Market Overview
On February 12, after a collective surge of the three major Hong Kong stock indices yesterday, a technical correction occurred in the morning session today. By noon, market bullish sentiment had subsided, technology stocks weakened, and all three major indices were in the red, failing to reach new highs for the period.
▪ The Hang Seng Index fell 0.89% to 27,024.06 points, hindered by pressure from yesterday's high;
▪ The Hang Seng Tech Index led the decline among the three indices, dropping 1.68% to 5,407.59 points by noon;
▪ The China Enterprises Index fell 0.96% to 9,179.06 points, following the overall market adjustment.
Sector Performance
▪ The internet content and information sector saw widespread declines, pressured by short sellers and profit-taking. Tencent Holdings (700.HK) fell 2.65%, with its stock price dropping below a six-month low; although institutions find its valuation attractive, selling pressure remains; Kuaishou-W (1024.HK) dropped 2.33%, with data showing a short-selling ratio as high as 22.59%, indicating significant short pressure; Bilibili-W (9626.HK) fell 3.64%, after a surge yesterday due to AI and gaming expectations, today funds chose to take profits, leading to increased price volatility.
▪ The retail sector declined along with the market, with AI benefits unable to offset the overall market weakness. Alibaba-W (9988.HK) fell 2.12%, despite Alibaba Cloud's market share rising to 36% and the release of new achievements in embodied intelligence, the positive news failed to reverse the stock price decline; JD-SW (9618.HK) fell 1.37%, lacking major news drivers, following market fluctuations; Miniso (9896.HK) fell 1.03%.
▪ The restaurant sector saw a broad decline, affected by the realization of consumption expectations and a lack of positive news. Meituan-W (3690.HK) plummeted 4.16%, leading the decline among Hang Seng Tech Index constituents, as the recovery expectations for the Spring Festival consumption have been digested, and the market lacks new catalysts; Haidilao (6862.HK) fell 2.56%; Yum China (9987.HK) fell 1.75%.
Macroeconomic Background
▪ Recently, Hong Kong stocks have been in a macro data silence period, with the market's core focus on the upcoming CPI inflation and unemployment rate data to verify the sustainability of local consumption recovery.
▪ The HSBC Manufacturing PMI trend is under close scrutiny, aiming to assess corporate confidence and the transmission effect of mainland economic recovery on Hong Kong stocks; marginal improvements in macro indicators will be key to capital inflows.
Popular Stocks
▪ HPC HOLDINGS (1742.HK) rose 27.66%, with a trading volume of HKD 2.1539 million. The company announced its annual results, with revenue growth of 66.8% and successfully turning a profit of HKD 35.939 million, significantly improving its fundamentals and driving a surge in stock price.
▪ Tuo Yun Biotechnology (1332.HK) rose 26.00%, with a trading volume of HKD 3.7277 million. The stock previously plummeted over 60% in a single day, and today saw a strong technical rebound, attracting short-term funds to buy the dip, but volatility risks remain extremely high
▪ Hengwei Group Holdings (8219.HK) rose 15.20%, with a transaction amount of HKD 7,040.00. The stock price rebounded after hitting a new listing low of approximately HKD 0.101, typical of a small-cap stock's oversold rebound, lacking institutional fund participation.
Market Transaction Amount TOP10
▪ Tencent Holdings (00700.HK) latest transaction price HKD 533.50, down 2.65%, transaction amount HKD 12.397 billion
▪ Alibaba -W (09988.HK) latest transaction price HKD 156.70, down 2.12%, transaction amount HKD 4.831 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 85.15, down 4.16%, transaction amount HKD 3.614 billion
▪ ZIJIN MINING (02899.HK) latest transaction price HKD 44.50, up 2.25%, transaction amount HKD 3.025 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 36.76, down 0.92%, transaction amount HKD 2.866 billion
▪ YOFC (06869.HK) latest transaction price HKD 119.70, up 11.35%, transaction amount HKD 1.877 billion
▪ Pop Mart (09992.HK) latest transaction price HKD 250.80, down 1.65%, transaction amount HKD 1.823 billion
▪ WuXi Biologics (02269.HK) latest transaction price HKD 42.92, up 3.67%, transaction amount HKD 1.597 billion
▪ SMIC (00981.HK) latest transaction price HKD 69.85, down 0.21%, transaction amount HKD 1.586 billion
▪ Trip.com Group -S (09961.HK) latest transaction price HKD 427.20, down 4.26%, transaction amount HKD 1.478 billion

On February 12th, the Hong Kong stock market closed at noon, with the three major indices collectively adjusting after yesterday's surge, and the Hang Seng TECH Index fell by 1.68%. Technology heavyweight stocks were all weak, with Meituan leading the decline, dropping 4.16%, while Tencent and Alibaba also weakened simultaneously. The catering and retail sectors were dragged down by market sentiment. Despite the overall market weakness, ZIJIN MINING rose against the trend by 2.25%, and YOFC surged by 11.35%. Market funds have entered a wait-and-see period, awaiting inflation data to verify the sustainability of consumer recovery

- On February 12, Hong Kong stocks experienced a technical correction after a previous surge, with major indices all declining.  
- The Hang Seng Index fell 0.89% to 27,024.06, while technology and retail sectors were notably affected, with Tencent down 2.65% and Meituan down 4.16%.  
- Market sentiment is cautious ahead of upcoming macroeconomic data releases, including CPI and unemployment rates, vital for assessing the sustainability of local consumption recovery.

Market Heartbeat

TENCENT

KUAISHOU-W

BILIBILI-W

BABA-W

MNSO

JD-SW

MEITUAN

YUM CHINA

HAIDILAO

HPC HOLDINGS

TOUYUN BIOTECH

HANVEY GROUP

ZIJIN MINING

Hang Seng Index

FL2 CSOP HSI

YOFC

FI CSOP HSI

Meituan

FI2 CSOP HSI

CSOP HS TECH

Hang Seng TECH Index

Hong Kong Stock Market Mid-Review | The Hang Seng Index fell 0.89%, technology weights weakened across the board, Meituan plummeted 4.16%, and YOFC surged 11.35%