HSTENCT@EP2606B

Tencent Yuanbao Responds to AI Insult Controversy: Model Anomaly Corrected

Tencent Music (TME) to release Q4 and Full Year 2025 financial results

Expected launch of Tencent's 'Roco Kingdom: World'

Tencent shares slide intraday amid geopolitical tensions and AI concerns

Tencent leads Hong Kong stock buybacks with over HK$6.3 billion year-to-date.

Tencent shares rally intraday amid improved global AI sentiment and Nvidia earnings anticipation

Tencent Holdings sees large block trade as shares rebound intraday.

Tencent Holdings Expected to Continue Daily Share Buyback Program

Tencent to showcase real-time speech AI for games at GDC 2026.

Ping An HK Stock Connect ETF reduces Tencent holdings, remains top holding.

Tencent Video deepens AI strategy with launch of 'AI Phone Call' feature to enhance user interaction.

China Merchants CNI HK Stock Connect Technology ETF sees share growth, with Tencent as top holding.

Tencent ADR closes with significant premium, signaling potential HK market rebound.

Tencent-linked new title 'Astrobuilder' demo live during Steam Next Fest

Market expects China's NPPA to release February domestic game license approvals

Tencent Games to host Developer Summit at GDC 2026

Tencent's TiMi Montreal Studio Reportedly Closes Down

Tencent Expected to Exhibit at China Information Technology Expo (CITE) 2026

Tencent's new game 'Fate Trigger' scheduled for Early Access in Q1 2026.

Tencent Holdings expected to declare 2025 final dividend

HKC INT'L RTS

TIANBAO ENERGY

HANG YICK RTS

CHERISH SUN

SUMMI

UNI PRINTSHOP

AGTECH HOLDINGS

NE ELECTRIC

KO YO GROUP

MANY IDEA CLOUD

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On February 25th, during the Hong Kong stock market session, the three major indices showed divergent trends, with the market entering a period of consolidation. The Hang Seng Index rose by 0.43%, while the Hang Seng Tech Index slightly fell by 0.27%. In terms of sectors, HSBC Holdings surged by 3.47% due to strong performance and favorable dividends, boosting confidence in some bank stocks; the internet content and information sector showed divergence, with Tencent Holdings maintaining resilience and rising by 0.67%, while Baidu fell by 1.07% due to concerns over AI competition. Additionally, the retail sector saw a recovery in sentiment, with leading e-commerce valuations warming up

- On February 25, Hong Kong stocks showed mixed movements, with the Hang Seng Index up 0.43%, yet failing to surpass the previous peak.  
- Notable sector movements included HSBC soaring 3.47% due to strong earnings and dividends, while tech giants like Tencent rose slightly as valuations were reassessed amid AI trends.  
- Overall market focus remains on economic recovery, with investors closely monitoring retail sales and inflation trends to gauge consumer confidence.

Market Heartbeat

HSBC HOLDINGS

TENCENT

BIDU-SW

KUAISHOU-W

BABA-W

JD-SW

MNSO

XIMEI RESOURCES

Hong Kong stock market intraday | Hang Seng Index rises 0.43%, HSBC Holdings surges 3.47% after earnings, leading bank stocks

TCTZF

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513130

TCEHY

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The short selling amount in the Hong Kong stock market reached HKD 19.76 billion in half a day, accounting for 19.7% of the total shortable stock turnover of HKD 100.3 billion. The main shorted stocks include TRACKER FUND, CSOP HS TECH, HSCEI ETF, HSBC HOLDINGS, and Tencent Holdings Limited, with short selling ratios of 38.1%, 49%, 21.4%, 35.1%, and 7.8%, respectively

AASTOCKS

Tencent Holdings Limited

FI2 CSOP HSI

FL2 CSOP HSI

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Tencent

TRACKER FUND

CSOP HS TECH

FI CSOP HSI

HSCEI ETF

The short selling in Hong Kong stocks for half a day was HKD 19.76 billion, accounting for 19.7% of the total turnover of shortable stocks

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The Hang Seng Index closed at 26,789 points, up 199 points or 0.8%; the Hang Seng Tech Index reported 5,288 points, up 17 points or 0.3%. The China Enterprises Index rose 81 points or 0.9%, closing at 9,088 points. Among the actively traded blue-chip stocks, Meituan, Ping An, Tencent, and Alibaba all saw increases, with Haidilao rising more than 5%. Li Ning, Sinopharm, CHINA RES MIXC, Hengan, and MTR all reached new highs

ISHARESHSI

China Merchants SSE Consumer 80 ETF

LI NING

Hang Seng Index

CHINA RES MIXC

Hang Seng TECH ETF I

HSTECH ETF

SINOPHARM

PING AN

ChinaAMC Hang Seng Technology ETF(QDII)

Dacheng Hang Seng Technology ETF(QDII)

HAIDILAO

MEITUAN

The Half-Day Report: The Hang Seng Index closed at 26,789 points, up 199 points; the Hang Seng Tech Index closed at 5,288 points, up 17 points. HAIDILAO rose over 5%, LI NING, SINOPHARM, CHINA RES MIXC, Hengan, and MTR reached new highs

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BABA

The Hong Kong stock market opened higher in the morning, with the Hang Seng Index rising 154 points to 26,745 points, and the National Index and Hang Seng Tech Index increasing by 61 points and 45 points, respectively. Technology stocks generally rebounded, with JD.com, Alibaba, and Meituan each opening 1.2% higher, while Tencent and Baidu saw slight increases. In the automotive sector, Li Auto and XPeng opened 1.5% and 2.8% higher, respectively. Financial stocks saw HSBC opening 0.4% higher, while Standard Chartered opened 1.2% lower. Real estate stocks New World Development and Cheung Kong Holdings opened lower

XPENG-W

ALI HEALTH

JD HEALTH

Alibaba

JD.com

Guotai CSI Computer Theme ETF

CAM HS TECH

"Hong Kong Stocks" Hang Seng Index opened high at 154 points, technology stocks rebound

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XIACY

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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

XIAOMI-W

Xiaomi Corporation

POP MART

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

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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.

YUM CHINA

KNOWLEDGE ATLAS

KB LAMINATES

ADD NEW ENERGY

GIGADEVICE

NANFANG COMM

Tianhong Hang Seng TECH ETF(QDII)

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

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

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

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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

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.

DAISHOMICROLINE

MOBI DEV

PUTIAN COMM

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

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

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

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

MPNGY

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

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

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

Amazon

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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HSTENCT@EP2606B(24603.HK)

Hong Kong stock market intraday | Hang Seng Index rises 0.43%, HSBC Holdings surges 3.47% after earnings, leading bank stocks

The short selling in Hong Kong stocks for half a day was HKD 19.76 billion, accounting for 19.7% of the total turnover of shortable stocks

The Half-Day Report: The Hang Seng Index closed at 26,789 points, up 199 points; the Hang Seng Tech Index closed at 5,288 points, up 17 points. HAIDILAO rose over 5%, LI NING, SINOPHARM, CHINA RES MIXC, Hengan, and MTR reached new highs

"Hong Kong Stocks" Hang Seng Index opened high at 154 points, technology stocks rebound

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