Hong Kong Stock Market Update | Hang Seng Index down 2.12%, technology sector under pressure, funds focus on Xiaomi and individual hardware leaders

Market Heartbeat
2025.11.21 02:33
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All three major Hong Kong stock indices fell, with the Hang Seng Tech Index leading the decline. The retail and internet content sectors were under pressure, with Alibaba dropping over 4%. Amid weak consumer demand, funds flowed into a few leading stocks in hardware and storage. The overall number of declining stocks far exceeded that of advancing stocks, reflecting an increase in risk-averse sentiment among investors. On the macro level, the recovery in foreign trade and moderate inflation provided some support, but there was a clear phase shift in sector performance

Market Overview

▪ Hong Kong stocks performed weakly during the session, with all three major indices declining. The Hang Seng Index fell by 2.12%, closing at 25,287.01 points; the Hang Seng China Enterprises Index dropped by 2.14%, closing at 8,947.83 points; the Hang Seng Tech Index saw a decline of 3.14%, closing at 5,399.74 points.

▪ As of the time of writing, there were 220 stocks rising, 1,418 stocks falling, and 1,089 stocks flat, with a significant number of declines, indicating an overall defensive stance among investors.

▪ Overall market funds are in a wait-and-see mode, mainstream sectors are under pressure, and short-term funds are inclined towards highly liquid leaders.

Sector Performance

▪ The retail sector weakened across the board, primarily due to persistently weak consumer demand, which was most evident. Leading stocks in the sector, such as Alibaba, fell by 4.07%, with a trading volume of HKD 7.607 billion; JD.com dropped by 2.38%, with a trading volume of HKD 394 million; Miniso fell by 1.94%, with a trading volume of HKD 102 million. There was a notable outflow of funds, with no significant short-term positive support.

▪ The hardware, storage, and peripherals sector saw a slight increase, with funds gaining attention against the trend. Xiaomi Group rose by 0.21%, with a trading volume of HKD 7.186 billion, highlighting the defensive attributes of funds and premium for leading stocks. Additionally, Xiaomi Group WR rose by 0.47%, while Lenovo Group fell by 2.37%. The performance of leaders was differentiated, with funds selectively flowing into top stocks.

▪ The internet content and information sector overall declined, affected by weakening advertising and traffic. Tencent Holdings fell by 1.69%, with a trading volume of HKD 3.774 billion; Kuaishou dropped by 3.23%; Baidu plummeted by 6.58%, with a trading volume of HKD 620 million. The sector faced pressure from funds, with short-term sentiment being weak.

Macroeconomic Background

▪ The Hong Kong stock market continues to focus on trade deficits and moderate inflation risks. In September, exports grew by 14.5% year-on-year, while imports increased by 11.5%, maintaining a high trade deficit. The composite CPI annual rate is 1.1%, with overall inflation pressure being controllable. The recovery in foreign trade data helps stabilize the macroeconomic fundamentals but has not immediately boosted the market.

Popular Stocks

▪ China Resources Power rose by 0.71%, with a trading volume of HKD 471 million, showing moderate fund attention.

▪ Gaode Holdings had a notable increase, rising by 9.84%, with a trading volume of HKD 9 million, becoming a strong stock today, although liquidity is limited.

▪ Shandong Molong fell by 4.18%, with a trading volume of HKD 48 million, showing relative pressure.

▪ Guofu Hydrogen Energy rose by 0.05%, with a trading volume of HKD 153 million, with limited price fluctuations.

▪ Haotian International Construction Investment rose by 4.27%, with a trading volume of HKD 52 million, showing significant differentiation within the sector.

Market Trading Volume TOP10

▪ Alibaba -W, down 4.07%, trading volume of HKD 76.05 billion, latest price HKD 148.50

▪ Xiaomi Group -W, up 0.16%, trading volume of HKD 71.85 billion, latest price HKD 37.76 ▪ Tencent Holdings, down 1.77%, turnover of HKD 3.774 billion, latest price HKD 610.00

▪ SMIC, down 4.69%, turnover of HKD 2.269 billion, latest price HKD 70.05

▪ Hua Hong Semiconductor, down 5.45%, turnover of HKD 1.123 billion, latest price HKD 73.75

▪ Pop Mart, down 3.13%, turnover of HKD 1.112 billion, latest price HKD 195.10

▪ CATL, down 3.40%, turnover of HKD 956 million, latest price HKD 466.60

▪ Ping An Insurance, down 2.58%, turnover of HKD 952 million, latest price HKD 56.75

▪ Meituan-W, down 2.44%, turnover of HKD 912 million, latest price HKD 96.10

▪ XPeng-W, down 3.36%, turnover of HKD 869 million, latest price HKD 79.10

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