecting the group's stock price to overcome short-term profit pressures and receive a re-rating after the monetization inflection point of "cloud business + generative AI" becomes clearer. JP Morgan also anticipates that Alibaba Cloud's revenue growth will continue to accelerate in the coming quarters, as generative AI workloads expand from pilot phases to broader deployments, demonstrating Alibaba's ability to capture and realize AI-driven demand in China. JP Morgan believes that several consecutive quarters of stable cloud business growth momentum should shift investors' focus from short-term spending to the sustainability of higher-quality engine growth, thereby supporting valuation multiple expansion.

【Stock rises by a thousand, HSBC remains stable】

The Hong Kong stock market has improved, with a rise-to-fall ratio of 28 to 21 for main board stocks (compared to 20 to 30 the previous day), with 1,144 rising stocks (an increase of 3%). Today, 50 stocks in the Hang Seng Index rose, while 37 fell, with a rise-to-fall ratio of 56 to 41 (compared to 31 to 66 the previous day). The market recorded short selling of HKD 31.857 billion today, accounting for 15.135% of the total turnover of shortable stocks of HKD 210.482 billion.

HSBC (00011.HK) shareholders' meeting approved the privatization resolution. HSBC's stock price rose 0.4% to HKD 154.5 for the day, while HSBC Holdings (00005.HK) fluctuated and rose 0.4% to HKD 124.8. It was reported that CK Hutchison (00001.HK) finalized Goldman Sachs and UBS to handle the listing of Watsons in Hong Kong and London, with CK Hutchison rising 3.7% to HKD 57.15.

HSBC Bank received a privatization proposal from HSBC Holdings, which has been approved at the special shareholders' meeting and court meeting of HSBC Bank, and HSBC Bank will delist on January 27. UBS expects this will advance the completion time by 4 to 5 months. HSBC Holdings will provide more financial details when announcing its fiscal year 2025 results on February 25. UBS's view on this transaction is more positive than the market, but the transaction does not change the ultimate value of HSBC Holdings