--- title: "The Market Review: The Hang Seng Index continues to decline, with northbound capital flowing out 21 billion; Alibaba and Xiaomi face selling pressure" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/279920378.md" description: "The Hang Seng Index continued to decline today, closing down 223 points at 25,277 points, while the National Index and the Hang Seng Tech Index fell by 121 points and 123 points, respectively. Alibaba and Xiaomi's stock prices were under pressure, with Alibaba's stock price dropping 6.3% to HKD 123.7, due to its third fiscal quarter results falling far short of expectations. Southbound funds had a net outflow of HKD 21 billion today, marking the second highest in history. U.S. stocks and oil prices also experienced fluctuations, with overall market sentiment being low" datetime: "2026-03-20T09:32:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279920378.md) - [en](https://longbridge.com/en/news/279920378.md) - [zh-HK](https://longbridge.com/zh-HK/news/279920378.md) --- > 支持的语言: [English](https://longbridge.com/en/news/279920378.md) | [繁體中文](https://longbridge.com/zh-HK/news/279920378.md) # The Market Review: The Hang Seng Index continues to decline, with northbound capital flowing out 21 billion; Alibaba and Xiaomi face selling pressure Alibaba-W (09988.HK) and Xiaomi-W (01810.HK) stock prices were under pressure, with the Hong Kong stock market declining today (20th). Israel claims to have suspended attacks on Iranian energy facilities, leading to a retreat in oil prices. The Dow Jones and Nasdaq fell by 0.4% and 0.3% respectively on the night of the 19th. At the time of writing, the yield on the US 2-year Treasury bond fell to 3.826%, and the yield on the US 10-year Treasury bond fell to 4.277%, while the US dollar index rose to 99.34. Dow futures were up 60 points or 0.13%, while Nasdaq futures were down 17 points or 0.07%. The Shanghai Composite Index fell by 49 points or 1.2% to close at 3,957 points, the Shenzhen Component Index fell by 0.25%, and the ChiNext Index rose by 1.3%, with a total transaction volume of nearly 2.29 trillion yuan in the Shanghai and Shenzhen markets. The Hang Seng Index opened down 163 points, initially rising 63 points to 25,563 points before declining again, with the loss expanding to 379 points to close at 25,121 points, down 223 points or 0.9% for the day; the Hang Seng China Enterprises Index fell by 121 points or 1.4% to close at 8,574 points; the Hang Seng Tech Index fell by 123 points or 2.5% to close at 4,872 points. The FTSE index changed its constituent stocks after the market closed, with a total transaction volume of 342.518 billion yuan for the day. The total transaction volume of northbound trading was 139.271 billion yuan, while southbound funds saw a net outflow of 21.005 billion yuan today (after a net inflow of 26.19 billion yuan on the previous trading day), marking the second-highest net outflow amount in history. The Tracker Fund of Hong Kong (02800.HK) fell by 0.8% to close at 25.56 yuan, with a transaction volume of 35.014 billion yuan. The Hang Seng Index has cumulatively fallen by 188 points or 0.7% this week, marking three consecutive weeks of decline; the Hang Seng China Enterprises Index has cumulatively fallen by 97 points or 1.1% this week, and the Hang Seng Tech Index has cumulatively fallen by 105 points or 2.1%, while southbound funds have seen a net outflow of 6.329 billion yuan this week. 【Alibaba's Post-Earnings Drop and Xiaomi's Selling Pressure】 Alibaba announced yesterday that its non-GAAP net profit for the third fiscal quarter fell by 67%, significantly missing expectations, leading to a 6.3% drop in its stock price to close at 123.7 yuan, with a transaction volume of 25.68 billion yuan. CICC released a report stating that Alibaba's revenue for the third quarter of fiscal year 2026, which corresponds to the fourth quarter of last year, increased by 1.7% year-on-year to 284.8 billion yuan. After excluding the impact of asset off-balance sheet, the comparable revenue increased by 9% year-on-year, which was below expectations due to poor performance in both Chinese and international e-commerce; adjusted EBITA fell by 57.3% year-on-year to 23.4 billion yuan, mainly due to investments in Taobao Flash Sales and e-commerce drag. Cloud revenue accelerated, and T-head began mass production. Both Chinese and overseas e-commerce are under pressure, with quarterly losses from Flash Sales UE decreasing. The firm lowered its revenue forecasts for fiscal years 2026 and 2027 by 1% each to 1,033 billion yuan and 1,187.5 billion yuan, due to weak e-commerce performance; it also cut its non-GAAP net profit forecasts for fiscal years 2026 and 2027 by 15% and 27% respectively to 80.7 billion yuan and 98.3 billion yuan, due to increased investments in AI and Flash Sales. The target price for Hong Kong stocks was lowered by 13% to HKD 172, maintaining an "outperform" rating. Xiaomi announced that the price of its new generation SU7 was reduced by 6,000 yuan from the pre-sale price to 10,000 yuan, and announced an investment of over 60 billion yuan in AI over the next three years. Xiaomi's stock price fell by 8.6% to close at 33.2 yuan. Citigroup released a report stating that the price of Xiaomi's new model SU7 is 219,900 yuan, which is nearly 8% lower than the price of Tesla's Model 3, and within 34 minutes of its launch, SU7 orders reached 15,000 The bank stated that considering more giveaways and rising component costs, the gross margin of the SU7 may be lower than that of the initially launched SU7. Xiaomi is offering a discount of 20,000 RMB and will deliver the cars within 5 weeks. 【Stocks Decline with 1,400 Falling, Ningde is Popular】 Hong Kong stocks continued to weaken today, with a rise and fall ratio of 17 to 34 for main board stocks (previous day 11 to 41), and 1,412 stocks fell (down 2.7%); today, 29 constituent stocks of the Hang Seng Index rose, while 60 fell, with a rise and fall ratio of 32 to 67 (previous day 14 to 86). It is rumored that Elon Musk's team is making large-scale purchases of domestic photovoltaic equipment, and the concepts of energy storage and environmental protection are being hyped. Ningde (03750.HK) and Zhongchuang Xinhang (03931.HK) rose by 8.4% and 5.2%, respectively, while Hongteng (06088.HK) rose by 7.4%. 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