Hang Seng TECH ETF rose over 3%, Meituan's AI strategy catalyzes tech giants to strengthen across the board
同壁财经·- As of June 2, the Hang Seng Tech ETF reported a price of 0.671 yuan, up 3.55%, with a trading volume of 22.73 billion yuan. - Meituan's Q1 revenue reached 91 billion yuan, a 5.6% annual increase, significantly surpassing market estimates, with a net loss of 4.97 billion yuan, indicating improved financial health. - Analysts suggest that Hong Kong tech stocks are undervalued compared to their U.S. counterparts, with a potential for recovery driven by performance and valuation improvements.Alibaba, Tencent, and Baidu's stock prices plummet, with the Hang Seng Internet Index falling near the "tariff bottom" of April 2025
同壁财经·- On May 28, Hong Kong stocks faced significant losses, termed "Black Thursday," with the Hang Seng Internet ETF declining over 3%. - Major stocks such as Alibaba, Tencent, and Meituan fell between 2% and 6%, contributing to a more than 37% maximum drawdown since last October. - The softness is attributed to a focus on AI hardware over software, rising U.S. Treasury yields, and liquidity concerns regarding IPOs, although current valuations may present buying opportunities.