【HK Futures Night Session + ADR + Northbound Funds】Night Session Closes Down 525 Points, HSBC ADR Trades 3% Below Hong Kong Price (Continuously Updated)

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【Hang Seng Index / HS Index / Hang Seng / HS / HSI / Hong Kong Stocks / Night Futures / ADR】US interest rate hike expectations heat up, US 10-year Treasury yield surges to 4.38%, night futures drop 525 points at market close, ending at 24,725 points. China concept stocks fall 2.9%, closing at 6,742 points. HSBC ADR down nearly 3% from Hong Kong.

| ADR | HKD Equivalent | Change from HK Market Close | | Meituan ADR | 77.35 | -2.27% | | Tencent ADR | 497.42 | -2.08% | | HSBC ADR | 120.56 | -3.17% | | Alibaba US Stock | 119.86 | -3.10% |

Northbound funds withdraw over 21 billion, large sell-offs in Xiaomi, Alibaba, Tencent, and major index ETFs

Northbound funds see a net outflow of 21.01 billion yuan. Xiaomi (01810) and Alibaba (09988) record net inflows of 2.46 billion and 2.04 billion yuan respectively. Tencent (00700) has a net inflow of 680 million yuan. Meanwhile, funds sell off three major index ETFs: the Tracker Fund (02800), Hang Seng China Enterprises ETF (02828), and Southern Hang Seng Tech ETF (03033), with net outflows of 13.38 billion, 4.18 billion, and 3.63 billion yuan respectively.

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【Hang Seng Index / HSI】Falls 223 points. Alibaba drops over 6% after earnings, Xiaomi down more than 8%, CATL rises 8% to new high

Hong Kong stocks fall over 200 points. Hang Seng Index opens down 163 points at 25,337, briefly turns positive after opening, then declines again, with a maximum drop of 379 points to 25,121. Finally, the index closes down 223 points at 25,277, with a turnover of 34.252 billion HKD. Tech index drops 2.5% to 4,872. Alibaba (09988) drops over 6% after earnings, Xiaomi (01810) down over 8%, CATL (03750) rises over 8% to break new highs.

▲【Hong Kong Stocks Close】Hang Seng Index down 223 points; Alibaba drops over 6% after earnings; Xiaomi down over 8%; CATL up 8% to new high (Updating continuously)

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【Market Summary:】

【19:25】Northbound funds withdraw over 21 billion, large sell-offs in Xiaomi, Alibaba, Tencent, and major index ETFs. Hang Seng night futures down 77 points.

【16:59】【China Gas 003 Earnings】China Gas full-year profit down 0.4%, final dividend maintained at 23 cents.

【16:45】【CK Asset 1113】Review of broker comments on CK Asset earnings. JPM: Short-term no large-scale reinvestment expected. Why does UBS raise target price by 13%?

【16:43】【3750】CATL surges 8% to 698 HKD, breaking new high, breaking the “Blue Curse”. Why does H-share premium over A-shares reach nearly 49%, a new high?

【16:32】【IPO】Two new stocks listed next Monday. FeiShu Innovation (3355) surged 104% in the dark pool, with a maximum profit of 4,340 HKD per lot. GuoMin Technology (2701) rose 17%.

**【16:10】**Final: Hang Seng Index down 223 points, closing at 25,277, turnover 34.252 billion HKD. Alibaba (09988) drops over 6%, Xiaomi (01810) down over 8%, CATL (03750) up over 8% to new high.

【16:00】Hang Seng futures down 226 points, at 25,274, with a turnover of 29.021 billion HKD.

【15:35】MINIMAX (00100) continues to retreat 6%, low at 998 HKD. Zhipu (02513) also down over 6%, low at 616.5 HKD.

【15:25】【HSBC GIS】HSBC to hold Global Investment Summit 2026 from April 14-16, inviting former US Treasury Secretary Yellen to speak | List of speakers

【15:23】【Food Stocks】GuoQuan to enter Hong Kong, planning to open its first store this year, testing the waters for overseas expansion.

【15:15】【257 Earnings】Everbright Environment profits up 16.2% last year, final dividend up 33% to 12 cents.

【15:08】SMIC (00981) down 5%, Huahong Semiconductor (01347) down 2%.

【15:07】Hong Kong stocks fall about 350 points in late trading, at 25,149, with a turnover of 23.55 billion HKD. Tech index down 2.9% at 4,851.

【14:06】【HSBC Major Bank Report】Morgan: HSBC’s Middle East business contributes 5% of group pre-tax profit. Management remains confident in achieving performance targets.

【14:06】【17】New World Development stock weakens. The Zheng family considers rights issue or share placement to inject 31.2 billion HKD, confident in a faster rebound in Hong Kong’s real estate market.

【13:17】Afternoon: Hang Seng drops about 200 points to test 25,300. Alibaba (09988) down over 6%, Xiaomi (01810) down over 6%.

【13:14】Tai Hing (03811) drops 7% after earnings, low at 1.07 HKD, with a turnover of 3.55 million HKD.

【13:00】Early afternoon: Hang Seng maintains over 100-point decline, at 25,351, down 149, with a turnover of 15.69 billion HKD. Tech index down 1.7% at 4,910.

【12:51】Datang West City (00620) suspends trading, pre-suspension price 0.355 HKD, down 42.7%, with a turnover of 17.298 million HKD.

【12:51】【Tai Hing 6811 Earnings】Tai Hing Group’s final dividend 5 cents, doubled year-on-year, current dividend yield 7.4%, full-year profit up 72%.

【12:45】【Property Developer Warning】Zhengrong Real Estate expects a maximum 1.6 times increase in losses last year, up to 18 billion RMB.

【12:10】【762 Analysis】China Unicom (0762) drops over 3% after earnings. Credit Suisse lowers target price; analysis: earnings are average but AI highlights remain.

【12:00】Half-day: Hang Seng down 161 points at 25,338, with a turnover of 15.42 billion HKD. Tech index down 1.7% at 4,911. Alibaba (09988) drops nearly 6%, Xiaomi (01810) down nearly 7%, Li Ning (02331) up 10% against the trend after earnings. Car stocks generally rise, Geely (00175) up 7%, BYD (01211) up nearly 2%.

【11:46】【AI+9988】Alibaba’s Q3 3.5 flagship model preview appears, surpassing GPT 5.4 and Claude 4.6, ranking 5th among global large model companies.

【11:38】【1810 Analysis】Xiaomi surged 7% after the launch event. Goldman Sachs notes strong initial performance of new SU7. Analysis: focus on gross margin pressure.

【11:05】【9988 Analysis】Alibaba’s stock fell 6% after earnings. Daiwa lowers target price to 184 HKD. Analysis: long-term AI development remains attractive.

【10:58】【1910 Earnings】Luggage brand Samsonite drops 11% after earnings, down 16% last year. Timothy Charles Parker to resign as chairman, replaced by Jerome Squire Griffith.

【10:49】Zijin (02899) down 0.9%, Zijin Gold International (02259) up over 4%, Zhaojin (01818) up 1%, Lingbao Gold (03330) up over 3%, Shandong Gold (01787) up nearly 1%.

【Gold Price Trend】Gold faces the biggest weekly decline in 6 years. How much is the gold price per two ounces now?

【10:49】Geely (00175) up over 6%, BYD (1211) up over 2%, Li Auto (02015), Xpeng (09868) up over 2%, but some decline of 4%.

【09:55】Market turns down again, about 131 points lower at 25,369. Alibaba (09988) down over 4%, Xiaomi (01810) down over 6%.

【09:54】【2331 Earnings】Li Ning’s stock rose 13% after earnings, net profit down 2.6% last year, final dividend up nearly 13% to 23.36 cents RMB.

【09:40】Hong Kong stocks turn up after market open, Hang Seng up about 23 points at 25,523.

【09:40】【IPO】Hua Yan Robotics (1021) raises over 1.3 billion HKD, collaborative robot company, with a lot price of 3,434 HKD per lot.

【09:22】Guanghe Technology (01989) debuts at 95.05 HKD, 32.2% above IPO price of 71.88 HKD, with a profit of 2,317 HKD per lot based on 100 shares.

【IPO】Guanghe Technology (01989) opens 32% higher, profit of 2,317 HKD per lot, oversubscribed 1069.7 times.

【09:22】Hang Seng Index opens 163 points lower at 25,337, with a turnover of 5.64 billion HKD. Tech index down nearly 1% at 4,648. Alibaba (09988) drops over 6% after earnings, Tencent (00700) down over 1%, Li Ning (02331) up 10% against the trend.

【09:08】Hang Seng futures down about 67 points at 25,370.

【08:42】【IPO】Han Tiancheng (2726) raises 1.6 billion HKD, silicon carbide wafer supplier, lot price 3,851 HKD.

【08:19】【IPO】Tongrentang Medical & Elderly Care (2667) raises nearly 900 million HKD, a subsidiary of Tongrentang, lot price 4,192 HKD.

【07:55】【IPO】Desite (2526) raises nearly 900 million HKD, focuses on medical imaging products, lot price 5,682 HKD.

【07:45】【9988 Earnings】Alibaba drops 7%, CEO: cloud and AI business revenue expected to exceed 100 billion USD in five years; retail segment profitable in FY29.

【07:45】【Morning Highlights】Alibaba’s adjusted net profit in the last quarter below expectations; Cheung Kong’s full-year profit up 7%; Cathay Pacific ranks second globally among airlines.

【07:45】Iran conflict concerns ease, China concept stocks narrow decline to 1%, closing at 6,945 points. Night futures down 151 points, closing at 25,312. US stocks of Alibaba and others down 7% from Hong Kong.

| ADR | HKD Equivalent | Change from HK Market Close | | Meituan ADR | 78.96 | -2.15% | | Tencent ADR | 507.86 | -1.00% | | HSBC ADR | 124.49 | +0.40% | | Alibaba US Stock | 122.30 | -7.35% |

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