I. Market Overview
Hong Kong equities declined broadly on Feb 24 as risk-off sentiment weighed on large-cap tech and consumer names. The Hang Seng Index (HSI) fell 1.82% to 26,590.32, the Hang Seng China Enterprises Index (HSCEI) lost 2.06% to 9,007.86, and the Hang Seng Tech Index (HSTECH) slid 2.13% to 5,270.70. Despite the headline weakness, pockets of resilience emerged in memory/semiconductor-linked names and selected industrials, while travel, platforms, and software underperformed. Intraday media coverage highlighted strength in storage shares and Chinese AI model developers, even as broader tech lagged.
Total market turnover was HKD 250.99 billion, indicating active trading alongside the pullback. The breadth skewed negative, but select cyclical and commodity-related sectors saw gains, reflecting rotation within the market.
II. Sector Performance
Large-cap Tech Stocks
Most heavyweights retreated: Tencent -3.35%, Meituan -4.24%, Alibaba -2.76%, JD.com -1.12%, Xiaomi -2.24%; notable exceptions included Hua Hong Semiconductor +3.05%, Lenovo +1.71%, NIO +1.56%, and XPeng +1.65%.
Top Performing Sectors
Oil & Gas Drilling rose +4.74%, supported by energy service strength and rotation into commodity-linked plays.
Distillers & Vintners gained +4.69%, signaling defensive consumer staples interest.
Fertilizers & Agricultural Chemicals advanced +4.27% amid agriculture-related demand and pricing dynamics.
Bottom Performing Sectors
Human Resource & Employment Services fell -6.35%, reflecting sensitivity to cyclical and tech-adjacent headwinds.
Publishing declined -6.23%, tracking broader weakness across content and software-related groups.
Specialty Stores dropped -5.15%, as discretionary retail underperformed in a risk-off tape.
III. Top 10 Gainers in Hong Kong Market Today
Stock Name | Ticker | Price (HKD) | Daily Change |
|---|---|---|---|
KB LAMINATES | 01888 | 22.90 | 12.37% |
KNOWLEDGE ATLAS | 02513 | 628.00 | 12.14% |
GIGADEVICE | 03986 | 432.20 | 11.91% |
CIMC | 02039 | 11.70 | 11.85% |
BAO PHARMA-B | 02659 | 199.90 | 11.61% |
ART GROUP HOLD | 00565 | 2.20 | 11.11% |
CNBM | 03323 | 7.03 | 10.53% |
CSOP SK Hynix Daily (2x) Leveraged Product | 07709 | 35.32 | 9.83% |
WEICHAI POWER | 02338 | 34.14 | 7.29% |
KINGBOARD HLDG | 00148 | 39.50 | 7.28% |
Filter: Market cap > USD 1B
IV. Top 10 Losers in Hong Kong Market Today
Stock Name | Ticker | Price (HKD) | Daily Change |
|---|---|---|---|
MIRXES-B | 02629 | 18.00 | -21.67% |
ONEROBOTICS | 06600 | 143.00 | -11.62% |
ZHEJIANG SHIBAO | 01057 | 6.56 | -11.23% |
DOBOT | 02432 | 41.90 | -10.85% |
CTG DUTY-FREE | 01880 | 82.20 | -10.51% |
FOURTH PARADIGM | 06682 | 40.36 | -10.35% |
51WORLD | 06651 | 55.25 | -9.43% |
JST GROUP | 06687 | 19.63 | -8.95% |
UBTECH ROBOTICS | 09880 | 128.40 | -8.74% |
TANWAN | 09890 | 19.58 | -8.68% |
Filter: Market cap > USD 1B
V. Closing Summary
1. Indices and drivers: The three major indices closed lower—HSI -1.82%, HSCEI -2.06%, HSTECH -2.13%—with risk appetite curtailed. Turnover of HKD 250.99 billion underscored a busy session as investors rotated within sectors. External risk-off tone and caution around software/platform names likely pressured sentiment, while commodity-linked cyclicals offered ballast. The mix suggests defensive rotation and selective accumulation in areas with earnings visibility and pricing power.
2. Large-cap tech: Pressure was concentrated in internet platforms and online services—Tencent -3.35%, Meituan -4.24%, Alibaba -2.76%, JD.com -1.12%, Xiaomi -2.24%. However, semis and hardware showed pockets of strength, with Hua Hong Semiconductor +3.05% and Lenovo +1.71%. EV names NIO +1.56% and XPeng +1.65% also outperformed, highlighting dispersion within tech amid macro and industry-specific currents.
3. Notable movers: Memory and storage-linked names were active—GigaDevice +11.91% and CSOP SK Hynix Daily (2x) +9.83%—echoing intraday media reports that “storage shares advance.” Industrial and materials strength featured KB Laminates +12.37%, Kingboard HLDG +7.28%, CNBM +10.53%, and Weichai Power +7.29%. On the downside, travel retail and AI/automation names lagged: CTG Duty‑Free -10.51%, ONEROBOTICS -11.62%, DOBOT -10.85%, UBTECH Robotics -8.74%, and Fourth Paradigm -10.35%.
4. Sector and IPO developments: Sector-wise, top gainers included Oil & Gas Drilling (+4.74%), Distillers & Vintners (+4.69%), and Fertilizers & Agricultural Chemicals (+4.27%), while laggards were Human Resource & Employment Services (-6.35%), Publishing (-6.23%), and Specialty Stores (-5.15%). Within AI-related listings, performance diverged: Knowledge Atlas rallied +12.14% amid media attention to Chinese foundation models, while Fourth Paradigm fell sharply. No major new listings stood out today; overall, investors favored cash-generative cyclicals and selective tech over higher-duration growth.
Sources: Public market data, summarized media reports
Disclaimer: This content is for reference only and does not constitute investment advice.
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