Market Overview
▪ The main indices of the Hong Kong stock market fell simultaneously during the trading session, with overall market sentiment being weak. As of now, the Hang Seng Index is at 27,493.87 points, down 1.7%, retreating from yesterday's recent high and failing to reach a new peak.
▪ The Hang Seng Tech Index also saw an expanded decline during the session, currently reported at 5,726.83 points, down 1.96%, showing a significant adjustment after reaching a recent high in the past two days, with short-term high levels under pressure.
▪ The latest report for the China Enterprises Index is at 9,357.64 points, with a decline of 2.04%, also retreating from yesterday's recent high, showing pressure in performance.
Sector Performance
▪ The retail sector saw a widespread decline during the session, with market sentiment being low and significant capital outflow. The core leader Alibaba -W fell 3.289%, with a transaction volume of HKD 4.728 billion, JD -SW dropped 1.222%, and Miniso fell 3.532%. Overall, retail-weighted stocks are under pressure, reflecting insufficient consumer confidence, with short-term capital becoming more cautious and observant.
▪ The internet content and information sector adjusted in sync, with a decrease in sector activity in the short term. Tencent Holdings fell 1.527%, with a transaction volume of HKD 3.975 billion, Kuaishou -W dropped 3.255%, and Baidu -SW fell 1.994%. Recently, Baidu -SW benefited from the Nasdaq Golden Dragon China Index being boosted by the strength of Chinese concept stocks, showing some activity in short-term stock prices, but ultimately retreated due to the overall environment, indicating that capital is tending towards profit-taking on high-quality local and overseas internet stocks.
▪ The gold sector led the market in declines, becoming the main area of capital outflow. Zijin Mining fell sharply by 8.453%, with a transaction volume of HKD 3.386 billion, Zijin Gold International dropped 10.621%, and Shandong Gold fell 11.985%. Increased volatility in gold prices has put the most pressure on gold-related stocks, with a clear wait-and-see sentiment among funds in the sector, leading to a rapid decrease in short-term sector risk appetite.
Macroeconomic Background
▪ Recently, the external environment of the Hong Kong stock market has seen increased volatility, with investors mainly focusing on capital liquidity, retail consumption recovery, and export performance, while high-frequency economic data shows significant fluctuations. Current macro policy dynamics and exchange rate changes have a direct impact on market liquidity, driving capital preferences towards defensive sectors, with the market paying more attention to real-time feedback on events and liquidity, leading to an overall convergence in risk appetite.
Popular Stocks
▪ China Spring (1969.HK) surged 61.22% during the session, with a transaction volume of HKD 408 million. At one point, it rose over 66%, reaching a new high in the past four months. The company benefits from policy promotion and increased market demand, with its annual report showing a year-on-year increase in net profit and a stable financial condition. This rise is mainly driven by favorable industry conditions and improved company operations, attracting on-site capital to rush in, making it the most prominent hotspot during the session.
▪ Wanshun Group Holdings (1746.HK) saw an increase of 41.07% during the session, with a transaction volume of HKD 5.3969 million. The company was temporarily suspended from trading on the Hong Kong Stock Exchange starting at 9 AM on January 29, mainly due to insider information related to acquisitions and mergers that is pending disclosure, significantly raising market attention on major capital operations, with the stock price soaring sharply before the suspension, reflecting capital's keen capture of short-term event-driven opportunities
▪ Chalk (2469.HK) surged 10.85% during the session, with a transaction volume of HKD 293 million. The company's latest AI question-answering system class sales exceeded 42,000 units, with a month-on-month growth of over 100%. The hot-selling product has led investors to have positive expectations about its leading advantage in the vocational education AI sector, resulting in significant capital inflow in the short term.
▪ Biontech -B (2315.HK) rose 8.77% during the session, with a transaction volume of HKD 341 million. The company has completed the localized deployment of its AI-driven antibody drug research and development platform, advancing the construction of new technology platforms and accelerating the progress of innovative drug research and development, which has boosted performance growth expectations and increased capital attention.
▪ Boleton (1333.HK) increased by 12.74% during the session, with a transaction volume of HKD 75.6757 million. The controlling shareholder continues to increase holdings, adding 18,000 shares on January 28, 2026, for a total increase of 406,000 shares, demonstrating management's high confidence in the company's long-term prospects and sending a positive signal to the market, attracting follow-on capital.
Market Transaction Volume TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 167.60, down 3.29%, transaction volume HKD 4.722 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 612.50, down 1.53%, transaction volume HKD 3.972 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 42.24, down 8.45%, transaction volume HKD 3.383 billion
▪ CSPC Pharmaceutical Group (01093.HK) latest transaction price HKD 9.59, down 10.29%, transaction volume HKD 2.915 billion
▪ China National Offshore Oil Corporation (00883.HK) latest transaction price HKD 24.18, down 3.20%, transaction volume HKD 2.230 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 35.80, down 2.24%, transaction volume HKD 1.585 billion
▪ Ping An Insurance (02318.HK) latest transaction price HKD 72.75, down 0.75%, transaction volume HKD 1.409 billion
▪ Yangtze Optical Fibre and Cable Joint Stock Limited Company (06869.HK) latest transaction price HKD 81.85, up 4.40%, transaction volume HKD 1.356 billion
▪ Semiconductor Manufacturing International Corporation (00981.HK) latest transaction price HKD 74.95, down 2.98%, transaction volume HKD 1.308 billion
▪ AIA Group (01299.HK) latest transaction price HKD 90.95, unchanged, transaction volume HKD 1.237 billion

The main indices of the Hong Kong stock market fell simultaneously during the trading session, with the Hang Seng Index, Hang Seng Tech Index, and the National Enterprises Index all experiencing significant corrections, and market sentiment remained weak. The gold sector led the decline sharply, while retailers and internet content-related sectors also weakened. Major weighted stocks such as Alibaba -W and Zijin Mining saw notable declines, with funds focusing on the adjustments of gold and tech leaders. Some individual stocks performed brightly, such as China Spring's dramatic surge, highlighting the rotation and differentiation of market hotspots. Recently, funds have maintained a high level of attention on macro liquidity, consumption, and the external environment, with clear market differentiation

- The Hong Kong stock market experienced a decline, with the Hang Seng Index falling 1.7% to 27,493.87 points, reflecting overall weak market sentiment.  
- Notable declines were seen in major sectors, including a 3.29% drop for Alibaba and a 10.29% fall for CStone Pharmaceuticals, highlighting declining investor confidence amid increased market volatility.  
- Despite these losses, Chinese Spring's shares surged 61.22% due to favorable policies and strong market demand, indicating selective investor interest in stocks with positive growth prospects.

Market Heartbeat

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

ZIJIN MINING

ZIJIN GOLD INTL

SD GOLD

CHINA CHUNLAI

FENBI

MAN SHUN GP

BIOCYTOGEN-B

BRETON

CSPC PHARMA

CNOOC

Hong Kong Stock Market Intraday | Hang Seng Tech Index Drops Together, Gold Sector Leads Decline, Leading Stock China Spring Soars 61.22%