---
title: "Hong Kong stocks closed (10.20) | The Hang Seng Index rose 2.42%, technology stocks rebounded across the board, securing large orders worth hundreds of millions, and UBTECH ROBOTICS surged nearly 10%"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/261839036.md"
description: "At the close on October 20, the Hong Kong stock market saw the Hang Seng Index rise by 2.42%, with technology stocks generally rebounding, and UBTECH ROBOTICS soaring nearly 10%. The easing of China-U.S. trade relations and a year-on-year GDP growth of 5.2% in the first three quarters provided positive signals for the market. The Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 2.45% and 3%, respectively. Blue-chip stocks such as Alibaba and NetEase performed outstandingly, with UBS upgrading the rating of Chinese technology stocks to the most attractive"
datetime: "2025-10-20T08:50:05.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/261839036.md)
  - [en](https://longbridge.com/en/news/261839036.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/261839036.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/261839036.md) | [English](https://longbridge.com/en/news/261839036.md)


# Hong Kong stocks closed (10.20) | The Hang Seng Index rose 2.42%, technology stocks rebounded across the board, securing large orders worth hundreds of millions, and UBTECH ROBOTICS surged nearly 10%

According to the Zhitong Finance APP, the China-U.S. trade relationship has shown signs of easing, and significant economic data has been released, with China's GDP growing by 5.2% year-on-year in the first three quarters. The three major indices of the Hong Kong stock market rebounded collectively, with the Hang Seng Index rising nearly 4% at one point. By the close, the Hang Seng Index was up 2.42% or 611.73 points, closing at 25,858.83 points, with a total turnover of HKD 239.161 billion; the Hang Seng China Enterprises Index rose 2.45%, closing at 9,232.67 points; the Hang Seng Tech Index rose 3%, closing at 5,933.17 points.

Cathay Securities pointed out that previous small pullbacks in the Hong Kong stock market often began with profit-taking after market rises, with the Hang Seng Index averaging a 7% decline over 11 trading days, while major pullbacks triggered by sudden events averaged a 17% decline over 53 trading days. Compared to historical small pullbacks in the Hong Kong stock market, the current adjustment has been significant, with its duration approaching the average level. Attention should be paid to positive signals such as the easing of China-U.S. relations and the implementation of domestic policies; short-term disturbances do not change the mid-term trend. With the industrial cycle on the rise and incremental capital entering the market, the bullish pattern of the Hong Kong stock market in the fourth quarter is expected to continue, with technology stocks remaining the main focus.

## **Blue Chip Performance**

Alibaba-W (09988) performed well. By the close, it was up 4.86%, closing at HKD 161.9, with a turnover of HKD 15.825 billion, contributing 113.55 points to the Hang Seng Index. Recently, Alibaba Cloud's proposed computing pooling solution "Aegaeon" was successfully selected for the top academic conference SOSP 2025. This solution addresses the common issue of GPU resource waste in AI model services, significantly improving GPU resource utilization. Its core technology has been applied in Alibaba Cloud's Bailian platform. Additionally, UBS has upgraded the rating of Chinese technology stocks to the most attractive, citing increasing confidence in the ability of leading Chinese technology companies to monetize artificial intelligence.

In other blue chip stocks, NetEase-S (09999) rose 5.18%, closing at HKD 235.4, contributing 25.26 points to the Hang Seng Index; China Petroleum & Chemical Corporation (00857) rose 5.05%, closing at HKD 7.69, contributing 12.25 points to the Hang Seng Index; Orient Overseas International (00316) fell 0.94%, closing at HKD 127, dragging down the Hang Seng Index by 0.26 points; Chow Tai Fook (01929) fell 0.79%, closing at HKD 16.39, dragging down the Hang Seng Index by 0.4 points.

## **Popular Sectors**

On the market, large technology stocks rebounded collectively, with Alibaba rising nearly 5%, and Baidu and Tencent rising over 3%. UBTECH ROBOTICS won another large order worth HKD 126 million, with its stock price soaring nearly 10%, and robotics concept stocks performed well; airline stocks continued their recent upward trend, with China Eastern Airlines rising over 9%; the domestic self-controllable process is accelerating, coupled with artificial intelligence driving the semiconductor super cycle, most chip stocks rose; gaming stocks, oil stocks, Apple concept stocks, and coal stocks all performed well. On the other hand, risk aversion eased, leading to declines in gold stocks; nuclear power and wind power stocks showed sluggish performance.

**1\. Airline stocks continue to rise.** By the close, China Eastern Airlines (00670) was up 9.78%, closing at HKD 3.93; China Southern Airlines (01055) was up 6.38%, closing at HKD 4.67; Air China (00753) was up 5.27%, closing at HKD 6.19 Zhongtai Securities believes that in the long term, the positive cycle effect of civil aviation volume and price is gradually becoming apparent. High passenger load factors combined with industry anti-involution initiatives are expected to drive ticket prices to continue to outperform expectations, making aviation investment opportunities promising. On the supply side, the growth rate of new aircraft introductions is slowing, the utilization rate of existing aircraft is gradually recovering, and the growth rate of capacity is declining year by year. On the demand side, the resilience of business travelers is expected to recover, private travel is performing well, and the silver economy will continue to develop, with aviation demand still expected to grow. On the ticket price front, under the new high passenger load factor situation, combined with the Civil Aviation Administration's strengthened price regulation, the foundation for ticket price increases is strong. In terms of macro sentiment, as the bull market progresses and economic expectations improve, business travel and tourism consumption will be boosted, and at that time, the fundamentals of airlines (ticket prices) are expected to improve, leading to better profitability.

**2\. Most chip stocks rose.** By the close, Shanghai Fudan (01385) rose 4.99% to HKD 41.64; SMIC (00981) rose 3.91% to HKD 71.8; Hua Hong Semiconductor (01347) rose 2.77% to HKD 77.9.

According to Global Network, Jensen Huang, CEO of NVIDIA, recently stated that due to U.S. export controls, the company's market share in high-end chips in China has dropped from 95% to 0%. Previously, the 2025 Bay Area Semiconductor Industry Ecological Expo opened on October 15. The wafer manufacturing exhibition area attracted many top domestic and foreign companies, including ASML, AMAT, Lam Research, Northern Huachuang, New Kylin, Shengmei, and Tuo Jing. China Merchants Securities believes that under the background of the U.S. continuing to strengthen export controls, the domestic self-controllable process is accelerating, and the expansion of advanced production lines in the country is expected to speed up in 2026, which is also expected to drive positive expectations for orders in the domestic equipment/parts sector and the process of domestic substitution.

**3\. Robotics concept stocks performed brightly.** By the close, UBTECH (09880) rose 9.77% to HKD 134.8; Sanhua Intelligent Control (02050) rose 8.46% to HKD 38.98; MicroPort Robotics-B (02252) rose 3.79% to HKD 27.42; Yuejiang (02432) rose 3.28% to HKD 49.7.

According to the WeChat public account of UBTECH, on October 16, UBTECH won the bid for the "Guangxi Embodied Intelligent Data Collection and Testing Center Equipment Procurement and Installation" project, with an order amount of 126 million yuan. So far, excluding the marathon champion-level full-size humanoid robot Tian Gong Xing Zhe jointly developed by UBTECH and Beijing Guodi, the UBTECH Walker series humanoid robots have received over 630 million yuan in orders this year. Dongfang Securities believes that with the joint promotion of leading humanoid robot companies at home and abroad, the industry is expected to enter the mass production stage next year. Looking at today from the perspective of future mass production, the firm believes that component companies with excellent manufacturing and management capabilities will benefit more.

**4\. Gaming stocks rose collectively.** By the close, Wynn Macau (01128) rose 4.44% to HKD 6.58; Sands China (01928) rose 4.37% to HKD 18.86; Melco International Development (00200) rose 4.01% to HKD 4.67; Galaxy Entertainment (00027) rose 3.19% to HKD 38.2 CICC maintains its forecast for total gaming revenue in Macau for 2025 while raising its forecast for 2026, expecting total gaming revenue to grow by 9% and 5% year-on-year in the next two years, recovering to 84% and 88% of 2019 levels, respectively. Among them, the bank expects mass gaming revenue to grow by 7% and 6% year-on-year in the next two years, recovering to 119% and 126% of 2019 levels; and expects VIP gaming revenue to grow by 19% year-on-year in 2025 and decline by 5% in 2026, recovering to 29% and 28% of 2019 levels.

**5\. Gold stocks lead the decline.** As of the close, Chifeng Jilong Gold Mining (06693) fell 6.18% to HKD 29.76; Shandong Gold (01787) fell 5.75% to HKD 35.72; Zijin Mining International (02259) fell 5.35% to HKD 139.9; Lingbao Gold (03330) fell 3.44% to HKD 18.81.

Recently, gold prices have fluctuated sharply, rapidly retreating after reaching a historical high of USD 4,379, with a maximum single-day drop of USD 194, hitting a low of USD 4,185. According to reports, on October 17, the President of Ukraine met with the President of the United States, and Zelensky expressed willingness to accept bilateral or trilateral talks, while Trump stated that the Russia-Ukraine conflict should end. Trump is set to meet with Putin in Budapest, Hungary. Additionally, on October 18, the heads of the China-U.S. economic and trade negotiation teams agreed to hold a new round of consultations as soon as possible, which is conducive to reducing short-term market risk aversion.

## **Popular Active Stocks**

**1\. Haixi New Drug (02637) listed for the first time, closing up 20.6% at HKD 104.2.**

Haixi New Drug priced its shares at HKD 86.40, issuing a total of 11.5 million shares, with a minimum trading unit of 50 shares, raising approximately HKD 940 million in net proceeds. Public information shows that Haixi New Drug is a pharmaceutical company in the commercialization stage. As of the disclosure date of the prospectus, Haixi New Drug has 15 approved generic products, covering multiple therapeutic areas, including the digestive system, cardiovascular system, endocrine system, and nervous system.

**2\. COSCO Shipping Energy (01138) hits a new high for the stage, closing up 7.91% at HKD 10.09.**

Huayuan Securities pointed out that the completion of the private placement is expected to support the company's development, focusing on the fundamentals of oil transportation and the company's strategic value. The firm believes that after the U.S. imposed port service fees on Chinese shipping companies and Chinese-built vessels, China has responded by levying "special port fees" on U.S.-related vessels. In this context, the strategic value of Chinese shipping companies like COSCO Shipping Energy is highlighted.

**3\. Leapmotor (09863) strengthened throughout the day, closing up 6.19% at HKD 59.15.** On October 20th, Leapmotor founder, chairman, and CEO Zhu Jiangming, along with company shareholder Fu Liquan, collectively purchased 3.2435 million shares of the company's H shares in the market, with an average price of HKD 63.19, totaling over HKD 200 million. As of now, Leapmotor's largest single shareholder group has cumulatively increased its holdings by approximately HKD 850 million.

**4\. Yunfeng Financial (00376) and Yao Cai Securities Financial (01428) fell against the market trend**, **by the close,** **Yunfeng Financial** **dropped** **7.69%,** **closing at HKD 4.56;** **Yao Cai Securities Financial** **fell 5.5%, closing at HKD 9.8.**

According to reports from Titanium Media, Ant Group and JD.com, among other tech companies, have suspended their plans to issue stablecoins in Hong Kong. Insiders revealed that these companies have shelved related plans after receiving instructions from regulatory agencies such as the People's Bank of China and the Cyberspace Administration of China to "not advance the project for the time being."

### 相關股票

- [Alibaba (BABA.US)](https://longbridge.com/zh-HK/quote/BABA.US.md)
- [BABA-W (09988.HK)](https://longbridge.com/zh-HK/quote/09988.HK.md)
- [UBTECH ROBOTICS (09880.HK)](https://longbridge.com/zh-HK/quote/09880.HK.md)

## 相關資訊與研究

- [Alibaba Stock: Can a Cloud-and-AI Pivot Turn Recovery Into Durability?](https://longbridge.com/zh-HK/news/280888426.md)
- [Ubtech Robotics Corp posts FY net loss attributable RMB703.2 mln](https://longbridge.com/zh-HK/news/281211181.md)
- [Ex-OpenAI's Kass: AI Is Going to Make a Lot of Winners](https://longbridge.com/zh-HK/news/281017504.md)
- [Ubtech Robotics Narrows Loss in 2025](https://longbridge.com/zh-HK/news/281187944.md)
- [Uber increases stake in WeRide as robotaxi partnership ramps up in Dubai](https://longbridge.com/zh-HK/news/281219301.md)