"Hong Kong Stocks" Hang Seng Index closed down 232 points, BYD and NIO rise, medical platform stocks decline

Negotiations between the United States and Iran over nuclear issues have yielded no results, leading the U.S. to block the Strait of Hormuz, causing oil prices to rise above $100. Hong Kong stocks fell, with the Hang Seng Index opening down 184 points and the decline widening to 384 points, hitting a low of 25,508 points, closing down 232 points or 0.9% at 25,660 points; the National Index fell 52 points or 0.6%, closing at 8,602 points; the Hang Seng Tech Index fell 38 points or 0.8%, closing at 4,822 points. The total turnover for the day dropped to HKD 207.909 billion.

In the oil sector, PetroChina (00857.HK) rose 1.6%, while energy transportation stock COSCO Shipping Energy (01138.HK) fell 4.5%. Airline stock China Eastern Airlines (00670.HK) dropped 4.3%. Cathay Pacific (00293.HK) announced a reduction in flights in response to high oil prices, with its stock price falling 2.8%. Gaming stock Melco International (00200.HK) fell 4.1%. Gold prices dropped, with retail gold stocks Chow Tai Fook (06181.HK) and Luk Fook (00590.HK) falling 4% and 3.6%, respectively. Interest rate-sensitive real estate stocks declined, with New World Development (00017.HK) down 3.2%.

The People's Daily reported that automobile production and sales in the mainland surged by 74.4% and 60.6% month-on-month in March, respectively. Looking ahead to the second quarter, the effects of policies such as "two new" will continue to be released, and the Beijing Auto Show has begun a cycle of intensive new product launches, which will help boost market enthusiasm and stimulate automobile consumption. Electric vehicle stocks BYD (01211.HK) and NIO (09866.HK) rose 4.9% and 7.5%, respectively, with NIO's Li Bin confident of achieving a 40% to 50% increase in annual delivery volume. Xiaomi (01810.HK) fell 0.8%.

The Hong Kong Monetary Authority issued the first two stablecoin issuer licenses to a joint venture led by HSBC and Standard Chartered, with HSBC Holdings (00005.HK) and Standard Chartered (02888.HK) falling 0.6% and 1.9%, respectively. Other stablecoin concepts were under pressure, with Guotai Junan International (01788.HK) down 12.9%, and ZhongAn (06060.HK) and Hashkey (03887.HK) falling 6.5% and 7.6%. In other financial stocks, Hong Kong Exchanges and Clearing (00388.HK) and AIA (01299.HK) fell 0.6% and 1.7%.

MiniMax M2.7 is globally open-source and is the first self-evolving model, with MiniMax (00100.HK) falling 3.8%. Zhizhu (02513.HK) rose 2.3%. Dippin Technology (01384.HK) and XunCe (03317.HK) surged 59.2% and 15.6%, with turnovers of HKD 3.73 billion and HKD 2.66 billion, respectively.

In other tech stocks, Tencent (00700.HK) fell 2.9%, Alibaba (09988.HK), Meituan (03690.HK), NetEase (09999.HK), and Kuaishou (01024.HK) fell between 1.3% and 1.8%, Baidu (09888.HK) fell 1.1%, JD.com (09618.HK) rose 0.8%, Dongfang Zhenxuan (01797.HK) fell 4.6%, and Kingsoft Cloud (03896.HK) rose 5.3%. Healthcare platform stocks declined, with Alibaba Health (00241.HK) and Ping An Good Doctor (01833.HK) falling 5.4% and 4.9%, respectively, and JD Health (06618.HK) down 9.4% Chip stocks SMIC (00981.HK) and Hua Hong (01347.HK) fell by 1.9% and 3.2%, while Tianji Zhixin (09903.HK) surged by 12.6%. Mobile component stock Lens Technology (06613.HK) dropped by 3.7%, and fiber optic stock Yangtze Optical Fibre and Cable (06869.HK) fell by 3.4%, with a turnover exceeding HKD 5.8 billion. Pharmaceutical stocks Weigao (01066.HK) and Heng Rui (01276.HK) declined by 3.8% and 4.1%, while Junshi Biosciences (01877.HK) rose by 6.1%