Hong Kong stocks closed | The Hang Seng Tech Index fell over 1.8%, losing ground, with the technology retail sector under pressure; Alibaba fell 2.97%, and Kuaishou plummeted nearly 6%

Market Heartbeat
2025.11.07 08:19
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All three major Hong Kong stock indices fell, with the Hang Seng Tech Index leading the decline, as risk appetite for funds decreased. The technology and retail sectors came under pressure, with Alibaba and Kuaishou experiencing significant pullbacks, dragging the sectors down. Net inflows from southbound funds exceeded HKD 1.2 billion, with structural increases in positions for leading technology and AI hardware stocks, while reducing holdings in real estate and financials. Recent macro factors such as the Federal Reserve maintaining high interest rates and fluctuations in the RMB exchange rate continue to impact the valuation and liquidity of Hong Kong stocks

Current Situation of the Three Major Indices

  • Hang Seng Index (HSI): down 0.92%, at 26,241.83 points
  • Hang Seng China Enterprises Index (HSCE): down 0.95%, at 9,267.56 points
  • Hang Seng Tech Index (HSTECH): down 1.80%, at 5,837.36 points

A total of 829 stocks rose, 1,379 stocks fell, and 913 stocks remained unchanged.

Sector Performance

Retail Sector

The retail sector is experiencing fluctuations, with significant capital divergence and pressure on some leading stocks. Due to the impact of holiday consumption data, external uncertainties have increased, leading to cautious southbound capital allocation.

  • Alibaba Group (9988.HK): down 2.97%, with a trading volume of HKD 10.714 billion. The company is increasing its investment in the autonomous driving sector, but overall performance and sector sentiment are weak, leading to divergent investor expectations for future growth.
  • JD Group (9618.HK): down 2.29%, with a trading volume of HKD 871 million. Competitive pressure is intensifying, with performance growth below expectations and consumer recovery not meeting forecasts.
  • Miniso (9896.HK): down 0.78%, with a trading volume of HKD 94.3925 million. Same-store sales have rebounded during the holidays, but the pace of industry recovery is diverging, leading to amplified short-term volatility.

Technology/Internet Content Sector

The technology and internet content sector is undergoing an overall correction, influenced by weak global tech market conditions, leading to increased market risk aversion. There is a clear profit-taking trend, putting short-term pressure on leading stocks.

  • Tencent Holdings (700.HK): down 1.55%, with a trading volume of HKD 8.434 billion. The core gaming business remains stable, but the sector is affected by market sentiment, with investors focusing on performance guidance and fluctuating holdings.
  • Kuaishou (1024.HK): down 5.93%, with a trading volume of HKD 3.534 billion. After the earnings report, capital divergence has widened, with increased profit-taking and significant competitive pressure in the industry.
  • Baidu Group (9888.HK): up 0.40%, with a trading volume of HKD 1.008 billion. The expansion of AI sector layout and enhanced contributions from new businesses are boosting market confidence.

Hardware and Peripheral Sector

The hardware, storage, and peripheral sector is undergoing overall adjustments, dragged down by performance fluctuations and cyclical demand, with continued net capital outflow.

  • Xiaomi Group (1810.HK): down 2.76%, with a trading volume of HKD 7.438 billion. The release of new models has not sustained stock price momentum, and demand recovery will take time, leading to an increased wait-and-see attitude among investors.
  • Lenovo Group (0992.HK): down 1.33%, with a trading volume of HKD 643 million. The overseas PC market is recovering slowly, with average quarterly performance and noticeable reductions by institutions.
  • Legend Holdings (3396.HK): down 0.30%, with a trading volume of HKD 13.4769 million. The supply chain is stable but with limited incremental growth, leading to increased sector divergence and a prevailing wait-and-see sentiment.

Market Focus

1. Core Macro and Industry Focus: In the past month, the Federal Reserve has maintained a high interest rate policy, leading to a continued strengthening of the US dollar, a narrowing of RMB exchange rate fluctuations, and pressure on Hong Kong stock valuations and liquidity Recently, China's October CPI has moderately rebounded year-on-year, and the consumption data during the National Day holiday was impressive, benefiting certain consumption sectors.

II. Fund Flow: Today, net inflow of southbound funds exceeded HKD 1.2 billion, with structural increases in the technology and AI hardware sectors, while real estate and financial heavyweight stocks were continuously reduced. The high-low fund switching is prominent, and the overall trading volume remains high.

Top Ten Stocks by Trading Volume

  1. Alibaba -SW (9988.HK), trading price HKD 160.10, decline 2.97%, trading volume HKD 10.714 billion
  2. Tencent Holdings (700.HK), trading price HKD 634.00, decline 1.55%, trading volume HKD 8.434 billion
  3. Xiaomi Group -W (1810.HK), trading price HKD 42.24, decline 2.76%, trading volume HKD 7.438 billion
  4. POP MART (9992.HK), trading price HKD 204.80, decline 5.88%, trading volume HKD 5.760 billion
  5. HUA HONG SEMI (1347.HK), trading price HKD 79.45, decline 0.81%, trading volume HKD 4.511 billion
  6. SMIC (981.HK), trading price HKD 75.45, decline 1.95%, trading volume HKD 4.413 billion
  7. XPeng -W (9868.HK), trading price HKD 90.90, increase 1.68%, trading volume HKD 3.619 billion
  8. Kuaishou -W (1024.HK), trading price HKD 68.25, decline 5.93%, trading volume HKD 3.534 billion
  9. Meituan -W (3690.HK), trading price HKD 102.00, decline 1.26%, trading volume HKD 3.023 billion
  10. GCL Technology (3800.HK), trading price HKD 1.47, increase 6.52%, trading volume HKD 2.736 billion
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