Market Overview
▪ The three major indices of the Hong Kong stock market performed actively during the midday session. As of midday, the Hang Seng Index was at 27,725.15 points, up 2.21%, reaching a new phase high and leading the market strongly.
▪ The Hang Seng Tech Index closed at 5,854.72 points at midday, up 1.74%, still having some space to reach the high point on January 14, with momentum continuing after two days of strength.
▪ The China Enterprises Index reported 9,463.70 points at midday, up 2.37%, yet to break through the phase high since November 13, 2025, with a clear short-term rebound trend.
Sector Performance
▪ The retail sector generally rose at midday, benefiting from the continuous release of consumer demand, with active capital flowing into leading companies in the sector. Alibaba -W (9988.HK) rose 1.65%, with the latest transaction amounting to HKD 10.292 billion, showing high capital preference. JD.com -SW (9618.HK) rose 2.11%, and Miniso (9896.HK) rose 0.98%. The upward momentum in the sector mainly came from the performance of quality consumer assets, enhancing market confidence in retail leaders.
▪ The internet content and information sector also maintained its strength. Tencent Holdings (700.HK) rose 2.14%, with the latest transaction amounting to HKD 8.375 billion. Kuaishou -W (1024.HK) rose 3.43%, and Baidu -SW (9888.HK) rose 0.39%. Core leaders received continuous capital inflow, and with user activity and digital economy driving the market, attention increased.
▪ The semiconductor sector performed the brightest during the session, becoming a major capital attraction. SMIC (981.HK) rose 2.61%, with a transaction amount of HKD 3.912 billion. Hua Hong Semiconductor (1347.HK) rose 4.03%, with a transaction amount of HKD 2.293 billion. YOFC (6869.HK) surged by 13.66%, with a transaction amount of HKD 2.581 billion. The sector benefited from artificial intelligence and big data center drives, with demand for chips and optical communication boosting market capital allocation in the short term.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has been highly focused on fluctuations in key macroeconomic indicators such as inflation, unemployment rate, and retail sales. Changes in the external economy and the RMB exchange rate have significantly impacted capital flow in the market. Investors are closely monitoring signals of economic recovery and policy dynamics, with short-term risk appetite increasing, boosting market sentiment.
Popular Stocks
▪ UNISOUND (9678.HK) surged 32.94% at midday, with a transaction amount of HKD 483 million. On January 28, 2026, it reached a peak of HKD 285 during the session. The company expects its large model business revenue to reach approximately HKD 600 million by the end of 2025, with the expansion of the AI industry chain driving profit expectations, attracting active capital allocation, becoming one of the biggest hotspots of the midday session.
▪ Sinopec Oilfield Service (1033.HK) rose 17.05%, with a transaction amount of HKD 394 million. The company's latest performance shows a net profit of HKD 218 million in the first quarter of 2025, a year-on-year increase of 23%, mainly benefiting from overseas business expansion and cost optimization. The high volatility of international crude oil prices has formed a favorable condition for the sector, driving capital inflow
▪ YOFC (6869.HK) surged 13.66%, with a trading volume of HKD 2.581 billion, peaking at nearly 16% during the session. Benefiting from the growth of global AI computing power and big data centers, the demand for optical fibers has increased significantly, and the company, as a leader in the industry, has benefited notably, with capital in the sector tending to concentrate.
▪ Woan Robotics (6600.HK) rose 23.10%, with a trading volume of HKD 55.155 million. The company is set to list on the main board of the Hong Kong Stock Exchange by the end of 2025, becoming the world's first AI home robot company to achieve large-scale profitability. The IPO subscription is hot, with financing used for core R&amp;D and overseas expansion, showcasing rare growth potential.
▪ Emperor Watch and Jewellery (887.HK) saw an intraday increase of 34.62%, with a trading volume of HKD 29.8172 million. The company expects its annual net profit by the end of 2025 to be no less than HKD 420 million, a year-on-year increase of over 60%. Benefiting from the recovery of the Hong Kong market and the rebound in jewelry consumption, profits have surged significantly, strengthening its position as an industry leader.
Market Trading Volume TOP10
▪ Alibaba -W (09988.HK) latest trading price HKD 172.70, increase of 1.65%, trading volume HKD 10.292 billion
▪ Tencent Holdings (00700.HK) latest trading price HKD 620.00, increase of 2.14%, trading volume HKD 8.375 billion
▪ SMIC (00981.HK) latest trading price HKD 78.60, increase of 2.61%, trading volume HKD 3.912 billion
▪ CNOOC (00883.HK) latest trading price HKD 24.90, increase of 5.87%, trading volume HKD 3.576 billion
▪ Zijin Mining (02899.HK) latest trading price HKD 44.54, increase of 2.63%, trading volume HKD 3.396 billion
▪ Xiaomi Group -W (01810.HK) latest trading price HKD 36.06, increase of 1.41%, trading volume HKD 2.712 billion
▪ YOFC (06869.HK) latest trading price HKD 74.05, increase of 13.66%, trading volume HKD 2.581 billion
▪ Hua Hong Semiconductor (01347.HK) latest trading price HKD 118.80, increase of 4.03%, trading volume HKD 2.293 billion
▪ China Mobile (00941.HK) latest trading price HKD 81.15, increase of 3.38%, trading volume HKD 2.197 billion
▪ Pop Mart (09992.HK) latest trading price HKD 228.20, increase of 5.55%, trading volume HKD 2.034 billion

As of noon, the three major indices of the Hong Kong stock market strengthened collectively, with the Hang Seng Index rising 2.21% to 27,725.15 points, setting a new high for the period. The retail, internet content, and semiconductor sectors all moved upward, with significant capital inflows into leading technology and consumer stocks. YOFC surged 13.66%, while UNISOUND skyrocketed 32.94% during the session. Market hotspots are focused on AI, semiconductors, and the consumer sector, driving overall trading activity. Macro attention is on economic recovery and policy support, with an increase in market risk appetite

- The Hong Kong stock market showed active performance with the Hang Seng Index rising 2.21% to 27,725.15 points.  
- Key sectors such as retail and semiconductors experienced notable gains, driven by strong consumer demand and increased funding in quality assets.  
- Investors are closely monitoring macroeconomic indicators like inflation and retail sales, which significantly influence market sentiment and capital flow.

Market Heartbeat

UNISOUND

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

SMIC

HUA HONG SEMI

SINOPEC SSC

ONEROBOTICS

EMPEROR WATCH&J

CNOOC

Hang Seng Index

CSOP HS TECH

YOFC

Hong Kong Stock Midday Review | The Hang Seng Index rose over 2% during the session, YOFC led the semiconductor sector, institutional funds focus on new hotspots in AI and consumption