On December 10, 2024, the Hong Kong stock market closed lower. The Hang Seng Index (HSI) fell by 0.50%, the Hang Seng China Enterprises Index (HSCEI) dropped by 0.74%, the Hang Seng Tech Index (HSTECH) decreased by 1.39%, and the Hang Seng China-Affiliated Corporations Index (HSCCI) declined by 1.11%.
In terms of industry sectors, the Hong Kong movie stocks and entertainment stocks showed significant gains. Maoyan Entertainment rose by 3.27%, and IMAX China increased by 2.23%. The retail sector also performed well, with Prada up by 3.20%. However, the popular tech stocks in Hong Kong experienced a decline, with Tencent falling by 1.81%.
Tencent saw a decline of 1.81%. The stock had previously rebounded to the 420 HKD level, but the recent performance of Ctrip, which hit a historical high, and the overall market sentiment led to a pullback.
China cosmetics firm Mao Geping shares soared 77% in Hong Kong debut.
Xiaomi showed off a new SUV it plans to sell around the summer of 2025, intensifying an effort to take on Tesla Inc. and BYD Co. in the world’s biggest electric vehicle arena. The shares were flat.
CITIC Securities dropped by 5.92%. The company released a research report highlighting the Central Committee's meeting on December 9, 2024, which proposed implementing active fiscal policies and moderately loose monetary policies to boost consumption and investment efficiency. The report suggested that the internet sector's valuation reflects conservative expectations, and shareholder returns provide a safety margin, with performance expected to benefit from macroeconomic improvements.
CMSC experienced a significant drop of 10.12%. Chinese brokerage stocks opened higher but fell in the afternoon, with CMSC experiencing the largest decline.
Bilibili-W rose by 3.41%. Despite a significant drop in the overnight trading of China ADRs and ETFs, Bilibili's stock price surged nearly 12% during the day. However, the stock faced pressure due to substantial sell-offs by southbound funds, reflecting a conservative outlook on its future prospects.
Haichang Holdings increased by 13.46%. The company announced that its Beijing Haichang Ocean Park project has started the general contracting tender, marking the beginning of substantial construction. The park is expected to cover an area of approximately 150,000 square meters and is scheduled to open in 2027.
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