Hong Kong Stock Midday Review | Hang Seng Index slightly fell by 0.35%, technology sector performance varied, AI computing power rose against the trend, XunCe surged by 15.58%

LB Select
2026.04.09 04:49

As of noon, the three major indices of the Hong Kong stock market have collectively entered a correction, with the Hang Seng Tech Index leading the decline, putting short-term pressure on market sentiment. On the market, AI computing power and large model sectors performed remarkably, becoming the core track for capital inflows against the trend. Leaders XunCe and ZhiPu both surged significantly, effectively offsetting the impact of the weakening of tech blue chips, reflecting the market's high recognition of hard technology and innovation sectors

Market Overview

▪ On April 9th, Hong Kong stocks adjusted collectively during the midday session, with short-term trends under pressure.

▪ As of midday, the Hang Seng Index reported 25,801.87 points, down 0.35%, failing to continue its rebound.

▪ The Hang Seng Tech Index showed significant pressure, closing at 4,861.15 points at midday, with a decline of 1.26%.

▪ The China Enterprises Index reported 8,638.64 points at midday, down 0.45%, also failing to reach a new high for the period, maintaining a pattern of high-level retreat.

Sector Performance

▪ The technology sector continued to diverge, with the Hang Seng Tech Index's decline widening. Within the sector, AI computing power and large model directions performed well, with Zhipu and XunCe rising 13.13% and 15.58% respectively, indicating significant capital inflow into core innovation tracks. Meanwhile, leading internet content and media companies like Kuaishou fell 3.55%, and Meitu dropped over 6% during the session, reflecting the market's cautious sentiment towards short-term growth in advertising and content monetization sectors.

▪ The industrial and traditional manufacturing sectors experienced high-level fluctuations, with some, like China National Heavy Duty Truck Group, falling 1.88% during the session. However, UBTECH benefited from strategic cooperation and policy support, leading to a positive market sentiment and an upgrade in target prices by brokerages, showing clear structural divergence within the sector. Changfei Optical Fiber and Cable rose 3.20%, while Pop Mart saw a slight increase of 1.38%.

▪ Funds are clearly concentrating on technology innovation and high-growth companies, with GEO and AI concept stocks capturing market focus. Meanwhile, some blue-chip sectors are under short-term pressure due to a slowdown in southbound capital inflows and sector rotation.

Macroeconomic Background

▪ The Hong Kong stock market has recently focused on import and export data. Against the backdrop of fluctuations in the economic fundamentals, high-growth and high-elasticity sectors are attracting capital attention. At the same time, driven by demand for AI computing power and policy support, valuations of cloud services and AI innovation companies are being supported.

▪ Investors are closely monitoring international trade situations and policy changes, with most institutions showing an increased preference for structural investment opportunities. The overall market continues to explore opportunities in hot sectors amid structural adjustments and thematic rotations.

Popular Stocks

▪ XunCe (3317.HK) rose 15.58%, with the latest transaction price at HKD 268.60 and a transaction volume of HKD 1.621 billion. As of midday, driven by the strong performance of the GEO concept sector combined with active chip and AI sectors, XunCe received significant capital attention and recorded substantial trading volume, reflecting high enthusiasm for technology innovation companies.

▪ Zhipu (2513.HK) rose 13.13%, with the latest transaction price at HKD 982.50 and a transaction volume of HKD 1.577 billion. The AI large model concept continues to lead, with major capital inflows into AI and computing-related companies, significantly raising valuations due to policy and technological innovation enthusiasm.

▪ Kuaishou -W (1024.HK) fell 3.55%, with the latest transaction price at HKD 45.04 and a transaction volume of HKD 1.686 billion. Affected by reduced net inflows of southbound capital and sector rotation, the market's short-term growth expectations for content-based enterprises are leaning towards caution.

▪ Alibaba -W (9988.HK) fell 2.77%, with the latest transaction price at HKD 123.00 and a transaction volume of HKD 5.902 billion. Technology blue chips are under simultaneous pressure, with major capital remaining cautious in the short term▪ Tencent Holdings (700.HK) rose 0.89%, with the latest transaction price at HKD 512.50 and a transaction volume of HKD 5.612 billion. The company announced a price increase for AI cloud services and promoted large model innovation, attracting capital attention, with active trading in the sector.

Market Transaction Volume TOP10

▪ Alibaba -W (9988.HK) latest transaction price HKD 123.00, down 2.77%, transaction volume HKD 5.902 billion

▪ Tencent Holdings (700.HK) latest transaction price HKD 512.50, up 0.89%, transaction volume HKD 5.612 billion

▪ China National Heavy Duty Truck Group (3808.HK) latest transaction price HKD 42.72, down 1.88%, transaction volume HKD 3.910 billion

▪ Yangtze Optical Fibre and Cable Joint Stock Limited Company (6869.HK) latest transaction price HKD 232.00, up 3.20%, transaction volume HKD 3.063 billion

▪ Pop Mart International (9992.HK) latest transaction price HKD 154.70, up 1.38%, transaction volume HKD 2.497 billion

▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 31.72, down 3.17%, transaction volume HKD 2.196 billion

▪ Semiconductor Manufacturing International Corporation (981.HK) latest transaction price HKD 56.00, down 0.27%, transaction volume HKD 1.996 billion

▪ Kuaishou -W (1024.HK) latest transaction price HKD 45.04, down 3.55%, transaction volume HKD 1.686 billion

▪ XunCe (3317.HK) latest transaction price HKD 268.60, up 15.58%, transaction volume HKD 1.621 billion

▪ Zhipu (2513.HK) latest transaction price HKD 982.50, up 13.13%, transaction volume HKD 1.577 billion

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