Baidu, JD.com, Bilibili, Nio earnings land intensively, what is Hong Kong tech waiting for in its rebound?

Entering late March, Hong Kong tech giants are entering a period of intensive earnings reports.

As of March 11, major Hong Kong tech companies such as Baidu, JD.com, Bilibili (Bilibili), and NIO have officially released their 2025 financial reports, causing their stock prices to rebound. Among them, Baidu’s Q4 AI business revenue accounted for 43%, JD.com’s delivery losses narrowed, and AI-enabled retail. Bilibili and NIO achieved their first full-year and quarterly profits, respectively.

Next, Hang Seng Tech, Hang Seng Internet heavyweight stocks Tencent Holdings, Alibaba, Meituan, and Xiaomi Group will release their earnings reports on March 18, 19, 20, and 24. Market focus will be on retail performance, cloud revenue share, and AI capital expenditure expansion.

Since early October last year, Hong Kong tech stocks have experienced significant adjustments (5 months) with a decline of -28%, generally entering a left-side positioning zone. Investors can accumulate at lows, paying attention to Hang Seng Tech Index ETF (513180.SH) and Hang Seng Internet ETF (513330.SH). Watch for potential catalysts in Hong Kong tech stocks:

1. Release of new domestic AI models and applications. If the results exceed expectations, there could be a phased rebound similar to the first half of last year, driven by continued expansion of AI software applications (large domestic market) and a re-evaluation of China’s technological capabilities.

2. Better-than-expected performance of heavyweight stocks. For example, if Alibaba’s Capex expectations remain unchanged, cloud business continues high growth, and the pace of losses in food delivery slows, then under the “return to fundamentals” narrative, speculative disruptions may come to an end.

3. In the context of anti-involution, easing of food delivery competition could significantly contribute to profit growth for listed companies.

Daily Economic News