"Hong Kong Stocks" The Hang Seng Index fell 233 points throughout the day, Budweiser APAC dropped over 5%, and KNOWLEDGE ATLAS surged nearly 30%

After three consecutive trading days of gains, Hong Kong stocks fell today (12th). The Hang Seng Index opened 55 points lower and once dropped 333 points to a low of 26,932 points. The decline later narrowed, and the 27,000-point level was regained, closing at 27,032 points, down 233 points or 0.9%; the National Index fell 93 points or 1%, closing at 9,175 points; the Hang Seng Tech Index fell 91 points or 1.7%, closing at 5,408 points. The total market turnover for the day was HKD 238.705 billion.

In terms of announced earnings, Budweiser APAC (01876.HK) saw its stock price drop 5.2% to HKD 7.83, making it the worst-performing blue-chip stock. The company reported a net profit of USD 489 million last year, down 32.6%, with Citibank indicating that the last quarter's net loss was worse than expected. Lenovo Group (00992.HK) reported a 36% increase in adjusted net profit to USD 589 million for the third fiscal quarter, but its stock price fell 4.6%. NetEase (09999.HK) reported net profit and non-GAAP net profit that both fell short of expectations, closing down 4.1%. Its subsidiary NetEase Cloud Music (09899.HK) saw a 76% year-on-year increase in annual net profit, but UBS indicated that the company's core music revenue is slowing, leading to a 9.6% drop in stock price. Manulife (00945.HK) reported a 3% increase in core earnings to CAD 7.5 billion, with a dividend of CAD 0.485, and its stock price closed down 0.4%.

The Beijing Municipal Market Supervision Administration held discussions with 12 third-party online train ticket sales platforms, including Trip.com (09961.HK), Tongcheng (00780.HK), Meituan (03690.HK), and JD.com (09618.HK). Trip.com fell 3.9% for the day, Meituan also dropped 4.5%, while Tongcheng and JD.com each fell nearly 1% and 1.3%.

In other tech stocks, Alibaba (09988.HK) continues to invest in Taobao Flash Sale, stating that it is not worried about losses for the next three years, but its stock price fell 0.9% for the day. Tencent (00700.HK) dropped 2.3%, with Bernstein indicating that its valuation is under pressure, and the market is concerned about delays in chatbot development. Baidu (09888.HK), Bilibili (09626.HK), and Kuaishou (01024.HK) each fell between 1.9% and 2.9%.

Premier Li Qiang stated the need to promote AI technological innovation, with breakthroughs across the entire chain and implementation in all scenarios, leading to a surge in AI concept stocks. SenseTime (00020.HK) rose 6.8% against the trend. KNOWLEDGE ATLAS (02513.HK) soared 28.7%, with a turnover of HKD 2.648 billion, as the company released its new flagship model GLM-5, and the overall increase for the GLM Coding Plan package was at least 30%. MINIMAX (00100.HK) launched its programming model MiniMax M2.5, competing with Claude Opus 4.6, with its stock price rising 14.6%. It was reported that WeRide (00800.HK) plans to launch global autonomous taxis by the end of the year, with its stock price dropping nearly 4% The State Administration for Market Regulation has released guidelines to regulate promotional and pricing behaviors in the automotive industry, causing shares of Li Auto (02015.HK), Nio (09866.HK), XPeng (09868.HK), Geely (00175.HK), and BYD (01211.HK) to drop between 0.2% and 1.1%. Dongfeng (00489.HK) has met all "prerequisites" for the privatization and spin-off listing of Voyah, with its stock price rising 3.2% for the day.

Vanke (02202.HK) rose 3.9%, as reports indicate that the Shenzhen municipal government is planning an RMB 80 billion rescue plan. Other mainland property stocks saw China Xincheng (03301.HK) drop 1.5%, Country Garden (02007.HK) fall 1.8%, and Longfor (00960.HK) increase by 0.2%.

In the financial sector, HSBC (00005.HK) fell 0.2%, Hong Kong Exchanges and Clearing (00388.HK) dropped nearly 1%, and AIA (01299.HK) decreased by 2%.

Zijin Mining (02899.HK) received a target price increase of over 30% from Citigroup, with expectations to gradually raise its dividend payout ratio, leading to a stock price increase of 3.4%, making it the best-performing blue-chip stock. Additionally, WuXi AppTec (02359.HK) rose 2.9%, as Nomura expects its revenue this year to exceed market expectations, raising the target price to HKD 157.07. Sun Hung Kai Properties (00016.HK) also rose 2.9% against the market trend.

Reports suggest that Apple's (AAPL.US) Siri upgrade plan has encountered further setbacks, causing shares of Sunny Optical (02382.HK) to drop 3.2%. Q Technology (01478.HK) also fell 2.9%, despite a 19.5% year-on-year increase in its smartphone camera module sales in January