Pre-market, February 12, 2026

Today (February 12), Hong Kong stocks closed lower dragged down by tech stocks, while A-shares saw indices rise but most individual stocks fell; US stock pre-market saw the storage concept continue its strong momentum. A detailed summary is as follows:

🇭🇰 Hong Kong Stocks: Tech Stocks Sell Off, Semiconductors Hit New Highs Against the Trend

· Index Performance: The Hang Seng Index fell 0.86% (27,032 points, ending a three-day winning streak), the Hang Seng TECH Index fell 1.65%, with turnover at HK$238.7 billion.
· Core Logic: Tech stocks collectively sold off (Tencent/Alibaba/Meituan down 2%-4%). Main reasons: ① Regulatory concerns (Beijing summoned 12 train ticket sales platforms); ② Risk-averse capital retreating ahead of the long holiday; ③ Siphoning effect from Japanese and Korean stock markets.
· Strongest Theme: AI and Semiconductors. Zhipu released the GLM-5 model, its stock price surged over 40% at one point; domestic GPU maker Tianshu Zhixin and memory chipmaker GigaDevice surged over 20%. Morgan Stanley is bullish on AI-driven memory recovery.

🇨🇳 A-Shares: Red Indices Mask Widespread Stock Declines, CPO Outbreak

· Indices and Volume: The Shanghai Composite Index rose slightly by 0.05%, the ChiNext Index rose 1.32%, and the STAR Composite Index rose 1.56%. Turnover expanded to 2.16 trillion yuan (up 159.7 billion yuan).
· Extreme Divergence: Indices rose but over 3,200 stocks fell, with only about 2,100 rising. CPO/optical modules led gains (Tianfu Communication hit a record high); film and cinema stocks plunged (Hengdian/Bona hit limit-down), consumption/retail remained sluggish.

🇺🇸 US Stock Pre-Market (as of 17:30): Storage Stands Alone

· Storage Concept: SanDisk rose over 6%, Micron rose nearly 4%, Western Digital/Seagate rose nearly 3%. Catalyst: AI demand drives Kioxia's profit guidance far exceeding expectations.
· Individual Stock Moves: Cisco plunged nearly 8% (post-earnings); AppLovin fell over 5%; QuantumScape fell over 10%; Rollins fell over 13%.