The Economic Information Daily reported on the 23rd that the situation between the U.S. and Iran continues to ease. Saudi Arabia has resumed its east-west oil pipeline supply, while U.S. President Trump stated that American officials had held around three hours of talks with Iranian representatives on the sidelines of the United Nations General Assembly, describing the meeting as "very good" and constructive, with further contact scheduled. On the eve of Chinese President Xi Jinping's visit to the U.S., the day's turnover rapidly shrank to HK$184.3 billion, returning below the HK$200 billion level. Tech and internet stocks plunged due to regulatory rumors. The Hang Seng Index not only broke below the 100-day moving average (around 25,076), but then quickly fell through the 25,000 level. In the afternoon, it lost even the last major support at the 10-day moving average (around 24,837). The HSI closed the day at 24,834, down 253 points or 1%, with main board turnover exceeding HK$184.3 billion. The Hang Seng China Enterprises Index closed at 8,273, down 88 points or 1.1%. The Hang Seng Tech Index closed at 4,379, down 59 points or 1.3%. Northbound funds recorded a net inflow of HK$3.4 billion, marking the 13th consecutive day of net buying in Hong Kong stocks.
Tech stocks that rallied yesterday on AI Agent prospects were sold off today, possibly due to reports of mainland investigations into data security issues at DeepSeek and Moonshot. Alibaba (09988) was hit after its Yunqi Conference, closing down 4.36% at HK$109.80; Xiaomi (01810) had previously seen rumors that founder Lei Jun would accompany the visit to the U.S., but reports indicated that no business delegation would be sent by China, and its shares fell 3.75% to HK$26.18; Tencent (00700) dropped 2.35% to HK$441; Baidu (09888) declined 1.06% to HK$88.55; large model-related stocks saw sharper declines, with Zhipu (02513) plunging 12.4% to HK$650, MiniMax (00100) falling 3.98% to HK$275, marking three consecutive days of losses with a cumulative drop exceeding 9%.
Earlier reports also mentioned that BYD's (01211) Wang Chuanfu and executives from CATL (03750) might visit the U.S. BYD closed down 1.23% at HK$80.35, while CATL rose 0.89% to HK$511.5.
Reports emerged that authorities have instructed banks not to classify Vanke's (02202) overdue loans as non-performing. Upon the news, Vanke rose 4% for the day to HK$2.60. Other mainland property stocks initially rose then retreated: China Overseas (00688) gained 1.69%, R&F Properties (01109) rose 1.72%, Longfor (00960) advanced 0.53% to HK$5.66, and Country Garden (02007) climbed 2.23% to HK$0.183.
Beverage stocks surged unexpectedly: CR Beer (00291) rose 1.42% to HK$18.61, Mengniu Dairy (02319) gained 1.36% to HK$17.92, and Budweiser APAC (01876) advanced 1.16% to HK$6.095.
The three most actively traded HSI stocks were Tencent, Alibaba, and Xiaomi. The three most actively traded stocks in the Hang Seng Tech Index were Tencent, Alibaba, and Zhipu. (ey)
Tech stocks that rallied yesterday on AI Agent prospects were sold off today, possibly due to reports of mainland investigations into data security issues at DeepSeek and Moonshot. Alibaba (09988) was hit after its Yunqi Conference, closing down 4.36% at HK$109.80; Xiaomi (01810) had previously seen rumors that founder Lei Jun would accompany the visit to the U.S., but reports indicated that no business delegation would be sent by China, and its shares fell 3.75% to HK$26.18; Tencent (00700) dropped 2.35% to HK$441; Baidu (09888) declined 1.06% to HK$88.55; large model-related stocks saw sharper declines, with Zhipu (02513) plunging 12.4% to HK$650, MiniMax (00100) falling 3.98% to HK$275, marking three consecutive days of losses with a cumulative drop exceeding 9%.
Earlier reports also mentioned that BYD's (01211) Wang Chuanfu and executives from CATL (03750) might visit the U.S. BYD closed down 1.23% at HK$80.35, while CATL rose 0.89% to HK$511.5.
Reports emerged that authorities have instructed banks not to classify Vanke's (02202) overdue loans as non-performing. Upon the news, Vanke rose 4% for the day to HK$2.60. Other mainland property stocks initially rose then retreated: China Overseas (00688) gained 1.69%, R&F Properties (01109) rose 1.72%, Longfor (00960) advanced 0.53% to HK$5.66, and Country Garden (02007) climbed 2.23% to HK$0.183.
Beverage stocks surged unexpectedly: CR Beer (00291) rose 1.42% to HK$18.61, Mengniu Dairy (02319) gained 1.36% to HK$17.92, and Budweiser APAC (01876) advanced 1.16% to HK$6.095.
The three most actively traded HSI stocks were Tencent, Alibaba, and Xiaomi. The three most actively traded stocks in the Hang Seng Tech Index were Tencent, Alibaba, and Zhipu. (ey)
