The Hong Kong stock market performed well, driven by technology stocks. The Hang Seng Index opened 37 points higher and its gains expanded, rising by 485 points at one point to reach an intraday high of 25,806 points. It closed up 435 points, or 1.7%, at 25,757 points. The Hang Seng China Enterprises Index rose 176 points, or 2.1%, to close at 8,628 points, while the Hang Seng Tech Index gained 151 points, or 3.2%, to finish at 4,947 points. Total turnover for the day amounted to HKD 292.766 billion.
JD.com's affiliated companies surged after announcing their earnings. JD.com (09618.HK) rose 10% to HKD 106.60, JD Logistics (02618.HK) soared 23% to close at HKD 12.63, becoming the top gainer among blue-chip stocks. JD Health (06618.HK) and JD Industrial (07618.HK) increased by 1.9% and 7.1%, respectively.
In other tech stocks, Tencent (00700.HK), Alibaba (09988.HK), Meituan (03690.HK), Baidu (09888.HK), and Kuaishou (01024.HK) rose between 3.1% and 3.5%, while NetEase (09999.HK) climbed 5.2%. Bilibili (09626.HK) reported a 94% increase in adjusted net profit for the fourth quarter of last year, yet its share price fell 4.5%. XD Inc. (02400.HK) projected a minimum 77% increase in net profit for last year, with its shares rising 0.4%. Kingdee (00268.HK), China Software International (00354.HK), and Ali Health (00241.HK) gained between 2.9% and 3.3%. Meitu (01357.HK) advanced 6%.
In AI-related stocks, Paradigm Intelligence (06682.HK) and XtalPi (02228.HK) rose 3.3% and 3.4%, respectively, while Zhipu AI (02513.HK) and MiniMax (00100.HK) increased by 2.3% and 0.7%. Among chip stocks, SMIC (00981.HK) and Huahong Semiconductor (01347.HK) gained 0.5% and 0.9%, respectively. In mobile component stocks, AAC Technologies (02018.HK) and Sunny Optical (02382.HK) rose 3.2% and 2%, respectively. Lenovo Group (00992.HK), a producer of personal computers and servers, advanced 2.1%, while fiber optic cable maker Yangtze Optical Fiber (06869.HK) retreated 7.8%.
In auto stocks, BYD (01211.HK) unveiled its second-generation Blade Battery and flash charging technology, with its shares rising 2.3%. Xiaomi’s (01810.HK) founder Lei Jun cited memory chip cost pressures, fueling market speculation about smartphone price hikes, pushing the stock up 3.8%. It was reported that Li Auto (02015.HK) plans to release a bipedal robot by mid-year, with its shares gaining 2.8%. Geely (00175.HK), Leapmotor (09863.HK), and XPeng (09868.HK) rose 7.9%, 5.9%, and 4.2%, respectively. Robotics-related stocks Ubtech Robotics (09880.HK) and Sanhua (02050.HK) gained 2.4% and 2.6%, respectively.
Pharmaceutical stocks rallied following the government work report highlighting emerging industries. Hengrui Pharma (01276.HK), Junshi Biosciences (01877.HK), Fosun Pharma (02196.HK), Genscript (01548.HK), Akeso (09926.HK), and Innovent Bio (01801.HK) rose between 4.7% and 6.2%, while DualityBio (09606.HK), 3SBio (01530.HK), and RemeGen (09995.HK) climbed 8.4%, 9.4%, and 10.9%, respectively. Hutchmed (00013.HK) reported an 11-fold increase in annual net income, with its shares rising 5.3%.
Consumer and domestic demand stocks generally rose, with Mengniu Dairy (02319.HK) and Damai Entertainment (01060.HK) climbing 6.9% and 10%, respectively. Budweiser APAC (01876.HK), Yum China (09987.HK), and Uni-President China (00220.HK) gained between 3.1% and 3.9%, while Mao Geping (01318.HK) advanced 4.7%. Travel platforms Trip.com (09961.HK) and Tongcheng Travel (00780.HK) rose 7.2% and 3.3%, respectively. Prada (01913.HK) reported full-year profits of EUR 852 million, up 1.6%, but its shares fell 5.8%. Credit Suisse noted that Prada is undergoing a transformation year affected by the acquisition of Versace.
In financial stocks, HSBC (00005.HK) and AIA (01299.HK) rose 1% and 0.6%, respectively, while HKEX (00388.HK) gained 1.9%. Insurance stock Zhongan Online (06060.HK) climbed 4.4%. Resource stocks declined, with Hongqiao Group (01378.HK) falling 3%, and Chinalco (02600.HK) and China Gold International (02099.HK) dropping more than 5%.
Following the market close, the Hang Seng Index replaced some constituent stocks. Newly included 'blue-chip' stocks CATL (03750.HK) and Laopu Gold (06181.HK) rose 2.6% and 3.4%, respectively, while Luoyang Molybdenum (03993.HK) dropped 3.5%. Zhongsheng Group (00881.HK), which will be removed from the Hang Seng Index, rose 4.4%. KE Holdings (02423.HK), newly added to the Hang Seng China Enterprises Index, gained 2%, while Horizon Robotics (09660.HK) climbed 1.7%.
