Market Overview
▪ As of noon, the three major indices of the Hong Kong stock market showed mixed performance.
▪ The Hang Seng Index closed at 27,975.81 points at noon, up 0.54%, having risen from early low levels, showing strong performance and reaching a new high, indicating that market sentiment continues to warm.
▪ The Hang Seng Tech Index closed at 5,860.66 points at noon, down 0.67%.
▪ The China Enterprises Index reported 9,555.35 points at noon, up 0.45%. Although it has not broken through the phase high since November 13, 2025, it still maintains a pattern of oscillating upward.
Sector Performance
▪ The internet content and information sector showed overall volatility, with significant divergence among leading stocks. Tencent Holdings rose 0.40%, with the latest transaction price at HKD 623.50 and a transaction volume of HKD 5.783 billion; Kuaishou rose 1.52%, with the latest transaction price at HKD 83.55 and a transaction volume of HKD 2.313 billion; Baidu slightly rose 0.32%. Funds in core weight sectors showed caution, with active trading but lacking clear driving factors.
▪ The retail sector overall declined, showing pressure. Alibaba fell 0.17%, with the latest transaction price at HKD 173.20 and a transaction volume of HKD 5.611 billion; JD.com fell 1.81%; MNSO fell 0.48%. Affected by weak consumer demand, fund flows tended to be defensive, making it difficult to see a clear stabilization in the short term.
▪ The hardware, storage, and peripherals sector showed differentiated adjustments, with prominent structural trends. Xiaomi Group rose 1.54%, with the latest transaction price at HKD 36.88 and a transaction volume of HKD 4.279 billion, receiving active market support and showing strong performance during the day; Lenovo Group slightly fell 0.22%; Longcheer fell 0.71%. Overall, leading stocks became the main direction for market fund speculation, with increased divergence in the sector.
Macroeconomic Background
▪ The Hong Kong stock market has recently focused on the pace of macroeconomic recovery, retail sales data, and changes in unemployment rates. Fluctuations in the RMB exchange rate, foreign exchange reserves, and manufacturing PMI have become important clues for changes in fund flows and risk preferences. Investors need to pay attention to the structural impact of policy expectations on related sectors and the consumer side in the short term.
Popular Stocks
▪ Sunac China (1918.HK) rose 27.18% as of noon, with the latest transaction volume at HKD 2.197 billion, showing large transactions in the morning. On January 27, the company announced that the High Court approved the effectiveness of its offshore debt restructuring plan, boosting market sentiment and significantly improving liquidity expectations, becoming the focus of fund interest in the real estate sector.
▪ Logan Group (3380.HK) rose 29.10%, with a transaction volume of HKD 145 million. By the end of 2025, the company announced progress of 13.66 billion yuan in its domestic debt restructuring. Although rating agencies are concerned about its operating cash flow, the progress of the restructuring has improved market confidence, attracting fund attention amid sector rotation.
▪ Country Garden (2007.HK) rose 20.00%, with a transaction volume of HKD 803 million. On January 29, the company's real estate group resumed trading of multiple bonds, with the latest announcement showing debt repayment arrangements and liquidity measures, driving the company's stock price rebound and attracting fund inflows into the sector, although industry sales data still faced year-on-year pressure, requiring continued attention to fundamentals
▪ Shimao Group (813.HK) rose by 25.60%, with a trading volume of HKD 42.735 million. Under the backdrop of sector rotation and easing industry liquidity, real estate whitelist companies have once again become a short-term market hotspot, with risks gradually clearing leading to valuation recovery.
▪ Welife Tech (1703.HK) surged by 103.33%, with a trading volume of HKD 28.7968 million. On January 28, it announced its first-quarter results for the fiscal year 2026, achieving a profit of HKD 65.88 million, with revenue increasing by 34% year-on-year, boosting market sentiment and attracting short-term funds to chase growth stock opportunities.
Market Trading Volume TOP10
▪ TENCENT (00700.HK) latest trading price HKD 623.50, up 0.40%, trading volume HKD 5.783 billion
▪ Alibaba-W (09988.HK) latest trading price HKD 173.20, down 0.17%, trading volume HKD 5.611 billion
▪ XIAOMI-W (01810.HK) latest trading price HKD 36.88, up 1.54%, trading volume HKD 4.279 billion
▪ ZIJIN MINING (02899.HK) latest trading price HKD 46.56, up 4.02%, trading volume HKD 3.345 billion
▪ CNOOC (00883.HK) latest trading price HKD 25.28, up 2.51%, trading volume HKD 2.562 billion
▪ SMIC (00981.HK) latest trading price HKD 77.85, down 1.83%, trading volume HKD 2.337 billion
▪ KUAISHOU-W (01024.HK) latest trading price HKD 83.55, up 1.52%, trading volume HKD 2.313 billion
▪ Ping An Insurance (02318.HK) latest trading price HKD 72.30, up 1.90%, trading volume HKD 2.443 billion
▪ Sunac China (01918.HK) latest trading price HKD 1.31, up 27.18%, trading volume HKD 2.197 billion
▪ ZIJIN GOLD INTERNATIONAL (02259.HK) latest trading price HKD 251.20, down 0.79%, trading volume HKD 1.876 billion

As of noon, the Hong Kong stock market showed mixed performance. The Hang Seng Index rose by 0.52%, reaching a new high for the period, indicating a warming market sentiment; the Hang Seng Tech Index slightly declined due to profit-taking. The retail sector performed weakly, with a clear divergence in the internet and hardware sectors. With the alleviation of difficulties, funds are focusing on domestic property stocks. The overall market is paying attention to changes in macroeconomic recovery and consumer resilience

- As of midday, Hong Kong's stock indices showed mixed results, with the Hang Seng Index rising 0.54% to 27,975.81 points, indicating improving market sentiment.  
- Notable stock movements included Sunac China surging 27.18% after its debt restructuring was approved, and Vaili Life Technology skyrocketing 103.33% due to a strong quarterly performance.  
- Investors are closely monitoring economic recovery trends, retail sales, and unemployment rates, with implications for market liquidity and risk appetite.

Market Heartbeat

TENCENT

KUAISHOU-W

BIDU-SW

BABA-W

JD-SW

MNSO

XIAOMI-W

LENOVO GROUP

LONGCHEER

Sunac China

LOGAN GROUP

COUNTRY GARDEN

SHIMAO GROUP

WELIFE TECH

ZIJIN MINING

CNOOC

Zijin Mining

Tencent Holdings Limited

Hong Kong Stock Midday Review | The Hang Seng Index Hits New Highs During Trading, Property Stocks Surge, Small-Cap Stocks Active