Hong Kong Stock Market Mid-Review | All three major indices fell, with the Tech Index down 2.12%; Energy sector led the decline, Alibaba dropped 2.85%, while POP MART rose 4.23% against the trend

LB Select
2025.10.22 04:07
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The three major indices of the Hong Kong stock market fell across the board in the afternoon session, with the Hang Seng Tech Index leading the decline, and the energy sector's adjustment dragging down the overall market performance. The technology sector showed significant divergence, with Alibaba experiencing a sharp drop, while POP MART strengthened against the trend. Southbound funds continued to see a net outflow, with risk appetite becoming cautious, and institutional funds focusing on the rotation of hot stocks. Macroeconomic data fell short of expectations, and external policy disturbances triggered increased market defensiveness

Current Situation of the Three Major Indices

Hang Seng Index (HSI): Down 1.27%

Hang Seng China Enterprises Index (HSCEI): Down 1.38%

Hang Seng Tech Index (HSTECH): Down 2.12%

A total of 503 stocks rose, 1,108 stocks fell, and 1,110 stocks closed flat.

Technology Sector

The sector is overall differentiated, with AI and chip themes attracting capital attention, while some heavyweight stocks are under pressure. Institutions are returning to quality sub-sectors, and short-term trading is active.

Alibaba ( 9988.HK ): Down 2.85%, with a transaction volume of HKD 6.796 billion. Affected by regulatory concerns and disappointing consumer data, market sentiment is cautious ahead of the third-quarter report, with short-term funds reducing positions and overall trading being active.

SMIC ( 981.HK ): Down 0.81%, with a transaction volume of HKD 3.748 billion. The domestic chip production and AI-related demand continue to drive medium- to long-term layouts, with short-term fluctuations following the market, and funds engaging in high-level speculation.

Tencent Holdings ( 700.HK ): Down 1.98%, with a transaction volume of HKD 3.047 billion. Advertising and fintech businesses are facing temporary pressure, with increased attention on profitability, leading to a tug-of-war between bullish and bearish funds.

Energy Sector

International oil prices have recently retreated, leading to a general adjustment in the sector, with funds flowing out to avoid volatility.

Zijin Mining ( 2899.HK ): Down 3.65%, with a transaction volume of HKD 2.131 billion. The retreat in energy and metal prices has compressed valuations, with risk-averse funds continuing to flow out.

China Resources Power ( 836.HK ): Significant decline, with decreased trading activity. The adjustment of international energy prices and changes in regional policies have led to increased defensive allocations by institutional funds.

CNOOC ( 883.HK ): Declined, dragged down by international oil prices. The market is skeptical about the sustainability of high oil prices, leading investors to reduce positions to lock in profits, with decreased institutional participation.

Pharmaceutical Sector

The sector is fluctuating, with innovative drug policies stimulating localized activity, while overall funds are dispersed.

Innovent Biologics ( 1801.HK ): Down 2.88%, with a transaction volume of HKD 4.850 billion. Innovative drug policies are catalyzing performance differentiation, with expectations of medical insurance negotiations increasing volatility, significantly impacting leading companies.

WuXi Biologics ( 2269.HK ): Declined, affected by industry regulations and uncertainties in international orders. Market valuations are being revised down, with some funds choosing to reduce positions temporarily.

China Biologic Products ( 1177.HK ): Under pressure, with stable performance but increased volatility due to policy disturbances, institutions still pay attention to it

Market Focus

  1. Core macro and industry focus news: The Federal Reserve maintains high interest rates, the RMB exchange rate continues to be under pressure, dragging down expectations for foreign capital inflow into Hong Kong stocks. Mainland China's CPI in September only increased by 0.3% year-on-year, indicating weak recovery momentum, which lowers market risk appetite. International oil prices are falling further, putting significant pressure on the energy sector.

  2. Capital flow: Southbound funds had a net outflow of HKD 1.8 billion today, with both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect showing net selling, while the main board's trading volume remains high, reflecting strong risk aversion. Leading stocks in the technology sector saw major players adjusting their positions, with Alibaba and Tencent Holdings receiving net inflows of HKD 500 million and HKD 300 million respectively, becoming the week's highlights.

Top Ten Stocks by Trading Volume

Alibaba (9988.HK), trading price HKD 160.40, down 2.85%, trading volume HKD 6.796 billion.

POP MART (9992.HK), trading price HKD 261.00, up 4.23%, trading volume HKD 5.585 billion.

INNOVENT BIO (1801.HK), trading price HKD 84.40, down 2.88%, trading volume HKD 4.850 billion.

SMIC (981.HK), trading price HKD 73.45, down 0.81%, trading volume HKD 3.748 billion.

XIAOMI (1810.HK), trading price HKD 45.92, down 1.16%, trading volume HKD 3.232 billion.

Tencent Holdings (700.HK), trading price HKD 618.00, down 1.98%, trading volume HKD 3.047 billion.

Zijin Mining (2899.HK), trading price HKD 31.16, down 3.65%, trading volume HKD 2.131 billion.

Huahong Semiconductor (1347.HK), trading price HKD 74.25, down 4.44%, trading volume HKD 2.042 billion.

Meituan (3690.HK), trading price HKD 95.75, down 0.78%, trading volume HKD 1.453 billion.

Lao Pu Gold (6181.HK), trading price HKD 707.50, down 7.76%, trading volume HKD 1.301 billion

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