Market Overview▪ The Hong Kong stock market closed under pressure today, with all three major indices retreating from recent highs.▪ The Hang Seng Index closed at 26,563.90 points, down 1.05%, failing to maintain its previous strength and showing a pullback from the last peak.▪ The Hang Seng Tech Index closed at 5,749.98 points, down 1.24%, not reaching a new high since the 14th and experiencing adjustments.▪ The China Enterprises Index closed at 9,134.45 points, down 0.94%, with a short-term pause in the upward trend.Sector Performance▪ The retail sector saw a significant decline today, dragged down by the pullback in the Hang Seng Tech Index, leading to a weakening overall sentiment. Among leading stocks, Alibaba -W (9988.HK) fell 3.49%, with the industry generally affected by index adjustments and market sentiment, resulting in a cautious investment mood in the short term. JD.com -SW (9618.HK) dropped 1.14%, Miniso (9896.HK) fell 0.89%, with continued outflow of funds from the sector, indicating a predominant wait-and-see attitude among investors.▪ The internet content and information sector closed down across the board, influenced by industry regulation and performance pressures. Tencent Holdings (700.HK) fell 1.21%, Kuaishou -W (1024.HK) dropped 2.04%, and Bilibili -W (9626.HK) plummeted 6.85%, with Bilibili leading the declines, reflecting an increase in defensive sentiment among investors and a significant rise in risk aversion demand in the tech content sector.▪ The hardware, storage, and peripherals sector showed mixed performance, with some leading companies attracting funds. Xiaomi Group -W (1810.HK) fell 1.67%, Lenovo Group (992.HK) slightly rose 0.45%, and Legend Holdings (3396.HK) dropped 2.31%. Overall, the hardware sector exhibited a mix of gains and losses, with a strong wait-and-see sentiment in the market, highlighting more prominent short-term structural opportunities.Macroeconomic Background▪ Recently, the Hong Kong stock market has been influenced by external economic performance and local consumption recovery progress. Investors are closely monitoring key macro indicators such as retail sales, export year-on-year rates, and GDP growth rates. In the short term, dynamics of foreign exchange reserves and unemployment rates serve as important references for market confidence and expectations, with current volatility primarily reflecting the combined effects of the macro environment and fund sentiment.Popular Stocks▪ QUNABOX GROUP (917.HK) rose 38.78%, with a trading volume of HKD 955 million. The company released an annual performance forecast, expecting a net profit of RMB 270 million to 330 million in 2025, turning from a net loss of RMB 1.663 billion in the same period last year to profitability, with significant operational improvements attracting secondary market funds, driving a short-term surge in stock prices and creating a demonstration effect for similar companies.▪ Fengsheng Holdings (607.HK) surged 250.00%, with a trading volume of HKD 13.8421 million. The company previously clarified the criminal risk related to HKD 6.6 billion in funds, and the alleviation of legal pressure stimulated the company to resume trading. However, the Hong Kong High Court ruled that the former chairman must repay nearly HKD 900 million in principal, with total debts potentially reaching HKD 1.2 billion. Short-term volatility is intense, with high fund activity, but uncertainties remain regarding the change of control▪ Baida International (2668.HK) rose by 39.24%, with a transaction volume of HKD 74.7312 million. The company signed a memorandum of understanding with Tanzanian corporate shareholders to acquire equity in the target company, aiming to expand into emerging markets. This enterprise owns an operational gold processing plant and is engaged in gold exploration and production projects. The news has sparked market speculation, with active funds driving significant fluctuations in the stock price.▪ Shifang Holdings (1831.HK) rose by 48.33%, with a transaction volume of HKD 11.4985 million. The company's management has been adjusted and reached a SAR 434 million equity acquisition agreement with Dallah Healthcare. The expectations of international cooperation and governance mechanism optimization have boosted market confidence, encouraging short-term capital inflows.▪ New World Development (17.HK) rose by 16.28%, with a transaction volume of HKD 1.003 billion. The company benefited from the strong sales of luxury homes and the delivery of key projects, which has enhanced market expectations for profit recovery, leading to a further strengthening of the stock price, with funds also flowing back into the real estate and related sectors.Market Transaction Volume TOP10▪ Alibaba -W (9988.HK) latest transaction price HKD 160.40, down 3.49%, transaction volume HKD 11.678 billion▪ Tencent Holdings (700.HK) latest transaction price HKD 610.00, down 1.21%, transaction volume HKD 8.085 billion▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 36.48, down 1.67%, transaction volume HKD 6.660 billion▪ SMIC (981.HK) latest transaction price HKD 77.00, down 2.78%, transaction volume HKD 4.129 billion▪ Meituan -W (3690.HK) latest transaction price HKD 98.50, down 1.50%, transaction volume HKD 3.688 billion▪ Hua Hong Semiconductor (1347.HK) latest transaction price HKD 102.60, down 3.93%, transaction volume HKD 3.185 billion▪ Pop Mart (9992.HK) latest transaction price HKD 180.80, up 1.23%, transaction volume HKD 2.855 billion▪ Trip.com Group -S (9961.HK) latest transaction price HKD 470.40, up 0.90%, transaction volume HKD 2.741 billion▪ UBTECH (9880.HK) latest transaction price HKD 144.70, up 8.63%, transaction volume HKD 2.661 billion▪ China Mobile (941.HK) latest transaction price HKD 79.30, down 1.00%, transaction volume HKD 2.621 billion

The Hong Kong stock market closed lower today, with all three major indices retreating. The Hang Seng Index fell by 1.05%, and the Hang Seng Tech Index dropped by 1.24%. The retail and internet content sectors led the decline, with ongoing pressure from technology and regulation. Alibaba fell by 3.49%, Tencent Holdings dropped by 1.21%, and Bilibili saw a decline of 6.85%. At the same time, popular stocks such as QUNABOX GROUP and Prosperity Holdings surged significantly, showing clear sector differentiation. Overall, market funds are becoming cautious, with an increased wait-and-see atmosphere and a contraction in investors' risk appetite

- The Hong Kong stock market faced pressure today, with all three major indices retreating from recent highs.  
- The Hang Seng Index closed at 26,563.90 points, down 1.05%, while the Hang Seng Technology Index fell 1.24% to 5,749.98 points, highlighting a market adjustment.  
- Increased caution among investors is evident, particularly in the retail sector, as major companies experienced significant declines amid regulatory pressures and shifting market sentiment.

Market Heartbeat

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BILIBILI-W

XIAOMI-W

LENOVO GROUP

LEGENDHOLDING

QUNABOX GROUP

FULLSHARE

PAK TAK INT'L

SHIFANG HLDG

NEW WORLD DEV

SMIC

MEITUAN

HUA HONG SEMI

Hong Kong Stock Market Closing | Hang Seng Index fell 1.05%, technology and retail sectors under pressure, QUNABOX GROUP surged 38.78%