【Hong Kong Stock Market】Hang Seng Index Falls 432 Points at Midday; Tencent Drops Nearly 6% After Results; Xiaomi Rises 4% Against Market Trend; Minimax and Zhipu Give Back Gains (Continuously Updated)

【Hang Seng Index / Hang Seng Index / HS/HSI / Hong Kong Stocks / Night Futures / ADR】 Hong Kong stocks fell more than 400 points in the half-day session. The Hang Seng Index opened down 474 points at 25,550, with early losses narrowing to 287 points at 25,737. It then declined again, ending the half-day session down 432 points at 25,593, with a turnover of HKD 153.53 billion. The Tech Index fell 1.6% to 5,027. Tech stocks showed mixed performance, with Tencent (00700) dropping nearly 6% after earnings, while Xiaomi (01810) rose over 4% against the trend. CNOOC (00883) and PetroChina (00857) gained over 3% and 1%, respectively. MINIMAX (00100) lost over 11%, and Zhipu (02513) retreated over 8%.

US Market updates ongoing, details on the next page

Financial Diary:

▼Click image to enlarge

Market Movements:

【12:00】 Hang Seng Index down 432 points to 25,593, with HKD 153.53 billion in turnover. The Tech Index fell 1.6% to 5,027. Tech stocks showed mixed performance, with Tencent (00700) dropping nearly 6% after earnings, Xiaomi (01810) rising over 4% against the trend. CNOOC (00883) and PetroChina (00857) gained over 3% and 1%, respectively. MINIMAX (00100) lost over 11%, and Zhipu (02513) retreated over 8%.

【11:34】【Major Bank Report】Morgan Stanley expects Macau gaming stocks to underperform the market in the short term, with target prices lowered by 9% to 26% (see target price table).

【11:33】 Before midday close, Hang Seng Index fell about 424 points to 25,600, with HKD 143.7 billion in turnover. The Tech Index declined 1.5% to 5,031.

【11:33】CK Hutchison (00001) fell 1% before earnings, while Sun Hung Kai Properties (01113) dropped 3%.

【11:25】【700 Analysis】 Tencent’s stock dropped 6% after earnings. Analysis: The pullback reflects market dislike of buybacks; it takes time to assess whether AI spending is justified.

【11:09】【Airline Rankings】Cathay Pacific ranked second globally in AirlineRatings’ 2026 best airlines, with Hong Kong Express winning the low-cost carrier crown.

【11:04】【1810】 Xiaomi’s new generation SU7 will be released tonight. Brand ambassador for Xiaomi cars includes sprinter Su Bingtian and actress Shu Qi.

【10:45】 CNOOC (00883) up nearly 4%, PetroChina (00857) up over 1%. Shandong Molong (00568) up 10%, Baqian Oil Services (02178) up over 9%, CNOOC (00632) up over 6%.

【Oil Price Trend】Brent crude surpasses $110, with analysis suggesting that if tensions escalate, $120 is not the ceiling but the starting point.

【10:20】 Market declines about 378 points to 25,646, with HKD 95.4 billion in turnover. The Tech Index fell 1.4% to 5,039.

【10:20】【700 Major Bank Report】Morgan Stanley: Early AI investments pressure Tencent’s profit margin in the short term, with a 12% target cut.

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

【10:13】CK Infrastructure (01038) rose 1% after earnings; China Power (00006) shows no change.

【CK Infrastructure and Power earnings】CK Infrastructure’s net profit rose 1.8% to over HKD 8.2 billion, with a final dividend up 1.1% to HKD 1.88, dividend yield 4%. China Power’s net profit increased 1.9% to HKD 3.04 billion, with a final dividend of HKD 2.04, yield 4.5%.

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

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

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

【09:22】 Hang Seng Index opened 474 points lower at 25,550, with HKD 4.44 billion in turnover. The Tech Index fell 2.1% to 5,000. Tencent (00700) dropped 4% after earnings, AIA (01299) down over 3%, Xiaomi (01810) announced the Mimo-V2-Pro and upcoming new SU7, rising over 2%. CNOOC (00883) rose over 2% with oil prices.

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

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

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

【08:05】【AI+1810】 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’s full-year new business value hits a record HKD 5.52 billion, up 15% at fixed exchange rates; final dividend up 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-linked facilities in the UAE, pushing oil prices higher. Brent crude hits USD 111.9. The US dollar index rises 0.5%, back above 100. Night futures close down 496 points at 25,479, with Chinese concept stocks down 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 may be slower than revenue this year. Apple tax cut is positive.

【07:45】【Morning Brief】 Liu Cihping of Tencent: Profit growth may lag revenue; Powell: Will serve as Chair until a successor is named; Middle East war impact remains uncertain.

More Hong Kong stocks ADRs and Chinese concept stock quotes:

▼Click image to enlarge

+7

+6

【07:30】Federal Reserve keeps interest rates steady, expects one rate cut this year and next. Middle East conflict has driven 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. He expects rising energy prices to push up overall inflation expectations. After his speech, Dow fell 800 points. The Dow closed down 768 points at 46,225; S&P 500 dropped 1.36%; Nasdaq declined 1.46%.

See US market close for details:

▼Click image to enlarge

+10

+9

The previous day’s Hong Kong market, details at: 【Hong Kong Night Futures + ADR + Northbound Funds】 Night futures close down 496 points. Tencent ADR down 6%.