BPTENCT@EP2607A

China's 'Two Sessions' to open on March 4 and 5, focusing on macroeconomics and industry policies.

Tencent ADRs face pressure at US open following HK drop and AI product news.

Tencent and Alibaba Co-lead New Funding Round for Moonshot AI, Valuation Tops $10 Billion

Tencent tops Southbound Stock Connect trading volume but sees slight net outflow.

Tencent Holdings tops software service sector short selling list on Feb 24.

Tencent-backed Moonshot AI hits $10B valuation as Kimi model revenue surges.

Tencent reportedly plans to add UGC mode to Honor of Kings to compete with Roblox.

Game Developers Conference (GDC) 2026 to Begin in San Francisco

Focus Entertainment, backed by Tencent, to release John Carpenter's Toxic Commando on March 12.

Tencent launches new AI product "GameBoss"

Tencent Holdings records large block sell trade as stock weakness persists in late afternoon.

Tencent Holdings sees large block buy trade indicating late-session institutional activity.

Tencent records bearish block trade as shares drop over 3.6%

Tencent Records Large Block Trade as Share Price Dips to HK$518

WeChat Payment Transaction Data Continues to Rise During the Spring Festival

Tencent to participate in Pocket Gamer Connects Summit in San Francisco

Activision to shut down Call of Duty: Warzone Mobile servers in April, favoring Tencent's CoD Mobile

Tencent Holdings is expected to announce latest share buyback after market close.

UBS Report: AI Agent Adoption to Accelerate, Favoring Tencent and Peers

Tencent shares drop over 3% in early trading amid US market weakness and tariff concerns

DAISHOMICROLINE

PUTIAN COMM

MOBI DEV

NANFANG COMM

ADD NEW ENERGY

ELIFE HLDGS

SIWI SCI & TECH

DTXS SILK ROAD

SANDMARTIN INTL

HAO BAI INTL

TCEHY

01810

XIACY

00700

03690

09992

513130

03033

The net inflow of the Hong Kong Stock Connect Southbound Hang Seng Technology is HKD 1.585 billion, with Meituan and Xiaomi Group seeing net inflows of HKD 687 million and HKD 438 million, respectively. In terms of net outflows, POP MART, CNOOC, and Tencent experienced net outflows of HKD 205 million, HKD 99.9 million, and HKD 86.77 million, respectively. For the Hong Kong Stock Connect (Shanghai), Tencent had a net inflow of HKD 393 million, while SMIC had a net outflow of HKD 121 million; for the Hong Kong Stock Connect (Shenzhen), the Southbound Hang Seng Technology saw a net inflow of HKD 1.327 billion, while Tencent had a net outflow of HKD 480 million. Overall, the total net outflow for the day was HKD 0, with a total transaction amount of HKD 108.443 billion, accounting for 43.21% of the total market transaction amount

AASTOCKS

Tencent

XIAOMI-W

Xiaomi Corporation

TENCENT

MEITUAN

POP MART

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

CSOP HS TECH

Net inflow of HKD 1.585 billion for Southbound Stock Connect Hang Seng Technology

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09888

09988

09987

02513

01888

On February 24th, Hong Kong stocks closed with all three major indices significantly retreating, with the Hang Seng Index down 1.82% and the Hang Seng Technology Index down 2.13%. Dragged down by the adjustment in U.S. stocks and macroeconomic concerns, the technology and catering sectors saw widespread declines, with Meituan down 4.24% and Tencent Holdings down 3.35%. Despite the weak market, KNOWLEDGE ATLAS surged against the trend, driven by positive news from AI model breakthroughs, rising 12.14%, while YUM CHINA increased by 2.55% due to strong earnings reports. Market sentiment has turned cautious, facing short-term profit-taking pressure

- On February 24, Hong Kong stocks faced a significant retreat, with major indices, including the Hang Seng Index, falling by 1.82% after reaching a high phase.  
- The declines were attributed to profit-taking pressures and cautious market sentiment, particularly affecting the tech and retail sectors.  
- Investors are closely monitoring macroeconomic indicators, including retail sales and import-export data, to assess the sustainability of local consumption and external demand recovery.

Market Heartbeat

KUAISHOU-W

BIDU-SW

BABA-W

MNSO

JD-SW

HAIDILAO

YUM CHINA

KNOWLEDGE ATLAS

KB LAMINATES

GIGADEVICE

Tianhong Hang Seng TECH ETF(QDII)

HSTECH ETF

ChinaAMC Hang Seng Technology ETF(QDII)

Hang Seng TECH ETF I

Hong Kong Stock Market Closing | The Hang Seng Index fell 1.82%, technology and restaurant stocks were under pressure, while KNOWLEDGE ATLAS surged 12.14%

STECH

07500

The Hang Seng Index closed at 26,590 points, down 491 points or 1.8%. The Hang Seng TECH Index reported 5,270 points, down 114 points or 2.1%. The total market turnover was HKD 250.992 billion. Major stocks such as Meituan, Ping An, and Tencent all experienced declines, with drops exceeding 3%. Stocks like WH Group, Henderson Land, Cheung Kong, and MTR Corporation reached new highs, with active trading

Hang Seng TECH Index

FI2 CSOP HSI

According to the "All-Day Express," the Hang Seng Index fell by 491 points; the Hang Seng TECH Index dropped by 114 points. Meituan fell over 4%, Ping An fell over 4%, and Tencent fell over 3%. WH Group, Henderson Land, Cheung Kong Infrastructure, MTR Corporation, and Sinopharm reached new highs with active trading

512980

159805

CSSW传媒

TCTZF

BIDU

According to a research report by Zhejiang Securities, by 2025, the playback volume of Douyin comic dramas will exceed 70 billion, with the market size surpassing 20 billion yuan. With AI empowerment, the production process will be shortened by one-third, efficiency will increase by 80%, and costs will be reduced by more than 70%. At the same time, the window for AI comic dramas to go overseas has opened, short dramas have validated payment, and the supply of comic dramas remains scarce. As major players rush to enter the market, AI comic dramas are transitioning from short drama edge experiments to a new round of phenomenal opportunities, moving from paid to free and from single revenue sharing to full IP monetization

- AI is industrializing content production, with AI comic dramas emerging as a significant segment expected to yield substantial commercial opportunities.  
- Reports indicate that platforms like Douyin will launch over 60,000 comic dramas by 2025, generating views exceeding 70 billion and a market size surpassing 20 billion yuan.  
- The commercialization of comic dramas is evolving towards multi-layer monetization driven by IP, while global market statistics show a significant surge in overseas short drama downloads, highlighting a growing demand for new content avenues.

Wallstreetcn

GF Fund CSI Media ETF

Penghua CSI Media ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

Tencent Holdings Limited

ChinaAMC CSI Cultural Entertainment Media ETF

Guotai CSI Movies Theme ETF

Yinhua CSI Movies Theme ETF

Baidu

ChinaAMC CSI Animation Game ETF

Guotai CSI Animation Game ETF

AI reconstructing the content industry + overseas monetization verification, will comic dramas be the strongest trend in 2026?

On February 24, 2026, Beijing time, the Hong Kong stock market collectively weakened in the afternoon, with all three major indices adjusting high and falling more than 2%. The Hang Seng Tech Index led the decline, dragged down by a pullback in AI themes. Technology stocks generally fell, with major stocks such as Tencent Holdings, Alibaba, and Meituan showing weak performance. Funds shifted towards defensive stocks and individual stock speculation, with Aito rising sharply against the trend due to positive acquisition news. On the macro level, the market is closely monitoring liquidity and the recovery of local consumption data, with investment sentiment leaning towards caution

- The Hong Kong stock market experienced a significant downturn, with major indices falling over 2% led by the Hang Seng Index which dropped 2.01%.  
- Key sectors such as internet and retail reflected negative sentiment, influenced by a retreat in AI stocks, highlighting a broader market adjustment.  
- Notable individual stock movements included significant increases for certain companies while others like Tencent and Alibaba faced declines amid increased market caution.

Hong Kong stocks intraday | Hang Seng Index fell 2.3%, Meituan dropped 4.59%, Aide New Energy surged 30.28%

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The short selling amount in the Hong Kong stock market reached HKD 20.91 billion in the half-day session, accounting for 18.8% of the total shortable stock turnover of HKD 111.23 billion. The previous day was 23%. The main shorted stocks include CSOP HS TECH with a short selling ratio of 36.5% and a short selling amount of HKD 1.69 billion; TRACKER FUND with a short selling ratio of 21% and a short selling amount of HKD 1 billion; MEITUAN-W with a short selling ratio of 32.7% and a short selling amount of HKD 980 million; TENCENT with a short selling ratio of 9.7% and a short selling amount of HKD 850 million; and China Ping An with a short selling ratio of 42.2% and a short selling amount of HKD 730 million

TRACKER FUND

The short selling in Hong Kong stocks for half a day reached HKD 20.91 billion, accounting for 18.8% of the total turnover of shortable stocks

On February 24th, the Hong Kong stock market's midday review showed a collective pullback in the morning session, with the three major indices experiencing a unilateral adjustment. The Hang Seng Index fell by 1.93%, and the Hang Seng TECH Index dropped by 2.36%, leading the market decline. Risk aversion sentiment increased, causing technology heavyweight stocks to weaken across the board, with Meituan -W down 4.76%, leading the blue-chip decline, and Tencent Holdings down 3.44%. The internet, retail, and catering sectors were generally under pressure, but YUM CHINA rose 1.98 against the trend. In terms of individual stocks, KNOWLEDGE ATLAS surged by 20.89%, and KB LAMINATES rose by 11.09, driven by positive earnings expectations. Market focus has shifted to macroeconomic data and liquidity in the capital market

- On February 24, Hong Kong's stock market showed a notable downturn with the Hang Seng Index closing at 26,560.57, down 1.93%. 
- Sector performance was broadly negative, particularly in technology and retail, with major companies like Tencent and Alibaba seeing significant declines amid rising risk aversion and concerns over macroeconomic conditions. 
- Investors are closely monitoring economic indicators such as retail sales and unemployment to gauge the recovery potential of the Hong Kong economy.

Shandong Molong

KINGBOARD HLDG

Meituan

FL2 CSOP HSI

FI CSOP HSI

Hang Seng Index

Hong Kong Stock Midday Review | Hang Seng Index fell 1.93%, KNOWLEDGE ATLAS surged 20.89%, Meituan dropped 4.76%

MPNGY

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07200

The Hang Seng Index closed at 26,558 points, down 523 points or 1.9%; the Hang Seng Technology Index reported 5,258 points, down 127 points or 2.4%. Major stocks such as Meituan, Ping An, and Tencent all experienced declines, with Meituan down 4.8%, Ping An down 4.2%, and Tencent down 3.4%. Some stocks like WH Group, Hang Lung Properties, Cheung Kong Infrastructure, Sinopharm, and Kwan Hung Laminates reached new highs

PING AN

WH GROUP

China Southern Hang Seng ETF

ChinaAMC Hang Seng ETF

The Half-Day Report: The Hang Seng Index fell by 523 points; the Hang Seng Technology Index dropped by 127 points. Meituan fell over 4%, Ping An fell over 4%, Tencent fell over 3%. WH Group, Henderson Land, Cheung Kong Infrastructure, Sinopharm, and Kwan Hung International Holdings reached new highs

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On February 24th, during the Hong Kong stock market, the three major indices collectively weakened, with the Hang Seng Tech Index leading the decline, down 2.26%. The internet and retail sectors were under pressure, and market risk aversion increased, with Tencent Holdings falling 3.16% and Alibaba dropping 2.50%. The communication equipment sector showed mixed performance, with YOFC rising against the trend by 3.84%. In terms of individual stocks, KNOWLEDGE ATLAS surged 13.57% due to the release of its flagship model, while Jiantao's laminated board rose 11.19% on positive earnings expectations. Investors are closely watching Hong Kong's retail and unemployment rate data

- On February 24, Hong Kong stocks experienced a decline as profit-taking pressures emerged after reaching recent highs, with the Hang Seng Index down 1.65% at 26,634.12 points.  
- Notable declines were observed in the tech sector, led by Tencent, Kuaishou, and Meitu, while the retail sector also suffered due to external market influences.  
- Investors are closely monitoring economic indicators such as retail sales and unemployment rates to gauge local consumer recovery, impacting market momentum and liquidity expectations.

MEITU

BYD ELECTRONIC

SHANDONG MOLONG

YOFC

Hong Kong stock market intraday | The Hang Seng Index fell 1.65%, the Tech Index fell 2.26% leading the decline, KNOWLEDGE ATLAS surged 13.57%, YOFC strengthened against the trend

NPSNY

Wall Street Zen downgraded Naspers (OTCMKTS:NPSNY) from a "buy" to a "hold" rating. Other analysts have mixed views, with Zacks upgrading it to "hold" and Barclays maintaining an "overweight" rating. Currently, Naspers has an average rating of "Buy". The stock traded at $11.42, with a 52-week range of $8.34 to $15.15. Naspers is a South African multinational focused on internet and technology investments, notably known for its early investment in Tencent.

- Analysts at Wall Street Zen downgraded Naspers from a "buy" to a "hold" rating, while Zacks Research upgraded it from a "strong sell" to a "hold."  
- The company's stock performance shows a trading price of $11.42 with a debt-to-equity ratio of 0.30, and it has a 52-week range between $8.34 and $15.15.  
- Naspers, a South African multinational, has transitioned from traditional publishing to technology investments, significantly benefiting from its early investment in Tencent.

Market Beat

Naspers

Naspers (OTCMKTS:NPSNY) Lowered to Hold Rating by Wall Street Zen

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Hong Kong stocks opened lower this morning, with the Hang Seng Index down 168 points to 26,913 points, and the National Index and Hang Seng Tech Index also opening lower by 67 points and 55 points, respectively. Technology stocks generally declined, with Tencent, Meituan, and JD.com opening down 0.6% to 0.9%, while Kuaishou, Baidu, and Alibaba opened down 1.5% to 1.6%. In the financial sector, HSBC opened down 1.2%, while domestic bank stocks generally opened down 1.1% to 1.4%, and AIA rose 1.5% against the trend

HSBC HOLDINGS

"Hong Kong Stocks" Hang Seng Index opened 168 points lower, domestic banks and insurers weakened, AIA rose against the trend

SBUX

HEYTEA

The data report for the Lunar New Year 2026 released by the Tencent WeChat team shows that the number of transactions in Hong Kong and Macau increased by 24% and 39%, respectively. Offline transactions in travel and lifestyle entertainment both grew by over 20%. The transaction amount of mini-programs during the Hong Kong Spring Festival increased by over 70%, with daily active users of mini-programs such as HEYTEA, Mixue Ice City, and Starbucks growing by about 40%. The number of Hong Kong residents traveling to the mainland for medical consumption increased by 117%, indicating a new trend in health consumption

Starbucks

The number of transactions on WeChat during the Lunar New Year in Hong Kong increased by 24% year-on-year, and the transaction volume of mini-programs rose by over 70%

02828

The short selling amount in the Hong Kong stock market reached HKD 17.26 billion in the first half of the day, accounting for 21.6% of the total shortable stock trading volume of HKD 79.72 billion. The previous day was 29%. Major shorted stocks include: TRACKER FUND with a short selling ratio of 25.8% and a short selling amount of HKD 1.64 billion; CSOP HS TECH with a short selling ratio of 40.8% and a short selling amount of HKD 1.45 billion; MEITUAN-W with a short selling ratio of 37.6% and a short selling amount of HKD 1.35 billion; HSCEI ETF with a short selling ratio of 18.2% and a short selling amount of HKD 820 million; TENCENT with a short selling ratio of 11.4% and a short selling amount of HKD 780 million

HSCEI ETF

The short selling in Hong Kong stocks for half a day was HKD 17.26 billion, accounting for 21.6% of the total turnover of shortable shares

Unity

Conference Minutes

Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Unity Software(U.US). For our earnings review, see '30% Overnight Plunge: Who Crushed Unity?'. I. Key financials recap. Q4 2025 results. Revenue $503mn (+2% YoY); Adj. EPS $0.24 (vs. Street $0.21). Adj. EBITDA $125mn (margin 25%); FCF $119mn...

Unity Software

Opendoor Tech

Opendoor Tech Series A - CW26

Opendoor Tech Series K - CW26

Opendoor Tech Series Z - CW26

TENCENT-R

Tencent HK SDR 10to1

Unity (Trans): Vector up 70% YoY in Jan.

30-40% upside potential. Mainly driven by AI, gaming, advertising growth. A great giant ETF company🤣. Too expensive to buy and hold for retail investor.

2026 Resolution-Trade like professional . Do not FOMO. Keep more cash.

Fattycat

BABA Diamond Holder

BABA Return Rate

我想问真观点

What is Tencent's upside potential?

KC1028

This Lunar New Year, China’s tech giants kicked off a new round of AI wars.Alibaba launched a ¥3B “Spring Festival Treat” campaign, driving 10 million free milk tea orders in 9 hours across its platforms. Tencent invested ¥1B into WeChat’s “Yuanbao” AI red packets to deepen engagement.ByteDance took another path — its Dream platform released Seedance 2.0, a video AI model that boosts usable output for short clips to over 90%, far above the ~20% industry average.Beyond subsidies, this battle is about who can truly integrate AI into daily life. The holiday rush helps shape habits, gather data, and train models — all aiming to become the go-to “AI ask” gateway.The winner won’t just get traffic, but could define the super-app of the AI era.So — who’s your pick? Alibaba’s commerce, Tencent’s social grip, or ByteDance’s tech edge?$Alibaba(BABA.US)$BABA-W(09988.HK)$BABA-WR(89988.HK)$Tencent(TCEHY.US)$TENCENT(00700.HK)

Yuanbao

The Battle for the AI Gateway: Who Wins?This Lunar New Year, China's tech giants unleashed a new wave of AI application wars. Alibaba's &#34;Spring Festival Treat&#34; campaign, backed by ¥3B, offered deals across e-commerce and local services, logging 10 million free milk tea orders in 9 hours. Tencent doubled down on its WeChat ecosystem, investing ¥1B into its &#34;Yuanbao&#34; AI red packet feature to boost engagement.ByteDance played a different card. Its Dream platform launched Seedance 2.0, a new video AI model. A key breakthrough: it boosted the usable output rate for 15-second clips to over 90%, far above the ~20% industry average, slashing generation costs.Beyond subsidies, this battle tests real AI integration and ecosystem strength. The holiday season is a prime testing ground to shape user habits, collect data, and train models—all fighting to become users' first-choice &#34;AI ask&#34; portal.The stakes? It's not just about traffic. It's about defining the super-app gateway for the AI era, which will ripple across the entire investment landscape.So, who's your pick for the ultimate AI gateway? Alibaba with its commerce power, Tencent with its social lock-in, or ByteDance with its tech edge?

Today’s Key News Recap

Feb 6 | Dolphin Research focus: 🐬 Stock 1, $BABA-W(09988.HK) Alibaba's Qwen app launched a 'Spring Festival RMB 3bn free-order' campaign today. The first wave centers on AI one-line prompts to order milk tea for free.Notably, WeChat further blocked today the promo passwords for red-envelope campaigns run by both Alibaba Qwen and Tencent Yuanbao. As a result, those keywords can no longer be copied or recognized in private or group chats.The move aims to protect WeChat's platform ecosystem and curb over-marketing that disrupts user experience. It also helps defend its social-traffic moat...

BABA-WR

Alibaba

Amazon

Roblox

LI AUTO-W

Li Auto

DingDong

XPENG-W

XPeng

NIO-SW

NIO Inc. USD OV

NIO Inc

Alibaba HK SDR 5to1

MEITUAN-WR

Meituan HK SDR 5to1

Alibaba Qwen's Lunar New Year free-order promo was blocked by WeChat; Nio surged after its first-ever quarterly profit | Daily News Recap

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Below is Dolphin Research's Trans on $Roblox(RBLX.US) Q4 2025 earnings call. Title: 'Software Slump? RBLX: Closed-Loop Ecosystem; Genie Won't Disrupt It'.I. Key earnings recap. 1) Q4 2025 results: revenue of $1.4bn (+43% YoY); bookings of $2.2bn (+63% YoY); DAUs +69% YoY.Engagement reached 35bn hours (+88% YoY). Monthly paying users: nearly 37 mn...

Genius Sports

RBLX (Trans): GenAI won't solve 3D online multiplayer issues

Current rate of return reached top 10% of users
Calculated based on  your Longbridge (Singapore) A/C

Rate Of Return

Good Morning..Year of the Horse riding into 2026, watching Tencent HK0700 closely. Drop almost 4% yesterday, hoping to make an entry @ 500 or lower.

Feb 4 | Dolphin Research Focus: 🐬 Macro/Industry — Anthropic launched a productivity tool for in-house counsel, integrated into the Claude suite. It automates contract review, NDA triage, legal-brief drafting, and templated responses, and can be tailored to a company's risk appetite. The company emphasized it is assistive only and should be used after review by a licensed attorney.On the headline, legal software and data-service stocks plunged. Sentiment quickly spread to broader software names, triggering a market selloff...

NVIDIA

Uber Tech

New AI tools trigger software selloff; WeChat cracks down on Yuanbao violating links | Daily News Recap

BPTENCT@EP2607A(24210.HK)

Net inflow of HKD 1.585 billion for Southbound Stock Connect Hang Seng Technology

Hong Kong Stock Market Closing | The Hang Seng Index fell 1.82%, technology and restaurant stocks were under pressure, while KNOWLEDGE ATLAS surged 12.14%

AI reconstructing the content industry + overseas monetization verification, will comic dramas be the strongest trend in 2026?

Hong Kong stocks intraday | Hang Seng Index fell 2.3%, Meituan dropped 4.59%, Aide New Energy surged 30.28%