Hong Kong stock market intraday | The Hang Seng Tech Index fell nearly 1%, with the technology and electrical sectors under pressure, CATL dropped over 6%, and funds focused on Xiaomi and new energy stocks

Market Heartbeat
2025.11.20 02:33
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Hong Kong stocks continued to show weakness throughout the day, with all three major indices declining. Mainstream sectors such as technology and hardware, as well as electrical, faced comprehensive pressure, showing significant differentiation. CATL and Miniso led the decline among blue-chip stocks, while funds actively rotated around high-volatility areas such as new energy vehicles and technology hardware. Events such as shipment data and the lifting of lock-up shares continued to impact market risk appetite, while macro pressures from exports and employment constrained investment confidence. Market volatility intensified, and trading concentration increased

Market Overview

▪ On November 20, the three major indices of Hong Kong stocks fell simultaneously, with the Hang Seng Index down 0.07%, closing at 25,811.85 points.

▪ The Hang Seng China Enterprises Index fell 0.26%, closing at 9,127.65 points.

▪ The Hang Seng Tech Index dropped 0.92%, closing at 5,555.45 points, showing the weakest performance.

▪ As of the time of writing, 751 stocks in the Hong Kong market rose, 937 fell, and 1,400 remained flat.

▪ Overall market risk appetite has slightly contracted, with funds favoring high liquidity sectors, and some leading stocks seeing active trading.

Sector Performance

▪ The hardware, storage, and peripherals sector experienced fluctuations, with increasing divergence and heightened pressure on data shipments. Xiaomi Group fell 3.30%, with a trading volume of HKD 5.085 billion, showing significant capital outflow, indicating a cautious attitude towards performance realization and growth. Lenovo Group rose slightly by 0.93%, with a trading volume of HKD 358 million, showing relatively stable capital. Legend Holdings increased by 0.21%.

▪ The retail sector was generally weak, with moderate consumer demand and a wait-and-see attitude from funds. Alibaba fell 0.96%, with a trading volume of HKD 3.835 billion. JD.com fell 0.35%, with a trading volume of HKD 323 million. Miniso saw a significant decline of 4.08%. The sector faced short-term pressure, with funds showing interest at lower levels without any improvement.

▪ The electrical components and equipment sector showed mixed performance, supported by new industrial orders, with some stocks under pressure. CATL fell significantly by 6.29%, with a trading volume of HKD 3.033 billion, leading to increased volatility in the sector. Huizhou Technology surged against the trend by 5.59%. Jinli Permanent Magnet fell by 0.21%.

Macroeconomic Background

▪ Recently, the macroeconomic performance of Hong Kong stocks has shown weak external demand: export year-on-year rates and trade balance indicators are under pressure, indicating insufficient external economic momentum.

▪ At the same time, the unemployment rate has risen month-on-month, reflecting a lack of momentum in economic recovery. Price levels and import growth rates remain stable, providing a fundamental support for the capital market.

▪ Investors need to be wary of risks from fluctuations in external demand, with funds becoming more cautious in the short term, preferring industry leaders and hot sectors with high certainty.

Popular Stocks

▪ China Resources Power rose 7.65%, with a trading volume of HKD 330 million, showing significant net capital inflow and active performance.

▪ Guofu Hydrogen Energy increased by 5.49%, with a trading volume of HKD 182 million, as interest in emerging energy rises and capital layout becomes evident.

▪ Longpan Technology rose 1.50%, with a trading volume of HKD 75 million, continuing the active capital flow in the new energy sector.

▪ CATL fell by 6.29%, with a trading volume of HKD 3.033 billion. 77.46 million restricted shares were locked and expired on November 19, leading to increased selling pressure from cornerstone investors, causing significant fluctuations in the stock price.

▪ Cinda International Holdings surged by 40.26%, with a trading volume of HKD 14 million, showing clear short-term capital chasing.

Market Trading Volume TOP10

▪ 1. Xiaomi Group, down 3.30%, with a trading volume of HKD 5.085 billion, latest price HKD 37.54 ▪ 2. Alibaba, down 0.96%, turnover of HKD 3.835 billion, latest price HKD 154.90.

▪ 3. CATL, down 6.29%, turnover of HKD 3.033 billion, latest price HKD 479.80.

▪ 4. Tencent Holdings, down 0.80%, turnover of HKD 2.690 billion, latest price HKD 617.50.

▪ 5. SMIC, down 0.21%, turnover of HKD 2.040 billion, latest price HKD 72.85.

▪ 6. Kuaishou, up 1.81%, turnover of HKD 1.402 billion, latest price HKD 64.65.

▪ 7. Hua Hong Semiconductor, down 2.42%, turnover of HKD 1.190 billion, latest price HKD 78.50.

▪ 8. XPeng, down 4.61%, turnover of HKD 1.173 billion, latest price HKD 81.75.

▪ 9. Ganfeng Lithium, up 1.85%, turnover of HKD 0.865 billion, latest price HKD 60.40.

▪ 10. China Merchants Bank, up 0.39%, turnover of HKD 0.793 billion, latest price HKD 51.80

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