Hong Kong Stock Market Close Review: HSI Closed Down 0.95% on April 28, Tech and Lithium Battery Sectors Plunged, Biopharma Outperformed

On April 28, the three major Hong Kong stock indices showed a pattern of opening lower and moving lower throughout the day, with losses further expanding in the afternoon. As of the close, the Hang Seng Index fell 245.87 points to 25,679.78, down 0.95%. The Hang Seng Tech Index led the decline, closing at 4,827.19 points, down a sharp 2.28%. The HSCEI closed at 8,644.81 points, down 1.27%. The market's full-day turnover expanded to HK$262.333 billion, indicating relatively active trading sentiment but significant selling pressure.

Tech and Internet Stocks and Leading Tech Stocks All Fell

On the market, large-cap tech stocks, serving as market bellwethers, became the main driver of the decline. Among Hang Seng Tech Index constituents, Xiaomi Group saw its losses widen to nearly 4% in late trading, Alibaba fell nearly 3%, and Kuaishou, Bilibili, etc., all dropped more than 3%. Additionally, the much-watched AI and large model concept stocks suffered heavy losses. Within the sector, the "twin leaders," Zhipu, plunged over 12%, and Xunce Technology fell even more by over 14%. Minimax-W also dropped over 3%, showing clear signs of profit-taking in this sector.

CATL's Share Placement Drags Down Lithium Battery Sector

Regarding individual stock news, lithium battery leader CATL saw its shares tumble nearly 7% in response to its plan to place new H-shares to raise over HK$39 billion, dragging down the entire lithium battery and automotive industry chain. Affected by this, new energy vehicle stocks generally faced pressure. XPeng fell over 4%, while Nio, Li Auto, and Leapmotor all recorded varying degrees of decline. Meanwhile, Apple concept stocks and photovoltaic solar stocks also performed weakly, with AAC Technologies and Flat Glass Group among the biggest decliners.

WuXi AppTec's Strong Earnings Shine, Energy Stocks Active Against the Trend

Despite the overall market weakness, some sectors still demonstrated strong resilience. Biopharma stocks were the most eye-catching. After leader WuXi AppTec released Q1 results far exceeding expectations, its shares soared 13.57% against the market trend, boosting the entire pharmaceutical sector. Additionally, energy sectors like coal and oil attracted fund inflows. China Coal Energy surged over 7%, and PetroChina rose nearly 2%, becoming safe havens in today's market. Some stocks like Chinese brokerage and heavy machinery shares also recorded gains.

Overall, Hong Kong stocks lost key levels today under the dual pressure of heavyweight tech stocks and high-flying AI concept stocks, with clear structural divergence in the market. Earnings certainty became a key criterion for fund stock selection. Traditional energy and pharma stocks with earnings exceeding expectations showed strong defensive attributes in the weak market.$Hang Seng Index(00HSI.HK) $Hang Seng TECH Index(STECH.HK) $Hang Seng China Enterprises Index(HSCEI.HK)