[ET Net News Agency, 13 April 2026] The weekend's direct talks between the US and Iran in Pakistan failed to reach an agreement due to key differences over nuclear issues and other matters. US President Donald Trump immediately announced a total blockade of the Strait of Hormuz by the US military, paralysing maritime traffic at Iranian ports, which caused oil prices to soar. The collapse of China-US negotiations was not entirely unexpected by the market; however, Japanese and Korea stock markets fell by approximately 1%. Hong Kong stocks recorded a similar decline in the morning session, with the HSI reporting 25,587 at midday, down 306 points or 1.2%, with Main Board turnover exceeding HKD 115.3 billion. The Hang Seng China Enterprises Index reported 8,590, down 64 points or 0.7%. The Hang Seng Tech Index reported 4,812, down 47 points or 1%.
"Cheung Chi Wai: Market is volatile, do not follow too closely"
International oil prices have risen above the USD 100 level, and the reignition of global inflation has disrupted central banks' plans to cut interest rates, causing tremors in capital markets. Cheung Chi Wai, a joint managing director at Prudential Brokerage Ltd, told ET Net News Agency that the sharp rise in oil prices is mainly because both the US and Iran have now announced blockades of the Strait of Hormuz. This double blockade has pushed oil prices higher, putting pressure on the HSI. The HSI's rise last week was mainly driven by market hopes for a ceasefire between the US and Iran, but under the influence of external news today, it is prone to retracing last week's gains. Additionally, he added that the HSI closed at 26,073 points last Friday, which is close to the top line of the Bollinger Band, indicating technical pressure for an adjustment.
Cheung Chi Wai pointed out that the HSI currently faces resistance at the 26,200 level, while the support level is around 25,182. Given the volatile market performance, he stated that it is not advisable to "follow too closely" in terms of positioning. He suggested a staggered approach when buying or selling. When selecting stocks, one could focus on yield-bearing shares such as Mainland China banks and Mainland China insurance, where investors can stably harvest dividends of over 5%. For instance, China Taiping (00966) is worth considering. However, Cheung Chi Wai added that when picking stocks, one should avoid those in the "eye of the storm", such as HSBC (00005) and other enterprises with businesses in the Middle East.
"Victory Giant IPO has a strong cornerstone lineup, high confidence for holding"
Mainland China AI and high-performance computing printed circuit board manufacturer and Nvidia supplier, Victory Giant (02476) (SZ: 300476), is open for H-share IPO subscription in Hong Kong from today until Thursday (16 Apr). It plans a global offering of 83.348 million H-shares, with approximately 10% for public offer in Hong Kong and the remainder for international placing. The price per share is HKD 209.88, representing a discount of approximately 36.86% to its previous A-share closing price. It aims to raise up to HKD 17.493 billion, with a board lot of 100 shares and an entry fee of HKD 21,199.67. The company is expected to be listed next Tuesday (21 Apr). J.P. Morgan, CITIC Securities, and GF Securities are the joint sponsors.
Its cornerstone investor lineup is strong, totalling 39 parties, including MSIP under Morgan Stanley, HHLRA under Hillhouse, Yunfeng Capital founded by Jack Ma and others, and Janchor Fund. The cornerstone subscription amount accounts for approximately 44.7% of the total offering. Cheung Chi Wai stated that Victory Giant Technology's business belongs to the "golden track" of the market, and with dozens of cornerstone investors on board, it is suitable for subscription. Last week, several other companies also launched IPOs in Hong Kong, namely Sigenergy (06656), Manycore Tech (00068), and Gpixel (03277), which similarly attracted many cornerstone investors. Cheung Chi Wai believes that among these four companies, Victory Giant remains the top choice for subscription because its cornerstone lineup is stronger and its fundraising amount of HKD 17.2 billion is the highest among the four. Furthermore, due to its larger market value, funds are more willing to "hold the stock".
"Cheung Chi Wai: Market is volatile, do not follow too closely"
International oil prices have risen above the USD 100 level, and the reignition of global inflation has disrupted central banks' plans to cut interest rates, causing tremors in capital markets. Cheung Chi Wai, a joint managing director at Prudential Brokerage Ltd, told ET Net News Agency that the sharp rise in oil prices is mainly because both the US and Iran have now announced blockades of the Strait of Hormuz. This double blockade has pushed oil prices higher, putting pressure on the HSI. The HSI's rise last week was mainly driven by market hopes for a ceasefire between the US and Iran, but under the influence of external news today, it is prone to retracing last week's gains. Additionally, he added that the HSI closed at 26,073 points last Friday, which is close to the top line of the Bollinger Band, indicating technical pressure for an adjustment.
Cheung Chi Wai pointed out that the HSI currently faces resistance at the 26,200 level, while the support level is around 25,182. Given the volatile market performance, he stated that it is not advisable to "follow too closely" in terms of positioning. He suggested a staggered approach when buying or selling. When selecting stocks, one could focus on yield-bearing shares such as Mainland China banks and Mainland China insurance, where investors can stably harvest dividends of over 5%. For instance, China Taiping (00966) is worth considering. However, Cheung Chi Wai added that when picking stocks, one should avoid those in the "eye of the storm", such as HSBC (00005) and other enterprises with businesses in the Middle East.
"Victory Giant IPO has a strong cornerstone lineup, high confidence for holding"
Mainland China AI and high-performance computing printed circuit board manufacturer and Nvidia supplier, Victory Giant (02476) (SZ: 300476), is open for H-share IPO subscription in Hong Kong from today until Thursday (16 Apr). It plans a global offering of 83.348 million H-shares, with approximately 10% for public offer in Hong Kong and the remainder for international placing. The price per share is HKD 209.88, representing a discount of approximately 36.86% to its previous A-share closing price. It aims to raise up to HKD 17.493 billion, with a board lot of 100 shares and an entry fee of HKD 21,199.67. The company is expected to be listed next Tuesday (21 Apr). J.P. Morgan, CITIC Securities, and GF Securities are the joint sponsors.
Its cornerstone investor lineup is strong, totalling 39 parties, including MSIP under Morgan Stanley, HHLRA under Hillhouse, Yunfeng Capital founded by Jack Ma and others, and Janchor Fund. The cornerstone subscription amount accounts for approximately 44.7% of the total offering. Cheung Chi Wai stated that Victory Giant Technology's business belongs to the "golden track" of the market, and with dozens of cornerstone investors on board, it is suitable for subscription. Last week, several other companies also launched IPOs in Hong Kong, namely Sigenergy (06656), Manycore Tech (00068), and Gpixel (03277), which similarly attracted many cornerstone investors. Cheung Chi Wai believes that among these four companies, Victory Giant remains the top choice for subscription because its cornerstone lineup is stronger and its fundraising amount of HKD 17.2 billion is the highest among the four. Furthermore, due to its larger market value, funds are more willing to "hold the stock".