The Hang Seng Index fell by 109 points, HSBC reached a peak of HKD 148, CLP Holdings rose by 5%, and Alibaba dropped by 2% | Hong Kong stock market opens

The Hang Seng Index opened 254 points higher this morning, but the gains gradually narrowed, with a maximum drop of 201 points; it closed at 26,656 points at noon, down 109 points or 0.41%. The turnover was HKD 130.935 billion. The Tech Index fell 89 points or 1.7% to 5,171 points. Major tech stocks generally declined, with Tencent (700) down 0.76%; Meituan (3690) down 1.51%; Alibaba (9988) down 2%; JD.com (9618) down 1.96%; NetEase (9999) down 1.62%; and Baidu (9888) down 2.63% before earnings. Cheung Kong Infrastructure (1038) led a consortium to sell its entire stake in UK Power Networks (UKPN), the largest electricity distributor in the UK, to French energy company Engie S.A. Cheung Kong Infrastructure rose 5.53% at noon; Power Assets Holdings (006) rose 5.3%; and CK Hutchison Holdings rose 3.79%, making them the top three performing blue chips; Cheung Kong (1113) rose 2.23%. Bank of China Hong Kong Hits New High, Up 3% HSBC (005) hit a new high again, rising 3.7% to a peak of HKD 148, and closed at HKD 145.7, up 2.1%. Bank of China Hong Kong (2388) also reached a new high, rising 3.14% to HKD 44.58 at noon. Standard Chartered (2888) rose 1.7%; AIA (1299) rose 1.95%. ——— 0930: Amid easing AI concerns, the three major U.S. stock indices continued to rebound on Wednesday, with the Dow Jones closing up 307 points or 0.63% at 49,482 points; the S&P 500 index rose 56 points or 0.81% to 6,946 points; and the Nasdaq rose 288 points or 1.26% to 23,152 points. Nvidia Reports Record Revenue, Stock Price Volatile After Hours The market focused on Nvidia (NVDA) as it announced its earnings after hours. On Wednesday, the stock closed at USD 195.56, up about 1.4%; however, the after-hours stock price was volatile, rising over 4% to USD 203.49 at one point, but ultimately closed at USD 195.92, only up about 0.2%. The company reported record fourth-quarter revenue of USD 68.127 billion, a year-on-year increase of 73%, exceeding market expectations; adjusted earnings per share were USD 1.62, also beating expectations; in addition, data center revenue grew 75% year-on-year to USD 62.3 billion, but about half of the sales came from its largest hyperscale customers, raising concerns about concentrated demand and cyclical trading. AIA and HSBC Open Nearly 3% Higher In the Hong Kong stock market, the Hang Seng Index opened 254 points higher this morning at 27,019 points, surpassing the 27,000 mark. Among blue-chip stocks, Li Ning (2331) had the strongest gain, surging nearly 5% at the open. Additionally, AIA (1299) and HSBC (005) rose 3% and 2.9%, respectively. Tech stocks generally performed well, with Tencent (700) up 1.2%; JD.com (9618) up 0.5%; Xiaomi (1810) up 0.45%; however, Alibaba (9988) and Meituan (3690) opened flat. Cheung Kong Leads Sale of UK Electricity Distributor In individual stock news, Cheung Kong Infrastructure (1038) announced today (26th) a significant asset sale plan, agreeing to sell its entire stake in UK Power Networks (UKPN), the largest electricity distributor in the UK, to French energy company Engie S.A CK Hutchison's stock price rose 1.4% this morning; Power Assets Holdings (006) and Cheung Kong (1113) rose 1.1% and 2.2% respectively; CK Hutchison Holdings (001) also rose 2.4%. Goldman Sachs sets MINIMAX target price at HKD 1,018 In addition, Goldman Sachs has initiated coverage on MINIMAX (100) with a neutral rating and a target price of HKD 1,018, citing its core advantages of 70% overseas revenue, a full-modal product line, and performance at one-tenth the cost of the U.S. SOTA model. Revenue is expected to increase from USD 75 million in 2025 to USD 980 million in 2027, with bull and bear market valuations of USD 66 billion and USD 16 billion respectively, depending on global market share expansion. The stock opened at HKD 779, up 3.4%. Another peer, Zhihui (2513), rose 3.6%. Regarding the northbound capital flow, there was a net sell of HKD 4.057 billion in Hong Kong stocks yesterday, with Tencent (700), Meituan (3690), and Alibaba (9988) receiving net purchases of HKD 818 million, HKD 678 million, and HKD 606 million respectively; while the Tracker Fund of Hong Kong (2800), Hang Seng China Enterprises (2828), and COSCO Shipping Energy (1138) faced net sells of HKD 4.41 billion, HKD 1.137 billion, and HKD 358 million respectively