Market Overview
▪ In the Hong Kong stock market, major indices continue to adjust.
▪ As of now, the Hang Seng Index is at 26,561.14 points, down 1.06%, with clear signs of a short-term high retreat.
▪ The Hang Seng TECH Index has dipped during the session, currently at 5,751.26 points, down 1.22%, with short-term trends under pressure.
▪ The latest reading for the Hang Seng China Enterprises Index is 9,136.3 points, down 0.92%, with a prevailing wait-and-see atmosphere in the market.
Sector Performance
▪ The retail sector is generally declining during the session, affected by weak consumer demand, leading to cautious sentiment in the sector. Leading player Alibaba -W is down 3.37%, with a transaction volume of HKD 8.883 billion, leading the decline with significant capital outflow; JD.com -SW is down 1.23%, and Miniso is down 1.46%. Overall, the liquidity of main funds in the sector is becoming cautious, with relatively light trading.
▪ The internet content and information sector continues to decline, with market confidence under pressure and investors adopting a short-term wait-and-see approach. Tencent Holdings is down 1.30%, with a transaction volume of HKD 5.730 billion, Kuaishou -W is down 2.36%, and Bilibili -W has dropped 7.69%, with overall poor performance from sector leaders.
▪ The hardware, storage, and peripherals sector has slightly declined, lacking positive drivers, with a clear wait-and-see sentiment among funds. Xiaomi Group -W is down 1.99%, with a transaction volume of HKD 4.885 billion, while other major players in the sector, Lenovo Group is flat, and Lenovo Holdings is down 2.09%. Overall trading activity is average, with no obvious structural trends.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has focused on fluctuations in trade data, retail sales performance, and changes in unemployment rates. Investors are closely monitoring export and manufacturing PMI performance to assess the strength of economic recovery and the impact of external demand. Currently, capital flows and consumer trends have become the core focus of the market, reflecting a high sensitivity and cautious attitude towards changes in the macro environment.
Popular Stocks
▪ New World Development (17.HK) is up 19.75% during the session, with a transaction volume of HKD 753 million. Recently, Morningstar released a research report upgrading the company's fair value, believing that the company's recent asset disposal progress is better than expected, and its core leasing business is performing steadily; at the end of last year, all 388 units of the Hong Kong North Point project under the company were sold out in less than a year, with total sales exceeding HKD 4.2 billion, demonstrating strong sales capability. This significant improvement in property sales has greatly enhanced market confidence in the company's cash flow and project management capabilities, stimulating a notable rise in stock price.
▪ Qutoutiao Group (917.HK) is up 19.03% during the session, with a transaction volume of HKD 621 million. The company's 2025 performance forecast has turned from loss to profit, with expected net profit of approximately RMB 270 million to RMB 330 million, significantly improved performance driving active short-term capital involvement in the market, boosting stock price performance.
▪ Baida International (2668.HK) is up 49.37% during the session, with a transaction volume of HKD 47.2328 million. The company has signed a memorandum of understanding with Tanzanian corporate shareholders to acquire equity in the target company, aiding in the expansion into emerging markets; this enterprise owns an operational gold processing plant and is engaged in gold exploration and production projects
This news has sparked market speculation, with active funds driving significant fluctuations in stock prices.
▪ Fengsheng Holdings (607.HK) rose 212.50% during the session, with a transaction volume of HKD 10.9217 million. The Hong Kong High Court ruled that the former chairman must repay nearly HKD 900 million in principal, with total debts potentially reaching HKD 1.2 billion. Although the company has issued a major loss warning, its stock price has experienced significant volatility recently due to liquidity pressures and structural changes, attracting short-term speculative funds.
▪ Gome Retail (493.HK) rose 26.67% during the session, with a transaction volume of HKD 10.8094 million. The company announced a debt-to-equity swap, issuing 25.108 billion new shares to two creditors to settle a total of RMB 337 million (approximately HKD 376 million) in debt, resulting in dilution of the actual controller's shareholding. This adjustment helps alleviate debt risks and provides a window for subsequent operations and confidence restoration, leading to increased attention from funds during the session.
Market Transaction Volume TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 160.60, down 3.37%, transaction volume HKD 8.881 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 609.50, down 1.30%, transaction volume HKD 5.728 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 36.36, down 1.99%, transaction volume HKD 4.847 billion
▪ SMIC (00981.HK) latest transaction price HKD 77.75, down 1.83%, transaction volume HKD 3.411 billion
▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 104.00, down 2.62%, transaction volume HKD 2.736 billion
▪ Pop Mart (09992.HK) latest transaction price HKD 180.40, up 1.01%, transaction volume HKD 2.278 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 98.75, down 1.25%, transaction volume HKD 2.113 billion
▪ Trip.com Group -S (09961.HK) latest transaction price HKD 471.80, up 1.20%, transaction volume HKD 2.102 billion
▪ UBTECH (09880.HK) latest transaction price HKD 142.80, up 7.21%, transaction volume HKD 2.065 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 54.25, up 7.43%, transaction volume HKD 1.983 billion

The three major indices of the Hong Kong stock market collectively adjusted during the trading session, with the Hang Seng Index falling by 1.06%, and the Hang Seng TECH Index and the China Enterprises Index also weakening simultaneously. Major sectors such as retail, internet content, and hardware all declined, with leading stocks generally under pressure: Alibaba dropped by 3.37%, Tencent Holdings fell by 1.30%, and Xiaomi Group decreased by 1.99%. Funds were mainly concentrated in technology and heavyweight blue chips, with some individual stocks experiencing significant fluctuations due to major events. The market focused on trade and consumption data, with a prevailing atmosphere of caution and wait-and-see. Stocks like New World Development and Qutoutiao surged against the trend, becoming the highlights of the session

- The Hong Kong stock market shows a downward trend with the Hang Seng Index falling by 1.06% to 26,561.14 points and continued cautious sentiment among investors.  
- Key sectors such as retail and internet content experienced declines, heavily influenced by weak consumer demand, while certain stocks like New World Development and Quzi Group posted significant gains following positive earnings forecasts.  
- Overall, investors are closely monitoring economic indicators such as trade data and unemployment rates, reflecting a heightened sensitivity to macroeconomic changes.

Market Heartbeat

Hang Seng TECH Index

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BILIBILI-W

XIAOMI-W

LENOVO GROUP

LEGENDHOLDING

QUNABOX GROUP

PAK TAK INT'L

FULLSHARE

GOME RETAIL

SMIC

HUA HONG SEMI

NEW WORLD DEV

Hong Kong stock market intraday | The Hang Seng Index fell more than 1%, with the technology and retail sectors under pressure, internet companies showing a significant decline, and small-cap stock New World Development leading in gains