BIALIBA@EC2607B

CT IND GROUP

KEEN OCEAN

EPI (HOLDINGS)

MOBI DEV

MS CONCEPT

NANFANG COMM

CCOE

HK ENT INTL

IDT INT'L

PUTIAN COMM

VIPS

01519

03690

83690

HMTD

MPNGY

09988

89988

HBBD

BABA

KBAB

BABO

BABX

$Vipshops(VIPS.US) released its Q4 2025 results on the evening of Feb 26. Despite earlier lowering guidance, the print still came in weaker: revenue slipped back into negative growth, while expense discipline kept profit growing.Specifically: 1) Core operating metrics — GMV growth stalled again this quarter, with YoY growth under 1%, missing market expectations. The drag came from another decline in active users, down Approx. 400k YoY, and a clear drop in order frequency per user, driving total orders down 5% YoY...

VIPS: Negative Growth Again? 10% Shareholder Return to the Rescue

09961

TCOM

TRIP

K3RD

09618

89618

HJDD

BYTED

HTGD

In the early hours on Feb 26 after the US close, $Trip.com(TCOM.US) released Q4 FY2025 results under a regulatory overhang.Overall, the print was solid, with revenue growth beating prior guidance and re-accelerating.However, opex climbed across the board, rising faster than revenue and resulting in a GAAP OP miss vs. expectations.1) Strong revenue, accelerating growth:Group net revenue rose 21% YoY this quarter, the highest pace this year and notably faster vs. last quarter.Revenue across business lines exceeded prior guidance...

TCOM: Regulatory Overhang — Opportunity or Risk?

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03983

600938

601808

In the Hong Kong Stock Connect, CNOOC had a net outflow of HKD 894 million, while Alibaba and YOFC had net outflows of HKD 888 million and HKD 625 million, respectively. The northbound capital saw a net inflow of HKD 18.36 million into Xiaomi Group. In the Hong Kong Stock Connect (Shanghai), DONGFANG ELEC had a net inflow of HKD 125 million, while CNOOC had a net outflow of HKD 626 million. In the Hong Kong Stock Connect (Shenzhen), MEITUAN had a net inflow of HKD 311 million, while Alibaba had a net outflow of HKD 657 million. The total net outflow for the day was HKD 0, with a total transaction amount of HKD 99.929 billion, accounting for 38.54% of the total market transaction amount

AASTOCKS

CHINA BLUECHEM

CNOOC

COSL

CHINA OILFIELD

BABA-W

DONGFANG ELEC

XIAOMI-W

DEC.LTD

Alibaba

MEITUAN

YOFC

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

Net outflow of CNOOC in Hong Kong Stock Connect amounted to HKD 894 million

TCTZF

01038

00HSI

Today is the futures settlement day for Hong Kong stocks. The Hang Seng Index opened higher but fell back, closing down 384 points or 1.4%, at 26,381 points. Southbound funds had a net outflow of HKD 7.366 billion, and technology stocks performed poorly, with Alibaba and Tencent dropping 3.6% and 2% respectively. CKI Holdings' stock price rose 4.5% due to the sale of a UK distribution company. The total market turnover was HKD 259.277 billion

Tencent Holdings Limited

CKI HOLDINGS

Hang Seng Index

The Hang Seng Index fell, with northbound capital outflow expanding to over 7.3 billion; Alibaba and Tencent are weak

BIDU

00005

513770

513040

On the settlement day of Hong Kong stock index futures, the Hang Seng Index fell by 384 points to 26,381 points, the National Index dropped by 220 points, and the Hang Seng Tech Index decreased by 151 points. Technology, automotive, consumer, and pharmaceutical stocks generally declined, with Alibaba down 3.6% and Baidu down 4.3%. CKI Holdings sold UKPN, and its stock price rose by 4.5%. Financial stocks showed mixed performance, with HSBC Holdings up 1.6%, while domestic insurance stocks generally fell. The total market turnover was HKD 259.277 billion

Baidu

HSBC HOLDINGS

Guotai CSI 800 Automobile and Parts ETF

CSOP HS TECH

TRACKER FUND

ChinaAMC CSI Auto Components Thematic ETF

Tianhong Hang Seng TECH ETF(QDII)

Hwabao CSI HK Equities Internet ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

HFT CSI Auto Components Thematic ETF

China Southern Hang Seng ETF Feeder Fund-A

HSTECH ETF

China Southern Hang Seng ETF

E Fund HSCEI ETF

ChinaAMC Hang Seng Technology ETF(QDII)

HSCEI ETF

E Fund CSI HK Connect Internet ETF

"Hong Kong Stocks" Hang Seng Index futures settlement day closed down 384 points, with declines in technology, automotive, consumer, and pharmaceutical stocks

NVDA

NFLX

DUOL

CRWV

DELL

PARA

09888

89888

HBUD

LKNCY

BA-A

0226 | Dolphin Research focus: 🐬 Stock 1, $Alibaba(BABA.US). Alibaba Cloud Bailian launched the 'Coding Plan', integrating APIs for four mainstream models — Qwen3.5, GLM-5, MiniMax M2.5 and Kimi K2.5 — making it the only cloud provider globally to offer this combo.Lite plan is priced at RMB 7.9 for the first month and RMB 40 for the second; Pro plan at RMB 39.9 for the first month and RMB 200 for the second, with free model switching. The aim is to lower AI coding barriers through aggressive pricing and full-stack model coverage...

Alibaba Cloud rolls out dirt-cheap AI coding bundle; JD's 'Billion-yuan Supermarket' reignites subsidy rush | Daily News Recap

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Hong Kong stocks experienced a collective pullback today, with the three major indices retreating after reaching highs. The Hang Seng Index closed down 1.44%, and the Hang Seng Tech Index plummeted 2.87%. On the market, tech stocks and retail stocks showed weakness, with significant declines in heavyweight stocks like Alibaba and Kuaishou; bank stocks exhibited mixed performance, with HSBC Holdings rising 1.61% against the trend, supporting the market. Funds have not completely withdrawn, as the telecommunications equipment sector was in demand, with NANFANG COMM and MOBI DEV seeing significant price increases. On the macro front, the market is closely monitoring economic data from early 2026 to assess the sustainability of the recovery

- Hong Kong stocks experienced a collective pullback today, with the Hang Seng Index dropping 1.44% to close at 26,381.02 points after recent highs.  
- The Hang Seng Tech Index fell 2.87%, indicating significant profit-taking, while retail and internet sectors also showed declines amid a subdued market mood.  
- Investors are focusing on macroeconomic signals for early 2026, watching GDP growth and inflation rates to assess economic recovery and stock valuation trends.

Market Heartbeat

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

ICBC

KPM HOLDING

ISHARESHSI

Hong Kong Stock Market Closing | The Hang Seng Index fell by 1.44%, the Tech Index plummeted by 2.87%, Alibaba's decline exceeded 3%, and NANFANG COMM surged over 42%

02318

01113

The Hang Seng Index closed at 26,381 points, down 384 points or 1.4%. The Hang Seng Tech Index reported 5,109 points, down 151 points or 2.9%. The National Index fell 220 points or 2.4%, closing at 8,814 points. The total market turnover was HKD 259.277 billion. Ping An fell 4.6%, and Alibaba dropped 3.6%. Cheung Kong Infrastructure, CLP Holdings, CK ASSET, Techtronic Industries, and HSBC reached new highs with active trading

PING AN

CK ASSET

According to the Hong Kong Daily News, the Hang Seng Index fell by 384 points; the Hang Seng Tech Index dropped by 151 points. Ping An fell over 4%, Alibaba dropped over 3%. Cheung Kong, CLP, CK ASSET, Techtronic, and HSBC hit new highs with active trading

512380

MCHI

09899

UBS report indicates that global commodity prices are expected to rise by 9% in 2025, putting Chinese companies in a dilemma of either raising prices or facing declining profit margins. If re-inflation is successfully achieved, the MSCI China Index has a 20% upside potential. UBS adjusts its portfolio, downgrading the software sector to "underweight," adjusting consumer staples and real estate to "neutral," reducing positions in the internet sector, and removing NetEase. Tencent and Alibaba remain favored

Yinhua MSCI China A ETF

iShares MSCI China

NETEASE MUSIC

NTES-S

UBS: If China successfully moves towards "re-inflation," the stock market could potentially rise by 20%, and reduce holdings in the internet sector

On February 26th, the Hong Kong stock market sentiment turned cautious, with all three major indices retreating. The Hang Seng Index fell by 0.95%, and the Hang Seng TECH Index plummeted by 2.19%. Blue-chip stocks generally weakened, with Alibaba and Tencent Holdings dropping by 2.9% and 1.82%, respectively. The funding situation showed a clear divergence, with the demand for AI computing infrastructure driving the communication equipment sector to rise against the trend, as YOFC surged over 4%. The current market is in the pullback confirmation phase after a breakout, with macro-level attention focused on liquidity verification and signals of domestic demand recovery

- On February 26, Hong Kong stocks declined across all major indices, reversing previous gains due to profit-taking and cautious investor sentiment.  
- The Hang Seng Index fell 0.95% to 26,511.22 points, with significant losses in technology stocks, while communication equipment firms saw gains driven by AI infrastructure demand.  
- Market liquidity and domestic consumption recovery remain key focuses for investors, monitoring M3 money supply and retail sales for insights into economic resilience.

ILUVATAR COREX

FIT HON TENG

ALI HEALTH

Fullgoal CSI Communication Equipment Thematic ETF

Hang Seng TECH Index

Hong Kong Stock Market Update | The Hang Seng Index fell 0.95%, Alibaba dropped 2.9%, while the communication equipment sector surged against the trend

Alibaba fell 3.16% in the night session; Amazon fell 0.51% in the night session, with a transaction volume of USD 8.11 million; JD.com fell 2.94% in the night session, with a transaction volume of USD 7.31 million; Pinduoduo fell 1.45% in the night session, with a transaction volume of USD 2.94 million

- U.S. stock market saw Alibaba's shares decline by 3.16% during after-hours trading due to significant non-automated trades totaling 30.53 million yuan on February 24, leading to a 2.8% drop from the previous closing price.  
- Concurrently, Amazon's shares fell by 0.51% amid concerns over a planned $12 billion investment in new data centers and uncertainty regarding its AI strategy following leadership changes.  
- JD.com and Pinduoduo also experienced declines of 2.94% and 1.45%, respectively, with JD facing tough market sentiments despite investments in employee welfare and Pinduoduo's mixed news affecting its market confidence.

Tracking Unusual Activity

BABA-WR

YieldMax BABA Option Income Strategy ETF

U.S. stock night market volatility: Alibaba fell 3.16% in the night market, pressured by large transactions and market caution!

As of noon on February 26, Hong Kong stocks showed weakness across the three major indices, with the Hang Seng Index down 0.39% and the Hang Seng Tech Index falling 1.65%, leading the decline. In terms of sectors, retail and technology stocks generally retreated, with Alibaba down 2.09% and Kuaishou down 2.41%; the telecommunications equipment sector performed strongly against the trend, with Yangtze Optical Fibre and Cable rising 4.65% and Cambridge Technology up 5.02%. The market experienced a technical adjustment after reaching a peak, focusing on the endogenous momentum of economic recovery, with investment sentiment becoming cautious

- The Hong Kong stock market saw a collective decline in the main indices after reaching a peak, with the Hang Seng Index closing at 26,661.2 points, down 0.39%.  
- The technology sector led the decline, with the Hang Seng Tech Index falling 1.65%, attributed to significant technical corrections from recent highs.  
- While retail stocks fell, communication equipment stocks increased, driven by optimism around digital infrastructure policies.

FULUM GP HLDG

ZIJING INTL FIN

SINOPHARM TECH

Hong Kong Stock Market Mid-Review | Hang Seng Tech Index fell 1.65%, communication equipment stocks rose against the trend, Changfei Fiber increased by 4.65%, Alibaba dropped by 2.09%

The three major Hong Kong stock indices collectively adjusted during the session, with the Hang Seng TECH Index leading the market decline, down 1.57%. In terms of sectors, retailers, internet, and building materials sectors generally weakened, with heavyweight stocks under significant pressure. In terms of individual stocks, Alibaba fell 2.43%, Kuaishou dropped 2.56%, and CONCH CEMENT plummeted 7.19%. Market sentiment is becoming cautious, closely monitoring expectations for Federal Reserve policy and data on the recovery of the mainland economy

- The Hong Kong stock market experienced a collective decline, with the Hang Seng Index dropping 0.58% to 26,609.88 points as profit-taking pressure hindered further gains.  
- Notable declines were seen in the Hang Seng Tech Index and the Hang Seng China Enterprise Index, reflecting a cautious market sentiment amid concerns over economic recovery and the performance of various sectors.  
- Key stocks related to retail and construction suffered significant losses, while select small-cap stocks experienced sharp increases, indicating volatility and market speculation.

CONCH CEMENT

CNBM

WESTCHINACEMENT

MICROWARE

Dacheng Hang Seng Technology ETF(QDII)

Harvest Hang Seng SCHK Technology ETF

Hang Seng TECH ETF I

Hong Kong stock market intraday | Hang Seng Tech Index down 1.57%, Alibaba down 2.43%, CONCH CEMENT down 7.19%

ONLN

EBIZ

IBUY

KWEB

CLOU

Haitong International released a report stating that Alibaba's revenue for the third fiscal quarter increased by 2.3% year-on-year, reaching RMB 289.3 billion. Customer management revenue grew by 4.4%, international digital commerce group revenue increased by 18.5%, and cloud business revenue rose by 38%. Due to weak consumer trends, the growth of customer management revenue may be moderate. The cloud business will be the main growth engine. The firm raised its revenue forecast for the third fiscal quarter to RMB 289 billion and its full-year revenue forecast to RMB 1,034 billion, but lowered its net profit forecasts for the third fiscal quarter and the full year to RMB 29 billion and RMB 93.6 billion, respectively. The target price remains at $203, with a rating of "Outperform."

ProShares Online Retail

Global X E-commerce ETF

Amplify Online Retail ETF

Krne Csi China Internet

Global X Cloud Computing ETF

Haitong International expects Alibaba's revenue for the last quarter to increase by 2.3% year-on-year, while lowering its earnings forecast

BIALIBA@EC2607B(25375.HK)

VIPS: Negative Growth Again? 10% Shareholder Return to the Rescue

TCOM: Regulatory Overhang — Opportunity or Risk? ---

Net outflow of CNOOC in Hong Kong Stock Connect amounted to HKD 894 million

The Hang Seng Index fell, with northbound capital outflow expanding to over 7.3 billion; Alibaba and Tencent are weak

"Hong Kong Stocks" Hang Seng Index futures settlement day closed down 384 points, with declines in technology, automotive, consumer, and pharmaceutical stocks