【Hong Kong Stock Market】Hang Seng Index down over 300 points in early trading, Tencent drops over 5% after earnings, Xiaomi rises nearly 4% against the market, CNOOC up 4% (continuous updates)

【Hang Seng Index / Hang Seng Index / HS/HSI / Hong Kong Stocks / Night Futures / ADR】Hong Kong stocks opened over 400 points lower. The Hang Seng Index opened down 474 points at 25,550, with a turnover of HKD 4.44 billion. The Tech Index fell 2.1% to 5,000 points. Tencent (00700) dropped 4% after earnings, AIA (01299) fell over 3%, Xiaomi (01810) announced Mimo-V2-Pro and upcoming new SU7, with shares rising over 2% against the trend. CNOOC (00883) rose over 2% following oil price increases of over 2%.

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Financial Daily:

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Market Trends:

【10:20】The major index is down about 378 points, at 25,646, with a turnover of HKD 95.4 billion. The Tech Index is down 1.4% at 5,039.

【10:20】【700 Major Bank Reports】Morgan Stanley: Early AI investments have short-term pressure on Tencent’s profit margin; target price cut by 12%.

【10:17】MINIMAX (00100) retraced 6%, Zhipu (02513) retraced 7%.

【10:13】Cheung Kong (01038) rose 1% after earnings; China Power (00006) unchanged.

【CK Hutchison Group Earnings】Cheung Kong’s net profit rose 1.8% to over HKD 8.2 billion; final dividend increased 1.1% to HKD 1.88; current dividend yield 4%.

【CK Hutchison Group Earnings】CLP Holdings’ net profit increased 1.9% to HKD 3.04 billion; maintained final dividend of HKD 2.04; current dividend yield 4.5%.

【10:13】Tencent (00700) fell over 5% earlier, hitting a low of HKD 515.

【09:55】Pop Mart (09992) dropped over 1%, low of HKD 215.

【09992】Pop Mart partners with Sony Pictures to develop the live-action animated film LABUBU, directed by the director of “Paddington.”

【09:22】 Hang Seng Index opens 474 points lower, at 25,550, with HKD 4.44 billion in turnover. Tech Index down 2.1% at 5,000. Tencent (00700) drops 4% after earnings, AIA (01299) down over 3%, Xiaomi (01810) announces Mimo-V2-Pro and upcoming new SU7, shares rise over 2% against the trend. CNOOC (00883) rises over 2% following oil price increases of over 2%.

【09:06】Hang Seng Futures down about 581 points at 25,445.

【08:47】【Gold Price Trend】Gold prices have fallen for six consecutive days, retreating to around USD 4,800, with slight stabilization.

【08:16】【HSBC】Reports suggest HSBC is considering large-scale layoffs in the coming years, possibly affecting around 20,000 jobs due to AI considerations.

【08:05】【AI+01810】Xiaomi releases the trillion-parameter Mimo-V2-Pro model. Lei Jun: We are relatively low-profile in AI, and actual progress may be much faster than what everyone sees.

【07:46】【09999 Earnings】AIA reports record new business value of USD 5.52 billion, up 15% at fixed exchange rates; final dividend increased 10% to HKD 1.4408.

【07:45】Trump intensifies military actions in the Middle East, attacking oil and gas fields, prompting Iran to retaliate against US-affiliated facilities in the UAE, boosting oil prices. Brent crude hits USD 111.9, US dollar index rises 0.5% to above 100. Night futures close down 496 points, at 25,479. The China concept stock index drops 2.1% to 7,015.

| ADR | HKD Equivalent | Change from Hong Kong Close | | Meituan ADR | 78.11 | -2.73% | | Tencent ADR | 517.33 | -6.02% | | HSBC ADR | 125.32 | -2.02% | | Alibaba (US) | 131.71 | -4.35% |

【07:45】【700 Earnings Conference】Tencent ADR down 6%; Liu Cihping: Profit growth this year may be slower than revenue; Apple tax cut is positive.

【07:45】【Morning Briefing】Tencent’s Liu Cihping: Profit growth may lag behind revenue this year; Powell: Will remain Chair until a successor is appointed; Middle East war impact remains uncertain.

More Hong Kong stocks ADRs and Chinese concept stocks quotes:

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【07:30】FOMC keeps interest rates steady, expects one rate cut this year and next. Middle East conflict has pushed oil prices up nearly 50% this month. Fed Chair Powell emphasizes that if inflation shows no signs of progress, rate cuts will not be considered. Rising energy prices are expected to push up overall inflation expectations. After Powell’s speech, Dow fell 800 points. The Dow closed down 768 points at 46,225; S&P 500 fell 1.36%; Nasdaq down 1.46%.

See US market close:

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Hong Kong stocks yesterday — details at: 【Hong Kong Stocks Night Futures + ADR + Northbound Funds】 Night futures close down 496 points; Tencent ADR down 6% from HKD.