--- title: "\"Market Review\" Hong Kong stocks fall below 25,000; KUAISHOU-W, China Life, and POP MART face selling pressure" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/280600975.md" description: "Hong Kong stocks fell today, with the Hang Seng Index closing at 24,856 points, down 479 points or 1.9%. Some stocks, such as China Life and KUAISHOU-W, saw their prices drop after earnings announcements, while POP MART fell by 10.5%. The market is focused on the possibility of a ceasefire agreement between the United States and Iran, with the Dow Jones and Nasdaq slightly up. Northbound trading recorded a net inflow of 3.34 billion yuan, with a total transaction volume of 261.662 billion yuan" datetime: "2026-03-26T09:12:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280600975.md) - [en](https://longbridge.com/en/news/280600975.md) - [zh-HK](https://longbridge.com/zh-HK/news/280600975.md) --- > 支持的语言: [English](https://longbridge.com/en/news/280600975.md) | [繁體中文](https://longbridge.com/zh-HK/news/280600975.md) # "Market Review" Hong Kong stocks fall below 25,000; KUAISHOU-W, China Life, and POP MART face selling pressure Some stocks (including China Life (02628.HK) and KUAISHOU-W (01024.HK)) fell after announcing their earnings, leading to a decline in the Hong Kong stock market today (26th). The market is hopeful that the United States and Iran can reach a ceasefire agreement, with the Dow Jones and Nasdaq rising 0.7% and 0.8% respectively on the night of the 25th. At the time of writing, the yield on the U.S. 2-year Treasury bond rose to 3.939%, the yield on the U.S. 10-year Treasury bond rose to 4.372%, and the U.S. dollar index rose to 99.67. The latest Dow futures fell by 234 points or 0.5%, and Nasdaq futures fell by 171 points or 0.7%. The Shanghai Composite Index fell by 42 points or 1.1% to close at 3,889 points, the Shenzhen Component Index fell by 1.4%, and the total trading volume of the Shanghai and Shenzhen markets was 1.94 trillion yuan. U.S. President Trump stated that he would visit China in mid-May. Chinese Foreign Ministry spokesperson Lin Jian responded that state leader diplomacy plays an irreplaceable strategic guiding role in Sino-U.S. relations, and both sides are in communication regarding President Trump's visit to China. The Hang Seng Index opened 68 points lower and the decline expanded, dropping 542 points to a low of 24,793 points, closing down 479 points or 1.9% at 24,856 points; the Hang Seng China Enterprises Index fell by 192 points or 2.2% to close at 8,389 points; the Hang Seng Tech Index fell by 161 points or 3.3% to close at 4,761 points. The total market turnover for the day was 261.662 billion yuan. The total turnover of northbound trading was 117.155 billion yuan, while southbound funds had a net inflow of 3.34 billion yuan today (net inflow of 22.323 billion yuan on the previous trading day). POP MART (09992.HK) fell another 10.5% today to close at 77.5 yuan, with a turnover of 15.385 billion yuan. China Life fell 8.5% to close at 25.04 yuan, with Credit Lyonnais estimating that China Life incurred a loss of 13 billion yuan in the fourth quarter of last year. 【POP MART Weak, KUAISHOU Falls After Earnings】 Tencent (00700.HK) fell below the 500 yuan mark, closing down 2% at 495.6 yuan. Meituan-W (03690.HK) retraced by 3.7%. Alibaba-W (09988.HK) fell 4.6% to close at 123 yuan, Baidu-SW (09888.HK) and NetEase-S (09999.HK) fell by 2.3% and 2.6%, while JD-SW (09618.HK) rose by 1.1%. KUAISHOU faced market concerns over slowing core business growth and the impact of AI investments on profitability, with the stock dropping 14% to 45.6 yuan, marking the largest decline among blue-chip stocks. Morgan Stanley released a report stating that KUAISHOU's revenue growth in the fourth quarter of last year was 12%, exceeding their expectation by 2%, benefiting from accelerated online marketing growth. The gross merchandise volume (GMV) grew by 13%, outperforming other e-commerce platforms; AI revenue was 340 million yuan, slightly below expectations. Adjusted profit increased by 16% year-on-year, exceeding their expectations by 1%. The full-year adjusted net profit was 20.65 billion yuan, higher than previous guidance. The firm lowered its earnings per share forecast for 2026 to 2028 by 17% to 24%, and its target price was reduced by 25% from 73 Hong Kong dollars to 55 Hong Kong dollars, maintaining a "market perform" rating. Morgan Stanley noted that increasing investment in AI is common among Chinese tech stocks, but the significant slowdown in total revenue (especially online marketing) raises concerns about investment returns. The firm cited KUAISHOU's management's expectation that revenue growth will slow to 4% to 4.5% by 2026, with management still aiming to achieve overall positive free cash flow by 2026 and committed to enhancing absolute returns for shareholders The bank believes that this year's outlook is unexpectedly pessimistic. 【1,600 stocks fell, China Mobile announces results today】 Hong Kong stocks continued to weaken today, with a rise and fall ratio of 13 to 38 for main board stocks (compared to 34 to 17 yesterday), and 1,602 stocks fell (a decline of 2.9%); among the Hang Seng Index constituent stocks, 13 rose and 76 fell, with a rise and fall ratio of 14 to 84 (compared to 71 to 27 yesterday); the market recorded short selling of HKD 50.685 billion today, accounting for 21.603% of the total turnover of shortable stocks of HKD 234.618 billion (compared to 20.947% yesterday). China Mobile (00941.HK) closed flat at HKD 77.5. After the market closed, China Mobile announced last year's performance, with a net profit of RMB 137.095 billion, a year-on-year decrease of 0.9%, close to the lower limit of the comprehensive forecast from five brokerages, which estimated the net profit to be between RMB 136.138 billion and RMB 145.3 billion, with a median of RMB 144.122 billion. The basic earnings per share were RMB 6.35. The company declared a final dividend of HKD 2.52 per share (compared to HKD 2.49 for the same period last year), with a total annual dividend of HKD 5.27 per share, a year-on-year increase of 3.5%, compared to the comprehensive forecast from four brokerages, which estimated the annual dividend per share to be between RMB 4.68 and RMB 5.01; the annual dividend payout ratio was 75%. The company's operating revenue last year was nearly RMB 1.0502 trillion, a year-on-year increase of 0.9%, in line with the comprehensive forecast from five brokerages, which estimated it to be between RMB 1.0416 trillion and RMB 1.0653 trillion, with a median of RMB 1.0504 trillion. The main business revenue was RMB 895.5 billion, a year-on-year increase of 0.7%; among which, revenue from computing power services was RMB 89.8 billion, a year-on-year increase of 11.1%. Revenue from communication services was RMB 714.9 billion, a year-on-year decrease of 1%. In its earnings report, China Mobile stated that looking ahead, adjustments to the value-added tax policy for telecommunications services have brought certain impacts, and the company's development also faces some uncertainties ### 相关股票 - [POP MART (09992.HK)](https://longbridge.com/zh-CN/quote/09992.HK.md) - [KUAISHOU-W (01024.HK)](https://longbridge.com/zh-CN/quote/01024.HK.md) - [CHINA LIFE (02628.HK)](https://longbridge.com/zh-CN/quote/02628.HK.md) - [Hang Seng Index (00HSI.HK)](https://longbridge.com/zh-CN/quote/00HSI.HK.md) - [China Life (601628.CN)](https://longbridge.com/zh-CN/quote/601628.CN.md) - [CSOP HS TECH (03033.HK)](https://longbridge.com/zh-CN/quote/03033.HK.md) - [ISHARESHSI (03115.HK)](https://longbridge.com/zh-CN/quote/03115.HK.md) - [CSOP HSI ETF (03037.HK)](https://longbridge.com/zh-CN/quote/03037.HK.md) ## 相关资讯与研究 - [Pop Mart shares sink despite revenue surge, as analysts say Labubu reliance worries investors](https://longbridge.com/zh-CN/news/280487493.md) - [Boost for Pop Mart’s shares from buyback likely limited](https://longbridge.com/zh-CN/news/280724952.md) - [Pop Mart Revenue Tops 30 Billion Net Profit Surges 284%, Why Did Stock Price Plummet 15%?](https://longbridge.com/zh-CN/news/280420484.md) - [Labubu maker Pop Mart meets 2025 revenue expectations](https://longbridge.com/zh-CN/news/280414763.md) - [Pop Mart billionaire Wang Ning loses $2.7B in net worth amid slide in Labubu maker's stock](https://longbridge.com/zh-CN/news/280744669.md)