JPTENCT@EC2609A

Hong Kong Budget 2026 proposes new multi-asset post-trade infrastructure.

Tencent Holdings reduces stake in CICC H-shares again, cashing out approximately HKD 14 million.

Shanghai AI Study Tour to begin, featuring visits to Tencent and other tech giants

Global release of new strategy mobile game 'Neo Artifacts' scheduled.

US Market Open: Tencent ADRs trade higher as tariff ruling boosts sentiment for Chinese stocks

Call of Duty Mobile Major Spring 2026 Tournament Begins

Esports Nations Cup 2026 Partner Announcement expected by end of March.

Tencent USD Bond worth $500 million is set to mature.

Unity explores potential sale of China unit, with Tencent as a key partner in focus.

Tencent's major new titles 'The Seven Deadly Sins: Origin' and 'Ananta' expected to launch in March.

UBS issues bullish note on Chinese tech stocks, raises weighting for Tencent Holdings.

Chinese concept stocks trend lower in US pre-market as investors await Anthropic's AI showcase.

Southbound funds net bought HKD 818 million of Tencent Holdings today.

Tencent and ByteDance Cease Overseas Game Studios and Pivot to AI

Tencent Cloud partners with Amaze to accelerate live e-commerce in Thailand.

Tencent Yuanbao Responds to AI Insult Controversy: Model Anomaly Corrected

Tencent Music (TME) to release Q4 and Full Year 2025 financial results

Expected launch of Tencent's 'Roco Kingdom: World'

Tencent shares slide intraday amid geopolitical tensions and AI concerns

Tencent leads Hong Kong stock buybacks with over HK$6.3 billion year-to-date.

FULUM GP HLDG

KEEN OCEAN

SUMMI

XL2CSOPCOIN-U

XL2CSOPCOIN

REGAL PARTNERS

KO YO GROUP

HK ENT INTL

HUIXIN CREDIT

PUTIAN COMM

TCEHY

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TCTZF

群核科技

Tencent-invested AI large model company StepFun plans to go public in Hong Kong, aiming to raise USD 500 million. The company completed a B+ round financing of over 5 billion RMB in January this year, with investors including Tencent. At the same time, four other mainland companies also plan to list in Hong Kong, collectively raising up to USD 700 million, among which cloud-native space design software provider Manycore Tech plans to raise USD 200 million to USD 300 million. Companies like Meige Intelligent and Chuangxiang Sanwei are also preparing for an IPO

- Several AI companies are considering listings in Hong Kong, with StepFun aiming to raise $500 million following its recent B+ funding round of over 5 billion RMB.  
- Manycore Tech, a provider of spatial design software, plans to raise $200 to $300 million, focusing on Asian and U.S. markets, while interest grows around other firms like Meige Smart and Chuangxiang 3D.  
- Upcoming IPOs are expected to total up to $700 million, indicating a strong interest in the AI sector within the region.

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Tencent

TENCENT

Tencent Holdings Limited

Tencent invests in "AI Six Little Tigers" to leap to the stars, rumored to plan for a Hong Kong listing

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On the settlement day of Hong Kong stock index futures, the Hang Seng Index opened higher, rising 254 points to 27,019 points. HSBC's stock price opened 2.9% higher after its earnings report, at HKD 146.8. Cheung Kong Infrastructure led a consortium to sell UKPN, with its stock price opening 1.4% higher. In the technology sector, Baidu opened 0.8% higher, and Tencent opened 1.2% higher. AI stock Zhipu opened 3.6% higher. BYD and other automotive stocks opened 0.4% to 0.9% higher

AASTOCKS

Hang Seng Index

FI CSOP HSI

HSBC HOLDINGS

FL2 CSOP HSI

FI2 CSOP HSI

"Hong Kong Stocks" Hang Seng Index futures settlement day opened high at 254 points, HSBC continued to rise nearly 3%, AIA increased

The Tencent Yuanbao App has attracted attention for generating abusive content when creating New Year's greeting images using AI on New Year's Eve. Users encountered unwarranted insults from the AI during multiple generation commands. The official response expressed apologies, stating that it was an abnormal output during the model's handling of multi-turn conversations, and corrections and optimizations have been made. This is not the first occurrence of a similar situation, as users had previously reported receiving insulting replies

- On February 25, a Tencent app called Yuanbao faced scrutiny after its AI generated offensive content unexpectedly.  
- A Xi'an resident reported experiencing inappropriate insults after issuing commands to create New Year greeting images, despite not using any prohibited language.  
- Yuanbao acknowledged the incident, attributing it to an anomaly in processing multi-turn conversations, and has since taken steps to correct the issue and enhance user experience.

Wallstreetcn

Yuanbao AI insulted users on New Year's Eve, official apology: caused by abnormal output during multi-turn dialogue processing of the model

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BABX

According to the Hong Kong Stock Connect data, the TRACKER FUND experienced a net outflow of HKD 4.41 billion, becoming the largest net outflow stock. Tencent, Alibaba, and Xiaomi Corporation saw net inflows of HKD 818 million, HKD 606 million, and HKD 538 million, respectively. The highest net inflow stocks for the Hong Kong Stock Connect (Shanghai) and (Shenzhen) were Tencent and Alibaba, while the stock with the net outflow was the TRACKER FUND. The total net outflow for the day was HKD 0, with a total transaction amount of HKD 92.513 billion, accounting for 39.07% of the total market transaction amount

Alibaba

BABA-W

Xiaomi Corporation

XIAOMI-W

KraneShares 2x Long BABA Daily ETF

TRACKER FUND

BABA 2x Long Daily ETF - GraniteShares

Net outflow of HKD 4.41 billion from the Stock Connect Tracker Fund

MPNGY

The Hong Kong stock market showed mixed performance, with the Hang Seng Index closing at 26,765 points, up 175 points or 0.7%. The total market turnover was HKD 236.7 billion, with net outflow of northbound capital amounting to HKD 4.057 billion. The National Index rose by 26 points, while the Technology Index fell by 10 points. Meituan rose by 1.6%, Tencent rose by 0.5%, Zhihu plummeted by 10.7%, and MINIMAX dropped by 14.4%. The non-ferrous metal sector strengthened, with Liqian Resources rising by 9.4%. Tungsten prices continued to rise, with Jiaxin International Resources increasing by 11.3%. Cement and steel stocks surged, with Chongqing Iron and Steel soaring by 8.7%

- Hong Kong stocks experienced mixed performance, with the Hang Seng Index opening up 155 points and reaching a high of 26,870 before closing at 26,765, a gain of 0.7%.  
- Notable movements included a 6% rise in Haidilao and fluctuations among tech stocks like Meituan and Tencent.  
- The market anticipates the government's new fiscal budget, focusing on external risks and the performance of major tech companies, with index forecasts ranging between 26,200 and 27,300 points.

Meituan

The Hang Seng Index rose by 175 points, HSBC increased by 5% after earnings, leading the gains. Zhizhi MINIMAX surged over 10%. Experts expect continued volatility｜Hong Kong stocks closing

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The Tencent Yuanbao team apologized for the appearance of profanity in the New Year's greeting posters generated during the Spring Festival, stating that the issue stemmed from abnormal output of the model when processing context. The team has urgently corrected and optimized the model experience, and appreciates the supervision and suggestions from all sectors of society

CSOP HS TECH

Tencent Yuanbao apologizes for the "profanity" in the New Year poster: caused by abnormal model output, urgent corrections and optimizations have been made

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The short selling amount in the Hong Kong stock market reached HKD 19.76 billion in half a day, accounting for 19.7% of the total shortable stock turnover of HKD 100.3 billion. The main shorted stocks include TRACKER FUND, CSOP HS TECH, HSCEI ETF, HSBC HOLDINGS, and Tencent Holdings Limited, with short selling ratios of 38.1%, 49%, 21.4%, 35.1%, and 7.8%, respectively

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

HSCEI ETF

The short selling in Hong Kong stocks for half a day was HKD 19.76 billion, accounting for 19.7% of the total turnover of shortable stocks

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The Hang Seng Index closed at 26,789 points, up 199 points or 0.8%; the Hang Seng Tech Index reported 5,288 points, up 17 points or 0.3%. The China Enterprises Index rose 81 points or 0.9%, closing at 9,088 points. Among the actively traded blue-chip stocks, Meituan, Ping An, Tencent, and Alibaba all saw increases, with Haidilao rising more than 5%. Li Ning, Sinopharm, CHINA RES MIXC, Hengan, and MTR all reached new highs

ISHARESHSI

China Merchants SSE Consumer 80 ETF

LI NING

CHINA RES MIXC

Hang Seng TECH ETF I

HSTECH ETF

SINOPHARM

PING AN

ChinaAMC Hang Seng Technology ETF(QDII)

Dacheng Hang Seng Technology ETF(QDII)

HAIDILAO

MEITUAN

The Half-Day Report: The Hang Seng Index closed at 26,789 points, up 199 points; the Hang Seng Tech Index closed at 5,288 points, up 17 points. HAIDILAO rose over 5%, LI NING, SINOPHARM, CHINA RES MIXC, Hengan, and MTR reached new highs

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The Hong Kong stock market opened higher in the morning, with the Hang Seng Index rising 154 points to 26,745 points, and the National Index and Hang Seng Tech Index increasing by 61 points and 45 points, respectively. Technology stocks generally rebounded, with JD.com, Alibaba, and Meituan each opening 1.2% higher, while Tencent and Baidu saw slight increases. In the automotive sector, Li Auto and XPeng opened 1.5% and 2.8% higher, respectively. Financial stocks saw HSBC opening 0.4% higher, while Standard Chartered opened 1.2% lower. Real estate stocks New World Development and Cheung Kong Holdings opened lower

XPENG-W

ALI HEALTH

JD HEALTH

JD.com

Guotai CSI Computer Theme ETF

CAM HS TECH

"Hong Kong Stocks" Hang Seng Index opened high at 154 points, technology stocks rebound

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The net inflow of the Hong Kong Stock Connect Southbound Hang Seng Technology is HKD 1.585 billion, with Meituan and Xiaomi Group seeing net inflows of HKD 687 million and HKD 438 million, respectively. In terms of net outflows, POP MART, CNOOC, and Tencent experienced net outflows of HKD 205 million, HKD 99.9 million, and HKD 86.77 million, respectively. For the Hong Kong Stock Connect (Shanghai), Tencent had a net inflow of HKD 393 million, while SMIC had a net outflow of HKD 121 million; for the Hong Kong Stock Connect (Shenzhen), the Southbound Hang Seng Technology saw a net inflow of HKD 1.327 billion, while Tencent had a net outflow of HKD 480 million. Overall, the total net outflow for the day was HKD 0, with a total transaction amount of HKD 108.443 billion, accounting for 43.21% of the total market transaction amount

POP MART

Net inflow of HKD 1.585 billion for Southbound Stock Connect Hang Seng Technology

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On February 24th, Hong Kong stocks closed with all three major indices significantly retreating, with the Hang Seng Index down 1.82% and the Hang Seng Technology Index down 2.13%. Dragged down by the adjustment in U.S. stocks and macroeconomic concerns, the technology and catering sectors saw widespread declines, with Meituan down 4.24% and Tencent Holdings down 3.35%. Despite the weak market, KNOWLEDGE ATLAS surged against the trend, driven by positive news from AI model breakthroughs, rising 12.14%, while YUM CHINA increased by 2.55% due to strong earnings reports. Market sentiment has turned cautious, facing short-term profit-taking pressure

- On February 24, Hong Kong stocks faced a significant retreat, with major indices, including the Hang Seng Index, falling by 1.82% after reaching a high phase.  
- The declines were attributed to profit-taking pressures and cautious market sentiment, particularly affecting the tech and retail sectors.  
- Investors are closely monitoring macroeconomic indicators, including retail sales and import-export data, to assess the sustainability of local consumption and external demand recovery.

Market Heartbeat

KUAISHOU-W

BIDU-SW

MNSO

JD-SW

YUM CHINA

KNOWLEDGE ATLAS

KB LAMINATES

ADD NEW ENERGY

GIGADEVICE

NANFANG COMM

Tianhong Hang Seng TECH ETF(QDII)

Hong Kong Stock Market Closing | The Hang Seng Index fell 1.82%, technology and restaurant stocks were under pressure, while KNOWLEDGE ATLAS surged 12.14%

STECH

The Hang Seng Index closed at 26,590 points, down 491 points or 1.8%. The Hang Seng TECH Index reported 5,270 points, down 114 points or 2.1%. The total market turnover was HKD 250.992 billion. Major stocks such as Meituan, Ping An, and Tencent all experienced declines, with drops exceeding 3%. Stocks like WH Group, Henderson Land, Cheung Kong, and MTR Corporation reached new highs, with active trading

Hang Seng TECH Index

According to the "All-Day Express," the Hang Seng Index fell by 491 points; the Hang Seng TECH Index dropped by 114 points. Meituan fell over 4%, Ping An fell over 4%, and Tencent fell over 3%. WH Group, Henderson Land, Cheung Kong Infrastructure, MTR Corporation, and Sinopharm reached new highs with active trading

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According to a research report by Zhejiang Securities, by 2025, the playback volume of Douyin comic dramas will exceed 70 billion, with the market size surpassing 20 billion yuan. With AI empowerment, the production process will be shortened by one-third, efficiency will increase by 80%, and costs will be reduced by more than 70%. At the same time, the window for AI comic dramas to go overseas has opened, short dramas have validated payment, and the supply of comic dramas remains scarce. As major players rush to enter the market, AI comic dramas are transitioning from short drama edge experiments to a new round of phenomenal opportunities, moving from paid to free and from single revenue sharing to full IP monetization

- AI is industrializing content production, with AI comic dramas emerging as a significant segment expected to yield substantial commercial opportunities.  
- Reports indicate that platforms like Douyin will launch over 60,000 comic dramas by 2025, generating views exceeding 70 billion and a market size surpassing 20 billion yuan.  
- The commercialization of comic dramas is evolving towards multi-layer monetization driven by IP, while global market statistics show a significant surge in overseas short drama downloads, highlighting a growing demand for new content avenues.

GF Fund CSI Media ETF

Penghua CSI Media ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

ChinaAMC CSI Cultural Entertainment Media ETF

Guotai CSI Movies Theme ETF

Yinhua CSI Movies Theme ETF

Baidu

ChinaAMC CSI Animation Game ETF

Guotai CSI Animation Game ETF

AI reconstructing the content industry + overseas monetization verification, will comic dramas be the strongest trend in 2026?

On February 24, 2026, Beijing time, the Hong Kong stock market collectively weakened in the afternoon, with all three major indices adjusting high and falling more than 2%. The Hang Seng Tech Index led the decline, dragged down by a pullback in AI themes. Technology stocks generally fell, with major stocks such as Tencent Holdings, Alibaba, and Meituan showing weak performance. Funds shifted towards defensive stocks and individual stock speculation, with Aito rising sharply against the trend due to positive acquisition news. On the macro level, the market is closely monitoring liquidity and the recovery of local consumption data, with investment sentiment leaning towards caution

- The Hong Kong stock market experienced a significant downturn, with major indices falling over 2% led by the Hang Seng Index which dropped 2.01%.  
- Key sectors such as internet and retail reflected negative sentiment, influenced by a retreat in AI stocks, highlighting a broader market adjustment.  
- Notable individual stock movements included significant increases for certain companies while others like Tencent and Alibaba faced declines amid increased market caution.

DAISHOMICROLINE

MOBI DEV

Hong Kong stocks intraday | Hang Seng Index fell 2.3%, Meituan dropped 4.59%, Aide New Energy surged 30.28%

Unity

Conference Minutes

Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Unity Software(U.US). For our earnings review, see '30% Overnight Plunge: Who Crushed Unity?'. I. Key financials recap. Q4 2025 results. Revenue $503mn (+2% YoY); Adj. EPS $0.24 (vs. Street $0.21). Adj. EBITDA $125mn (margin 25%); FCF $119mn...

Unity Software

Opendoor Tech

Opendoor Tech Series A - CW26

Opendoor Tech Series K - CW26

Opendoor Tech Series Z - CW26

TENCENT-R

Tencent HK SDR 10to1

Unity (Trans): Vector up 70% YoY in Jan.

30-40% upside potential. Mainly driven by AI, gaming, advertising growth. A great giant ETF company🤣. Too expensive to buy and hold for retail investor.

2026 Resolution-Trade like professional . Do not FOMO. Keep more cash.

Fattycat

BABA Diamond Holder

BABA Return Rate

我想问真观点

What is Tencent's upside potential?

KC1028

This Lunar New Year, China’s tech giants kicked off a new round of AI wars.Alibaba launched a ¥3B “Spring Festival Treat” campaign, driving 10 million free milk tea orders in 9 hours across its platforms. Tencent invested ¥1B into WeChat’s “Yuanbao” AI red packets to deepen engagement.ByteDance took another path — its Dream platform released Seedance 2.0, a video AI model that boosts usable output for short clips to over 90%, far above the ~20% industry average.Beyond subsidies, this battle is about who can truly integrate AI into daily life. The holiday rush helps shape habits, gather data, and train models — all aiming to become the go-to “AI ask” gateway.The winner won’t just get traffic, but could define the super-app of the AI era.So — who’s your pick? Alibaba’s commerce, Tencent’s social grip, or ByteDance’s tech edge?$Alibaba(BABA.US)$BABA-W(09988.HK)$BABA-WR(89988.HK)$Tencent(TCEHY.US)$TENCENT(00700.HK)

Yuanbao

The Battle for the AI Gateway: Who Wins?This Lunar New Year, China's tech giants unleashed a new wave of AI application wars. Alibaba's &#34;Spring Festival Treat&#34; campaign, backed by ¥3B, offered deals across e-commerce and local services, logging 10 million free milk tea orders in 9 hours. Tencent doubled down on its WeChat ecosystem, investing ¥1B into its &#34;Yuanbao&#34; AI red packet feature to boost engagement.ByteDance played a different card. Its Dream platform launched Seedance 2.0, a new video AI model. A key breakthrough: it boosted the usable output rate for 15-second clips to over 90%, far above the ~20% industry average, slashing generation costs.Beyond subsidies, this battle tests real AI integration and ecosystem strength. The holiday season is a prime testing ground to shape user habits, collect data, and train models—all fighting to become users' first-choice &#34;AI ask&#34; portal.The stakes? It's not just about traffic. It's about defining the super-app gateway for the AI era, which will ripple across the entire investment landscape.So, who's your pick for the ultimate AI gateway? Alibaba with its commerce power, Tencent with its social lock-in, or ByteDance with its tech edge?

Today’s Key News Recap

Feb 6 | Dolphin Research focus: 🐬 Stock 1, $BABA-W(09988.HK) Alibaba's Qwen app launched a 'Spring Festival RMB 3bn free-order' campaign today. The first wave centers on AI one-line prompts to order milk tea for free.Notably, WeChat further blocked today the promo passwords for red-envelope campaigns run by both Alibaba Qwen and Tencent Yuanbao. As a result, those keywords can no longer be copied or recognized in private or group chats.The move aims to protect WeChat's platform ecosystem and curb over-marketing that disrupts user experience. It also helps defend its social-traffic moat...

BABA-WR

Amazon

Roblox

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Li Auto

DingDong

XPeng

NIO-SW

NIO Inc. USD OV

NIO Inc

Alibaba HK SDR 5to1

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Meituan HK SDR 5to1

Alibaba Qwen's Lunar New Year free-order promo was blocked by WeChat; Nio surged after its first-ever quarterly profit | Daily News Recap

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Below is Dolphin Research's Trans on $Roblox(RBLX.US) Q4 2025 earnings call. Title: 'Software Slump? RBLX: Closed-Loop Ecosystem; Genie Won't Disrupt It'.I. Key earnings recap. 1) Q4 2025 results: revenue of $1.4bn (+43% YoY); bookings of $2.2bn (+63% YoY); DAUs +69% YoY.Engagement reached 35bn hours (+88% YoY). Monthly paying users: nearly 37 mn...

RBLX (Trans): GenAI won't solve 3D online multiplayer issues

JPTENCT@EC2609A(25097.HK)

Tencent invests in "AI Six Little Tigers" to leap to the stars, rumored to plan for a Hong Kong listing

"Hong Kong Stocks" Hang Seng Index futures settlement day opened high at 254 points, HSBC continued to rise nearly 3%, AIA increased

Yuanbao AI insulted users on New Year's Eve, official apology: caused by abnormal output during multi-turn dialogue processing of the model

Net outflow of HKD 4.41 billion from the Stock Connect Tracker Fund

The Hang Seng Index rose by 175 points, HSBC increased by 5% after earnings, leading the gains. Zhizhi MINIMAX surged over 10%. Experts expect continued volatility｜Hong Kong stocks closing