The Economic Times News Service reported on the 23rd: US stocks weakened on Thursday (22nd) as AI-related concepts declined due to financing concerns, dragging the Nasdaq down sharply by 2.6%. After a volatile session, the Hong Kong market recovered. The Hang Seng Index broke above 23,000 at the opening, but quickly retreated below the psychological level as AI-related stocks weakened and the Shanghai Composite Index briefly fell below 3,600. However, during the morning session, Xiaomi (01810) and consumer-related sectors boosted the market, enabling the Hong Kong market to close the morning session above 23,000. In the afternoon, gains in AI hardware-related stocks expanded to nearly 300 points, but momentum faded later, leading to a pullback. Overall, the Hang Seng Index closed at 23,093, up 158 points or 0.7%. The Hang Seng China Enterprises Index closed at 7,756, up 67 points or 0.9%. The Hang Seng Tech Index closed at 3,871, up 77 points or 2%. Board turnover reached nearly HK$249.8 billion. Northbound funds recorded a net outflow of HK$7.1 billion by midday. In the afternoon, support from Shenzhen-Hong Kong Connect funds significantly increased, narrowing the overall daily net outflow from southbound funds to HK$1.6 billion by market close.
Reviewing the week, the Hong Kong market faced successive waves of negative factors. Geopolitical tensions in Iran remain unresolved, market concerns over corporate AI financing risks resurfaced, unrest in multiple European countries reignited fears of a new European debt crisis, and the deadline for Chinese billionaires to declare offshore trust income tax fell this week, creating multiple capital outflow incentives for the Hong Kong market. Northbound funds have sold for eight consecutive trading days, reversing their previous pattern of buying on every dip. Several major technology and internet stocks broke below key support levels this week, pushing the market lower. The Hang Seng Index dropped over 300 points on Tuesday (20th) after returning from a holiday, fell another 200+ points on Wednesday (21st), and plunged over 700 points on Thursday amid broader market volatility. Today, the market first touched a new low of 22,803 before staging a technical rebound. Nevertheless, the weekly close still registered a loss of 1,093 points or 4.5%, marking the largest weekly point decline since late June this year.
Meta's 5-year credit default swap (CDS) spread rose to a record high on Thursday, reflecting growing investor concerns about its credit risk as the company continues to expand AI spending. The stock plunged 7% at closing. Alibaba (09988) rose 0.46% to HK$97.8, failing to reclaim the HK$100 level. Tencent (00700) gained 0.94% to HK$386, Baidu (09888) rose 1.13% to HK$75.95, Meituan (03690) advanced 0.49% to HK$71.65, and Xiaomi climbed 3.88% to HK$26.8.
AI hardware-related stocks opened lower but partially rebounded in the afternoon. Lenovo Group (00992) fell 2.25% to HK$22.64, Hua Hong Semiconductor (01347) rose 1.35% to HK$67.45, Kingboard Laminate (01888) gained 2.39% to HK$37.7, and Yangtze Optical Fibre & Cable (06869) advanced 1.36% to HK$112.2.
Aluminum sector stocks surged in the afternoon: Chalco (02600) soared 6.97% to HK$7.14, and China Hongqiao (01378) rose 5.55% to HK$19.02.
In mainland China, automobile exports reached 8.63 million units in the first nine months of the year, a year-on-year increase of 52%. Auto stocks rose: BYD (01211) gained 6.23% to HK$71.6, XPeng (09868) rose 5.1% to HK$37.12, NIO (09866) advanced 4.11% to HK$26.32, Li Auto (02015) climbed 3.92% to HK$45.08. CATL (03750) halted its losing streak and rebounded technically by 5.44% to HK$356.8.
HSBC (00005) will release its earnings next week, but fell another 1.04% today to HK$142.5 amid pressure from the UK's proposed bank tax, nearing a four-month low.
Yuyuan Tantian, a new media platform under CCTV, posted last night that, according to its understanding, since the policy announcement, DeepSeek and MiniMax (00100) have successfully completed registration procedures and authorized open-source and overseas usage. MiniMax surged 16.74% for the day to HK$187.6, Zhipu (02513) rose 8.29% to HK$499. Kuaishou (01024) previously launched its KLing 4.0 API service officially, and its stock price rose 4.18% to HK$27.9.
The top three most actively traded stocks in the Hang Seng Index and Hang Seng China Enterprises Index were Tencent, Alibaba, and Xiaomi. The top three most actively traded stocks in the Hang Seng Tech Index were Tencent, Alibaba, and Zhipu. (ey)
Reviewing the week, the Hong Kong market faced successive waves of negative factors. Geopolitical tensions in Iran remain unresolved, market concerns over corporate AI financing risks resurfaced, unrest in multiple European countries reignited fears of a new European debt crisis, and the deadline for Chinese billionaires to declare offshore trust income tax fell this week, creating multiple capital outflow incentives for the Hong Kong market. Northbound funds have sold for eight consecutive trading days, reversing their previous pattern of buying on every dip. Several major technology and internet stocks broke below key support levels this week, pushing the market lower. The Hang Seng Index dropped over 300 points on Tuesday (20th) after returning from a holiday, fell another 200+ points on Wednesday (21st), and plunged over 700 points on Thursday amid broader market volatility. Today, the market first touched a new low of 22,803 before staging a technical rebound. Nevertheless, the weekly close still registered a loss of 1,093 points or 4.5%, marking the largest weekly point decline since late June this year.
Meta's 5-year credit default swap (CDS) spread rose to a record high on Thursday, reflecting growing investor concerns about its credit risk as the company continues to expand AI spending. The stock plunged 7% at closing. Alibaba (09988) rose 0.46% to HK$97.8, failing to reclaim the HK$100 level. Tencent (00700) gained 0.94% to HK$386, Baidu (09888) rose 1.13% to HK$75.95, Meituan (03690) advanced 0.49% to HK$71.65, and Xiaomi climbed 3.88% to HK$26.8.
AI hardware-related stocks opened lower but partially rebounded in the afternoon. Lenovo Group (00992) fell 2.25% to HK$22.64, Hua Hong Semiconductor (01347) rose 1.35% to HK$67.45, Kingboard Laminate (01888) gained 2.39% to HK$37.7, and Yangtze Optical Fibre & Cable (06869) advanced 1.36% to HK$112.2.
Aluminum sector stocks surged in the afternoon: Chalco (02600) soared 6.97% to HK$7.14, and China Hongqiao (01378) rose 5.55% to HK$19.02.
In mainland China, automobile exports reached 8.63 million units in the first nine months of the year, a year-on-year increase of 52%. Auto stocks rose: BYD (01211) gained 6.23% to HK$71.6, XPeng (09868) rose 5.1% to HK$37.12, NIO (09866) advanced 4.11% to HK$26.32, Li Auto (02015) climbed 3.92% to HK$45.08. CATL (03750) halted its losing streak and rebounded technically by 5.44% to HK$356.8.
HSBC (00005) will release its earnings next week, but fell another 1.04% today to HK$142.5 amid pressure from the UK's proposed bank tax, nearing a four-month low.
Yuyuan Tantian, a new media platform under CCTV, posted last night that, according to its understanding, since the policy announcement, DeepSeek and MiniMax (00100) have successfully completed registration procedures and authorized open-source and overseas usage. MiniMax surged 16.74% for the day to HK$187.6, Zhipu (02513) rose 8.29% to HK$499. Kuaishou (01024) previously launched its KLing 4.0 API service officially, and its stock price rose 4.18% to HK$27.9.
The top three most actively traded stocks in the Hang Seng Index and Hang Seng China Enterprises Index were Tencent, Alibaba, and Xiaomi. The top three most actively traded stocks in the Hang Seng Tech Index were Tencent, Alibaba, and Zhipu. (ey)
