<p>After the mainland announced multiple economic data, A-shares stabilized, with the Shanghai Composite Index rising by 0.3%. However, Hong Kong stocks closed near their lows, ending at 26,563 points, down 281 points, marking a three-day decline totaling 436 points or 1.6%. The total market turnover was HKD 225.6 billion, the lowest since January 2. U.S. stocks were closed on Monday due to a holiday. Analysts indicate that Hong Kong stocks have entered an adjustment phase, estimating that the short-term support level for the Hang Seng Index is 26,000 points.</p>
<p>The three major Hong Kong indices fell for three consecutive days, with the Hang Seng Index opening down 203 points and the decline quickly expanding to 311 points, hitting a low of 26,533 points. After the mainland announced last year's economic growth target of &#34;maintaining above 5%&#34;, the market stabilized slightly, peaking at 26,715 points in the early session, with the decline narrowing to 129 points. It then struggled around the 26,500 points level, ultimately closing at 26,563 points, down 281 points. The National Index closed at 9,134 points, down 86 points. The Tech Index closed at 5,749 points, down 72 points or 1.2%.</p>
<h2>Shanghai Composite Index Turns Up</h2>
<p>The mainland stock market showed mixed trends, with the Shanghai Composite Index closing at 4,114 points, up 12 points or nearly 0.3%; the Shenzhen Component Index reported 14,294 points, up 12 points or nearly 0.1%; the ChiNext Index reported 3,337 points, down 23 points or 0.7%.</p>
<h2>China National Pharmaceutical Drops 6%, WuXi AppTec Falls 5%</h2>
<p>Pharmaceutical stocks dominated the bottom three performers among blue-chip stocks, with China National Pharmaceutical (1177) closing at HKD 6.52, down 6.2%; WuXi AppTec (2269) at HKD 37.86, down 4.8%; and Innovent Biologics (1801) at HKD 85.35, down 4.6%.</p>
<h2>Major Blue-Chip Tech Stocks Sold Off</h2>
<p>Tech stocks had mixed performances, with Alibaba (9988) closing at HKD 160.4, down 3.5%; Xiaomi (1810) at HKD 36.48, down 1.7%; Meituan (3690) at HKD 98.5, down 1.5%; Tencent (700) at HKD 610, down 1.2%; and JD.com (9618) at HKD 112.3, down 1.1%.</p>
<p>However, Baidu (9888) launched its fully autonomous ride-hailing service, Luobo Kuaipao, for the first time overseas, which boosted its stock price to a high of HKD 150.3, the highest since 2023, ultimately closing at HKD 147.4, up 1.2%. Baidu's autonomous ride-hailing service platform, Luobo Kuaipao, officially launched its fully autonomous commercial operations for the public in Abu Dhabi last Saturday in collaboration with the UAE's autonomous ride-hailing company AutoGo.</p>
<p>Domestic demand stocks rose against the trend, with Li Ning (2331) closing at HKD 21, up 2.9%; and Mengniu Dairy (2319) at HKD 15.89, up 2.8%. Kang Yi, the head of the National Bureau of Statistics, stated at a press conference that looking ahead to this year, the State Council's executive meeting has deployed a package of policies to promote domestic demand through fiscal and financial coordination, expanding domestic demand. The &#34;two new&#34; policies are continuously optimized, and the first batch of funds has been allocated in advance, creating favorable conditions for the economic start this year</p>
<h2>Sinopec Rises 3% as Blue Chip</h2>
<p>Amidst geopolitical turmoil, the &#34;three oil giants&#34; rose, with Sinopec (386) closing at HKD 4.95, up 3.3%, making it the best-performing blue chip stock. CNOOC (883) reported HKD 21.9, up 0.5%. However, PetroChina (857) closed at HKD 8.22, down 0.1%.</p>
<h2>Li Ze Ming: Hong Kong Stocks Lack Positive Catalysts</h2>
<p>Li Ze Ming, Investment Director at Red Ant Capital, believes that the upward trend of Hong Kong stocks at the beginning of the year has ended, and the market has entered an adjustment phase. He estimates that the short-term support level for the Hang Seng Index is 26,000 points, and the tightening of margin financing in mainland China will affect the flow of southbound funds. He also pointed out that there are currently no positive catalysts for Hong Kong stocks, only uncertainties, including the possibility that the U.S. Supreme Court may make a ruling on the U.S. tariff case this Tuesday, and the Greenland incident is still uncertain.</p>
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<p>The Hang Seng Index opened 203 points lower this morning, and although the decline narrowed to 129 points at one point, reaching a high of 26,715 points, it began to weaken after around 10:15 AM. As of noon, it reported 26,578 points, down 266 points or 0.99%, with a half-day turnover of HKD 132.9 billion. The Tech Index reported 5,755 points at noon, down 66 points or 1.15%.</p>
<h2>Innovent Biologics Falls Over 6% at Midday</h2>
<p>Among heavyweight blue chip stocks, Alibaba (9988) and HSBC (005) both fell 3.3% and 1.3% at midday, along with Tencent (700) down 1.1%, which were the main drag on the Hang Seng Index. In terms of stock price fluctuations, blue chip biotech stocks saw significant declines, with Innovent Biologics (1801) down over 6%, WuXi Biologics (2269) down 5.8%, and China National Pharmaceutical Group (1177) and Hansoh Pharmaceutical (3692) down 4.9% and 4.7%, respectively.</p>
<h2>Major Firms Optimistic About Outdoor Sports Industry</h2>
<p>On the other hand, Li Ning (2331) and Mengniu (2319) rose against the market trend, increasing 4.2% and 3.5%, respectively, making them the best-performing blue chips at midday. In terms of news, Li Ning recently announced that its retail sales (excluding Li Ning YOUNG) for the fourth quarter of last year recorded a low single-digit decline year-on-year across the entire platform. Guotai Junan Securities stated that the decline in Li Ning's sales has narrowed compared to the third quarter, mainly benefiting from a smaller decline in offline channels, and the inventory-to-sales ratio has improved to 4 to 5 months.</p>
<p>Additionally, Dongfang Caifu Securities reported that as of early April last year, the number of participants in outdoor sports in China had exceeded 400 million, with an outdoor sports participation rate of about 30%. It is expected that the nationwide sports craze will continue to heat up, and there is still good growth potential in the outdoor industry in the medium to long term. Domestic brands are relatively cost-effective and are actively laying out &#34;quality upgrades and brand breakthroughs,&#34; which may provide better penetration opportunities in the future. Besides Li Ning, 361 Degrees (1361) and Anta (2020) also rose 2.2% and 0.2% at midday, respectively.</p>
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<p>U.S. President Trump has reignited the tariff war, announcing a 10% tariff on eight European countries until Greenland is obtained, escalating tensions with European nations. Analysts suggest that Hong Kong stocks will face negative impacts in the short term, and the Hang Seng Index may further test the 26,000-point level this week. The Hang Seng Index opened 203 points lower this morning, reporting 26,641 points</p>
<h2>Tech stocks decline, JD Health opens down 3%</h2>
<p>Tech stocks generally declined, with Alibaba (9988) down 2.5%; Tencent (700) falling 0.7%; Meituan (3690) down 1.2%; Xiaomi (1810) and JD (9618) also fell 1.3% and 0.5%, respectively. Additionally, JD Health (6618) opened down 3%, making it the worst-performing blue chip.</p>
<h2>Gold prices rise, Shandong Gold up nearly 3%</h2>
<p>With increased demand for safe-haven assets, gold prices rose on Monday, reaching a high of $4,690, currently reported at $4,667, continuing to rise over 1.5%. In terms of gold-related stocks, Shandong Gold (1787) opened up 2.6%; Chifeng Jilong Gold (6693) rose 2.4%; Zhaojin (1818) increased by 2%; Zijin Mining (2899) and Zijin Gold International (2259) both rose over 1%. Additionally, China Silver Group (815) also rose 1.4%.</p>
<h2>Cambridge Technology issues profit warning, stock price falls instead of rising</h2>
<p>In individual stock news, Cambridge Technology (6166) issued a profit warning, expecting a net profit of 252 million to 278 million RMB for the fiscal year 2025, an annual increase of 51.2% to 66.8%, mainly due to the synergistic development of its three core businesses, including high-speed optical modules, broadband access, and wireless access. After excluding non-recurring gains and losses, the net profit is expected to be around 249 million to 275 million RMB, an annual increase of 64.6% to 81.8%. However, the stock opened down instead of up, reporting at 85.65 RMB, a drop of 8.4%.</p>
<h2>Zeng Yongjian: The rise of the Hang Seng Index may pause temporarily</h2>
<p>Zeng Yongjian, vice chairman of the Hong Kong Stock Analysts Association, believes that Trump's initiation of a tariff war against Europe is essentially a &#34;common tactic&#34; to use tariffs to pursue U.S. interests, with no signs yet of spreading to major financial markets outside Europe. However, Trump's hardline stance on this issue has raised market concerns about whether the tariff war will expand to other areas. Additionally, the subsequent developments in the Iranian situation may heighten geopolitical risks in the Middle East, potentially becoming an important disruptive factor affecting the stable operation of global stock markets, which will have a negative impact on Hong Kong stocks in the short term.</p>
<p>Regarding the Hang Seng Index, Zeng Yongjian stated that in recent trading days, the turnover of Hong Kong stocks has exceeded 300 billion, but there is significant selling pressure above 27,000 points. The capital support and market entry enthusiasm in that area have weakened, and in the absence of new catalysts, the upward trend of Hong Kong stocks since the beginning of the year may temporarily come to an end. He predicts that the Hang Seng Index is currently constrained at the 27,200-point level, and if it subsequently falls below 26,300 points, it may further test the 26,000-point level near the 100-day moving average.</p>
<h2>Duoning Bio updates preliminary prospectus</h2>
<p>On the other hand, WuXi AppTec (2269) and Qingchi Capital, one of the major shareholders of &#34;Duoning Bio,&#34; have updated their preliminary prospectus for listing in Hong Kong after more than two years, with Morgan Stanley and Huatai International as sponsors. Duoning Bio was established in 2005, and besides WuXi AppTec, Kangfang Biotech (9926) and Kangnuo (2162) are also among its shareholders, while WuXi AppTec is one of its largest customers and suppliers. Duoning Bio had previously submitted applications for listing in Hong Kong in 2022 and 2023</p>

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<p>The Hong Kong stock market closed down 281 points today, reporting at 26,563 points, marking a three-day decline, with a turnover of HKD 225.6 billion. Alibaba fell by 4%, and biotechnology stocks performed poorly, with both the Hang Seng Index and the Tech Index also declining. Despite the A-shares stabilizing after the release of mainland economic data, the Hong Kong stock market remains in an adjustment phase, with a short-term support level expected at 26,000 points. LI NING rose by 3% against the trend</p>

- Following the release of several economic data from mainland China, A-shares stabilized with the Shanghai Composite Index rising 0.3%.  
- However, Hong Kong's stock market ended near a low, with the Hang Seng Index dropping 281 points to close at 26,563 points, marking three consecutive days of losses.  
- Analysts suggest that the Hang Seng Index is entering an adjustment phase, expecting immediate support around the 26,000 point level.

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Hong Kong stocks fell 281 points, Alibaba dropped 4%, biotech stocks were sold off, and Li Ning rose 3% against the trend. Experts: The upward wave at the beginning of the year has ended | Hong Kong stock market closing