Hong Kong stock market close | Hang Seng Index rose nearly 0.8%, technology sector leads; Meituan rose 4.06%, POP MART fell over 9%

LB Select
2025.10.23 08:02
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All three major Hong Kong stock indices rose, with the Hang Seng Index leading the way with an increase of nearly 0.8%. The technology and internet sectors performed strongly against the trend. Alibaba and Meituan attracted significant capital, with funds concentrating on leading technology giants. The consumer and retail sectors showed a mixed performance, with some leaders facing profit-taking pressure. The net inflow of southbound funds reached a nearly one-week high, and the stable external macro environment boosted market confidence

Current Situation of the Three Major Indices

  • Hang Seng Index (HSI.HK): Up 0.72%
  • Hang Seng China Enterprises Index (HSCEI.HK): Up 0.83%
  • Hang Seng Tech Index (HSTECH.HK): Up 0.48%

Stocks that rose: 762, stocks that fell: 1088, stocks that closed flat: 872

Retail Sector

The sector is generally sluggish, with a significant net outflow of funds. Fluctuations in consumer data have undermined recovery confidence, and market sentiment is increasingly cautious, leading to a pullback in leading stocks.

  • POP MART (9992.HK): Down 9.36%, with a transaction volume of HKD 12.142 billion. The cost of store expansion in the third quarter exceeded expectations, raising market concerns about declining consumer spending power, resulting in significant capital outflow and pressure on stock prices.
  • Chow Tai Fook (1929.HK): Down 1.50%, with a transaction volume of HKD 820 million. Fluctuations in gold prices have affected terminal demand for jewelry, and the increase in store operating costs has compounded the pressure from net capital outflow and sales.
  • Sa Sa International (0178.HK): Down 3.32%, with a transaction volume of HKD 245 million. There has been a noticeable decline in consumption from visitors to Hong Kong, with sales recovery falling short of expectations, leading to continued short-term capital adjustments.

Internet Content and Information Sector

The sector has risen against the market trend, with strong performances from industry leaders attracting major capital inflows and a rebound in risk appetite.

  • Tencent Holdings (700.HK): Up 1.52%, with a transaction volume of HKD 7.783 billion. The recovery in its core businesses of gaming and advertising has driven core performance growth, continuously attracting major capital inflows, with market expectations stabilizing.
  • Meituan (3690.HK): Up 4.06%, with a transaction volume of HKD 10.621 billion. The acceleration of its food delivery business has highlighted the competitiveness of its platform ecosystem, with performance exceeding expectations attracting attention.
  • Alibaba (9988.HK): Up 1.67%, with a transaction volume of HKD 14.054 billion. Expectations for the e-commerce peak season, combined with new business expansions, have led to continued institutional accumulation, with net inflows from southbound funds exceeding HKD 2 billion.

Semiconductor Sector

The sector is generally under pressure, with cautious capital flows. Global demand and policy pressures are affecting short-term valuations, leading to widespread adjustments in individual stocks.

  • SMIC (0981.HK): Down 1.07%, with a transaction volume of HKD 6.640 billion. Global demand and policy pressures are impacting performance expectations, leading to capital withdrawal from high levels
  • Hua Hong Semiconductor ( 1347.HK ): down 4.61%, trading volume HKD 4.496 billion. Concerns over gross margin due to intensified overseas competition, leading to a decline in stock price as major funds reduce holdings.
  • ASMPT ( 0522.HK ): down 1.30%, trading volume HKD 593 million. Short-term adjustments are evident due to delays in overseas orders and cost pressures.

Market Focus

1. Core Macro and Industry Focus News:

The latest Federal Reserve meeting minutes emphasize maintaining high interest rates in the short term, coupled with recent fluctuations of the RMB against the USD, affecting Hong Kong stock liquidity and investment sentiment.

2. Capital Flow:

Southbound funds had a net purchase of approximately HKD 8.4 billion that day, with a net inflow of HKD 5.4 billion from the Shanghai-Hong Kong Stock Connect and a net inflow of HKD 3 billion from the Shenzhen-Hong Kong Stock Connect. The total trading volume of the main board exceeded HKD 110 billion, with significant increases in Alibaba (net inflow over HKD 2 billion), Meituan, and Tencent with a combined net purchase of approximately HKD 2.5 billion, as institutional investors cluster around technology and internet leaders.

Top Ten Stocks by Trading Volume

  1. Alibaba ( 9988.HK ), trading price HKD 164.60, up 1.67%, trading volume HKD 14.054 billion.
  2. POP MART ( 9992.HK ), trading price HKD 232.40, down 9.36%, trading volume HKD 12.142 billion.
  3. Meituan ( 3690.HK ), trading price HKD 100.00, up 4.06%, trading volume HKD 10.621 billion.
  4. Tencent Holdings ( 700.HK ), trading price HKD 633.00, up 1.52%, trading volume HKD 7.783 billion.
  5. SMIC ( 981.HK ), trading price HKD 74.05, down 1.07%, trading volume HKD 6.710 billion.
  6. Xiaomi Group ( 1810.HK ), trading price HKD 46.74, up 0.86%, trading volume HKD 4.946 billion.
  7. Hua Hong Semiconductor ( 1347.HK ), trading price HKD 72.45, down 4.61%, trading volume HKD 4.552 billion.
  8. China National Offshore Oil Corporation ( 883.HK ), trading price HKD 19.92, up 2.15%, trading volume HKD 3.419 billion
  9. Giant Biologics (2367.HK), transaction price HKD 41.20, increase of 6.68%, transaction amount HKD 2.740 billion.
  10. China Mobile (941.HK), transaction price HKD 85.10, increase of 0.77%, transaction amount HKD 2.664 billion
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