[ET Net News Agency, 03 June 2026] Yesterday, the surge in ATM led Hong Kong stocks to break through 26,000, breaking several major moving averages in a row. However, the HSI saw a technical adjustment at the opening today, losing 26,000. During the session, Tencent (00700) threw cold water on the market regarding its WeChat AI functions, causing tech stocks to pull back significantly, which dragged the HSI's midday loss to widen to 438 points or 1.7%, closing at 25,599 for the half-day, consecutively falling below the 20-day moving average (around 25,849), 50-day moving average (around 25,725) and 250-day moving average (around 25,685). The Hang Seng China Enterprises Index reported 8,579, down 183 points or 2.1%. The Hang Seng Tech Index reported 5,076, down 122 points or 2.4%. Main board turnover neared HKD 169.8 billion.
"Jaseper Tsang: Hong Kong stocks must defend the bull-bear line if they want to stabilise"
Recently, news about US stocks has been continuous. NVIDIA CEO Jensen Huang brought several heavyweight announcements at the GTC Taipei conference, including the launch of the AI chip RTX Spark to enter the PC market, driving NVIDIA to become the focus of capital once again; coupled with the upcoming SpaceX IPO, the three major US stock indexes continued to refresh record closing highs yesterday. Although Hong Kong stocks rebounded by about 2.5% at the close yesterday, they have already given back about 1.6% in the half-day today. Jaseper Tsang, Vice-Chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators Limited, told ET Net News Agency that the current capital flow still maintains a pattern of "US stocks prioritised, followed by Japanese and Korea stock markets." Capital is mainly focused on US tech hardware stocks, while the scale of Hong Kong chip stocks is still relatively insufficient to attract capital inflows, dragging down capital inflows into the broader market. Tsang estimates that if the HSI cannot hold the bull-bear line at the close, it will continue to maintain a volatile downward trend.
In addition, downstream stocks such as Knowledge Atlas (02513) and MiniMax (00100) had already accumulated large gains earlier, and the market generally holds a mentality of "not chasing highs". Tsang also mentioned that the lock-up periods for cornerstone investors of several semi-new stocks have expired one after another recently, increasing market wariness and causing capital to take a cautious attitude towards the broader market.
Yesterday, traditional tech stocks saw a rebound from low levels. For instance, Tencent (00700) rose over 10% yesterday, and Meituan (03690) rose over 9%, but they have already pulled back in the half-day today. Tsang expressed that although several tech giants welcomed a rebound yesterday, the market remains worried about their prospects. He mentioned that although Tencent's stock price was pushed up by news of the WeChat AI assistant, its current AI development still lags behind its peers, and there are concerns that its capital investment is insufficient to support AI business development, making the market hold back.
"Li Ning's signing of Curry as spokesperson is the right route"
Recently, Li Ning (02331) announced the signing of NBA superstar Stephen Curry to fully cooperate in developing his personal brand. Li Ning's stock price once surged over 7% yesterday, but it had already reversed to a loss by yesterday's close, and plummeted a further 6% in the half-day this morning. Tsang stated that although the market has concerns that Curry is older and the marginal effect of his endorsement may gradually weaken, in terms of commercial strategy, using an international sports superstar as a spokesperson to enter the basketball field is the right route. Coupled with Li Ning's large potential consumer coverage, and its ability to maintain ideal product pricing and high gross profit margins, there is still support in the long run.
In terms of price, at the current price-to-earnings ratio of 12 to 13 times, Li Ning's stock price becomes attractive when it pulls back to HKD 16.5. However, since the sports sector attracts less capital, and the consumer category is dragged down by consumption downgrading in Mainland China, it remains difficult to maintain good expectations for future sales data. Tsang expressed that there is no rush to deploy Li Ning at present, and one can wait for a clear improvement in the sales prospects in Mainland China before considering entering the market.
"Jaseper Tsang: Hong Kong stocks must defend the bull-bear line if they want to stabilise"
Recently, news about US stocks has been continuous. NVIDIA CEO Jensen Huang brought several heavyweight announcements at the GTC Taipei conference, including the launch of the AI chip RTX Spark to enter the PC market, driving NVIDIA to become the focus of capital once again; coupled with the upcoming SpaceX IPO, the three major US stock indexes continued to refresh record closing highs yesterday. Although Hong Kong stocks rebounded by about 2.5% at the close yesterday, they have already given back about 1.6% in the half-day today. Jaseper Tsang, Vice-Chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators Limited, told ET Net News Agency that the current capital flow still maintains a pattern of "US stocks prioritised, followed by Japanese and Korea stock markets." Capital is mainly focused on US tech hardware stocks, while the scale of Hong Kong chip stocks is still relatively insufficient to attract capital inflows, dragging down capital inflows into the broader market. Tsang estimates that if the HSI cannot hold the bull-bear line at the close, it will continue to maintain a volatile downward trend.
In addition, downstream stocks such as Knowledge Atlas (02513) and MiniMax (00100) had already accumulated large gains earlier, and the market generally holds a mentality of "not chasing highs". Tsang also mentioned that the lock-up periods for cornerstone investors of several semi-new stocks have expired one after another recently, increasing market wariness and causing capital to take a cautious attitude towards the broader market.
Yesterday, traditional tech stocks saw a rebound from low levels. For instance, Tencent (00700) rose over 10% yesterday, and Meituan (03690) rose over 9%, but they have already pulled back in the half-day today. Tsang expressed that although several tech giants welcomed a rebound yesterday, the market remains worried about their prospects. He mentioned that although Tencent's stock price was pushed up by news of the WeChat AI assistant, its current AI development still lags behind its peers, and there are concerns that its capital investment is insufficient to support AI business development, making the market hold back.
"Li Ning's signing of Curry as spokesperson is the right route"
Recently, Li Ning (02331) announced the signing of NBA superstar Stephen Curry to fully cooperate in developing his personal brand. Li Ning's stock price once surged over 7% yesterday, but it had already reversed to a loss by yesterday's close, and plummeted a further 6% in the half-day this morning. Tsang stated that although the market has concerns that Curry is older and the marginal effect of his endorsement may gradually weaken, in terms of commercial strategy, using an international sports superstar as a spokesperson to enter the basketball field is the right route. Coupled with Li Ning's large potential consumer coverage, and its ability to maintain ideal product pricing and high gross profit margins, there is still support in the long run.
In terms of price, at the current price-to-earnings ratio of 12 to 13 times, Li Ning's stock price becomes attractive when it pulls back to HKD 16.5. However, since the sports sector attracts less capital, and the consumer category is dragged down by consumption downgrading in Mainland China, it remains difficult to maintain good expectations for future sales data. Tsang expressed that there is no rush to deploy Li Ning at present, and one can wait for a clear improvement in the sales prospects in Mainland China before considering entering the market.
