Market Overview
▪ In the Hong Kong stock market, the three major indices continued to fluctuate within a narrow range.
▪ As of now, the Hang Seng Index is at 26,710.52 points, up 0.3%.
▪ The Hang Seng Tech Index is at 5,783.73 points, with an increase of 0.37%.
▪ The State-Owned Enterprises Index is currently at 9,149.46 points, slightly up 0.39%.
Sector Performance
▪ The retail sector, including jewelry, toys, and stationery, showed an overall upward trend, becoming a highlight of the day. POP MART's afternoon gains rose to 8.16%, with a transaction volume of HKD 5.935 billion. The company's buyback boosted consumer confidence, leading the sub-sector; Lao Pu Gold's gains remained stable at 7.45%, with a transaction volume of HKD 1.638 billion, as terminal sales performed excellently in early 2026, and institutions expect further recovery in gross profit within the year; China Duty Free's afternoon gains slightly decreased to 1.06%. Leading companies boosted market confidence.
▪ The retail sector overall trended upward, with leading stocks showing significant gains. Alibaba -W rose by 2.43%, with a transaction volume of HKD 12.128 billion, maintaining the sector's capital activity. It is reported that Alibaba has decided to support its chip company Tsinghua Unigroup for future independent listing. JD.com -SW rose 1.58% during the day, with a transaction volume of HKD 650 million. Miniso saw a rebound in the afternoon, turning from a decline to an increase, currently up 0.10%. Overall, with insufficient consumer momentum, funds are leaning towards leading enterprises.
▪ The internet content and information sector showed relatively stable performance, with Tencent Holdings down 0.25%, Kuaishou -W's gains expanded to 2.21%, and Baidu -SW remained flat. The sector's hotspots rotated quickly, with a strong short-term speculative atmosphere, lacking a unified direction.
Macroeconomic Background
▪ The Hong Kong stock market has recently been affected by the interest rate differential between China and the U.S. and fluctuations in mainland economic data, with liquidity and export performance becoming focal points. Investors continue to pay attention to macro data such as retail, trade, and unemployment to assess the stabilization and rebound potential of the market, with short-term market performance continuing to be driven by macro factors.
Popular Stocks
▪ DRINDA (2865.HK) rose 42.16% during the day, with a transaction volume of HKD 1.944 billion. On January 21, 2026, the company announced a placement of up to 18.682 million H shares at HKD 22 per share on the Hong Kong Stock Exchange, expecting to raise approximately HKD 411 million. The funds from this placement will mainly be directed towards the research and production of cutting-edge technology and space photovoltaic products, while also increasing investment cooperation in the commercial aerospace sector to promote the company's continuous growth in the high-tech industry.
▪ Kaisa New Energy (1108.HK) rose 19.42% during the day, with a transaction volume of HKD 308 million. The stock price showed significant fluctuations driven by funds, exhibiting short-term active characteristics.
▪ WanKa YiLian (1762.HK) rose 23.33% during the day, with a transaction volume of HKD 66.1289 million. The company focuses on GEO layout and proposed a new stock option plan today, with the market primarily driven by short-term speculative trading, resulting in significant stock price fluctuations
▪ LaiKai Pharmaceutical -B (2105.HK) rose 15.04% during the session, with a transaction volume of HKD 149 million. The company's stock price surged significantly during the session due to the news that its new drug LAE118 received clinical trial acceptance from the U.S. FDA. The market is focused on its innovative drug development progress, with multiple clinical trials in the fields of obesity and oncology advancing simultaneously, positively driving sector valuations.
▪ Fengsheng Holdings (607.HK) surged 40.45% during the session, with a transaction volume of HKD 17.3395 million. The company announced on January 22, 2026, that it would sell land in Queensland, Australia for AUD 5 million, resulting in a net gain of RMB 9.73 million, effectively improving the company's liquidity and short-term financial situation, but attention is still needed for the medium to long-term improvement of its main business.
Market Transaction Volume TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 168.80, up 2.43%, transaction volume HKD 12.128 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 596.00, down 0.25%, transaction volume HKD 7.823 billion
▪ POP MART (09992.HK) latest transaction price HKD 222.80, up 8.16%, transaction volume HKD 5.935 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 36.08, up 2.38%, transaction volume HKD 4.475 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 97.60, up 0.62%, transaction volume HKD 2.663 billion
▪ Kuaishou -W (01024.HK) latest transaction price HKD 80.85, up 2.21%, transaction volume HKD 2.142 billion
▪ SMIC (00981.HK) latest transaction price HKD 77.15, down 0.90%, transaction volume HKD 2.055 billion
▪ China Life (02628.HK) latest transaction price HKD 31.30, down 1.32%, transaction volume HKD 1.948 billion
▪ DRINDA (02865.HK) latest transaction price HKD 36.56, up 41.93%, transaction volume HKD 1.944 billion
▪ China Mobile (00941.HK) latest transaction price HKD 79.45, up 0.57%, transaction volume HKD 1.628 billion

The three major indices of the Hong Kong stock market fluctuated at high levels during the trading session, with slight increases in all three indices, maintaining an overall consolidation pattern. There was significant sector differentiation, with the retail sector leading the gains driven by consumer recovery, while the internet content and information sector experienced volatility. Sub-sectors such as jewelry, toys, and stationery faced pressure. Market liquidity focused on popular themes, with DRINDA surging 42.16% and POP MART rising 8.16%, attracting attention. Liquidity and macroeconomic data remain key points of focus for the market

- The Hong Kong stock market shows narrow fluctuations, with the Hang Seng Index at 26,710.52 points, up 0.3%, while sector performance varies; the retail sector is strong due to consumer recovery expectations, increasing investor confidence.  
- Notable stocks include JunDa Holdings soaring by 42.16% after a fundraising announcement, while Fengsheng Holdings increased by 40.45% from a land sale, improving liquidity.  
- Overall market activity is influenced by macroeconomic factors, including interest rate differences and domestic economic data, with investors focused on retail, trade, and unemployment indicators.

Market Heartbeat

Hang Seng Index

LAOPU GOLD

CTG DUTY-FREE

BABA-W

JD-SW

MNSO

KUAISHOU-W

BIDU-SW

TRIUMPH NEW EN

WANKA ONLINE

LAEKNA-B

FULLSHARE

XIAOMI-W

MEITUAN

Drinda

DRINDA

POP MART

Hong Kong stocks intraday | The three major indices rose slightly, leading stocks saw an increase in afternoon gains, DRINDA rose 42.16%